上市企业环保信息披露与股票投资者社会环境偏好

本文分析了2008—2014年A股市场对强制披露的企业社会责任报告中环保信息的反应,展示了我国股票投资者社会环境偏好的变化过程。虽然近年来我国人均收入已经处于环境库兹涅茨曲线的排放拐点附近,但是目前鲜有国内研究对公众的社会环境偏好变化过程进行分析。本文分三个部分对股票市场投资者的社会环境偏好进行检验:首先,利用事件分析法展示了7年间股票投资者的整体态度,发现由环保信息披露引起的累积超额回报率显著大于零,说明投资者平均持积极态度。其次,使用倾向得分匹配双重差分法检验环境监管政策加强带来的影响,一方面《大气污染防治行动计划》的实施使得投资者态度从负面向正面转变,说明投资者环境偏好受政策影响显著;另一方面《大气污染防治行动计划》的实施显著提高了国有企业环保行为的水平。最后,通过对政策效应的形成机制进行检验发现,我国上市公司的环保行为在投资者眼中并不只是为了完成社会责任信息披露的政策指令而实施,而是股票投资者已经形成社会环境偏好,使得企业具有构建"绿色企业形象"的需求。另外,由于本文的研究对象是强制披露的企业社会责任报告,所以有效规避了西方相关研究中自愿披露导致的自我选择问题,但同时西方学者普遍对我国强制披露的企业社会责任报告所包含的信息持怀疑态度,因此本文通过利用情绪分析程序对环保信息的信息有效性进行检验,结果显示文本情绪的强弱与股票价格波动幅度有正相关关系,说明企业环保信息是投资者决策信息集的一部分,即强制披露的企业社会责任报告包含有效信息。     

流动人口居留意愿的梯度变动与影响机制

随着城乡利益格局的变化,新生代流动人口的居留意愿呈现出新的特征,其变动与城市类型密切相关。利用调查数据进行分析,发现新生代流动人口的居留意愿表现出随流入地的城市类型而梯度变动的特征,即呈现出在大城市的居留意愿强,中小城市的流动性强和特大城市的返乡意愿强的特征,大城市是新生代流动人口实现留城理想与个人发展最佳的平台。但是总的来说,新生代流动人口的流动行为与第一代流动人口同中存异,没有出现根本性的改变。利用多层模型,对新生代流动人口居留意愿的影响机制进行了实证分析,发现城市类型、经济收入、社会融入与身份认同、家庭迁居、户籍可获得性是影响居留意愿的重要因素。此外,户籍可获得性与新生代流动人口身份认同交互作用显著的影响了新生代流动人口的居留意愿,并进一步增强了居留意愿在不同城市类型的差异。这体现出户籍制度对流动者的影响逐步由早期的福利隔绝向心理隔绝转变。对不同城市类型新生代流动人口居留意愿的差异进行量化分析发现,特大城市和大城市流动者的居留意愿呈现刚性,而超大城市和中小城市流动者居留意愿具有弹性。根据上述分析提出政策建议:将大城市作为吸纳流动人口的主导区域构建城市发展规划策略,发挥特大城市和大城市的集聚效应,促进区域的产业发展;在城市社区建设和城市文明建设方面,为流动人口与城市居民的相互融合提供政策支持;依托政府、社会组织与学校,提升新生代流动人口的人力资本。     

Valuing environmental amenities through inverse optimization: Theory and case study

Amenity values of private forests are implicit but play a critical role in decision and policy making. This study presents an innovative valuation approach integrating techniques of operations research and economic theory of pricing environmental goods. A forest planning problem was inversed through altering its reward function of timber values so that the observed harvesting behavior became optimal. The discrepancy between the original and new rewards uncovered amenities values which were linked to forest attributes via hedonic models. This method was applied to a case study of the U.S. southern pine region. Depending on forest conditions, total economic values of amenities varied from zero to just under one thousand dollar per ha. At a discount rate of 3%, a typically managed forest generated on average $243 ha⁻¹ of amenities values per annum, more than twice of harvested timber values. Structural diversity and density of large pine trees were the key determinants to preserving forests for environmental amenities.     

Improvements in Fluvial Stability Associated with Two‐Stage Ditch Construction in Mower County,Minnesota

Water quality and stream habitat in agricultural watersheds are under greater scrutiny as hydrologic pathways are altered to increase crop production. Agricultural drainage ditches function to remove water quickly from farmed landscapes. Conventional ditch designs lack the form and function of natural stream systems and tend to be unstable and provide inadequate habitat. In October of 2009, 1.89 km of a conventional drainage ditch in Mower County, Minnesota, was converted to an alternative system with a two‐stage channel to investigate the improvements in water quality, stability, and habitat. Longitudinal surveys show a 12‐fold increase in the pool‐riffle formation. Cross‐sectional surveys show an average increase in bankfull width of approximately 10% and may be associated to an increased frequency in large storm events. The average increase in bankfull depth was estimated as 18% but is largely influenced by pool formation. Rosgen Stability Analyses show the channel to be highly stable and the banks at a low risk of erosion. The average bankfull recurrence interval was estimated to be approximately 0.30 years. Overall, the two‐stage ditch design demonstrates an increase in fluvial stability, creating a more consistent sediment budget, and increasing the frequency of important instream habitat features, making this best management practice a viable option for addressing issues of erosion, sediment imbalance, and poor habitat in agricultural drainage systems.     

规划环评中的生态空间识别与生态影响评价探索——以长春新区发展规划为例

强化空间管理是规划环境影响评价优化空间开发、促进"多规合一"的新要求。同时,探索生态空间管控体系是国土空间规划的重点任务之一。本文以长春新区发展规划为例,提出前端空间引导、后端影响调控的生态空间管理体系。前端通过生态系统评价和生态空间识别,提出生态保护红线划定建议方案,确定开发"底线"。后端通过InVEST生境质量评价技术,对生境退化度及生境质量进行空间评价,识别生境威胁源影响区域,提出优化空间布局的规划调控建议。研究表明:耕地是新区发生变化幅度最为显著的用地类型,纳入生态空间管控的用地约占16.2%。其中,15.8%的用地建议纳入生态保护红线进行管理。未来城市开发对生境有一定影响,整体生境质量平均值由0.401下降至0.328。     

MULTICRITERION DECISION MAKING FOR FLOOD CONTROL OPERATIONS: THEORY AND APPLICATIONS1

ABSTRACT: Flood control operations are generally complex in nature, as they are often associated with a large quantity of uncertain factors in combination of noncommensurable criteria. It has been found that the use of fuzzy set theory coupled with multicriterion decision making (MCDM) methods is very promising. In this paper, a multicriterion fuzzy recognition model is established for flood control operations. A subjective preference and iterative weights method is proposed for weight assessment. First, an initial solution of criteria weights, which is directly analyzed from the selected alternatives, is obtained by using the proposed fuzzy recognition model. Then, according to their knowledge related to real time flood operations, operators may modify the initial weights if necessary. When the relative membership grades of alternatives belonging to all rankings are fixed, a defuzzification equation is used to calculate the rank feature value vector. Based on the rank feature value vector, one can evaluate the alternative set. Two flood operation cases are provided to illustrate the application of the proposed model. With the incorporation of the operator's knowledge related to flood operations, the proposed model is flexible in giving weights and realizes more practical flood control operations.     

Household willingness to pay for stream restoration on private and public land: Evidence from the Baltimore metropolitan region

Stream restoration is one of the most widely used interventions to mitigate urban stormwater impacts and improve water quality. Government agencies have typically focused urban stream restoration efforts on public lands that they already own, even though a substantial portion of stream miles in highly urbanized areas occur on privately owned land. Yet, limited research exists to distinguish household willingness to pay (WTP) for stream restoration occurring on private versus public land. In this study, we use a choice experiment to analyze how household WTP for stream restoration attributes vary by land ownership and distance to the restoration project. Our empirical results indicate that streambank stabilization approaches have positive WTP estimates that are substantially larger in magnitude than those related to riparian vegetation management for clearing or planting trees. In general, estimated total household WTP for each of the four restoration design scenarios on public land is higher than when the same restoration design is located on private land. Nonetheless, estimated household WTP for each restoration design scenario on private land is substantial, retaining the majority of the value found on public land in all cases.     

A dynamic hydrological Monte Carlo simulation model to inform decision-making at Lake Toolibin,Western Australia

Lake Toolibin, an ephemeral lake in the agricultural zone of Western Australia, is under threat from secondary salinity due to land clearance throughout the catchment. The lake is extensively covered with native vegetation and is a Ramsar listed wetland, being one of the few remaining significant migratory bird habitats in the region. Currently, inflow with salinity greater than 1000 mg/L TDS is diverted from the lake in an effort to protect sensitive lakebed vegetation. However, this conservative threshold compromises the frequency and extent of lake inundation, which is essential for bird breeding. It is speculated that relaxing the threshold to 5000 mg/L may pose negligible additional risk to the condition of lakebed vegetation. To characterise the magnitude of improvement in the provision of bird breeding habitat that might be generated by relaxing the threshold, a dynamic water and salt balance model of the lake was developed and implemented using Monte Carlo simulation. Results from best estimate model inputs indicate that relaxation of the threshold increases the likelihood of satisfying habitat requirements by a factor of 9.7. A second-order Monte Carlo analysis incorporating incertitude generated plausible bounds of [2.6, 37.5] around the best estimate for the relative likelihood of satisfying habitat requirements. Parameter-specific sensitivity analyses suggest the availability of habitat is most sensitive to pan evaporation, lower than expected inflow volume, and higher than expected inflow salt concentration. The characterisation of uncertainty associated with environmental variation and incertitude allows managers to make informed risk-weighted decisions.     

Can you be bothered? The role of participant motivation in the valuation of species conservation measures

Group-based approaches to the elicitation of stated preferences are considered particularly suitable for valuing unfamiliar or complex environmental goods. While such exercises provide participants with detailed information and time to think and deliberate, they require a considerable degree of motivation from the respondents. Effects of motivation on willingness to pay (WTP) tend to be ignored within the valuation research community, although similar effects have been reported in psychological literature. In this study, a novel approach using video recordings and behaviour coding of participants in group-based Market Stall meetings was employed to measure motivation as well as its impact on WTP and the theoretical and convergent validity of stated WTP. Indicators of motivation correlated significantly with both WTP statements and their validity, with more motivated individuals stating higher and more valid bids. These findings suggest that the recognition of motivation is an important novel element of research into stated preferences, particularly with respect to usefulness and quality of WTP measures.     

Renewable Resources and Economic Sustainability: A Dynamic Analysis with Heterogeneous Time Preferences

In recent years there has been increasing interest in the study of economic sustainability and its relationship with natural resources. This paper attempts to shed some light on the issue by taking into account the individual variations in time preferences for consumption and resource amenity. We characterize the long-run steady state, analyze its asymptotic stability, and explore the transational dynamics from any initial state. The welfare implications of the optimal path are also discussed.