我国证券市场体制性缺陷与投资风险分析

与国民经济长期高增长相背离,证券市场出现了深幅下跌,投资者承受了巨大的投资风险,究其原因,体制性缺陷是重要因素之一。笔者认为,我国证券市场的体制性缺陷主要表现在市场经济环境不够完备、法律法规体系不十分健全、监管体制不力、证券市场的功能定位扭曲、股权分置问题久拖难决等方面。目前该体制性缺陷是导致我国证券市场长期下跌的重要原因,也给证券投资者带来了巨大的投资风险。只有加快改革、完善法律和监管体制,我国证券市场才能具有投资价值并健康发展。     

云天化3#循环流化床锅炉项目技术经济分析

云天化股份公司在2004年建造了3#循环流化床锅炉，以煤代气。它可以缓解公司原料天然气的紧张状况，并能带来很大的经济效益。从技术经济的角度对该项目的技术先进性、可靠性及内部收益率、投资回收期、净现值等技术指标进行了分析。     

ARE RURAL RESIDENTS WILLING TO PAY ENOUGH TO IMPROVE DRINKING WATER QUALITY?1

ABSTRACT: The concentrations of iron and sulfate in community water supplies are a concern for a number of areas in southwestern Minnesota. This study used the contingent valuation method to determine how much consumers would be willing to pay to improve their drinking water quality. On average, individuals were willing to pay US$5.25 per month (in 1995 U.S. dollars) to reduce the level of iron and US$4.33 per month to reduce the level of sulfate in their water to the USEPA's secondary standards for drinking water quality. Respondents with negative perceptions of their drinking water quality were willing to pay more to improve water quality. The aggregate annual willingness to pay (WTP) for all consumers in community water systems in southwestern Minnesota that were out of compliance with water quality standards were estimated to be US$2.4 million and US$2.0 million (in 1995 dollars) for reducing the levels of iron and sulfate, respectively. Yet the total WTP of consumers who use small community water systems may not be enough to pay the full cost of providing improved water in those systems. Economies of scale in water treatment and difficulties in financing improvements mean that technical innovation, government assistance, or institutional changes may be needed to improve water quality in these areas.     

Cost‐effectiveness of conservation payment schemes for species with different range sizes

Payments to compensate landowners for carrying out costly land‐use measures that benefit endangered biodiversity have become an important policy instrument. When designing such payments, it is important to take into account that spatially connected habitats are more valuable for many species than isolated ones. One way to incentivize provision of connected habitats is to offer landowners an agglomeration bonus, that is, a bonus on top of payments they are receiving to conserve land if the land is spatially connected. Researchers have compared the cost‐effectiveness of the agglomeration bonus with 2 alternatives: an all‐or‐nothing, agglomeration payment, where landowners receive a payment only if the conserved land parcels have a certain level of spatial connectivity, and a spatially homogeneous payment, where landowners receive a payment for conserved land parcels irrespective of their location. Their results show the agglomeration bonus is rarely the most cost‐effective option, and when it is, it is only slightly better than one of the alternatives. This suggests that the agglomeration bonus should not be given priority as a policy design option. However, this finding is based on consideration of only 1 species. We examined whether the same applied to 2 species, one for which the homogeneous payment is best and the other for which the agglomeration payment is most cost‐effective. We modified a published conceptual model so that we were able to assess the cost‐effectiveness of payment schemes for 2 species and applied it to a grassland bird and a grassland butterfly in Germany that require the same habitat but have different spatial‐connectivity needs. When conserving both species, the agglomeration bonus was more cost‐effective than the agglomeration and the homogeneous payment; thus, we showed that as a policy the agglomeration bonus is a useful conservation‐payment option.     

Integration of ecological–biological thresholds in conservation decision making

In the Anthropocene, coupled human and natural systems dominate and only a few natural systems remain relatively unaffected by human influence. On the one hand, conservation criteria based on areas of minimal human impact are not relevant to much of the biosphere. On the other hand, conservation criteria based on economic factors are problematic with respect to their ability to arrive at operational indicators of well‐being that can be applied in practice over multiple generations. Coupled human and natural systems are subject to economic development which, under current management structures, tends to affect natural systems and cross planetary boundaries. Hence, designing and applying conservation criteria applicable in real‐world systems where human and natural systems need to interact and sustainably coexist is essential. By recognizing the criticality of satisfying basic needs as well as the great uncertainty over the needs and preferences of future generations, we sought to incorporate conservation criteria based on minimal human impact into economic evaluation. These criteria require the conservation of environmental conditions such that the opportunity for intergenerational welfare optimization is maintained. Toward this end, we propose the integration of ecological–biological thresholds into decision making and use as an example the planetary‐boundaries approach. Both conservation scientists and economists must be involved in defining operational ecological–biological thresholds that can be incorporated into economic thinking and reflect the objectives of conservation, sustainability, and intergenerational welfare optimization.     

Environmental cost of using poor decision metrics to prioritize environmental projects

Conservation decision makers commonly use project‐scoring metrics that are inconsistent with theory on optimal ranking of projects. As a result, there may often be a loss of environmental benefits. We estimated the magnitudes of these losses for various metrics that deviate from theory in ways that are common in practice. These metrics included cases where relevant variables were omitted from the benefits metric, project costs were omitted, and benefits were calculated using a faulty functional form. We estimated distributions of parameters from 129 environmental projects from Australia, New Zealand, and Italy for which detailed analyses had been completed previously. The cost of using poor prioritization metrics (in terms of lost environmental values) was often high—up to 80% in the scenarios we examined. The cost in percentage terms was greater when the budget was smaller. The most costly errors were omitting information about environmental values (up to 31% loss of environmental values), omitting project costs (up to 35% loss), omitting the effectiveness of management actions (up to 9% loss), and using a weighted‐additive decision metric for variables that should be multiplied (up to 23% loss). The latter 3 are errors that occur commonly in real‐world decision metrics, in combination often reducing potential benefits from conservation investments by 30–50%. Uncertainty about parameter values also reduced the benefits from investments in conservation projects but often not by as much as faulty prioritization metrics.     

Defining the Impact of Non‐Native Species

Non‐native species cause changes in the ecosystems to which they are introduced. These changes, or some of them, are usually termed impacts; they can be manifold and potentially damaging to ecosystems and biodiversity. However, the impacts of most non‐native species are poorly understood, and a synthesis of available information is being hindered because authors often do not clearly define impact. We argue that explicitly defining the impact of non‐native species will promote progress toward a better understanding of the implications of changes to biodiversity and ecosystems caused by non‐native species; help disentangle which aspects of scientific debates about non‐native species are due to disparate definitions and which represent true scientific discord; and improve communication between scientists from different research disciplines and between scientists, managers, and policy makers. For these reasons and based on examples from the literature, we devised seven key questions that fall into 4 categories: directionality, classification and measurement, ecological or socio‐economic changes, and scale. These questions should help in formulating clear and practical definitions of impact to suit specific scientific, stakeholder, or legislative contexts. Definiendo el Impacto de las Especies No‐Nativas     

济南市环境与经济协调发展评价及对策研究

以济南市为研究对象,通过构建环境与经济协调发展指标体系,分析了济南市生态环境和经济发展状况,评价了环境与经济协调发展水平,结果表明:2011年-2014年济南市经济发展呈逐年上升趋势;生态环境质量出现下降态势;环境与经济协调发展水平也出现了明显下滑.根据评价结果,探讨了该市在产业能源结构、机动车控制及农业生产方面存在的问题,由此提出了调整产业结构、优化能源结构、完善机动车管理、加强生态农业建设、建立环境和经济发展综合决策和激励机制等对策.     

哈尔滨市环境空气质量评价与经济增长关系研究

以PM10、SO2和NO2作为空气质量的评价对象,采用空气综合污染指数法研究了哈尔滨市2001年到2015年的环境空气质量变化趋势.以空气综合污染指数作为因变量,哈尔滨市人均GDP作为自变量,来探讨哈尔滨环境空气质量与经济增长之间的关系.得出2001年到2015年期间,哈尔滨环境空气质量呈现先变好又变差再变好的趋势,哈尔滨环境空气质量与经济增长之间呈现近似三次方函数关系,且部分呈现到"U"型曲线关系.     

昆钢制氢站二次净化系统的优化改进

针对昆钢动力能源分公司制氢站建成投产后出现的环保污染和所带来的生产运行问题,对制氢系统原装置技术存在问题进行分析,提出优化改进方案,并对实施后的效果、环境效益、经济效益等进行分析。优化方案的实施彻底解决了制氢站建成后产生的环保污染问题。