推动环境信息披露能改善投资效率吗？

落实企业环境责任,推动环境信息披露,有利于推动结构调整和高质量发展。本文根据《环境信息公开办法（试行）》,对发布企业社会责任报告的上市公司环境信息披露进行刻画,基于Richardson投资期望模型对投资效率进行测度,分析环境信息披露对上市公司投资效率的影响。研究发现,环境信息披露能在一定程度上缓解投资不足,但对过度投资的影响并不显著,而且环境信息披露对投资不足的缓解作用在国有企业、两权分离度高等代理成本较高的企业中表现更为显著。本文因此提出推动环境信息披露的建议,一方面发挥政府作用,加大监管压力,确保企业环境责任的落实,健全环境治理企业责任体系;另一方面发挥市场的决定性作用,强化诱致企业披露环境信息的动力,让市场形成对环境信息披露的强需求,促使企业提升环境信息披露水平。     

National minerals policies and stakeholder participation for broad-based development in the southern African development community (SADC)

This paper explains how the well-accepted concept of improved stakeholder participation during mineral policy development leads to a national mineral policy that accommodates the diverging views and interests that allows wide acceptance of decisions, enhancing the success of implementation and, ultimately, national benefits. This process is based on lessons learnt during the South African experience and has been successfully applied in the development of the Namibian and Malawian national minerals policies. An effective policy in the SADC will engineer the delicate balance between poverty reduction and an internationally competitive minerals sector. This balance enhances the possibility of long-term economic growth and development in the SADC region. The overriding advantage of this strategy is that it generates ‘home-grown’ policy instruments and implementation of mineral law with which stakeholders can identify. This process presents a new challenge to traditional policy formulation strategies in emerging economies and the bottom-up approach, linked to wide political support, allows the potential realisation of national objectives.     

Investing in safety an analytical precautionary principle

PROBLEM: Governments and businesses must respond to increasing safety requirements and balance the associated costs with productivity and competing pressures. METHOD: A real options approach has been introduced for decision making in the private sector; this approach is adapted for regulatory decisions that can involve irreversible and uncertain safety impacts, social costs that differ from private costs, and differences in perception among the stakeholders. RESULT AND IMPACT ON INDUSTRY AND GOVERNMENT: The outcome is an economic decision gage that determines if it is optimal to invest in safety even if the estimated costs significantly exceed the estimated benefits. Applications potentially include safety decisions related to aviation, ground transportation, pipelines, nuclear facilities, natural disaster planning, and terrorism, among others.     

东三省“十二五”城镇污水厂投资与减排效益分析

东北三省"十二五"主要水污染物减排项目方案实施后,必然会引起环境发生一定变化,环境效益正是污染减排工程的环境后果的代表。利用西方经济学中的边际效用理论对"十二五"期间东三省城镇污水处理厂单位投资的COD削减量进行分析。依据投入的环境边际效益对各省工作重点提出建议。     

Mineral development,financing and cooperation: New forms of international participation?

Although relations between direct investors and host countries must steadily evolve to meet continually changing circumstances, this should be within a broadly stable framework. The basic technical and economic characteristics of mining should dictate the nature of that framework. In contemplating their experiences during the past decade many international mining companies might ruefully agree with Benjamin Franklin that: ‘in this world nothing can be said to be certain except death and taxes’. The aim of this paper is to highlight some of the important factors that must be taken into account by governments, international agencies and private investors contemplating large-scale mining projects. These inevitably dictate the forms of international participation in mining ventures.     

林火预防与扑救投资的成本效益分析

针对某一林区,确定其林木管理目标,以及为达到此目标对林火监测与扑救系统的要求,从而确定森林防火的资金投入。分析了加大森林防火投入前后森林火灾损失与扑求费用的变化。     

我国环境污染治理投资的发展及存在问题

环境污染治理投资对于改善我国环境状况,遏制环境污染发展趋势具有重要作用.在界定了环境污染治理投资统计范围之后对我国环境污染治理投资的发展历程、投资结构进行了具体分析,其中重点分析了我国工业污染源治理投资的发展过程和投资结构,总结了我国环境污染治理投资存在的问题,以供决策部门参考.     

Competitive investment in clean technology and uninformed green consumers

In a market where consumers and the regulatory authorities are not fully informed about the actual production technology or environmental performance of firms that engage in strategic competition, I study the effect of environmental consciousness of consumers on firms׳ incentive to invest in cleaner technology. Firms compete in prices and may signal their environmental performance to uninformed consumers through prices. I also analyze the effect of an expected liability on firms in this setting. Compared to full information, incomplete information generates higher strategic incentive to invest in cleaner technology particularly when consciousness and/or expected liability are not too high. Requiring mandatory disclosure of technology or environmental performance may discourage such investment. Even though consumers and the regulator are uninformed, competition has a positive effect (relative to monopoly) on the incentive to invest.     

Assessment of risk in a minerals industry: Canadian nickel

The level of rents attributable to natural resource producers depends on the risk faced by those producers. This paper argues that estimates of risk in mining should control for characteristics of firms such as diversification and debt financing. The capital asset pricing model is applied to securities of three Canadian nickel mining firms over the period 1961–1974. It is concluded that the level of risk was not unusually high.     

Male butterfly investment in successive ejaculates in relation to mating system

In Lepidoptera, female mating systems range from strict monandry to strong polyandry. Males transfer an ejaculate during copulation that contains both sperm and accessory gland substances. In butterflies the male ejaculate has at least three effects: it (1) contains sperm that can fertilize the eggs of the male’s mating partner, (2) influences the refractory period of the mated female, and (3) contains nutrients that can be used by the female to increase her reproductive output. A number of recent studies have shown that males in polyandrous mating systems are endowed with adaptations to increase mating capabilities. Relative to males in more monandrous species they transfer larger first ejaculates which contain relatively more protein, and allocate proportionally more resources to reproduction. The objective of this study was to compare male reproductive investment in successive ejaculates, in terms of both mass and quality, to determine if males of polyandrous species are capable of maintaining the production of larger and more nutritious ejaculates than males of more monandrous species. We used three species of pierid butterfly, with mating systems ranging from relative monandry to polyandry. The degree of polyandry had a substantial effect on the reproductive performance of males. The cumulative protein content of ejaculates increased with the degree of polyandry. Only males of the most polyandrous species, Pieris rapae, produced three successive ejaculates of similar mass and protein content. In the relatively monandrous species, Aporia crataegi and P. brassicae, males in subsequent matings never produced another ejaculate as large as that transferred by males mating for the first time, although the protein content (mg) of ejaculates did not differ in second and third ejaculates. Moreover, the ability to remate varied with the degree of polyandry. Given the opportunity to remate, the majority of P. rapae males mated three times, whereas relatively few A. crataegi and P. brassicae males were able to perform three matings. These results suggest that male capacity to produce large, nutritious ejaculates is limited in relatively monandrous species. In this study only males belonging to the most polyandrous species had the ability to recuperate quickly from a mating event and remate. Our results suggest that males in polyandrous systems are better adapted to mating more than once. Received: 3 November 1995/Accepted after revision: 13 July 1996