水污染防治领域PPP项目投资回报机制设计

在国家相关政策的支持引导下,采用政府和社会资本合作(PPP)模式实施的水污染防治项目逐渐增多。合理的投资回报是社会资本参与PPP项目的关键所在。本文通过对水污染防治项目特点、不同付费方式及适用条件进行分析,对投资回报的内在机理进行了分析,提出水污染防治PPP项目投资回报机制设计原则,包括应符合市场配置特点,充分考虑项目风险影响,确保社会资本"盈利但不暴利"、以政府财政承受能力为底线、不以保底承诺、固定回报变相融资。在此基础上,从投资回报是社会资本方服务绩效的对价、合理设计保底需求和超额收益分享机制、合理设计服务价格及调整机制、合理拓宽可行性缺口补助投资回报方式等方面对投资回报机制要点进行了探讨,以期为同类项目的实施提供参考。     

外商股权投资国有自来水公司的模式探讨

本文重点分析和探讨了外商在符合目前我国相关法规的前提下，投资国内自来水行业的交易模式及其优缺点。其中，三权分离模式是结合2006年正式施行的新公司法提出的一种创新性的操作模式，可为国内项目的实际运作提供新的思路和途径。     

基于CES生产函数的企业安全投资决策方法研究

在分析当前我国安全投资决策研究基础上,讨论安全投资的边际效益理论,并利用其确定安全投资总量的合理值。利用不变替代弹性(CES)生产函数建立安全投入产出效益函数,反映安全投资结构对安全产出的影响,通过模型求解得到企业安全资源分配的优化结构和投资额。按边际效益理论和安全投资效益模型将有限的资源科学地配置到安全生产过程中去,有利于节约资本,实现安全效益最大化。     

环境产业投资激励机制与政策

论述了建立环境产业发展的新机制，投资激励机制是其重要内容，这一机制的建立需要政府的相关政策支持。     

THE IMPACT OF POLICY VARIABLES ON RESIDENTIAL WATER DEMAND AND RELATED INVESTMENT REQUIREMENTS1

Increasing population and urbanization necessitate very large investments in municipal water supply. These investments could be more efficiently deployed if the impact of policy variables such as marginal pricing, metering, by-laws on lawn watering and plumbing fixtures, and higher summer charges were known. The paper in particular advocates the replacement of the present declining block rate by an increasing block rate. In order to know the impact of policy variables, a multiple regression model is built; the fitted model is tested against some data not included in calibrating the model. Next the impact of selected policy variables on the target variable (residential water demand during summer) is worked out for a new urban community of 200,000 people. The investment requirements may decrease appreciably as a result of a price increase when marginal (or commodity) charges are low but the impact of price changes when commodity charges are already high is less evident and non-price policy variables may be more effective in maintaining high quality water and also satisfying the constraint of limited budgets for municipal services.     

上市公司环境信息披露调查研究——基于公司高管的访谈

上市公司高管态度对企业环境信息披露会产生重要影响。为充分了解企业高管如何看待上市公司环境信息披露过程中涉及的环境信息沟通、披露制度、能力建设等多方面问题，本文对涉及第一、第二和第三产业的16家上市公司高管进行访谈调研。研究发现，多数高管视社会第三方机构对企业的环境信息需求为较大的潜在风险，非强制是上市公司环境信息选择性披露的主要原因，企业重视环保投资但信息公开能力建设不足，环境信息公开对企业价值影响较弱。本文提出编写环境信息公开指南及实施细则，提升企业环境信息公开的能力建设，拓展政府和社会组织对企业环境信息公开的奖励形式等建议。     

环境信息系统的成本效益分析及投资风险管理

信息化的推进以及信息技术的运用并没有产生明显的经济效益,反而导致技术投资的"不经济"现象,通过探讨环境信息系统的成本投入以及产生的各种效益,明确了环境信息系统建设过程中应该加强投资风险管理,初步构建了投资风险管理的工作流程及运行机制。     

Reproductive disturbance of Japanese bumblebees by the introduced European bumblebee Bombus terrestris

The European bumblebee, Bombus terrestris, is an invasive eusocial species whose distribution is expanding greatly beyond its native range because numerous colonies are imported to or locally produced in non-native countries for pollination of agricultural crops. Closely related species exist in Japan where the unrestricted import and use of B. terrestris has resulted in the establishment of wild colonies. Laboratory studies previously showed that B. terrestris and Japanese native species can copulate and produce fertilized eggs. Although these eggs do not hatch, the interspecific mating can cause a serious reproductive disturbance to native bumblebees. In this study, we determined the frequencies of interspecies mating between B. terrestris males and native bumblebee queens in the wild on the islands of Hokkaido and Honshu by analyzing the DNA sequences of spermatozoa stored in spermathecae of native queens. We found that 20.2% of B. hypocrita hypocrita queens and 30.2% of B. hypocrita sapporoensis queens had spermatozoa of B. terrestris males in their spermathecae. Given that a Bombus queen generally mates only once in her life, such high frequencies of interspecific mating with B. terrestris pose serious threats to the populations of native bumblebees in Japan.     

我国开发性金融部门绿色投资价值的气候影响和风险研究

为应对气候变化,我国开发性金融部门探索绿色投资倒逼其低碳转型之路,相应的气候变化对其绿色投资的影响和风险值得深入研究。运用气候压力测试模型、WITCH模型和气候VaR对我国开发性金融机构绿色投资的气候冲击影响、气候风险进行实证研究。研究发现,极端气候冲击会对我国的开发性金融机构的投资价值及其投资表现产生负面影响;我国开发性金融机构绿色债券的票面利率受气候变化影响程度各异,国家开发银行随着气温的上升而增加,中国农业发展银行随着气温的下降而减少;我国开发性金融机构绿色投资气候风险各异,中国农业发展银行绿色投资的气候风险相对较大。研究成果为我国开发性金融部门应对气候变化的低碳转型和绿色投资的风险管理提供决策参考。     

Seasonal decline in reproductive performance varies with colony size in the fairy martin, <Emphasis Type="Italic">Petrochelidon ariel</Emphasis>

Reproductive success within populations often varies with the timing of breeding, typically declining over the season. This variation is usually attributed to seasonal changes in resource availability and/or differences in the quality or experience of breeders. In colonial species, the timing of breeding may be of particular importance because the costs and benefits of colonial breeding are likely to vary over the season and also with colony size. In this study, we examine the relationship between timing of breeding and reproductive performance (clutch size and nest success) both within and between variable sized colonies (n = 18) of fairy martins, Petrochelidon ariel. In four of these colonies, we also experimentally delayed laying in selected nests to disentangle the effects of laying date and individual quality/experience on reproductive success. Within colonies, later laying birds produced smaller clutches, but only in larger colonies. The general seasonal decline in nest success was also more pronounced in larger colonies. Late laying birds were generally smaller than earlier laying birds, but morphological differences were also related to colony size, suggesting optimal colony size also varies with phenotype. Experimentally delayed clutches were larger than concurrently produced non-delayed clutches, but only in larger colonies. Similarly, delayed clutches were more likely to produce fledglings, particularly later in the season and in larger colonies. We suggest that the reduced performance of late breeding pairs in larger colonies resulted primarily from inexperienced/low quality birds preferring to settle in larger colonies, possibly exacerbated by an increase in the costs of coloniality (e.g., resource depletion and ectoparasite infestations) with date and colony size. These findings highlight the importance of phenotype-related differences in settlement decisions and reproductive performance to an improved understanding of colonial breeding and variation in colony size.