Ju’e Guo

Comprehensive Utilization of Coal Resources Based on Industrial Circular Economy

Industrial circular economy is based on industry chain and realized through the coordination of upstream and downstream, with the purpose of comprehensive utilization of coal and other byproducts. This paper analyzes the circular economy development mode from the perspective of industry (industrial cycle economy), with Shenhua Ningxia Coal Industry Group as an example, which constructs Ningdong coal base mainly based on coal industrial circular economy. Its experiences provide certain reference for coal industry and other interrelated industries.

Venture Capital Optimal Contract Design and Application Based on Multi-dimensional Screening Model

From the perspective of entrepreneurs, the article set up multi-dimensional screening model between venture capitalists and entrepreneurs, showed multi-dimensional adverse selection that venture capitalists may hiding level of value-adding inputs to induced, improved that venture capitalists equity proportion would be affected positively by value-adding inputs cost, fund and information rents, venture capitalists degree of value-adding implementation would be affected directly by venture capitalists efficiency, if efficiency be low, venture capitalists value-adding implementation degree would be distorted downward, and degree of distortion would be affected by the probability distribution of venture capitalists types, information rents.

NON-COMPETITION GUARANTEED VALUE AND EFFECT ON THE TOLL ROAD PROJECT

A non-competition guarantee has been widely used for financing the toll road project. However, to our best knowledge, there seems to be no research about the value and incentive effect of the non-competition guarantee. In the competitive and non-competitive condition respectively, this paper constructs the models of investment value and investment threshold by adopting the option game theory and measurement approach. The results of theory derivation indicate that the non-competition guarantee plays a strong role in investment incentives by reducing investment threshold. The simulation results indicate that the non-guaranteed value increases as the expected growth rate of traffic flow increases, and decreases as volatility increases.

China's Monetary Policy in the Context of Financial Crisis

This paper focuses on China’s monetary policy in the context of financial crisis. Empirical Mode Decomposition (EMD) method is used to extract the influencing factors of M2 and analyze their effects. We construct a VAR model to calculate the effects of monetary policy in the context of financial crisis since September 2008, and compare with that in the Asian financial crisis. The results show that the expansionary monetary policies eliminate the negative effects of prior period monetary policies and influences of the financial crisis. These policies avoid a further decline in Chinas economy in time. The dramatically enhanced positive effects of monetary policy in the short-run may negatively impact economy by possible inflation expectations. The proposed subsequent monetary policy should be fine-tuned for inflation.

Non-competition Guarantee Value Model Research Based on Real Option

In infrastructure financed projects, in order to attract private investors, host governments often provide some guarantees. This paper develops a value model of non-competition guarantee with real option theory. The model is applied to infrastructure financed projects using the non-competition guarantee under derivation. The derivation results indicate that, there is incentive effect to investors when the non-competition guarantee is used by governments. Non-competition value increases with a bigger growth rate of traffic flow. And its value decreases with a bigger volatility of traffic flow.

A Method for Price Limits Setting in Futures Market

This paper develops a method for price limits setting in futures market consistent with self-enforcing contract theory that price limits, in conjunction with margin, ought to provide help for futures contract enforcement. We investigate the distribution of return for SHFE natural rubber futures contract and find a characteristic of heavy-tailedness. Thus, we modify the assumption of normal distribution in Brennan’s model of price limits and margin with an empirical distribution estimated by extreme value theory using historical trade data, aiming to introduce the market information of such heavy-tailed price behavior into the setting of price limits. Our results suggest a flexible setting of price limits, in particular, an expansion of price limits when extreme price movement occurs frequently.

An Investment Decision-Making Research Based on Mothballing Option

Developing Straw power in China has an important significance to improving the energy structure, ensuring energy security and achieving sustainable economic and social development. In accordance with the operating characteristics of power projects, this paper is intended to construct a straw power investment value model and a threshold value model based on mothballing option, and measure investment threshold value in the current stage of our straw power programme and its sensitivity to the influence of the investment costs, variable costs, fixed costs, government subsidies and demand. Case analysis will show that improving the government subsidies is the important approach to resolving the shortage of sustainability in the current straw power industry.

Comprehensive Evaluation of the Effects of Reform of the Resource Tax in Western China by Input-Occupancy-Output Analysis

Resource tax reform is imperative in western China. However, research concerning effects of the adjustment of the resource tax rate in western China is far from adequate. In this paper, an energy Input-Occupancy-Output table in 2004 for western China has been established by using improved energy input-output table compilation method, and the effects on regional and national economy caused by adjustments of the resource tax rate in the case of coal are calculated. Meanwhile, the influences on employment and energy consumption of the increased resource taxation were analyzed. The empirical results show that a coal resource tax rate set to 5% of the sales revenue would only have a minor impact on the fluctuation of production prices and consumption prices, as well as generate a strong pulling and driving effect on increasing GDP, boost the employment and reduce the energy consumption per GDP.