发展中国家对外直接投资理论的评析

作为发展中国家的企业,无论从实力的角度,还是从经验的角度,与发达国家的跨国公司相比都有很大的差距,因此对外直接投资的理论基础应该是有所不同的。通过现在的一些发展中国家对外投资理论的分析,指出了其立场、观点上的局限,进而为我国企业进行对外直接投资,获取国际资源、培育竞争优势和国际竞争力,提供理论基础。     

中国企业投资进入希腊港口的启示

中国中远集团获取了比港2#、3#集装箱码头35年特许经营权,并使比港重焕生机,以实例验证了"一带一路"21世纪海上丝绸之路互联互通合作模式,为中国在希腊、欧洲乃至世界带来积极影响。本文结合此案例,分析中国企业投资进入欧盟经济较发达国家的前景,为今后类似投资项目提供一定的参考。     

Transit technology investment and selection under urban population volatility: A real option perspective

This paper addresses transit technology investment issues under urban population volatility using a real option approach. Two important problems are investigated: which transit technology should be selected and when should it be introduced. A real option model is proposed to incorporate explicitly the effects of transit technology investment on urban spatial structure in terms of households’ residential location choices and housing market. The trigger population thresholds for investing in a transit technology project and for shifting from a transit technology to another are explored analytically. Comparative static analyses of the urban system and transit technology investment are also carried out. It was found that (i) transit technology investment can induce urban sprawl; (ii) ignoring the effects of transit technology investment on urban spatial equilibrium can lead to a late investment; and (iii) there is a significant difference in the trigger population thresholds for transit technology shift estimated by the net present value approach and the real option approach.     

提高政府投资监管效率机制研究

政府投资监管是一项重要的政府公共管理职能。该文对提高政府投资监督效率机制作了研究。通过建立职能定位清晰、分工科学合理、协调运转高效的政府投资监管机制,发挥政府投资监管有关各部门的职能作用,提高政府投资监管效率,促进政府投资项目的科学决策和规范管理,提高公共政策的效应和政府投资的效益。     

Mitigative and adaptive investments for natural disasters and labor strikes in a seaport–dry port inland logistics network

ABSTRACT

Inland distribution is a crucial link between ocean shipping and terminal consumers. However, such a distribution system is vulnerable to disturbance caused by natural disasters and labor strikes. Pre-event investments, specifically mitigative and adaptive investments, could alleviate the adverse consequences of a disturbance to mitigate the possibility of event occurrence and reduce damage after event occurrence, respectively. This study investigates an inland distribution network that comprises one seaport and one major dry port. Moreover, this research discusses the two existing management models in the network, namely, centralized and decentralized systems. We analyze the optimal investment level when coping with natural disasters and labor strikes and compare the results under different cases. Results show that decentralization will increase the total expected cost, while cooperation is always beneficial in terms of pre-event investment. However, an appropriate cost-sharing plan is required to make the cooperation feasible for a seaport and dry port.     

A review and analysis of the investment in,and cost structure of,intermodal rail terminals

The results presented in this article identify the role of costs in the scientific and grey freight terminal handling literature and analyses the handling costs of different terminal sizes. The literature review shows that handling costs only play a marginal role in the scientific research in intermodal rail freight terminals (IRT). This is remarkable given the large role costs occupy in decision-making in freight transport. Furthermore, the used cost levels show a wide range of proposed amounts and terminal sizes or handling technologies are seldom addressed. Finally, many of the scientific papers do not make it clear whether the average transhipment cost or market price is referred to. Next, the analysis of the investment in, and cost structure of, IRTs shows that IRT investments are very capital-intensive leading to relatively high average costs per handling. However, given the cost characteristics of IRTs, the average cost per handling represents the underlying cost structure and are – in this sense – representative. The cost analysis demonstrates that extra-large IRTs actually have the lowest average handling costs, followed by small IRTs.     

Check-in allocation improvements through the use of a simulation–optimization approach

The aeronautical industry is still under expansion in spite of the problems it is facing due to the increase in oil prices, limited capacity, and novel regulations. The expansion trends translate into problems at different locations within an airport system and are more evident when the resources to cope with the demand are limited or are reaching to theirs limits. In the check-in areas they are appreciated as excessive waiting times which in turn are appreciated by the customers as bad service levels. The article presents a novel methodology that combines an evolutionary algorithm and simulation in order to give the best results taking into account not only the mandatory hard and soft rules determined by the internal policies of an airport terminal but also the quality indicators which are very difficult to include using an abstract representation. The evolutionary algorithm is developed to satisfy the different mandatory restrictions for the allocation problem such as minimum and maximum number of check-in desks per flight, load balance in the check-in islands, opening times of check-in desks and other restrictions imposed by the level of service agreement. Once the solutions are obtained, a second evaluation is performed using a simulation model of the terminal that takes into account the stochastic aspects of the problem such as arriving profiles of the passengers, opening times physical configurations of the facility among other with the objective to determine which allocation is the most efficient in real situations in order to maintain the quality indicators at the desired level.     

The impact of transport policies on railroad intermodal freight competitiveness – The case of Belgium

This paper discusses the impact of three freight transport policies aiming to promote railroad intermodal transport in Europe, and examines the case of Belgium as a testing ground. These policies consist in subsidizing intermodal transport operations (such as in Belgium, to stimulate rail transport), internalizing external costs (as recommended by the European Union in order to foster cleaner modes), and adopting a system perspective when optimizing the location of inland intermodal terminals. The study proposes an innovative mixed integer intermodal freight location-allocation model based on hub-location theory and deals with non-linear transport costs in order to replicate economies of distance. Our analysis suggests that subsidizing has a significant impact on the volumes transported by intermodal transport, and, to a lesser extent, that optimizing terminal location increases the competitiveness of intermodal transport. On the other hand, according to our assumptions, internalizing external costs can negatively impact the promotion of intermodality. This finding indicates that innovative last-mile transports are needed in order to reduce the external impacts of drayage operations.     

S河综合治理PPP项目投融资模式及实施效果分析

PPP投资模式目前在国内基础设施建设领域得到了广泛的应用,咨询工程公司选择适用的投资和融资模式非常必要和重要。咨询工程公司参与水治理PPP项目进行投融资模式设计时,一方面要适应项目本身需求,另一方面需要契合政策,做到合法合规。通过实际案例研究,以S河治理PPP项目为例,对项目投融资模式运作优势进行研究分析,阐述当前政策对项目的影响以及所采取的调整措施,综合分析项目的实施效果,提出咨询工程公司实施PPP项目投融资须紧跟政策、因地制宜、顺势而为、步步为营。     

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船舶作为航运企业最重要的生产资料,其前期的投资决策分析至关重要.一直以来,船舶投资风险价值的计算是困扰人们的问题之一,实物期权理论与B-S定价模型的发展为其提供了一个解决办法.但B-S定价模型中最重要的假设条件是资产价格波动符合正态分布,这与现实差距较大.本文以分形分布条件代替B-S定价模型中正态分布的假设,建立起分形期权定价模型,并利用BDI价格指数进行实证分析.结果证明BDI对数收益率序列的H指数大于0.5,说明BDI收益具有较强记忆性,呈现尖峰胖尾特征.在此条件下,以传统B-S定价模型计算出的船舶投资实物期权价值大于分形期权价值,说明其高估了船舶投资的管理柔性价值,这会使投资者产生盲目乐观心理,进而增大投资决策风险.