采矿权资产证券化初探

随着国家经济的转型升级,去产能、去杠杆的推进,在目前经济不景气的情况下,大部分矿山企业迫切需要有创新性的融资渠道来解决企业融资难的问题.相比较而言,资产证券化比较适合矿山企业.矿山企业依托矿产资源而生存,拥有这些资源的开采权利(采矿权),毫无疑问是这个矿山企业的核心资产.本文研究了目前采矿权资产证券化的国内外研究现状,并且从内部的因素和外部的政策因素分析了采矿权资产证券化的动因,由此探索如何进行采矿权资产证券化的具体流程以及如何设计出交易结构.同时指出采矿权资产证券化有利于实现多方共赢,增加了企业的融资方式,有利于金融的创新.     

Geographies of the financial crisis

Real estate is, by definition, local as it is spatially fixed. Mortgage lending, however, has developed from a local to a national market and is increasingly a global market today. An understanding of the financial crisis is ultimately a spatialised understanding of the linkages between local and global. This article looks at the geographies of the mortgage crisis and credit crunch and asks the question: how are different places affected by the crisis? The article looks at different states, different cities, different neighbourhoods and different financial centres. Investors in many places had invested in residential mortgage backed securities and have seen their value drop. Housing bubbles, faltering economies and regulation together have shaped the geography of the financial crisis on the state and city level in the US. Subprime and predatory lending have affected low-income and minority communities more than others and we therefore not only see a concentration of foreclosures in certain cities, but also in certain neighbourhoods. On an international level, the long-term economical and political consequences of this are still mostly unknown, but it is clear that some financial centres in Asia (including the Middle East) will become more important now that globalisation is coming full circle. This article does not present new empirical research, but brings together work from different literatures that all in some way have a specific angle on the financial crisis. The aim of this article is to make the geographical dimensions of the financial crisis understandable to geographers that are not specialists in all – or even any – of these literatures, so that they can comprehend the spatialisation of this crisis.     

洪水保险债券的运作机制与发展思路

由于传统(再)保险,难以将洪灾风险进行有效的分散,因此,有必要寻求有效的金融工具将洪灾风险向资本市场转移。在建立洪水保险债券的概念框架基础上,阐述了与普通债券及传统再保险的区别。从经济学和精算学的角度对洪水保险债券进行分析,揭示了洪水保险债券定价机制。通过研究洪水保险债券的运作模式,分析了我国洪水保险债券的发行条件与发展思路,指出洪水保险债券为我国防洪减灾提供了可资借鉴的崭新方法与工具。     

Climatization of environmental degradation: a widespread challenge to the integrity of earth science

ABSTRACT

To guide scientists and society regarding the hydrologic consequences of anthropogenic climate change, earth scientists increasingly develop qualitative predictions and quantitative ensembles of models, some of which have important economic or (geo)political implications. However, with unprecedented human population, environmental degradation, and water scarcity, climatic factors are increasingly invoked falsely to explain failures of environmental governance, a phenomenon termed climatization. We propose a first typology of climatization in hydrology. Scientific climatization occurs when – during the normal course of a scientific investigation – a hydrologic state is falsely attributed to climatic factors, often due to a conceptual model that excludes human impacts or a simplified methodology that fails to quantify uncertainty. In contrast, securitization-aligned climatization occurs when a securitizing state actor requires that scientists attribute observed hydrologic states to climatic factors. Maintaining the credibility of earth science requires that earth scientists vigorously contest both scientific climatization and securitization of global change hydrology.     

基于哥本哈根学派的中国气候安全化比较分析

采用哥本哈根学派提出的安全化方法,对中美气候安全化水平进行对比,结果表明：安全是一种主体间现象,通过中美气候安全化水平的对比,可以清楚地识别出中国处于由政治权威、科学权威作为安全化主体的高强度“安全化”过程中,而美国正处于由政治权威引导的“反安全化”过程。“主体间性”是安全化主体之间对存在性威胁的认同程度,中国气候安全化的主体间性与气候安全化进程不协调,表现为中国政治高层的气候安全化水平较高,而公众的安全化水平相对较低。气候安全存在性威胁表达是制约中国公众气候安全化水平的重要因素,表现为安全化视角和媒介单一。建议通过引入全球视角和图形化等方式增强存在性威胁表达效果,以提升中国气候安全化水平。     

我国次等级土地证券化研究

次等级土地证券化有效地将次等级土地开发与资本市场连接起来，从融资角度为我国次等级土地资源开发探索出一种新的模式。根据我国现阶段市场经济和金融市场的发育程度，我国次等级土地证券化宜采取次等级土地开发贷款证券化的模式。当前推行次等级土地证券化必须克服来自土地管理体制不健全、金融市场不完善、法律制度不配套、专业人才不足等方面因素的制约。我们必须大胆创新，打造好次等级土地证券化的制度环境，并在试点的基础上，全面推动我国次等级土地证券化的发展。     

我国地震灾害风险分散模式探究

为加强我国防震减灾工作,完善地震灾后补偿制度,我国应建立合理的地震灾害风险分散模式。通过比较研究发达国家地震灾害风险分散的模式,得出我国实行地震灾害风险分散模式的必要性;同时提出建立适合我国国情的地震灾害风险分散模式,为地震灾后补偿机制及灾后保障体系的建立提供较好的建议。     

构建和谐社会中的巨灾风险防范 --我国地震巨灾风险证券化的实证分析

党的十六大首次提出了“和谐社会”的概念,而人与自然的和谐成为这一概念的重要内涵之一.我国作为世界上自然灾害最严重的国家之一,亟需构筑符合我国国情的巨灾风险防范体系.保险风险证券化作为国际保险市场化解巨灾风险的一项重要创新,也正在为我国保险业所关注.为此本文选取了在我国发生频率最高、造成损失最大的自然灾害-地震灾害作为研究对象,对我国地震巨灾债券的构建与定价进行了实证分析,即利用实际的样本数据和有关非寿险精算的有关原理,构建了我国的地震巨灾债券,并同时完成了价格体系的制定.以上研究可以为巨灾风险证券化在我国的推广提供可资参考的方法与依据.