As China's power grid investment enters a new phase that focuses more on quality and efficiency of development,power grid investment and construction requires high-level technological innovation and high-quality investment.Assessing power grid investment risks is extremely important to avoid and reduce investment risks and make optimal investment decisions.This article establishes a risk assess-ment index system from four aspects:market policy,regulation,technology,and social environment.It constructs an improved failure mode and impact analysis model that introduces prospect theory and interval intuition fuzzy to evaluate power grid investment risk.The results in-dicate that effectiveness regulatory risk,price regulatory risk,and safety regulatory risk are the most critical risk factors.Based on this,risk re-sponse suggestions are proposed from three aspects:regulatory risk prevention and control,integration of risk information resources,and construction of regulatory risk management institutions.
Under the highest guidance of the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a Data Infrastructure System to Better Play the Role of Data Elements" （hereinafter referred to as the "Twenty Data Articles" ）,China is rapidly building a data element market,which involves important links such as data ownership confirmation,pricing,and trading.Currently,the data industry generally believes that data pricing and data asset value evaluation are difficult challenges.Due to the unique value characteristics of data that are different from other elements:specificity,synergy,and infinite availability,and the "Twenty Data Articles" also clearly indicate that the distribution and compensation of data value need to be combined with the characteristics of data elements.Therefore,it is necessary to build data pricing models that match these special value characteristics,both in terms of market economy laws and policy requirements,and provide a solid and verifiable theoretical foundation and computing technology.This is of great significance for building a data element market and developing the digital economy.This article starts from the guiding principle of "20 data items" on data returns,and based on the principles of fairness and effectiveness,constructs the theoretical foundation of data pricing and data asset value evaluation.Based on cooperation with central enterprises,internet groups,and financial institutions,relevant computing technologies have been developed.Through theoretical proof,it demonstrated that there exists a unique,fair and effective theoretical solution for the distribution of benefits among the participating contribution data elements in any economic activity,meeting the requirements of fairness and effectiveness principles.Furthermore,this article has developed data asset graph technology,which can analyze the contribution of upstream and downstream data in the data production and usage chain,and continuously automate the inventory of the return value of data in various economic activities,providing a parameter basis for the total valuation of data assets.
Climate change and its natural disasters have become important influencing factors for economic and social development and financial security and stability,and timely prevention of the potential impact of climate change risks is of great significance.Based on the review of research on climate change and economic growth,financial risks and related fields,this paper constructs a DSGE model with natural disaster shocks,financial intermediary and multiple economic entities as the analysis objects,and clarifies the impact of natural disasters on financial variables and the transmission mechanism.Research has found that natural disasters can cause asset prices to rise in the short term and decrease in the long term,and increase the risk premium of capital returns;The impact of natural disasters has a negative impact on bank credit demand and total assets,leading to a decrease in output and capital stock;The impact of natural disasters mainly affects asset prices,financing costs,and credit demand,exacerbating financial risks and feeding back to the real economy.Based on the research findings,this article proposes measures such as carbon reduction to mitigate natural disasters and financial risks caused by climate change,improve the construction of institutional mechanisms to respond to natural disasters,and focus on preventing the negative impact of natural disasters on the financial system and related risks.
Power futures market is the next stage of the development of the electricity spot market. In the power futures market, we must consider how to deal with the risks brought by the emerging power financial derivatives. Based on the analysis of the principle of dynamic margin system of SPAN (Standard Portfolio Analysis of Risk) futures, we introduced SPAN system into Chinese power futures market, and simulated the parameters by VaR and risk matrix. Then, this paper selects two power futures products of ICE (INTERCONTINENTAL EXCHANGE) for example analysis of this model. The results show that, compared with the current static margin system in China, SPAN futures dynamic margin system can reduce the margin level of power futures products for a long time and reduce the occupancy rate of funds. The dynamic margin system is an important direction for the development of domestic power futures market in the future.
In order to better reflect the influence of stable urban housing prices on industrial structure upgrading, based on the panel data of 104 cities with dynamic land price monitoring from 2003 to 2020, a dynamic panel model is built. Under the premise of controlling transport, commercial, science and technology, urban climate conditions and other variables, the overall effect of housing price on industrial structure upgrading, the output of the secondary industry and the output of the tertiary industry are quantitatively measured. The results show that:（1） Stabilizing urban housing price promotes the upgrading of industrial structure;（2） Stabilizing urban housing prices can promote the output of the secondary industry;（3） Stabilizing urban housing prices can promote the output of the tertiary industry, and the improvement of urban livability can significantly promote the improvement of the output level of the tertiary industry. Based on this, we should adhere to the principle of "housing residence instead of vicious speculation", design the spatial layout of urban industries according to local conditions, and improve the housing security system.
