企业财务管理的目标及其选择

目标是组织预期要达到的目的或结果，具有预测性、可计量性和激励性等特点。就财务管理而言，判断一项财务决策是否有效率，必须依据某种标准，而要使财务管理有效率、企业必须一些目标。选择什么样的财务目标关系到企业理财的重点及努力方向，关系到财务管理的成效。因此，财务管理目标的选择对企业发展具有重要影响。本文将对企业财务管理的目标及其选择谈一下自己的看法。     

The asymptotic behaviour of the estimated generalized least squares method in the linear regression model

Abstract  In the linear regression model the generalized least squares (GLS) method is only applicable if the covariance matrix of the errors is known but for a scalar factor. Otherwise an estimator for this matrix has to be used. Then we speak of the estimated generalized least squares (EGLS) method. In this paper the asymptotic behaviour of both methods is compared. Results are applied to some standard models commonly used in econometrics     

Drift Estimation of Generalized Security Price Processes from High Frequency Derivative Prices

This paper presents a framework for using high frequency derivative prices to estimate the drift of generalized security price processes. This work may be seen more generally as a quasi-likelihood approach to estimating continuous-time parameters of derivative pricing models using discrete option data. We develop a generalized derivative-based estimator for the drift where the underlying security price process follows any arbitrary state-time separable diffusion process (including arithmetic and geometric Brownian motion as special cases). The framework provides a method to measure premia in derivative prices, test for risk-neutral pricing and leads to a new empirical approach to pricing derivative contingent claims. A sufficient condition for the asymptotic consistency of the generalized estimator is also obtained. A study based on generating the S&P500 index and calls shows that the estimator can correctly estimate the drift parameter. This revised version was published online in November 2006 with corrections to the Cover Date.     

Converging Mainlander and Native Taiwanese, 1949–2012

This paper uses a surname‐based methodology to estimate the intergenerational correlation between native Taiwanese and mainlanders during 1949–2012. It finds that mainlanders, who initially had an advantage in higher education and high profile occupations, regressed towards population average at a relatively constant rate, which is much higher than suggested by previous studies. This paper argues that the difference either reflects a group‐level inequality because of the impacts of kinships and extended families, or it measures the intergenerational correlation of an unobservable variable, the true underlying social status, which is imperfectly correlated with income, education, or occupation at the individual level.     

混合集成电路军品物料批次一致性约束下的库存研究

通过对混合集成电路军品物料批次现状的分析,将ABC分类法思想与经济订购模型相结合,并针对不同类的物料分别设定订购点和订购批量。该模型在某研究所进行了实际应用,取得了较好的库存控制效果。     

Brand expertise and perceived consistency reversals on vertical line extensions: The moderating role of extension direction

Vertical line extensions are a valuable growth strategy for many retail service sectors. Correctly positioning a new vertical line extension in the price/quality spectrum is an important decision that has considerable implications for bottom line profits. This paper examines the moderating role of extension direction on the effect of perceived consistency on vertical extension evaluations. In two studies, we show that a lack of perceived consistency acts as a reminder to consumers that the brand may be stretching beyond its expertise, increasing perceived performance and financial risks for upscale extensions but not for downscale extensions. As a consequence, higher consistency results in higher upscale extension favourability whereas evaluations of downscale extensions are similar regardless of their perceived consistency with the parent brand.     

A NOTE ON THE QUANTILE FORMULATION

Many investment models in discrete or continuous‐time settings boil down to maximizing an objective of the quantile function of the decision variable. This quantile optimization problem is known as the quantile formulation of the original investment problem. Under certain monotonicity assumptions, several schemes to solve such quantile optimization problems have been proposed in the literature. In this paper, we propose a change‐of‐variable and relaxation method to solve the quantile optimization problems without using the calculus of variations or making any monotonicity assumptions. The method is demonstrated through a portfolio choice problem under rank‐dependent utility theory (RDUT). We show that this problem is equivalent to a classical Merton's portfolio choice problem under expected utility theory with the same utility function but a different pricing kernel explicitly determined by the given pricing kernel and probability weighting function. With this result, the feasibility, well‐posedness, attainability, and uniqueness issues for the portfolio choice problem under RDUT are solved. It is also shown that solving functional optimization problems may reduce to solving probabilistic optimization problems. The method is applicable to general models with law‐invariant preference measures including portfolio choice models under cumulative prospect theory (CPT) or RDUT, Yaari's dual model, Lopes' SP/A model, and optimal stopping models under CPT or RDUT.     

层次分析法在沼气厂址选择中的应用

本文运用层次分析法对影响沼气厂址选择的因素进行综合分析,通过量化,将复杂的选址问题统筹简化为各种因素之间的成对比较和排序计算,建立数学参数模型,使得厂址选择达到最优。     

A dimensionally consistent aggregation framework for biophysical metrics

We develop a formal representation of the economy-ecosystem interaction problem by distinguishing between stock-flow, and fund-flux spaces (Georgescu-Roegen, 1971). We then define dimensionless quantities in both the cardinal stock-flow space and the ordinal fund-flux space. This leads to analytic definitions of natural capital and natural income in the fund-flux space. We show that a stock-fund representation of the economy-ecosystem interaction problem helps investigate aggregation properties of biophysical metrics. In particular, we show how a metric that is dimensionally consistent in the stock-flow space can have dimensional problems in the fund-flux space. Ecological footprint is used as an illustrative example. Finally, we argue that dimensionally consistent metrics are keys to further the development of biophysical assessments as a tool for practical environmental policy.     

How would Swiss consumers decide if they had freedom of choice? Evidence from a field study with organic,conventional and GM corn bread

In 2005, the Swiss expressed their negative attitude towards genetic engineering in agriculture by voting in favor of a ban to use genetically modified (GM) crops in domestic agriculture. At the same time, certain GM food products remain approved but are not on offer since retailers assume that consumers would shun labeled GM food. In our study we tested this claim by conducting a large-scale field study with Swiss consumers. In our experimental design, three clearly labeled types of corn bread were offered at five different market stands across the French and German-speaking part of Switzerland: one made with organic, one made with conventional, and one made with genetically modified (GM) corn. In addition, we tested the consistency between purchasing decision at the market stand and the previous voting decision on GMOs in 2005 by means of an ex-post questionnaire. The results of our discrete choice analysis show that Swiss consumers treat GM foods just like any other type of novel food. We conclude from our findings that consumers tend to appreciate transparency and freedom of choice even if one of the offered product types is labeled as containing a genetically modified ingredient. Retailers should allow consumers to make their own choice and accept the fact that not all people appear to be afraid of GM food.