On the impact of US subsidies on world cotton prices: A meta-analysis approach

Despite the literature dealing with the impact of subsidies on world cotton prices, there is no consensus regarding the quantification of these effects. The aim of this article is to contribute to this literature through the implementation of a meta-regression analysis. This methodology allows us to: (i) identify the main sources of heterogeneity between the primary studies, (ii) give some tracks to improve the modeling, (iii) provide a reliable effect of the removal of subsidies on world cotton prices. Relying on the estimation of various models to derive robust results, our findings show that a withdrawal of US subsidies would increase the world cotton price by around 11% on average.     

制造执行系统的设计与实现

随着制造企业之间竞争的日趋激烈,新产品推出的快速化、高品质化、交货的准时化以及成本的最低化日益成为企业成长的关键因素,而这些因素直接表现在企业的管理水平上,就是生产透明化。通过信息技术构建的制造执行系统,可以实现生产过程在整个企业范围内的可视化、透明化,了解生产经营真实情况,变经验管理为科学管理,提高管理水平。     

MES:制造业信息化的关键

目前我国制造业信息化建设存在着许多问题,依据MES的内涵、功能模型、技术架构、网络拓扑结构在制造业信息化中实施MES。结果表明,MES是制造业信息化的关键,MES的研究与应用有利于增强我国制造业的市场竞争力。     

Measuring the systemic risk transfer from the United States to the South African financial sector

The sub-prime crisis in 2008 illustrated how systemic risk in the financial sector of one country could spread to the financial sectors in other countries, and subsequently result in a global financial crisis. This direct transfer of systemic risk was made possible by phenomena such as contagion and common shocks. The way in which these elements of interconnectedness can magnify seemingly small levels of systemic risk, and subsequently transfer between financial sectors illustrate the necessity for a more in-depth analysis. This measurement is done using three approaches. A dynamic conditional correlation (DCC) model is used to investigate contagion. To analyse the volatility spillover effect from the US to SA, an exponential generalized autoregressive conditional heteroskedastic (EGARCH) model is employed. Finally, a new contribution is made where a marginal expected shortfall (MES) model is used to set the FTSE/JSE All-Share Index (ALSI) as a hypothetical bank in the financial sector of the S&P 500. All approaches show weak evidence for a direct systemic risk transfer and therefore indicate that any systemic risk transfer is more likely to take an indirect form through changes in capital flows or interest rates.     

How useful is the Marginal Expected Shortfall for the measurement of systemic exposure? A practical assessment

We explore the practical relevance from a supervisor’s perspective of a popular market-based indicator of the exposure of a financial institution to systemic risk, the Marginal Expected Shortfall (MES). The MES of an institution can be defined as its expected equity loss when the market itself is in its left tail. We estimate the dynamic MES recently proposed by Brownlees and Engle (2012) for a panel of 68 large US banks over the last decade and a half. Running panel regressions of the MES on bank characteristics, we first find that the MES can be roughly rationalized in terms of standard balance-sheet indicators of bank financial soundness and systemic importance. We then ask whether the cross section of the MES can help to identify ex ante, i.e. before a crisis unfolds, which institutions are more likely to suffer the most severe losses ex post, i.e. once it has unfolded. Unfortunately, using the 2007–2009 crisis as a natural experiment, we find that some standard balance-sheet ratios are better able than the MES to predict large equity losses conditionally to a true crisis.     

基于ERP/MES/PCS三层结构的数字化矿山研究

构建了基于ERP/MES/PCS三层结构的矿山综合自动化系统,从过程控制,设备管理,自动化信息集成平台,工业网络实施,以及矿山管理决策系统等方面研究了三层结构在金川集团有限公司三矿区（以下称为三矿区）生产中过成中的建设方向。认为,三层结构的数字化矿山管理可使生产管理现代化,提高生产效率及提供更有效的安全保障。     

制造执行管理系统(MES)的应用探析

制造执行系统(MES)是制造生产过程的计算机在线管理系统,是企业资源计划系统和设备控制系统之间的桥梁和纽带,是企业实现全局优化的关键性系统。作者现在主持广西教育厅《制造执行管理系统(MES)应用研究》课题项目,通过对南宁化工股份有限公司MES系统项目(一期工程)的研究,介绍了MES系统的应用研究现状,阐述了MES系统的基本功能架构及软件架构,提出了MES流程工业所需要的关键技术。同时,将先进的生产过程控制技术应用于院校的自动化实训建设,提高教师的技能,更新知识。     

浅析汽车制造企业生产物流JIT配送系统

结合企业的生产模式,对零部件配送信息化应用进行分析。通过ERP系统与MES系统有效结合,建立一套汽车制造企业JIT拉动式生产物流系统并得到有效应用。     

模块化教学模式在财经类专业综合实训中的运用对策

模块化教学模式(MES,Modules of Employable Skill),在我国主要运用于职业技能培训.在财经类专业中运用模块化教学模式,有助于增强学生的动手能力,更快适应现实岗位的要求,在高校教学实践中,由于财经类专业本身的特点及现行教学管理模式中存在的一些局限性问题,在运用MSE模式于专业实训过程中,需要有一定的适应性改造,这些改造措施包括将研究性学习与MSE模式结合起来,以兼顾专业职业技能养成与专业领域创新能力培养;改革现行的教学管理模式,进行系统化的课程体系的模块化设计,兼顾教学管理效率与教学效果的提升等.     

中国系统重要性银行的市场识别法有效性研究

宏观审慎监管需要识别出系统重要性机构（SIFIs），目前已有相关研究，但还没有就如何有效识别达成共识。首先阐述MES法、SRISK法和CoVaR法三个主流的市场识别法原理与计算，在统一的DCC-GARCH模型相关性分析框架中，对它们做了理论比较。然后，以中国上市银行为样本，收集市场交易数据，用DCC-GARCH模型拟合相关结构，分别进行了中国SIFIs识别，根据各指标的理论特征分析了各系统重要性排序结果的有效性及其经济意义。