现金股利分配政策是评价投资的基本标准

文章论及股东投资的目的;企业与股东的关系;以及股东与企业的行为规范.论证了现金股利是股东能从企业那里获得的最切实的利益.因此,现金分红应成为对企业的基本要求--不低于银行同期存款利率;同时指出在股权分置的证券市场中,企业分红愈多,对中小股东的侵害便愈大.仅此一点,解决股权分置也就成为必然.股权分置改革将营造更加公平公正的投资环境.     

Estimation of the mean in ranked set sampling with non responses

The estimation of the population mean when ranked set sampling [rss] is used for selecting the sample and non responses [nr] are present, is studied. The nr stratum is sub sampled using simple random sampling with replacement. Two strategies are analyzed. One of them is based on the selection of a sub sample from the nr in each cycle. The other uses sub samples selected among the nr in each rank.  The accuracy of the proposed estimators is characterized by the corresponding expected variances. Simulations and real life data are used for analyzing the behavior of them. Acknowledgements: This paper was developed partially during the visit of the author to Université des Antilles et Gouyane. The author gratefully acknowledges the helpful suggestions of the referees and thanks the support of DAAD for visiting Humboldt University where a version of the paper version was made.     

Symmetry and order in the portfolio allocation problem

Summary. This research studies the role of multivariate distribution structures on random asset returns in determining the optimal allocation vector for an expected utility maximizer. All our conclusions pertain for the set of risk averters. By carefully disturbing symmetry in the distribution of the, possibly covarying, returns, we ascertain the ordinal structure of the optimized allocation vector. Rank order of allocations is also established when a permutation symmetric random vector is mapped into the returns vector through location and scale shifts. It is shown that increased dispersion in the vectors of location and scale parameters benefit, ex-ante, investors as does a decrease in the rank correlation coefficient between the location and scale parameter vectors. Revealed preference comparative static results are identified for the location and scale vectors of asset returns. For most issues addressed, we arrive at much stronger inferences when a safe asset is available. Received: August 8, 2000; revised version: January 8, 2001     

中间选民理论在农民工市民化政策制定中的运用——基武汉市436位农民工的实证研究

The Median Voter Theory is an important theory in the neo-political economics. It can be applied to solve the collective choice paradox and analyze the policy making for the citizenization of peasant workers. Adopting the method of factor analysis, this paper makes an empirical study on peasant workers’ preference for citizenization. We find that there is a paradox of future residence preference and self-identification in peasant workers. On this basis, peasant workers are divided into 5 subgroups, and it is found that the median undecided peasant workers are the median voters. Based on the analysis of the median undecided peasant worker’s complaints and appeals, it is proposed that the country should strengthen the vocational training system, establish a social security system, expand the agricultural reform and promote educational reform to facilitate the citizenization of peasant workers. __________ Translated from Guanli Shijie 맜理世界 (Management World), 2007, (4): 40–67     

Stop and Go Agricultural Policies with a Land Market

This article studies the design of farm policy in the presence of asymmetric information about farmers' productivity, a government objective to insure farmers a minimum "parity" income, an endogenous land rent, and diminishing returns on alternative (nonprogram crop) land uses. In this setting, acreage set asides are never part of an optimal farm policy, although compensated acreage limits are. When there are new farmer entrants who cannot be excluded from farm programs, optimal policy takes the form of a pure voluntary acreage limitation—or "buyout"—program in which high-cost producers participate and low-cost producers do not.     

The Financial and Operational Impacts of FERC Order 636 on the Interstate Natural Gas Pipeline Industry

The Federal Energy Regulatory Commission's Order 636 fundamentally altered the regulatory and operational environment of the natural gas industry in 1992, as the culmination of several directives aimed at relaxing regulation and fostering competition. We hypothesize that gas pipeline firms subsequently changed their operational and financial behavior in ways consistent with reduced balkanization, increased competition, and reduced expense preference behavior. Our results indicate that these firms have become more homogeneous financially but less so operationally. We find evidence that the marginal profitability of various pipeline activities has responded more to financial market conditions than to the regulatory environment.     

基于模糊偏序关系的消费者偏好测评

了解消费者偏好是企业营销活动的基础性工作。本文首先利用模糊偏序关系的排序方法,解决消费者偏好的心理测度的模糊性问题,论证了用模糊偏序关系对心理测度进行评价是一种较好的方法;然后利用决策理论中的condorect函数把个人偏好合成群体偏好;最后用实例验证了该方法对消费者偏好进行评价的可行性。     

Group decision-making: Head-count versus intensity of preference

This paper puts forth a framework for reshaping the group decision-making process. The proposed framework extends from the usual one-issue-at-a-time decision-making to one that involves several related issues simultaneously. Weaknesses of the traditional majority voting mechanism are first identified, and then a different voting method that takes each individual voter's sentiment into account is discussed. Specifically, a decision-maker is asked to express his/her intensity of preference for the issues encountered. Three hierarchical structures—benefits, costs, and risks—are developed to evaluate the alternatives. Due to the nature of pairwise comparisons and synthesis, the proposed method is amenable to consensus building and has higher reliability and consistency. It can be used for candidate selection, e.g. governmental election, when a large population is involved. It is also effective for resource allocation and prioritization when a small group or business is concerned. We believe the proposed approach has potential for resolving deficiencies of the conventional voting mechanism, and can be applied to many real-world problems. Its implementation on the Internet is also discussed.     

基于集对分析法的地区大中型工业企业自主创新能力评价

为了对地区大中型工业企业自主创新能力进行全面、科学的评价,基于集对分析法,提出了地区大中型工业企业自主创新能力评价指标体系及综合评价模型。通过对我国30个省市区大中型工业企业的实证分析,表明该方法科学简便,具有很好的实用价值。     

浅析中国传统民居所反映出的家文化偏向

对我国传统民居所反映出的家文化偏向进行了深入系统的分析,并归纳出下面几点结论:传统民居选址、布局的风水模式,反映出了一种家之环境文化偏向;传统民居的对称组群封闭式布局,反映出了一种家之伦常文化偏向;传统民居材质的“当下存在”和祠堂的“永存不灭”,反映出了一种家之“弃祈”文化偏向。