国家科技创新能力时空差异性评价

科技创新规模扩张和科技创新效率提升是增强国家科技创新能力的两条关键途径。基于现有研究鲜有结合科技创新规模和科技创新效率开展国家科技创新能力评价的现状，采用因子分析法，系统筛选国家科技创新规模影响因素，并结合科技创新效率影响因素，完善国家科技创新能力评价指标体系，通过构建DEA Malmquist指数模型，评价不同时期国家科技创新效率变化指数，以及中国与全球10个国家科技创新能力的时空差异性。研究表明，R&D投入强度、R&D研究人员、专利申请量、科技期刊文章数、高科技产品出口额占制成品出口总额的百分比、科技创新效率是影响国家科技创新能力的关键指标；1991-2014年中国科技创新能力水平呈指数增长态势，有力提升了国家科技实力；全球10个国家科技创新能力水平除日本出现一定波动外，其余九国整体呈小幅递增态势。     

Economic interpretations of DEA

Research on productive efficiency at the firm level has developed as an important and active strand of research the last decades, both within operations research, management science and economics. Two apparently different definitions of efficiency are examined, but it is shown that when both estimation methods are based on solving linear programming problems the definitions of efficiency are identical. The purpose of the paper is to give the basic ideas of efficiency analyses using DEA as a tool for researchers not so familiar with efficiency analysis and DEA. The concept of shadow prices is given special attention.     

广东省县域农业生产效率分析——基于2015-2019年揭阳市5县域DEA模型为例

农业生产效率提升是实现农业现代化的重要手段。本文以《揭阳市统计年鉴(2015-2019)》的农业相关数据,从县域的视角研究揭阳市农业生产效率,运用DEA模型对揭阳市5个县域的3个投入指标和1个产出指标进行实证分析。结果显示,2015-2019年揭阳市农业生产效率均属于DEA无效,总体效率提升并不明显,且各县域呈现发展不平衡的状态,仅惠来县位于生产前沿面上,普宁市的农业生产效率最低,规模报酬属于递减态势。因此,恰逢“十四五”谋划之时,对揭阳市各县域农业生产效率做出分析研究,为现阶段提升揭阳市农业生产效率提出有参考价值的建议,为广东省县域农业生产效率分析提供范本。     

网络预算管理

本文介绍了网络预算管理是如何有效地克服传统预算方法的缺点,通过有效的控制去解决企业预算管理工作中的实际问题,指出了该预算方法能大大提高工作效率和管理效率。     

货币政策的目标、效能与协调运用

货币政策的目标是多元化的，如价格稳定、经济增长等。通过货币政策的调整可以发挥其调节经济的效能。在货币政策协调过程中，运用好与其它社会经济政策的关系，对于提高宏观调控的科学性大有裨益。     

我国企业年金制度的再认识

文章阐述了我国企业年金制度的建立及意义，分析了我国企业年金制度发展的现状及发展缓慢的原因，探讨了我国企业年金的运营与管理以及发展我国企业年金对资本市场的重要作用和现阶段应采取的策略。     

The choice and timing of foreign direct investment under uncertainty

This paper sheds new light on why timing and entry mode should be considered simultaneously in the international investment literature. We derive the profit levels at which it is optimal to switch from exporting to setting up a wholly owned subsidiary, creating a joint venture, or licensing production to a local firm. The preferred entry mode depends on uncertainty about future profits, tax differentials between the home and the foreign country, the cost advantages of local firms, institutional requirements, and the degree of cooperation between partners in a joint venture.     

认证中介的效率基础:信托市场监管规则选择的例子

在资产管理领域中 ,投资者面对的信息劣势来源于实体项目收益的不确定性和理财机构专业水平的不确定性两个方面。我们的研究着力于分析 ,对项目风险和理财机构评估项目专业水平的信息缺乏导致的柠檬效应 ,以及引入认证中介机构后市场效率的改善。本文以信托市场为例 ,比较了认证中介面临不同市场结构时 ,效率后果的差异 ,说明完全竞争市场中的认证中介对信息不对称问题的解决更加有效。     

The price adjustment and lead-lag relations between stock returns: microstructure evidence from the Taiwan stock market

This paper investigates the price adjustment and lead-lag relations between returns on five size-based portfolios in the Taiwan stock market. It finds evidence that the price adjustment of small-stock portfolios is not slower than that of large-stock portfolios. Additionally, limited evidence supports a positive leading role of large-stock portfolio returns over small-stock portfolio returns. These two findings are substantially different from the results of previous research on developed markets.     

Liquidating large security positions strategically: a pragmatic and empirical approach

This article investigates static liquidation strategies for large security positions in illiquid markets. Under the assumption that the liquidation horizon is given exogenously, a discretionary liquidity trader solves for the optimal sales trajectory so as to maximize an objective function that considers the expected liquidation revenues and their standard deviation. Although existing literature tends to focus on theoretical aspects with the intention of deriving closed-form solutions for special types of market impact functions, this article considers a framework that is able to capture important empirical phenomena in the stock market, such as the intraday U-shaped pattern of price impact and the resiliency of the order book. The new model is very flexible since it allows for liquidation intervals of varying length and foregoes the assumption of constant speed of trading. Examples with real-world order book data demonstrate how the setup can be implemented numerically and provide deeper insight into relevant properties of the model.