基于AHP-DEMATEL的建设用地增长驱动因子重要性研究

近年来城市建设用地增长问题逐渐得到学术界的重视,建设用地增长驱动因子的甄别与影响力分析成为建设用地增长研究的一个重要领域。以传统决策试验与评价实验室方法(DEMATEL)为基础,提出了适合于驱动因子影响力识别的AHP-DEMATEL方法,分析驱动因子对建设用地增长影响的重要程度,获得驱动因子的重要性排序。研究结果发现,经济因素、社会因素和政府因素对建设用地增长的影响明显高于自然因素,政府因素在建设用地增长中扮演着至关重要的角色,GDP、人口和政府发展冲动是影响建设用地增长的关键驱动因子。     

EXTREME VALUE THEORY IN FINANCE: A SURVEY

Extreme value theory is concerned with the study of the asymptotic distribution of extreme events, that is to say events which are rare in frequency and huge in magnitude with respect to the majority of observations. Statistical methods derived from it have been employed increasingly in finance, especially for risk measurement. This paper surveys some of those main applications, namely for testing different distributional assumptions for the data, for Value‐at‐Risk and Expected Shortfall calculations, for asset allocation under safety‐first type constraints, and for the study of contagion and dependence across markets under conditions of stress.     

Real estate prices and systemic banking crises

The collapse of real estate prices has historically jeopardized banking stability and triggered systemic banking crises. This paper studies risk contagion in a banking system in real estate price shock by adopting complex network theory. Modelling the real estate-related asset as a common exposure of banks to the real estate market, we propose a model that incorporates two main risk contagion channels, i.e., the financial network and asset fire sales, and reveal how the real estate price shock is transmitted and propagated across banks. We demonstrate that banking stability is highly sensitive to the real estate price shock. Moreover, due to the particularly low liquidity of the real estate market, the asset fire-sales of real estate assets overwhelms the financial network, playing the dominant role in risk contagion. Our model can be adopted by regulators to conduct stress testing and to forge effective risk management strategies.     

关于X钢铁股份有限公司内部控制的案例分析

内部控制的主要方式包括组织规划控制、预算控制和实物控制。内部控制的完善对一个企业的健康发展来说特别重要。文中阐述了X钢铁在内部控制方面存在的问题,并针对X钢铁的内部控制自我评价报告的适当性发表意见,最终通过实践经历,分析内部控制对企业发展的重要性。     

Granular institutional investors and global market interdependence

We study the propagation of global investment risk across markets through the granular view of institutional investors. Applying the conditional value-at-risk estimation to micro-level weekly observations of international mutual funds between 2003 and 2011, we find that idiosyncratic shocks to large institutional investors explain both aggregate market risk and cross-market risk interdependence. Conditional on the US capital markets being in financial distress, idiosyncratic shocks to the top 10% largest funds investing in the US explain about 40% of the risk fluctuations in other non-US markets. The findings are also economically and statistically significant for the top largest funds investing in non-US markets, with the effects becoming especially large during the global financial crisis of 2007–09. These results are robust after controlling for common risk factors and applying alternative measures of idiosyncratic shocks.     

Measuring systemic risk-adjusted liquidity (SRL)—A model approach

Little progress has been made so far in addressing—in a comprehensive way—the negative externalities caused by excessive maturity transformation and the implications for effective liquidity regulation of banks. The SRL model combines option pricing theory with market information and balance sheet data to generate probabilistic measure of systemic liquidity risk. It enhances price-based liquidity regulation by linking a bank’s maturity mismatch impacting the stability of its funding with those characteristics of other banks, subject to individual changes in risk profiles and common changes in market conditions impacting funding and market liquidity risk. This approach can then be used (i) to quantify an individual institution’s time-varying contribution to expected losses from system-wide liquidity shortfalls and (ii) to price insurance premia that provide incentives for banks to internalize the social cost of their individual funding decisions.     

Interbank contagion and resolution procedures: inspecting the mechanism

This paper develops a network model of a stylized banking system in which banks are connected to one another through interbank claims, which allows us to study the diffusion of default avalanches triggered by an exogenous shock under a number of different assumptions on the degree of interconnectedness, level of capitalization, liquidity buffers, the size of the interbank market and fire-sales. We expand upon the existing literature by comparing two alternative resolution mechanisms: (i) liquidations triggered by either illiquidity or insolvency-related distress implying asset sales and compensation of creditors; and (ii) a bail-in mechanism avoiding bank closure by forcing a recapitalization provided by bank creditors. Our model speaks to how contagion dynamics unravel via illiquidity-driven defaults in the first case and higher-order losses in the latter one. Within this framework, we show how the liquidity risk externality can be resolved, and we put forward a macro-criterion to assess the adequacy of the liquidity ratio introduced with Basel III.     

不同联合模式下的要素品牌属性评价效果研究--MPAA模型理论视角

文章基于MPAA模型理论,就不同联合模式下消费者的要素品牌属性评价进行比较,并进一步探讨要素属性地位和信息类型的调节作用。通过两个实验发现,尽管消费者在联合高知名度终端品牌模式下对要素品牌属性的评价更高,但联合模式的作用受到两个边界条件的影响。当提供公司信息时,附属要素品牌未能通过联合模式提高消费者对属性的评价;当提供产品信息时,无论要素品牌属性地位如何,联合高知名度终端品牌都能获得更高评价。     

新时期社区统战工作的理论与实践

社区统战工作是新时期城市化进程中提出的新问题。要弄清楚新时期社区统战工作的主体及统战对象、充分认识社区统战工作的重要性和必要性 ,坚持以“三个代表”重要思想为指导 ,采取行之有效的措施和对策 ,推动社区统战工作开展。     

加强高校会计专业学生英语能力培养的重要性分析

经济全球化的发展对会计专业学生的培养提出了更高的要求。目前,会计专业英语已经成为各高校会计专业的必修课程之一。文章主要介绍了高校会计专业学生英语能力培养的重要性,分析了教学过程中的问题,并提出一些针对高校学生英语能力培养的建议。