我国商业银行利率敏感性缺口分析

金融自由化的迅猛发展使得中国银行业正面临着严峻的利率风险,识别和衡量利率风险并提升国内商业银行的利率风险管理能力,是我国商业银行利率风险管理面临的迫切问题。本文针对目前我国商业银行在利率市场化进程中所表现出来的特征,以中国工商银行为例通过利率敏感性缺口的方法实证分析我国商业银行目前所处的风险状态,并给出利率风险的防范和规避措施。     

Bank Concentration and Firm Investment: Empirical Evidence from India

This paper investigates the impact of bank concentration on firm-level investment across firm groups classified according to size, investment destination, and debt maturity structure. Using data of 302 manufacturing firms for the period 2000-2009, we show that elevated financial constraints are associated with small and medium-size enterprises and firms that are dependent on short-term debt and exhibit high levels of sensitivity of investment to cash flow. Our empirical finding confirms that bank concentration exerts a positive impact on firms' financial constraints on investment. This effect is more pronounced for small firms and firms dependent on short-term debt. However, our results are indifferent to domestic versus foreign investing firm groups.     

Litigation risk,accounting quality,and investment efficiency

This paper examines the moderating effect of litigation risk on the relationship between accounting quality and investment efficiency. We use directors’ and officers’ (D&O) liability insurance as a proxy for litigation risk, accruals quality for accounting quality, and investment cash flow sensitivity for investment efficiency (Biddle & Hilary, 2006; Hovakimian & Hovakimian, 2009). Using Canadian data from 1998 to 2008, we show that firms with higher D&O insurance coverage exhibit lower quality accruals. Moreover, the previously documented negative association between accruals quality and investment cash flow sensitivity is stronger (weaker) when abnormal D&O coverage is low (high), suggesting that the role of accounting quality in facilitating investment efficiency is conditional upon observable litigation risk.     

从学习者的视角探讨高校英语专业文化教学

文化教学是语言教学的重要组成部分。在高校英语专业文化教学中,应改革文化教学的模式与内容,加强英语师资的建设,以切实提高高校外语教学水平,培养跨文化交际人才。     

应用轨迹灵敏度计算临界切除时间的新方法研究

文章提出了一种可以描述故障后系统稳定程度的灵敏度指标,根据系统稳定性逐渐恶化指标趋于零的特点,计算了系统部分参数的临界值;根据稳定指标与故障切除时间在一定范围内的良好线性关系,估算了系统故障临界切除时间;并在单机无穷大系统与10机典型新英格兰系统下进行验证,证明了该方法的正确性。     

Wall of cash: The investment-cash flow sensitivity when capital becomes abundant

In the mid 2000s the oil and gas industry was hit by what might be best described as a ‘wall of cash’ as oil prices successively reached new record levels and access to external financing improved greatly. In this article we investigate what this sudden abundance of liquidity implied for the investment-cash flow relationship, the interpretation of which continues to generate controversy in the literature. For financially constrained firms we find that the investment-cash flow sensitivity decreases in the abundance period (2005–2008), suggesting that the financing constraints became less binding in this period. For financially unconstrained firms the investment-cash flow sensitivity instead increases over time, suggesting that this relationship is driven by agency problems related to free cash flow. Our paper is the first in the investment-cash flow literature to bring evidence from a natural experiment in which there was an unexpected, exogenous, substantial, and persistent decrease in the cost of external financing.     

地区产业发展综合成本评价与改进政策——以北京市高端制造业为例的研究

本文在总结目前国内外产业发展成本评价相关成果和地方政府相关改进政策需求的基础上,提出了对地区产业发展成本重点调整对象的确定方法和改进政策的制定思路:一是从综合成本分析入手,但更为注重不同成本因素的比较分析,即明确地区产业发展中哪些成本是短板;二是考察分析地区优势行业对不同成本因素的敏感性,即明确该行业对哪些成本较为敏感,从而确定影响产业发展的关键成本制约。根据这一思路,以北京市高端制造业为例,通过横向比较的方法具体测算出北京市综合成本的相对领先和落后环节,采用相关分析方法确定出高端制造业相对敏感的成本因素,从而明确了北京市高端制造业今后发展中需要解决的关键成本制约,并通过对北京市这些方面成本偏高的原因分析,提出了一些有针对性的政策建议。     

Budget impact model in moderate-to-severe psoriasis vulgaris assessing effects of calcipotriene and betamethasone dipropionate foam on per-patient standard of care costs

Aims: To develop a budget impact model (BIM) for estimating the financial impact of formulary adoption and uptake of calcipotriene and betamethasone dipropionate (C/BD) foam (0.005%/0.064%) on the costs of biologics for treating moderate-to-severe psoriasis vulgaris in a hypothetical US healthcare plan with 1 million members.

Methods: This BIM incorporated epidemiologic data, market uptake assumptions, and drug utilization costs, simulating the treatment mix for patients who are candidates for biologics before (Scenario #1) and after (Scenario #2) the introduction of C/BD foam. Predicted outcomes were expressed in terms of the annual cost of treatment (COT) and the COT per member per month (PMPM).

Results: At year 1, C/BD foam had the lowest per-patient cost ($9,913) necessary to achieve a Psoriasis Area and Severity Index (PASI)-75 response compared with etanercept ($73,773), adalimumab ($92,871), infliximab ($34,048), ustekinumab ($83,975), secukinumab ($113,858), apremilast ($47,960), and ixekizumab ($62,707). Following addition of C/BD foam to the formulary, the annual COT for moderate-to-severe psoriasis would decrease by $36,112,572 (17.91%, from $201,621,219 to $165,508,647). The COT PMPM is expected to decrease by $3.00 (17.86%, from $16.80 to $13.80).

Limitations: Drug costs were based on Medi-Span reference pricing (January 21, 2016); differences in treatment costs for drug administration, laboratory monitoring, or adverse events were not accounted for. Potentially confounding were the definition of “moderate-to-severe” and the heterogeneous efficacy data. The per-patient cost for PASI-75 response at year 1 was estimated from short-term efficacy data for C/BD foam and apremilast only.

Conclusions: The introduction of C/BD foam is expected to decrease the annual COT for moderate-to-severe psoriasis treatable with biologics by $36,112,572 for a hypothetical US healthcare plan with 1 million plan members, and to lower the COT PMPM by $3.00.     

浅谈高职英语教学中跨文化交际能力的培养

高职英语教学存在着学生英语基础较差,上课课时少,任务重的状况。由于学生是工科专业的,对英语缺乏兴趣,另外每班学生数量较多,人均交流次数很少,课堂互动受到限制,学生的交际能力难以培养,2000年颁布的《高职高专教育英语课程教学基本要求》调整了语言技能要求,明确了交际范围,突出了学生跨文化交际能力的培养。英语教学中培养学生跨文化交际能力,使高职学生不仅能够掌握流利的英语口语,而且具备丰富的跨文化交际知识和熟练的跨文化交际能力是英语教学面临的重要课题。因此高职英语教师要从根本上转变观念,逐步培养学生跨文化交际能力。     

某省火电机组理论上网标杆电价分析

2004年国家发改委在经营期电价政策基础上推出了标杆电价政策。2007--2008年,我国煤价不断上涨。为了解发电企业的经营状况,为价格管理部门合理核定新投产火电机组标杆上网电价提供参考,开展了某省火电机组理论上网标杆电价分析工作。在收集整理分析发电企业大量经营参数的基础上,得到经营期算法模型所需的计算参数,并对经营期算法参数进行了敏感性分析。