埋刮板输送机刮板链条及其选用

在粮油加工行业,大多习惯用刮板链条的外观尺寸,即宽、高和节距来表示所选用的刮板链条。刮板链条在埋刮板输送机中被拖拽运动,承受张力。在MS型、MC型和MZ型输送机中,刮板链条承受的张力是不一样的。Z埋刮板输送机中,刮板链条所受的张力最大,在垂直埋刮板输送机次之。通过比较可以看出,V形刮板链务的宽、高和节距相同时,适用于MC型埋刮板输送机的V形刮板链条与适用于MZ型埋刮板输送机的V形刮板链条,许用载荷的差别很大。     

The Chinese warrant bubble: A fundamental analysis

We investigate the information content in Chinese warrant prices based on an option pricing framework that incorporates short‐selling and margin‐trading constraints in the underlying stock market. We show that Chinese warrant prices can be explained under this pricing framework. On the basis of this new model, we develop a price deviation measure to quantify stock market investors' unobserved demand for short selling or margin trading due to market constraints. We find that warrant‐price deviations are driven by underlying stock valuation to a great extent. Chinese warrant prices, save for the time around expiration dates, are better characterized as derivatives than as pure bubbles.     

日本人为低利率政策及其效应分析

人为低利率政策是日本金融体制的重要组成部分。它通过为民间部门创造租金机会,刺激了民间部门的发展,特别是通过降低企业投资成本,从金融层面有力地支撑了经济的高速增长。然而20世纪70年代以后,由于其形成强的路径依赖,未能随着日本经济结构的变化而及时地被废止,不仅助长了泡沫经济的形成,而且最终导致日本金融危机的爆发。     

The Housing and Credit Bubbles in the United States and Europe: A Comparison

A house price boom occurred simultaneously in the United States and in a number of European countries from 2003 to 2007, accompanied in each case by an expansion in housing finance. This article considers the role of financial innovation along with incomplete markets in these cycles.     

基金羊群行为与投资组合崩盘风险——基于序贯交易模型的实证研究

采用序贯交易模型度量基金羊群行为,选取 2007-2016 年的公募基金为样本,实证考察 了基金羊群行为对投资组合崩盘风险的影响。研究发现:(1)基金羊群行为降低了投资组合的崩 盘风险,且在“牛市”和“熊市”的特殊阶段尤为明显;(2)相对于男性,女性基金经理的羊群 行为与投资组合崩盘风险的负向关系更强;(3)基金羊群行为通过减少基金的泡沫股票持仓比例 降低了投资组合崩盘风险;(4)基金羊群行为通过减弱正反馈交易降低了投资组合崩盘风险。文 章揭示了基金羊群行为是一种“以邻为壑”的投资策略,其降低自身崩盘风险是建立在加剧了市 场波动、破坏了市场稳定以及提高了金融体系脆弱性的代价之上的。政府应该加快推进市场监管 体系改革、完善相关的信息披露制度,合理引导、规范基金经理的各类交易行为,进而缓解由于 个体过分追逐自身利益所带来的“负外部性”对市场造成的不利影响。     

How big is China’s real estate bubble and why hasn’t it burst yet?

This paper represents an international, comparative, empirical study of the relationship between financial crises and real estate development, with a focus on China. We review recent major crises around the world from 1980 to 2014.We then discuss the ways real estate crises develop into financial crises (considering that most recent financial crises actually trace their origins to real estate bubbles). We also look at China’s current economic situation, and identify potential threats to the country's economic development by comparing it with other countries’ historical experiences. A comprehensive analysis of the relationship between real estate and finance predicts an upcoming burst in China’s bubble economy. We explore the deep-seated underlying Chinese systemic causes and characteristics that explain why China’s economic bubble has yet to burst and the possible financial consequences of the real estate bubble in China. Our findings suggest that a financial crisis often emerges from a weak financial system which is too closely linked to the country’s real estate sector. These linkages allow real estate crises to mushroom into financial crises. In turn, these financial crises balloon into macroeconomic crises. China’s current situation is extremely alarming, though the country shows remarkable resilience to crisis as the government seems to possess the tools and capacity to avoid a hard landing. The findings of this research advance our understanding of the consequences of China’s real estate bubble and sound a clear warning to China’s policymakers.     

对建设工程合同中发包人自便解约权的探讨

以广西壮族自治区武鸣县法院审理的广西壮族自治区武呜县采血站诉南宁大地建筑工程公司案为案例，分析承揽合同中定作人自便解约权的立法渊源及国际惯例，讨论承揽合同与建设工程合同之间的关系，论述建设工程合同发包人行使自便解约权的适用范围及限制条件，探讨发包人行使自便解约权后对承包人的赔偿范围，同时提议参照国际惯例在相关合同示范文本中对发包人的自便解约权及对承包人的赔偿范围予以明确规定以减少不必要的合同纠纷。     

山东省复合型核心城市系统发展研究

姑且着我国经济发展进入新增长阶段，适时选择发展城市化战略举措对促进一个地区新一轮经济社会的发展具有重要的意义。对山东省复合型城市体系进行综合分析评价。根据其综合实力得分运用城市间引力公式及断裂点方法对济南，青岛引力平衡线作出界定。划分出两人引力辐射区；确定山东省未来城市系统发展思路并提出建议。     

武汉城市圈旅游流空间结构理论分析

通过旅游流空间首位度和旅游经济首位度两项指标对比,分析了武汉城市圈旅游流的不均衡特征与首位优势,在Maxwell-Boltzma曲线基础上构建了武汉城市圈旅游流距离衰减曲线。以旅游经济联系强度模型和断裂点距离修正了Crampon旅游流引力模型。运用波斯顿矩阵将武汉城市圈旅游流市场定位为明星市场、瘦狗市场和金牛市场,针对旅游流市场特征,并在波斯顿矩阵分析基础上,合理规划武汉城市圈旅游流等级扩散结构。