国有与非国有工业企业生产效率差异研究——基于2008年第二次经济普查数据

作者根据第二次经济普查数据,研究了我国国有与非国有工业企业生产效率差异。OLS方法估计结果表明,国有与非国有工业企业生产效率差异从1995年的100%～400%,下降到2008年的17%～36%,随机前沿方法估计结果表明,国有与非国有工业企业技术无效率差异从1995年的22%～57%,下降到2008年的9%～21%,且国有工业企业技术效率仅比非国有工业企业低2.1%～6.3%,这表明国有工业企业的生产效率得到了大幅度提高,但国有企业生产效率的提高主要依赖其规模和垄断优势,在竞争性行业国有工业企业生产效率仍然低于非国有工业企业10%以上。     

企业定期投资与分红的数学模型

在企业资金增长率不变情况下,分析了企业定期分红,企业定期分红与定期投资数学模型的性质．给出了企业只考虑分红时分红比例的取值范围,也说明了定期投资对企业稳定增长的重要性．     

基于DSGE模型的社会融资规模与货币政策传导研究

本文从宏观经济理论出发,建立动态随机一般均衡模型的分析框架,探讨社会融资规模与货币政策传导关系。建模中,金融市场包括直接融资市场与间接融资市场,引入摩擦系数反映金融市场信息不对称。模拟结果表明：货币政策调整对间接融资市场与直接融资市场均产生显著影响,社会融资规模指标将更能反映货币政策调整对资金供给的影响,其变动对宏观经济的影响要大于银行信贷变动的影响;若信贷额度控制,窗口指导等政策导致贷款难度变大,银行信贷将会向直接融资转移,从而从社会融资规模角度考察资金供给将更全面。因此,社会融资规模作为货币政策中间目标是可行的,比银行信贷指标能够更全面地反映货币政策传导过程。     

Solving higher-dimensional continuous-time stochastic control problems by value function regression

The paper develops a method to solve higher-dimensional stochastic control problems in continuous time. A finite-difference-type approximation scheme is used on a coarse grid of low-discrepancy points, while the value function at intermediate points is obtained by regression. The stability properties of the method are discussed, and applications are given to test problems of up to 10 dimensions. Accurate solutions to these problems can be obtained on a personal computer.     

基于超越对数函数的商业银行成本、利润效率实证研究

通过随机前沿模型(SFA)和超越对数函数,本文建立了计算商业银行成本、利润效率的随机前沿模型。基于1994-2010年间我国14家商业银行相应数据的计算结果我们发现:1994-2010年间商业银行成本、利润效率经历了明显的改进趋势,且国有控股大型商业银行的成本、利润效率要显著低于股份制商业银行。无效率函数的分解结果中,资本充足率的提高和不良贷款率的降低将会对商业银行的成本、利润效率产生明显的积极影响,而外资持股比例的增加也会显著地提升商业银行的成本、利润效率。最后,本文得出了相应的结论和政策建议。     

中国商业银行成本效率实证研究

基于随机前沿法原理,利用超越对数成本函数模型,本文评估了中国14家主要商业银行在1998—2003年间的成本效率情况,并按考虑贷款产出质量的2003年成本效率情况对各银行排序。实证研究结论为(1)中国商业银行总体的成本效率并不很差;(2)国有商业银行成本效率处于上升趋势,股份制商业银行则保持波动攀升趋势;(3)贷款产出质量对中国商业银行的成本效率有明显的负面影响,在考虑产出质量时,国有商业银行成本效率明显落后于股份制商业银行。     

高速铁路应急调度协同处置流程结构化分析方法研究

高速铁路应急调度处置流程的结构化分析,对于提升应急调度处置效率和质量,推动应急调度智能化进程具有重要意义。针对结构化分析需求,提出一种基于铁路规章的应急调度处置流程分解与重构方法,以图形化方式重构应急调度处置流程,并基于随机Petri网理论建立高速铁路应急调度协同处置流程模型,给出多工种协同的SPN模型建立与等价化简、性能分析的方法,通过计算识别处置流程风险控制点和关键环节,选取场景“运行途中司机发现晃车”建模并分析,分析结果符合现场实际情况,表明该结构化分析方法能够从信息传递和处置流程角度提示风险控制点和关键环节,为多工种协同的应急调度指挥工作提供决策参考。     

A model of stochastic choice from lists

We study stochastic choice from lists. All lists present the same set of alternatives albeit in different orders. Faced with a list, the decision maker makes her choice in two stages. In the first stage she searches through the list till she sees $k$ alternatives. In the second stage she chooses from the alternatives she has seen. Both $k$ and the choice rule governing her second stage behavior are random. We show that the underlying primitives of our model are revealed by the decision maker’s choice frequencies from lists. We characterize the model and two of its special cases. In the first special case the decision maker deterministically chooses the best observed alternative according to a given preference. In the second, the decision maker maximizes random preferences.     

How does public spending affect technical efficiency? Some evidence from 15 European countries

The relationship between government size and economic growth has been widely debated. Revisiting the subject from a distinct angle with respect to the mainstream approach, we provide an empirical analysis of the impact of government size on technical efficiency. The aim of this paper is to estimate the impact of public sector's size and of public expenditure components on 15 European countries’ technical efficiency from 1996 to 2014 by using a True Random Effect model. Using the total public expenditure as a proxy for the government size we estimate simultaneously national optimal production function and technical efficiency by controlling for income distribution and institutional quality. Our main findings show that the effect of public sector's size on efficiency is positive while the type of public expenditures may have both positive and negative impact. In more details, results suggest that education and health expenditures have a positive effect on technical efficiency, while others have a negative impact.