财产保险公司资产负债管理多维量化评估体系研究

良好的资产负债管理是保险业可持续发展的基石,也是支持保险业在日益复杂的风险环境中保持稳健发展、防范系统性风险的重要保障。近年来,随着我国金融市场发展,业务产品创新加快,保险业在资产端与负债端的业务结构和风险特征出现了新情况、新变化。特别是部分保险公司缺乏有效的治理结构,采取激进经营、激进投资的策略,导致业务快进快出、风险敞口过大以及流动性问题,对保险公司资产负债匹配管理、风险控制提出了挑战。本文介绍了财产保险公司资产负债多维度量化评估规则设计原理、主要评估模型和评估方法,针对财产保险公司的负债特性提出的沉淀资金匹配,在成本收益匹配中有机地将资产投资收益与承保业务综合成本进行匹配,在现金流匹配模式中打破了僵化的匹配模式,解决了长期困扰财产保险公司的资产负债期限不匹配的问题,对财产保险公司资产负债管理具有重要意义。     

认知错觉对村民留用地安置意愿的影响 ——来自广州市438个村民样本的经验证据

研究目的：厘清村民认知错觉内涵,分析认知错觉对村民留用地安置意愿的影响,为破解留用地安置困局提供政策优化路径。研究方法：问卷调查法、二元logistics回归模型。研究结果：（1）产权认知错觉显著抑制了村民对留用地安置方案的接受意愿,尤其是禀赋效应的存在,使村民在留用地使用上利益导向突出,阻碍了村民接受留用地安置方案;（2）锚定效应引致村民对留用地价值产生认知错觉,继而显著遏制了村民对留用地安置方案的接受意愿;（3）正面的政府动机刻板印象,即村民在冲突经历、公平程度、认可度方面对基层政府和村委的正面评价,显著促进了村民留用地安置决策进程。研究结论：亟需重视村民对留用地政策的认知偏差带来的工作障碍,应采用群众喜闻乐见的方式、多渠道地提升村民对留用地政策的认知水平,同时,重塑基层政府的公信力,消融村民对政府的负面刻板印象。     

Process Innovation Activity in a Mixed Oligopoly: The Role of Cooperatives

This article develops a sequential game-theoretic model of heterogeneous producers to examine the market and welfare effects of cooperative involvement in process innovation activity in the agricultural sector. The analysis examines an open-membership, input-supplying cooperative (co-op) that maximizes member welfare and finances its innovation activity through retained earnings. Analytical results show that the presence of the co-op can increase the arrival rate of innovations while reducing the price of agricultural inputs. Cooperative involvement in innovation activity can thus be welfare enhancing and socially desirable with its effectiveness being determined by the degree of producer heterogeneity and the size of innovation costs.     

二级太阳轮断裂原因分析

本文对20CrMnTi 钢制造的二级太阳轮断裂原因进行了研究。结果表明,二级太阳轮断裂的主要原因是淬火温度较低,保温时间不足,轴颈过渡圆角R 小,且加工的粗糙度较低。并提出了防范措施。     

内蒙古黄河水权配置政府留存水量的 逻辑缘起与运作模式研究

内蒙古黄河水权既未通过初始水权分配,也未通过水权交易配置政府留存水量,与内蒙古沿黄地区生态环境保护、重大项目建设和水权交易发展的现实不相匹配。为此,提出通过行政手段或市场手段在内蒙古黄河水权中配置政府留存水量,对政府留存水量实施流域管理和区域管理相结合的垂直管理模式并进行适时调整。     

China’s Securities reforms and IPO wealth loss

We revisit initial public offering (IPO) underpricing in China before and after the 2001 China Securities Regulatory Commission reforms targeting the IPO process and strengthening corporate governance, using Habib and Ljungqvist’s (2001) wealth loss measure instead of headline underpricing. Habib and Ljungqvist argue that the extent to which owners care about underpricing depends on both headline underpricing and the percentage of IPO shares issued relative to total shares outstanding. We find that in the post-reform period, relative to the pre-reform period, the wealth loss for pre-IPO owners is lower, the incremental effect of the association between wealth loss and state-retained ownership is significantly positive, and a higher proportion of independent directors on the board moderates the wealth loss. Our findings suggest that the more market-oriented IPO process and the corporate governance reforms provide insiders of Chinese IPO firms with greater opportunities to influence IPO pricing and thereby reduce their wealth loss.     

Central Bank's Retained Profits and Discount Windows: A Bureaucratic Organization's Discretion-Seeking Hypothesis

A recent study using data on seventy-one countries revealed that the central bank's retained profits serve as financial leverage for its discretion to choose the discount window, which tends to confer more benefits to bureaucrats than other monetary instruments. As an extension, we investigate the case of Korea. The Bank of Korea introduced the Profits-Retaining Clause (PRC) in 1962, elucidating two purposes: to reduce the monetary base and to secure credibility. Upon showing that these claims are not quite convincing, we confirm that the PRC probably served bureaucratic interests. In particular, this paper, using time-series data, supports the aforementioned cross-country study.     

The Effect of Cooperatives on Quality‐Enhancing Innovation

This paper develops game‐theoretic models of heterogeneous consumers to analyse the effect of cooperatives on quality‐enhancing product innovation activity, the pricing of food products and the welfare of the groups involved, in the context of a mixed duopoly where an open‐membership consumer co‐op competes with an investor‐owned firm in markets for horizontally differentiated products. Analytical results show that the involvement of the member welfare‐maximising co‐op in innovation activity can change the nature of product differentiation and the structure of the market, and be quality and welfare enhancing by increasing innovation activity and reducing the prices of food products. The effects of co‐operative involvement are shown to depend on the degree of consumer heterogeneity and the size of innovation costs.     

The Differences Between Stock Splits and Stock Dividends: Evidence on the Retained Earnings Hypothesis

Abstract:  This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt (explaining the need for an increase in nominal share capital) and retained earnings. Basically all firms announcing a stock dividend with a split factor of less than two can also afford to increase their total cash dividends permanently, at least proportionally to the increase in share capital, leading to a significant announcement effect of 4.23%. Firms announcing a stock dividend with a split factor of two or more also increase total cash dividends permanently, but less than proportionally to the increase in share capital. This leads to an insignificant announcement effect of 0.08%. These findings support a retained earnings/signaling hypothesis. For stock splits, no separate announcement effect was found when a firm's payout policy was controlled for. This lends support to the idea that a stock split per se is a cosmetic event on the CSE and is also consistent with the fact that making a stock split on the CSE is virtually cost free.     

我国国民收入分配格局变迁研究

以国家统计局发布的资金流量表数据为基础,对政府、企业、居民三大部门在我国初次分配和再分配过程中的收入比例变动进行全面分析研究。发现在初次分配环节：居民部门的劳动报酬、财产性收入、经营性留存占GDP的比重均有所下降,其中劳动报酬占比下降6.66个百分点。而企业部门的经营性留存占比有显著上升,政府部门的收入增加主要体现在生产税净额和社会保险收入方面。在再分配过程中,由于缴纳收入税,企业部门的可支配收入份额有所降低,政府部门的收入比重则继续上升。居民部门的收入占比与初次分配相比有所提高,但随着时间推移,提高的幅度趋小,也就是说,再分配环节对于改善居民部门在国民收入格局中相对地位的作用越来越弱。