基于不对称信息的同类竞争企业下的代理成本分析

委托代理理论是现代公司治理的逻辑起点,而委托代理理论中的代理成本受多方面因素影响。文章分析了“剩余损失”中的风险成本与激励成本所构成的代理成本,在传统分布函数的参数化方法的基础上进行简化和扩张,深入研究委托代理理论中的代理成本控制。企业的代理成本,不仅受到代理人的努力程度的影响,还将会受到其他与产出有关的因素的影响,因此加入其他与产出有关的因素将会增加激励性,减少代理成本。     

山地公园景观建筑参数化选址研究

山地环境的生态敏感性与空间特殊性使得景观建筑选址成为规划设计的一个难点。运用参数化、定量化的数字景观技术，采用ArcGIS软件，通过构建景观建筑与场地之间的耦合关联，在生态敏感性分析的基础上，参数化调控景观建筑选址，以提升山地公园规划设计的精准性与科学性，统筹实现景观环境保护与建筑功能诉求。     

The Significance of Costs Calculation in Evaluation of the Value Added

In the article, a problem of importance of proper costs calculation caused by risk factors which emerge in logistic processes is presented. On the basis of literature analysis, there was shown the costs structure of the value chain. The concept of customer value and the concept of enterprise value were extracted. It presents also dependence between actions in internal value chain and generated cash flows. It signalizes also the meaning of risk management influence on the problem of achieving established value added, understood as net income from operational activity by the main enterprises processes. Basis of theoretical modeling using the Gorbatov＇s principle of characterization was discussed. The research material relates to food businesses. The study was conducted on the basis of questionnaires, surveys, and direct conversations with employees. To build the model, the theory of characterization was used. Its essence is in the mutual interpretability model of the test object to the model structure. Mutual interpretability of models is achieved by selection of the proper functioning of the universal laws （expressed in the functional model） and the structural interpretation of the functional model, the one of representative character is Hasse diagrams. The functioning of the model is illustrated experiment research of the study. The results show the great importance of the correct calculation of the cost of risk factors in logistics processes. Not taking into account the actual cost of risk factors may have a significant influence on errors in decision-making, giving an incorrect picture of the financial situation. A false idea of the creation of value-added may consequently result in the deterioration of the conditions of the enterprise market functioning.     

To sigmoid-based functional description of the volatility smile

We propose a new static parameterization of the implied volatility surface which is constructed by using polynomials of sigmoid functions combined with some other terms. This parameterization is flexible enough to fit market implied volatilities which demonstrate smile or skew. An arbitrage-free calibration algorithm is considered that constructs the implied volatility surface as a grid in the strike-expiration space and guarantees a lack of arbitrage at every node of this grid. We also demonstrate how to construct an arbitrage-free interpolation and extrapolation in time, as well as build a local volatility and implied pdf surfaces. Asymptotic behavior of this parameterization is discussed, as well as results on stability of the calibrated parameters are presented. Numerical examples show robustness of the proposed approach in building all these surfaces as well as demonstrate a better quality of the fit as compared with some known models.