系统性金融风险的历史考察与防范对策

深入学习习近平在中国共产党第十九次全国代表大会上的报告，在考察20世纪以来的12次金融危机的基础上，对系统性金融风险发生的根源进行了研究，并结合我国当前系统性金融风险面临的形势，提出了防范系统性金融风险的对策建议。研究表明，将过去100多年引发金融危机的系统性金融风险的根源与我国当前的金融形势进行比较分析，可以发现我国面临的系统性金融风险形势十分严峻，必须在党的领导下，采取打击金融腐败、适当收紧货币政策、完善金融监管体系、维护币值稳定、加强金融科技监管等相关政策来防止系统金融风险的发生。     

Exchange rate exposure and foreign exchange derivatives: do ineffective hedgers modify future derivatives use?

Recent studies examining the relationship between stock returns and exchange rate changes have provided evidence that the exchange rate exposure of non-financial companies is reduced by the use of foreign exchange derivatives. Building on such research, this study investigates whether past ineffective derivative hedging contributes to explaining future derivatives use. To the extent that companies monitor the effectiveness of their currency risk management practices, past ineffective hedgers can be expected to modify their future use of foreign exchange derivatives accordingly. In our study of 94 non-financial US multinationals, we provide evidence that the change in derivatives use from 1996–1998 to 1998–2000 can be explained in part by the ineffective hedging of currency risk in 1996–1998, controlling for variables associated with theories of optimal hedging. Additional analyses confirm that such primary results are robust to firm size, the level of foreign operations, and the use of derivatives to partially hedge currency risk. Our results imply that as exchange markets and risk management practices change, the use of derivatives to manage exchange rate risk also changes. Our contribution to this field of study is that we find evidence that past ineffective hedgers tend to increase their future use of FXDs.     

The Cost of Capital of Cross‐listed Firms

This paper analyses the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross‐listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1979) and Sercu (1980) including both the global market portfolio and exchange rate risk premia and (ii) the single factor domestic CAPM. We test for the significance of the cost of capital differential in a sample of 336 cross‐listed stocks from nine countries in the period 1980–99. Our hypothesis is that the cost of capital differential is substantial for firms with international listings, as these are often large multinationals with a strong international orientation. We find that the asset pricing models yield a significantly different estimate of the cost of capital for only 12% of the cross‐listed companies. The size of the cost of capital differential is around 50 basis points for the US, 80 basis points for the UK and 100 basis points for France.     

对我国上市银行非经常性损益披露的分析和建议

本文通过分析2001至2004年上市银行年报非经常性损益的披露状况,对照监管部门法规,发现存在披露不充分的现象,对非经常性损益的确认也有理解偏颇,由此造成很多重大的可疑事项未计入非经常性损益。本文认为这对银行利润的真实性产生一定的影响,故建议政策制定者制定更详细的法规来规范披露行为,并就一些特殊事项做出释疑。     

Progressive stress accelerated life tests under finite mixture models

In this paper, progressive stress accelerated life tests are considered when the lifetime of a product under use condition follows a finite mixture of distributions. The experiment is performed when each of the components in the mixture follows a general class of distributions which includes, among others, the Weibull, compound Weibull, power function, Gompertz and compound Gompertz distributions. It is assumed that the scale parameter of each component satisfies the inverse power low, the progressive stress is directly proportional to time and the cumulative exposure model for the effect of changing stress holds. Based on type-I censoring, the maximum likelihood estimates (MLEs) of the parameters under consideration are obtained. A special attention is paid to a mixture of two Rayleigh components. Simulation results are carried out to study the precision of the MLEs and to obtain confidence intervals for the parameters involved.     

旅游危机管理系统机制分析与战略对策研究--以长江三峡旅游发展为例

借助长江三峡旅游发展中的大量事实．按照时间序列依次对旅游危机的生成机制、旅游危机的影响机制以及旅游危机管理的作用机制进行了系统分析．并在此基础上提出了不同阶段旅游危机管理的战略对策。     

制度环境的改善与我国房贷证券化的推进

实行房贷证券化,能够积极有效地推动银行和金融市场的发展,增强国家宏观政策施行的效果,从而促进经济社会的发展。借鉴美国等模式的经验,推进我国房贷证券化,需要构建适合我国MBS发展模式及其体制建设,为住房抵押贷款证券化提供发展空间,创造发展环境。     

天津滨海新区物流信息平台系统框架研究

在对天津滨海新区的发展趋势以及国内外相关系统分析的基础上,针对天津滨海新区对公共物流信息平台的需求,对其物流信息平台的系统框架进行了设计。     

SLP法在化工厂总平面布置中的应用——工业工程专业优秀毕业设计介绍

介绍了如何应用SLP法，进行化工厂总平面布置设计的过程──基本要素分析、物流分析、作业单位之间非物流相互关系分析、总平面布置等。     

城市土地利用及规划存在的问题与对策研究

我国城市化进程的加快使得在城市土地利用过程中,用地规模扩张过快、土地利用效率低下、用地结构失调等各种问题日益突出,而城市土地利用规划功能又相对较弱、管理尚不完善.针对这些问题提出了从系统的角度进行城市土地利用和规划,以城市发展规划为总领,合理控制各类土地的使用,促进土地资源的集约利用与城市生态经济系统的协调发展,以及城市土地利用规划的对策建议.