中国上市公司的负债结构与行业特征:实证证据

文章对我国上市公司1991～2003年的负债结构进行了全面分析。1997年以后上市公司的平均流动负债率和总负债率都呈上升趋势。与世界上其他发达国家和发展中国家相比，我国上市公司的总负债率偏低，但是短期负债率高，而长期负债率低。上市公司的低长期负债与我国公司债券市场不发达、缺少中长期债务市场有关。非参数方差分析和简单回归分析都发现不同行业的上市公司的负债水平存在显著差异。     

试谈计算机图形的审美基础

该文提出了计算机图形的七个基本特征。深入分析了计算机图形的审美基础。     

Structural Decomposition Analysis of Physical Flows in the Economy

Many environmental problems can be attributedto the extraction and emissions of physicalsubstances. Increasing our understanding of theeconomic and technological driving forcesbehind these physical flows can contribute tosolving the environmental problems related tothem. The input-output framework is a usefulsetting in which to integrate detailedinformation about economic structure andphysical flows. In this article a specificmethod in input-output analysis is reviewed,namely Structural Decomposition Analysis (SDA).It is based on comparative static analysis,which decomposes historical changes of a policyvariable into determinant effects. SDA has beenapplied, for example, to analyze the demand andtechnological driving forces of energy use,CO₂-emissions and various other pollutantsand resources. This article examines thetheoretical aspects of structuraldecomposition, in particular those concerningphysical flows and environmental issues.Furthermore, the article includes an extensivesurvey of empirical studies.     

基于博弈论的建设工程投标报价研究

为使建设工程投标者能够中标并获得较高收益，就要讲究投标报价的策略和技巧。在与传统投标报价模型的比较之下，文章把博弈论运用到投标报价的决策中，建立了非合作性博弈模型和静态贝叶斯博弈模型，提出了投标者应采取的最优报价水平，进而得出了博弈思想的运用使报价更具动态性，更符合招投标实际操作的结论。     

Entrepreneurship,Austrian Economics,and the Quarrel Between Philosophy and Poetry

I consider whether entrepreneurship is a distinct category within economic theory. More generally, I consider the links between discussions of entrepreneurship and philosophic debates over the nature of the aesthetic. For instance, Kant's attempt to elevate the category of the aesthetic has much in common with Kirzner's attempt to elevate the concept of the entrepreneur. Shackle's theory of choice refers very directly to the notion of the aesthetic. Theories of the aesthetic and theories of the entrepreneur have common strengths and weaknesses.     

浅谈区域可持续发展的静态评估指标体系构建

可持续发展已经被确定为我国21世纪的国家发展战略,但是,如何将这一崭新的科学发展观转换成可操作的管理模式,进而指导和规范我们的实际行动,仍然需要进行多方面的研究和探讨,其中,在某区域内评价和检测可持续发展的状态和可持续发展的程度是一个关键的问题.故在分析影响区域可持续发展水平诸因素的基础上,构建了区域可持续发展的静态评估指标体系,并对区域可持续发展总水平的综合评估方法作了具体阐述.     

智力劳动的分配决定效应及模型

随着知识的积累与科技的进步 ,智力密集型劳动已经替代体力密集型劳动成为价值的最主要源泉。智力劳动的特征使得凝结在产品中的劳动含量与智力投资呈正相关 ,进而与其所形成的智力劳动力价值呈正向相关。因此 ,提高智力劳动力价值在分配决定机制中的权重 ,相对于现行以工龄为主体的工资决定体制而言 ,更能体现按“能”付酬原则 ,更能体现生产力的进步对分配的决定作用。以简单劳动力价值确定最低工资水平 ,然后依据每一阶次的智力劳动力价值差别确定工资水平差别 ,更能推动智力投资与劳动力资源的合理配置。以智力劳动力价值为基础的工资分配制度 ,可界定为一个基于贴现理论的微观静态分配模型。     

The Global Determinants of Direct Office Real Estate Returns

We investigate the determinants of direct office real estate returns by analyzing rents, capital appraisals, and total returns. A recently compiled global database of major cities in Asia, Europe, and the United States provides a unique opportunity to give a macro-view on the effects of economic growth and supply and demand factors on nominal real estate returns. The global database provides quarterly observations from 1986 to 1999. To address the smoothness problem of appraisal-based price data and regulated rents, we employ the Generalized Method of Moments to estimate a dynamic panel-data model. The model allows us to combine the cross-sectional and time-series dimension in our quarterly data. We find that gross domestic product, inflation, unemployment, vacancy rate, and the available stock all have an effect on real estate returns.     

Pricing and hedging power options

In this paper we study the pricing and hedging of options whose payoff is a polynomial function of the underlying price at expiration; so-called ‘power options’. Working in the well-known Black and Scholes (1973) framework we derive closed-form formulas for the prices of general power calls and puts. Parabola options are studied as a special case. Power options can be hedged by statically combining ordinary options in such a way that their payoffs form a piecewise linear function which approximates the power option's payoff. Traditional delta hedging may subsequently be used to reduce any residual risk.     

建设工程信息集成管理系统研究

工程项目建设与管理过程中会产生大量的物化的材料——建设工程信息。静态信息资料组卷归档后将成为建设工程项目的档案资料，为工程检查验收及日后的改建、扩建、维修、管理等方面提供极其重要的依据，动态信息则为工程建设过程的管理与决策提供强力支持，而这一切都建立在对建设工程信息的有效管理基础上，从了解建设工程信息特点入手,分析客户的需求，构筑管理系统构架,开发了相应的功能模块，并付诸了实施。