证券投资组合优化问题研究——基于资产定价理论

资产定价理论的核心问题是如何确定资产的期望收益和风险。其中,资本资产定价模型和套利定价理论是常见的模型和方法。在基于资产定价理论的证券投资组合中,需要考虑资产类别选择和投资比例限制,并定义目标函数。优化算法包括均值—方差模型和更高级的算法,如进化算法和粒子群优化算法。改进方向包括考虑非理性行为因素、市场微结构因素和动态调整的优化模型。     

模糊多级综合评判在煤炭资源资产评估中的应用

矿产资源的评估不仅是地质人员的工作,而且也是采矿、矿山测量和经济管理人员的研究课题。影响煤炭资源资产评估的因素有地质因素、采矿因素、社会因素及经济因素。根据这些影响因素在煤炭资源资产评估中的影响程度,设立了评估指示体系,并引入模糊多级综合评判理论,建立了煤炭资源资产综合评判模型,并进行了实例研究和模型检验。     

技术资产的评估方法研究

技术资产的评估是资产评估的难点,技术商品不同于一般商品,具有报酬无限、风险有限的特性,尤其与支付红利的美式看涨期权特点极为相似.但应用传统的资产评估方法为技术商品定价,其结果很难真实反映技术商品的价值.本文在前人研究成果的基础上,对技术资产评估方法进行了综述, 说明了传统的评估方法在评估技术资产时存在的缺陷,通过对技术资产的期权特征进行分析,将期权定价理论引入到技术资产的评估方法中,通过对Black-Scholes 期权定价公式定量分析从直观上了解各个参数对技术资产期权价值的影响,同时用具体案例进行了进一步说明,但评估方法的应用是建立在一系列假设的基础上的,同时Black-Scholes 公式只能用于粗略的计算,因此,二项式模型和期权博弈模型将会是技术资产评估方法的新研究方向,本文只是将期权定价理论应用到技术资产的评估当中,为解决技术资产评估、高科技企业价值的评估提供了参考价值.     

信息观:企业并购中的资产评估问题研究

<正> 企业并购是一种重要的资本经营方式,在并购过程中,对目标企业的定价是并购成功与否的关键性因素,而资产评估是在市场经济条件下进行定价的重要环节,因此,本文将就企业并购中的资产评估的方法问题进行初步探讨。一、传统的资产评估方式:计量观目前我们对目标企业进行评估的方式很多,但是,基本上都是通过建立一定的模型,收集相关数据,进行运算后得到一个数值来代表目标公司的价值,我们将这种方式称之为计量观的资产评估。大体上可以分为以下两类: (一)以收益和资产为基础:市盈率法和托宾Q模型。市盈率法的基本思路是:首先,检查目标企业最近的利润业绩,在目标企业现有的管理层的情况下预测其未来的业绩;然后,确定在收购公     

线上与线下渠道冲突的问题研究综述

本文通过回顾前人对线上与线下渠道冲突的问题研究,以两种分类方式将线上与线下的渠道冲突进行类别界定,并从微观因素和宏观环境角度分析了产生冲突的原因,总结了协调与发展两种渠道的具体解决办法,如产品差异化、定价策略、功能定位等。文章在对上述研究成果梳理的同时,提出了未来的研究方向。     

关键审计事项披露缓解了资产误定价吗?

通过构造双重差分模型,考察关键审计事项披露对资产误定价的影响及其内在机理。研究发现,关键审计事项披露有效缓解了资产误定价,表现为公司股价更能反映其内在价值。影响机制检验结果表明,关键审计事项披露主要通过降低投资者异质信念与促进投资者私有信息搜集来缓解资产误定价。截面分析发现,关键审计事项披露对资产误定价的缓解作用在公司信息环境较差、审计师具有行业专长以及机构持股较少的样本中更显著。进一步研究显示,关键审计事项披露的语调、可读性、相似度及充分性等文本特征均会对资产误定价产生一定影响。研究不仅拓展了关键审计事项披露和资产误定价各自领域的分析视角,还为准确评估审计报告改革效果以及有效缓解资产误定价顽疾提供了有益启发。     

运用资本资产定价模型搭建投资组合的可行性分析

自从1964年CAPM资本资产定价模型被提出以来,一直作为现代金融学的核心理论。尤其是在资本定价方面的地位更是难以动摇。但随着它应用的逐渐广泛,外加假设条件过多且在现实中难以实现,许多学者对其在实际应用中的作用提出了质疑,并在此基础上提出了BAPM行为资产定价模型、三因素模型等理论。鉴于当今资本市场的影响因素广泛,文章将尝试运用资本资产定价模型对深圳证券交易所创业板市场2017年2月到2017年6月的样本数据进行实证分析,分析运用资本资产定价模型搭建投资组合在创业板市场的可行性。     

网络服务设计创新研究

文章通过调查发现目前网络服务设计存在的两大误区,分析误区产生的原因及存在的现象,并将网络环境下的完整服务产品和服务提供系统作为一个整体,在此基础上提出一种新的网络服务设计方法。     

电子商务创业绩效的影响因素研究:文献综述

在电子商务快速发展的背景下,研究电子商务创业绩效的影响因素,提高电子商务创业绩效,对促进社会财富的增长和提升就业率具有重大的社会现实意义。本文从创业者特征、网络服务和环境三个方面对国内外关于电子商务创业绩效影响因素的文献作了系统梳理,指出了目前研究中存在的缺陷,并指明了电子商务创业绩效影响因素研究的方向。     

云环境下基于BP神经网络的电子商务企业信任评估模型研究

针对云环境下电子商务企业信任评估模型的不足,从交易行为、网站、云环境等方面构建信任度评价指标体系,并充分考了虚假评价和恶意推荐带来的影响及信任度新近变化情况,建立了云环境下基于BP神经网络的电子商务企业信任评估模型。对云环境下数据的动态性、不确定性等特点,运用改进的BP神经网络技术,采用在隐含层的神经元设置可调多项式函数序列作为激活函数,提高网络的收敛速度,权重采用的是较小的随机数,没有复杂的人工计算过程,较好的克服了评估中的人为影响因素。     

Exploration of lead factors affecting service recovery

This research attempts to explore the influence of empowerment on service recovery from the viewpoint of managers and also to probe into the possible differences in the adoption of service recovery strategies in different corporate cultures. Linear multivariate data analysis and nonlinear fuzzy neural network are combined to analyze data and verify the proposed hypotheses. Through the investigation into Chinese and Western food chain stores, it is shown that the more empowered employees will adopt more active failure recovery strategies; and tougher corporate cultures tend to have passive service recovery strategies, whereas minor corporate cultures tend to have active service recovery strategies. Customer relationship involvement reveals positive influences on the adoption of recovery strategies. The characteristic of this research is that, on the one hand, through the empirical conclusion of the nonlinear fuzzy neural network model, we not only measure the relationship among the variables more precisely, but also have less restrictive conditions. Also, according to organizational management factors, this research proposes and examines the influencing factors affecting service recovery strategies. It explores the responses to service recovery from the viewpoint of internal prevention in the organization, which is different from past research that focussed mostly upon consumers' views.     

Modelling consumers’ acceptance for the click and collect service

This study investigates possibilities for developing a click and collect service in the context of e-commerce and attempts to identify the consumer characteristics that determine the acceptance of this service. Data of 285 e-commerce consumers were collected through an online questionnaire using banners uploaded in seven online retailers' sites. Binary logit models are developed to analyze the data and relate consumer characteristics to their intention to use and pay for the click and collect service. Perceived environmental contribution of the click and collect service, perceived time pressure, car use in the city center and frequency of online shopping significantly affect consumers’ intention to use the service. The model results provide information that can be used to choose location points and design marketing and pricing policies that will make the click and collect service attractive to customers.     

Pricing coordination of a dual-channel supply chain considering offline in-sale service

With the rapid development of e-commerce, the problem of pricing conflicts between online and offline channels has become increasingly prominent. And the in-sale service has become an important factor influencing consumers' purchase decisions. To study the impact of in-sale service, this paper establishes a dual-channel supply chain model considering offline in-sale service. Using Stackelberg's game theory and backward induction, it solves the optimal pricing of supply chain members and makes comparisons in both cooperative and non-cooperative situations. Finally, it coordinates the supply chain through a two-part tariff contract. The results show that (1) The optimal wholesale price and offline retail price are positively correlated with in-sale service quality. And the opposite of the optimal online direct selling price. (2) With the quality of in-sale service improving, the retailer's profit will increase and then decrease but the manufacturer's profit will always decrease under non-cooperation. The total profit of the supply chain will rise and then fall under cooperation. (3) The two-part tariff coordination maximizes profits with the manufacturer reducing the wholesale price and the retailer paying a transfer cost. (4) Cooperative decision is better than the non-cooperative decision in terms of the supply chain as a whole.     

上海旅游服务贸易国际竞争力及其影响因素实证研究

在对上海旅游服务贸易竞争力水平定量测度的基础上,采用多元回归分析方法,研究上海旅游服务贸易国际竞争力的主要影响因素。研究表明:相对于全国而言,上海旅游服务出口市场占有率和贸易竞争优势指数具有优势,而显示性比较优势指数相对较弱;入境旅游人次、入境过夜旅游人天数和入境旅游外汇收入所受的影响因素不尽相同,但旅游业固定资产原值、从业人员数量、外资星级饭店数量是共同因素。上海可以从更加重视旅游服务贸易、扩大旅游业固定资产投入、推进旅游企业集团化进程、完善从业人员配置等方面进一步提升旅游服务贸易国际竞争力。     

Is the system reliability profitable for retailing and consumer service of a dynamical system under cross-price elasticity of demand?

Retailing strategy is one of the most crucial factors for industries. A proper retailing strategy can help to enhance consumer service and increase the industry's profit. An improved approach to retailing is suggested in this research to deliver superior customer service while maximizing profits in a dynamic system. The study analyzes a retailing strategy for a demand with cross-price elasticity upon the retail price. A product's cross-price elasticity and the system reliability are critical factors in retailing. Understanding the cross-price elasticity of demand between products helps retailers to make pricing decisions that maximize profits by maintaining demand. Imperfect products are produced due to an imperfect production system. The imperfect ones must be adjusted with some costs to make them perfect for better retailing. The system failure rate is crucial for retailing under cross-price elasticity of demand patterns. Production system reliability, cross-price elasticity of demand, and consumer service are all essential factors that can impact a company's success in the market. The production rate is considered time- and system failure rate-dependent. Contradictory to the literature, a dynamical system is proposed for improved retail management, which is solved using the Euler-Lagrange theory. Finally, one can achieve the expected maximum profit for this retail system with optimum selling prices for different products by reducing the system failure rate. Some numerical illustrations with graphical representations are provided to validate the current study. Numerical examples show that applying cross-price elasticity of demand for more than two identical products provides 35% more profit for the retail industry than a single type of product.     

Analysing the fulfilment of service recovery paradox in retailing

The literature dealing with the Service Recovery Paradox (SRP) is vast, but some results are confusing and contradictory. In addition to this, scarce attention has been paid to service recovery in the context of retailing. This paper aims at verifying the compliance of the SRP in the context of retailing. Considering a sample of consumers that experienced a failure in the service delivered by a retailer and are very satisfied with the solution provided by the store employee, we test first the fulfilment of the SRP in the context of retailing. Secondly, we test the existence of significant differences in the customer satisfaction levels with the store before and after experiencing the problem considering several factors potentially influencing the impact of service recovery on customer satisfaction, therefore providing an encompassing analysis of the SRP and its main influencing variables, including some potential factors not previously explored. While we do not find evidence of the fulfilment of the SRP in retailing, differences in customer satisfaction before and after service recovery are highly related with consumer sociodemographic characteristics and shopping experience. Findings raise some practical implications.     

物流服务质量评价模型与方法研究综述

高质量的物流服务已经成为企业全球化的战略安排,如何通过评价进而改善企业的物流服务质量是实现此战略安排的重点。为更好地梳理物流服务质量评价模型与方法的研究现状,把握物流服务质量评价的未来研究方向,使用关键词“物流服务”“服务质量”和“物流服务质量”搜索Scopus and Web of Science(WoS),共获得发表于1992—2018年的76篇文献。在对相关文献的数量、时间、地区等进行简要统计性描述的基础上,运用文献分析法开展述评研究。其中,从服务提供商、客户、服务提供商和客户相结合三个维度评述物流服务质量评价模型及其指标体系,同时考虑供需双方的评价指标体系构建已成为学术界共识;物流服务质量评价方法重点评述了实证检验、确定指标权重以及将客户“声音”转化为质量属性的数理统计方法,发现将客户声音转化为质量属性的评价方法是重点关注领域。已有研究存在以下三方面的不足:一是在企业能力范围内考虑客户需求的物流服务质量评价模型及其指标的难题未解;二是集成各种评价方法对物流服务质量开展科学评价的难题还没有满意的答案;三是平衡评价模型及其指标的通用性与不同部门间的差异性的问题仍未得到有效解决。这三方面缺陷也是未来物流服务质量评价领域的重点研究方向。     

欧盟企业并购制度在中国国企海外并购案中的实践逻辑——“最坏情形”下“单一经济体”的认定

欧盟作为中国国企海外直接投资的重要阵地,其企业并购制度一直是学术界和实业界的关注焦点。虽然实践中欧委会对涉及中国国企的并购申报几乎都通过了,但是在认定“单一经济体”过程中,除了确认能源行业的所有国企被视为单一经济体之外,对于其他行业,欧委会采用回避态度,以“最坏情形”方式判断,其结论均对国企不利,给国企在欧盟投资的前景投下了阴影。另外,对于特别敏感和具有战略意义的交易,还可能会遭到欧委会基于公众利益和其他政治因素的投资审查。因此,国企应充分准备好实质性证据,证明其在商业决策中有足够的自主权,来反驳在合并评估中可能遭受的反不正当竞争的质疑,应对欧委会对中国国企参与并购交易的系统性歧视。     

Distributed product knowledge service: model and system framework

Conventional business models focus on providing end products and services regardless of product- or service-related knowledge. Such models are unable to meet customer requirements in a knowledge economy. Therefore, to effectively capture, accumulate, store, and apply knowledge to provide product knowledge service to customers is central to enterprise success. This study has the following three objectives: (i) to propose a novel product knowledge service model based on the product lifecycle and its supply chain, (ii) to design a system framework for product knowledge service, and (iii) to implement the proposed system. The product knowledge service model can be seen as a product knowledge supplier chain based on the integration of the product lifecycle and its supply chain. Based on the knowledge management cycle, software agent technology, and service-oriented architecture, the agent-based knowledge service-oriented system framework is designed to reflect the distributed, flexible, and hierarchical characteristics of the product knowledge service model. Finally, the proposed agent-based knowledge service-oriented system framework is developed and implemented using Unified Modelling Language and Java programming language with the Java Agent Development Framework.     

项目评估法定国有资产之价

关于国有资产定价问题,各种方案从不同角度被提出并实践着,但其实际效果并不理想。追其原因,除了体制、内外环境因素等外,一个比较重要的原因就是:国有资产的价值没有真正厘定清楚。价格的确定是各种方案实施之前不容忽视的、是较难处理的问题,也将是解决国有企业、国有资产问题的关键。