专利发展指数设计与应用

针对我国专利发展面临的总量可观、人均偏少、结构欠优和质量过低的形势,在综合专利评价指标及相关发展指数的设计经验的基础上,设计了我国专利发展指数,并从国内和国际两个层面运用该指数进行专利发展水平评价。结果显示:专利发展指数能全局性地、动态地反映各主体的专利发展状况,以及各评价对象的相对优、劣势及原因,对于绩效评价和辅助决策有一定的参考意义。     

The value relevance of brand valuation

The reports published by independent parties are often used to provide an estimation of brands due to the lack of literature and best practices regarding which brand valuation method is more value relevant and reliable than another. Over the last several years, brand valuation debate is growing in importance because of the need to provide a value of intangibles for different purposes. The purpose of this study is two-fold. First, we aim to understand whether brand valuation related to listed companies provided by three independent agencies is value relevant and therefore whether these brand valuations are taken into consideration by investors in their decision-making process. Second, we assess which of the three methods reflects the stock markets in a better way. We analyse a sample of 71 brands valuated by Interbrand, Brand Finance and BrandZ from 2013 to 2015. The results show that brand valuation provided by the independent agencies is value relevant; in addition, they reveal that the Brand Finance method, based on the royalty relief approach, is more value relevant than the others. This study contributes to the extant literature on value relevance by providing evidence on the impact of stock prices of brand agencies’ valuation.     

Economic valuation of biodiversity: A comparative study

In recent years, an intensive debate on the economic valuation of biodiversity has entered the environmental-economics literature. The present paper seeks to offer first a critical review of key concepts that are essential for a proper understanding of such evaluation issues. Particular attention is given here to various monetary valuation approaches and to comparative (i.e., meta-analytical) methods from the perspective of conservation and sustainable use of biodiversity. Several illustrative examples are presented in order to highlight the usefulness of the various approaches discussed. Next, an attempt is made to infer general findings and lessons from past applied research by means of meta-analysis. In this context, a multi-dimensional technique originating from the field of artificial intelligence is deployed. It allows us to identify the most important variables responsible for changes in economic estimates of biodiversity.     

A reconsideration of the impact of recalls on the market valuation of a product

This paper looks at the problem of determining the effect on the market valuation of a product of recalls due to safety defects when the analytical framework is misspecified. Using the car market, the results show that it is difficult, if not impossible, to distinguish the effect on the price of recalls from the impact of quality differentials among makes and models.     

The Evolution of Cooperation in Patent Races:Theory and Experimental Evidence

In a dynamic patent race model we analyze the formation and breakup of joint ventures in relation to: (a) the relative as well as absolute position of the firms in the race; (b) the degree of competition in the ex post market. Fudenberg et al. (1983) studied the main features of a patent race when firms compete in R&D, showing that firms in the same position compete fiercely, dissipating the rent from innovation. By contrast, we show that if firms can cooperate or compete in R&D, and if they start in the same position, they cooperate at the outset but break their agreement in the last stage if they will be serious competitors in the downstream market, while, if they can collude in the ex post market, they cooperate from the outset and they innovate jointly. When the firms are lagged by one step, cooperation does not take place, except in the case the value of the race is negative and the cost saving due to cooperation is large. However, cooperation never occurs if the leader is more than one step ahead. Finally, when the firms cooperate in R&D they proceed to the discovery at low speed. We test these conclusions via experiments on the incentive to cooperate during the course of a race. The results of a sample of 86 races support our theoretical conclusions, although the experimental findings are less clear-cut than the theoretical ones.     

The evolution of stock market efficiency in the US: a non-Bayesian time-varying model approach

A non-Bayesian time-varying model is developed by introducing the concept of the degree of market efficiency that varies over time. This model may be seen as a reflection of the idea that continuous technological progress alters the trading environment over time. With new methodologies and a new measure of the degree of market efficiency, we examine whether the US stock market evolves over time. In particular, a time-varying autoregressive (TV-AR) model is employed. Our main findings are: (i) the US stock market has evolved over time and the degree of market efficiency has cyclical fluctuations with a considerably long periodicity, from 30 to 40 years; and (ii) the US stock market has been efficient with the exception of four times in our sample period: during the long recession of 1873–1879; the recession of 1902–1904; the New Deal era; and the recession of 1957–1958 and soon after it. It is then shown that our results are partly consistent with the view of behavioural finance.     

论城市现代化评价指标体系之构建

城市现代化是一个发展的概念。但如何方能称之为现代化？固而设置评价城市现代化的指标体系与综合评价的方法，就成为必须研究的课题。     

专利丛林引发的反公地悲剧及对专利政策的思考

由于专利具有排他性,因此,专利丛林的出现使得后续研发必须得到上游所有专利权人的许可,当专利权人行使排他权时,后续研发工作就难以进行,从而造成专利成果利用不足和上游基础研究被闲置的反公地悲剧。从避免反公地悲剧的角度出发,对专利政策进行了有益的反思。     

The effects of corporate governance compliance on market valuation in Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.     

The validity of the contingent valuation method: Perfect and regular embedding

This article deals with one aspect of the validity claim of the contingent valuation method, namely: to what extent does the method produce different values in situations for which economic theory claims different values. Two aspects of this validity test — perfect and regular embedding — were tested in a field experiment comprising six samples of the Dutch population. Perfect embedding occurs when the value for a specific good is similar to the value for a more inclusive good. Perfect embedding did not manifest itself in the experiment. Respondents considered a package of six goods as well as a package of two goods more valuable than one of these goods. It is argued that this supportive evidence of the method's validity claim occurred because the goods involved were well-defined. Regular embedding occurs when the same good receives a lower value if the value for it is inferred from the value for a more inclusive good rather than if that good is valued on its own. Regular embedding was only found when respondents were given the opportunity to value the inclusive good before valuing the specific good. Respondents who were given information on the inclusive good without valuing it did not state different values than respondents who were not given that information. It seems that respondents perceive an inclusive good as being relevant to their valuation decision only when they are asked to value it. Further research is necessary to shed more light on the underlying processes that may account for this.     

A new valuation question: analysis of and insights from interval open-ended data in contingent valuation

This paper introduces a type of open-ended valuation question where respondents state their willingness to pay in the form of an interval rather than a point estimate. Allowing the response to be expressed as an interval has advantages compared to traditional valuation questions: it captures potential valuation uncertainty, facilitates interpretation of uncertainty and most importantly, provides a richer set of information about individuals’ preferences. Furthermore, an open-ended willingness to pay format has advantages if a survey is carried out in more than one country. Too little is known about valuation uncertainty to represent willingness to pay only as an exact value. Therefore, this value should be complemented by upper and lower boundary estimates. In this paper I present new methods for estimating these different values. The methods are illustrated with results from a survey concerning wild salmon in the Vindel River, northern Sweden. The results suggest that the upper and lower boundaries provide a kind of confidence interval for the willingness to pay, which is encouraging for estimating these values to characterise willingness to pay. The results also illustrate that some earlier criticism in the literature of open-ended questions does not apply to the question presented in this paper.     

专利联盟中专利许可费的计算方法

专利联盟中专利的组成有三种情况:完全排斥型、完全替代型和部分排斥部分替代型。由于专利联盟是开放型的体系,专利加入时间和起作用时间不同,专利之间具有异质性,于是专利联盟中价值的评估和专利许可费的计算产生了变数。为此,本文从单项专利价值的计算入手,考虑专利联盟中专利的不同类型、不同的加入时间和起作用时间等情况,提出专利联盟中专利组合价值的评估方法,在此基础上借助财务分析中内部收益率来计算专利联盟中的许可费。     

管理者交易的市场择时能力对市场有效性的影响

管理者卖出和买入公告对股票市场具有一定的影响,以管理者卖出交易和买入交易为公告样本进行实证分析,检验公告当日及给定事件期超额收益的显著性.结果显示:卖出公告样本反对半强式有效假说,管理人能够“卖高”,获得超额收益;而买入公告样本支持半强式有效假说,管理者不能够“买低”,在公告日和事件期都不能获得超额收益.     

我国引入股指期货交易的意义及可行性分析

到目前为止,我国股市仅有现货交易,却没有有效的风险回避机制,这必将影响到我国股市健康发展。因此,当前开发我国股指期货交易可以回避股市系统风险,增加市场流动性,促进股价合理波动,从而增强证券市场的竞争力。同时,在我国已经形成了较为完善的交易和监管体系,并拥有了相当规模的投资群体,开办股指期货的市场条件已具备。     

股指期货套期保值效率比较研究——基于沪深300股指期货与新华富时A5指数期货

文章基于我国股票型基金十大重仓股构建投资组合,并利用沪深300股指期货与新华富时A50指数期货的日数据对这两种股指期货的套期保值效率进行比较研究,以探究两者在套期保值效率上的差异和造成差异产生的原因。在利用OLS、VECM和ECM-BGRACH等静态和动态套期保值模型和基于风险最小化的套期保值绩效指标对沪深300股指期货与新华富时A50指数期货的套期保值效率进行研究后发现,在静态最优套保比、时变最优套保比和套期保值绩效指标的比较中,新华富时A50指数期货都要优于沪深300股指期货。这种套期保值效率上的差异主要来自于两个金融工具间的合约与交易规则的差别。建议通过设立适当时间的晚间电子盘交易,并允许金融机构在规定的份额内进行期指套利交易,以提升沪深300股指期货在套期保值市场功能上的效率。     

The price of broadband quality: tracking the changing valuation of service characteristics

This paper investigates how retail broadband prices, choice and quality are changing over time. Using a data set containing daily observations of plans offered in Ireland from 2007 to 2013, this paper applies hedonic modelling techniques to observe the changing pricing of service characteristics. Although we find that average nominal prices remain static throughout our sample period, quality of service has risen dramatically over time, particularly with respect to download speed. Some characteristics of broadband plans exhibit broadly stable valuations over time, but the elasticity of price with respect to advertised download speed and the premium on bundled services declined for most types of broadband plans during the sample period. In addition, the retail price premium enjoyed by the incumbent operator fell significantly since 2007.     

股指期货推出前后沪深300指数风险统计特征研究

股指期货是现代资本市场发展的产物,股指期货与现货的关系是学术界的研究的热点问题之一。文章介绍了风险价值VaR方法、非参数核密度估计理论以及VaR模型的回测评价原理,以我国股指期货推出前后一年间每一小时交易的高频数据为研究对象,运用非参数核密度估计法以及风险价值方法,计算在不同置信水平下的VaR值。在90%、95%以及99%置信水平下,股指期货推出前后,沪深300指数的收益率最大跌幅分别为0.921%、1.33%以及2.28%,变化为最大跌幅分别为0.871%、1.15%以及1.76%。表明在我国股指期货推出后,沪深300指数收益率的风险降低了。最后文章从市场效率,套利机制以及套期保值等视角对实证结果进行了分析。     

中国保险业效率动态变化的Malmquist指数分析

本文运用DEA(数据包络分析方法)和Malmquist效率指数刻画了我国保险业生产效率的动态变化,并通过对生产有效性的"追赶效应"和"前沿面移动效应"的分解,得出效率动态变化的推动因素,指出技术创新和效率的提高对于保险业发展的重要作用.     

区域海洋经济可持续发展能力评价指标体系的构建

从可持续发展的角度出发,以系统理论为指导,在对影响海洋经济可持续发展的因素进行全面分析的基础上。构建海洋经济可持续发展能力的评价指标体系,建立评价海洋经济可持续发展能力的模型,并对中国沿海区域海洋经济可持续发展能力进行定量分析和评价,为国家和地方制定海洋经济政策、贯彻实施海洋经济发展规划、评价和调控区域海洋经济发展态势以及动态评估区域海洋经济可持续发展能力,提供支撑和辅助决策。     

Natural resource valuation with a tribal perspective: a case study of the Penobscot Nation

The unique settings of tribal lands and preferences of tribal members can complicate the effective application of standard natural resource use valuation tools within these tribal settings. We present a study which utilised referendum format contingent valuation methods to value foregone tribal use of the dioxin-contaminated Penobscot River in Maine. The Penobscot Nation’s prior experience in using referendums to evaluate cash settlement offers provides a unique setting for this application. The valuation responses pass a scope test and are consistent with a priori expectations of economic theory as well as individual attitudes and beliefs. Implicit discount rates based on the valuation of two clean-up periods are plausible. The response model indicates that cultural motives are a significant basis of foregone use values. While each tribal setting presents unique characteristics and challenges, the presented application demonstrates how carefully applied standard valuation tools, when appropriately designed to account for and incorporate tribal history, settings, and perspective, can yield defensible estimates of resource valuation.