浅析京西煤炭产业转型

资源型产业转型是世界各国资源型产业普遍面临的问题，京西煤炭产业面临设备陈旧老化，资源渐趋衰竭，职工就业困难等问题，如产业转型问题处理不好，会严重影响区域经济发展与社会稳定。本文从京西煤炭资源型产业区域实际出发，对产业转型主要因素影响因素及转型模式作了简要分析，并对构建产业转型环境、优化产业转型主体、选择产业转型项目等问题提出了一些见解，供相关管理者和研究者参考。     

果洛州生态移民后续产业发展对策

果洛州生态移民后续产业发展存在产业发展规划不合理、产业化经营水平低、金融支持产业发展受限以及支撑产业的政策缺乏针对性等问题。针对这些问题,本文运用产业经济学、社会学的基本方法和理论,并结合美国西部大开发和三峡水库生态移民的成功案例,提出果洛州如何制定科学的后续产业发展规划、提高产业化经营水平和市场化程度、加大金融支持产业发展力度以及投融资优惠政策等建议。     

新常态下蚌埠市玻璃产业集群发展探究

新常态背景下蚌埠市玻璃产业在具有技术、交通、政策等多重优势的同时也面临技术转换率低、人才优势不明显、产业链不完整、产业集群效应不突出等诸多问题,在玻璃产业集群发展过程中,重点关注技术创新、人才培养和政策支持等问题,以蚌埠玻璃产业园为核心加强产业集群,形成蚌埠经济新的增长极。     

金融转型才能有效推动产业转型

结构性问题是中国当前经济运行中的主要矛盾,产业结构是经济结构的主体,推进经济结构优化,首要的是要推动产业转型。产业转型受制于政策安排、技术创新、金融支持、微观经济主体主观努力等诸多因素。其中,金融是推动产业转型的重要动力和关键因素。产业升级、产业扩张、产业集聚、产业整合、产业并购等一系列关系到产业转型的产业活动,都离不开金融的支持,因而要推动产业转型,金融必须主动转型。     

贵港市产业扶贫开发面临的机遇与挑战

随着我国经济进入发展新阶段,以产业扶贫为核心的精准扶贫开发工作也随之进入新态势,有机遇,又面临较多新挑战。尤其是在产业扶贫开发过程中,仍然存在资金投入不足、对龙头企业扶持不够、产业项目与市场不衔接等一系列问题。本文结合广西壮族自治区贵港市的产业扶贫实际情况,针对存在的问题,提出加强基础设施建设、夯实产业扶贫开发基础等建议,力促精准扶贫开发工作向纵深发展。     

产业基金之法务

产业投资基金设立时应特别注意以下法律问题:首先是相关当事人主体资格、资质的合法性。包括产业投资基金的发起人、基金管理人、基金托管人、基金承销人等当事人应当具备法律、法规对产业投资基金主体资格、资质的要求等。     

推进淮安健康养生产业发展路径研究

<正>近年来,淮安依托其自身的资源优势和条件,大力发展健康养生产业。但健康养生产业面临着国内市场竞争激烈、消费需求多样化、资金、人才匮乏等问题。本文通过对淮安市健康养生产业的发展现状、现存问题等深入分析,探寻淮安健康养生产业发展路径。一、健康养生产业的概念健康养生产业是依托养生理念,开发养生资源的和运营养生市场的健康服务业,不仅包括养老业、保健业、医药业,还包括与养生旅游、医疗服务、营养保健等有关领域的服务活动。     

产业数字化发展的内涵与路径

产业数字化在促进经济发展动能转换、推进产业转型升级、打造企业创新方面具有重要作用。随着产业数字化的持续推进,其在数据共享、中小企业数字化、数字政府治理等方面也暴露出一些亟待解决的问题。本文重点分析了产业数字化面临的挑战,并从强化产业数字化发展双驱动、培育领军企业、赋能中小企业数字化转型和推进政府治理数字化等方面,明确了产业数字化未来发展的战略重点。     

吉林省信贷支持人参产业发展现状、问题及政策建议

人参是吉林省得天独厚的特色优势资源,人参产业是吉林省农业新兴支柱产业,省内银行机构通过创新信贷产品和服务方式,加强与担保机构合作等,积极支持人参产业高质量发展,但在信贷支持人参产业发展中也面临信贷风险相对较高、融资主体缺乏有效抵质押品等问题。本文通过调研分析了吉林省信贷支持人参产业发展现状、面临的困难和问题,并提出相关政策建议。     

广东省产业升级：问题、原因及建议

改革开放以来,广东省经济获得了飞速的发展,但伴随而来的产业结构问题愈加凸显。文章对广东省产业状况进行分析,存在产业结构失调、产业层次较低、区域发展不平衡、产业升级断档隐等主要问题。造成这些问题的主要原因在于现有政策引导力度不足、产业模式依赖、中小企业过多、劳动力结构性矛盾以及各地区自然条件差异。因此,广东省产业升级应重点扶持高人力资本含量、高技术、高附加值产业,限制高耗能、高污染产业。重视自主创新能力建设,建立自有品牌。加大对中小企业改革重组支持力度,鼓励民间资本参与。加强对劳动力的教育和培训,形成产业升级所需人力资本。调整区域产业空间布局,实施梯度升级战略。     

Choosing the optimal annuitization time post-retirement

In the context of decision making for retirees of a defined contribution pension scheme in the de-cumulation phase, we formulate and solve a problem of finding the optimal time of annuitization for a retiree having the possibility of choosing her own investment and consumption strategy. We formulate the problem as a combined stochastic control and optimal stopping problem. As criterion for the optimization we select a loss function that penalizes both the deviance of the running consumption rate from a desired consumption rate and the deviance of the final wealth at the time of annuitization from a desired target. We find closed-form solutions for the problem and show the existence of three possible types of solutions depending on the free parameters of the problem. In numerical applications we find the optimal wealth that triggers annuitization, compare it with the desired target and investigate its dependence on both parameters of the financial market and parameters linked to the risk attitude of the retiree. Simulations of the behaviour of the risky asset seem to show that, under typical situations, optimal annuitization should occur a few years after retirement.     

Outperformance portfolio optimization via the equivalence of pure and randomized hypothesis testing

We study the portfolio optimization problem of maximizing the outperformance probability over a random benchmark through dynamic trading with a fixed initial capital. Under a general incomplete market framework, this stochastic control problem can be formulated as a composite pure hypothesis testing problem. We analyze the connection between this pure testing problem and its randomized counterpart, and from the latter we derive a dual representation for the maximal outperformance probability. Moreover, in a complete market setting, we provide a closed-form solution to the problem of beating a leveraged exchange traded fund. For a general benchmark under an incomplete stochastic factor model, we provide the Hamilton–Jacobi–Bellman PDE characterization for the maximal outperformance probability.     

Identity and Resources

The overall problem discussed in this article is that due to external resource dependence there is a problem for management to manifest an organisation's identity. This is a particular problem for many voluntary organisations in Third World contexts receiving aid for societal development. The paper summarises a research which theoretically tries to contribute to the development of resource dependence theory by applying a new institutional perspective. Management and policies are adopted from a fragmented external resource environment rather than designed on the basis of overall identity and local context.     

Problem loans and cost efficiency in commercial banks

This paper addresses a little examined intersection between the problem loan literature and the bank efficiency literature. We employ Granger-causality techniques to test four hypotheses regarding the relationships among loan quality, cost efficiency, and bank capital. The data suggest that problem loans precede reductions in measured cost efficiency; that measured cost efficiency precedes reductions in problem loans; and the reductions in capital at thinly capitalized banks precede increases in problem loans. Hence, cost efficiency may be an important indicator of future problem loans and problem banks. Our results are ambiguous concerning whether or not researchers should control for problem loans in efficiency estimation.     

On the necessity of solving the free rider problem in takeover bids

Previous analysis of the free rider problem in takeover bids has concluded that complex takeover strategies, nonprice taking behavior, taxes, or exogenous exclusion of minority shareholders are necessary for the bidder to profit from a takeover bid. In contrast, in this study, costs of disclosure and the fungible nature of the bidder's information mitigates the detrimental consequences of the free rider problem. The absence of the free rider problem in takeover bids has important implications for optimal bidding strategies, the interpretation of mechanisms posed as solutions to the free rider problem, and the analysis of regulation of takeover activity.     

Individual differences in assessing problem similarity

This paper reports on a study which investigates the potential influence of perceptual differentiation (PD) ability on introductory accounting students' ability to identify and use analogies to solve problems. Accounting students with differing levels of PD ability first studied two sample problems with solutions which provided potential source analogues for analogical transfer. They then attempted to solve two analogous accounting problems differing only in the criteria for identifying problem analogousness. Findings suggest that PD ability may influence a problem solver's ability to identify analogous problems by affecting which problem features (surface or structural) he or she is likely to attend to and use for assessing problem similarity and potential analogousness. The paper concludes by discussing implications for pedagogical practices in accounting.     

A risk-sensitive stochastic control approach to an optimal investment problem with partial information

We consider an infinite time horizon optimal investment problem where an investor tries to maximize the probability of beating a given index. From a mathematical viewpoint, this is a large deviation probability control problem. As shown by Pham (in Syst. Control Lett. 49: 295–309, 2003; Financ. Stoch. 7: 169–195, 2003), its dual problem can be regarded as an ergodic risk-sensitive stochastic control problem. We discuss the partial information counterpart of Pham (in Syst. Control Lett. 49: 295–309, 2003; Financ. Stoch. 7: 169–195, 2003). The optimal strategy and the value function for the dual problem are constructed by using the solution of an algebraic Riccati equation. This equation is the limit equation of a time inhomogeneous Riccati equation derived from a finite time horizon problem with partial information. As a result, we obtain explicit representations of the value function and the optimal strategy for the problem. Furthermore we compare the optimal strategies and the value functions in both full and partial information cases.

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Modeling risk in arbitrage strategies using finite mixtures§

We revisit the problem of calculating the exact distribution of optimal investments in a mean variance world under multivariate normality. The context we consider is where problems in optimisation are addressed through the use of Monte-Carlo simulation. Our findings give clear insight as to when Monte-Carlo simulation will, and will not work. Whilst a number of authors have considered aspects of this exact problem before, we extend the problem by considering the problem of an investor who wishes to maximise quadratic utility defined in terms of alpha and tracking errors. The results derived allow some exact and numerical analysis. Furthermore, they allow us to also derive results for the more traditional non-benchmarked portfolio problem.     

Coherent hedging in incomplete markets

In incomplete financial markets, not every contingent claim can be perfectly replicated by a self-financing strategy. In this paper, we minimize the risk that the value of the hedging portfolio falls below the payoff of the claim at time T. We use a coherent risk measure, introduced by Artzner et al., to measure the risk of the shortfall. The dynamic optimization problem of finding a self-financing strategy that minimizes the coherent risk of the shortfall can be split into a static optimization problem and a representation problem. We will deduce necessary and sufficient optimality conditions for the static problem using convex duality methods. The solution of the static optimization problem turns out to be a randomized test with a typical 0–1 structure. Our results improve those obtained by Nakano. The optimal hedging strategy consists of superhedging a modified claim that is the product of the original payoff and the solution to the static problem.