THE EFFECT OF INVESTMENT IN INTERORGANIZATIONAL INFORMATION TECHNOLOGY IN A RETAIL SUPPLY CHAIN

The primary purpose of this research was to investigate the effect of investment in information technology in a supply chain. The results of that investigation are presented by focusing on an empirically tested supply chain relationship model containing both behavioral and operational constructs. The four behavioral constructs represented in the model are relationship trust, relationship commitment, relationship dependence, and long‐term relationship orientation. The four operational constructs represented in the model are retailer investment in interorganizational information technology, perceived supplier investment in interorganizational information technology, logistics efficiency, and logistics effectiveness. Among other findings, the results of the investigation found that perceived supplier investment in interorganizational information technology has a significant and positive effect on logistics efficiency.     

我国上市公司资本结构的税收效应分析

本文以资本结构的税收效应为研究主线,从MM定理出发,对其无税的假设条件不断进行扩展,在前人研究的基础上,结合我国的税收制度与上市公司的财务数据,从理论和实证的角度分别探讨了我国上市公司资本结构的税收效应,并对某些具体行业如何更充分的利用税收效应给出了相应的建议。     

BOT模式在我国城市污水治理中的应用

随着我国城市化进程的不断推进 ,城市污水的治理逐渐成为摆在人们面前的重要课题。如何改变传统的建设、运营及管理模式 ,引入市场机制 ,提高经济效益和社会效益 ,是解决问题的关键。近年来 ,我国城市污水治理领域的融资模式取得了一定的成绩 ,探索出了一些新的方式 ,其中BOT模式是一个新的发展方向。但我们必须认识到 ,BOT模式的运用还需要一些配套措施 ,如 ,相关法律制度的完善、政府的支持等。     

THE ROLE OF SUBSTITUTION IN WICKSELL'S DURABLE CAPITAL MODEL

In this paper the author shows that the absence of a good which is used directly or indirectly for the production of other goods is a crucial feature of Wicksell's two-sector model, without which a positive relation between the value of machine stock and the consumption good output cannot be guaranteed. In fact he proves that, if that model is generalised by assuming that the capital good is used as an input also in its own production, the sign of the “marginal product of social capital” is indeterminate, even when both sectors have “well-behaved” production functions of a Cobb-Douglas type.     

论加入WTO后中国企业经营管理观念的转变

为了适应加入WTO的新形势 ,中国企业必须从根本上转变经营管理观念。树立新的战略管理观念、新的人才观念、新的竞争观念以及绿色管理观念等 ,以实现企业长期生存和发展的目标。     

TECHNICAL CHANGE IN PRODUCTION PROCESSES OF THE SEQUENTIAL INTERINDUSTRY MODEL

Transient processes important to understanding technical change are modeled using a time-varying version of the Sequential Interindustry Model, SIM. A simple process of technical change is explored, where a new production technique replaces an old one for one of an industry's production processes. Using several measures internal and external to the industry the model can help in understanding the complex processes of technical change, point to difficulties in their analysis, and suggest guidance to further examinations. An earlier version of this paper was presented at the Eighth International Conference on Input-Output Techniques, Sapporo, Japan, July 1986.     

MODELING THE RECOVERY RATE IN A REDUCED FORM MODEL

This paper provides a model for the recovery rate process in a reduced form model. After default, a firm continues to operate, and the recovery rate is determined by the value of the firm's assets relative to its liabilities. The debt recovers a different magnitude depending upon whether or not the firm enters insolvency and bankruptcy. Although this recovery rate process is similar to that used in a structural model, the reduced form approach is maintained by utilizing information reduction in the sense of Guo, Jarrow, and Zeng. Our model is able to provide analytic expressions for a firm's default intensity, bankruptcy intensity, and zero-coupon bond prices both before and after default.     

A NEOCLASSICAL FOUNDATION OF THE NON-LINEAR INPUT-OUTPUT MODEL

A non-linear input-output system is constructed on the basis of neoclassical production technologies. Four results are reported: (i) there exists a unique solution to the developed input-output system; (ii) every real square matrix can be the Jacobi matrix of the function relating gross outputs to net outputs; (iii) if the system has a solution at a final demand vector, there is a solution at every final demand vector near it; and (iv) when the final demand for a commodity increases, its price never decreases. The system is founded on a profit function of the economy, which represents a neoclassical production possibility. By this treatment, the system can deal with joint productions, as well as no-joint productions.     

THE EFFECT OF ESTIMATION IN HIGH‐DIMENSIONAL PORTFOLIOS

We study the effect of estimated model parameters in investment strategies on expected log‐utility of terminal wealth. The market consists of a riskless bond and a potentially vast number of risky stocks modeled as geometric Brownian motions. The well‐known optimal Merton strategy depends on unknown parameters and thus cannot be used in practice. We consider the expected utility of several estimated strategies when the number of risky assets gets large. We suggest strategies which are less affected by estimation errors and demonstrate their performance in a real data example. Strategies in which the investment proportions satisfy an L₁ ‐constraint are less affected by estimation effects.     

A MODEL OF THE MATURITY PROFILE OF THE BALANCE SHEET (1)

In this paper, the expected return-variance of return hypothesis of investment behavior is applied to the problem ot the wealth-holder's choice of the maturity distributions of his assets and liabilities. It is assumed that the only asset forms available to the wealth-holder are bonds homogeneous in all respects except: the dates on which they promise with certainty to pay their face values plus interest in a single lump sum. Bonds are assumed to be available from a continuous spectrm of maturities in infinitely divisible denominations. The wealth-holder is assuined, in addition, to make risky forecasts of the future level of interest rates. Under these assumptions, the wealth-holder's networth is a random variable with given mean and variance. Expected net-worth and its variance are shown to be functions of a set of moments describing the distributions by maturity date of the wealth-holder assets and liabilities, i. e., the wealth-holder views the maturity distributions of his assets and liabilities as statistical frequency functions capable of being described by a set of statistical moments. These moments are then treated as the wealth-holder's decision variables to be adjusted to maximize a utility function over expected net-worth and its variance. Optima 1 values of these moments then describe the optimal maturity profile of the wealth-holder's balance sheet.     

产业集群对产业“梯度转移”理论的挑战

产业集群是我国东部沿海地区经济增长和竞争优势的主要来源 ,东部产业集群效应使东部地区强化了“后天优势” ,阻碍了东部产业向中西部的转移 ,对流行的产业“梯度转移”理论形成了重要挑战。东部地区利用西部低成本劳动力优势及高度专业化分工基础上的产业配套条件 ,使中西部地区利用产业“梯度转移”理论发展经济的难度加大了。     

A GLOBAL SUPPLY CHAIN PROFIT MAXIMIZATION AND TRANSFER PRICING MODEL

In environments where tax rates in local regions do not represent major decision factors, a cost minimization methodology, which represents the most common optimization modeling approach for integrated manufacturing and distribution planning, can help formulate an effective integrated plan. However, when planning flexibility or alternatives exist because of differing local country tax rates and types and intra‐company transfer pricing options, cost minimization methodologies may inaccurately identify profit‐maximizing global production and distribution plans. Instead, a profit maximization model that explicitly evaluates decisions such as where to incur tax liabilities and how to set intra‐company prices may be required to develop an integrated global manufacturing and distribution plan. In this paper, we discuss and formulate a model that yields profit maximizing global production and distribution plans. We discuss the managerial implications of our results, and the potential applications and benefits of the model.     

云安模式真相

一个广东山区县的自我救赎提到广东,许多人下意识就想到了珠三角,珠三角之外似乎少有人提及.不可否认,富有改革气息的广东创造了珠三角的经济神话,然而珠三角只是广东l7.7万平方公里的小小一隅.这并不是真实的广东,在珠三角高大的身影下,隐藏着广东不为人知的另一面.真实的广东同时在演绎着繁华富庶与偏远贫穷两种完全不同的角色.     

中国对外直接投资行业分布的贸易效应

文章在介绍了中国对外直接投资行业分布的现状基础上 ,分别从服务贸易性投资和非贸易性投资两大方面 ,运用定性和定量相结合的方法来分析对外直接投资在这两种行业范围内所产生的贸易效应。进而得出结论 :某一产业的对外直接投资无论是发展规模还是所占比例与其出口水平都是呈正相关关系的 ,也就是说对外直接投资和出口贸易相互促进、相互影响。     

电子商务推荐系统中协同过滤推荐方法的研究

论文分析了电子商务推荐系统所应用到的协同过滤技术,并针对传统的基于用户的协同过滤推荐系统中所存在的数据稀疏性、算法的可扩展性、冷启动等问题,提出了改进的LSI／SVD降维、特征加权、用户的筛选等协同过滤推荐方法。