“三区联动”发展战略的中外对比研究及启示

三区联动是一种正在探索中的新型城区发展模式,也是社会经济发展的必然趋势和要求。斯坦福大学与硅谷的合作关系已成为建设新型创新经济圈的风向标,对我国城市依托大学发展具有一定的借鉴和启示作用。通过对中美"三区联动"实际案例的分析,对"三区联动"发展战略进行审慎思考,提出今后的发展策略与建议,以期为实现我国大学、社区、科技园区三者的良性互动提供现实指导依据。     

论证券市场微观效率研究的四个层次

通过对有效市场理论对市场微观效率的理解及对证券市场微观效率的四个层次的分析,提出了对市场效率研究内涵重新界定的现实意义,并对此进行了阐释。     

安徽省庐江县农业水价综合改革探索与实践

以安徽省庐江县农业水价综合改革为例,介绍水权划分、水价机制和工程管护机制等主要环节的实践情况。围绕农业水价综合改革的目标,协同推进工程节水、管理节水、政策节水,创新农业用水管理机制,并在用水协会组建和农田水利工程管护等方面进行探索与实践。针对农业水价综合改革面临的新形式,提出相应建议。     

中央财政扶贫资金使用效率的实证分析

在中国扶贫工作的30余年中,政府特别是中央政府财政扶贫资金投入的力度逐年加大,对于贫困人口数量的减少、贫困人口收入的增加起到了至关重要的作用。但是,同时我们应该看到,由于制度的缺陷,当前财政扶贫资金的使用效率是较为低下的。如何提高资金的使用效率,保证中国扶贫目标的顺利实现,是当前乃至今后一段时期内需要思考的重要问题之一。     

服务业顾客要求、顾客期望与顾客满意

本文对顾客要求、顾客期望和顾客满意的概念进行了阐述,并在此基础上提出了顾客要求、顾客期望和顾客满意在三个不同层次上相应的内容。最后,结合服务业给出了组织运作管理的启示。     

军事供应链响应时间结构模型研究

根据军事供应链起点时间的一种观点，运用环节分析的方法，建立军事供应链的响应时间结构模型，并分析了响应时间各个环节的工作。     

国外支持欠发达地区开发的金融政策及其启示

许多国家在促进欠发达地区开发进程中,均不同程度实行了倾斜的金融政策,极大促进了这些地区的发展.为适应我国欠发达地区经济社会发展的需要,我们应注意借鉴国外金融支持欠发达地区开发的经验,在提升金融服务功能、创新融资方式、制定区域化货币政策、改进金融组织体系、扩大政策性银行支持范围、培育长短期资本市场和启动民间资本等方面进行改进和创新.     

Generalized log-normal chain-ladder

ABSTRACT

We propose an asymptotic theory for distribution forecasting from the log-normal chain-ladder model. The theory overcomes the difficulty of convoluting log-normal variables and takes estimation error into account. The results differ from that of the over-dispersed Poisson model and from the chain-ladder-based bootstrap. We embed the log-normal chain-ladder model in a class of infinitely divisible distributions called the generalized log-normal chain-ladder model. The asymptotic theory uses small σ asymptotics where the dimension of the reserving triangle is kept fixed while the standard deviation is assumed to decrease. The resulting asymptotic forecast distributions follow t distributions. The theory is supported by simulations and an empirical application.     

Institutions and Capital Structure: The Case of Chinese Property Firms

Different institutional features have been found to affect capital structure decisions, but their connections to corporate finance theories are not always clear. This study aims to assess the predictive power of the agency and pecking order theories in two distinct information environments. The strategy is to compare two similar groups of property firms listed on the Mainland and Hong Kong stock exchanges respectively. Both groups operate in the Mainland property market and are subject to the same tax code, but the degrees of transparency and integrity of the stock markets are weaker for the Mainland-listed firms. We find that factors related to agency conflicts and information asymmetries exert a stronger influence on the capital structure decisions of Mainland-listed firms than on those of the Hong Kong-listed firms. This is confirmed by a test of the agency theory using such corporate governance factors as managerial shareholding and shareholding concentration and by a test of the pecking order theory using an error correction model. A further test on the increments of R-squared in the regression models shows that variables derived from the two theories better explain the variations of the capital structure of Mainland-listed firms than those of Hong Kong-listed firms.