我国应发展巨灾债券以分散巨灾风险

巨灾风险具有极强的防灾防损需求,但是一旦出险,保险公司面临巨额赔付,威胁着保险公司的经营.因此,通过保险市场与资本市场的结合,推出保险衍生产品,可以优化风险配置,有效转嫁风险.     

试析日语中的汉字和汉语词汇

汉字自古代传入日本后,经过日本人民的学习、使用和探索,创造出较完善的汉字利用法,其读音、字形及词意与汉字有着深厚的渊源,但其中存在着较大的差异,这是每一位学习日语的中国人的难点和应着重注意的问题。     

风险投资中的分阶段投资:一个人力资本的视角

文章通过一个套牢模型分析了在创业者的人力资本专有性向专用性转化过程中,风险资本家和创业者之间"双边承诺"问题的产生,解释了分阶段投资解决这一问题的作用机理.文章认为分阶段投资及与其配合的时间期权和非竞争条款本质上是相互关系专用性投资,合约双方通过相互专用性投资来"捆住"自己的手脚来取信于对方,以解决双边承诺问题,并得出以下结论:非人力资本专用性越强,每一阶段投资量越少;人力资本专用性越强,阶段投资量规模越大;分阶段投资中,每一阶段的投资额是递增的;阶段投资规模与预期收益增量正相关;分阶段投资通常有时间期权和非竞争条款与其配合,起到了在创业者人力资本投资前启动风险资本家投资的作用.     

东亚货币一体化博弈分析

东亚发展中国家与地区如何选择汇率制度一直是个颇有争议的话题。在“欧元”单一货币区成功实施的背景下,寻求货币一体化便成为东亚各国与地区关注的焦点。实际上,东亚货币一体化就是各参与方根据其参与的成本和收益,权衡利弊得失的决策博弈过程,该过程具有两阶段博弈的特征。     

大兴安岭野生缬草的人工栽植技术

在对大兴安岭地区野生缬草资源全面调查的基础上,对北缬草(Valeriana fauriei)和黑水缬草(Valeriana anmmnsis)进行了人工栽培试验研究;阐述了从采种、种子处理、育苗及栽植管理等各环节的关键技术。     

航空公司航线效益分析实证研究

针对以往航线分析中存在评价标准不统一、各类航线分析方法相对类似及主观因素成分较大而造成结果偏差等缺点,提出了一种基于航线贡献能力和增长能力的航线效益分析方法,将航线分为四类,并通过实例对典型航线进行了分析,发现航线运营中的问题,说明了采用此方法进行航线决策的可行性和有效性。     

Which type of tourism matters to the regional economic growth? The cases of Spain and Italy

Recently, the attention given to the importance of tourism in economic growth has significantly increased. However, research in this area mainly refers to international tourism and to the national level. This paper focuses on the influence of tourism on the economic growth of Spanish and Italian regions. Both international and domestic tourism are analysed and geographical location criteria are considered. Dynamic panel data techniques are applied. The results reveal that both international and domestic tourism have a significant and positive role for regional economic growth in Spain and Italy, although the pattern of these effects differs among different types of region. Copyright © 2008 John Wiley & Sons, Ltd.     

Using the Delphi method to assess the potential of Taiwan's hot springs tourism sector

The purpose of the present study is to identify the various factors that influence the competitiveness of the hot springs tourism sector. The research draws on the models of Ritchie and Crouch, Dwyer and Kim, and Enright and Newton, who concluded that destination competitiveness is determined by three major components: resources and attractors, destination strategies and environments. The investigation produced both qualitative and quantitative data using the Delphi technique. An expert panel reached consensus about priorities for the development of Taiwan's hot springs tourism sector and provided written justifications for their responses. This paper reports on the qualitative findings of the three‐round Delphi survey and provides a supply‐side perspective on Taiwan's hot springs tourism sector. An examination of the expert comments concluded that the Taiwanese are increasingly concerned with good health and longevity. This emerging characteristic offers new business opportunities for the providers of hot springs tourism experiences to extend their appeal into health protection and medical treatments. However, if they are to achieve sustainable development and ensure high‐quality visitor experiences, hot springs proprietors will need to work closely with local governments and communities to promote sustainable use of natural hot springs and to conduct routine inspections of spa premises. Overall, the future of the hot springs tourism sector appears to be promising. Copyright © 2008 John Wiley and Sons, Ltd.     

Profitability measurement of UK theme parks: an aggregate approach

Traditionally, financial ratios were used for profitability measurement. This research attempts to apply data envelopment analysis (DEA) to aggregate various financial ratios into a composite profitability index. The research sample includes 13 parks managed by 10 leading theme park operators in the UK. The result first reveals that multi‐site operators are significantly more profitable than their single‐site rivals. Furthermore, the consistency between DEA and ratio analysis indicates that DEA can be used as a good proxy of ratio analysis. It is hoped that this approach can provide new insights about financial measurement not available to managers through ratio analysis. Copyright © 2008 John Wiley & Sons, Ltd.     

Democracy across Gender Diversity and Ethnicity of Middle Eastern SMEs: How Does Performance Differ?

This paper examines the relationship between boards of directors' demographic diversity and firms' financial performance. In particular, we highlight how women and ethnic minorities can affect Middle Eastern SMEs' financial performance. Using an unbalanced panel of 1,855 firm‐year observations of 371 boards of directors from nine Middle Eastern countries, our results support the positive impact of women and ethnic minority group members on Middle Eastern firms' performance. However, our evidence implies that when Western ethnic minority members increase, firms' performances tend to decrease, because these board members are appointed for regional and international board reputation legitimacy, personal business agendas, and links to the external corporate environment.