浅析保险投资的风险控制——以保险公司的视角

中国保监会于2012年颁布了10项关于保险行业投资的新政,这表明我国正逐步放宽对保险业投资的政策管理,鼓励保险公司积极拓宽自身的投资渠道,同时也降低了对保险公司投资比例的要求,这也使得我国保险公司资金投资将面临更多的风险,因此,要拓宽投资渠道,进行投资组合;成立保险投资基金,加大对基金的管理力度;第三方托管养老产业,联合银行机构风险共担;加强风险管理机制,完善激励和约束制度.     

The adequacy of volatility for the elaboration of technology valuation based on real options

When evaluating the economic value of a technology or business project, we need to consider the period and cost for commercialisation. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investments or does not reflect the probabilistic property of commercialisation cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialisation cost, and volatility, while regarding the value of technology and investment as the opportunity value. We provide more elaborated real options model, which reflects the uncertainty in the option pricing model (OPM).     

Probability of information-based trading and the January effect

We investigate the seasonality in the probability of information-based trading (PIN)–return relationship, the ‘January PIN effect’. We find that on average stock returns decrease with PIN in January, in contrast to other calendar months. This pattern is more apparent for small stocks. We argue that this seasonality is related to the January effect. According to the analysis, the December selling pressure associated with the January effect decreases in PIN, especially for small stocks. This suggests that when the price bounces back in January, low-PIN stocks will exhibit a larger return within a small stock group, leading to the negative PIN–return pattern. Furthermore, this seasonality is not the same as other January anomalies associated with momentum and idiosyncratic risk.     

浅析并购估值的企业价值类型

近年随着商业并购的增加,对于企业价值的关注和争论也越来越多,笔者经对诸多观点加以分析后,认为并购企业价值评估中首先要分析判断估值的价值类型。并认为并购评估不同价值类型的价值内涵和假设前提有很大的区别,而被并购企业的投资价值与市场价值的巨大差异是并购的驱动因素。     

International tourists' perceptions of Myanmar as a tourist destination in the crisis: A comparative study among three continents

Myanmar has emerged as a popular tourist destination following its recent political transformation, with the Travel and Tourism sector contributing significantly to the country's GDP. However, the outbreak of the COVID-19 pandemic posed numerous challenges for the global tourism industry and Myanmar, including travel restrictions, border closures, and health concerns. This study examines the levels of satisfaction and inconvenience experienced by tourists from Asia, Europe, and America who visited Myanmar during the early stages of the pandemic. A sample of 202 tourists was collected from Yangon and Myeik, two prominent tourist destinations in Myanmar. Various statistical tests were employed to analyze international tourists' perceptions of Myanmar tourism. The findings revealed that tourists from all three regions expressed satisfaction with the natural scenery, historical sites and architectural design, and traditional costumes offered by Myanmar. The implications of the study are discussed.     

经济增长中制度与管理创新的贡献

加强制度与管理创新可以促进一个国家或地区的经济增长,本文认为广义技术进步一方面表现为科学技术的进步,即资本和劳动质量的提高;另一方面表现为资源配置效率的提高,它们分别是技术创新、制度创新和管理创新的结果.本文以重庆市为例对改革开放以来国民经济增长中制度与管理创新的贡献作了定量分析.     

乡村振兴视角下农村生态治理困境及路径探析

农村生态治理作为乡村振兴的重要议课题,党的十九大以来虽然取得了一系列成效,但是仍然面临着农民生态道德素养尚未养成、农村生态治理各主体协同度不够、农村生态治理的制度体系不完善、农村生态治理宣传教育创新度不强等现实问题。因此,应从提升农民的生态道德素养、增强农村治理各主体的协同度、建立健全农村生态治理制度体系和做好农村生态治理宣传教育工作入手,建立起农村生态治理的长效机制,进而推进乡村振兴战略的实施。     

Cotton market integration and the impact of China's new exchange rate regime

This article studies the integration of China's cotton market with the international market, especially the U.S. market. Investigating the futures prices from the Intercontinental Exchange (ICE) in the U.S. and the Zhengzhou Commodity Exchange (ZCE) in China with several time series models, we find that a long‐run cointegration relationship exists between these two series. The two markets share price transmissions, and based on results from an Autoregressive Conditional Heteroskedasticity (ARCH) model, we find their price volatilities are similar. We argue that China's recent exchange rate reform and its gradual liberalization in bilateral cotton trade since it joined World Trade Organization have had important impacts on these futures markets. Based on these findings, several important economic and policy implications are derived.     

“省直管县”财政改革的意义、内容与相关建议

“省直管县”财政改革是适应市场经济要求建立统一规范的分税分级财政体制的重要制度创新与保障,也是加快县域经济发展、缓解县级财政困难的重大创新举措。“省直管县”财政改革将为行政上的“省直管县”改革和降成本、提效率创造条件、铺平道路,因此,应认真总结试点经验,积极稳妥地推进“省直管县”财政改革和行政改革。     

异常天气保险应纳入上海世博会应急机制

本文对上海世博会期间的异常天气保险进行了设计,并提出了政府给予一定补贴建立异常天气保险制度、引入专业保险中介、完善异常天气保险相关法律法规、提高保险和气象专业服务水平等政策建议。