信贷约束与公平分配的实现

目前收入分配不合理是与我国目前的市场发育水平,尤其是信贷市场密切相关的.本文通过模型证明如果存在信贷约束,那么,一个人即使可以具有学习天赋或具有较高的企业家天赋,也不可能通过贷款等对自身进行人力资本或生产资本方面的投资,以获取更高的收入.也就是说,信贷市场的不完善可能使得低收入群体对初始禀赋存在路径依赖,导致弱势群体收入方面陷入"贫困的恶性循环".并且分析了我国现实中的信贷制度对公平分配的扭曲.     

模糊识别在工程造价估算中的应用

探讨了模糊识别在工程造价估算中的应用,重点就模式库的建立和模式匹配与估算,建立了相应的模糊聚类、模糊贴近度、指数平滑等应用模型,并通过实例对模糊识别的过程进行了计算说明。     

区域合作背景下东北老工业基地的振兴

东北三省是我国重工业投资的集中地区,在我国国民经济中占有相当重要的地位,为我国经济发展做出过重大贡献.但是改革开放以后,东北老工业基地被边缘化了.在经济全球化的背景下,东北老工业基地的振兴需要借助国内和国际两方面的力量.区域合作背景下振兴东北老工业基地的总体思路应以提高区域整体经济实力与竞争力为中心,具体措施要以推进体制创新、优化老工业基地的整体产业布局为主.     

一种简单数字测温电路的设计

针对生产试验中低成本、高精度的需要,利用8位A/D转换芯片TLC549、单片机AT89C2051、放大器AD626和数码驱动芯片74HC595设计测温电路。电路中利用对桥电阻的合理选择改善桥的线性关系。理论分析和实际电路测试结果表明,该电路具有精度高、可靠性高、使用方便等优点。     

Option pricing based on hybrid GARCH-type models with improved ensemble empirical mode decomposition

The exploration of option pricing is of great significance to risk management and investments. One important challenge to existing research is how to describe the underlying asset price process and fluctuation features accurately. Considering the benefits of ensemble empirical mode decomposition (EEMD) in depicting the fluctuation features of financial time series, we construct an option pricing model based on the new hybrid generalized autoregressive conditional heteroskedastic (hybrid GARCH)-type functions with improved EEMD by decomposing the original return series into the high frequency, low frequency and trend terms. Using the locally risk-neutral valuation relationship (LRNVR), we obtain an equivalent martingale measure and option prices with different maturities based on Monte Carlo simulations. The empirical results indicate that this novel model can substantially capture volatility features and it performs much better than the M-GARCH and Black–Scholes models. In particular, the decomposition is consistently helpful in reducing option pricing errors, thereby proving the innovativeness and effectiveness of the hybrid GARCH option pricing model.     

The influencing factors of satisfaction and lending intention in online lending investment: an empirical study based on the Chinese market

This paper develops a platform‐based influencing factors model which considers value perception, risk prevention measure, non‐default experience, trust and incentive gap, to better examine the impact of platforms on investors’ satisfaction and lending intention based on the Chinese market. The results reveal that the first four factors positively influence the satisfaction of the investors, while the incentive gap has a negative impact, and there is a positive association between investors’ satisfaction and lending intention. Some specific features of China’s online lending market are identified, which provides valuable insights for online lending platforms and the government.     

Do significant risk warnings in annual reports increase corporate bond credit spreads? Evidence from China

Based on listed companies issuing bonds on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this study analyzes the relationship between significant risk warnings in Chinese companies’ annual reports and corporate bond credit spreads. The main findings are as follows. First, in the Chinese market, “substantial warnings of significant risks” can significantly improve corporate bond credit spreads, reflecting the risk-warning effect; second, state-owned property rights weaken this effect, which only pertains to listed companies with poor risk management and low information quality; third, significant risk warnings increase investors’ heterogeneous beliefs, also affecting credit spreads; and fourth, through textual analysis, it is found that the corporate bond credit spread is greater when the disclosed risk factors are more pessimistic and less similar to those of the previous year. The findings of this paper help to enrich the literature on credit spreads and risk disclosure.     

对有粘结后张预应力混凝土施工工艺探讨

预应力混凝土施工的关键是如何按照设计要求来建立预应力值,而预应力施加的关键就是混凝土施工工艺,着重探讨有粘结后张预应力混凝土施工工。     

论高职高专英语教学的就业导向性

我国高职高专教育教学的主要目标就是培养应用型技术人才,而在就业市场竞争空前激烈的今天,能够具备一定的外语知识与能力的高职高专毕业生无疑可以占据一定的客观优势。然而,目前我国高职高专的英语教学还是缺乏明确的就业导向性。本文就是从就业市场对高职高专毕业生英语能力的客观要求入手,来探寻我国高职高专英语教学体系改革的发展方向和策略,从而最终提出了以就业市场为导向的高职高专英语教学具体而行之有效的方法。     

国际直接投资与引力模型

本文的模型表明,与国际贸易的引力模型类似,国际直接投资中也存在一个引力模型,即两国之间的国际直接投资总量与两国之间的距离负相关,与两国的经济规模正相关。之所以存在这样的关系,是因为跨国公司往往需要从母国运输部分原材料或者半成品,距离越远则运输成本越高,所以距离成为限制国际直接投资的一个因素。