颐中集团人才战略与理论创新

青岛颐中集团历史悠久,近些年来取得了更加突出的业绩。颐中集团独特的人才战略的实施是其成功的主要原因之一。颐中集团独特的人才战略主要表现为:人力资源管理基本战略的制定;采用移动商学院和网络培训等新模式对员工进行培训;"首席技术工人、技师聘任制"取得初步成效;实施"人才管理工程"。     

中国农村新型合作医疗制度的研究

文章全面回顾建国后农村合作医疗兴衰的历程,探讨了农村新型合作医疗制度存在的问题,研究政府和医疗卫生机构作为制度供给主体和服务主体缺位的原因,并提出了完善农村新型合作医疗制度的对策建议,确实保障我国农村居民的社会医疗保障权利。     

内衣用纤维新宠--MODAL(莫代尔)

在纺织技术高速发展的今天,新的纺织纤维不断涌现,MODAL纤维就是其中的一种。由于它的天然、环保性能以及卓越的服用性能得到了大家的好评,在众多新颖的纺织纤维中脱颖而出,尤其得到内衣生产厂家的青睐,展现着它的魅力。     

Can negative interest rates really affect option pricing? Empirical evidence from an explicitly solvable stochastic volatility model

The profound financial crisis generated by the collapse of Lehman Brothers and the European sovereign debt crisis in 2011 have caused negative values of government bond yields both in the USA and in the EURO area. This paper investigates whether the use of models which allow for negative interest rates can improve option pricing and implied volatility forecasting. This is done with special attention to foreign exchange and index options. To this end, we carried out an empirical analysis on the prices of call and put options on the US S&P 500 index and Eurodollar futures using a generalization of the Heston model in the stochastic interest rate framework. Specifically, the dynamics of the option’s underlying asset is described by two factors: a stochastic variance and a stochastic interest rate. The volatility is not allowed to be negative, but the interest rate is. Explicit formulas for the transition probability density function and moments are derived. These formulas are used to estimate the model parameters efficiently. Three empirical analyses are illustrated. The first two show that the use of models which allow for negative interest rates can efficiently reproduce implied volatility and forecast option prices (i.e. S&P index and foreign exchange options). The last studies how the US three-month government bond yield affects the US S&P 500 index.     

The Impact of Farmland Transfers on Agricultural Investment in China: A Perspective of Transaction Cost Economics

There is growing concern that farmland transfers lead to less agricultural investment, which may adversely affect agricultural productivity growth in China. Prior research has primarily focused on the differences between owned cultivated land and rented plots, but little is known about how farmland transfers between relatives, which are popular in rural China, specifically affect agricultural investment. In this paper, we present a conceptual framework of transaction cost economics to compare different contracting strategies in China's farmland rental markets. As farmland rental markets in China are immature, land transfer between relatives establishes bilateral governance, which has the advantage of addressing the opportunistic activities of both parties and can ultimately increase investment by tenants. Based on data from two waves of household surveys, we empirically examine the impact of bilateral governance on the application of organic fertilizer, an indicator for agricultural investment. Our findings show that apart from economic factors, kinship is important to the functioning of farmland rental markets in rural areas.     

Retrospect of the Chinese Exchange Rate Regime after Reform： Stylized Facts during the Period from 2005 to 2010

In the present paper, we estimate the de facto RMB exchange rate regime, the currency basket, the floating band and the foreign exchange market pressure before and after the reform of the Chinese exchange rate regime in 2005. We find the following stylized facts： the value of the RAIB became stable after the reform; the weight of the US dollar remained high in the basket, while other currencies remained statistically significant; and the floating band gradually increased to lO percent during 2005-2008, and then greatly narrowed from the late summer of 2008 under the assumption of a yearly resetting interval. We find that the foreign exchange market pressure increased from 2005 to 2008. A possible reason is that the weight of the US dollar in the basket was slightly lower than the share of the US dollar in total transactions on the Chinese foreign exchange market. Therefore, it is reasonable for China to adopt a dollar peg exchange rate regime.     

Coca-Cola's Acquisition Over Huiyuan Juice

China's Anti-Monopoly Law,the foundation stone of the market economy,started to be implemented since August 1st 2008.After half a year of investigation,.Coca Cola's acquisition of Huiyuan Juice was put to a stop by Ministry of Commerce on March 18th 2009.It became the first abortive case since the implementation of the Anti-Monopoly Law and caused strong repercussions home and abroad.While the nationalists applauded for the decision,overseas media generally took a skeptical attitude,considering it as a case of trade protectionism.This phenomenon requires a rational interpretation and guidance for the domestic and international media.On the one hand,acquisition by foreign capital may bring advanced technology and management experience and promote economic development;on the other hand,it may lead to the monopoly of relevant market,hamper competition and cause some domestic brands to disappear.We should look at Coca Cola's acquisition of Huiyuan Juice from two aspects.     

再论中国金融体系的脆弱性

本文的目的就是通过验证我国金融体系在不完全市场的制约条件下,能否发挥"价值创造、价格发现、风险分散、流动性供给、信息生产和公司治理"这六大基本功能,以及通过进一步检验货币政策的有效性,来揭示当今中国金融体系脆弱性的表现及其症结所在.论文通过分析发现,目前影响我国金融体系"健全性"的两大基本要素是房地产价格和流动性,它们直接左右银行的信贷行为;相反,利差幅度和基础货币的调控却没有显著的制约效果.所有这些特征都恰恰反映了我国金融体系的基本功能至今为止还没得到有效的发挥.     

消费行为、产出变化与经常项目动态

国内吸收法认为,当国内需求没有完全吸收其产出时,就会通过净出口产生贸易顺差.中国持续的经常项目顺差似乎与消费需求不足有关.收入是决定居民消费需求的最基本因素之一.本文通过实证分析我国居民的消费与收入变化的关系来考察我国居民的消费需求,结合国内吸收法的思想来分析我国的经常项目动态.     

商业银行内部控制低效的成因及模式重构

我国商业银行金融风险的产生多是由内部控制低效造成,而内部控制低效又源于控制模式的不规范.因此,研究这一课题具有重要的理论价值和现实意义.为探索提高内部控制效果的有效途径,本文在分析我国商业银行内部控制低效成因的基础上,根据COSO报告和ERM的要求,构建了要素式动态控制的立体模式,并对这一模式的构成及其运行方式等进行了深入研究,为商业银行规范内部控制行为和降低金融风险提供了一种行之有效的管理手段.