我国农村社会养老保险证质押贷款模式选择

农村社会养老保险证质押贷款既是一种新的农户融资模式,同时又是一种新的农村社会养老保险基金投资方式,它将农户眼前的融资需求与未来的养老保障需求有机地结合在了一起,这对促进我国农村社会养老保险和农村金融的发展具有重要意义。"呼图壁模式"和"四川通江模式"是目前我国两种典型的养老证质押贷款运行模式。本文通过对这两种模式的比较,认为我国农村社会养老保险证质押贷款应选择"呼图壁模式",并进一步提出了完善"呼图壁模式"的对策建议。     

金融交易中信用担保的动态定价机制:理论与应用——基于金融期权视角的首次探讨

信用担保业为实现可持续性发展目标,必须实行按担保的理论价格收费原则。本文从分析信用担保的金融期权特征入手,在金融期权价值分析基础上,从金融学角度首次证明了布莱克—舒尔斯定价模型,并将该模型直接应用于信用担保的定价,从理论上构建了基于金融期权视角的信用担保动态定价机制。本研究为解决我国信用担保的科学定价问题,提供理论上的参考,对于加快实现我国信用担保业的可持续发展具有非常重要的理论与现实意义。     

Service customization: To upgrade or to downgrade? An investigation of how option framing affects tourists’ choice of package-tour services

Package-tour operators often tailor trips to fit travelers’ personal requirements to create higher customer value. In practice, there are various options available for presenting an identical package tour to potential customers. This research investigates how option framing influences travelers’ decision making in a package-tour customization task. Based on a behavioral study and a logistic regression analysis, our results show that: (1) when both upgrading (i.e., starting from an economic package and customizing upwards) and downgrading (i.e., beginning with a luxury package and customizing downwards) methods are available, more consumers prefer upgrading to downgrading; (2) consumers customize their tour packages to a higher total price in the downgrading condition; (3) after separating peripheral service from core service attributes, our results further reveal that option framing affects peripheral services more than core services; and (4) consumers who are quality conscious and promotion-focused are more likely to choose a downgrading method for package-tour customization. Combined, these findings offer important managerial implications for travel companies.     

基于期权理论的动态证券资产配置策略研究

本文试图通过对基于期权理论的动态证券资产配置策略进行研究,针对中国金融市场的不同行情走势,利用期权理论固定比例投资组合保险策略(CPPI)与时间不变性投资组合保险策略(TIPP)方法,设计保本型产品的投资组合保险策略.该策略以保本为第一考虑,可在保本的基础上,在最大程度上实现参与股市上涨的收益.     

银行不良资产的估价体系研究

本文对银行不良资产的估价问题进行了全面和系统的研究，尝试建立了银行不良资产的估价体系。本文首先提出了对银行不良资产估价应该具备的制度环境；在对不良资产的特点和估价对象进行研究的基础上，得出了银行不良资产的价值是由不良资产的基础价值和期权价值两部分组成的结论。针对不良资产的基础价值的估价问题，本文系统构建了模拟清算价格的评估方法。对于不良资产的期权价值问题，本文在提出不良资产的期权价值理论的基础上引入了实物期权定价方法的分析框架。     

EVA应用于薪酬激励制度的思考

本文描述了EVA的基本原理,在深入探讨传统薪酬激励制度及其弊端的基础上,系统地研究了EVA在薪酬制度中的应用,包括奖金数额的确定、奖金银行以及与EVA奖金计划相结合的杠杆股票期权;此外,分析了EVA薪酬激励制度所具有的特点     

职业经理人激励与约束机制若干问题研究

随着市场经济的逐渐成熟,针对职业经理人的激励与约束问题已越来越成为决定企业成败的关键。本文从激励与约束的经典理论出发,来揭示职业经理人激励与约束方面存在的问题,进而提出完善职业经理人激励与约束机制的建议与措施。     

Social tie, social capital, and social behavior: Toward an integrative model of informal exchange

What is the unique nature of social capital that differentiates itself from other forms of capital? How should we conceptualize and operationalize social capital? What are the major drivers and outcomes of social capital? To address the three questions, I apply the duality lens—the perspective of regarding each entity as a paradox consisting of two contrasting yet interdependent components—to social capital for an integrative model of informal exchange. The focus of this paper is on the duality relationship between the content variables (social tie, social capital, social behavior along two basic dimensions: trust for tie strength and option for network structure) and the process variables (antecedent, content, process, and consequence) toward a geocentric framework of formal–informal exchange. I intend to make two contributions. First, the conceptualization and operationalization of social capital is developed from the duality lens of formal–informal exchange so as to identify the unique nature of social capital as an informal entity. Second, a holistic, dynamic, and dialectic model of social capital is provided to explore the causal links between various elements related to social capital.     

上下游投资者进入高新技术产业基地时机研究

运用期权博弈理论探讨上下游投资者之间在受到协同效应和拥挤效应同时影响的情况下,投资者如何作出进入决策,以及投资者作出进入决策之间的相互影响。研究表明,拥挤效应加速了投资者进入基地,而协同效应则会推迟投资者进入基地,所以投资者需要根据这两种效应的大小来选择进入策略。当拥挤效应的作用占据主导地位时,投资者有动力抢先进入基地; 当协同效应的作用占据主导地位,而拥挤效应处于次要地位时,投资者选择等待从而作为跟随者进入基地; 当拥挤效应与协同效应的相互作用基本可以抵消时,每一个投资者都没有动力抢先进入,最终形成同时进入均衡。     

Capital building through gym work

This research employed Pierre Bourdieu’s model of capital accumulation to frame the benefits conferred by gym use. Thirteen participants from four gyms in Melbourne, Australia, were purposefully selected for in-depth interviews, where detailed case histories were solicited, and data were analysed using a narrative coding model. Results indicated that the two most highly valued forms of capital were bodily capital and psychological capital. All 13 participants cited gym work as the means by which they built a better looking and better functioning body. They also advised that gym work had strengthened their self-esteem and psychological resilience, which, in turn, enabled them to present themselves more confidently in their various social roles outside the gym. In contrast, these 13 gym users accrued low levels of cultural and symbolic capital through their activities, and contrary to previous studies, also secured little social capital from gym work.