我国旅游景区门票多目标定价机制研究

传统产品定价研究大都从市场供需出发,以利润最大化来设置产品价格.然而景区门票价格是由市场因素和政策因素共同作用形成,景区门票定价不仅要满足景区经营方的利润最优目标,还应符合景区的生态承栽能力和社会福利目标.文章通过建立景区基于利润最优目标、生态承裁力目标和社会福利最优目标模型,证明了当追求利润最大化目标时,景区应该以产业利润最大化来制定门票价格;当景区生态承载能力低于产业利润最优的游客数量时,票价应该根据生态承栽人数来制定;当公共景区基于社会福利最优定价时,完全免费并不一定是社会福利的最优选择.在此基础上,对多目标定价机制进行比较分析,并结合杭州西湖景区案例对多目标门票定价机制进行了动态综合研究.     

企业财务管理目标的合理选择——企业价值最大化

财务管理目标是企业在特定的理财环境中通过组织财务活动和综合处理财务关系所要达到的根本目的.本文在分析我国目前关于财务管理目标的观点的基础上论述了企业价值最大化是财务管理目标的合理选择.     

基于资本管制下的汇率预期与贸易收支的实证研究

本文基于我国资本管制的现状,将汇率预期变量引入贸易收支决定的模型中,对我国贸易收支的影响因素进行实证分析,发现人民币汇率预期与我国贸易收支相互影响,人民币升值预期促使贸易顺差扩大,而顺差扩大又进一步加剧升值预期,形成累积效应,因此,在当前金融危机在全球不断扩散,市场对人民币出现贬值预期的背景下,应采取积极的措施以防止投机资本通过贸易渠道撤离,从而避免对我国贸易收支和宏观经济稳定产生不良影响。     

经济资本:商业银行经营革命

基于风险调整后的资本收益率模型的经济资本的概念,20世纪90年代后期被欧洲和美国的一些大型商业银行广泛应用.作为现代商业银行经营管理的"核心技术",它广泛运用于商业银行经营管理的各个层面,为商业银行的经营管理提供了科学的标准和依据.本文将从资本监管、绩效考评、风险控制和经营理念四个方面阐明经济资本在风险管理方面的卓越功效,旨在阐明它所蕴含的理念对于推动我国商业银行由粗放经营转向集约经营所起的革命性作用.     

Flat versus spatially variable tolling: A case study in Fresno,California

A number of studies have examined the feasibility of temporal variations in tolls. However, spatial variation in tolls has not received much attention, especially in practice. Spatial variation could effectively reduce congestion and increase profits. To fill this gap, we conduct an empirical application on 3 different road segments using the Fresno, California's transportation planning model. Our modeling results in a number of interesting insights. First, the derived optimal flat toll values are very close to the average variable tolls, but the effects of applying spatially variable tolls on improving total revenues (from 4% to 24%) and total improved travel time (from 18% to 1083%) measures are significant. Second, spatially variable tolls are more effective, but more costly, particularly for arterials, which can be attributed to the higher number of access points for arterials. Third, spatial variations in tolls are more effective for peak hours than for off-peak hours and for social optimization than for profit maximization. Fourth, to improve throughputs for both profit maximization and social optimization, the prevalent tolling pattern along a corridor induces lower final volumes per capacity (V/Cs) (after pricing) at the mainline flow sections and relatively higher final V/Cs at the entrance and exit (boundary) points. Finally, optimal toll patterns are not dependent on vehicle miles traveled (VMTs) or volumes but, rather, are related to targeted V/Cs. Therefore, flow-dependent charges along a corridor should be based on V/Cs rather than on volumes or VMTs.     

Empirical analysis of profit maximization and cost minimization behaviour of Kansas farms

A farm-level deterministic and stochastic nonparametric tests of profit maximization and cost minimization behaviour for a sample of 112 Kansas farms was completed from 1996 to 2013. Allowing for monotonic non-regressive technological change and using a 10% significance level, 73 farms violated the profit-maximization hypothesis and 58 farms violated the cost minimization hypothesis. More profit maximization violations existed relative to cost minimization violations. However, comparing these results with results for 289 Kansas farms using data from 1973 to 1990, farms have significantly reduced profit maximizing violations. Cost minimizing behaviour has not changed substantially.     

PORTFOLIO CHOICE VIA QUANTILES

A portfolio choice model in continuous time is formulated for both complete and incomplete markets, where the quantile function of the terminal cash flow, instead of the cash flow itself, is taken as the decision variable. This formulation covers a wide body of existing and new models with law‐invariant preference measures, including expected utility maximization, mean–variance, goal reaching, Yaari's dual model, Lopes' SP/A model, behavioral model under prospect theory, as well as those explicitly involving VaR and CVaR in objectives and/or constraints. A solution scheme to this quantile model is proposed, and then demonstrated by solving analytically the goal‐reaching model and Yaari's dual model. A general property derived for the quantile model is that the optimal terminal payment is anticomonotonic with the pricing kernel (or with the minimal pricing kernel in the case of an incomplete market if the investment opportunity set is deterministic). As a consequence, the mutual fund theorem still holds in a market where rational and irrational agents co‐exist.     

关于承保周期理论的文献研究

西方发达国家保险市场经长期发展已较为成熟,并表现出周期性波动的现象,这也受到了保险业内人士和学者的关注。其中波动变化最显著的为承保业务及收益的规律变化。文章综述了国际上研究承保周期的学说文献,探讨各种理论的观点及特色,全面梳理承保周期的研究情况。     

论产权制度下财务管理目标的定位

建立现代产权制度已经被正式提上日程,与其密不可分的会计学、审计学和财务管理学也需要我们的重新审视,以有利于现代产权制度的建立和我国社会主义经济的发展。本文从现代产权理论入手,指出财务管理目标是相关者利益最大化,并通过对企业价值最大化、股东财富最大化和相关者利益最大化三者关系的分析,得出财务管理目标在现代产权制度下具有一致性的结论。     

China's Generation Y's Expectation on Outbound Group Package Tour

This paper aims to identify China's Generation Y's (Gen Y) preference toward joining group package tour (GPT) when traveling abroad and explore their expectations on a number of service attributes. Six service attribute dimensions were identified through factor analysis, including: group leader/local guide(s), optional tour and shopping arrangement, safety, cleanness, and comfortableness, accommodation, activities, and shopping length and frequency. This study confirmed the importance of group leader/local guide(s) with a special emphasis on their honesty. It is found that current group and non-group travelers of Gen Y shared similar expectations on six service feature dimensions, while having different expectations on four service attributes: food hygiene, tour leader's emergency handle ability, Chinese food offering, and park as attraction choice. Results also showed that potential group travelers had higher concern over the factor of group leader/local guide(s) than non-group travelers.