振兴东北老工业基地资本运营效益研究

现阶段,东北老工业基地存在着高消耗、低性能、低附加值、产品生产能力过剩等问题,因而,在市场经济的大潮中,造成了竞争力减弱、经济效益下滑的局面.发达国家的实践告诉我们,传统产业高科技化能改变这种局面,但高科技需要大量投入资本,故而需要研究传统产业高科技化资本运营的模式,从而降低高风险,实现高效益.     

信用的生态学诠释与信用生态链的构建

生态学有逐渐与经济学相渗透、相融合的趋势，从而扩展了经济学的研究边界。本文从生态学的视角对信用加以研究，首先介绍了信用生态的理论内涵，其次研究了良好的社会信用生态环境的评价标准，最后对构建和谐的社会信用生态链提出了具体的对策措施。     

Can the Risks of the Kyoto Mechanisms be Reduced Through Portfolio Diversification? Evidence from the Swedish AIJ Program

Through Joint Implementationand the Clean Development Mechanism, reductionsof greenhouse gas emissions achieved abroad canbe credited to domestic firms. However, thetechnical, economic and political risksinvolved may prevent the private sector frominvesting in such projects. This paperdescribes three types of risks which emissionreduction projects are exposed to. Eleven pilotprojects carried out under the ActivitiesImplemented Jointly (AIJ) program and financedby Sweden are evaluated. Actual project costsare found to exceed projected costs in allcases. Annual emission reductions also deviatefrom their expected values and vary stronglyover time, supporting the hypothesis that suchprojects are risky business. The riskmanagement tool portfolio diversification isapplied to a sample of Swedish AIJ projects.The results indicate that diversification canreduce the risks of greenhouse gas mitigationprojects significantly. Thus, carbon funds area promising way of lowering the risks of theKyoto Mechanisms for private sector investors.     

投资选择权约束、意见分歧与中国股市风险

特定的股票总是被市场上特定的投资者群体持有 ,以反映该投资者群体对投资资产价格的评估意见。投资者意见的分歧会导致股票市场的资产出清价格偏离均值 ,股票价格趋于均衡的波动幅度也会变大。中国股市上投资者投资选择权的约束加大了投资者的意见分歧。扩大投资者的投资选择权来促进投资者意见分歧程度的缩小能有效降低中国股市的风险。     

反向抵押贷款风险研究

反向抵押贷款作为一种金融产品,其核心问题是风险管理,但目前国内对于反向抵押款风险的研究仅仅停留在简单对国外文献的翻译上,并未结合中国实际进行具体分析.结合中国具体实际对反向抵押贷款中的三级风险作了详细分析,并对反向抵押贷款中的风险防范提了几点建议.     

论房地产开发风险

明确了房地产开发风险的涵义及其特征，阐述了房地产开发面临的主要风险；并剖析了导致房地产开发风险的诸多因素，提出了处置房地产开发风险的具体措施。     

医药营销战略风险评价与控制

本文通过A-FA法评价了医药企业在营销战略实施过程中的风险,建立了相应的风险等级,并提出了风险防范措施。     

OWNERSHIP STRUCTURE AND FIRM EXIT ROUTES

ABSTRACT

Our study presents empirical evidence about the role of ownership structure for firm exit probability by explicitly differentiating between distinct exit routes (bankruptcy and forced liquidation, voluntary liquidation, mergers and acquisitions – M&A, and removal from the court register). Based on the population of Slovenian firms in the 2006–2012 period and using multinomial probit, our findings support the predictions of agency theory. Ownership concentration, share of the largest owner, and the difference in shares between two largest owners all decrease the likelihood of exit for all studied exit routes but M&A. The magnitude of their impact is largest for exits, in which owners play a decisive role, i.e. voluntary liquidation and removal. The link between the number of primary owners and exit likelihood is U-shaped with the lowest exit probability for firms with around two owners.     

我国中西部县域实施PPP模式的风险探究

在问卷调查的基础上，构建我国中西部县域PPP模式的风险因素评价指标体系。经过风险指标权重的计算，从19个风险中筛选出9个制约中西部县域PPP项目的关键风险因素，并通过相关检验和因素分析将其划分到4个关键风险组群，分别为政治风险、经济风险、市场环境风险和合作风险。结果显示：政治风险为制约PPP发展的最主要风险组群，而项目收益不足则是评分最高的单项风险因素。     

Var模型与我国的金融风险管理

Var模型作为金融风险量化管理的有效方法，在国际金融界得到了广泛的认同和应用。本文介绍了Var模型的基本思想及Var值估算的三种具体方法，并对Var模型在中国金融风险管理中的应用前景进行了分析和展望。