城市污水处理行业的激励性价格管制

本文在借鉴雪理佛和巴杰夫特提出的区域间比较竞争模型基础上,引入利润率和质量系数,构建了两阶段污水处理区域间比较竞争定价模型,主要运用数据包络分析方法确定标杆企业,以促进污水处理企业之间的比较竞争。并以浙江省污水处理行业为例,运用聚类分析方法对污水处理企业的异质性进行区分与分类,对典型的污水处理企业进行价格测算,为污水处理行业实行激励性价格管制提供理论依据。     

International Competitiveness: A Case Study of American,Swedish, and Ukrainian Forest Industries

ABSTRACT

The objectives of this article are to assess changes in the international competitiveness of the forest products industries in three countries (Sweden, the US, and Ukraine) during the years preceding, during, and after the recent economic crisis. To deepen the exploration of the three countries’ competitiveness, we propose a Cross-Country Relative Competitiveness Index. The results show that comprehensive measurement of comparative and competitive advantages is essential for determining why a given industry in a given country is doing well or badly. They also provide broad background information for subsequent, more detailed explorations of important changes and trends.     

ROBUST ASSET ALLOCATION WITH BENCHMARKED OBJECTIVES

In this paper, we introduce a new approach for finding robust portfolios when there is model uncertainty. It differs from the usual worst‐case approach in that a (dynamic) portfolio is evaluated not only by its performance when there is an adversarial opponent (“nature”), but also by its performance relative to a stochastic benchmark. The benchmark corresponds to the wealth of a fictitious benchmark investor who invests optimally given knowledge of the model chosen by nature, so in this regard, our objective has the flavor of min–max regret. This relative performance approach has several important properties: (i) optimal portfolios seek to perform well over the entire range of models and not just the worst case, and hence are less pessimistic than those obtained from the usual worst‐case approach; (ii) the dynamic problem reduces to a convex static optimization problem under reasonable choices of the benchmark portfolio for important classes of models including ambiguous jump‐diffusions; and (iii) this static problem is dual to a Bayesian version of a single period asset allocation problem where the prior on the unknown parameters (for the dual problem) correspond to the Lagrange multipliers in this duality relationship. This dual static problem can be interpreted as a less pessimistic alternative to the single period worst‐case Markowitz problem. More generally, this duality suggests that learning and robustness are closely related when benchmarked objectives are used.     

谈加权平均资本成本法在个别项目评估中的应用

现实当中,由于企业暂时无需纳税,资本结构当中债务融资比例不固定,个别项目与企业整体资产风险差异较大等因素的存在,使得直接运用加权平均资本成本(WACC)对个别项目进行价值评估和资本预算分析容易产生较大的偏差甚至可能导致错误的决策,因此,对具体项目的风险系数进行调整以正确使用WACC方法进行项目价值评估,从而使得出的结论更为可靠有效,有助于企业更好地进行项目筹资和投资决策。     

The Minimal Entropy Martingale Measure and the Valuation Problem in Incomplete Markets

Let χ be a family of stochastic processes on a given filtered probability space (Ω, F, (F_t)_t∈T, P) with T?R₊. Under the assumption that the set M_e of equivalent martingale measures for χ is not empty, we give sufficient conditions for the existence of a unique equivalent martingale measure that minimizes the relative entropy, with respect to P, in the class of martingale measures. We then provide the characterization of the density of the minimal entropy martingale measure, which suggests the equivalence between the maximization of expected exponential utility and the minimization of the relative entropy.     

六西格玛下的质量成本优化模型研究

文章通过分析传统质量成本优化模型的局限性和六西格玛质量管理的特点,提出以绝对量模型和相对量模型为基础,构建六西格玛质量管理下的质量成本优化模型,促使产品质量由三西格码到六西格玛不断提高,企业的利润不断增加,质量成本占销售额的比重不断下降。