互联网科技众筹金融生态风险控制体系构建

互联网科技众筹将民间资本与中小微企业科技创新项目对接,能有效解决中小微企业融资难题。目前互联网金融生态乱象丛生,互联网科技众筹发展尚不完善,建设互联网科技众筹金融生态应重点落地风险控制体系。运用金融生态系统理论,基于互联网科技众筹业务模式,梳理了互联网科技众筹金融生态风险控制体系逻辑与架构,从生态主体风险行为、生态环境内外部风险、生态关系风险类别3个角度总结分析互联网科技众筹金融生态当前存在的风险,研究与构建了互联网科技众筹金融生态风险控制体系,并从发挥生态主体作用、促进生态环境改善、维持生态关系平衡3个方面提出建议。     

科学、价值与判断在环境影响评估架构中之整合

公共政策研拟,尤其是环境影响评估,不仅牵涉技术性科学层面,同时涵盖社会性价值评估与政策性决策判断。旨在探讨如何将科学、价值与判断等因素合理融合于环境影响评估作业过程中,并据此研拟一环境影响评估架构,作为中国台湾地区环保部门开发案审核依据之参考。本文所研拟之环境影响评估架构的理论基础包括社会选择理论、社会判断理论及多属性评估方法。通过社会选择理论分析环境政策制定的机制;通过社会判断理论解释科学与价值如何整合于政策制定及其可行性中;而通过多属性评估方法建立开发案评选的集体决策技术。以山坡地开发为例说明此架构在实践中的应用。     

Natural resource rents and internal conflicts: Can decentralization lift the curse?

We study how natural resource rents affect the risk of internal conflict within countries and how the federal structure of countries influences this relationship. Natural resource abundance may induce excessive rent-seeking and thus increase the risk of internal conflict. Fiscal and political decentralization as an institutional arrangement for rent-sharing and political codetermination of regions within a country may limit the destructive effect of natural resource rents on internal stability. Using cross-country and panel data from more than 90 countries covering the period 1984–2004, we find evidence that natural resource rents indeed increase the risk of internal conflict, but this relationship is significantly mitigated by political decentralization.     

高新技术企业R&D联盟风险评价指标体系研究

R&D联盟是高新技术企业参与市场竞争和获得技术优势的有效路径和重要模式,但也具有较高的风险。针对R&D联盟可控的风险因素进行了分析,构建了高新技术企业R&D联盟风险评价指标体系,并给出了指标采集及应用方法。     

竞争性战略联盟中合作绩效的影响因素分析

提出了风险、信任、合作模式和联盟绩效之间的概念模型,采用方差分析的方法,对概念模型包含的各种假设做实证分析。研究结果表明:我国的竞争对手之间的合作是非理性的,信任不是建立在合作绩效的基础上,合作中往往不考虑风险对绩效的影响,只重视股权合作的方式。     

Q‐FACTORS IN EMPIRICAL ASSET PRICING: A REVIEW AND SYNTHESIS

The latest development in the asset pricing literature is the emergence of empirical asset pricing models comprising q‐factors (profitability and investment factors) in conjunction with other factors. However, as in the case of the older empirical models, there is scepticism regarding the application of these newer factor models consisting of q‐factors because of the debate surrounding the explanatory power of these empirically inspired asset pricing models. This review attempts to synthesize studies pertaining to the four alternative explanations of the asset pricing models comprising the q‐factors (profitability and investment) – the data snooping hypothesis, the risk‐based explanation, the irrational investor behaviour explanation and the interpretation that suggest that the combination of the risk‐free asset and the factors comprising the model span the mean‐variance efficient tangency portfolio that prices the universe of assets.     

浅谈金融危机下我国商业银行的内部控制

我国商业银行的内部控制正处于不断完善与发展的阶段,2007年至今的金融危机不可否认的为商业银行的内部控制提出新要求,但同时也为银行提供了一个发展壮大的良机。本文通过分析当今经济形势以及国内外的商业银行内部控制情况,为我国商业银行的内部控制制度提供了内部控制模式重构、提升人员胜任能力、提高内部审计的独立性、提升风险管理水平、严格控制贷款流向以及提高上市商业银行内部控制的披露质量的对策。     

中国股票市场市盈率的检验分析

市盈率高低是我国股市的关注焦点之一。本文在比较国外证券市场的市盈率之后认为我国的市盈率偏高。这种推测得到我们理论研究和模型结论的支持,我国股市市盈率由于系统风险的掩藏、股票初始发行价偏高和股市投机性等因素而呈现较高的倍数。从2004年我国股市市盈率开始下降,逐渐接近我们模型的估计值。此外,我们实证分析认为,市盈率的高低与GDP增长、股票收益波动和国有股比重等因素不存在严格的变动关系,市盈率呈现出一种随机游走的态势,市盈率不是稳定的区间值,而是一系列的动态的时间序列变量值。     

Risk-based classification of supplier relationships

The management and exploitation of external resources has increased and become a new source of business success. This has given rise to various new risks and therefore increased the need for collaborative risk management and learning. The objective of this paper is to explore the differences in risk management and learning across supplier relationships classified through network risks. The paper provides a theoretical review of supplier relationships and risk management, as well as a survey-based empirical study conducted in one case company's supply network. A set of network risks and risk-management measures is developed by means of factor analysis, and a supplier classification by means of cluster analysis. According to the results, the exploitation of collaborative risk management and learning is highest among the most strategic supplier relationships. A classification typology based on suppliers’ opinions helps both parties in the relationship and enables the efficient exploitation of mutual risk management with collaborative learning as one of its keystones.     

A hybrid modeling approach for resilient agri-supply network design in emerging countries: Colombian coffee supply chain

Sustainability and resilience in Agri-Food Supply Chains is a challenging topic of current interest in the research community. Resilience for Agri-Food Supply Chain (AFSC) is the capability of the supply network to manage and mitigate disruptions due to global warming and natural phenomena such as landslides and floods of crops, among others caused by humans. A significant challenge is to design efficient and resilient AFSCs in emerging countries while perishability constraints are considered. A methodology to design an AFSC for emerging countries is addressed in this research. The phenomena that aid in identifying critical aspects of the AFSC affecting their resilience are identified. The former approach combines optimization and simulation schemes by considering resilience metrics related to availability and connectivity. Indeed, the solution approach addresses the uncertainty by using simulation of disruptive events and finding resilient designs using mathematical programming. The proposed framework has been evaluated in a Colombian coffee supply chain. The obtained results show the efficiency of the proposed scheme to design AFSCs and allow the practitioners to measure, predict, compare, and improve the level of resilience of their supply chains (SCs).