试论战略性作业成本管理的应用

战略性作业成本管理,是以作业为基础与企业战略相结合的一种全新的成本管理领域,战略性作业成本管理在产品结构和定价、客户关系管理、供应商的选择和供应商关系管理、产品设计和开发方面的应用对企业制定正确的战略决策具有极大价值,是企业获取有利的竞争优势的有效工具。     

Asymmetric effects of industrial production,money supply and exchange rate changes on stock returns in Turkey

The aim of this article is twofold: First, it examines the asymmetric effects of industrial production, money supply and RER on stock returns in Turkey by using the non-linear autoregressive distributed lag (NARDL) model over the periods of 1994:01–2017:05 and 2002:01–2017:05. Second, it tries to determine whether there is a change of these macroeconomic variables’ effects on stock returns after the 2001 financial crisis since after 2002 period represents a structural break from the past in terms of economic, political and macroeconomic policy approaches. The study finds that the effects of the changes in industrial production, money supply and RER on stock returns are asymmetric, and the asymmetries are larger after the 2002 subsample compared to the full sample period. The empirical results further suggest that tight monetary policies appear to retard the stock returns more than easy monetary policies that stimulate them.     

基于价值链思想的作业成本法研究

首先,论述了基于价值链思想的成本管理方法如何弥补传统成本管理方法存在的诸多局限性;而后,对基于价值链思想成本管理的具体应用——作业成本法(ABC)进行研究,对其传统模型加以改进;同时,对存在的主要问题构建简单数学模型加以解决。     

"非市场经济国家"在国际反倾销中对我国的影响

我国改革开放20多年，已成功地从计划经济转向市场经济。但在国际反倾销中，何为市场经济国家与非市场经济国家，并无一个统一的客观标准。一些国家(特别是欧美)基于经济和政治利益，根本不考虑客观实际情况，常把我国视为“非市场经济国家”，对我国实行不公平，不合理的贸易待遇和不平等的反倾销规则。这在过去，已经使我国对外贸易遭受了很大损失，在将来一段时间内还会进一步严重影响我国的对外贸易的发展。     

基于循环经济的"绿色会计"再认识

本文从循环经济呼唤绿色会计入手，探讨了基于循环经济下的绿色会计再认识：绿色会计是区别于传统会计的新型会计；绿色会计是打造和谐社会的和谐会计；绿色会计是更具战略意义的管理会计；绿色会计是需要全面参与的行动会计；构建绿色会计理论体系。     

关于高校创造性教育的思考

创造性教育是高等教育的重要任务和目标。高校创造性教育的基础是心理健康教育。创造性教育与心理健康教育是相互作用、相互促进的互动关系；高校创造性教育的关键是个性教育。个性教育的最终目标是发展学生的创造力，使之成为创造型的人才；高校创造性教育的途径是教学活动。创造性人才的培养，有赖于学校创造性的教育，而学校实施教育的途径是教学。     

旅游活动对环境的负面冲击综合分析

旅游业并非真正意义上的“无烟工业”,旅游活动对环境的负面冲击表现在方方面面,本文从暴露的地质表面、矿物及化石、土壤、水资源、植物、野生动物、空气品质、环境卫生、景观美学和文化环境八个方面对旅游活动对环境的负面影响进行了综合分析。     

Intraday Empirical Analysis and Modeling of Diversified World Stock Indices

This paper proposes an approach to the intraday analysis of diversified world stock accumulation indices. The growth optimal portfolio (GOP) is used as reference unit or benchmark in a continuous financial market model. Diversified portfolios, covering the world stock market, are constructed and shown to approximate the GOP, providing the basis for a range of financial applications. The normalized GOP is modeled as a time transformed square root process of dimension four. Its dynamics are empirically verified for several world stock indices. Furthermore, the evolution of the transformed time is modeled as the integral over a rapidly evolving mean-reverting market activity process with deterministic volatility. The empirical findings suggest a rather simple and robust model for a world stock index that reflects the historical evolution, by using only a few readily observable parameters. Mathematics Subject Classification: (1991) primary 90A12, secondary 60G30,62P20 JEL Classification: G10, G13     

试谈素质教育中实践能力的培养

素质教育的目的是全面贯彻党的教育方针,提高国民素质,培养学生的创造精神和实践能力。而实践能力是人的能力的重要成分,是学会做事的具体体现,是学生生存发展的需要。教育要注重知行统一,坚持教育教学与生产劳动、社会实践相结合,增强学生解决实际问题的本领和自主探究学习的能力。     

Pure jump models for pricing and hedging VIX derivatives

Recent non-parametric statistical analysis of high-frequency VIX data (Todorov and Tauchen, 2011) reveals that VIX dynamics is a pure jump semimartingale with infinite jump activity and infinite variation. To our best knowledge, existing models in the literature for pricing and hedging VIX derivatives do not have these features. This paper fills this gap by developing a novel class of parsimonious pure jump models with such features for VIX based on the additive time change technique proposed in Li et al., 2016a, Li et al., 2016b. We time change the 3/2 diffusion by a class of additive subordinators with infinite activity, yielding pure jump Markov semimartingales with infinite activity and infinite variation. These processes have time and state dependent jumps that are mean reverting and are able to capture stylized features of VIX. Our models take the initial term structure of VIX futures as input and are analytically tractable for pricing VIX futures and European options via eigenfunction expansions. Through calibration exercises, we show that our model is able to achieve excellent fit for the VIX implied volatility surface which typically exhibits very steep skews. Comparison to two other models in terms of calibration reveals that our model performs better both in-sample and out-of-sample. We explain the ability of our model to fit the volatility surface by evaluating the matching of moments implied from market VIX option prices. To hedge VIX options, we develop a dynamic strategy which minimizes instantaneous jump risk at each rebalancing time while controlling transaction cost. Its effectiveness is demonstrated through a simulation study on hedging Bermudan style VIX options.