The odd notion of “reversible investment”

Irreversible investment and the attendant concept of real-option value have been well discussed. Complete reversibility has been frequently invoked but less studied, especially for the case of lumpy investment typically considered in capital budgeting. We examine a simple lumpy investment problem for the full range, from complete irreversibility to completely reversibility, with a focus on the latter. The optimal stopping rules under complete reversibility are to invest when the project generates enough net cash flow to cover Jorgenson’s opportunity cost of investment and to disinvest when it does not. Given the static nature of these rules, net present value as a timing criterion under reversibility is not pertinent. Investments that are partially reversible have much in common with completely irreversible investments but nothing in common with completely reversible investments. The case of reversible investment provides a foil for understanding that the distinguishing feature of investment as treated in corporate finance is that it entails at least some irreversibility.     

基于资金净值的个人账户养老金动态调整研究

为了建立一个既能自动实现平衡,又能充分发挥养老功能的个人账户养老金调整机制,本文根据精算平衡原理,基于个人账户的资金净值构建养老金的动态调整模型。研究表明,本模型能够自动修正预测偏差,自动实现精算平衡,且具內生性;不仅可以在总量上保持平衡,最大程度发挥养老功能,而且每年的支付能力也是充足的;具有稳健性和可操作性,对调整因子等价转换后,调整养老全时就不要对参数进行预测了。     

惩罚性赔偿导向的生命全价值评估研究

基于寿命周期各阶段生命价值的特点,综合运用成本法、收益法、市场法,从生命物质价值、生命精神价值、惩罚性赔偿的生命基础价值与生命保障价值四个方面分项评估生命全价值。选择各阶段有代表性的生命全价值,同时提取惩罚性的安全公益基金作为预防性安全投入,实现既可维护受害者的生命价值,又能促进可持续的安全投入。     

无线局域网安全性的探讨

随着无线局域网应用领域的不断拓展,无线局域网受到越来越多的威胁,本文研究了现阶段无线局域网面临的主要安全问题,并介绍了相应的解决办法。     

Net primary production and gross domestic product in China derived from satellite imagery

Since the 1980s Chinese economic reform has greatly accelerated its economic growth while in contrast China's environment is increasingly degraded. The Chinese government has recognized that environmental protection and sustainable economic development can promote mutual and sustainable co-development of the economy and the environment as a basic national principle. This paper examines the interactions between economic development and environmental change in China that were compared and analyzed for the years 1996 and 2000. Net primary production (NPP) was selected as a proxy evaluator of ecosystems and gross domestic product (GDP) was chosen as a proxy evaluator of economic development. An NPP change map was produced with Advanced Very High Resolution Radiometer (AVHRR) summed annual NPP imagery products. The Defense Meteorological Satellite Program's Operational Linescan System (DMSP/OLS) nighttime imagery was used to produce a Chinese GDP change map. An integrated map was produced to exhibit the combined changes of NPP and GDP. This map showed that in the regions with increased GDP, NPP decreased but the regions with no GDP change were smaller in area for NPP increase while larger in area for NPP decrease. The changing pattern of NPP varied with the developing level of GDP at province level. A province's development of GDP is controlled by its accessibility to natural resources. Interactions between NPP and GDP are greatly affected by factors of spatial location aside from human factors and natural systems' characteristics.     

机构投资者参与治理决策的影响因素分析——基于上市公司的视角

为了改善我国上市公司治理,提高上市公司的绩效并促进股票市场的健康发展,政府监管部门出台了一系列促进机构投资者发展的政策和措施。机构投资者得到了巨大的发展。但是,机构投资者的发展对改善上市公司治理的作用受到质疑。本文分析了机构投资者参与公司治理的动机,并根据这一动机从上市公司的角度分析了影响机构投资者参与公司治理决策的因素。     

铁路调车作业安全评价指标体系应用研究

在分析铁路调车作业安全管理特点的基础上,基于科学性、系统性、可操作性、独立性、动态性的设计原则,从人员因素、设备因素、环境因素3个方面构建了铁路调车作业安全评价指标体系.结合基于熵权的未确知测度方法,以广通站为实例,应用铁路调车作业安全指标体系进行评价.结果表明:该指标体系能够较好地反映车站调车作业安全状况.     

发达国家食品安全监管体系及其启示

食品安全是关系到人们生命健康的重要问题,近期“毒奶粉”、“瘦肉精”、“地沟油”、“彩色馒头”等恶性事件频发暴露出我国食品安全监管体系中存在的严重漏洞。本文对发达国家食品监管体系的特点以及在该领域的成功经验进行了分析,对我国食品安全监管体系存在的问题进行了归纳,并提出了建设我国食品安全监管体系的具体思路。     

供应链视角的农业龙头企业食品安全行为期望效用影响因素研究——基于广东省3O家省级以上农业龙头企业的问卷调查

农业龙头企业是食品的重要供给者,处于整个食品供应链的核心环节,其食品安全行为的运行效率将直接影响到整个供应链中食品的安全性。本文以广东省30家省级以上农业龙头企业数据为基础,通过建立多元回归模型和采用逐步回归的方法,从供应链角度探索了企业食品安全行为期望效用的影响因素。研究结果表明：原材料控制强弱、认证水平、前期收益因素对食品安全行为的期望效用有显著正向影响;并且,前期收益变量在原材料控制强弱与期望效用、认证水平与期望效用的关系中都起着完全中介作用：可追踪制度的建立对前期收益有显著正向的影响。     

崭露头角的网络广告

网络广告是新生代的媒体广告，它具有传统媒体广告的所有优点，又具有传统媒体所无法比拟的优势。网络广告与电子商务密不可分，因此现代企业必须对网络广告加以关注。本探寻了网络广告的优势、表现形式及投放技巧，并总结了我国网络广告发展的四种趋势。