基于RAROC的银行资本配置陷阱与修正

利用RAROC(Risk-AdjustedReturnonCapital)与传统CAPM(CapitalAssetPricingModel)模型相结合进行资本配置,是目前大部分银行等金融机构所采用的主流方法。但是由于这一方法忽视了RAROC与CAPM各自的假设和环境,从而导致在很多方面不匹配,因此不可避免地使基于RAROC的资本配置框架产生一些陷阱,如银行对某一类资产的过度配置或者配置不足等问题。为此,本文首先分析了这些陷阱产生的根源及导致的后果,继而针对这些陷阱提出了一系列修正措施,如修正的CAPM模型—二因素模型,文——章最后在讨论这些修正可行性的基础上,建立了新的资本配置框架。     

Structural effects of asset-backed securitization

This paper analyses the potential changes in the operational structure of deposit-taking financial institutions that securitize assets. Findings indicate that banks can create an asset securitization pipeline structure that enables them to increase their return on capital. In other words, through securitization banks can expand their loan provision business without increasing their liabilities or their capital levels. Using a contingent claims model, four factors that impact on the bank's decision to securitize are highlighted and analysed: (i) the level of deposit insurance; (ii) capital adequacy requirements; (iii) insolvency risk; and, (iv) the risk of credit enhancements. Furthermore, we identify key accounting and regulatory challenges that emerge for banks from the process of asset backed securitization.     

我国加入WTO后公关在企业中的应用

结合我国加入WTO的有关条款，分析了公共关系在企业经营和管理中的应用，并提出了相应的对策措施。     

Cooperation evaluation with the use of network analysis

The aim of the paper is to propose a way of assessing tourist partnerships using Social Network Analysis (SNA). The partnership structure chosen for this assessment was the ‘Wisła Tourist Organization’ (WTO) – a Destination Marketing Organization operating in the south of Poland. Collaboration assessment was based on discovering if, and to what extent new types of relationships between WTO members exist – and how big a part of the network structure they cover. It was assumed that the higher the extent of partnership relations in the WTO based on direct relations between WTO’s members including: business cooperation, communication, knowledge, trust, mutual understanding, dialogue, benefits from cooperation, and perceived fulfilled expectations, the higher the level of collaboration evaluation.     

THE TEN COMMANDMENTS FOR MANAGING INVESTMENTS

Abstract Stress and distress are unavoidable aspects of dealing with the vagaries of financial markets and financial advisers. The purpose of this paper is to try to reduce the discomfort in dealing with investment advisers, and to make the journey up and down the financial mountain a little less stressful and more satisfying. The commandments deal with defining investment policies precisely, diversifying asset classes, choosing a consistent benchmark for investment policies, structuring precisely the asset allocation process, defining risk and risk management procedures, monitoring the portfolio carefully, matching the allocation and investment horizons, being active or passive according to investment policies, being agnostic about model forecasts and being aware that, while buy low and sell high is a truism, investors and financial advisers are only human and therefore make mistakes.     

基于Cookie的单点登录实现

单点登录作为统一身份认证的主流实现方案之一,受到越来越多的重视,本文所论述的单点登录解决方案,对于企业权限系统的整合与开发,有着积极的指导意义和使用价值。     

联合产权制度与民营企业和谐劳动关系

产权关系决定着劳动关系的性质和特点,单一的资本产权及由此所形成的生产关系是民营企业劳动关系不和谐的根本原因.调整民营企业劳动关系的关键在于突破原有单一的资本产权制度,建立和完善全体生产要素所有者联合体与劳动者集体联合体有机结合的联合产权制度,形成以知识劳动者为代表的全体劳动者共享民营企业经济发展成果的机制.     

市政工程的测量控制管理

本文中,笔者主要对市政工程测量控制总施工测量工作的程序进行了归纳和总结,并且对市政道路施工过程中的各个环节注意事项和测量的方法进行了简要的分析,与此同时,还对管理测量资料进行了探讨.伴随着我国城市化进程不断的加快,我国市政工程等等基础设施的建设也越来越多,相应的也就越来越高的要求市政路桥测量控制的保障,伴随着我们已经进入到了信息化、数字化时代,科学技术得到了又好又快的发展,工程测量的方法和手段也越来越多,工程测量的精度也越来越高,所以,工程测量的地位也就越来越突出,下面,笔者就对市政工程的测量控制管理进行了浅谈.     

长江禁捕退捕政策的演进逻辑与实践路径——基于政策文本分析的视角

目的 对长江禁捕退捕政策的演进逻辑和实践路径进行研究,可为政策优化提供决策参考,对“长江大保护”国家战略的实施具有重要意义。方法 聚焦长江禁捕退捕政策演进,文章运用文本分析方法对2017—2021年中央出台的93份长江禁捕退捕政策文本进行系统分析。结果 （1）长江禁捕退捕政策经历了政策发端期（2017—2018年）、政策爆发期（2019—2020年）与政策转型期（2021年）3个阶段。（2）政策颁布主体和政策文种构成随着政策演进发生变化,政策强度和效力呈现“弱—强—弱”的变动趋势。（3）需求面政策工具较为缺乏,不同阶段的政策实践路径具有明显差异。结论 提出政策优化方向,首先,从整体性治理视角完善长江禁捕退捕管理长效机制;其次,充分发挥部门机构和政策文种的功能作用;最后,优化政策工具结构,增加部分稀缺政策工具的使用。     

The economic costs and benefits of a participatory project to conserve maize landraces on farms in Oaxaca,Mexico⋆

Conventional methods were used to assess the benefits and costs of an unconventional project whose purpose was to test whether participatory crop improvement can encourage Mexican farmers to continue growing maize landraces by enhancing their current use value. Findings suggest that farmers as a group earned a high benefit‐cost ratio from participating, though from the perspective of the private investor the returns were low. The project also generated social benefits, but these would be difficult (and costly) to measure. There was a gender bias in both participation and benefits distributions, though there is some evidence of a welfare transfer to maize deficit households. Application of other valuation approaches will be necessary in order to assess both the private and social benefits of similar projects.