Communication,Excess Comovement and Factor Structures

This paper develops a model in which investors communicate before trading in a general equilibrium. Investors repeatedly communicate in a social network but have limited knowledge of the network structure and thus do not fully realize the consequences of their communication and belief updating. As a result, asset returns contain excess comovement and more concentrated factor structures than fundamental values do. The model generates testable empirical predictions that are consistent with the empirical literature on excess comovement in asset returns.     

三级生物质供应链的奖惩与回馈契约协调研究

为了优化生物质能供应链,降低成本,在无扰动因素情况,需求不确定且与价格有关的条件下,研究了由能源公司、基地和农户组成的三级生物质供应链中,奖惩与回馈契约对供应链的协调问题,建立了满足渠道协调的条件和供应链内各级参与者实现互赢的数学模型,最后将其用于数值算例中验证。结果证明契约参数的合理选择可以实现供应链各方利益最大。     

基于多元结构的旅游供应链协调机制研究

根据组织协作观点与步骤选取了合适的协作者、协作要素；摒弃了旧有的供应链的唯一机制，运用包含服务、资料、金钱、知识的多样化机制合理地调整了旅游供应链；鉴于旅行社与政府在调整供应链上存在的不足，给出了微观与宏观相融合的协调机制；在分析当前旅游供应链中常见的折扣价格合约制度后，建立了全新的收入分配体系，目的在于鼓励提供旅游产品的供应者；在分析旅游供应链利得产品驱动模型后，给出了产品的推拉协调一致的模型。     

我国商业银行效率测度分析——基于SFA技术的实证研究

基于2005~2012年22家商业银行的非平衡面板数据,运用超越对数生产函数形式的SFA技术实证分析了所选银行的经济效率值,选取的银行包括国有大型商业银行、地区性商业银行、农村和外资商业银行等类型。为考察所有制对银行效率的影响,以税前利润收入和贷款净额分别作为产出指标建立模型。并对低效率残差项的不同分布假设的精度进行比较,选出最优模型。研究表明:近年来我国商业银行效率整体水平有较大幅度提高;所选银行中,外资银行效率水平最高,地区性商业银行效率值最分散,国有商业银行的效率较集中,普遍位于0.8左右,农村商业银行的效率最低。最后,针对不同所有制银行的特点,提出提高其效率的政策建议。     

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

Institutionalism and the New Classical Economics

Neoliberalism has transformed markets supplying public goods. Analysis of five real-world Australian markets reveals the eligibility rules for access and ongoing participation, interaction of participants, the role of intermediaries and government, the extent of competition, complex regulatory regimes shaping and controlling these markets, and key market outcomes. Contrary to neoliberalism's free market rhetoric and the view promulgated by mainstream economics, a spectrum of market configurations and governance regimes were found along with participation being highly dependent on technology access and skills, market outcomes inconsistent with policy rhetoric, market interrelationships posing adverse cumulative impacts, and government is strongly interventionist through multiple roles.     

资本结构与绩效的相关性研究——基于上市公司年报的实证分析

现代公司财务理论是现代金融理论中最基础最重要的内容之一,而资本结构理论又在整个公司财务理论中举足轻重,本文从资本结构的基本理论入手,研究了我国上市公司资本结构的现状,并利用2009年上市公司披露的年报数据对资本结构和经营绩效的相关性进行了实证分析,以期能够对公司治理提供借鉴。     

干挂石材幕墙的设计

干挂石材幕墙是建筑幕墙的一种类型,近年来在国内高层建筑外墙装修中得到广泛应用。结合工程实例,文章从安全施工原则出发,通过对干挂石材幕墙的构造、结构设计、主要材料的选用及其施工工艺等环节进行论述,阐述了干挂石材幕墙深化设计过程。     

防护结构形式在高速公路工程中的应用

文章结合工程实例，简要介绍浆砌片石护面墙、浆砌片石拱形骨架与坡面植物防护的施工技术、过程和工艺。通过对比分析发现，浆砌片石护坡存在造价高、圬工工程量繁重、进度缓慢等特点，而三维植物网防护具有施工进度快、成本低、效果好等优点，值得借鉴。     

民营企业分配模式探究——构建民营企业内部按贡献率分配的新模式

文章系统地分析了目前我国企业分配制度中存在的问题,重点论述了内部按贡献分配这一新的分配制度,并对该制度进行了实用性分析,并对这种制度的运用提出了合理建议。