我国商业银行按揭贷款的久期测度研究

随着对用按揭贷款的方式购买房屋、车等大件商品的市场需求变失,我国商业银行推行越来越多的灵活的各种按揭贷款还款方式。针对商业银行目前主要推行的固定利率下的等额本息还款、等额本金还款、等额递增（递减）还款和“双周供”还款的现金流建模,并对这些模型进行久期和凸度测度,最后针对银行如何利用久期和凸度进行利率风险管理提出建议。     

融资租赁对医疗机构设备投入影响的实证研究

融资租赁作为一种新兴的金融服务业务,由于适应经济发展的时代要求而受到越来越多的关注。本文采用我国2003—2009年的省际面板数据,综合运用OLS、PanelData固定效应模型对融资租赁与卫生机构医疗设备投入的关系进行了实证研究。计量检验结果表明：融资租赁对卫生机构医疗设备投入具有积极的正向效应,已成为卫生机构克服资金瓶颈的重要途径。以上结论对制定促进融资租赁医疗设备业务发展、提升卫生机构综合竞争力的政策至关重要。     

首次公开发行股票抑价的原因探讨

证券市场上IPO抑价过高,股票价格与价值相背离,造成新股在市场上长期表现不佳、效率低下。我国IPO抑价程度相比较其它国家更为严重,这一问题受到了众多学者的关注。因此,只有具体分析出我国存在IPO高抑价的原因,才能制定出相应的对策,完善我国新股发行定价的政策。     

专一化生产型企业在不同周期的财务分析

企业和生命体一样具有生命周期,企业的生命周期一般包括创业期、成长期、成熟期、衰退期。企业在生命周期的不同阶段面临的市场环境和经营风险不同,因此企业在不同生命周期下具有不同的财务特征,且有与之相适应的财务战略。受企业生命周期和企业财务战略选择的影响,在企业生命周期的不同阶段,企业的固定资产、应收账款、流动资产和流动负债也具有不同的变化趋势。对企业在不同周期的财务分析,可以更好促进企业健康可持续发展。     

显示设备固定结构在高铁既有站的应用研究

研究一种高铁既有车站站台层的L ED显示设备安装固定结构的应用.这种抱柱式站台显示屏固定结构通过将L ED显示屏固定于站台层两支撑立柱之间,解决了高铁线路中一些老式铁路既有车站运行班次多、运营状态不允许长时间站台施工和不能破坏站台钢筋混凝土结构的问题.基于三维建模和数值仿真对这种设备固定结构进行一系列静力学结构分析,包括在极端工况环境下的静态应力、应变和位移分析,结果安全有效,安装作业符合现场施工要求,实现了此类高铁既有站站台结构上L ED显示设备的安装和使用.为了研究这种抱柱式站台显示屏固定结构的工作可靠性,应用数值分析软件对结构模型进行预应力模态分析,在风荷载作用下分析各阶频率下结构的变形程度以及对地震灾害的预防影响,从而验证了这种L ED显示设备固定结构在铁路信息显示技术上,特别是在高铁既有车站上应用的有效性及其应用价值.     

Public Debt and Economic Growth in Emerging Market Economies

This paper empirically studies the relationship between public debt and economic growth for selected emerging market economies by performing panel data estimations. The results reveal a statistically significant positive correlation between public debt and the subsequent growth rate of per capita gross domestic product (GDP). Population and investment are also positively correlated with per capita growth, whereas the initial level of real GDP per capita exerts a negative influence on growth, implying conditional convergence. Other variables such as the inflation rate, the trade balance or the exchange rate do not yield a statistically significant effect with respect to economic growth.     

A FRAMEWORK FOR ANALYZING CHANGES IN STRATEGIC PERFORMANCE

In this paper we present a framework for analyzing changes in strategic performance. Traditional measures for comparing the strategic performance across firms or over time have been return on investment (ROI) and its component ratio, return on sales (ROS). We decompose the ROS ratio into four separate ratios that capture the impact of changes in a firm's productivity, price recovery, product mix and capacity utilization on its profitability. These ratios help to highlight the micro sources of strategic success or failure. They can be used to assess changes in the performance of a firm compared to itself over time, or to other firms in its industry group. This framework can also be used to evaluate changes in the dynamic performance of an industry as a whole. We illustrate the use of these ratios with a 4-year analysis of the performance of a large manufacturing company. We also demonstrate how the technique can be applied to an industry with an evaluation of the performance of U.S. telecommunications firms between 1975 and 1987, a period during which the industry experienced a progressive increase in competitive pressure.     

Development Opportunities for a Tourism Benchmarking Tool-The Case of Tyrol

Abstract

The aim of this study is to improve an already existing Tourism benchmarking tool designed and implemented by the Austrian Provincial Government of Tyrol in 1987 (Haemmerle and Lehar 1987, Berktold 1992). After a brief introduction which overviews latest benchmarking approaches within tourism (Morey and Dittman 1995, Kozak and Rimmington 1998, Siguaw and Enz 1999, Dubé et al. 1999, Ritchie and Crouch 2000) and emphasizing its strategic significance of continually monitoring and emulating standards of performance, the principal purpose of an already existing benchmarking tool, the Tyrolean Tourism Barometer, is described in form of a case study. Both, the data gathering process as well as the operational sequences leading to a variety of indicators are thoroughly discussed. The paper concludes by analyzing the strengths and weaknesses of this secondary data based benchmarking tool. The final section of the paper critically assesses the neglect of relevant elements within the production process of tourism services. Here, the point will be made that it will not suffice to only describe structural shifts in tourism supply and demand in order to establish a reliable instrument for retrospectively evaluating tourism policy and strategically optimize future destination policies. Thus, the existing approach, initially based on price and capacity data only, is extended by linking it to both quality measures of customer satisfaction as well as resource allocation conditions (Weiermair and Fuchs 1999, Wöber 2000).     

Time Series Analysis of Repeated Surveys: The State–space Approach

Cross sectional estimates from repeated surveys form a time series { y_t }. These estimates can be viewed as the sum y _t = Y _t + e _t of two processes, { Y _t }, the population process and { e _t }, the survey error process. Serial correlations in the latter series are usually present, mainly due to sample overlap. Other sources of data such as censuses, administrative records and demographic population counts are also available. The state–space modelling approach to the analysis of repeated surveys allows combining information from different sources, incorporating benchmarking constraints in a natural way. Results from these methods seem to compare favourably with those from X-11-ARIMA in filtering out survey errors.     

商业健康保险是否促进了居民健康——基于微观数据的实证研究

党的十九大报告明确提出全面实施"健康中国"战略,强调商业健康保险参与多层次医疗保障体系建设,服务广大人民群众健康保障的重要作用。明确商业健康保险如何从微观层面提高居民健康是有效发挥其助力"健康中国"作用的前提与基础。本文基于中国健康和营养调查(CHNS)2000～2015年面板数据,利用面板工具变量法解决内生性,考察商业健康保险对居民健康水平的影响,同时对不同收入阶层和年龄阶段进行异质性分析,并进行机制探讨。研究表明,商业健康保险能够显著提高居民的健康水平,而且这一正向影响对高收入阶层和中年人群的正向影响更为明显。此外,机制分析表明商业健康保险能够提高居民的医疗服务利用,改善居民健康行为,从而提高健康水平。