关于发展中小企业风险经营的探讨

中小型企业从事风险经营具有明显的作用和优势,应采取措施支持中小型风险企业的发展。     

缩小我国居民贫富差距的对策研究

近此年来,在我国居民生活的总体水平不断提高的前提下,居民贫富差距不断扩大的问题也日渐突出。其根本原因是经济运行的双轨制和税务法制的不健全与不完善。缩小我国居民贫富差距,应加大税收制度的改革,消除城乡国民待遇差异,建立健全社会保障体系,不断健全完善国家制度和体制,实现社会的公平公正。     

Financial Sector Risk and the Stock Returns: Evidence from Tokyo Stock Exchange Firms

We investigate whether the activity of financial firms creates value and/or risk to the economy within the asset pricing framework. We use stock return data from nonfinancial firms listed in the first section of the Tokyo Stock Exchange. The value-weighted index that is solely composed of nonfinancial firms is augmented with the index of the firms from the financial sector, and we estimate multivariate asset pricing model with these two indices. We note that our procedure can simultaneously take into account the cross-holding phenomena among Japanese firms, especially between the financial sector and the nonfinancial sector. Our augmented index model performs well both with cross-sectional Fama and MacBeth regression test and GMM test. Our two index model with additional Fama and French's HML factor can capture cross-sectional variations of the returns of sample portfolios better than the original Fama and French model can, when measured by Hansen and Jagannathan distance measure. We find that this additional new sector variable can be a substitute for Fama and French's size factor, but not related to the bond index return. This variable has similar factor characteristic as money supply growth or the term structure, but the latter variables contain more information than the former. Morever, our financial sector model helps explain the return and risk structure of Japanese firms during the so-called bubble period.     

创业企业贷款组合风险管理研究——基于不同生命阶段的视角

投资品种的多样化与分散化是金融风险管理的核心方法,它可以有效地防范和控制各类风险。对银行业来说,将贷款分散地投放给不同行业、不同区域或处于不同生命阶段的企业,可以减少其因借款企业违约而可能遭受的损失。因此,银行在贷款投放过程中,如何进行多样化和分散化,以达到整个贷款组合收益的最大化和风险的最小化是一个决策难题。本文通过对贷款组合风险和预期收益的度量,提出针对不同生命阶段创业企业的贷款组合优化模型,并进行了相关实证研究,研究结果表明模型具有较强的适用性。     

HACCP在观赏鱼配合饲料中的应用

本文对HACCP对观赏鱼配合饲料的应用进行了分析,并提出了相应的风险质量管控措施,仅供参考。     

Recurrence plots analysis of the CNY exchange markets based on phase space reconstruction

The employment of autocorrelation-based transformation to study the dynamics of the exchange rate system is meaningful because it benefits for chaotic prediction on the basis that the transformation from an exchange rate sequence to its associated autocorrelation sequence is reversible. This paper examines the influence of autocorrelation-based transformation on the systemic dynamics using exchange rates of CNY against different currencies among USD, EUR, JPY, GBP, MYR and RUB. First, we construct recurrence plots of exchange rate return sequences and autocorrelation sequences with a fixed sliding window length of 20. The recurrence quantification analysis (RQA) shows that the exchange rate return sequences exhibit lower degrees of determinism than the autocorrelation sequences. Further, by analyzing the RQA measures with bootstrap techniques and box plots, we reveal that the RQA measures of the exchange rate return systems and the autocorrelation sequence systems are mostly significant, and the vertical structures of recurrence plots of autocorrelation sequences are more sensitive to the shuffles of bootstrap techniques. Finally, we investigate the evolution of RQA measures with the changes of sliding window lengths. The analysis shows that appropriately adjusting the sliding window length can increase the systemic determinism.     

电子商务环境下复合型物流管理人才培养策略研究

复合型电子商务物流管理人才匮乏已经成为制约我国电子商务健康发展的瓶颈。结合电子商务高速发展的需求以及现代物流业发展的新特点,提出了复合型电子商务物流管理人才所应具备的核心专业能力,并从人才培养模式、教学模式、课程知识体系和人才评价体系等方面提出了复合型电子商务物流管理人才的培养改革措施,为高等院校培养电子商务物流管理人才提供参考。     

Preference aggregation and atoms in measures

This paper examines the aggregation of preferences with a finitely additive measure space of agents. We consider three types of non-dictatorship axioms: non-dictatorship, coalitional non-dictatorship, and atomic non-dictatorship. First, we show that the existence of an atom is a necessary and sufficient condition for the existence of a social welfare function that satisfies weak Pareto, independence of irrelevant alternatives, and coalitional non-dictatorship. Second, we simultaneously impose non-dictatorship and coalitional non-dictatorship, and specify a necessary and sufficient condition for the finitely additive measure that guarantees the compatibility among the axioms. Third, we impose all non-dictatorship axioms and show that the corresponding measure is extremely restricted.     

加快三支人才队伍建设,促进公司快速健康发展

人力资源是公司发展第一资源。企业要想提升其竞争力就必须重视人才队伍建设,开发一支数量充足、结构合理、素质优良、具有较强竞争力的人才队伍。