公共服务市场化：战略及对策

有效推行我国公共服务市场化，在战略上需要充分发挥政府、市场和公民社会三方面的作用，既要用足市场，又要充分发挥政府的有效性，更要培育公民社会分担服务职能，从而形成政府、市场和社会共治的互动体系；在实践中更需要合同承包，公私合营，民间投资和建立、健全相关法规等一套操作性强、行之有效的具体措施。     

AN AXIOMATIZATION OF QUANTILES ON THE DOMAIN OF DISTRIBUTION FUNCTIONS

In an environment in which the primitive is the space of distribution functions, we characterize the quantile functions by the axioms ordinal covariance, monotonicity with respect to first-order stochastic dominance, and upper semicontinuity. We show how to characterize the VaR in a similar manner.     

Effect of diversification on firm performance: Application of the entropy measure

This study investigated the effects of diversification on firm performance in the restaurant industry. In prior studies, the theoretical rationales and empirical results appeared to contradict each other. These contradictory results may be due to factors such as industry-specific characteristics or a linear understanding of the relationship between diversification strategies and firm performance. Thus, this study suggested a non-linear hypothesis based on the costs and benefits of diversification strategies with businesses categorized based on their level of diversification. The results of this study showed that restaurant firms do not benefit from a low level of related diversification. This study also found that when restaurant firms are involved in both related and unrelated businesses, the optimal mixed ratio of diversification is approximately half and half. More detailed results, as well as academic and practical implications, are discussed in this paper.     

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。     

Comparison of Mean-Risk Efficient Portfolios in Asia-Pacific Capital Markets

In order to analyze the performance of mean-risk efficient portfolios, several methods of portfolio comparison have been developed. In this paper we analyze the second-order stochastic dominance efficiency of portfolios on the mean-risk efficient frontier assuming that the risk is represented by standard deviations and concordance matrices set up on the basis of Pearson's linear correlation, Spearman's rho, or Kendall's tau. Empirical analysis of the market returns of selected Asia-Pacific stock markets is carried out considering both the U.S. dollar and euro as reference currencies, and different periods: before and during the subprime crisis. Measures and portfolios on the mean-risk efficiency frontier that should be of interest to at least one risk-averse investor are empirically documented.     

执行 执行力 执行文化——关于国有企业执行力的思考

阐述了执行、执行力、执行文化的内涵,分析了国有企业执行力的状况,并提出了打造执行文化要重点抓好三个方面的工作问题.     

Cash management using multi-stage stochastic programming

We consider a cash management problem where a company with a given financial endowment and given future cash flows minimizes the Conditional Value at Risk of final wealth using a lower bound for the expected terminal wealth. We formulate the optimization problem as a multi-stage stochastic linear program (SLP). The company can choose between a riskless asset (cash), several default- and option-free bonds, and an equity investment, and rebalances the portfolio at every stage. The uncertainty faced by the company is reflected in the development of interest rates and equity returns. Our model has two new features compared to the existing literature, which uses no-arbitrage interest rate models for the scenario generation. First, we explicitly estimate a function for the market price of risk and change the underlying probability measure. Second, we simulate scenarios for equity returns with moment-matching by an extension of the interest rate scenario tree.     

国库最佳库底现金测算方法研究

随着国库集中收付管理制度改革的不断深入,我国国库库存现金余额呈现出快速增长的趋势。通过对确定最佳库底现金的主要模型进行介绍,以国家金库重庆市分库为对象进行了实证分析。以期为实际工作和相关研究提供一定参考。     

新建本科院校图书馆员业务素质提升工程

新建本科院校图书馆员的业务素质普遍偏低,而图书馆的使命和工作任务艰巨复杂,图书馆亟须通过馆员业务素质提升工程,来培养和造就一批胜任现代新建本科院校图书馆各项工作任务,能更好地完成图书馆使命和工作任务的新型馆员.业务素质提升工程可以采取以下四项举措：实施分层次的馆内日常业务培训;实行岗位轮换制度;加强新建本科院校图书馆的管理制度建设;加强馆员校内、校外以及馆际间的学习交流,鼓励馆员攻读更高层次的学历教育.     

Kernel-type estimators for the distortion risk premiums of heavy-tailed distributions

A new kernel-type estimator for the distortion risk premiums of heavy-tailed losses is introduced. Using a least-squares approach, a bias-reduced version of this estimator is proposed. Under suitable assumptions, the asymptotic normality of the given estimators is established. A small simulation study, to illustrate the performance of our method, is carried out.