厦门营运中心发展的战略研究

由于厦门资源有限,经济总量小,产业面临升级,为寻求持续发展提出要发展企业营运中心。本文从环境、资源和竞争分析厦门发展营运中心的情形,最后从发展定位、发展重点和发展思路提出厦门营运中心的发展战略和保障措施。     

Optimal Sure Portfolio Plans

This paper is a sequel to the author's "Certainty Equivalence in the Continuous-Time Portfolio-cum-Saving Model" in Applied Stochastic Analysis (eds. M. H. A. Davis and R. J. Elliot), where a model of optimal accumulation of capital and portfolio choice over an infinite horizon in continuous time was considered in which the vector process representing returns to investment is a general semimartingale with independent increments and the welfare functional has the discounted constant relative risk aversion (CRRA) form. A problem of optimal choice of a sure (i.e., nonrandom portfolio plan can be defined in such a way that solutions of this problem correspond to solutions of optimal choice of a portfolio-cum-saving plan, provided that the distant future is sufficiently discounted. This has been proved in the earlier paper, and is in part proved again here by different methods. Using the canonical representation of a PII-semimartingale, a formula of Lévy-Khinchin type is derived for the bilateral Laplace transform of the compound interest process generated by a sure portfolio plan. With its aid. the existence of an optimal sure portfolio plan is proved under suitable conditions, and various causes of nonexistence are identified. Programming conditions characterizing an optimal sure portfolio plan are also obtained.     

Estimating risk-return relationships: An analysis of measures

We show that the risk-return paradox can be partly explained by the choice of accounting risk and return measures. Returns computed with equity or assets from End-of-Period (EOP) annual reports produce negative risk-return associations, while measures calculated using Beginning-of-Period (BOP) equity or assets yield more positive relationships. The likelihood of reporting negative relationships using EOP methods is accentuated by dividing samples at median returns. Below-median firms suffer losses and may appear to have lower and more variable returns than above-median firms, simply because of EOP methods. Our results show that mean and variance measures are unstable and risk-return relationships vary inversely the number of firms reporting mean losses.     

一种基于DSP+FPGA的控制系统方案设计

介绍了一种基于DSP FPGA技术的控制系统的设计方案，给出了系统硬件和软件的设计以及关键技术的实现。该方案具有控制结构简单、可靠性高、扩展性好等特点，具有一定的通用性。     

我国推行利率市场化的风险分析

利率市场化是我国金融业开放并走向市场的客观要求，但利率市场化后可能会产生多方面的金融风险。在商品经济发展的初级阶段，放开利率，由供求双方自由决定一般不会有危险。但在信用货币条件下，不加控制，则可能导致危机和混乱。为防范风险，在利率市场化的改革和试点过程中，必须充分估计和防范各种金融风险，保证我国利率市场化改革的顺利进行。     

我国铁路货运发展现代物流的思考

与公路、民航及水运等行业相比．铁路长期以来形成的政企舍一的管理模式和服务功能单一的经营模式已经越来越不能适应市场变化的要求。逐渐将物流理念融入我国铁路货运已经刻不容缓。论文正是从铁路货运的实际问题出发,分析了铁路货运所面临的形势、剖析铁路货物运输发展现代物流的必要性与可行性,确定铁路货运发展现代物流的思路与目标。提出铁路枢纽发展现代物流的措施。     

Farrell efficiency under value and quantity data

In 1957, Farrell introduced a nonparametric method to estimate technical efficiency. His original illustration, however, utilized value-based, rather than quantity-based data (p. 279). This common practice raises the question of how value-based DEA models coincide with quantity-based models. It is well known that the two models coincide when firms face identical prices. In practice, however, prices vary across firms and the two models yield materially different results. We decompose the resulting difference into its technology and firm-related components and then use Farrell’s original data set to show that the expected difference is systematic and one-sided.      

期权定价数值分析模型的计算机程序实现探讨

由于复杂的、多维度期权的应用越来越广泛,运用数值分析方法对其进行定价分析已成为一个必不可少的手段。然而,数值分析方法自身运算的复杂性,决定了其手工运算的成本高,因此充分发挥计算机的"精确、快速"优势是实现期权定价数值分析模型的一个必然趋势。基于计算机编程语言技术,研究了Java对数值方法的实现,及Java语言在期权定价中的应用;并通过java语言本身的语法规则、内嵌函数等,对期权定价的二叉树模型和蒙特卡罗模拟方法进行有效的实现。研究结果表明,运用java语言可以较快、较好地解决规则期权与奇异期权的定价问题。     

铁路运输成本结构分析

铁路运输是物流系统中成本支出非常大的子系统。如何在维持甚至提高客户服务水平的前提下削减运输成本,是摆在物流管理者和决策者面前的重要问题。文中首先重点分析了铁路运输成本的构成及计算,接着从公司角度介绍了公司应支付给国家铁路部门的费用,最后针对如何降低运输成本,提出了一些措施和建议。     

公路水毁成因及其防治措施

公路水毁主要有路基坍塌、路基沉陷、防护与加固工程损坏、桥涵破坏等4种类型详细阐述了各类水毁发生的原因以及探讨对各类水毁的防治措施。