保险公司资产组合与最优投资比例研究

保险公司收益主要来源于承保利润和投资收益,其中承保利润受政策变动、市场条件等外部环境的影响较大,而投资收益则更多地取决于保险公司的投资能力,因此保险公司如何构建资产组合、如何确定最优投资比例就是获取投资收益最大化的重要因素。本文通过理论推导得出了保险公司的资产组合模型并运用非线性规划求解出最优投资比例,进而根据保险公司的投资数据进行了实证研究,为我国保险公司的资产组合及最优投资比例提供了一个可借鉴的思路。     

关于加快环江县林业中小企业发展的思考

环江森林资源丰富,为发展林产加工创造了极为有利的条件,全县林产加工业形成了植树造林、木材采运、人造板、实木门等门类齐全的林产工业体系。对环江县林业中小企业发展现状、存在资源拥有量高、林业企业低产出及影响企业发展的原因进行分析,提出今后全县林业企业发展重点与对策措施建议。     

Is there a diversification “cost” of Shari’ah compliance? Empirical evidence from Malaysian equities

Islamic equity portfolios work with a smaller investment universe given the filtering of non-Shari’ah compliant stocks. It has been theoretically argued that this culminates in suboptimal portfolio diversification, which in turn adversely affects risk-adjusted returns. We offer empirical evidence that such a conceived portfolio diversification “penalty” is far from a foregone conclusion, at least empirically. Our results tend to indicate that Islamic portfolios are not invariably handicapped in terms of portfolio diversification. We also explored dimensions that may account for differences in the relative investment performance between Islamic and conventional portfolios, such as portfolio constraints, short selling and market conditions. We believe this paper is among the first to apply substantial empirical analysis specifically with respect to the portfolio diversification perspective on Islamic equity investments.     

Environmental,Social and Governance investing: Does rating matter?

In the last decade, the demand for sustainable and social investments has improved. The mutual funds industry has responded to market needs by offering a number of investment products focused on Environmental, Social and Governance (ESG) companies. The aim of this article is to understand if an ESG score can actually be considered a valid criterion that portfolio managers could adopt, along with traditional risk–return optimisation, in selecting asset portfolios. The paper analyses the link between the performance and the ESG score of different sectoral portfolios (one for each sector of the Global Industry Classification Standard), entirely composed of ESG assets, in the search for a clear and strong positive correlation that could suggest an overall advantage to focus on an ex ante choice of assets with high ESG scores.     

THE PARADOX: Economic Growth that Endangers the Future of Research in Colombia

In this paper I analyse how the gradual reduction of research funds in Colombia can interrupt a key process in the generation of solutions to global urban problems. I draw on a bibliometric analysis to show that research funding flowing from North to South has created collaborations between researchers from North and South that have led to a better and more comprehensive understanding of the challenges facing cities around the world. To conclude, I propose four options to counteract these trends towards lower research funding.     

The impact of the European social fund on youth education and employment

The effectiveness of the European Union's Cohesion Policy in reducing regional socio-economic gaps remains an open empirical issue, while evidence as to how the policy is affected by specific territorial factors and which social groups benefit most from it remains sparse. This article seeks to address this gap by disentangling the impact of the European Social Fund (ESF) on youth education and employment prospects. Drawing on macro-level data for the European NUTS-2 regions, we assess the impact that this fund has on different education-specific youth population shares and employment rates. In the case of education, we find that the receipt of funding is associated with a human capital polarization of regional populations. Specifically, we identify a positive impact of the ESF on population shares with lower-secondary and tertiary education, and a simultaneous negative impact on the share of those with upper-secondary education. In the case of employment, we find a positive response for youth of all education levels. A heterogeneity analysis indicates that both the education and employment responses of the youth population to the receipt of the ESF are strongly influenced by local specialization in high-skilled activities.     

双向资金占用下终极控制人与资本结构

终极控制人对资本结构的影响一直受到广泛关注,当终极控制人采取不同侵占方式时,对资本结构会产生不同的影响。本文锁定资金占用这种侵占方式,在行为层面研究终极控制人对资本结构影响的作用机理。本文以沪深两市2010—2012三年共3011家上市公司作为样本进行实证研究,结果发现终极控制人的资金占用行为的确会引起资本结构的变化。在双向资金占用这一侵占路径上,终极控制人的两权分离度与资本结构呈正相关,现金流权与资本结构呈负相关。非国有终极控制人比国有终极控制人更具有侵占动机,控制的上市公司资产负债率更高。     

企业集团财务结算中心模式研究——以厦门国际航空港集团有限公司为例

近年来,企业集团不断加强对资金的管理,逐步建立起一套新型的资金管理模式。文章以厦门国际航空港集团有限公司为例,详细分析了企业集团运用财务结算中心模式的优势,并通过实证分析加以说明。     

林业发展建设的问题

从林业行政能力角度浅谈林业发展建设的问题。     

地方国企非效率投资来源选择：债权资金优先还是股权资金优先？

以2001—2009年地方国有上市公司为样本对地方国企非效率投资来源选择进行研究,结果显示：地方国企非效率投资来源选择首先是债权资金,其次才是股权资金;当拥有较多长期贷款时,企业会更倾向使用债权资金代替股权资金,并且这种选择是理性和不可逆的;在产权保护较强和信贷配置市场化程度较低的地区,企业选择债权资金替代股权资金的动机更强;随着政府干预的增强,债权资金对股权资金的替代作用减弱。