Foreign direct investment subsidy in a dynamic stochastic general equilibrium model with heterogeneous firms

This study analyzes the macroeconomic impacts of subsidies to attract multinational corporations when firms are determining whether to enter or how to serve foreign markets. We show that a small FDI subsidy scheme induces consumption gains and delivers short‐term welfare improvement for the FDI host country if firms differ in productivity. However, the subsidy generates a new problem and results in the wealth reallocation effect, leading to welfare deterioration for the host country in the long run. Moreover, we find that a subsidy program induces a welfare improvement for the host country if it is offered to all domestic producers instead of foreign producers only in the host country.     

目的国服务贸易限制政策是否阻碍了中国企业出口规模扩张?

根据经合组织统计的各国服务贸易限制政策条款,先对具体政策条款赋值,接下来加权得到衡量服务贸易限制的STRI指标,最终检验目的 国服务贸易限制对中国企业出口规模的影响.研究发现:在控制引力模型的其他变量以及企业-产品层面的特征变量后,目的 国服务贸易限制政策显著阻碍了中国企业出口规模扩张,且阻碍作用对一般贸易企业、大中型企业更明显.对影响机制而言,服务贸易限制政策造成的固定成本阻碍了企业出口的扩展边际,而引起的可变成本阻碍了企业出口的集约边际,其中,对集约边际的阻碍作用更大;进一步对集约边际分解发现,目的 国服务贸易限制政策降低了企业出口产品数量,但提高了企业出口产品价格.另外,拓展研究发现,目的 国数字化服务贸易开放能够缓解服务贸易限制政策对企业出口的阻碍作用.     

Pricing Defaultable Bonds Using a Lévy Jump‐Diffusion Model

This paper uses a reduced‐form approach to derive a closed‐form pricing formula for defaultable bonds. The authors specify the default hazard rate as an affine function of multiple variables which follow the Lévy jump‐diffusion processes. Because such specification allows greater flexibility in the generation of a valid probability of default, their pricing model should be more accurate than the valuation models in traditional studies, which ignore the jump effects. This paper also proposes a new method for estimating the parameters in a Lévy Jump‐diffusion process. The real data from the Taiwanese bond market are used to illustrate how their model can be applied in practical situations. The authors compare the pricing results for the influential variables with no jump effects, with jump magnitudes following the normal distribution, and with jump magnitudes following the gamma distribution. The results reveal that the predictive ability is the best for the model with the jump components. The valuation model shown in this paper should help portfolio managers more accurately price defaultable bonds and more effectively hedge their portfolio holdings.     

爆破震动作用下新浇基础混凝土的安全震动速度研究

针对新浇筑混凝土的爆破震动控制,设法利用爆破地震波(Rayleigh波)作用下的新浇筑基础混凝土受力状态的理论分析和动力有限元计算,确定的新浇筑混凝土中的震动速度及动拉应变分布,并结合不同龄期下新浇筑混凝土的允许极限拉应变,从理论上确定新浇筑基础混凝土的安全震动速度及主要影响因素.理论分析结果和计算实例表明,新浇筑基础混凝土的允许震动速度值随基岩对新浇筑混凝土的基础约束程度的提高和随混凝土强度的降低而降低,我国现行采用的新浇筑大体积混凝土基础面上的质点安全震动速度值具有较大的安全储备.     

THE STATISTICAL DISTRIBUTION OF EXTREME VALUES OF WAVE-CURRENT FORCES ACTING ON SLENDER CIRCULAR CYLINDER IN IRREGULAR WAVES

Based on model test,the statistical distribution of extreme values of wave-current in-line forces acting on vertical circular cylinder is analyzed in this paper.It is shownthat the results calculated by the simplified method,proposed by authors,agree well with the testdata;Weibull distribution is also adoptable in the region of high KC number, and the shapeparameter a and scale parameter β are related well with KC number respectively.     

探索校企结合的保险教育新途径

近年来,我国保险业发展很快,亟需高素质的一线人才,单纯依靠学校培养或企业培训均有其局限性.根据我国目前实际情况,可从培养人才的源头抓起,整合保险教育资源,形成以学校培养为主,企业培训为辅,学界与业界融合这种方式来解决保险教育与市场脱节的问题,建立校企合作的人才培养途径.     

善用信用卡

随着信用卡产业的蓬勃发展，信用卡已经成为人们在日常生活中不可或缺的支付和信用工具，但事实上信用卡更适合作为一种理财工具使用——一个具有诸多附加值服务的理财工具。但对于客户而言，如何才能运用信用卡的理财功能，发挥其最大的作用，“善用”很关键。     

毛家河水电站库区岩溶发育特征及邻谷渗漏分析

毛家河水电站位于碳酸盐岩地区，库首距左岸邻谷可渡河14—23km、距右岸邻谷北盘江干流14．8km，水库两岸大型落水洞、溶洞及地下岩溶管道相对较为发育。为初步判断水库存在邻谷渗漏的可能性，对水库两岸可溶岩地层岩溶发育形态、特征及规律进行了勘察，并根据现场地质调查资料对3条可疑渗漏带进行了分析论证。     

农村老人的幸福生活

"没想到俺这老头子也涨'工资'了,这日子真是越过越好".东营市辛店街道茶坡村84岁的农民王道兴高兴地领取了60元的"养老月薪".如今,在辛店街道像王道兴这样享受养老补贴的老人达4821人.     

掺气减蚀设施水力计算的改进

结合小湾工程泄洪洞模型试验进行了11种挑跌坎型和6级流量的试验观测，据此提出了特别适用于大单流量条件的射流出射角修正式，提出了射流近底流速的选取原则.与实验资料对比证明本文计算方法有足够精度。