汇市干预的理论与实证分析——来自日本的经验

本文以颇具代表性的日本货币当局外汇干预的模式为参照系,对当今世界资金规模最大、金融领域最前沿的外汇市场从理论和实践的角度进行论证,旨在为未来我国人民币国际化后所必将产生的外汇干预等相关问题提供具有实际意义的建议与理念。     

Next Stop:Italy!

News on Italy accumulates heat as her bidding for 2015 Milan World Expo.In his recent visit to CCPIT on March 26,Italian ambassador to China,Mr.     

The valuation of subsidies in kind and their effects on costs

This study focuses on the effects of subsidies in kind on cost minimizing behavior and the resulting estimates of costs. It is shown that subsidies in kind may distort the usual equilibrium conditions and cost-output relationships among firms in the same industry. Even if they do not, the value of subsidized inputs to the firm, in terms of reduced costs, may differ from its market value. Methods are developed to cope with both problems, and estimations of the value and importance of subsidies in kind to the credit union industry are performed.     

论住房抵押贷款终止偿付型理性违约

住房抵押贷款债务人不仅会进行提前偿付型理性违约 ,在相关机制不健全时也会进行终止偿付型理性违约。终止偿付型理性违约是指在住房抵押贷款存续期内 ,债务人在自身财务状况正常的情况下 ,因经济理性而从某一时刻起终止继续履行对尚欠贷款本息的偿还责任的违约行为。它发生的客观性在于住房抵押贷款债务人对所购住房损失最小化或收益最大化的财务预期能否顺利实现。建立终止偿付型理性违约发生的条件模型 ,可找出抵押率、贷期、已还款量和已履约时间等变量与条件模型的内在关系 ,进而设计出我国金融机构主动防范终止偿付型理性违约风险的思路。     

一种推移千斤顶挡块结构的研究设计

推移系统在整个综采成套设备中起着至关重要的作用,底座挡块的结构设计是它的重中之重。本文对三种挡块结构进行了设计研究,并对其工艺性分析,完成了底座挡块结构的合理性设计。     

Two-Sided Bounds for Tails of Compound Negative Binomial Distributions in the Exponential and Heavy-Tailed Cases

This paper derives two-sided bounds for tails of compound negative binomial distributions, both in the exponential and heavy-tailed cases. Two approaches are employed to derive the two-sided bounds in the case of exponential tails. One is the convolution technique, as in Willmot & Lin (1997). The other is based on an identity of compound negative binomial distributions; they can be represented as a compound Poisson distribution with a compound logarithmic distribution as the underlying claims distribution. This connection between the compound negative binomial, Poisson and logarithmic distributions results in two-sided bounds for the tails of the compound negative binomial distribution, which also generalize and improve a result of Willmot & Lin (1997). For the heavy-tailed case, we use the method developed by Cai & Garrido (1999b). In addition, we give two-sided bounds for stop-loss premiums of compound negative binomial distributions. Furthermore, we derive bounds for the stop-loss premiums of general compound distributions among the classes of HNBUE and HNWUE.     

债权转让的时价评价及会计方法问题

债权会计是金融工具会计中的重要内容。其中债权资产的转让又是金融资产终止确认的具体表现。本文主要研究和探讨了债权会计中资产转让的相关问题和会计方法。     

私募股权投资会影响企业创新策略吗

〖GK3〗基于企业实质性与策略性创新策略视角,以专利异质性作为切入点,考察沪深两市2010-2017年IPO企业私募股权投资与创新策略间的关系。研究发现,私募参与能有效提升企业整体专利数量,但仅对策略性创新行为即非发明专利数量具有显著提升作用;从私募特征看,单独投资和本土背景下的私募对策略性创新的引导作用更强。进一步研究发现,IPO叫停抑制了私募对企业策略性创新的引导作用,同时激发了私募对企业实质性创新的正面作用;对IPO企业异质性创新成果的经济后果进行研究发现,实质性创新能够显著提升企业绩效,而策略性创新对非发明专利的关注与包装并不能对企业绩效产生积极影响。     

高峰时段城际铁路列车停站方案研究

为缓解高峰客流拥堵,提高列车服务能力,通过对各种运行列车组在沿途中间站的停站组合分析,推导出始发站列车发车间隔的计算公式。以此为基础,构建以站间服务可达性、列车到达时间、旅客候车时间等作为主要约束条件,旅客旅行时间消耗最小化为目标的非线性0-1规划模型,同步优化城际铁路客流高峰时段的列车停站方案与运行图。根据模型特点设计遗传算法对算例进行求解,验证设计的模型及算法可行,能够为制定城际铁路列车停站方案提供参考。