高新技术转化融资途径选择的契约分析

本文运用不完全契约理论,深层次地剖析高新技术融资难问题,认为高新技术缔约的信息不完全、信息不对称,加之缔约人的有限理性,使得高新技术转化过程中产生了三个层面上的契约不完全。通过分析市场、中介和内部这三种融资途径的私人收益和甄别能力,综合比较它们对高新技术转化的支持能力。在此基础上,进一步探讨科研院所衍生企业、担保机构担保贷款和产学研联盟这几种高新技术转化途径的融资激励。最后对高新技术转化的融资途径选择提出了几点建议。     

Heterogeneous time preferences and the distribution of wealth

This paper shows that when households are heterogeneous with respect to time preference, the capital market functions as a powerful mechanism generating and maintaining a highly skewed distribution of wealth. A simple model of household savings is embedded into (1) a consumption loans economy and (2) a productive capital economy. The robustness of the conclusions is tested by relaxing some of the simplifying assumptions. Various counteracting instruments of social policy are discussed.     

On the Dynamics of Knowledge-Based Economic Growth

A geometric approach to characterize the solutions of higher-dimensional dynamic optimization problems is applied to a model of knowledge-based economic growth. The characterization reveals a variety of growth patterns, ranging from sustained growth to stagnation. Growth processes exhibit a turnpike property, reaching as rapidly as possible the path along which human and physical capital are equally productive at the margin and evolving along it thereafter. Some growth processes display overshooting behavior and some are sensitive to threshold capital stocks. This work has been supported by the Paul Ivanier Center of Robotics and Production Management, Ben Gurion University of the Negev, Beer Sheva, Israel.     

人力资本投资的随机内生增长模型

本文假设人力资本是宏观经济的一部分 ,由此建立一个随机内生增长模型 ,把人力资本作为宏观经济变量并进入个人效用 .分析了经济达到均衡时个体偏好 ,不确定性对均衡增长率的影响 .同时分析了财政政策 ,税率对经济增长的影响 ,还求出了最优的增长率和人力资本投入与物质资本比 .     

Modeling of optimal investment in science and technology

The latest achievements in science and technology lead to the development of new and more productive capital that can essentially increase a company’s profit. On the other hand, companies should invest not only in the productive capital, but also in science and technology.

The optimal control of an economic system that divides its output among the production of consumption goods, the accumulation of new capital, and the contribution to science and technology is considered. The model is expressed as nonlinear integral equations with unknowns in the integrands and lower limits of integration. An optimization problem for the profit maximization is suggested. The necessary condition for an extremum and the second variation of the functional are derived. The structure of optimal solutions is analyzed. Interpretation of all results is provided.     

Optimal Dividend and Capital Injection Strategies in the Compound Poisson Model with Random Interest Rates

The paper considers the optimal dividend and capital injection strategies for the compound poisson risk process in a random interest rates environment. In the model, the surplus is assumed to be ordinary but the interest rates are governed by an exogenous Markov chain. Here, the problem is solved by two steps. First, we find out the capital injection form that the optimal strategy should follow. Then we look for the optimal solution in the restricted set with the particular capital injection form. In the paper, we discuss ``restricted' and ``unrestricted' two cases and provide a possible solution for ``unrestricted' case when the claim distribution is exponential.     

基于CAPM框架下的创业企业风险资本融资契约设计

从组合的视角出发,考虑创业企业家的风险厌恶程度,通过等价利率将创业企业的风险资本融资契约适应到CAPM框架下,利用纳什议价解刻画双方在信息不对称下的均衡解,基于风险-收益的角度建立了最优融资契约设计模型,为创业企业融资提供了契约设计和风险资本类型选择的一个依据,并通过算例说明了模型的可行性。研究还表明,创业企业引入风险资本优于纯债务融资,而股权的分配则取决于双方的议价力。同时,风险厌恶程度越低的创业企业家越趋向于选择独立的风险投资机构;风险厌恶程度越高的创业企业家越趋向于选择公司背景的风险投资机构;而风险厌恶程度不高,考虑后期贷款的创业企业家则趋向于选择银行背景的风险投资机构。     

A review of mathematical models in economic environmental problems

The paper presents a review of mathematical models used in economic analysis of environmental problems. This area of research combines macroeconomic models of growth, as dependent on capital, labour, resources, etc., with environmental models describing such phenomena like natural resources exhaustion or pollution accumulation and degradation. In simpler cases the models can be treated analytically and the utility function can be optimized using, e.g., such tools as the maximum principle. In more complicated cases calculation of the optimal environmental policies requires a computer solution. This revised version was published online in June 2006 with corrections to the Cover Date.     

人力资本对新疆经济增长的影响分析及对策

运用柯布-道格拉斯生产函数和岭回归,定量分析了物质资本、人力资本、劳动力等要素对新疆经济增长的影响,并提出从提高人力资本存量,改善人力资本结构入手促进经济增长的对策建议.     

湖南省企业生命周期测度及其影响因素分析

本文运用生命表方法对湖南省1980年-2007年期间新成立企业的生存状况进行了测度和分析,通过考察企业生存时间的分位数、在指定时间的平均剩余寿命和在指定时间内的平均存活时间等指标,对不同城、行业、资本规模、所有制类型和成立时间的企业进行了比较研究。结果表明,不同城市、行业、资本规模、所有制类型和成立时间的企业生存时间存在较大差异,我国企业生存状况不仅受到西方传统产业组织理论中企业所在地域、行业和规模的影响,还受到由中国国情所决定的所有制性质和成立时间的影响。