基于能值理论的中国进出口贸易生态足迹实证研究

生态足迹可以用来定量地分析国际贸易的生态影响和可持续性.传统的生态足迹测算法具有参数不稳定性且忽略了各地区之间真正的生态比较优势,测算的结果误差较大.提出用能值理论模型测算国际贸易中内涵的生态足迹.能值理论模型所使用的能量折算系数、能值转换率等参数在自然生态系统中相对稳定,测算结果相对更加准确.为了反映国际贸易的生态资源利益分配,基于测算的贸易足迹定义了生态贸易条件.对1991-2010年中国贸易足迹的实际测算显示,1991-1995年中国进出口贸易足迹基本平衡,生态贸易条件在波动中趋于上升;而1995年以后进口足迹增长远快于出口足迹增长,净进口足迹不断增大,生态贸易条件不断下降.对净进口足迹影响因素的实证分析表明,总人口、人均收入、每千美元GDP的能源使用量对净进口足迹有显著的正向作用,而第三产业比重对净进口足迹也有不太显著的正向影响.     

Rare Shock,Two-Factor Stochastic Volatility and Currency Option Pricing

Abstract

In this paper, we develop an option valuation model where the dynamics of the spot foreign exchange rate is governed by a two-factor Markov-modulated jump-diffusion process. The short-term fluctuation of stochastic volatility is driven by a Cox–Ingersoll–Ross (CIR) process and the long-term variation of stochastic volatility is driven by a continuous-time Markov chain which can be interpreted as economy states. Rare events are governed by a compound Poisson process with log-normal jump amplitude and stochastic jump intensity is modulated by a common continuous-time Markov chain. Since the market is incomplete under regime-switching assumptions, we determine a risk-neutral martingale measure via the Esscher transform and then give a pricing formula of currency options. Numerical results are presented for investigating the impact of the long-term volatility and the annual jump intensity on option prices.     

资源约束与贸易开放的技术溢出门槛效应研究——来自我国资源型地区的经验研究

通过构建中间产品种类扩张型的内生增长模型,本文论证了在资源约束条件下,贸易开放的技术溢出效应推动技术进步的作用机理以及技术溢出效应的制约因素。同时,本文还利用我国资源型地区2000~2009年的省际面板数据,实证检验了资源型地区贸易开放的技术溢出门槛效应。研究表明:贸易开放的技术溢出效应对资源型地区技术进步推动作用并不明显,人力资本、贸易开放、能源产业投资额、技术差距对技术溢出皆存在门槛效应,当跨越技术溢出的门槛值,资源型地区能够突破资源约束的瓶颈,实现本地区的技术进步。     

顾客部分延期付款下两级商业信用易腐品订货策略

针对易腐品的经济订货批量问题展开研究。在供应商给零售商提供延迟还款的同时,零售商也给顾客提供部分延期还款条件。分五种情况分别讨论零售商的成本构成,并由此建立数学模型以求解最优订货周期使得零售商单位时间总成本最小化。通过数学证明得到了目标函数的解析性质,结果显示每种情况下在可行域范围内至多存在一个极小值点。以此为基础给出了相应的命题以有效地确定零售商的最优决策。最后通过数值算例说明了模型的有效性。     

Assessing store performance models

One of the major problems faced by the management at supermarket chains is the determination of a fair and equitable assessment of individual store performance keeping in mind the variation in store features, competitive environment, and socio-demographic characteristics of the consumers facing each location. Mainstream literature has thus far tried to define “trading areas” with finite borders around supermarkets to identify their customer base. However in a densely populated highly developed urban environment, such trading areas have very high overlaps (90–95%) between stores, rendering the use of finite border models not only ineffective, but incorrect to use.     

基于熵权及国际生产折衷理论的中国煤炭贸易国际竞争优势评价

利用国际生产折衷理论建立了煤炭贸易国际竞争优势评价指标体系,从专属优势、区位优势、内部化优势和国际化程度的角度对各主要煤炭出口国的竞争优势进行基于熵权的多层次综合评价.指出与其他煤炭出口国相比,中国煤炭贸易竞争优势主要来自于专属优势以及部分区位因素,而在国际化程度上明显处于劣势,同时指出了中国煤炭企业的挖潜方向.     

中国经济全球化进程的基本判断

经济全球化是世界经济发展的重要趋势.近些年来,我国的经济全球化程度有了很大的提升.在"金砖四国"中,我国的经济全球化程度居首位.但是与发达经济体相比较,中国经济全球化水平还存在很大的差距,特别是在"人员联系"和"信息技术"两个指标方面,还需要进一步提高,当然这也是我国经济进一步全球化的潜力所在.     

Convenient copper- and solvent-free Sonogashira-type alkynylation of aryl iodides and bromides using Pd EnCat™

A straightforward methodology is described for the copper- and solvent-free alkynylations of aryl iodides and bromides using 0.1-0.01 mol % of Pd as Pd EnCat™ 40 or TPP30. High yielding reactions can be achieved under aerobic conditions for a variety of activated and deactivated aryl iodides; a few examples with aryl bromides are also described. Microwave irradiation is able to enhance yields and rates of these reactions.     

An efficient green MCR protocol for the stereoselective synthesis of β-acetamido ketones catalyzed by Selectfluor™

An efficient, green, room temperature process for the stereoselective synthesis of β-amido ketones employing a one-pot multi-component reaction of aromatic aldehydes, α-substituted or α-unsubstituted ketones, an acid chloride, and a nitrile in presence of catalytic amount of Selectfluor^™ is described. The process offers advantages such as high anti-selectivity, shorter reaction time, energy efficiency, and simple work-up.     

基金“拥挤交易”对A股股价泡沫的影响研究

随着基金数量的不断增加,多家基金重仓一只股票所呈现的“拥挤交易”现象日渐明显。本文运用面板数据模型,对基金“拥挤交易”与A股股价泡沫之间的关系进行考察。结果表明,当公司超过6只基金重仓持股时,基金拥挤交易会对股价泡沫形成促进作用;当小于6只基金重仓持股时,这一关系则不显著。即:基金拥挤交易需要在“拥挤”到一定程度后才会促进股价泡沫膨胀。因此,管理层应高度重视6家以上基金重仓持股的股票,这类股票往往会形成较大的泡沫,同时也存在较大的崩溃风险。另外,管理层还应审慎研究政策出台时可能带来的预期,最大限度的避免基金经理产生一致的信念和一致行动,降低基金拥挤交易现象的发生。