金融市场中幂律分布的经验和理论研究进展--经济物理学研究的一个前沿

对金融市场波动性的研究是经济物理(econophysics)的一个重要内容．物理学家们借鉴物理学研究方法对金融市场中的主要变量进行的经验研究，揭示了金融资产价格涨落及相关变量概率分布尾部的幂律渐近行为、这一性质明显有悖于传统金融学中的正态分布和试图取代它的列维分布，引起人们广泛的兴趣．文章集中介绍了关于金融资产收益率分布尾部幂律性质经验研究的主要方法和结果，以及几种相关的理论解释．     

上海证券指数的统计分析

金融市场是一个典型的复杂系统，而复杂系统在物理学中已被广泛研究。我们首次有机会获得中国大陆金融市场的上海证券指数若干年内的高频(10秒间隔)数据。本对1999年全年的上证指数进行了统计分析，发现收益率符合Levy稳定分布，而非传统经济学主张的正态分布。对上证指数的时间相关性的研究表明。上证指数的波动率在很长的时间尺度上是相关的。这将有助于在新的框架下建立新的经济学模型。     

中小企业融资克难--银行破冰

借助政策松动的东风，大大小小的银行就势推出一系列中小企业融资新产品。这对中小企业而言，不能不说是因祸得福。     

金融物理的若干基本问题与研究进展(Ⅱ)--基于经纪人的动力学模型的建模与分析

一门全新的交叉学科金融物理研究的第二种处理方法是构建金融市场物理模型，文章对其基本观点作了简介，并重点介绍了金融市场中基于经纪人的动力学模型的建模与分析，阐述了物理学在21世纪的金融工程研究中可发挥的作用与意义。     

Note on Two-Phase Phenomena in Financial Markets

The two-phase behaviour in financial markets actually means the bifurcation phenomenon, which represents the change of the conditional probability from an unimodal to a bimodal distribution. We investigate the bifurcation phenomenon in Hang-Sang index. It is observed that the bifurcation phenomenon in financial index is not universal, but specific under certain conditions. For Hang-Sang index and randomly generated time series, the phenomenon just emerges when the power-law exponent of absolute increment distribution is between 1 and 2 with appropriate period. Simulations on a randomly generated time series suggest the bifurcation phenomenon itself is subject to the statistics of absolute increment, thus it may not be able to reflect essential financial behaviours. However, even under the same distribution of absolute increment, the range where bifurcation phenomenon occurs is fax different from real market to artificial data, which may reflect certain market information.     

拟鞅分解及非完备市场未定权益的保值

证明了拟鞅可选分解定理,并应用这种分解解决非完备金融市场欧式及美式未定权益的保值问题。     

容许借贷的消费投资策略研究

考虑了容许借贷的消费投资决策问题,投资者选择债券和带有红利回报的风险股票,在效用最大化的标准下,研究了最优消费投资策略。最后就ＨＡＲＡ效用函数提供了最优策略。     

Stochastic resonance in a financial model

We report on our model study of stochastic resonance in the stock market using numerical simulation and analysis,In the model,we take the interest rate as the external signal,the randomness of traders‘ behaviour as the noise,and the stock price as the output,With computer simulations.we find that the system demonstrates a characteristic of stochastic resonance as noise intensity varies,An analytical explanation is proposed.     

Chaotic dynamic behavior analysis and control for a financial risk system

According to the risk management process of financial markets,a financial risk dynamic system is constructed in this paper.Through analyzing the basic dynamic properties,we obtain the conditions for stability and bifurcation of the system based on Hopf bifurcation theory of nonlinear dynamic systems.In order to make the system’s chaos disappear,we select the feedback gain matrix to design a class of chaotic controller.Numerical simulations are performed to reveal the change process of financial market risk.It is shown that,when the parameter of risk transmission rate changes,the system gradually comes into chaos from the asymptotically stable state through bifurcation.The controller can then control the chaos effectively.     

金融、地权与财税：近代四川粮税抬垫的运作机制与环境

抬垫一般是指在粮户未及时交纳粮税的情况下,由中间人垫付并随后向粮户追讨垫付本息的做法。从晚清到民国,四川地区民间性的粮税抬垫机制逐渐被纳入到官方性的税收系统中,但仍带有诸多弊病。在官府、书差、绅士和粮户等各方势力的博弈下,抬垫利率也最终实现了标准化。金融市场为粮税抬垫制度的形成提供了资金可能。粮户利用建立在土地市场与金融市场融通基础上的各类交易手段和地权安排（如卖业留粮、押租和典）,来逃漏粮税,导致抬垫纠纷频繁发生。抬垫执行者的选拔体现了金融市场的资本竞争性和去道德化特色。民国四川省军政府曾下令以收益分成来重新认定纳税责任人,但由于未能做到对土地金融市场的完整把握,所以收效不彰。抬垫、抬垫纠纷与相应官方的应对,充分反映了近代中国基层社会中金融、地权、财税和法律等领域间的复杂交织关系。