基于剩余收益模型:银行股票定价的实证分析

利用会计信息对股票价值进行评估的研究是理论界一个长期关注和重视的热点,运用剩余收益模型结合杜邦财务分析体系,对上海浦东发展银行在2005年以及2006年前三个季度的股票价值进行了估计,通过与实际市场价值的比较,发现估计的股票价值与实际市场价值存在差异,但差异不大,并分析了可能产生差异的原因,最终得出该模型对股票的价值具有一定的解释和预测能力.     

基于泰尔指数的盈利能力差异性测度研究

盈利能力是商业银行稳健性的重要保证。资产收益率(ROA)是衡量商业银行盈利能力的一个重要指标,但其无法直接衡量不同类型银行间盈利能力的差异性,也无法直接体现盈利能力差异不同影响因素的贡献度。基于此,本文的主要工作是在资产收益率的基础上,利用泰尔指数构造了单位资产收益率泰尔指数(ROUAT)与人均收益率泰尔指数(ROPPT)两个指标,用来测度商业银行盈利能力的差异性,并对中国13家上市商业银行2006~2015年的财务数据进行实证。实证结果表明:国有控股银行盈利能力的组内差异远大于股份制银行的组内差异,也大于国有控股银行和股份制银行的组间差异。通过对单位资产收益率泰尔指数(ROUAT)与人均收益率泰尔指数(ROPPT)对比,进一步发现人均收益率差异比单位资产收益率差异表现更为突出,说明现阶段银行的员工人数比银行的总资产对银行盈利能力的影响大。本文的主要贡献是利用泰尔指数和资产收益率构造了单位资产收益率泰尔指数和人均收益率泰尔指数两个指标,解决了不同分组下的商业银行的盈利能力差异性的测度问题,解决了差异性影响因素的贡献度问题,盈利能力差异性的测度为相关部门的政策制定提供参考。     

企业与银行交易关系动态模型分析

本文采用动态分析的方法,分析介绍企业融资与以银行为代表的金融机构可能发生的交易关系,论述了以利益最大化为目标的银企双方在贷借活动中可以通过建立相互信赖的长期交易契约未达到节约投资资金使用成本的一个理论依据．指出了企业“名声”所具有的经济价值能减少经济活动中的机会主义行为,银行的“审查能力”能挽救陷入流动性资金不足的企业免于破产的作用．分析的结果可能会对银行商业化、企业现代化及投资管理决策提供一个参考．     

Driver Countries in Global Banking Network

We analyze the network of cross-border bank lending connections among countries from 1977 to 2018. The network includes core countries that lend money and peripheral countries that borrow money from core countries. In nowadays highly connected banking network, financial crisis that start from a country can spread to other countries very fast and cause global affects. We use principal component analysis (PCA) to find the influential lending (core) countries in this network over the years and clusters of borrowing (peripheral) countries related to these impactful core countries. We find three clusters of peripheral countries, with some constant and some changing members over time. This can be a sign of changes in the financial or political interactions among countries. The changes in the role of core countries and how these roles get affected by the important financial crisis in the past decades is investigated. Among 31 of core countries, 7 countries have a partially or constantly important role in the network including France, United Kingdom, United States, Japan, Germany, Chinese Taipei and Switzerland.     

我国标准物质的管理及其发展

阐述了我国标准物质的分类、分级、编号及其管理。描述了标准物质的溯源体系及定值的组织系统,介绍了国际标准物质信息库。     

衍射光变图像在钞票和银行卡中的应用

本文概述了DOVID技术在国际钞票和银行卡中的应用现状以及发展趋势,介绍DOVID在人民币和银联标识卡中的应用。     

On the frame bounds of iterated filter banks

We investigate the frame bounds of iterated non-perfect reconstruction filter banks. We provide frame bounds valid for iterated FBs with an arbitrary number of stages using the frame bounds of the underlying frame on the real line. Conversely, given the frame bounds of the iterated FB, we derive bounds for the underlying wavelet frame.     

三峡库区柑子溪桥头库岸塌岸预测

  三峡库区柑子溪桥头库岸段为土质岸坡。依据分段原则,将该库岸塌岸类型分为冲蚀磨蚀型和滑移型。对库岸稳定性评价,结果表明,3-3′、4-4′、5-5′剖面在工况6情况下处于欠稳定状态,其他工况情况下处于稳定~基本稳定状态。     

Resource block Filtered-OFDM for future spectrally agile and power efficient systems

Spectrum sharing is a common paradigm in future communication systems and a spectrally agile baseband waveform with minimal out-of-band emissions is a critical component. In this paper, we propose a new multicarrier modulation technique, called resource block Filtered-OFDM (RB-F-OFDM) and present the transceiver design. This waveform can be used over channels with non-contiguous spectrum fragments and exhibits very low adjacent channel interference, which is required for cognitive radio systems with multi channel carrier aggregation capabilities. As such, regulatory based very stringent adjacent channel leakage ratio (ACLR) and adjacent channel selectivity (ACS) requirements can be met. We show that the transceiver complexity may be reduced by utilizing an efficient polyphase implementation that is commonly used in the filter bank multicarrier (FBMC) modulation. In addition, some efficient peak-to-average power ratio (PAPR) reduction techniques can be naturally applied. The new design is backwards compatible with legacy OFDM based systems. Simulation results to evaluate the performance, including measured bit error rate (BER) in multipath channels, are provided.     

ATM交换机的多维TORUS网络的一个路由控制算法

提出了基于当今高性能多计算机系统中最流行的拓朴结构──多维ｔｏｒｕｓ（或称Ｋ”立方体）网络的一个路由控制算法，该算法理论上保证无死锁，而且在节点参与网络通讯方面，也基本上是公平的。