风险投资的多目标决策分析

指出了风险投资具有"高风险,高收益"的特点,值得重视和研究.通过实例,证明了现行的风险评价指标和方法还很不完善,甚至会导致错误的决策.建立了风险投资的多目标决策模型,并用实例证明了它的可行性和有效性.这个模型能够全面地综合评价风险投资方案的经济效益和风险大小,有助于正确决策.     

Robust equilibrium reinsurance-investment strategy for a mean–variance insurer in a model with jumps

This paper analyzes the equilibrium strategy of a robust optimal reinsurance-investment problem under the mean–variance criterion in a model with jumps for an ambiguity-averse insurer (AAI) who worries about model uncertainty. The AAI’s surplus process is assumed to follow the classical Cramér–Lundberg model, and the AAI is allowed to purchase proportional reinsurance or acquire new business and invest in a financial market to manage her risk. The financial market consists of a risk-free asset and a risky asset whose price process is described by a jump-diffusion model. By applying stochastic control theory, we establish the corresponding extended Hamilton–Jacobi–Bellman (HJB) system of equations. Furthermore, we derive both the robust equilibrium reinsurance-investment strategy and the corresponding equilibrium value function by solving the extended HJB system of equations. In addition, some special cases of our model are provided, which show that our model and results extend some existing ones in the literature. Finally, the economic implications of our findings are illustrated, and utility losses from ignoring model uncertainty, jump risks and prohibiting reinsurance are analyzed using numerical examples.     

Heston随机波动率模型下的资产负债管理问题

应用随机最优控制方法研究Heston随机波动率模型下带有负债过程的动态投资组合问题,其中假设股票价格服从Heston随机波动率模型,负债过程由带漂移的布朗运动所驱动.金融市场由一种无风险资产和一种风险资产组成.应用随机动态规划原理和变量替换法得出了上述问题在幂效用和指数效用函数下最优投资策略的显示解,并给出数值算例分别分析了市场参数在幂效用和指数效用函数下对最优投资策略的影响.     

潮汕籍华侨与泰国华侨华人的妈祖信仰

在清朝初年和第二次世界大战结束后,先后出现过两次闽粤人民移居泰国的高潮。随着华人的出国,尤其是潮汕人的出国,妈祖信仰开始在泰国传播开来,其传播时间至迟在清乾隆年间。潮汕华侨称所崇拜的妈祖称“七圣妈”。妈祖信仰体现出既保留中国宗教传统又部分与当地宗教文化融合的特色。     

房地产投资效益评估与决策分析

从城市规划设计和住宅项目投资财务分析入手,论证房地产业给社会发展和生态环境带来的双效益,指出房地产与城市规划设计密切相关,城市规划设计源自基本国策、地区资源和城市定位;漠视城市规划设计,没有全局观念的急功近利行为,势必危害子孙,影响国家和城市发展。探讨了房地产业的可持续发展战略与策略。     

海外华人女性作家自传性作品研究

本文选取美国女作家汤婷婷的《女勇士——追忆与鬼为伍的一段少女生活》和英国女作家张戎的《鸿——三代中国女人的故事》为文本研究对象,以"身份"批评切入,考察海外华人女性写作的语言选择、叙述策略、文化认同、性别认同,从而揭示她们对于自我身份认同的不同思考。     

政府投资项目监管的“三重困境”透视

政府投资项目由于主体多元性、基于成本一效益分析下集体行动的不合理性以及政府投资项目本身决定的多层委托代理问题等,使政府投资项目监管存在主体偏好多样性与政府投资项目监管的决策困境,集体行动的逻辑与政府投资项目监管的动力困境,委托代理多层性与政府投资项目监管的信息困境。     

IT Capability as Moderator Between IT Investment and Firm Performance

Conflicting results from previous research relating information technology （IT） investments and firm performance suggest that there is no direct relationship between IT investments and firm performance. The resource-based view （RBV） of the firm is introduced as a research tool to examine how IT resources and capabilities affect firm performance. A theoretical rationale model is then used to investigate the relationship between IT investment and firm performance. The IT capability is assumed to be an important moderator variable rather than a mediator variable linking IT investments to firm performance, while the time period, the firm size, and the industry type, all recognized as factors influencing performance, are treated as control variables. The model and hypotheses are verified by sample data from leading IT firms in China. The data confirms the moderating effect of the IT capability.     

沈阳装备制造业外商直接投资技术溢出效应实证研究

以柯布-道格拉斯生产函数为基础,构建了包括基本模型和扩展模型在内的数量模型,提出了相关研究假设.在此基础上,采用1999~2003年的行业数据,对沈阳装备制造业外商直接投资的技术溢出效应进行了实证研究.结果显示,外资直接投资对沈阳装备制造业产生了显著的技术溢出效应;同时发现,所选定的三个因素,即市场竞争、劳动力流动和行业开放度对溢出效果的影响都是积极的,这对有效利用外商直接投资、提高外商直接投资的技术溢出效应提供了重要的参考.     

信息安全投资的经济学分析

从经济学角度出发,叙述了在信息安全投资决策活动中的4种经济学模型。对这4种模型的特点进行了分析。