金融期权定价模型与金融风险管理

金融期货是一种具有独特功能的非常重要的衍生金融工具 ,对规避金融风险有重要意义 ,其作为一种金融资产表现为一种特定的权利。B -S期权模型开创性地表达了这种期权定价理论 ,二项式模型则将各种金融期权定价模型推向简化和实用化。     

现代企业财务管理目标的抉择及其量化

对现代企业财务管理目标如何定位 ,目前理论界存在诸多不同观点。笔者认为 ,从宏观上着手 ,现代企业财务管理目标应根据现代企业财务管理活动的客观规律和我国目前的经济状况作出抉择 ;从微观上着手 ,可采用财务比率综合指数分析法 ,将财务管理目标用量化指标来衡量     

Dose-Response and Risk Assessment of Airborne Hexavalent Chromium and Lung Cancer Mortality

This study evaluates the dose-response relationship for inhalation exposure to hexavalent chromium [Cr(VI)] and lung cancer mortality for workers of a chromate production facility, and provides estimates of the carcinogenic potency. The data were analyzed using relative risk and additive risk dose-response models implemented with both Poisson and Cox regression. Potential confounding by birth cohort and smoking prevalence were also assessed. Lifetime cumulative exposure and highest monthly exposure were the dose metrics evaluated. The estimated lifetime additional risk of lung cancer mortality associated with 45 years of occupational exposure to 1 microg/m3 Cr(VI) (occupational exposure unit risk) was 0.00205 (90%CI: 0.00134, 0.00291) for the relative risk model and 0.00216 (90%CI: 0.00143, 0.00302) for the additive risk model assuming a linear dose response for cumulative exposure with a five-year lag. Extrapolating these findings to a continuous (e.g., environmental) exposure scenario yielded an environmental unit risk of 0.00978 (90%CI: 0.00640, 0.0138) for the relative risk model [e.g., a cancer slope factor of 34 (mg/kg-day)-1] and 0.0125 (90%CI: 0.00833, 0.0175) for the additive risk model. The relative risk model is preferred because it is more consistent with the expected trend for lung cancer risk with age. Based on statistical tests for exposure-related trend, there was no statistically significant increased lung cancer risk below lifetime cumulative occupational exposures of 1.0 mg-yr/m3, and no excess risk for workers whose highest average monthly exposure did not exceed the current Permissible Exposure Limit (52 microg/m3). It is acknowledged that this study had limited power to detect increases at these low exposure levels. These cancer potency estimates are comparable to those developed by U.S. regulatory agencies and should be useful for assessing the potential cancer hazard associated with inhaled Cr(VI).     

税收筹划——实现财务管理目标的有效途径

企业税收筹划是实现财务管理目标的一个有效途径,它已有机地融入了企业经营管理的全过程,应从企业的投资、筹资、日常经营及利润分配等方面加强并搞好税收筹划工作。     

Valuation of childhood risk reduction: the importance of age, risk preferences, and perspective.

This article explores two problems analysts face in determining how to estimate values for children's health and safety risk reductions. The first addresses the question: Do willingness‐to‐pay estimates for health risk changes differ across children and adults and, if so, how? To answer this question, the article first examines the potential effects of age and risk preferences on willingness to pay. A summary of the literature reporting empirical evidence of differences between willingness to pay for adult health and safety risk reductions and willingness to pay for health and safety risk reductions in children is also provided. The second dimension of the problem is a more fundamental issue: Whose perspective is relevant when valuing children's health effects—society's, children's, adults‐as‐children, or parents'? Each perspective is considered, followed ultimately by the conclusion that adopting a parental perspective through an intrahousehold allocation model seems closest to meeting the needs of the estimation problem at hand. A policy example in which the choice of perspective affects the outcome of a regulatory benefit‐cost analysis rounds out the article and emphasizes the importance of perspective.     

对降低中国农业生产风险的方式探讨

农业生产领域因其要受气候条件、自然灾害、技术的改变、信息的不完全、国家政策的变动,有着不同于其他行业的特殊风险性,而我国农户大多又是风险规避者,所以,如何降低农业生产中的风险,及如何看待降低风险的方式在中国的实效性问题,成为目前解决“三农”问题关键所在。     

西部金融发展的路径选择探析

通过我国东、西部金融发展水平的比较，发现西部金融正处于一种迟缓发展状态，因而未能真正发挥出对区域经济的促进作用。经过分析，认为西部应选择供给引导型金融发展道路，主动通过金融先行发展来加速经济增长。     

商业银行中间业务及风险管理的几点思考

我国商业银行在中间业务发展上与外资银行相比存在较大的差距。面对外资银行进军中国市场的事实,我国商业银行只有大力发展中间业务才能抵抗外资银行的冲击。发展中间业务必定伴随着风险的出现,特别是与业务发展相关的风险巨大,银行自身必须从内部做好相关的风险防范与管理;同时,银行监督管理部门也要从外部做好相关的风险管理工作,来保障和促进商业银行中间业务的发展。     

税费改革后农村义务教育财力资源的配置和优化

农村教育财力资源是保证农村义务教育正常进行和健康发展的根本条件。通过对我国农村税费改革后农村义务教育财力资源供给的现状和存在问题的分析,探讨了一些可丰富和优化配置农村义务教育财力资源的可行之路。     

Benchmark Analysis: Shopping with Proper Confidence

We discuss the issue of using benchmark doses for quantifying (excess) risk associated with exposure to environmental hazards. The paradigm of low-dose risk estimation in dose-response modeling is used as the primary application scenario. Emphasis is placed on making simultaneous inferences on benchmark doses when data are in the form of proportions, although the concepts translate easily to other forms of outcome data.