企业资源配置战略与盈余持续性

盈余持续性是盈余质量的重要特征。较高的盈余持续性预示着企业的盈余质量较高,在一定程度上表明企业的经营状况平稳并具有良好的管理水平,有利于企业降低经营风险、提升公司价值。近年来,盈余持续性已经成为资本市场研究领域的一个热点问题。以我国A股市场2007—2017年非金融类上市公司为样本,对企业资源配置战略与盈余持续性之间的关系进行了实证研究。研究结果表明,经营主导型公司的盈余持续性要显著强于投资主导型公司;进一步区分具体的盈余构成后发现,经营主导型公司核心利润的持续性显著强于投资主导型公司,但其投资收益的持续性显著弱于投资主导型公司。上述结论表明,盈余及其构成的持续性均会受到公司资源配置战略的影响。相关研究结论既为公司资源配置战略影响盈余特征提供了经验证据,又对外部利益相关者透过战略本质看清会计信息的内在价值具有一定的启示作用。     

变动均值和方差资产配置模型的应用研究

本文在均值-方差模型的基础上,以改善估计误差为主线,选取了10种变动均值-方差的资产配置模型,以等权重策略为基准,运用了确定性等价收益和Alpha值为判断准则,同时考虑了允许卖空限制和非允许卖空的情况,实证研究结果表明：虽然在资本市场中配置模型并不能显著战胜等权重策略,但随着投资范围的扩大,模型开始显现配置效果,尤其在Alpha准则下,变动均值-方差资产配置显著。同时本文还将实证结果和目前我国投资者的实际资产配置情况进行了比较,发现了现实配置结构中的不合理之处,并提出了相应的改善建议。最后对4类常用资产进行了模拟研究,其结果也进一步证实了本文的结论。     

分税制以后我国财权配置问题实证研究

1994年推行的分税制是不彻底的,财权配置缺乏协调性和统一性,致使各级政府在公共产品和服务提供中责权利不对称。因此,需要调整财权配置,以保证事权和财权的统一。     

Doubly adaptive biased coin designs with heterogeneous responses

Doubly adaptive biased coin design (DBCD) is an important family of response-adaptive randomization procedures for clinical trials. It uses sequentially updated estimation to skew the allocation probability to favor the treatment that has performed better thus far. An important assumption for the DBCD is the homogeneity assumption for the patient responses. However, this assumption may be violated in many sequential experiments. Here we prove the robustness of the DBCD against certain time trends in patient responses. Strong consistency and asymptotic normality of the design are obtained under some widely satisfied conditions. Also, we propose a general weighted likelihood method to reduce the bias caused by the heterogeneity in the inference after a trial. Some numerical studies are also presented to illustrate the finite sample properties of DBCD.     

万物互联时代的“算法”崇拜与资源配置变革

随着万物互联时代的来临,人类资源配置将被各种人工智能“算法”①所取代。万物互联产生的数据将成为社会资源的重要形态,也是支撑人工智能“算法”的重要基础。数据资源的安全、所有权归属、开发利用效率以及保密等重要议题,将成为民族学、经济学、社会学和心理学等相关学科关注和研究的新热点。我国是一个统一的多民族国家,如何将丰富的民族多样化资源转化为支持万物互联资源网络协同优化配置人工智能“算法”的数据,需要从民族历史、文化、生物、信息处理技术等相关学科做深入的理论和实证研究。在万物互联时代,因资源配置方式与配置机制发生变革,经济学一般不再直接求解资源最优配置的策略集,更多是从理论和实证方面研究资源配置中人工智能“算法”的构造原理、构造条件与影响因素。万物互联时代,社会和谐秩序的构建,需要政府建立和维护万物互联网络的安全防护体系,并对资源配置中人工智能技术演变路径作规范和指引。     

Wealth Holdings and Portfolio Allocation of the Elderly: The Role of Marital History

This paper investigates the role of marital history in terms of explaining differences in wealth holdings and portfolio allocation of older individuals by studying data from the first wave of Health and Retirement Study which was conducted in 1992. The results generally suggest that both men and women suffer from the negative shocks of past marital dissolutions in terms of household wealth accumulation. The significance level, however, differs across currently married couples, single males, and single females. The examination of the asset components of net worth also indicates that both the probability of owning a particular asset and the fraction of wealth allocated to that asset might vary depending on the elderly individuals’ marital history.

A stratified unrelated question randomized response model using Neyman allocation

This paper applies stratified random sampling using Neyman allocation to Mangat et al. (1992 Mangat, N.S., Singh, R., Singh, S. (1992). An improved unrelated question randomized response strategy. Cal. Stat. Assoc. Bull. 42:277–281.[Crossref] , [Google Scholar]) unrelated question randomized response (RR) strategy for both completely truthful reporting and less than completely truthful reporting. It is shown that, for the prior information given, our new model is more efficient in terms of variance (in the case of completely truthful reporting) and mean square error (in terms of less than completely truthful reporting) than Kim and Elam's (2007 Kim, J.M., Elam, M.E. (2007). A stratified unrelated question randomized response model. Stat. Papers 48:215–233.[Crossref], [Web of Science ®] , [Google Scholar]) model. Numerical illustrations and graphs are also given in support of the present study.     

Operational Risk in Financial Services: A Review and New Research Opportunities

We present a framework to describe and analyze operational risk in financial services from an operations management perspective, focusing in particular on process design, process management, and human behavior aspects. The financial services industry differs from other service industries in ways that affect the nature of the operational risks it is subject to. In recent decades, many books and papers have focused on operational risk in financial services; however, this literature has focused mainly on the conceptual and statistical aspects of operational risk management and not on its operational aspects. Operational risk in financial services has not received much attention from the operations management community. The framework presented here is based on the premise that operational risk in financial services can reap significant benefits from research done in the theory and practice of operations management in manufacturing industries as well as in other services industries. The objective of this study is to propose particular challenges and questions raised in the practice of operational risk management that may stimulate future research in this particular area of operations management.     

China and global internet governance: toward an alternative analytical framework

Drawing on historical methods, this study assesses the conventional “cyber-sovereignty” framework, which has been used to capture and interpret China’s stance toward global Internet governance. This framework focuses on political control and tends to reduce China’s policies to the attempts by an authoritarian state to elevate governments and intergovernmental organizations to be the only legitimate governors of global cyberspace. As it traces the evolution of China’s relationship with the global Internet in the past three decades, the study demonstrates that China’s stance is more complex than the prevalent framework allows and that it is both built upon and different from the US-centric, market-oriented Internet governance scheme. This study recognizes the inadequacy of the conventional framework and invokes a theory of critical political economy of communication, thereby offering an alternative model to explicate the complex power dynamics behind China’s changing strategies. The alternative model advanced in this study is based on the understanding of China’s evolving approach as the product of multifaceted interactions among a group of power-holders that include both state agencies and business units on the transnational level.     

基于最大收益的无线虚拟网络重映射算法

针对无线环境的动态性及虚拟网络请求到达与离开的随机性,使得物理网络负载分布不均衡,导致后续请求的接受率降低的问题,提出一种无线网络虚拟化中的两阶段重映射算法（two stages reconfiguration scheme for wireless network virtualization,TR-WNV）。该算法通过第1个阶段选出合适的虚拟网络进行重映射,接着在第2个阶段按照优先级对已选出的虚拟网络进行重映射,并根据离散度来判断每次映射效果。最后,通过仿真对算法进行验证,结果表明该算法在保证虚拟网络请求收益最大化同时,有效提高了虚拟网络请求接受率,实现整个底层网络的负载分布均衡。