互联网金融纠纷解决与商事仲裁的运用

互联网金融作为新兴的金融创新模式,是传统金融服务体系的重要补充。基于互联网行业与金融行业相结合的特性,互联网金融面临着因技术安全与违约风险而引发的诸多复杂且多元化的纠纷。从解纷机制考量,商事仲裁的运用与互联网金融纠纷的特点相契合,具有纠纷解决专业化、效率化以及纠纷认可与执行广泛性的特点。对此,充分发挥商事仲裁的积极效用,无疑将促进我国互联网金融纠纷的顺利解决,从而维护互联网金融市场的稳定与发展。     

Design and implementation of an integrated production planning system for a pharmaceutical manufacturing concern in India

SmithKline Beecham (SBPI) is a major player in the Indian pharmaceutical industry. Though relatively small in terms of turnover, it has performed Pharmaceuticals (India) exceptionally well in terms ofprofitability and growth rate. The firm has substantial cash reserves. However, the firm operates in 'mass production' mode at present, with the established finished goods inventory norms being in the range of 1 to 1.5 months. Competitive pressure on the firm is now forcing it to move towards world class manufacturing and the application of concepts from MRP II, JIT and OPT is under consideration. This paper describes the considerations that went into the justification, design and implementation of an integrated production planning and control system in this situaion.     

Rough-cut capacity planning for remanufacturing firms

Capacity planning is a critical element of any successful production planning and control system. A method of rough-cut capacity planning is developed, based on the bill-of-resources approach, that can be used to plan for capacity required for firms in a remanufacturing including overhaul repair operations environment. The modified bill-of-resources approach developed takes into account two major stochastic elements inherent in this environment; probabilistic material replacement factors and probabilistic routing files. A detailed example from an actual repair overhaul operation is presented to illustrate the technique.     

Nonparametric Methods in Continuous Time Model Specification

Some popular parametric diffusion processes have been assumed as such underlying diffusion processes. This paper considers an important case where both the drift and volatility functions of the underlying diffusion process are unknown functions of the underlying process, and then proposes using two novel testing procedures for the parametric specification of both the drift and diffusion functions. The finite-sample properties of the proposed tests are assessed through using data generated from four popular parametric models. In our implementation, we suggest using a simulated critical value for each case in addition to the use of an asymptotic critical value. Our detailed studies show that there is little size distortion when using a simulated critical value while the proposed tests have some size distortions when using an asymptotic critical value in each case.     

从法理上对税收负担最小化手段的再界定——税收筹划概念的内涵和外延

目前关于税收负担最小化手段的理解多种多样 ,对税收筹划及相关概念的使用很不规范 ,容易误导纳税人的行为和国家的税收征管。本文从法理上将税收负担最小化手段划分为偷逃骗税和税收筹划 ,又将税收筹划划分为避税、节税和税负转嫁     

国企改革实现三年走出困境的思考

深化国企改革,三年走出困境既是机遇又是挑战,这需要国家在税收、保险、金融、价格等财经政策方面予以倾斜和配套措施的扶持,而企业自身要以现代企业制度为要求,加强管理,提高自身市场竞争力,需要国家、企业、个人三方面共做出努力,共渡难关,实现三年走出困境。     

Splines for financial volatility

Summary.  We propose a flexible generalized auto-regressive conditional heteroscedasticity type of model for the prediction of volatility in financial time series. The approach relies on the idea of using multivariate B -splines of lagged observations and volatilities. Estimation of such a B -spline basis expansion is constructed within the likelihood framework for non-Gaussian observations. As the dimension of the B -spline basis is large, i.e. many parameters, we use regularized and sparse model fitting with a boosting algorithm. Our method is computationally attractive and feasible for large dimensions. We demonstrate its strong predictive potential for financial volatility on simulated and real data, and also in comparison with other approaches, and we present some supporting asymptotic arguments.     

浅析高校负债办学

负债办学是目前高校实现跨越式发展的必由之路。负债在给高校带来快速发展的同时 ,也给高校带来了财务风险。因此 ,高校负债办学既要根据学校的发展规划和对资金的需求 ,适度负债 ,又要加强负债的管理 ,提高资金使用效益     

Extremes of Markov chains with tail switching potential

Summary.  A recent advance in the utility of extreme value techniques has been the characteri- zation of the extremal behaviour of Markov chains. This has enabled the application of extreme value models to series whose temporal dependence is Markovian, subject to a limitation that prevents switching between extremely high and extremely low levels. For many applications this is sufficient, but for others, most notably in the field of finance, it is common to find series in which successive values switch between high and low levels. We term such series Markov chains with tail switching potential, and the scope of this paper is to generalize the previous theory to enable the characterization of the extremal properties of series displaying this type of behaviour. In addition to theoretical developments, a modelling procedure is proposed. A simulation study is made to assess the utility of the model in inferring the extremal dependence structure of autoregressive conditional heteroscedastic processes, which fall within the tail switching Markov family, and generalized autoregressive conditional heteroscedastic processes which do not, being non-Markov in general. Finally, the procedure is applied to model extremal aspects of a financial index extracted from the New York Stock Exchange compendium.     

Benchmark Schedules for Subcontracted Operations: Decentralization Inefficiencies that Arise from Competition and First‐Come‐First‐Served Processing*

Subcontracting has become a prominent business practice across many industries. Subcontracting of industrial production is generally based on short‐term need for additional processing capacity, and is frequently employed by manufacturers to process customer orders more quickly than using only in‐house production. In this article, we study a popular business model where multiple manufacturers, each capable of processing his entire workload in‐house, have the option to subcontract some of their operations to a single third party with a flexible resource. Each manufacturer can deliver customer orders only after his entire batch of jobs, processed in‐house and at the third party, is completed. The third party facility is available to several manufacturers who compete for its use. Current business practice of First‐Come‐First‐Served (FCFS) processing of the subcontracted workloads as well as the competitive Nash equilibrium schedules developed in earlier studies result in two types of inefficiencies; the third party capacity is not maximally utilized, and the manufacturers incur decentralization cost. In this article, we develop models to assess the value created by coordinating the manufacturers' subcontracting decisions by comparing two types of centralized control against FCFS and Nash equilibrium schedules. We present optimal and/or approximate algorithms to quantify the third party underutilization and the manufacturers' decentralization cost. We find that both inefficiencies are more severe with competition than they are when the third party allocates capacity in an FCFS manner. However, in a decentralized setting, a larger percentage of the players prefer Nash equilibrium schedules to FCFS schedules. We extend our analysis to incomplete information scenarios where manufacturers reveal limited demand information, and find that more information dramatically benefits the third party and the manufacturers, however, the marginal benefit of additional information is decreasing. Finally, we discuss an extension wherein each manufacturer's objective takes into account asymmetries in subcontracting, in‐house processing, and delay costs.