海合会国家主权财富基金的发展及其影响

海合会国家热衷于建立各类主权财富基金,他们在基金的管理、运作透明度、投资战略和模式等方面均具有鲜明的特色。在美国次贷危机后,这些基金在跨国投资方面表现更为积极,直接导致了投资接受国加强投资审查等限制性措施。投资接受国政策的演变以及2009年的迪拜债务危机对海湾国家主权财富基金未来发展均产生了深远的影响。     

Correction Constants for Present Values of Seasonal Cash Flows

In a recent Decision Sciences article, McMath (1990) developed the correction constants approach for eliminating the end-of-year bias in the present value of streams with subannual cash flows. A limitation of this approach is that it assumes subannual cash flows are level. In many types of businesses, subannual cash flows follow a predictable seasonal pattern and, consequently, a present value estimate based upon a level correction constant is biased. This article derives a general formula for determining correction constants for seasonal cash flow patterns, examines the direction and magnitude of the seasonal bias, and applies seasonal correction constants to a capital budgeting problem.     

我国土地资源高效配置的政策阻碍及改革建议

土地资源高效配置是我国经济社会可持续发展的重要保障.当前我国城镇化、工业化发展过程中,土地资源高效配置正面临土地政策目标不明确、政策主体闻关系不畅、政策工具应用不当、政策执行不力、政策监控与评估机制缺乏、配套政策不健全等阻碍,难以满足转变经济发展方式的时代需求.因此,今后我国应当以转变经济发展方式为统领,通过改革土地资源配置政策形成机制、建立多元化治理机制、创新土地管理机制和体制、转变土地利用与管理方式以及构建土地高效配置的政策保障体系,建立起促进区域协调、城乡统筹、产业优化和民生保障的土地政策体系,实现土地资源高效配置.     

天使抑或魔鬼:私募股权基金之于创业板市场的发展

自创业板市场开启以来,我国私募股权基金与创业板市场双双得到长足发展。相对于创业板市场,私募股权基金无疑是天使,促进了创业板市场的发展与完善。然而,行业的无序竞争、普通合伙人融资困难、基金投资短视等弊端暴露了我国私募股权基金行业法制建设落后、监管制度不健全、配套机制建设滞后等问题,中国私募股权基金第一弊案正是这些问题的集中反映。天使在某种情况下也会变成魔鬼,不健全的私募股权基金将会严重损害创业板市场的发展。对此,我国应当通过构建完备的法律体系、强化监管制度、推动配套机制建设等多种方式,促使私募股权基金与创业板市场的协调发展。     

水库移民研究述评

在现代化建设中,随着各项水利工程的建设,产生了大量的水库移民,水库移民问题处理是否妥当将直接关系到移民的生活安康水平及地区乃至国家的稳定。本文从水库移民性质、安置与补偿、社会冲突与整合、适应,以及社会保障五个方面对水库移民的已有研究进行了全面综述,并做了简要评述。     

上海人口空间移动与公共管理和服务资源配置研究

上海常住人口密度呈“四级阶梯下降”态势,中心城区人口向周边区域扩散,少儿人口减少、老年人口增加,不同年龄结构人口居住空间出现分化,人户分离现象严重,外来常住人口呈现“市少郊多”和“西高东低”格局,境外人口空间集聚明显。上海人口空间移动,对教育、医疗、体育、文化、社会保障等社会公共资源配置产生重要影响。应根据上海人口空间移动和不同类型人群需求特征,坚持“以人为本、统筹规划、平衡发展、均等服务、持续发展、高效利用”的原则,创新工作思路,对公共资源配置进行合理规划,促进人口和社会事业协调发展。     

Retailer Transshipment versus Central Depot Allocation for Supply Network Design

We consider a supply chain structure with shipments from an external warehouse directly to retailers and compare two enhancement options: costly transshipment among retailers after demand has been realized vs. cost‐free allocation to the retailers from the development of a centralized depot. Stochastic programming models are developed for both the transshipment and allocation structures. We study the impact of cost parameters and demand coefficient of variation on both system structures. Our results show an increasing convex relationship between average costs and demand coefficient of variation, and furthermore that this increase is more pronounced for the allocation structure. We employ simulation and nonlinear search techniques to computationally compare the cost performance of allocation and transshipment structures under a wide range of system parameters such as demand uncertainty and correlation; lead times from the external warehouse to retailers, from warehouse to central depot, and from depot to retailers; and transshipment, holding, and penalty costs. The transshipment approach is found to outperform allocation for a broad range of parameter inputs including many situations for which transshipment is not an economically sound decision for a single period. The insights provided enable the manager to choose whether to invest in reducing lead times or demand uncertainty and assist in the selection of investments across identical and nonidentical retailers.     

Bipolar value-driven joint product costing

There exists a joint-cost allocation problem in the public sector, particularly highlighted by the cost-based national pricing of blood products in England, supposedly derived using volume-driven activity-based costing (ABC): an approach criticised by the implementation criteria propounded for ABC within the academic literature. In contrast, we believe that the contributions of quality-associated operations-based drivers, described within ABC, together with the net realisable value method, usually recommended as the optimal joint-cost allocation method, provide the beginnings of a solution. This paper sets out a methodological development from this platform that links allocation decisions with the issue of value. The bipolar nature of the model is based upon the combination of two types of allocation. One allocates joint costs according to the altered value of source material when competing non-joint alternative products exist. The other allocates joint costs according to product outcome values ascertained separately for the physical specification elements that comprise each of the range of joint products. The overall emphases are on academic context, model generalisation, the facilitation of cost-effective choices between joint products and non-joint alternatives, and possible future trends in the application of the method.     

Modelling Resource Allocation in a Decentralized Organization with an AI-Based,Goal-Directive Model*

Modelling the resource allocation decision process in a decentralized organization using mathematical programming decomposition approaches has proven intractable for all but the smallest of problems. In this paper three artificial intelligence (AI) techniques are integrated to model the resource allocation decision process, and the solution for a three-level decentralized organization is illustrated. The techniques are (1) the filtered beam search, which selects a list of potential projects at the subordinate level, (2) the world model, which describes the ordinate and superordinate's worlds and their decision-making processes, and (3) the blackboard model, which allows for global, but selective, storage of information. Benefits of the new approach include: several different mechanisms of managerial control may be modelled, the true information flow in an organization is more closely mirrored, and problems of a more realistic size are now viable. There are three primary ways in which the new model could be useful to management: The desirability and effects of different organizational structures can be modeled, the efficacy of various coordination mechanisms along the organizational structure can be examined, and a subset of projects from a wider list of possibilities can be selected. Also, an example is given showing how the model may be extended to scenarios with asymetric information and divergence of preferences, whereby subordinates have different objectives than their managers and where there is no way for managers to verify the truthfulness of their subordinates' responses.     

元代亦集乃路大王妃子分例文书复原

桑哥失里大王分例羊酒和卜鲁罕妃子分例米面是元代亦集乃路诸王分例类文书的代表,通过对其性质的划分,归纳出不同类别文书的行文格式及基本分例情况,并以此为依据,将部分文书进行复原,作为研究地方支出经济、纪年文化、机构设置的重要资料。