Naive method to test the convergence of simulation and its applications in the computation of bankruptcy probability

We analyse a naive method using sample mean and sample variance to test the convergence of simulation. We find this method is valid for identically, independently distributed samples, as well as correlated samples with correlation disappearing in long period. Our simulation results on the approximation to bankruptcy probability (BP) show the naive method compares well with the Half-Width, Geweke and CUSUM methods in terms of accuracy and time cost. There are clear evidences of variance reduction from tail-distribution sampling for all convergence test methods when the true BP is very low.     

基于CEAS的投入产出账户对碳排放控制的研究

CEAS作为对抗环境质量退化的一个有效的管理工具,其建立的前提条件必须要有坚实的经济学理论基础,有充分的实证研究作为牵引,是传统会计体系向环境领域的拓展。作为CEAS核心内容的投入产出账户,是实物计量在公司日常经营活动中的应用,是在公司统计资料的基础上,通过计量和换算公司活动对环境的影响因素,为决策者提供控制碳排放的统计数据,实现对碳排放的有效控制。     

我国保险企业市场退出机制研究

随着我国加入世贸组织和外资保险公司的大量涌入,保险企业退出市场尤其是被宣告破产,将成为我国保险业不可回避的现实问题。由于保险的社会保障功能及其经营的特殊性,为维护投保人、被保险人的利益,应加强对我国保险企业市场退出保障机制的研究,完善保险公司整顿、接管、破产等的法律规定以及保险合同制度和保险保障基金等制度。     

The Newsvendor Problem and Price‐Only Contract When Bankruptcy Costs Exist

We study a supply chain of a supplier selling via a wholesale price contract to a financially constrained retailer who faces stochastic demand. The retailer might need to borrow money from a bank to execute his order. The bank offers a fairly priced loan for relevant risks. Failure of loan repayment leads to a costly bankruptcy (fixed administrative costs, costs proportional to sales, and a depressed collateral value). We identify the retailer's optimal order quantity as a function of the wholesale price and his total wealth (working capital and collateral). The analysis of the supplier's optimal wholesale price problem as a Stackelberg game, with the supplier the leader and the retailer the follower, leads to unique equilibrium solutions in wholesale price and order quantity, with the equilibrium order quantity smaller than the traditional newsvendor one. Furthermore, in the presence of the retailer's bankruptcy risks, increases in the retailer's wealth lead to increased supplier's wholesale prices, but without the retailer's bankruptcy risks the supplier's wholesale prices stay the same or decrease in retailer's wealth.     

“执转破”启动职权主义的普适危机与程序应对

在当事人申请主义模式下，我国“执转破”启动运行不畅的主要障碍不在于参与分配，而是启动破产对当事人利益保障有限所导致的当事人同意“执转破”的动因不足，加之依职权强制启动破产的立法缺失，使“执转破”呈现“失范”现象。执行退出难和破产启动难激发我国“执转破”的变革，2022年《中华人民共和国民事强制执行法(草案)》第82条规定的“执转破”启动模式，将当事人同意调整为终结本次执行前提下的法院依职权强制启动，并叠加破产法院原则上应当受理，增设依职权启动的规定，由此确立我国破产启动的“当事人申请主义为主，职权主义为辅”二元模式。域外国家和地区的比较考察表明，虽然当事人申请主义是破产启动的主流，但职权主义并未被完全摒弃。其成因在于，国家应在执行和破产程序中把公共利益的考量纳入其中，破产利益属于公共利益的应有之义。职权进行主义在程序推进的同时要求，只要不再有进一步审理的余地，即使当事人提出异议，法官仍命令终结并不违反程序规定。就金钱执行而言，我国集中执行模式以债务人全部责任财产作为执行标的，奠定“执转破”职权启动与两法衔接的基础。从本质上说，“执转破”是国家净化市场的职权干预方案，实现特定主体的快速出...