在线投资行为的本地偏好:基于在线融资市场的实证研究

传统的市场交易存在本地偏好，交易双方的地理位置趋同。然而，在线众筹平台打破了空间局限，地理位置的影响理应比传统市场小得多。为此提出三个问题：（1）众筹投资行为是否存在本地偏好？以及不同层次本地偏好有何差异？（2）本地偏好对投资行为和项目融资效果的影响；（3）对投资者的本地偏好进行机理分析和理论解释。以Kickstarter为研究对象，从国家级、区域级以及微观三个层次，分别构建了本地偏好模型以分析用户投资行为。研究表明，众筹项目的投资行为存在本地偏好，投资者偏好投资距离较近的项目，并且三个层次的本地偏好呈现不同模式。戏剧类项目的投资意愿受本地偏好的影响最强烈，其次是食品类，影响最弱的是游戏类。对于投融双方的距离来说，戏剧类项目的平均距离最小，为1474公里；而游戏类项目的平均距离最大，达到4624公里。众筹投资的本地偏好具有叠加效用，即融资者在异地进行融资的话，可以获得更高的融资成功率。最后，从信息传递理论、心理学、行为学等角度解释了本地偏好存在的原因以及影响。本文丰富了互联网金融研究以及用户行为模式研究，从投资行为角度为众筹项目研究和实践提供了新视角。     

社会嵌入、企业声誉与海外投资经济风险治理——基于中国企业对“一带一路”沿线国家投资的研究

关于如何治理中资企业海外投资所面临的东道国经济风险,目前的文献主要围绕着国家治理和市场治理两个渠道展开.前者通过国家外交,改善企业在东道国的投资环境.后者通过使用一系列分散风险和对冲风险的市场工具,做到风险的事前预防和事后对冲.文章引进了第三条风险治理机制——社会治理.利用长三角和珠三角的302份参与"一带一路"投资的企业家调查问卷,通过结构方程的量化分析后发现,如果中资企业通过社会嵌入,与当地社会建立起了良好和广泛的社会关系网络,能有助于企业获得当地民众的普遍认可和情感支持,提高中资企业在东道国的企业声誉,增强企业的风险治理能力.不仅如此,不同治理机制彼此之间可以互相促进,由社会嵌入所获得的企业社会声誉会进一步优化投资企业在东道国的投资环境,改善既有的国家治理成效.基于这种认识,文章提出了一个"国家—社会—市场"互动与融合的三元治理模式.通过结构方程模型比较检验和恒等性检验后发现,引入"企业声誉"中介效应后,模型的解释力显著提高,国家、社会和市场治理的效果显著增强,证实了"国家—社会—市场"三元治理模式的有效性和稳健性.     

R＆D经费投入带动中国经济增长的时滞性分析

研究和试验发展（R＆D）是科技活动中最具有创造性和创新性的内容。基于灰色关联分析方法构建时滞分析模型,研究了中国基础研究、应用研究和试验发展的经费投入带动经济增长的时滞性,结果显示：基础研究和应用研究的经费投入带动经济增长的滞后期均在9年以上,随着滞后期的延长这种带动作用呈现上升趋势;而试验发展的经费投入带动经济增长的滞后期为4年左右,随着滞后期的延长这种带动作用呈现下降的趋势。从科技战略的长远发展考虑,中国既要继续增加R＆D经费投入总量,也要重视不同研究性质经费投入的协调发展。     

Storage constrained vendor managed inventory models with unequal shipment frequencies

We consider a supply chain where a vendor manages its multiple retailers' stocks under a vendor managed inventory (VMI) contract that specifies upper stock limits at the retailers' premises and overstock costs for exceeding those limits. We formulate a mixed integer nonlinear program that minimizes total supply chain costs and allows unequal shipment frequencies to the retailers. We develop an algorithm to solve its relaxed version which provides a lower bound cost solution. We propose a cost efficient heuristic procedure to generate delivery schedules to the retailers. We conduct a sensitivity analysis to provide insights on the performance of the proposed heuristic. Results show that our heuristic finds optimal or near optimal solutions, and it proposes substantial savings compared to the total supply-chain cost in the cases where there is no VMI and where there is VMI but with equal shipment frequencies to retailers.     

韩企在华投资行为特征研究

针对韩资企业在华投资行为中存在的同质化问题,结合韩国统计数据对企业投资治理和投资行为进行分析,探索韩企在华投资的行业、规模及区域同质化倾向。投资行为同质化导致韩企成本上升、内部竞争加剧、外部优势降低,据此从改进投资同质化角度提出韩资企业在华投资的共赢性建议。     

MRO inventory reduction—challenges and management: a case study of the Tennessee Valley Authority

Emphasis on maintenance, repair, and operations inventory (or MRO inventory) can lead to improved inventory control, reduced operational costs, enhanced productivity, and increased cost accounting accuracy. To review the benefits of MRO inventory reduction, as well as highlight the management challenges associated with the process, a case study of the Tennessee Valley Authority (TVA) is presented. TVA is a not-for-profit electric power generation entity. TVA standardised inventory policies and procedures. Their comprehensive five-year plan included employee training, changes in organisational structure and strategy, reduced MRO inventories and the establishment of new growth drivers. Net inventory reductions of $47 million were realised. Suggestions for future MRO inventory reductions as well as replication of the management involvement and improvement process in other organisations are included.     

Optimal investment,consumption, and life insurance in an incomplete market

ABSTRACT

In this article, we solve an optimal insurance-consumption-investment problem for a wage earner in an incomplete market, where the stock price has a mean-reverting drift. By using the martingale method, we analyze this problem and derive the optimal strategies. Explicit solutions are found for both power and logarithmic utilities.     

发展我国风险投资事业的对策研究

本文系统分析了制约我国风险投资业发展的因素,提出了相关发展措施。     

铁路运输经济的若干问题

近年，中国铁路铁路的快速发展，取得了很多成就，引起国内外的广泛关注。但同时我们也应看到，铁路企业经营效益不容乐观。资产负债率逐年攀升，货运量大幅递减，市场份额不断下降。在铁路建设加快发展的同时，铁路运输经济出现了哪些亟待解决的问题，需要进行深入的探讨和研究。主要问题包括铁路投资经营问题、铁路运输市场问题、铁路运价管理问题、铁路收入清算问题、铁路人才队伍问题。     

Childcare: welfare or investment?

Conley A. Childcare: welfare or investment? Int J Soc Welfare 2010: 19: 173–181 © 2009 The Author, Journal compilation © 2009 Blackwell Publishing Ltd and the International Journal of Social Welfare. Childcare (also called day care or preschool) has generally served three purposes: to care for children while parents are employed; to provide early childhood education; and to cater to the needs of poor and disadvantaged children. This article proposes that the welfare approach to childcare be augmented by a social investment approach to enhance human and social capital investments among low income families and communities and to contribute to wider social development goals. The Head Start program in the United States and the Integrated Child Development Scheme in India are used to illustrate this argument.