中国A股公司市盈率、市净率与ROE水平的关系研究

本文利用沪深两市1996年至2002年A股公司的数据,全面系统地研究了ROE水平与市盈率、市净率间的关系,分析了市盈率和市净率作为估值标准的合理性问题.检验结果表明,市净率与ROE水平间是非单调的函数关系,合理地反映了不同ROE水平公司未来业绩、风险和净资产的质量等基本面因素,是理想的估值标准;而市盈率受盈余管理影响很大,不是恰当的估值标准.     

Empirical study of robust estimation methods for PAR models with application to the air quality area

Abstract

This paper compares three estimators for periodic autoregressive (PAR) models. The first is the classical periodic Yule-Walker estimator (YWE). The second is a robust version of YWE (RYWE) which uses the robust autocovariance function in the periodic Yule-Walker equations, and the third is the robust least squares estimator (RLSE) based on iterative least squares with robust versions of the original time series. The daily mean particulate matter concentration (PM10) data is used to illustrate the methodologies in a real application, that is, in the Air Quality area.     

Restricted maximum likelihood estimation of joint mean‐covariance models

The class of joint mean‐covariance models uses the modified Cholesky decomposition of the within subject covariance matrix in order to arrive to an unconstrained, statistically meaningful reparameterisation. The new parameterisation of the covariance matrix has two sets of parameters that separately describe the variances and correlations. Thus, with the mean or regression parameters, these models have three sets of distinct parameters. In order to alleviate the problem of inefficient estimation and downward bias in the variance estimates, inherent in the maximum likelihood estimation procedure, the usual REML estimation procedure adjusts for the degrees of freedom lost due to the estimation of the mean parameters. Because of the parameterisation of the joint mean covariance models, it is possible to adapt the usual REML procedure in order to estimate the variance (correlation) parameters by taking into account the degrees of freedom lost by the estimation of both the mean and correlation (variance) parameters. To this end, here we propose adjustments to the estimation procedures based on the modified and adjusted profile likelihoods. The methods are illustrated by an application to a real data set and simulation studies. The Canadian Journal of Statistics 40: 225–242; 2012 © 2012 Statistical Society of Canada     

Generalized quasi-likelihood

The quasi-score function, as defined by Wedderburn (1974) and McCullagh (1983) and so on, is a linear function of observations. The generalized quasi-score function introduced in this paper is a linear function of some unbiased basis functions, where the unbiased basis functions may be some linear functions of the observations or not, and can be easily constructed by the meaning of the parameters such as mean and median and so on. The generalized quasi-likelihood estimate obtained by such a generalized quasi-score function is consistent and has an asymptotically normal distribution. As a result, the optimum generalized quasi-score is obtained and a method to construct the optimum unbiased basis function is introduced. In order to construct the potential function, a conservative generalized estimating function is defined. By conservative, a potential function for the projected score has many properties of a log-likelihood function. Finally, some examples are given to illustrate the theoretical results. This paper is supported by NNSF project (10371059) of China and Youth Teacher Foundation of Nankai University.     

有杆抽油系统诊断方法研究与应用

以有杆抽油系统动力学行为分析为基础,将基础理论研究和应用技术有机地结合起来,建立了考虑悬挂系统弹性的直井和定向井有杆抽油系统诊断模型,研究了基于B/S（Brower/Server）模式的有杆抽油系统故障诊断方法,利用Internet技术和Web技术开发了相应的软件系统, 通过浏览器即可实现对有杆抽油系统快速、准确的故障诊断,并给出了诊断算例,诊断结果验证了该系统的有效性。基于B/S模式的有杆抽油系统故障诊断对避免井下作业的盲目性,提高系统效率,降低采油成本,实现油田企业信息化和提高油井的科学管理水平具有重要意义。     

对B_2H_6、B_3H_5和B_4H_6分子结构的对比研究

为了正确理解氢桥键的本质,采用MP2/6-31＋＋（D,P）方法对B2H6,B3H5和B4H6分子的结构进行了研究。比较了这3种分子中处于分子平面上下方的两个氢原子的距离变化引起的各原子带电情况的变化图和分子轨道图,结果显示,在某种程度上,B3H5和B4H6中分子平面上下方的两个氢原子具有类似B2H6分子中两个桥氢原子的性质,并在此基础上通过B2H6,B3H5和B4H6的分子轨道图得出了这3种分子中的氢桥键结构均可以看成π键电子云吸附两个带正电的质子构成的结论。     

基于B/S模式的高校国家助学贷款管理系统构建

在研究国家助学贷款政策和分析高校实际管理流程的基础上,构建了基于B/S模式的高校国家助学贷款管理系统,实现了国家助学贷款管理中所要求的学生申请、网上审核、贷款审批、贴息计算、数据上报统计等功能,旨在促进高校国家助学贷款管理工作的科学化、信息化和网络化。     

江苏省人口职业结构及分布特征分析

利用江苏省历年统计年鉴、全国第三、四、五次人口普查资料中1980—2008年江苏省各类产业和职业的人口数据,采用描述性统计和特化系数法,对江苏省人口职业结构的空间分布现状及变化趋势进行探讨。研究表明：江苏省三大产业的人口结构遵循全国的一般规律,即第一产业人口比重下降,第二、三产业人口比重提高。其中,第三产业人口比重上升幅度不断加快。人口产业结构类型由正三角型,经过鼓型过渡型,向倒三角型转变。与产业结构的变化相适应,从事农业人口比重有所下降,从事服务业人口比重显著上升。     

企业党建工作必须体现先进性建设这个根本

先进性建设是企业党建工作的根本.要增强党的先进性必须仅仅围绕发展经济这个中心任务来进行;必须实现好,维护好,发展好广大职工群众的根本利益;必须不断增强企业党组织的执政能力建设;必须在继承和创新中构建保持党的先进性的长效机制.