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关键词： 规模因子   价值因子   投资策略   财务信息  

摘要： 本文在规模效应和价值效应股票投资策略下根据财务信息选择股票,同时比较分析不同策略下超额收益的差异。根据历史财务信息,优选股票,构建投资策略,买入规模效应样本和价值效应样本股票中财务信息较好的股票,计算持仓股票收益率、样本股票收益率和全部股票收益率,分析这种策略所带来的超额收益。研究发现:通过财务信息筛选股票可以获取超越规模效应样本和价值效应样本的超额收益。中国股票市场的规模因子的影响非常显著,价值因子的影响较为显著。在中国的股票市场坚持价值投资,关注上市公司的财务信息和经营业绩仍然可以获取较高的收益。

关键词： 宏观经济环境   投资规模   投资效率  

摘要： 本文以我国上市公司2001-2015年的经验数据为样本,分析"新常态"下我国宏观经济环境对企业投资规模与投资效率的影响。研究发现:企业的投资规模与投资效率具有显著的周期特征;货币政策的扩张促进了企业投资规模的扩大,但不利于企业投资效率的提高;财政政策的扩张促进了企业投资规模的扩大,但对企业投资效率的影响不显著;信贷市场的发展促进了企业投资规模的扩大,但对企业投资效率的影响并不显著;股票市场的发展对企业投资规模和投资效率的影响都不显著。

关键词： 利息力   风险模型   矩母函数   积分-微分方程  

摘要： 研究带有固定利息力风险模型的破产问题,将理赔过程从齐次Poisson过程推广到对现实描述能力更强的更新过程,进而得到累积分红现值的矩母函数及其所满足的积分-微分方程。

关键词： 创新体系   慈溪市   航母   引擎   宏观经济环境   区域竞争   政策支持   基金投资  

摘要： 如何在宏观经济环境复杂多变、区域竞争日趋激烈的格局下抢抓先机，实现突围？慈溪市做出了抉择。他们把目光聚焦到创业创新体系改革，通过构建“园区孵化＋基金投资＋政策支持”的创业创新体系，加速形成大众创业、万众创新的生动局面。

关键词： 等比数列   年金   现值  

摘要： 主要考虑等比数列的前n项和公式在n期标准期末年金现值计算方面的一个应用.

关键词： 非参数方法   跳跃风险   股票收益   高频数据  

摘要： 将股票按不同的特征分类,选出各类中最具代表性的股票构造组合。采用非参数方法处理不同类型股票组合高频收盘价数据,识别出各个组合收益率的跳跃行为。以沪深300股指的跳跃风险作为基准,对不同类型股票收益的跳跃风险进行统计分析。结果表明:中国股票市场存在跳跃风险,且主要以正向跳跃为主。不同类型股票收益跳跃风险不同,相对于其他类型,股价高交易活跃的小盘股的跳跃风险更高。

关键词： 净现值法   投资决策   二重属性   折现率  

摘要： 本文从项目现金流具有的收益性和支付性双重属性角度出发,分析了净现值法下项目决策时的折现率选择,指出折现率的选择需结合企业及拟决策项目的现金流分布的实际情况,兼顾项目现金流测算的收益性与支付性,才能在项目投资决策中运用净现值法做出相对正确的决策。

关键词： 地方政府治理   成功经验   现代化   国家   经济发展水平   宏观经济环境   砖   相似性  

摘要： 由于金砖国家与中国在经济发展水平、宏观经济环境等方面具有较多相似性，因此，这些国家地方政府治理的成功经验对中国治理现代化同样具有重要启示。

关键词： Residential building typology   Residential building stock   Building energy refurbishment   Energy efficiency measures   Cost-effective energy refurbishment  

摘要： The European residential building stock is largely composed of buildings with poor energy performance, therefore basic retrofit actions could lead to significant energy savings. However, energy refurbishment measures should be identified in accurate way, taking into account the technical viability and aiming both to increase the building energy performance and to restrain the costs. The present article investigates the effects of different measures applied to the Italian residential building stock by using the building typology, which consists of 120 building types, representative of six construction ages, four building sizes and five climatic zones. A quasi-steady state model has been used to calculate the energy performance;the economic evaluation has been carried out as specified in the EU cost-optimal comparative methodology (Directive 2010/31/EU). The most effective measures and packages of measures, in terms of energy saving and global cost reduction, are identified and discussed. The results are addressed to important purposes for energy policy, as for instance: (a) to provide political authorities with the most effective energy efficiency measures as to encourage retrofit processes through the allocation of financial incentives, (b) to offer a knowledge-base for developing energy refurbishment scenarios of residential building stocks and forecasting future energy resource demand.

关键词： Econophysics   random matrix theory   Partial correlation   stock market   financial crisis   eigenvalue  

摘要： The correlation structure of a stock market contains important financial contents, which may change remarkably due to the occurrence of financial crisis. We perform a comparative analysis of the Chinese stock market around the occurrence of the 2008 crisis based on the random matrix analysis of high-frequency stock returns of 1228 Chinese stocks. Both raw correlation matrix and partial correlation matrix with respect to the market index in two time periods of one year are investigated. We find that the Chinese stocks have stronger average correlation and partial correlation in 2008 than in 2007 and the average partial correlation is significantly weaker than the average correlation in each period. Accordingly, the largest eigenvalue of the correlation matrix is remarkably greater than that of the partial correlation matrix in each period. Moreover, each largest eigenvalue and its eigenvector reflect an evident market effect, while other deviating eigenvalues do not. We find no evidence that deviating eigenvalues contain industrial sectorial information. Surprisingly, the eigenvectors of the second largest eigenvalues in 2007 and of the third largest eigenvalues in 2008 are able to distinguish the stocks from the two exchanges. We also find that the component magnitudes of the some largest eigenvectors are proportional to the stocks' capitalizations.