Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP

Mathematical modeling methods are frequently used for solving everyday problems.Decision making,one such method,can be used in every aspect of life for different scales such as micro(households),medium(companies),and macro(states)decisions.Due to the large number of parameters affecting decision,it is possible to make mistakes in the selection of the appropriate investment instrument with classical methods;hence,scarce resources may be wasted,and sometimes it may even be impossible to make a decision.This study seeks to answer the question“Which financial investment instrument should be selected under the current conditions?”using decision making problems.Factors affecting gold,USD,and EURO,which are selected as the financial investment instruments in Turkey,are examined using the autoregressive distributed lag(ARDL)bound test.The selected variables are monthly and belong to the January 2009 to May 2018 period.The ARDL results show that the selected financial investment instruments are affected by most of the factors separately.By using the coefficients obtained from the ARDL model,the analytic hierarchy process(AHP)model was established.According to the results of the model,the EURO was determined as the most suitable financial investment for Ahmet and others with the same preferences.

A Dynamic Programming Algorithm on Project- Gang Investment Decision Making

The investment decision making of Project Gang, the projects that are associated with one another on economy and technique, is studied. In order to find out the best Scheme that can make the maximum profit, a dynamic programming algorithm on the investment decision making of Project Gang is brought forward, and this algorithm can find out the best Scheme of distributing the m resources to the n Items in the time of O(m 2 n).

Make Your Fortune In Shenzhen Fuyutian Investment & Development Ltd.

Shenzhen Fuyutian Investment & Development Ltd. Is a multinational company dealing with international trade. It is located in Shenzhen, which is only one hour’s ride from Hong Kong. It possesses a fifteen-story intellectual building office rooms,

CHINA'S SERVICE TRADE MAKING USE OF FOREIGN INVESTMENT

At the initial stage of the economic reform and opening drive, the Chinese government encouraged foreign businessmen to invest in the industrial field, strictly confining foreign investment to the service trade. For a long period of time, China’s service trade has lagged far behind other developed countries, with such long existing problems

Application of PPC Model Based on RAGA in Real Estate Investment Decision-Making

According to the size of the projector function to evaluate the merits of the program, Projection Pursuit method is applied to real estate investment decision-making by using the real coding based on Accelerating Genetic Algorithm (RAGA) to optimize the Projection Pursuit Classification (PPC) process and a wide range of indicators value was projected linearly. The results are reasonable and verified with an example. At the same time, the subjective of the target weight can be avoided. It provides decision-makers with comprehensive information on all the indicators of new ideas and new

A hybrid heterogeneous Pythagorean fuzzy group decision modelling for crowdfunding development process pathways of fintech‑based clean energy investment projects

This study aims to evaluate the crowdfunding alternatives regarding new service development process pathways of clean energy investment projects.In this framework,a new model has been generated by considering the consensus-based group decisionmaking with incomplete preferences,Pythagorean fuzzy decision-making trial and evaluation laboratory(DEMATEL)and technique for order preference by similarity to ideal solution(TOPSIS).Moreover,a comparative evaluation has been performed with Vise Kriterijumska Optimizacija I.Kompromisno Resenje methodology and sensitivity analysis has been made by considering 4 different cases.The main contribution is to identify appropriate crowdfunding-based funding alternatives for the improvement of the clean energy investments with a novel MCDM model.By considering the iteration technique and consensus-based analysis,the missing parts in the evaluations can be completed and opposite opinion problems can be reduced.Furthermore,with the help of hybrid MCDM model by combining DEMATEL and TOPSIS,more objective results can be reached.It is concluded that the analysis results are coherent and reliable.The findings indicate that the full launch is the most significant criterion for equity and debt-based crowdfunding alternatives.On the other side,the analysis has the highest weight for reward and donation-based alternatives whereas design is the most essential item regarding the royalty-based alternative.Additionally,it is also defined that equity-based crowdfunding alternative is the most significant for the service development process of clean energy investment projects.In this way,it will be possible to provide a continuous resource for clean energy investment projects.On the other hand,by providing financing with equity,there will be no fixed financing cost for clean energy investors.If these investors make a profit,they distribute dividends with the decision of their authorized bodies.

Consensus‑based multidimensional due diligence of fintech‑enhanced green energy investment projects

The purpose of this study is to provide a hybrid group decision-making approach to evaluate fintech-based financial alternatives for green energy investment projects.First,the multidimensional factors of due diligence for fintech-based financing alternatives of green energy investment projects are identified.In this regard,the balanced scorecard perspectives are considered.Next,consensus-based group decision-making analysis is performed.Second,impact-relation directions for fintech-based financing alternatives of green energy investment projects are defined.For this purpose,the spherical fuzzy Decision-Making Trial and Evaluation Laboratory(DEMATEL)methodology is applied.The novelty of this study is its proposal of a new outlook to due diligence of fintech-project financing for renewable energy investments by using the group and integrated decision-making approaches with spherical fuzzy DEMATEL.The findings indicate that customer expectations are the most essential factor for the revenue sharing and rewarding models.Additionally,this study identified that organizational competency plays the most important role with respect to the peer-to-business debt model.In contrast,the conclusion was reached that financial returns have the greatest importance for the equity sharing model.

Investment in Generation of Photovoltaic Solar Energy: A Fezsibility Study with Flexibility and Uncertainty

The objective of this research will be to calculate the feasibility of investing in a solar energy generation project through the development of a methodology that allows the capture of environmental uncertainties by improving decision making. The article presents a comparative study of the feasibility analysis of investment in a solar mini solar energy for a Shopping, considering a regime of certainty and uncertainty. The assumed stochastic variables were energy tariff and price of solar panels. The trajectories were simulated with the binomial approach that combined resulted in a quadratic diagram. The applied methodology presented the best recommendation and the option to wait was the most valuable. The exchange of the energy obtained from LIGHT by own generation of energy with solar photovoltaic source will be viable for the manager since it observes the behavior of the variables over time and follows the rules of optimal decision.

Analytic Hierarchy Process in Service of Customized Offer in Banking： Savings and Investment

Today＇s banking institutions spread their product and service line on a daily basis. This effort to increase competitiveness is also creating an overstocked supply for existing and new clients. Not every product is meant for every client and aggressive sales strategies tend to repel clients which can cause serious problems in long-term client-bank relations. This paper will analyze savings and investments products along with their adaptation and modulation regarding client needs. Accordingly, banks will be able to offer particular products to clients with specific needs and wishes. The analytic hierarchy process, or simply AHP method, represents a process which will be able to transform client＇s demands and affinities into a customized offer. It is an easy-to-implement method used in any step of the decision-making process; the process must have multiple alternatives and each of them carries specific characteristics. The decision maker ranks all the characteristics and simultaneously all the alternatives, according to his affinities forming a final decision. This paper will explain how banks will be able to adapt to client needs and wishes in the future using the AHP method.

Electroencephalographic Activity Associated to Investment Decisions: Gender Differences

Literature in finance and neurosciences shows that male and female differ in many relevant issues concerning financial decision investment. Here, we studied the EEG activity recorded while volunteers were playing a stock trading game to investigate these gender differences. 20 males and 20 females made 100 trading decisions using a portfolio of 200 shares of 7 different companies. Males and females were equally successful in earning above the market. sLORETA was used to identify sources of EEG recorded 2 seconds before trading decision. Results showed that male and female used different sets of neuron to make equally successful financial decisions.

经营投资责任追究与国有企业投融资期限错配改善

经营投资责任追究作为国有企业改革的重要举措,对投融资决策行为有着重要影响。文章选取2011—2021年我国沪深A股上市企业为样本,实证检验了经营投资责任追究对国有企业投融资期限错配的影响。结果表明,经营投资责任追究能够显著改善国有企业投融资期限错配;机制检验显示,经营投资责任追究通过提高投资决策质量和强化管理层风险规避意识,改善国有企业投融资期限错配;异质性分析发现,在管理层过度自信程度较高、股权激励水平较低和内源融资能力较差时,经营投资责任追究改善国有企业投融资期限错配的作用更明显。研究结果有助于规范和约束管理层非理性决策行为,推动国有企业做强做优做大,对加快建设世界一流企业具有重要借鉴意义。

改进的差分演化算法及其在资金决策中的应用

针对传统的基本差分演化算法存在对参数设置太过于敏感,算法容易陷入早熟收敛、稳定性不强等等缺陷,提出了改进措施,采取了对称算法来保持种群多样性,通过变异个体,对称个体,个体三者进行有效竞争,增强算法的全局搜索能力;同时采用了轮盘赌的选择策略和二次变异算子保证种群个体的有效性与多样性,增加算法的全局稳定性.文中的算法应用于求解资金决策分配问题上,通过模拟仿真,该算法在稳定性、收敛速度、求解的精度方面优于其他被比较的算法.

大型运河工程造价控制和投资分析

随着建筑业的快速发展,项目建设相关方对工程前期阶段造价控制要求越来越高,特别是以政府投资为主的内河航运工程,造价控制水平不仅影响着项目前期决策,也决定着项目是否能够顺利实施。针对前期阶段如何准确控制造价,以平陆运河工程为例,采用现行水运工程造价编制规定体系,通过对可行性研究阶段造价控制技术特点、造价编制方案制定、单位工程测算方法及造价控制风险进行研究和论述,得出前期阶段造价控制重点为制定工程造价编制统一规定、统筹不同建筑行业造价体系、组编项目造价整体架构、研判施工条件及施工方案、准确计算工程量及套用定额、分析各阶段投资差异。研究成果可为综合性内河航运工程造价控制提供借鉴。

应急安全投资项目评价决策准则研究

为了提高投资项目决策的科学性,促进大国应急事业的发展,提出了应急安全投资项目评价决策的准则。文章分析了期望损益值法、效用期望值理论和预期理论等三类投资项目决策准则的使用中决策者的行为特征,提出了根据风险决策者的风险类型来决定选用的风险决策理论,以及可用风险偏好规避混合决策者的概念来诠释阿莱悖论问题源于风险偏好规避混合者的决策行为的观点,并运用案例论证了风险偏好规避混合者在期望值附近拐点处的投资风险态度会发生逆转或突变的特征。结果表明预期理论的适用对象是风险偏好规避混合者,在应急预案组合决策中期望值理论与期望效用理论存在无效性,主要源于应急投资备选预案的决策者属于风险偏好规避混合决策者,其通常会选择承担具有随机性的事故损失的方案,也不会选择承担具有确定的事故损失的方案。所以在应急投资组合方案决策过程中,考虑风险偏好规避混合者的属性和依据预期理论作为决策准则具有现实指导意义。

“采购式”和“闲置式”共享经济比较研究

为促进科普工作发展,本文在前期成果WC&MC[1]基础上,对相关内容作了较大拓展。通过研究千家以上共享经济企业的代表性案例,为政府、投资人和创业者提供了一个简单判断共享经济项目的方法。共享经济分为“采购式共享经济”(PSE)和“闲置式共享经济”(ISE)两个类型。采购式共享企业是传统租赁企业,其共享的商品通过采购获得,会增加社会生产规模,其经营维护成本高,创业失败概率大,并会造成巨大的资源浪费和社会问题。由于具备规模经济和现金流优势,风险资本、政府和创业者一开始都会特别中意采购式共享项目,做出错误的决策。闲置式共享企业利用商业模式创新,循环使用社会闲置物,无需采购商品,不增加社会生产规模,将收入同共享闲置商品的主人进行分享而省掉了维护成本,符合人类可持续性发展理念,其经营成本低不易倒闭。社会应扶持闲置式共享企业而严格监管采购式共享企业的发展。风险资本应反思盲目依赖收入变量或现金流进行投资的原则,而应更多关注成本变量和人类可持续性发展原则。建议创业者从闲置式共享切入赛道。

行为金融视角下的风险感知

在世界秩序大变革、大调整的时代背景下,全球金融治理进入新时期,国际金融环境趋于复杂严峻。同时,金融市场拥有丰富的金融产品,作为金融市场的主要参与者,个人投资者在作出投资决策时往往受限于自身金融知识、金融素养、风险承受能力等因素,面临着巨大的风险,能否正确感知到自身所面临的风险,对于投资者后续作出合理的投资决策至关重要。考虑到传统金融学所采用的研究方法对风险感知作为心理变量准确定义的忽视,可从行为金融的视角,了解风险感知的概念、测量方法、影响因素等;系统梳理和回顾国内外风险感知研究,指出当前行为金融视角下,风险感知研究一方面未有普适性的理论和方法,另一方面缺乏对无关变量的控制。展望未来,应加强理论构建,完善研究理论范式。

土地价格对企业对外直接投资的影响——基于遗传匹配的微观证据

土地价格高企已成为影响企业对外直接投资的间接区位因素。本文基于我国上市公司对外直接投资数据与国家信息中心地块交易数据,运用遗传匹配算法,实证检验土地价格对企业对外直接投资的影响。研究结果表明,土地价格上涨将促进对外直接投资规模增加。一方面,地价上涨影响企业跨期购地决策,使企业在当期选择对外直接投资作为替代策略;另一方面,土地具有生产要素和投资品的双重属性,地价上涨能够提高企业全要素生产率和抵押额度,进而促进企业对外直接投资。行业、城市和地块层面的异质性均会影响地价对企业对外直接投资的促进效果。在排除内生性、避税行为影响以及更换核心被解释变量后,本文的实证结果仍然稳健。进一步分析发现,国内异地购地和租赁土地不能完全消除高地价带来的成本和竞争压力,企业仍然具有国际化经营的动机。本文结论为企业合理配置要素,促进国内产业结构升级,构建新发展格局提供有益参考。

考虑CSR投入的供应链销售模式选择研究

考虑制造商主动履行社会责任而进行CSR投入,构建并对比分析了转销、代销和混合三种销售模式下的供应链主从博弈模型,研究销售模式差异对供应链决策的影响。研究发现:无论是制造商还是电商平台,选择混合模式带来的效益要高于转销模式和代销模式;制造商在代销模式和混合模式下的CSR投入水平始终相等,表明电商平台在与制造商已选择代销模式的基础上,无论是否再引入转销的合作模式,都不影响制造商的CSR投入决策;无论制造商与电商平台选择哪种销售模式,消费者对CSR投入水平的敏感度越大,对制造商和电商平台越为有利。

“上阵父子兵”:父子共同决策与家族企业投资效率

以2008—2021年沪深A股上市家族企业为样本,深入探究父子共同决策对企业投资效率的影响。研究发现,父子共同决策能够显著提升家族企业投资效率,即发挥“上阵父子兵”的治理作用,该结论在控制潜在的内生性问题以及进行一系列稳健性测试后仍然成立。机制检验结果表明,父子共同决策主要通过降低第一类代理成本及第二类代理成本来提升企业投资效率。进一步分析显示:当二代具有家族企业创业期的经历、二代学历较高、机构持股比例较高时,父子共同决策对企业投资效率的提升作用更显著;父子共同决策主要通过抑制过度投资而非缓解投资不足来提高企业投资效率;父子共同决策带来的投资效率改善能够显著提升企业全要素生产率。