Effect of state-owned shares transferred to the pension insurance fund

Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.

Cooperative Anti-Interference Spectrum Sharing with Secondary User Selection

In this paper, we propose a cooperative anti-interference spectrum sharing strategy with secondary user selection where the secondary system can gain spectrum access along with the primary system. Specifically, secondary user and are selected to transmit the primary and secondary signal through different bandwidth in the second transmission slot which occupies fraction of the time. Thus, the primary and secondary systems will not interfere with each other. We study the joint optimization of time and bandwidth allocation such that the transmission rate of the secondary system is maximized, while guaranteeing the primary system to achieve its target rate. Simulation results confirm efficiency of the proposed spectrum sharing strategy, and the significant performance improvement of the cognitive system.

Efficiency measurement for mixed two-stage nonhomogeneous network processes with shared extra intermediate resources

Unreasonable allocation of shared resources reduces the system efficiency and is a considerable operational risk.Sub-processes with insufficient portion of shared resources could not help accomplish complicated tasks,and overstaffing and idle resources will occur in the sub-processes assigned with redundant shared resources.This unfair portion distribution may cause internal contradictions among sub-processes and even lead to the collapsing of the entire system.This study proposes a data-driven,mixed two-stage network data envelopment analysis model.This method aims to reasonably define the allocation portion of shared extra intermediate resources among several nonhomogeneous subsystems and measure the overall system performance.A data set of 58 international hotels is used to test the features of the proposed model.

China’s State Share Reform and Exchange Traded Funds

One of the major difficulties blocking China＇s path to becoming a developed capital market is the “state share overhang” problem that hampers the development of the stock market. With almost two-thirds of the outstanding shares of the stock market owned by the central government, investors are wary of the potential sell-off by the government that would inevitably dilute the value of their stock holdings. In this paper, we review the state share reform that aims at solving the dilemma that the central government faces： releasing billions of dollars of government＇s capital locked up in the nontradable stocks of the state-owned enterprises （SOEs） without suppressing the stock prices. We also discuss the alternative of using exchange traded funds （ETFs） as a complementary means to expediting the state share conversion process.