全民所有水自然资源资产市场配置问题及对策研究

梳理全民所有水自然资源资产市场配置现状,分析水资源市场配置中存在的不足、问题及产生原因。按照生态文明建设、产权制度改革、委托代理机制试点等相关要求,探索全民所有水自然资源资产市场配置的实现路径。提高全民所有水自然资源资产利用效率,维护所有者权益,完善社会主义市场经济体制建设,促进治理体系和治理能力现代化。

稀少性财产与稀少性价值──市场配置财产的法则

稀少性财产同丰裕性所有权既对立又统一，而且二者在价值上也存在着对立统一的关系。稀少性财产与排他性所有权是相容的，而且在价值上也是一致的。市场经济需要的价值规则是能够反映稀少性的价值理论。因此，要坚持运用劳动价值论来说明社会主义市场经济的运行机制，说明财产的市场配置，就必须将稀少性引入劳动价值论。

大资管时代金融机构财富管理业务的差异化拓展——基于财富管理与资产管理的辨析

目前,国内金融机构在拓展财富管理业务时,经常与资产管理业务相混淆,使得管理思路、发展定位不够清晰,影响了财富管理市场的健康发展。虽然财富管理与资产管理的联系较为紧密,但是两者在基本概念、发展历程、业务内涵等方面存在着诸多差异。与资产管理相比,财富管理更能满足客户的个性化需求及跨市场资产配置需求,也更能适应机构与个人客户需求细分的要求。当前,金融机构拓展财富管理业务,面临着市场基础不牢固、品牌尚未得到有效培育、核心竞争力缺乏等问题和挑战。为此,要着力完善产品谱系,夯实财富管理业务拓展的市场基础;抓住市场机遇,培育和树立财富管理的品牌;回归业务本质,打造财富管理业务的核心竞争力。

Dynamic assets allocation based on market microstructure model with variable-intensity jumps

In order to characterizc large fluctuations of the financial markets and optimize financial portfolio, a new dynamic asset control strategy was proposed in this work. Firstly, a random process item with variable jump intensity was introduced to the existing discrete microstructure model to denote large price fluctuations. The nonparametric method of LEE was used for detecting jumps. Further, the extended Kalman filter and the maximum likelihood method were applied to discrete microstructure modeling and the estimation of two market potential variables： market excess demand and liquidity. At last, based on the estimated variables, an assets allocation strategy using evolutionary algorithm was designed to control the weight of each asset dynamically. Case studies on IBM Stock show that jumps with variable intensity are detected successfully, and the assets allocation strategy may effectively keep the total assets growth or prevent assets loss at the stochastic financial market.