In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind b...In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.展开更多
Considering comprehensive benefit of micro-grid system and consumers,we establish a mathematical model with the goal of the maximum consumer satisfaction and the maximum benefit of power generation side in the view of...Considering comprehensive benefit of micro-grid system and consumers,we establish a mathematical model with the goal of the maximum consumer satisfaction and the maximum benefit of power generation side in the view of energy management.An improved multi-objective local mutation adaptive quantum particle swarm optimization(MO-LM-AQPSO)algorithm is adopted to obtain the Pareto frontier of consumer satisfaction and the benefit of power generation side.The optimal solution of the non-dominant solution is selected with introducing the power shortage and power loss to maximize the benefit of power generation side,and its reasonableness is verified by numerical simulation.Then,translational load and time-of-use electricity price incentive mechanism are considered and reasonable peak-valley price ratio is adopted to guide users to actively participate in demand response.The simulation results show that the reasonable incentive mechanism increases the benefit of power generation side and improves the consumer satisfaction.Also the mechanism maximizes the utilization of renewable energy and effectively reduces the operation cost of the battery.展开更多
Combining with the third plenary session of the 17th ＂the central committee of the communist party of China on promoting rural reform and development of certain major issue decision＂ and the eighteenth big clear adh...Combining with the third plenary session of the 17th ＂the central committee of the communist party of China on promoting rural reform and development of certain major issue decision＂ and the eighteenth big clear adherence to and improve the basic rural operation system and to protect farmer＇ s right to the contracted management of land, the land and collective income distribution, the resolution of collective economic power, this paper discusses the main content of deepening reform of China＇ s basic rural operation system. It elaborates we must adhere to stabilize and improve the rural basic management systems, give farmers more fully right to protect the land, develop rural land contract management rights transfer, and promote agricultural innovation and industrial organization.展开更多
The linear regression and correlation analysis of daily returns of several stocks and stock-exchange index at Macedonian Stock Exchange （MSE） provide evidence for statistical significance of the stocks＇ daily retur...The linear regression and correlation analysis of daily returns of several stocks and stock-exchange index at Macedonian Stock Exchange （MSE） provide evidence for statistical significance of the stocks＇ daily returns at MSE. Statistical analysis was focused to determine the character of relationship between the 10 most liquid stocks at MSE using ten-year time-series of daily stocks＇ closing price and for the Macedonian Stock Exchange Index （MBI-IO）. The analysis of daily stock returns provided R2 values and confirmed that the proportion of the total correlation in the dependent variable （one stock price） can be explained by the independent variable （other stock price） as well as that accurate forecasting of one stock price movements enables reliable prediction of other stock future price at MSE. Some implications for stock valuation are drawn.展开更多
Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investm...Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investment and operation. However, the negotiations between the government and the investors are time-consuming and costly, due to the perspective differences in risk allocation and revenue distribution. Disputes often arise during concession period because of changes in various risks or non-performance of its obligalions, especially when one sector was forced to accept the requirements by the other as a result of the unequal status, the project urgency or other reasons. Only a few PPP projects in China could perform successfully. There is therefore a need to develop an equitable risk allocation mechanism for the delivery of PPP projects in China so as to improve the efficiency of private investment in infrastructure development.展开更多
There is a need for cost-efficient methods in consumer research. Existing qualitative methods are expensive to conduct. This paper aims to improve the focus group method. The objective was to improve focus groups with...There is a need for cost-efficient methods in consumer research. Existing qualitative methods are expensive to conduct. This paper aims to improve the focus group method. The objective was to improve focus groups with different aims： shorter time conducting interviews, interview greater number of respondents, deliver results faster than traditionally analysis of data, and lower total cost. CurroCus groups of 15-45 minutes duration were tested in five different experiments, including 70 to 160 respondents in groups of 7-11 respondents. The name of the new method is formed from the word ＂Curro＂ in Latin that means speed in English, and ＂Cus＂ that is the last syllable of the word ＂focus＂, thereby forming a new word： CurroCus~ on the method. The results from testing of the CurroCus~ group method at different cases showed that trained moderators and observers could collect relevant responses in a given time for each group. It was possible to process a number of 6 to 10 respondents for each group. By conducting several successive groups, saturation of information was reached after an adequate number of CurroCus~ groups. Therefore, the total number of respondents can be optimized and results can be more precise, with reduced risk of inaccuracy. At the same time, the cost for each case can be lowered substantially, in our cases to approximately 1/10 of a traditional focus group cost. The role （skills） of the moderator is important. A disadvantage is the risk that some of the respondents are not able to express their thoughts in due time when time is limited. There is a need for more research on all parts of the CurroCus group process.展开更多
This paper presents a new Transmitted Reference (TR) Ultra-WideBand (UWB) receiver based on Spatial Diversity (SD), which employs Multi-Antenna Technology (MAT) to improve the performance of TR-UWB receiver. According...This paper presents a new Transmitted Reference (TR) Ultra-WideBand (UWB) receiver based on Spatial Diversity (SD), which employs Multi-Antenna Technology (MAT) to improve the performance of TR-UWB receiver. According to the amplitude of correlator output of every antenna branch, this paper analyzed the performances of the proposed TR-UWB receiver employing three different kinds of combination strategies, i.e., Maximum Ratio Combination (MRC), Equal Gain Combination (EGC), and Selective Combination (SC), which are different from conventional ones, and theoretically proved that the performance of EGC is better than MRC. Simulation results verify that when EGC is adopted and BER=10-3, increasing three antennas provides Signal to Noise Ratio (SNR) gain of about 3 dB in CM4 channel and SNR gain of about 2 dB in CM2 channel.展开更多
The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has...The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has become one of the core contents of the income approach. The forecast on expected future earnings is generally based on many uncertain factors, such as strict conditions of assumption and the complexity of environment. However, the current valuation practice in this aspect varies greatly and sometimes depends on personally experienced judgment of appraisers. Therefore, the obtained valuation results tend to be simplified and absolutized. This paper takes a listed company in China as an example to explore the way of inserting an uncertainty analysis into the prediction of the income approach, and then to obtain a series of valuation results within a certain probability fluctuation range. Finally, it puts forward some suggestions about the Monte Carlo simulation （MCS）.展开更多
Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A...Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.展开更多
文摘In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.
基金National Natural Science Foundation of China(No.519667013)Institution of Higher Learning Scientific Research Project of Gansu Province of China(No.2016B-032)。
文摘Considering comprehensive benefit of micro-grid system and consumers,we establish a mathematical model with the goal of the maximum consumer satisfaction and the maximum benefit of power generation side in the view of energy management.An improved multi-objective local mutation adaptive quantum particle swarm optimization(MO-LM-AQPSO)algorithm is adopted to obtain the Pareto frontier of consumer satisfaction and the benefit of power generation side.The optimal solution of the non-dominant solution is selected with introducing the power shortage and power loss to maximize the benefit of power generation side,and its reasonableness is verified by numerical simulation.Then,translational load and time-of-use electricity price incentive mechanism are considered and reasonable peak-valley price ratio is adopted to guide users to actively participate in demand response.The simulation results show that the reasonable incentive mechanism increases the benefit of power generation side and improves the consumer satisfaction.Also the mechanism maximizes the utilization of renewable energy and effectively reduces the operation cost of the battery.
文摘Combining with the third plenary session of the 17th ＂the central committee of the communist party of China on promoting rural reform and development of certain major issue decision＂ and the eighteenth big clear adherence to and improve the basic rural operation system and to protect farmer＇ s right to the contracted management of land, the land and collective income distribution, the resolution of collective economic power, this paper discusses the main content of deepening reform of China＇ s basic rural operation system. It elaborates we must adhere to stabilize and improve the rural basic management systems, give farmers more fully right to protect the land, develop rural land contract management rights transfer, and promote agricultural innovation and industrial organization.
文摘The linear regression and correlation analysis of daily returns of several stocks and stock-exchange index at Macedonian Stock Exchange （MSE） provide evidence for statistical significance of the stocks＇ daily returns at MSE. Statistical analysis was focused to determine the character of relationship between the 10 most liquid stocks at MSE using ten-year time-series of daily stocks＇ closing price and for the Macedonian Stock Exchange Index （MBI-IO）. The analysis of daily stock returns provided R2 values and confirmed that the proportion of the total correlation in the dependent variable （one stock price） can be explained by the independent variable （other stock price） as well as that accurate forecasting of one stock price movements enables reliable prediction of other stock future price at MSE. Some implications for stock valuation are drawn.
文摘Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investment and operation. However, the negotiations between the government and the investors are time-consuming and costly, due to the perspective differences in risk allocation and revenue distribution. Disputes often arise during concession period because of changes in various risks or non-performance of its obligalions, especially when one sector was forced to accept the requirements by the other as a result of the unequal status, the project urgency or other reasons. Only a few PPP projects in China could perform successfully. There is therefore a need to develop an equitable risk allocation mechanism for the delivery of PPP projects in China so as to improve the efficiency of private investment in infrastructure development.
文摘There is a need for cost-efficient methods in consumer research. Existing qualitative methods are expensive to conduct. This paper aims to improve the focus group method. The objective was to improve focus groups with different aims： shorter time conducting interviews, interview greater number of respondents, deliver results faster than traditionally analysis of data, and lower total cost. CurroCus groups of 15-45 minutes duration were tested in five different experiments, including 70 to 160 respondents in groups of 7-11 respondents. The name of the new method is formed from the word ＂Curro＂ in Latin that means speed in English, and ＂Cus＂ that is the last syllable of the word ＂focus＂, thereby forming a new word： CurroCus~ on the method. The results from testing of the CurroCus~ group method at different cases showed that trained moderators and observers could collect relevant responses in a given time for each group. It was possible to process a number of 6 to 10 respondents for each group. By conducting several successive groups, saturation of information was reached after an adequate number of CurroCus~ groups. Therefore, the total number of respondents can be optimized and results can be more precise, with reduced risk of inaccuracy. At the same time, the cost for each case can be lowered substantially, in our cases to approximately 1/10 of a traditional focus group cost. The role （skills） of the moderator is important. A disadvantage is the risk that some of the respondents are not able to express their thoughts in due time when time is limited. There is a need for more research on all parts of the CurroCus group process.
文摘This paper presents a new Transmitted Reference (TR) Ultra-WideBand (UWB) receiver based on Spatial Diversity (SD), which employs Multi-Antenna Technology (MAT) to improve the performance of TR-UWB receiver. According to the amplitude of correlator output of every antenna branch, this paper analyzed the performances of the proposed TR-UWB receiver employing three different kinds of combination strategies, i.e., Maximum Ratio Combination (MRC), Equal Gain Combination (EGC), and Selective Combination (SC), which are different from conventional ones, and theoretically proved that the performance of EGC is better than MRC. Simulation results verify that when EGC is adopted and BER=10-3, increasing three antennas provides Signal to Noise Ratio (SNR) gain of about 3 dB in CM4 channel and SNR gain of about 2 dB in CM2 channel.
文摘The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has become one of the core contents of the income approach. The forecast on expected future earnings is generally based on many uncertain factors, such as strict conditions of assumption and the complexity of environment. However, the current valuation practice in this aspect varies greatly and sometimes depends on personally experienced judgment of appraisers. Therefore, the obtained valuation results tend to be simplified and absolutized. This paper takes a listed company in China as an example to explore the way of inserting an uncertainty analysis into the prediction of the income approach, and then to obtain a series of valuation results within a certain probability fluctuation range. Finally, it puts forward some suggestions about the Monte Carlo simulation （MCS）.
文摘Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.
