基于双层规划模型的空铁联运定价策略研究

目前,空铁联运在定价中基本采用补贴式定价,倚赖政府补贴和航空公司承担中转费用,导致航空公司成本加大,入不敷出,不利于企业和空铁联运发展。为研究合理制定空铁联运票价的方法,将空铁联运的参与运营商看做一个独立运营商,构建考虑乘客和空铁联运运营商双重利益的双层规划模型,其中上层问题是以下层问题为约束条件的规划问题,上层规划描述空铁联运运营商通过制定最优票价策略实现自身的目标,下层规划描述乘客在各种运输方式竞争条件下实现广义出行费用最小的目标。同时设计了基于灵敏度分析的启发式算法,以广州到北京的空铁联运产品为例进行验证。研究结果表明,得到的定价策略使得空铁联运具有较强竞争力,能为空铁联运的票价制定提供参考。

Dividend policy determinants of Indian FMCG sector： A factorial analysis

Profitability has always been considered as a primary indicator of dividend payout by a company. There are factors other than profitability namely cash flows, debt equity ratio, retained earnings, sales growth, share prices of a company, capital expenditure and beta etc. that also affect dividend decisions of an organization. Existing literature suggests that dividend payout is positively related to profits, cash flows while CAPEX （capital expenditure） retained earnings, sales growth, share prices, beta, interest paid and debt equity ratio have inverse relationship. A set of 21 key variables have been identified that affect the dividend payout of a firm. Researchers in the past have used several proxies to represent these determinants. Authors have tried to find out which proxy variable is most relevant in the present scenario. The paper attempts to give a focused overview of the important dividend theories and empirically analyze the determinants of dividend behavior of Indian FMCG （Fast moving consumer goods） sector. The relationship between key variables has been explored with the aid of statistical techniques of factor analysis. Thus, the main theme of this study is to examine the various factors that influence the dividend policy decisions of FMCG firms in India.

披露社会责任信息是符合企业利益的

胡建军、董大勇、金炜东撰文《企业社会责任信息披露与股票价格关系研究》指出，资本市场对上市民营企业的社会责任行为及其信息披露做出积极而有效的反应，对于增强企业践行社会责任的动力以及促进资本市场健康发展都具有重要意义。对上市民营企业来说，要树立企业社会责任信息披露资本市场效应的意识，加强企业社会责任实践及其信息披露的战略指导，努力将企业社会责任与企业经营管理紧密结合起来。对投资者来说，企业通过独立报告披露社会责任信息作为我国资本市场信息披露的一个新现象，应得到投资者的关注和支持。