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居民消费、自然储蓄与资产价格 被引量:1
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作者 莫扬 《产经评论》 2010年第1期90-98,共9页
凯恩斯的储蓄-投资恒等式忽视了消费者的储蓄行为的重要信息,是导致CCAPM遭遇实证难题的重要原因之一,本文结合储蓄理论来改进CCAPM。储蓄理论的研究对象是居民可支配收入中既不购买消费品,也不购买投资品的"冗余"部分。这些... 凯恩斯的储蓄-投资恒等式忽视了消费者的储蓄行为的重要信息,是导致CCAPM遭遇实证难题的重要原因之一,本文结合储蓄理论来改进CCAPM。储蓄理论的研究对象是居民可支配收入中既不购买消费品,也不购买投资品的"冗余"部分。这些收入"冗余"的数量与储蓄收益率(利率)无关,给消费者带来了直接的效用,笔者称之为自然储蓄。本文把自然储蓄加入到标准CCAPM的理论框架内,重新讨论自然储蓄、消费和资产价格之间的长期均衡关系,发现除基于消费的风险溢价以外,传统股权溢价还包括了基于储蓄的风险溢价,最后利用中国经济数据进行了实证检验,为理论模型提供了经验证据的支持。其他结论如下:自然储蓄抑制了消费者对金融资产的需求,这为发展中国家普遍出现的"超额储蓄"与欠发达金融市场并存的现象提供一种新的理论性解释;我国消费者的储蓄效用弹性远高于消费效用弹性,说明储蓄政策是比消费政策更为有效的资产市场调控手段。 展开更多
关键词 自然储蓄 消费 CCAPM 股权溢价之谜
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Numerical method and model for calculating thermal storage time for an annular tube with phase change material 被引量:5
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作者 刘泛函 徐建新 +1 位作者 王辉涛 王华 《Journal of Central South University》 SCIE EI CAS CSCD 2017年第1期217-226,共10页
For calculating the thermal storage time for an annular tube with phase change material (PCM), a novel method is proposed. The method is suitable for either low-temperature PCM or high-temperature PCM whose initial ... For calculating the thermal storage time for an annular tube with phase change material (PCM), a novel method is proposed. The method is suitable for either low-temperature PCM or high-temperature PCM whose initial temperature is near the melting point. The deviation fit is smaller than 8% when the time is below 2x104 s. Comparison between the predictions and the reported experimental data of thermal storage time at same conditions is investigated and good agreements have been got. Based on this method, the performance of the thermal storage unit and the role of natural convection are also investigated. Results show a linear relation between the maximum amount of stored heat and thermal storage time, and their ratio increases with the height of the thermal storage unit. As the thickness of the cavity increases, natural convection plays an increasingly important role in promoting the melting behavior of paraffin. When the thickness of the cavity is small, natural convection restrains the melting behavior of paraffin. 展开更多
关键词 natural convection energy storage modeling heat transfer mass transfer
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