投资组合策略研究

An optimal investment strategy is extremely worth discussing and studying in our actual investment activities, not only for individual investors and companies but also for governments and all other kinds of investors. And there is no doubt that we cannot find the only way and meet the needs of every investor. But if we can get an authoritative ranking according to the needs of investors, we can find the different best investment portfolio for different investors who have different view of risk theoretically and practically. From a typical case. all about these problems is what I will discuss in this article.

人力资源结构性改革解析

选用人才一定要有防患意识,尽可能规避“人才风险”。在大胆使用人才的同时,也注意鉴别“伪人才”,防止这些人破坏人才队伍的健康成长。人力资源是企业的重要资源,每个时期都有不同需求,尤其是在供给侧结构性改革的关键时刻,人力资源显得十分重要。没有人力资源参与改革,就没有供给侧结构性改革的发展,也就没有人力资源本身的发展。防患人才风险人力资源结构性改革,

Positive effects of native language in the foreign language learning and teaching

Native language has been rejected for a long time in the foreign language class, which results from a misunderstanding to native language transfer by most teachers. Actually, it is an effective learning strategy to complete the communication task under the help of native language, which should be acknowledged. Using native language to explain specific words or grammar rules can take advantage of the limited class-time efficiently and increase the class efficiency; using native language to discuss teaching method and solve the problems for the students can promote their enthusiasm. In these specific teaching processes, native language is an important teaching resource. Instances identify that native language has positive effects in the foreign language learning and teaching and it should have its own standpoint.

试析中国外汇储备管理存在的风险及对策

截至2008年4月末,中国的外汇储备已经增加到1.76万亿美元,比东北亚其他国家和地区外汇储备的总和还多,并且这个数字实际上已经超过了世界主要七大工业国(包括美国、日本、英国、德国、法国、加拿大、意大利,简称G7)的总和。巨额的外汇储备加剧了汇率、财政、通胀和政治等外汇管理风险,而要规避这些外汇管理风险需要实施如主权财富基金的战略投资、藏汇于民、外汇储备多元化和扩大内需等有效措施。

企业产权制度转换之后金融工作的取向及途径

企业产权制度改革涉及国家、企业、职工等各方面的利益,对金融工作也将产生重大影响。为此,应采取整体推进、重点突破,按系统交叉配套进行的方式,先易后难,分步实施。一、企业产权制度改革的难点及给金融工作带来的问题1.模式选择难。在选择转制模式上股份制改造无法推行,因为职工不能入股来承担债务。资略大于债的企业所占比重很小,且企业发展前景不甚乐观,企业转制在选择模式上介于股份制与股份合作制之间,进退两难。就乌兰浩特市首批16户转制企业,1993年为全部盈利,占盈利户数的41%,利润总额172.2万元,而全市59户工业企业,盈亏相抵当年亏损592.8万元。

Optimal restructuring strategies under various dynamic factors

Corporate restructuring was identified as a new industrial force that has great impact on economic values and that therefore has become central in daily financial decision making. This article investigates the optimal restructuring strategies under different dynamic factors and their numerous impacts on firm value. The concept of quasi-leverage is introduced and valuation models are built for corporate debt and equity under imperfect market conditions. The model’s input variables include the quasi-leverage and other firm-specific parameters, the output variables include multiple corporate security values. The restruc- turing cost is formulated in the form of exponential function, which allows us to observe the sensitivity of the variation in security values. The unified model and its analytical solution developed in this research allow us to examine the continuous changes of security values by dynamically changing the coupon rates, riskless interest rate, bankruptcy cost, quasi-leverage, personal tax rate, corporate taxes rate, transaction cost, firm risk, etc., so that the solutions provide useful guidance for financing and restructuring decisions.

Regional Distribution and Sustainable Development Strategy of Mineral Resources in China

This paper summarizes the distribution and production layout of the major mineral resources in China,including coal,iron ore,copper and bauxite,from a national perspective.It also identifies the incompatibility between the mineral resources distribution and regional economic development.Significant issues with China's mineral resource industry cause challenges for the sustainable development of both the mining industry and the national socio-economy.The sustainability of regional mineral resources and the environmental pollution by mining in the western China were also analyzed.Results show that the distribution of China's mineral resources is misaligned with its regional layout of economic development.China's mineral resources have been over-exploited,and the mineral resources production in the eastern China is unsustainable.The continuously expanding production of mineral resources in the western China has heavily endangered the ecological environment.We propose strategies to boost the sustainable development of mineral resources,including measures to accelerate economic development and enhance the sustainability of domestic mineral resources.We also offer suggestions for scientifically planning the mineral resource prospecting and exploitation and regional economic layout,as well as for proactively undertaking industry transfer in the eastern China and raising the environmental benchmark requirements for the mineral industry in the central and western China.

Dynamic System Level Frequency Spectrum Allocation Scheme Based on Cognitive Radio Technology

Cognitive radio is being widely discussed,and resource allocation scheme is drawing a lot of attention.Although the existed resource allocation strategies have successfully enhanced spectrum efficiency,some critical challenges still remain unanswered such as the jointly consideration of the efficiency and fairness,the rational description of the spectrum resources,and the execution mode of the spectrum allocation.This paper presents a system level dynamic frequency spectrum allocation scheme based on a central heterogeneous network architecture,evaluates the matching degree of the spectrum demand and the available spectrum resources with corresponding matrices,jointly considers the efficiency and fairness of different cognitive radio systems.Simulation results and the application scenario are also presented and analyzed.

Investing and Pricing with Supply Uncertainty in Electricity Market:A General View Combining Wholesale and Retail Market

Renewable energy,such as wind and solar energy,may vary signifi cantly over time and locations depending on the weather and the climate conditions.This leads to the supply uncertainty in the electricity(power) market with renewable energy integrated to power grid.In this paper,electricity in the market is classified into two types:stablesupply electricity(SSE) and unstablesupply electricity(USE).We investigate the investment and pricing strategies under the electricity supply uncertainty in wholesale and retail electricity market.In particular,our model combines the wholesale and retail market and capture the dominant players,i.e.,consumers,power plant(power operator),and electricity supplier.To derive the market behaviors of these players,we formulate the market decision problems as a multistage Stackelberg game.By solving the game model,we obtain the optimal,with closedform,wholesale investment and retail pricing strategy for the operator.We also obtain the energy supplier's best price mechanism numerically under certain assumption.We fi nd the price of SSE being about 1.4 times higher than that of USE will benefi t energy supplieroptimally,under which power plant's optimal strategy of investing is to purchase USE about 4.5 times much more than SSE.

AVO Character Research of Natural Gas Hydrates in the East China Sea

Natural gas hydrates are considered as strategic resources with commercial potential in the 21st century. Obvious BSR characteristics will be shown on seismic profiles, if there exist natural gas hydrates. The AVO method is one of the methods which can be used to identify and forecast lithologic characteristics and fluid properties by using the relationship between Amplitude and Offset. AVO anomaly is one of the significant signs to check out whether or not there is free gas below the BSR, so it can be used to detect natural gas hydrates from the seismic profile. Considering the geological and geophysical characteristics of the Okinawa Trough and making use of the techniques mentioned above, we can conclude that the conditions there are favorable for the formation and concentration of natural gas hydrates. By analyzing the data collected from the study area, one can discover many different anomalous phenomena on the seismic profile which are related to the existence of natural gas hydrates. Preliminary estimation of the natural gas hydrates in the Okinawa Trough shows that the trough is rich in natural gas hydrates and may become a potential important resources exploration area.

Heuristic Solutions of Virtual Network Embedding： A Survey

Network virtualization(NV) is considered as an enabling tool to remove the gradual ossification of current Internet. In the network virtualization environment, a set of heterogeneous virtual networks(VNs), isolated from each other, share the underlying resources of one or multiple substrate networks(SNs) according to the resource allocation strategy. This kind of resource allocation strategy is commonly known as so called Virtual Network Embedding(VNE) algorithm in network virtualization. Owing to the common sense that VNE problem is NP-hard in nature, most of VNE algorithms proposed in the literature are heuristic. This paper surveys and analyzes a number of representative heuristic solutions in the literature. Apart from the analysis of representative heuristic solutions, a taxonomy of the heuristic solutions is also presented in the form of table. Future research directions of VNE, especially for the heuristics, are emphasized and highlighted at the end of this survey.

Context-Oriented Multi-RAT User Association and Resource Allocation with Triple Decision in 5G Heterogeneous Networks

In the upcoming 5 G heterogeneous networks, leveraging multiple radio access technologies(RATs) shows to be a crucial issue in achieving RAT multiplexing gain to meet the explosive traffic demand. For always best connection(ABC), users tend to activate parallel transmission across all available RATs. However from a system-wide perspective, this might not be optimal given the context of network load, interference and diverse service requirements. To intelligently determine how to use these multi-RAT access resources concurrently, this paper proposes a joint multi-RAT user association and resource allocation strategy with triple decision and integrated context awareness of users and networks. A dynamic game based ant colony algorithm(GACA) is designed to simultaneously maximize the system utility and the fairness of resource allocation. Simulation results show that it's more reasonable to make multi-RAT association decision from a system-wide viewpoint than from an individual one. Compared to max-SNR based and ABC based strategies, the proposed method alleviates network congestion and optimizes resource allocation. It obtains 39%~70% performance improvement.

A dynamic decision model for portfolio investment and assets management

This paper addresses a dynamic portfolio investment problem. It discusses how we can dynamically choose candidate assets, achieve the possible maximum revenue and reduce the risk to the minimum level. The paper generalizes Markowitz’s portfolio selection theory and Sharpe’s rule for investment decision. An analytical solution is presented to show how an institu- tional or individual investor can combine Markowitz’s portfolio selection theory, generalized Sharpe’s rule and Value-at-Risk (VaR) to find candidate assets and optimal level of position sizes for investment (dis-investment). The result shows that the gen- eralized Markowitz’s portfolio selection theory and generalized Sharpe’s rule improve decision making for investment.

Evaluation of the Strategic Tolerance Human Resource Management Based on Matter-Element Analysis Method

The main features and connotation of the tolerance human resource management based on strategy are analyzed and summarized. The theory and method of systematic engineering is used to build the evaluation index systems for the tolerance human resource management. On the basis of it, by using the theory of matter-element analysis, the matter-element models are formulated for the evaluation of the tolerance human resource management. Regarding annual tolerance human resource management as the object of matter-dement, the tolerance human resource ：management for two years are analyzed and evaluated through using the matter. element models proposed. A ease study is carried out and the satisfactory results are obtained. A new scientific methed is provided for the evaluation of human resource management based on strategy.

Financing constraints and corporate investment:an empirical analysis of china’s manufacturing firms

With the measurement of dividend payout ratio, logistic regression index value and the firm size financing constraints, this paper investigated the investment behavior of China’s manufacturing firms over the period from 1998 to 2003, and the relationship between financing constraints and corporate investment using the OLS regression method. The empirical evidence shows that there are certain extent financing constraints in China’s manufacturing firms, but the results are different with different variables to measure the financing constraints.

Investment Strategy of the Temasek Holdings

Sovereign Wealth Funds （SWFs） are generally known as investment funds owned by national governments and financed by the country＇s foreign currency reserves （dollar, euro, and yen）, often through their central banks or via direct investments. The study investigated the investment strategy of the Temasek Holdings as one of the most successful SWFs which is owned by the government of Singapore. Temasek Holdings was founded in 1974 to manage part of the government＇s revenues. Present turbulent times create a big pressure on healthy investment strategy of the SWFs. But total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. The main objective of the paper is to focus on the role of the Temasek Holdings as a company managed on commercial principles with an aim to achieve long-term sustainable returns. The study also analyzed Temasek Holdings＇investment strategy. The study provides answers to questions like： why Temasek is of the most successful SWFs and what is the fund risk management？ Another part of the paper compares investment strategy of the Temasek Holdings with other SWFs. The study has been conducted mainly on the basis of literature survey, secondary information and with using various web sites and research paper. The analysis has been also based on disclosures appearing in the Temasek annual reports over the period from 2008 to 2010.

Switching Delay Aware Computing Resource Allocation in Virtualized Base Station

In centralized cellular network architecture,the concept of virtualized Base Station(VBS) becomes attracting since it enables all base stations(BSs) to share computing resources in a dynamic manner. This can significantly improve the utilization efficiency of computing resources. In this paper,we study the computing resource allocation strategy for one VBS by considering the non-negligible effect of delay introduced by switches. Specifically,we formulate the VBS's sum computing rate maximization as a set optimization problem. To address this problem,we firstly propose a computing resource schedule algorithm,namely,weight before one-step-greedy(WBOSG),which has linear computation complexity and considerable performance. Then,OSG retreat(OSG-R) algorithm is developed to further improve the system performance at the expense of computational complexity. Simulation results under practical setting are provided to validate the proposed two algorithms.

China＇s Sustainable Strategy on Waste Paper as Reusable Resources

Resource reuse and sustainability are gradually becoming hot issues nowadays. Waste paper is an important material in paper reproducing. Comparing to wood pulp, waste paper is more energy-saving and environmentally-friendly. Being a top of one paper producing country in the world, China needs a continuous large quantity of waste paper supply. Waste paper strategy＂ is being taken seriously until the ti^ding of paper manufacttlring period. This paper strives to examine the waste paper circle and the changes of waste paper resource strategy in China nowadays by doing both amount and price analysis on waste paper trade. It is found that China now strives to promote a sustainability of waste paper resource reuse by drawing down waste paper import, increasing domestic reuse and increasing import channels and categories.

Enhancing Innovation Through Intellectual Capital： A Theoretical Overview

Innovation is one of the main drivers of economic development. In the knowledge economy era, the quickness of technological developments and globalization has changed the structure of business world. Consequently, this situation creates opportunities and also threats for companies. Companies should attach importance to innovation in order to maintain sustainable growth and gain competitive advantage. According to Barsky and Marchat （2000） in the new economy the value of a company is not found with its tangible assets, revenues, financial ratios or market share, but with its intellectual capital, organizational culture, customer loyalty and brand equity. According to resource-based view of the company; the resources are fundamental factors of competitiveness and performance. These resources are regarded as strategic assets, which include tangible and intangible assets. Intellectual capital which is becoming one of the important commercial assets of the 21 st century is a way of describing a company＇s intangible assets that are vital for company success. Intellectual capital consists of human capital, relational capital and structural capital. Intellectual capital which is a core strategical resource of a company is playing a crucial role in a company＇s innovation performance. This study attempts to analyze the interrelationships between intellectual capital and innovation in the context of resource-based view of the company. This study also focuses in particular on the effects of human capital, relational capital and structural capital which are the components of intellectual capital, on innovation by integrating the relevant theoretical and empirical evidence.

Financing Public Transport Infrastructures by Means of Value Capture Provided by Its Implementation

A transport infrastructure is not only a trip provision system but a public facility that generates value for companies and for the society through expanding markets or developing cities, creating another perspective for new investments, as well as its own financing. According to this perspective, the financial earnings resulting from the implementation of transport infrastructure can be captured for its own investment. Given the restrictions of society indebtedness, due to social inequalities, scarcity of resources and insufficient fare collection, with the current financial model for public transport infrastructures, the value capture configures as a strategy to be explored to obtain resources. This paper presents the concept of value capture and its connection and relevance with transport infrastructure financing strategies. Applied to the evaluation of the impacts on the surrounding regions of one of the most significant Brazilian transport projects, the improvement and expansion of Belo Horizonte＇s metro, the provided value capture outcomes open more realistic perspectives for greater engagement of the Public Sector in such projects.