Research on the Application of Virtual Simulation Experimental Teaching in the Securities Investment Course

With the rapid development of information technology and the increasing complexity of the financial market,the teaching methods and means of the Securities Investment course in universities are facing new challenges and opportunities.The purpose of this paper is to discuss the application and construction path of virtual simulation experimental teaching in the Securities Investment course.Firstly,it analyses the problems existing in the teaching of traditional securities investment courses,such as the disconnection between theory and practice and the single teaching mode.In order to solve these problems,this paper puts forward the necessity of introducing virtual simulation experimental teaching and details the specific application path of virtual simulation experimental teaching in the Securities Investment course.

Cross-border Urban Networks Based on Manufacturing Global Value Chain:A Study of Listed Companies in Western China

Cross-border investment is essential for western China’s globalization.Global value chain(GVC)forms cross-border investment networks between industries in western China and overseas cities.Focusing on GVC,this study uses the social network analysis method,entropy method,multi-index comprehensive evaluation method,and quadratic assignment procedure analysis method to examine the characteristics and influencing factors of the urban networks of research and development(R&D),production,and sales formed as a result of the overseas investments of listed manufacturing companies in western China.Results showed that the three types of investment networks involved multiple industry types and multiple central cities with differentiated diversity and multicentrality.The R&D urban network’s leading sub-industries were the mechanical equipment and instruments,medicine and biological products,and metal and nonmetal industries.The destination cities were mostly those home to educational and scientific research centers.The production urban network’s leading sub-industries were the mechanical equipment,instrument,and food and beverage industries.The destination cities were mostly regional central cities in developing countries.The sales urban network’s leading sub-industries were the mechanical equipment and instrument,metal and nonmetal,and petrochemical and plastics industries.The destination cities were numerous and scattered.In addition,the R&D urban network easily formed specialized clusters,core nodes easily controlled the production urban network,and individual nodes did not easily control the sales urban network.Technological and economic system advantages greatly impacted the three network types.Considering the different influencing factors,this study suggests optimizing the institutional investment environment to narrow the institutional gap,adjusting and optimizing the investment layout to expand overseas markets,and increasing R&D funds to stimulate technological progress and overseas investments in western China.

Analysis on the Relationship between Fire Security Investments and Corporate Profits

A company＇s fire security investment is part of its fixed costs for production, which means the necessary spending to bring corporate and social benefits. The analysis on the links between the company＇s fire security investments and the economic benefits is a very important and urgent issue. ＂l-his paper will provide deep analysis of the definitions, meanings and contents of the corporate fire security investments and also make a summary of the direct and indirect economic benefits brought by such investments.

Study on the Establishment of a Long-effect Mechanism for China＇s Securities Investor Education

Investor education is not only one of the most important and fundamental institutional constructions at capital market, but also an important part of the cultural construction of capital market. At the present stage, the long-effect mechanism for investor education is not only a demand of China＇s securities market on its healthy development, but also an objective reality that China＇s investor education is necessary to confront with. For these reasons, it is necessary for China to deepen investor education, expand investor education platform, strengthen risk prevention, and take initiative to build up a multi-level investor education system, and ultimately establish and improve a long-effect mechanism for investor education, so as to ensure the stable, harmonious and order development of China＇s Securities market in futures.

WTO条件下中国农业法律体系生态化构筑研究——以美国的农业Security and Investment为中心

美国农业法的主要内容就是维持对农业的大力补贴,其特点就是保护和投资。基于此,在已加入WTO的情况下,中国应当加强农业立法和完善生态规划,以生态学理论为视角、以可持续发展为基础建立起中国生态化的农业法律体系。

Security investment and information sharing for complementary firms with heterogeneous monetary loss

Two complementary firms＇ information sharing and security investment are investigated. When two complementary firms with heterogeneous assets are both breached, it is assumed that they suffer different losses which are associated with their information assets. Some insights about optimal strategies for the firms and the attacker are obtained by the game theory, which forms a comparison with those derived from substitutable firms, and those derived from complementary firms with homogenous loss. In addition, both the unit transform cost of investment and the extent of firms＇loss affect the optimal strategies.Assuming that firms can control information sharing, security investments and both of them, respectively, the effect of the social planner is further analyzed on the information sharing, firms＇ aggregate defence, the aggregate attack and social total cost. Finally, some policy advice is provided through numerical simulation. Results show that firms are willing to choose security investment centrally rather than individually, but an intervention in information sharing by the social planner may not necessarily be preferable.

考虑地形与生物多样性的InVEST模型及其在县域生物多样性安全格局分析中的应用

县域尺度生物多样性安全格局精细评估可为区域生物多样性保护规划、实施与管理提供科学参考。以粤北山区翁源县为例,采用InVEST生境质量模型,结合区域地形与生物多样性特征,以生境质量指数、地形与生物多样性综合指数为评价指标,开展区域生物多样性安全格局综合评估。结果表明:翁源县整体生境质量指数(HQI)较高,尤其在人为扰动较弱的水系和林区最为明显,生境质量指数较低区集中在建设用地、耕地等人类活动影响强烈区域;地形多样性综合指数(TDCI)与地形起伏度和地形坡度位置指数分布格局较为一致,而与地形湿度指数相对差值分布格局相反;生物多样性指数(BCI)分布格局受到香农-威纳指数物种多样性本底及生物多样性丰富度、人类足迹指数、生物多样性重要度与植被总覆盖度的交互影响;生物多样性综合安全格局指数与HQI、BCI及TDCI分布有较好的一致性,低风险/低脆弱(高安全)区集中在县域内城镇建设用地、交通水利和耕地等人类活动强烈区,高风险/高脆弱(低安全)区主要分布在县域北部、西北部、东南部、东北部自然保护和饮用水源等人类活动干扰微弱区。通过与区域生态保护红线等相关资料进行验证与分析,改进优化后的评估结果更能精细和客观地反映研究区生物多样性安全格局。

Externalities and the Magnitude of Cyber Security Underinvestment by Private Sector Firms: A Modification of the Gordon-Loeb Model

Cyber security breaches inflict costs to consumers and businesses. The possibility also exists that a cyber security breach may shut down an entire critical infrastructure industry, putting a nation’s whole economy and national defense at risk. Hence, the issue of cyber security investment has risen to the top of the agenda of business and government executives. This paper examines how the existence of well-recognized externalities changes the maximum a firm should, from a social welfare perspective, invest in cyber security activities. By extending the cyber security investment model of Gordon and Loeb [1] to incorporate externalities, we show that the firm’s social optimal investment in cyber security increases by no more than 37% of the expected externality loss.

基于InVEST模型和电路理论的昆明市国土空间生态修复关键区域识别

以昆明市为例,综合运用InVEST模型、景观连通性评价和电路理论构建生态安全格局,识别国土空间生态修复关键区域.研究表明,昆明市生态源地共34个,面积6421.95km2,呈西多东少、北聚南散的空间分布状态;提取生态廊道67条,全长859.72km,廊道分布空间差异性明显,构建了“一环、三区、三屏、六轴、多点”的生态安全格局;识别27处生态夹点和33处生态障碍点,为需进行生态修复的关键区域,面积分别为197.68,155.84km2,主要分布在南部地区;综合关键区域的不同地理特征和地类现状,提出自然保护为主、人为修复为辅和人为修复与自然保护并重的两类修复策略.研究可为市域国土空间生态修复提供参考.

Investing in Cybersecurity: Insights from the Gordon-Loeb Model

Given the importance of cybersecurity to the survival of an organization, a fundamental economics-based question that must be addressed by all organizations is: How much should be invested in cybersecurity related activities? Gordon and Loeb [1] presented a model to address this question, and that model has received a significant amount of attention in the academic and practitioner literature. The primary objective of this paper is to discuss the Gordon-Loeb Model with a focus on gaining insights for the model’s use in a practical setting.

Investment strategy analysis of information system security in consideration of attackers

In order to solve the problem of howa firm makes an optimal choice in developing information systems when faced with the following three modes: development by its own efforts, outsourcing them to a managed security service provider( MSSP) and cooperating with the MSSP, the firm 's optimal investment strategies are discussed by modeling and analyzing the maximum expected utility in the above cases under the condition that the firm plays games with an attacker.The results showthat the best choice for a firm is determined by the reasonable range of the cooperative development coefficient and applicable conditions. When the cooperative development coefficient is large, it is more rational for the firm to cooperate with the MSSP to develop the information system. When the cooperative development coefficient is small, it is more rational for the firm to develop the information system by its own efforts. It also shows that the attacker's maximum expected utility increases with the increase in the attacker 's breach probability and cost coefficient when the cooperative development coefficient is small. On the contrary, it decreases when the cooperative development coefficient is large.

Information Segmentation and Investing in Cybersecurity

This paper provides an analysis of how the benefits of information segmentation can assist an organization to derive the appropriate amount to invest in cybersecurity from a cost-benefit perspective. An analytical model based on the framework of the Gordon-Loeb Model ([1]) is presented that provides a set of sufficient conditions for information segmentation to lower the total investments in cybersecurity and the expected loss from cybersecurity breaches. A numerical example illustrating the insights gained from the model is also presented.

Empirical Investigation of Threats to Loyalty Programs by Using Models Inspired by the Gordon-Loeb Formulation of Security Investment

Loyalty program (LP) is a popular marketing activity of enterprises. As a result of firms’ effort to increase customers’ loyalty, point exchange or redemption services are now available worldwide. These services attract not only customers but also attackers. In pioneering research, which first focused on this LP security problem, an empirical analysis based on Japanese data is shown to see the effects of LP-point liquidity on damages caused by security incidents. We revisit the empirical models in which the choice of variables is inspired by the Gordon-Loeb formulation of security investment: damage, investment, vulnerability, and threat. The liquidity of LP points corresponds to the threat in the formulation and plays an important role in the empirical study because it particularly captures the feature of LP networks. However, the actual proxy used in the former study is artificial. In this paper, we reconsider the liquidity definition based on a further observation of LP security incidents. By using newly defined proxies corresponding to the threat as well as other refined proxies, we test hypotheses to derive more implications that help LP operators to manage partnerships;the implications are consistent with recent changes in the LP network. Thus we can see the impacts of security investment models include a wider range of empirical studies.

Is Public Co-Ordination of Investment in Information Security Desirable?

This paper provides for the presentation, in an integrated manner, of a sequence of results addressing the consequences of the presence of an information steward in an ecosystem under attack and establishes the appropriate defensive investment responses, thus allowing for a cohesive understanding of the nature of the information steward in a variety of attack contexts. We determine the level of investment in information security and attacking intensity when agents react in a non-coordinated manner and compare them to the case of the system’s coordinated response undertaken under the guidance of a steward. We show that only in the most well-designed institutional set-up the presence of the well-informed steward provides for an increase of the system’s resilience to attacks. In the case in which both the information available to the steward and its policy instruments are curtailed, coordinated policy responses yield no additional benefits to individual agents and in some case they actually compared unfavourably to atomistic responses. The system’s sustainability does improve in the presence of a steward, which deters attackers and reduces the numbers and intensity of attacks. In most cases, the resulting investment expenditure undertaken by the agents in the ecosystem exceeds its Pareto efficient magnitude.

The “Iterated Weakest Link” Model of Adaptive Security Investment

We devise a model for security investment that reflects dynamic interaction between a defender, who faces uncertainty, and an attacker, who repeatedly targets the weakest link. Using the model, we derive and compare optimal security investment over multiple periods, exploring the delicate balance between proactive and reactive security investment. We show how the best strategy depends on the defender’s knowledge about prospective attacks and the recoverability of costs when upgrading defenses reactively. Our model explains why security under-investment is sometimes rational even when effective defenses are available and can be deployed independently of other parties’ choices. Finally, we connect the model to real-world security problems by examining two case studies where empirical data are available: computers compromised for use in online crime and payment card security.

基于生态系统服务价值评价的松花江流域吉林段生态安全格局构建

为准确识别生态保护的重要区域和生态廊道,进而构建生态安全格局,保障区域生态安全、改善生态环境质量、维持区域可持续发展.以松花江流域吉林段为研究区,基于生态源地-阻力面-生态网络的生态安全格局构建方法,通过InVEST模型评价流域生态系统服务价值,结合自然保护地斑块识别生态源地;选取土地利用和植被覆盖度等数据作为阻力因子,采用熵值法构建综合阻力面;利用linkage mapper工具基于电路理论识别并判定生态廊道、生态节点,构建流域生态安全格局.结果表明:①识别生态源地37块,总面积36212.89 km^(2),呈现东南部集中、中西部分散的空间分布格局;②生态廊道45条,总长度3291.89 km,主要分布在植被覆盖相对较好的地区;③生态节点24个,集中分布在盐碱地、低覆盖度草地等地类.

经济安全视角下中国企业赴美投资风险研究

企业对外直接投资作为全球资源配置与市场融合的核心战略手段,在推动我国经济增长和保障国家经济安全方面发挥着关键作用。近年来,美国采取的霸权主义、保护主义政策导致我国企业赴美投资频繁受阻,给我国企业发展和经济安全带来了诸多不良影响。基于此,本文以经济安全为视角,探讨了中国企业赴美投资风险的表现形式及其生成机制,研究发现:受自身经营活动、外部环境、风险因素的动态交互等影响,中国企业赴美投资面临商业问题的“政治化转向”和“国家安全化诠释”、强化CFIUS审查、商业活动的合规性挑战及法律壁垒、美国外资政策的国际传导效应等风险,并从企业和政府两个层面提出了中国企业赴美投资的风险防控对策和建议。

全面认识产业转移的新特征新模式——基于开放视角下的事实与分析

当前,全球产业链正向本地化、区域化、多元化、绿色化和数字化方向加速重构与调整。在此背景下,美欧等国家和地区陆续推出一系列政策措施,加速产业转移步伐,直接影响到我国的产业链供应链安全稳定。对此,文章利用fDi Markets、UN Comtrade等多个数据库,基于开放视角从来华投资、对外直接投资与中间品贸易三个关键维度对我国产业转移的理论与现状进行深入剖析,并归纳出当前产业转移的四种典型模式,进而在“分类研判”基础上提出“精准施策”的方案。研究发现:第一,在来华投资方面,尚未表现出大规模产业转移,法国等欧洲国家对华投资率先增长,但需警惕美日韩等地区以及电子元件、半导体和汽车设备等产业链较长行业的来华外资下降趋势。第二,在对外投资方面,总体呈现出稳中有进的态势,其中对墨西哥以及共建“一带一路”国家的投资增势最为突出,对电子元件、金属制品、汽车设备等高端制造行业以及矿产资源行业的投资也表现出了持续向好的态势。第三,在中间品贸易方面,近年来我国中间品出口在全球市场中的份额显著提升,其中对越南、印度和泰国等地区的出口比重大幅提高,高技术产品的出口增势也尤为突出。在此基础上,我们进一步归纳提出当前产业转移的四种主要模式:地缘政治驱动型、生产成本驱动型、产业链布局驱动型以及国际合作驱动型。最后,根据不同产业转移模式以及当前的产业转移新特征,提出相应的对策建议,为确保我国产业链供应链韧性与安全提供有益的支撑。

我国对外直接投资对国家经济安全影响研究

在加快构建新发展格局背景下,厘清对外直接投资对国家经济安全影响及作用机制,探究我国统筹发展与安全的路径选择,对实现高水平开放与高质量发展至关重要。因此文章从对外直接投资角度切入,采用2002—2021年我国省级面板数据进行熵权法构建国家经济安全指标体系,并对我国经济安全水平进行测度,在此基础上运用门槛效应模型,实证分析我国对外直接投资对国家经济安全影响。研究结果表明:我国对外直接投资有利于提高我国经济安全水平,并且在东部地区表现得更为显著。然而从整体演变过程来看,我国对外直接投资对国家经济安全水平的影响呈现“倒N型”双门槛效应,表现为“阻碍—促进—阻碍”的动态趋势。

油气上游业务国际合作展望

近年来,受地缘冲突、美元周期、能源转型等因素影响,全球能源格局进一步调整,油气投资、产量、消费及资产兼并购活动均保持稳健增长势头,昭示着新的油气发展周期已经到来。通过对当前全球油气资源量分布情况、全球油气勘探开发形势和全球上游兼并购市场现状的分析,提出中国油气企业加大勘探开发力度,积极构建多类型、多区域、多模式的投资组合,布局长期发展,积极与外部风险对冲的合作建议。锚定油气富集区和新兴区的“一带一路”沿线国家,坚持科技创新引领和技术输出,布局天然气、非常规领域和低碳转型,争当作业者,是海外油气业务增储上产、筑牢我国高质量发展资源基础的关键。