In 1984, under the guideline laid down by the Communist Party of China, "economic construction must rely on science and technology, and science and technology must be geared to serve economic construction", ...In 1984, under the guideline laid down by the Communist Party of China, "economic construction must rely on science and technology, and science and technology must be geared to serve economic construction", the CAS began to encourage enthusiastically its scientific and technical personnel to run high-and new tech enterprises.At present,there are more than 500 S&T enterprises at the Academy,including five (group)corporations directly under the jurisdiction of the Academy, 21 co-operation enterprises,40 or so展开更多
Investigation of the dynamic correlation between financial markets has important and realistic meaning for the market portfolio, but the dynamic correlation between financial markets often shows ＂nonlinear and asymme...Investigation of the dynamic correlation between financial markets has important and realistic meaning for the market portfolio, but the dynamic correlation between financial markets often shows ＂nonlinear and asymmetrical ＂features, The Copula model can effectively solve these problems. This paper aims to study the dynamic correlation between the second board market and SME board market by building Copula models to the return series of the two boards＇ indexes and calculating the dynamic correlation coefficient between the two markets. The study results show as the following：（1） there is positive correlation between the second board market and SME board market and the correlation is very strong; （2） time-varying Copula model is better than constant correlation Copula model in describing the correlations among financial markets as it captures market return＇ s feature of time-varying; （3） The upper ant lower tail dependence coefficient between GEM and SME board market shows less linkage risk has been found; The upper tail dependence coefficient is bigger than the lower tail dependence coefficient, means that the linkage risk is asymmetric, that is to say the tail dependence coefficient is much stronger in the bear market; The upper tail dependence coefficient and lower tail dependence coefficients are both in the stable interval, the overall volatility is small.展开更多
This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strat...This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.展开更多
文摘In 1984, under the guideline laid down by the Communist Party of China, "economic construction must rely on science and technology, and science and technology must be geared to serve economic construction", the CAS began to encourage enthusiastically its scientific and technical personnel to run high-and new tech enterprises.At present,there are more than 500 S&T enterprises at the Academy,including five (group)corporations directly under the jurisdiction of the Academy, 21 co-operation enterprises,40 or so
文摘Investigation of the dynamic correlation between financial markets has important and realistic meaning for the market portfolio, but the dynamic correlation between financial markets often shows ＂nonlinear and asymmetrical ＂features, The Copula model can effectively solve these problems. This paper aims to study the dynamic correlation between the second board market and SME board market by building Copula models to the return series of the two boards＇ indexes and calculating the dynamic correlation coefficient between the two markets. The study results show as the following：（1） there is positive correlation between the second board market and SME board market and the correlation is very strong; （2） time-varying Copula model is better than constant correlation Copula model in describing the correlations among financial markets as it captures market return＇ s feature of time-varying; （3） The upper ant lower tail dependence coefficient between GEM and SME board market shows less linkage risk has been found; The upper tail dependence coefficient is bigger than the lower tail dependence coefficient, means that the linkage risk is asymmetric, that is to say the tail dependence coefficient is much stronger in the bear market; The upper tail dependence coefficient and lower tail dependence coefficients are both in the stable interval, the overall volatility is small.
基金This work is supported by the Nation Science Foundation(No.79570040)
文摘This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.
