RUIN PROBABILITY IN THE CONTINUOUS-TIME COMPOUND BINOMIAL MODEL WITH INVESTMENT

This article deals with the problem of minimizing ruin probability under optimal control for the continuous-time compound binomial model with investment. The jump mechanism in our article is different from that of Liu et al [4]. Comparing with [4], the introduction of the investment, and hence, the additional Brownian motion term, makes the problem technically challenging. To overcome this technical difficulty, the theory of change of measure is used and an exponential martingale is obtained by virtue of the extended generator. The ruin probability is minimized through maximizing adjustment coefficient in the sense of Lundberg bounds. At the same time, the optimal investment strategy is obtained.

Analysis of Influencing Factors of Work Motivation of Government Employees Based on MaxDiff Model:Evidence from Jiangmen City

The purpose of this paper is to use the MaxDiff model to explore the factors influencing the work motivation of staff in certain government agencies in Jiangmen City,and to conduct relevant empirical analyses.The study aims to propose strategies for improving work motivation among these staff members.The results indicate that the most significant factors affecting the work motivation of staff in Jiangmen government agencies are salary and remuneration,additional welfare benefits,and the power to make decisions about their own work.In contrast,factors such as a sense of belonging to the work unit,recognition of their work,and job security are less important.Therefore,it is recommended that government agencies in Jiangmen City increase the salaries and benefits of their staff and provide them with more decision-making power.This approach will stimulate their desire to work,enhance their motivation,improve the efficiency of government agencies,and elevate the level of public service.Ultimately,these measures will support the construction of a harmonious,stable,and orderly society.

Study on Agency Models within Internal Capital Market of Enterprise Group

In order to overcome the shortcomings brought up by the single-layer agency relation analyses of agency problems within enterprise group, two-tiered agency models in the internal capital market are set up, and how rent-seeking behaviors of member firms＇ managers affect investment allocation decision made by headquarters manager is demonstrated. From equilibrium solutions of the model, it＇s inferred that the larger the divergence of member firm＇s productivity is, the higher probability of investment allocation distortion is.

The Service Model of International Advertising Agencies

This theme takes Euro RSCG Worldwide as example to find out the possible uniform model for all advertising agencies.

Compressed Least Squares Algorithm of Continuous-Time Linear Stochastic Regression Model Using Sampling Data

In this paper,the authors consider a sparse parameter estimation problem in continuoustime linear stochastic regression models using sampling data.Based on the compressed sensing(CS)method,the authors propose a compressed least squares(LS) algorithm to deal with the challenges of parameter sparsity.At each sampling time instant,the proposed compressed LS algorithm first compresses the original high-dimensional regressor using a sensing matrix and obtains a low-dimensional LS estimate for the compressed unknown parameter.Then,the original high-dimensional sparse unknown parameter is recovered by a reconstruction method.By introducing a compressed excitation assumption and employing stochastic Lyapunov function and martingale estimate methods,the authors establish the performance analysis of the compressed LS algorithm under the condition on the sampling time interval without using independence or stationarity conditions on the system signals.At last,a simulation example is provided to verify the theoretical results by comparing the standard and the compressed LS algorithms for estimating a high-dimensional sparse unknown parameter.

Types and Models of Product-Service System in Design Agencies

Product-service system design(PSSD)plays a significant role in both design theory and practice with increasing importance.Although scholars have made significant efforts to delineate its definition,methods,and applications,misunderstandings about PSSD persist widely across design agencies and academia.This study aims to outline the various types and models of product-service systems(PSSs)based on inputs from product design agencies.To achieve this purpose,this study applies a two-step research method,comprising a Q-sorting procedure followed by hypothesis testing.This allows us to study the business scope and design model of each design agency from a field research perspective.We propose a design framework with four basic types of PSSs,11 extended types of PSSs,and 4P-8D PSSD models.The current study has theoretical and practical implications.For academics,our models are clearly classified and validated.For practitioners,our models of PSSs can support design agencies in clearly recognizing their position within the design industry,allowing them to select the appropriate types and models to facilitate their future development.Our study also provides helpful guidances for college graduates,cutting-edge designers,and new design studios.

Traffic Incident Management Performance Measures: Ranking Agencies on Roadway Clearance Time

This study develops a procedure to rank agencies based on their incident responses using roadway clearance times for crashes. This analysis is not intended to grade agencies but to assist in identifying agencies requiring more training or resources for incident management. Previous NCHRP reports discussed usage of different factors including incident severity, roadway characteristics, number of lanes involved and time of incident separately for estimating the performance. However, it does not tell us how to incorporate all the factors at the same time. Thus, this study aims to account for multiple factors to ensure fair comparisons. This study used 149,174 crashes from Iowa that occurred from 2018 to 2021. A Tobit regression model was used to find the effect of different variables on roadway clearance time. Variables that cannot be controlled directly by agencies such as crash severity, roadway type, weather conditions, lighting conditions, etc., were included in the analysis as it helps to reduce bias in the ranking procedure. Then clearance time of each crash is normalized into a base condition using the regression coefficients. The normalization makes the process more efficient as the effect of uncontrollable factors has already been mitigated. Finally, the agencies were ranked by their average normalized roadway clearance time. This ranking process allows agencies to track their performance of previous crashes, can be used in identifying low performing agencies that could use additional resources and training, and can be used to identify high performing agencies to recognize for their efforts and performance.

自我交易型代理权滥用行为的认定及效力分析

与无权代理中代理人没有代理权或者超越代理权不同的是,代理权滥用是代理人在没有超越代理权的前提下,违反勤勉义务或忠实义务且损害被代理人利益的一种失范行为。代理人自我交易并不必然构成代理权滥用,因此,只有对符合代理权滥用构成要件的自我交易行为才有予以特别规制的必要。自我交易型滥用与恶意串通型滥用并无本质不同。对于自我交易型代理权滥用行为的效力模式而言,可撤销比效力待定更为可取。可撤销模式的合理性在于:一是可撤销模式更加契合私法自治的民法理念;二是可撤销模式更加符合自我交易型代理权滥用的内部结构;三是可撤销模式并不折损代理法制度的逻辑自洽。

基于公办与民办差异视角的养老机构医养结合服务质量评价研究

背景近几年,关于我国医养结合服务模式、影响因素等的研究报道较多,但关于养老机构医养结合服务质量的研究报道较少,且缺乏对不同类型养老机构医养结合服务质量差异的比较研究。目的评价公办与民办养老机构医养结合服务质量。方法2020年10月—2021年9月,采用分层随机抽样方法在内蒙古自治区包头市、陕西省西安市、湖北省宜昌市、浙江省绍兴市共4个地区进行问卷调查,共选取25家养老机构老年人1106名。通过SERVQUAL模型构建包含可靠性、及时性、保障性、规范性、移情性5个维度和15项二级指标的医养结合服务质量评价指标体系,结合熵权法与模糊综合评价法分别计算公办、民办养老机构医养结合服务质量评分并进行比较。结果公办、民办养老机构老年人对医养结合服务质量满意度综合评价值分别为41.66、38.82分,其中公办养老机构15项二级指标评分均在40.00分以上,民办养老机构13项二级指标评分在40.00分以下。结论公办与民办养老机构老年人对医养结合服务质量满意度综合评价结果存在一定差异,其中规范性、移情性维度评分差异较大,可靠性、及时性、保障性维度评分差异较小,这为发现不同维度下医养结合服务存在的问题、促进养老机构医养结合服务高质量提供了参考。

价格与质量双重决策下电商平台的事前/事后信息共享策略研究

随着信息技术和大数据的发展,拥有海量市场需求信息的平台企业是否会将信息分享给合作伙伴?对此,本文考虑市场需求同时受质量与价格影响,分别构建了批发模式和代理模式下的电商供应链博弈模型,分析了不同销售模式下平台的事前/事后信息共享策略。研究发现:(1)市场需求的不确定性和产品的质量成本系数是影响平台进行事后信息共享的关键因素。(2)批发模式下平台只有在质量成本系数较小时,才会与供应商进行事前信息共享;而代理模式下平台总是共享。(3)两种销售模式下平台选择事前信息共享都能提升供应商的利润,在代理模式下选择事前信息共享总能实现平台与供应商之间的“双赢”;而平台进行事后信息共享则可能损害供应商的利益。

供应商风险规避下平台商的销售模式选择研究

基于1个供应商和1个平台商组成的供应链,通过考虑供应商的风险规避特性,建立了混合模式、转售模式以及代理模式下的均值-方差模型,研究了供应商风险规避下平台商的最优销售模式选择问题。研究发现:当佣金率较低时,无论供应商的风险规避程度大小,平台商应始终选择转售模式;当佣金率较高时,若供应商的风险规避程度较小,平台商应选择混合模式,若供应商的风险规避程度较大,平台商应选择转售模式。供应商的风险规避程度越大对自身越不利,但在转售模式下和混合模式的某些情形下对平台商越有利。当佣金率和供应商的风险规避程度在一定区间内时,平台商选择混合模式可以实现供应链成员的共赢。

探究保障性住房建设管理的新模式

做好保障性住房建设对于扩大内需、解决低收入群体住房难问题的意义重大。在本次研究中,文章详细介绍了当前两种常见的保障性住房建设管理模式,分别为代建制模式、总承包制模式。之后为全面提升保障性住房建设管理水平,提出了各项支持策略,包括运营支持、政策支持、审核与退出机制策略等,希望为保障地区保障性住房建设工作顺利开展提供借鉴。

国家审计、非效率投资与制造业企业全要素生产率

基于2010—2018年审计署实施中央企业审计事件样本,采用多时点双重差分模型考察国家审计对制造业企业TFP的影响效应和机制以及非效率投资的作用路径。研究发现,国家审计显著促进了制造业企业TFP的提升,这种提升主要是通过缓解代理问题和抑制高管超额在职消费发挥作用的。非效率投资在国家审计对制造业企业TFP影响过程中发挥了部分中介效应,即抑制非效率投资是国家审计促进企业TFP提升的重要作用路径。进一步地,二次审计正向调节了国家审计对企业TFP的影响效应。国家审计的促进作用在非效率投资程度高的企业中更为显著,且主要缓解了制造业企业投资不足问题。研究结论为微观企业借助审计监督力量更好实现经济高质量发展、优化审计治理机制提供了路径参考。

我国金融创新支持集成电路产业发展的问题及对策研究

在摩尔定律不断走向极限的背景下,集成电路的技术更迭和设计制造的高质量发展,是社会实现现代化的关键保障。世界范围内的技术争夺愈演愈烈,能否掌握集成电路产业链先进技术,已关乎国家科技与产业竞争力地位。创新金融支持模式,是推动经济转型、产业升级的重要手段,是新兴产业技术革新、健康平稳发展的关键要素。集成电路的快速发展离不开创新金融服务,高效的金融支持才能保障科技产业发展平稳推进。梳理了中国集成电路产业发展现状,分析了目前金融支持集成电路产业的模式和问题,提出了未来创新金融服务的建议,加快集成电路实现高质量发展。

非金融上市公司金融资产投资对代理成本的影响

企业的金融资产投资代理行为势必会产生相应的代理成本,因此有必要对两者的影响关系进行分析。本文根据A股上市非金融企业2013—2022年相关数据,分析了企业金融资产投资对代理成本的影响关系。实证分析结果表明,企业金融资产投资对代理成本具有显著的正向作用,企业经营管理者在逐利动机驱使下开展的金融资产投资行为对代理成本的影响表现为“挤出效应”,即金融资产投资越高,代理成本越大,企业管理者可以在短期内获得相应的收益,但不利于企业的长期经营,且会增加股东与企业经营管理者之间的矛盾。鉴于此,企业需要合理控制金融资产投资行为及其在内部所占比例,通过有效的内部控制手段改善代理成本过高的问题,推动非金融企业的长期稳定发展。

On iterative learning control design for tracking iteration-varying trajectories with high-order internal model

In this paper, iterative learning control （ILC） design is studied for an iteration-varying tracking problem in which reference trajectories are generated by high-order internal models （HOLM）. An HOlM formulated as a polynomial operator between consecutive iterations describes the changes of desired trajectories in the iteration domain and makes the iterative learning problem become iteration varying. The classical ILC for tracking iteration-invariant reference trajectories, on the other hand, is a special case of HOlM where the polynomial renders to a unity coefficient or a special first-order internal model. By inserting the HOlM into P-type ILC, the tracking performance along the iteration axis is investigated for a class of continuous-time nonlinear systems. Time-weighted norm method is utilized to guarantee validity of proposed algorithm in a sense of data-driven control.

双重规制下空气污染治理机制设计:一个委托代理模型

排污规制是空气污染治理的重要工具。企业不仅受到环境规制,还受到经济规制,而经济规制会影响环境规制的效果。当企业既污染空气又垄断产品市场时,将受到环保部门和经济部门的双重规制,两部门的规制目标存在冲突。经济部门要求企业增加产出并降低产品价格,但增加产出会增加空气污染。环保部门要求企业投资环保设备或减少产出以降低污染物排放,这会推高产品价格或降低产量,与经济部门规制目标相冲突。利用委托代理模型,基于共同代理理论,考虑两部门的规制互动,从理论上研究双重规制下的空气污染治理机制设计发现:两部门独立设计规制政策会产生被规制企业过度激励问题,导致社会福利损失。最优规制制度设计要求两部门合作,纠正因过度激励导致的社会福利损失。但当前的空气污染联防联控政策较注重地区间的协调,对经济部门和环保部门独立设计的规制政策目标存在冲突的问题关注较少,因此还需加强规制部门间合作,解决双重规制导致的规制协调失灵问题。

专利代理机构服务质量评价体系研究

虽然当前有关专利代理服务质量的研究评述众多,但专利代理服务行业的评价指标体系尚未形成统一的标准。为了厘清专利代理机构服务质量对专利质量的影响,制定科学的专利代理服务行业评价体系,选取重庆市专利代理机构作为研究对象,基于SERVQUAL模型设立5个一级指标和25个二级指标,采用层次分析法-变异系数法相结合的综合赋权法,对专利代理机构服务质量评价模型进行研究。研究发现:5个一级指标中期望度与满意度均存在差距,由此找出专利代理机构在服务中的薄弱环节,在此基础上提出相应对策建议以改善专利代理机构的服务质量。

离心叶轮非轴对称轮盘面气动敏感性分析

为了研究非轴对称轮盘面对高压比离心叶轮的效率、压比、堵塞流量及工况范围的影响规律,采用基于人工神经网络的非轴对称轮盘面全工况预测模型,用于预测30个形状控制参数下轮盘面对气动性能的影响。同时,结合Sobol敏感性分析方法,提取对各性能指标影响显著的敏感参数,研究了敏感参数对于叶轮性能的影响规律。结果表明:轮盘面对效率、压比及堵塞流量的控制主要取决于各个参数独立影响的线性叠加,进口附近轮盘面的凹陷有利于提升最高效率并增大堵塞流量;叶轮出口压力侧分流流道附近的凸起有利于最高效率的提升,但会降低叶轮的压比。不同的是,轮盘面对叶轮工况范围的影响主要源于3个及以上参数的高阶交互作用。利用敏感性分析结果,从经验上人为给定控制参数的取值,实现了离心叶轮非轴对称轮盘面快速优化,在设计点压比不变的情况下,使绝热效率提升了0.9%,工况范围提升了2%,说明敏感性分析可以有效缩短优化周期,从而降低优化成本。该研究结果可为今后的离心叶轮气动设计及优化提供方向性指导。

机构交叉持股能抑制企业创新失败吗

以2010—2021年中国A股非金融上市公司为研究样本,采用倍差法分析发现,机构交叉持股能够抑制企业创新失败,其作用路径在于,机构交叉持股通过减缓企业外部融资压力、约束高管代理问题对企业创新失败发挥治理作用。情境检验结果表明,在机构持股量较大、机构持股深度较高、股票流动性较强的环境下,机构交叉持股对企业创新失败的抑制作用显著。结论不仅能够丰富机构交叉持股治理后果研究,而且可为有效抑制企业创新失败,进而提升企业创新水平提供参考。