A Multifractal Detrended Fluctuation Analysis of the Ising Financial Markets Model with Small World Topology

We present a multifractal detrended fluctuation analysis （MFDFA） of the time series of return generated by our recently-proposed Ising financial market model with underlying small world topology. The result of the MFDFA shows that there exists obvious multifractal scaling behavior in produced time series. We compare the MFDFA results for original time series with those for shuffled series, and find that its multifractal nature is due to two factors： broadness of probability density function of the series and different correlations in small- and large-scale fluctuations. This may provide new insight to the problem of the origin of multifractality in financial time series.

Research on vertical deformation during construction of Shanghai World Financial Center

Shanghai World Financial Center is one of the highest buildings in the world, of which cumulation of vertical deformation during construction is significant and worth investigating. A refined finite element model was developed to conduct full-process analysis of construction of super-high rise buildings like Shanghai World Financial Center, in which the discrete analysis method of time-varying structures and age-adjusted effective modulus method were both used. In the finite element analysis, the whole construction process was divided into a series of stages, each with a structural system that is a part of the whole structure and with different material parameters, geometrical parameters, loading and boundary conditions. The whole construction process of Shanghai World Financial Center in consideration of creep of concrete was simulated successfully by using the finite element model and the analytical method developed. With respect to different construction stage, the total vertical deformation, inter-floor compression deformation and the relative deformation between the outer frame and the core-wall were obtained through the analysis. The comparison between the results from the stage-wise full-process analysis of construction with and without considering the creep and the results from the conventional analysis of the whole building under the total load from all self-weight and construction applied to the structure "in one go" shows that the cumulative effect on the deformation from the construction process and the creep effect need to be considered in analyzing the deformation of Shanghai World Financial Center, and the super-high rise buildings suchlike. Finally, the simulation results correlate well with the monitoring results-a proof of the feasibility and the validity of this paper.

Summary of Symposium on the First Anniversary of the World Financial Crisis

When Lehman Brothers Holding Inc., the prominent investment bank, was allowed to go bankrupt without proper preparation on September 15, 2008, a global financial tsunami arose, dragging

Financial Risk: a Major Threat in the Development of the World Economy

By the mid-1990s, following nearly a century of struggles-two worldwars, continuous coups and clashes, and 40 years of Cold War with itsnuclear threat-mankind seemingly entered a new period of peace, stabili-

World Bank's Financial Aid to Sichuan Gasfield

World Bank offered 255 million RMB Yuan bank loan and 10 million RMB Yuan donation in equivalent US dollars to"Sichuan Natural Gas Development and Energy-saving Project".This project includes evaluation and development of 13 gasfields and gas-bearing structures in the east-ern Sichuan,reformation of low-permeability gas fields,reformation and expanding of gas pipeline system and related environmental protection in Moxi,Bajiaocang in Middle Sichuan,technical assistance and personnel training,etc.The loan period is limited to 20 years,including five years of extension period.

建设世界一流企业视角下系统重要性实体企业监管治理与服务研究

关于系统重要性金融机构治理与监管的理论和实践取得了丰富成果,但对系统重要性实体企业的研究还很欠缺。基于反垄断理论、外部性理论和风险传染理论分析了系统重要性实体企业的监管治理与服务的理论逻辑,发现其外部监管存在业务盲目扩张、银行信贷漏洞较大、金融理财产品缺乏监管、资本运营缺乏协同监管的问题,在内部治理上存在资本无序扩张、股权架构与境外上市、过度负债、不当分红、薪酬过高、实际控制人逃避责任和转移资产等问题。基于此,提出了建立评价识别体系、高效监管体系、现代治理体系和优质服务体系的对策建议。

制度型开放拓展境内外金融市场互联互通研究

境内外金融市场互联互通在金融强国建设中可产生牵引作用,加强境内外金融市场互联互通,打造现代金融机构和市场体系,对于服务实体经济、构建“双循环”新发展格局、走中国特色金融发展之路具有重要意义。境内外金融市场互联互通的演进,体现了渐进式的改革逻辑,呈现由单向流动到双向开放、由被动应对向主动引领、由管道式联通向制度型联通转变的鲜明特征。当前,境内外金融市场互联互通面临全球经济形势扰动、中资金融机构国际竞争力不足、金融服务尚存薄弱环节等多方面现实挑战。未来,以制度型开放为重点的金融高水平开放的步伐将进一步加快,境内外金融市场良性互动将持续深化。应协同推进境内外金融市场互联互通与配套措施改革,不断提升中国金融市场国际影响力,统筹兼顾境外金融市场互联互通与重点领域金融风险防范化解,锚定金融强国建设目标,扎实推动金融高质量发展。

中国本土信用评级机构“走出去”发展研究

本土信用评级机构高水平“走出去”对于中国推动债券市场和宏观经济高质量发展、增强全球金融治理话语权等具有重要战略意义。中国本土信用评级机构“走出去”成效不强,与评级机构服务质量和资本实力不强、债券市场与人民币国际化程度偏弱、海外市场开放环境屏障、国际评级市场垄断有关。推进本土评级机构高水平“走出去”,需充分考虑其战略价值和正外部性,营造强力外部支持环境,包括从国家层面加强战略重视,加大财政、资本等资源支持,优化行业监管环境,深化债市和人民币国际化建设等;本土评级机构则应加强以评级技术为核心的综合能力建设,合理谋划“走出去”空间布局,多渠道、多形式推进业务对外渗透。

论IMF和WorldBank在国际金融一体化中的作用

在世界金融一体化的进程中,IMF和WorldBank发挥了积极的促进作用,但在金融监管的效率、援助的条件、运行机制、维护发展中国家主权利益等方面,IMF和WorldBank的金融监管和服务行为又遭到了强烈的批评。IMF和WorldBank有其自身的不足,要健全监管机制,加强机构的合作,完善自身能力,强化发展中国家的参与。

构建新发展格局的现实逻辑、实践路径和世界意义——基于马克思世界市场理论的视域

马克思世界市场理论为中国提出国内国际双循环的新发展格局提供了重要的理论视域。在马克思世界市场的理论视域下,新科技革命带动产业变革动力不足、国内国外投资成本增加、产业链地位冲击挑战严峻、出口拉动经济增长动力减弱、美元货币霸权影响加剧等要素共同成为新发展格局提出的现实逻辑。强化科技创新、扩大对内投资、促进产业升级、培育内需市场和抵御金融霸权是新发展格局克服世界市场和国内市场的新情况、新问题的实践路径。作为正确对待和处理国际大循环关系的发展方案,新发展格局能够进一步推进开放型世界市场的持续健康发展,帮助国际社会特别是发展中国家正确处理国内市场和世界市场的关系。

Back Finance： Financial Derivatives and 2008 Process

First of all, this paper explores monetary perspectives of Keynes and Friedman. Secondly, it explores financial derivative system in global economy. Thirdly, this study explores world money notion of M. Keynes. Keynes presented world money concept in 1944, in Bretton Woods Talk. His notion may be applied through global GDP today. Assumption of this study is that world money may finance debt payment of nations, and it finances balanced payment deficit of economies, because capitalism of modem economy requires money to run business system. Uysal （2016） presented World money Notion and 2008 Process in conference of 1 lth International Silkroad in Tbilisi, Georgia. Uysal （2015, 2016） discussed World Money concept in the conference with assumption that it may increase demand in global economy. This study is based on case study, which is 2008 Global Crise. Because its effect continues worldwide.

Role of Program-for-Results Financing System in Infrastructure Sector:Evidence from Egypt and Ethiopia

This study aims are two folds:First is to investigate the role of the World Bank funding through using a novel financing instrument called Program-for-Results(P for R)to strengthen the government programs and second is to assess the P for R programs adopted in countries focusing on the direct effects and the results.The Bank currently has three integral financing options to offer client countries:Investment Project Financing supports specific projects and disburses against specific expenditures and transactions,Development Policy Lending supports policy and institutional reforms and provides general budget support,and P for R Financing supports government programs and disburses against results.Results for the P for R reflect on the new level because disbursements are directly linked to the achievement of measurable and verifiable outcome.As well,the Disbursement-Linked Indicators(DLIs)are used to provide governments with incentives to achieve critical program milestones and enhance the performance of programs.This study structured based on descriptive and observed the behavior of two countries’government(Egypt and Ethiopia)for using P for R financing loan in a national project.On the ground,the field of practices was the main indicator in this stage of the investigation,then one of the P for R programs was compared to observe the effectiveness of this kind of financing system in these two countries specifically in the infrastructure sector,and classifications of DLIs were the main parameter in this comparison.The outcome and the existing literature are analyzed to develop a multibeneficial for country adopting P for R collaborative programs,as they should be applied to mitigate the same challenges and solve the institutional complications for the beneficial countries homogeneously.Furthermore,enhance the profit generated from this kind of program targeting via sustainable management tools.

打造中国式企业财务管理体系助力实体经济高质量发展——基于《关于中央企业加快建设世界一流财务管理体系的指导意见》的思考

党的二十大提出,国有企业必须加快构建新发展格局,着力推动高质量发展。在新发展格局和高质量发展的背景下,通过详细解读国务院国资委《关于中央企业加快建设世界一流财务管理体系的指导意见》,阐释了“中国式企业财务管理体系”命题在制度上具有大格局、大财务、大经营、大管理、大数据、大生态六大特征,并从财务管理基础理论、主体、目标等11个维度,提出了中国式财务管理体系的理论主张。结合案例实践,提出中国企业应加快构建个性化的财务管理制度建设体系,按照新发展格局要求再造财务组织架构与管理流程,设计出能够对接战略、监测经营并展现企业价值的财务模型,以及加快司库体系建设以优化集团资金配置效率并防范潜在风险,以构建世界一流财务管理体系。中国式财务管理体系的制度逻辑、理论主张和实操策略既是践行“四个自信”的有效助力,也是“中国式现代化”在企业财务管理学科上的解读。

金融集聚、区域特征与因素影响效应——基于省级面板数据的空间计量分析

基于31个省份平衡面板数据,利用Moran指数分析金融集聚的省域空间分布特征,并通过双固定空间杜宾模型对金融集聚影响因素效应进行空间计量和效应分解。研究表明,金融集聚呈现出显著空间正相关与异质性双重特征。经济基础具有显著负向间接效应但直接效应不显著,对外开放具有正向间接和负向直接效应,区域创新具有正向直接效应但间接效应不显著,政府行为和人力资本在直接和间接效应方面均不显著,规模经济具有正向直接和负向间接效应。据此,有必要通过强化经济支撑、提升政务水平、改善金融生态、扩大对外开放以及改革人才机制等策略来提升金融集聚能力。

世界一流财务管理体系建设的框架、推进与迭代

世界一流财务管理体系显然是支撑中央国有企业做强做优做大的标准配置,具有交易处理、管控风险和支持决策等基础功能,也释放诸如支撑战略、服务业务、创造价值等拓展功能。在以建设世界一流企业助推国家崛起强大的宏大战略背景下,为建设世界一流财务管理体系,中央企业应该理性地精准梳理一流财务管理体系的内在机理,理清其基本使命,确立其价值导向,并构建目标明确的体系框架,采取务实的落地策略,并注重迭代升级。

一流财务管理体系建设的思考与实践

本文从建设世界一流企业集团的客观需要及重要意义出发,聚焦体制改革、管理变革、技术革新等当前热点问题,梳理总结《关于中央企业加快建设世界一流财务管理体系的指导意见》的思想精髓和中央企业的实践经验,探讨一流财务管理体系建设应遵循的基本原则,提出建设一流财务管理体系的理论框架,分享兵器装备集团的相关改革探索与实践成果。

工程资产全链管理体系构建——基于国网安徽电力的探索实践

国网安徽电力充分借鉴类脑智能理念,利用“大云物移智链”等新兴技术,建立了基于“一站、三精、五全”的工程资产全链可视管控平台,实现了工程资产全过程精益管理、智能控制,大大提升了财务“支撑战略、支撑决策、服务业务、创造价值、防控风险”能力。本文对国网工程资产全链管理体系的构建思路和具体路径进行了详细阐述,并在此基础上,对相关经验和思考进行总结,为同类型企业工程资产管理提供借鉴和参考。

世界金融地理层级性研究

金融全球化使各国金融系统联系日益密切深入,但世界金融体系在不同地域巨大差异性仍然存在。从经济地理学的视角出发,指出世界金融地域系统呈现出层级性的特征,通过理论分析并运用计量方法证实了世界金融系统层级性这一规律的客观存在。在计量基础上把世界金融体系划分为4个层级,结合实际深入探讨了每一层级的特征,并从金融学和地理学理论角度探索了世界金融地理层级性产生的内在机理,指出世界金融体系内部联系及整体演进均与世界金融地理层级性特征息息相关。正确掌握与运用这一客观规律,不仅有助于推动本国金融系统的健康发展,而且能使之对经济的快速发展和社会稳定发挥积极而持续的促进作用。

上海环球金融中心结构简化弹塑性时程分析及试验验证

鉴于上海环球金融中心结构体系及结构布置的复杂、结构高度及体型的超限,为了确保该建筑结构的抗震安全性和可靠性,除进行常规的计算分析外,还应对该结构进行弹塑性时程分析。本文建立了该结构的弹塑性时程分析简化模型,并编制了相应的计算程序。为了检验结构弹塑性时程分析的可靠性,首先对振动台试验的模型结构进行弹塑性时程分析,以便和试验数据进行对比。在此基础上对原型结构进行弹塑性时程分析,并对该结构进行了抗震性能评价。