BM(book-to-market ratio) factor: mediumterm momentum and long-term reversal

To explain medium-term momentum and long-term reversal,we use the difference between the optional model and the CAPM model to construct a winner-loser portfolio.According to the CAPM model’s zero explanatory ability with respect to stock market anomalies,we obtain an anomaly interpretative model.This study shows that this anomaly interpretative model can explain stock market perceptions and medium-term momentum.Most importantly,BM is a critical factor in the model’s explanatory ability.We present a robustness test,which includes selecting new sample data,adding new auxiliary variables,changing sample years,and adding industry fixed effects.In general,the BM effect does have considerable explanatory power in medium-term momentum and long-term reversal.

Analysis on the Dynamic Correlation Between the Growth Enterprise Market and Small and Medium Ente Based on Copula Theory rise Board Market

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.

The Importance of Small and Medium Enterprise Development for Efficient Global Market Environment

Small and medium enterprises(SMEs)play an important role in the world economy.Modern trends in the development of small and medium enterprises imply a constant increase in their role in the total income of an economy.For such an approach,it is important to achieve quality organizational and managerial concepts of planning strategy development.In many countries,small businesses dominate in the production of a number of smaller products,higher consumption,and high quality of these products.The concept of a small economy consists of a group of companies that stand out in terms of their characteristics in relation to large companies.In relation to large companies as business systems,SMEs differ based on the concept of their own organization’s business,the volume of business,and the availability of resources.Research data show that the main obstacle to efficient continuous business of SMEs in the world is the procurement and maintenance of business resources.Ensuring continuity in production is often a problem of lack of resources,which primarily characterizes them in relation to large companies.Small business and entrepreneurship are the main backbone of today’s economic development,viewed globally.The purpose of the development of small and medium enterprises in the world is to enable the development of a successful and flexible entrepreneurial climate as an important organizational determinant,which is a prerequisite for progress in the modern world economy.The feature of SME development is the innovation of employees that needs to be constantly developed.In that way,conditions are provided for technological development,formation of flexible organizations,and new employment.In practice,small and medium enterprises are the engine of economic development.It is a sector that promotes private property and entrepreneurial skills.According to experts on economic issues,SMEs are today and in the future,not only in Serbia,the Region,but also in the world,a synonym for the private sector-for entrepreneurship.Comparative analysis shows the advantage of SMEs,especially in flexible business,where they can quickly adapt to change and can fully meet market demands.

China’s Local Government Debts and Bond Market:Clarification and Policy Choice~

The surge in China＇s local government debt has made various sectors of society pay closer attention to the situation. First of all, four types of debt relations must be clarified： the relationship between asset and non-asset debt, the difference between long- term and short-term debt, the difference between debt in the form of bonds and debt in the form of bank loans, and the difference between debt listed in government budgets and other government debt. The development of long-term bonds is a fairly good choice for China to upgrade its consumption structure, accelerate urbanization, transform its economic development patterns, and meanwhile, to alleviate the mismatch between the financial powers of local governments and their administrative responsibilities.

A multiple criteria analysis of factors affecting markets of engineered wood products with respect to customer preferences: a case study of particleboard and MDF

Of considerable importance and a principal goal in business is the creation of customer satisfaction. Evalu- ation of end user preferences for producers of particleboard and medium density fiberboard （MDF） requires indices for the assessment of markets and modification of product quality. However, only sporadic research has been carried out in this field. Therefore, the goal of this survey was to identify indices with respect to the points of view of： 1） consumers in order to select particleboard and MDF, 2） suppliers in order to consider production strategies, improve product quality, improve competitive ability of domestic producers in the market and help industry to be more customer oriented. This survey consisted of two stages. In the first stage, factors affecting customer preferences in the selection of particleboard and MDF were determined using a Delphi method, with the help of experts and a group of principal users of these prod- ucts. Then these factors were categorized in three groups： qualitative, technical and technological and marketing factors. Furthermore, questionnaires were prepared and distributed among consumers and responses evaluated and weighted by using an analytic hierarchy process （AHP） using expert choice software. Our results show that at both stages, the consistency ratio was less than 0.1, indicating that all results and judgments were stable and acceptable. The results obtained from questionnaires about particleboard rank the priorities for factors in the selection by consumers as follows： nail and screw holding ability, homogeneity in structure, edge strength of panel, durability and bending strength. The most important factors for MDF were machinability of panels, homogeneity in structure, nail and screw holding ability, edge strength of panel, durability and bending strength.

Initial Labor Market Conditions and Individual Employability

Initial labor market conditions affect how individuals build their human capital and look for jobs and thus can have long-term effects on their income levels,work performance,and career development.Based on data from the Urban Household Survey(UHS)of urban households in China from 1986 to 2009,we perform an empirical test of how initial labor market conditions affect the employability of individuals.Our research shows that people’s future incomes suffer if they start out in an adverse job market.Each percentage point of increase in the unemployment rate at an individual’s entry into the labor market is associated with a two-percentage-point drop in his or her average annual income.Even after looking at different parts of the job market and sample groups,this conclusion still holds.In the context of global economic instability,our findings may assist government policymakers in addressing adverse labor market conditions.

Market-Based Transmission Expansion Planning

The paper presents the main features of transmission expansion problem (TEP). In accord with review the aims and influencing factors are defined. The competitive behaviors of market participants, transmission losses, discrete investment costs, various operating conditions are considered in the model. The model is a mixed-integer linear programming formulation for a static TEP in the competitive environment. The presented methodology is applied to six-node system. In order to point out efficiency of the model the results obtained are compared with traditional problem solution.

Chinese Vice Minister Yu Xiaosong on Medium-to-Large State-owned Enterprises' Foreign Economic and Technological Cooperation

In mid-October 1993, a conference on China’s medium-to-large State-owned enterprises’ foreign economic andtechnological cooperation was held in the Shenzhen SEZ. In an interview after the conference, Vice Minister Yu Xiaosong of the State Economic and Trade Commission noted that, after more than 40 years, China’s medium-to-large State-

Risk-evaluation of Hi-tech Enterprise in the Process of Approaching Global Market

In the high technology industry, small and medium sized technology enterprises (SMSTEs) play a pivotal role in advancing the whole industry. To achieve sustainable development, they need to extend their scope of business activities beyond a national view and exploit international market actively to meet international competitions that increase quickly in the form of allocating resources within the scope of the world. However, the SMSTEs are also facing risks associated with themselves during the process of exploiting international market owing to their own restrictions, so what they should do is to consider risk evaluations in exploiting the international market.

考虑多能源同台竞价的电力中长期融合交易机制设计与实践

新能源的入市可加速新型电力系统建设,针对新能源发电的随机性和波动性而导致上网电量与市场交易电量偏差较大的问题,设计了一种多能源同台竞价的融合交易机制。通过设计融合交易机制的组织流程与出清方式构建了新能源发电商(NEP)在不同交易模式下的结算模型,以江西电力中长期市场为背景设置算例参数,对NEP在几种交易模式下的收益进行分析,并对采用融合交易机制的江西电力中长期市场运行情况进行了对比分析。结果显示所提交易机制能促进新NEP达成交易,明显提升NEP的经济效益,有效推动新能源的入市进程并显著减少交易偏差率。

兼顾激励相容的水电富集电网中长期电力市场交易模型

针对我国水电富集地区梯级电站上下游中标电量与发电水量不匹配导致弃水和违约等问题,借鉴巴西电力市场中长期交易模式,提出兼顾激励相容的水电富集电网中长期交易模型。该模型以个体发电效益最大和电网侧购电成本最小作为激励相容的双重目标。首先以最小出力最大为目标对水电站群进行优化调度,所得各水电站每月发电量定义为其该月保证电量,并将保证电量拆分成基础电量、省内电量和西电东送电量。然后建立各级市场交易方法,基础电量按相似来水频率的历年平均电价收购,省内电量参与两轮拍卖,西电东送电量按剩余电量比重排序依次收购,采用强化学习确定各发电商份额和电价。最后利用改进的电量再分配机制对联盟内各水电站实发电量进行再分配。云南省5个流域52座电站群实例结果表明,所提模型能有效缓解当前梯级上下游电站弃水和违约等问题,促进了水电市场合理竞争和水资源充分利用。

考虑电力中长期及现货市场衔接的月内融合交易模式及统一限价研究

在电力市场“中长期+现货”背景下,针对电力中长期与现货衔接问题,探寻高比例新能源入市下月内融合交易市场边界,研究统一限价对社会福利与曲线分解的影响,分析月内融合交易模式对市场衔接的作用。首先,考虑市场中存在的问题,探讨可行的解决方式。其次基于市场预测,构建市场主体的报价与目标函数,结合不平衡电量,构建社会福利最大化市场出清模型,采用A-NSGA-Ⅲ算法进行求解,得到市场出清情况与对应的最优限价范围。最后通过算例验证了统一限价与细分时段的优势,给出了统一限价设定的市场化途径,同时保证了市场主体利益与市场活力,表明了统一限价模式下月内融合交易市场有利于市场主体灵活交易,促进了中长期与现货市场的衔接。

中国电力中长期市场交易机制分析与建议

中国电力中长期市场经过多年建设取得了良好成效。但随着新型电力系统建设,整体市场形态发生改变,中长期交易在实现市场衔接与融合、支撑新能源入市与消纳等方面面临新的挑战。文中首先梳理了现阶段下中长期市场的建设关键要点。然后,从交易规则差异性、与现货市场衔接、两级市场协同以及绿电市场运营4个方面对当前中长期市场的交易机制进行回顾与评述。最后,从市场统一与绿色发展的角度对未来中长期市场的建设方向提出建议。

区域中长期合约电量输电路径优化对省内现货市场出清的影响

区域中长期电力市场是区域电力市场的主要研究对象之一,为提高合约电量利用率,降低交易电量因传输通道未被充分利用或线路过载而被削减的可能性,基于目前的区域中长期合约定价机制,以“点对点”交易方式为基础,结合电网各类分布因子,以区域中长期合约电量线损量最小为目标函数,对区域中长期合约电量传输路径进行优化,并将新的优化路径作为省内现货出清的约束条件,研究区域中长期合约电量路径优化对省内现货出清结果的影响,以及对降低省内线路潮流量的效果。为此,分别建立省内现货出清模型和区域中长期路径优化模型,找到两者的约束耦合关系。最后,利用IEEE 30节点系统进行算例仿真,分析区域中长期合约路径优化对降低其合约能量损耗和降低省内现货出清线路潮流的可能性。

中小型民族运动品牌新媒体营销策略探究——基于4Ⅰ理论的分析

文章基于4Ⅰ理论,以中小型民族运动品牌为研究对象,对中小型民族运动品牌新媒体营销的现状和存在问题进行分析,发现中小型民族运动品牌存在营销缺乏系统的战略规划、营销内容缺少创新等不足。文章结合4Ⅰ理论,提出中小型民族运动品牌新媒体营销的创新策略,以期为中小型民族运动品牌进行新媒体营销提供新的方向和思路,促进国民经济发展。

电力市场环境下独立储能多阶段协同交易策略研究

在新能源渗透率不断提高的背景下,储能等灵活性资源是构建新型电力系统的重要支撑。基于安徽电力市场建设现状,提出一种独立储能参与电力市场的多阶段协同交易策略。首先,提出了中长期交易结算模式。然后,针对电价和功率预测的不确定性,建立了多概率场景表征的日前电能量-备用辅助服务联合出清模型,并在此基础上建立了日内偏差量单独交易模型。其次,分析了储能老化成本对收益的影响。最后,以独立储能收益最大化为目标进行仿真,结果表明所提机制能有效提升独立储能市场收益,以期为电力市场建设提供参考。

考虑电碳协同的火电发电商中长期交易策略

随着碳市场和电力市场的日益发展与不断推进,发电商准确把握自身的碳-电耦合特性,并基于此在电力交易和碳交易中竞价将会显著提升自身收益。重点关注在中长期交易尺度下考虑碳-电联合的发电商竞价策略模型,提出了火电发电商的中长期碳-电联合竞价模型。此外,为应对中长期时间尺度造成的预测误差,提出了一种滚动优化方法,在竞价过程中定期修正实际碳排放量和碳配额余量的偏差。算例结果验证了该模型和策略的有效性,考虑碳-电联合优化会大幅度降低竞价发电商的碳配额购买成本,提升企业利润。

“政府市场规制+核心企业绿色采购”视角下中小制造企业污染治理策略演化

为破解中小制造企业污染治理困境,探索多主体协同治理新路径,本文构建由地方政府、核心企业、中小制造企业构成的三方演化博弈模型,研究地方政府通过市场规制作用于核心企业,核心企业借助供应链主导优势倒逼中小制造企业污染治理的机理,以及合作共治成为演化稳定均衡的条件和影响因素。研究表明:(1)核心企业主导治理的成本越小、声誉奖励或惩罚越大,越能促进核心企业主导治理,而税收优惠规制手段只有在主导治理成本大于两倍的声誉奖励或惩罚时,才发挥正向激励作用。(2)核心企业绿色采购提升了中小制造企业污染治理积极性,而金融机构绿色信贷作为平衡中小制造企业收益的补充方式,在采购量带来的额外收益小于两倍的治理成本时将发挥正向促进作用。(3)媒体曝光率在中小制造企业污染治理净收益大于不治理净收益时,发挥正向激励作用。(4)博弈主体成本收益满足一定条件时,系统演化稳定于理想的均衡状态(1,1,1)。“地方政府市场规制+核心企业绿色采购”视角下三方行为演化机理的研究,为中小制造企业污染协同治理提供了创新思路。

公平关切、新质生产力与中小旅行社“低价”偏误——基于营销创新的纵向利益博弈

旅游生产流程的完结以游客完成体验消费为标志;与传统市场品牌型广告相比,侧重于场景交互的数智营销将数据资源和数智技术纳入旅游生产函数(流程),形成旅游新质生产力并促进生态旅游产品价值实现。在新质生产力投资背景下,文章针对具有权力资源禀赋景区与中小旅行社的利益博弈分析了“不合理低价”迭起之谜的隐含诱因;基于公平中性、纵向并购与公平关切的博弈情境,讨论了公平关切和数智营销对成员决策和利润的交互影响。发现旅行社公平关切程度越高,新质生产力投资、门票批发价格、包价游市场需求越低,旅行社低价竞争越激烈,同时越有利于自身利润及效用最大化;旅行社公平关切进一步促发“低价”偏误,不利于景区发展新质生产力,同时降低了景区和供应链整体效益。文章从行为博弈视角揭示了旅行社“低价”之谜的纵向成因,为降低行业污名和恶性竞争提供新质营销与定价决策支持。

大数据时代中小企业数字化营销渠道研究

在大数据时代,有效采集、存储与挖掘数据信息,对中小企业至关重要。中小企业开展数字化营销,需全面掌握市场信息,提升产品和服务精准度。该文分析了大数据营销关键技术原理,阐述了中小企业数字化营销必要性,并提出了应用策略,以期为其营销渠道建设提供思路。