Default rules in investment decision-making:trait anxiety and decision-making styles

This study investigates the role of default options in the relationship between trait anxiety,and decision-making styles and financial decisions.One hundred and ninety-four participants were divided into three groups and subjected to three different conditions.Under each experimental condition,they had to decide whether to accept or reject investment proposals.In the first group,they had been enrolled in investment plans by default(opt-out condition),in the second group,they had not been automatically enrolled in these plans(opt-in condition),and in the third group they had to choose whether to enroll or not(control condition).The results showed that the investment decisions of anxious,avoidant,rational and dependent individuals could be facilitated by default options.In conclusion,using default options as a“nudge”can support specific groups of people to improve their financial decisions.

Application of PPC Model Based on RAGA in Real Estate Investment Decision-Making

According to the size of the projector function to evaluate the merits of the program, Projection Pursuit method is applied to real estate investment decision-making by using the real coding based on Accelerating Genetic Algorithm (RAGA) to optimize the Projection Pursuit Classification (PPC) process and a wide range of indicators value was projected linearly. The results are reasonable and verified with an example. At the same time, the subjective of the target weight can be avoided. It provides decision-makers with comprehensive information on all the indicators of new ideas and new

BETWEEN HONOR AND HUMILIATION: STARTING FROM THE RIGHTS AND WRONGS BY FOREIGN INVESTMENT (Ⅱ)

Money Scatters Everywhere in China It is said that the saving ratio of China is close to 40%.Authoritative persons thus analyze in this way: theoretically, 40% saving ratio of a country is enough tosustain its economic growth at the rate over 10% even at thetime of its economic take-off; practically, "Four Tigers" inAsia achieved high economic growth in 1960s and 1970s withtheir saving ratio only about 30%. Conclusion: with the 40% saving ratio, or domesticfunds, China can fully sustain the growth rate of 8-9 % thisyear. The question remains: why do we want to introduceforeign funds? Why do we allow foreigners to come and maketens percent of profit while we can only get bits of

BETWEEN HONOR AND HUMILIATION:——STARTING FROM THE RIGHTS AND WRONGS BY FOREIGN INVESTMENT(Ⅲ)

The Poor Becomes Even Poorer, And TheRich Becomes Even Richer-The Mat-thew Effect In Foreign Investmenthe nature of the capital is keen on the rich but cold-shoul-der the poor. If you are rich, dollars, pounds or RMBs wouldgreet you with a genial smile. If you are poor, you will beignored. Maybe, you will be provided with some "grants", to showtheir generosity and mercy. Nevertheless, with regard to invest-ment, not a chance.Therefore, foreign investment in China takes the followingshape:by regions, the realized foreign investment in the 18 prov-inces and autonomous regions of the Mid-West accounts for lessthan 10% of the national total even though the area is in greatneed of funds; by industrial sectors, agriculture has only a tinyshare of less than 2% of total foreign investment in China eventhough it cniovs first Prioritv in economic development and de-mands immediate strengthening; likewise, foreign investment

A group consensus model for evaluating real estate investment alternatives

Background:Individual decision-making largely influences the effectiveness of decisions and benefits of investments.Methods:In this article,a consensus model for group decision-making(GDM),based on the analytic hierarchy process(AHP),is developed to gather group ideas and analyze the real estate investment environment under multi-criteria problems.Twelve evaluation procedures of the developed model,which increase the convergence of the opinions of multiple experts,are proposed.Results:An empirical case about the real estate investment environment is applied to certify the feasibility of this developed model.Conclusions:the evaluation procedures have been fully observed with several rounds of discussions,and have manifested the experiences of experts.Besides,the evaluation results are in accordance with real-world situations,which demonstrates that our developed model is a feasible analysis tool for real estate investors to obtain better profits and lower risk.

Probabilistic Evaluation for Commercial Real Estate Investments

Throughout the decision-making process, prudent investors must address questions regarding the probabilities of future profit gain. In this study, the probability-based discounted cash flow （DCF） method with net present value （NPV） as the indicator was adopted as an analysis tool. A probabilistic framework for measuring exceeding probability of annual rate of return on a commercial real estate investment under a specified holding period was developed. Based on the framework, the relation curves of annual rate of return versus the corresponding exceeding probability of return for available financing schemes were constructed. These curves were used as a tool to prioritize the schemes and inform decision-making. An example case is presented to demonstrate the decision-making process developed in this study. Through the proposed process, investors are given basic information on the return, probability that profit gain will occur, and feasibility of financial schemes for commercial real estate investments.

The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

Fuzzy-logic Method for Global Quality Optimization Problem of the Programmed Action Investment

In order to analyze the planning of a transport linear infrastructure(railway or ordinary road),in order to optimize a relationship work-environment after-work,the study team(engineers,architects,economists,etc),realize a careful prearranged analysis about the characteristic of the site and the large area which are involved by the work project and,once one found all possible alternative solutions,he should compare them through the use of suitable technical,economical and environmental parameters,choosing that one which maximize the global utility of the public investment.In this paper we study a fuzzy-logic method in order to help the decision maker in the analysis of the programmed action public investment.

Right Time to Invest in MMF?

The textile industry in China is continuing to expand at a record pace. In June, the output of man-made fiber reached a record of 2.13 million tons, up by20.77% compared with the same time of the previous year, and with a rise of 4.53% against May, representing a new all-time monthly output record.

A Research Report on the Prescription Rights of Chinese Nurses

Objective: To explore the feasibility of the nurse’ s prescription right in China, to develop the requirements for the qualification of the ap-plicant for the prescription right of nurse, and to determine the content of certain prescriptions in the specific circumstances. Methods: Literature review on the relevant articles/material with the contents of the nurse’ s right of prescription home and a-broad. Semi-structured depth interview method was used to interview 18 experts on whether the nurses can participate in the graded nursing decision and whether nurses with certain ability can make the decision. Using the self-made questionnaire“Nur-ses involved in graded nursing decision-recognition questionnaire”, 553 nurses completed questionnaires on willingness to nurse decision-making grading. Using the analytic hierarchy process, the 23 experts’ judgment on the main body of the graded nurs-ing was rated. Using semi-structured depth interview method, 17 experts were interviewed on the graded nursing quality assess-ment and training outline. The form of expert personal judgment and the“grading nursing qualification experts predict question-naire”were used as a preliminary designing tool, 32 experts were asked to predict the graded nursing quality. The relatively im-portant factors that might promote implementation of right of Chinese nurse prescribing weights setting were obtained by analytic hierarchy process. Using Delphi method, 2 rounds of consultation to 291 experts/times were performed, and determined its con-tent on the fields of graded nursing decision, nurses’ job description, decision making nurse in graded nursing work process and related management system, decision-making main body of clinical nursing, nurse authority of prescription application qualifi-cation, clinical nurses, diabetes specialist nurses, tumor specialist nurses, nurses in emergency department, community nurses in certain circumstances writing prescription, and nursing undergraduate added with nurse authority of prescription related courses. Results: The physician is not considered to be the best decision-making main body of clinical nursing work and graded nurs-ing, nurses can participate in the work of decision-making. The qualification of hierarchical decision-making nurse and nurse prescribing applicants have been determined. The hierarchical nursing decision-making nurses’ position description and training outline have been compiled. Experts suggest that clinical nurses with certain qualifications should be given the rights of some prescription form ( independent prescription, prescription, prescription protocol extension) to prescribe specific drugs in high fe-ver, hypoglycemia, hypertension, anaphylactic shock and other 11 specific circumstances. The nurses of the diabetes should be given the right of prescribing sulfonylureas, biguanides, glucosidase inhibitor, and protamine zinc insulin, and the right to write the prescription and consultation for part of medical equipment, health education, and four routine tests, which contains blood sugar monitoring, urine glucose monitoring, glycosylated hemoglobin assay, and oral glucose tolerance test. Tumor specialist nurses should be given the right to write the prescription of 7 specific circumstances including blood routine tests, electrocardio-gram, blood biochemistry and other 9 laboratory tests, constipation, phlebitis, and cancer pain, and the right of 5 tumor emer-gency prescription including chemotherapy drug allergy, hemorrhagic shock, acute upper gastrointestinal bleeding. Nurses in e-mergency department with certain qualification should be given the right to prescribe specific drugs in 15 circumstances which include cardiac arrest, ventricular fibrillation, and acute cardiogenic chest pain. Community nurses with certain qualification should be given the right to write the prescriptions on 14 contents including disinfection and cleaning, sterile infusion type, and wound care products. Experts suggest that nursing undergraduate education in China should be added with 2 courses which are prescription rights related laws and regulations and nursing intervention, and that pharmacology course should be supplemented with related course in order to adapt to the implementation of nurse prescribing rights. Conclusions: China’ s nurses with certain qualification or after special training have the ability to accept and should be given the right of prescriptions in certain circumstance within the scope of their work.

Optimization of Group Multiattribute Decision-Making Model in Commercial Space Investment

A group multiattribute decision-making model was proposed by implementing prospect theory,multi-attribute decision-making,group decision-making and entropy methods for the optimization in commercial space investment.First,the decision-making function was decided using prospect theory by the preference of each expert to reach the comprehensive prospect value based on different investment options;second,expert decision weights were reached according to entropy method;third,the expert group decision-making information was congregated according to the group decision-making congregation algorithm to reach the most optimized investment option;finally,an example was given to demonstrate the feasibility and effectiveness of the method.This model com-prehensively takes the advantages of many methods to congregate experts'experiences and avoid the subjective influences,thus providing a scientific decision-making approach for the commercial space investment.

How Load Aggregators Avoid Risks in Spot Electricity Market:In the Framework of Power Consumption Right Option Contracts

There is uncertainty in the electricity price of spot electricity market,which makes load aggregators undertake price risks for their agent users.In order to allow load aggregators to reduce the spot market price risk,scholars have proposed many solutions,such as improving the declaration decision-making model,signing power mutual insurance contracts,and adding energy storage and mobilizing demand-side resources to respond.In terms of demand side,calling flexible demand-side resources can be considered as a key solution.The user’s power consumption rights(PCRs)are core contents of the demand-side resources.However,there have been few studies on the pricing of PCR contracts and transaction decisions to solve the problem of price forecast deviation and to manage the uncertainty of spot market prices.In addition,in traditional PCR contracts,PCRs are mostly priced using a single price mechanism,that is,the power user is compensated for part of the electricity that was interrupted or reduced in power supply.However,some power users might engage in speculative behaviours under this mechanism.Further,for load aggregators,their price risk avoidance ability has not substantially improved.As a financial derivative,options can solve the above problems.In this article,firstly,the option method is used to build an option pricing optimization model for power consumption right contracts that can calculate the optimal option premium and strike price of option contracts of power consumption rights.Secondly,from the perspective of power users and load aggregators,a simulation model of power consumption right transaction decision-making is constructed.The results of calculation examples show that(1)Under the model in this article,the pricing of option contracts for power consumption rights with better risk aversion capabilities than traditional compensation contracts can be obtained.(2)The decision to sell or purchase the power consumption rights will converge at respective highvalue periods,and option contracts will expedite the process.(3)Option contracts can significantly reduce the loss caused by the uncertainty of spot electricity prices for load aggregators without reducing users’willingness to sell power consumption rights.

The Impact of Human Misjudgment Psychology on Investing

Everyone responds to their psychological emotions,which affects all aspects of their lives.Therefore,psychology is not an independent discipline;it can react chemically with many other disciplines,such as finance and architecture.A person who is not careful and unconcerned about precision is more likely to fail a project.Investment decision-making always appears in people’s daily life and takes an important role.Through linking psychology to investment,people can learn a deep understanding on their investment decision.Human Misjudgment Psychology is a not widely taught discipline although it has great influence on the decision-making.As a result,the focus of this paper will be on the impact of Human Misjudgment Psychology on investment decisions.However,due to the limitation of time,only five biases from the Human Misjudgment Psychology will be covered,so further research and studies of the other biases will be looking forward to being finished.

土地经营权入股公司:股东出资、保本投资与配套制度

土地经营权入股发展农业产业化经营是深化农村土地制度改革的重要举措,也是促进农业适度规模经营、实现小农户和现代农业发展有机衔接的重要途径。土地经营权入股公司应定性为股东出资行为,以公司法为基础,完善股东出资、法人运行与配套措施等方面的法律法规。在股东出资方面,应限定出资标的物范围,完善农村土地价值评估机制。在法人运行方面,为农民股东优先配置可转换的、可累积的及可参与嗣后分配的优先股以基本实现其“保底收益+按股分红”目的;为农民股东配置优先股赎回权、清算优先权与股份回购保险以基本实现“保本退出”目的。在配套措施方面,国家应灵活运用宏观调控措施以改善农业弱质性问题,完善农村社会保障制度以破除农民失地失业困境。

论居住权处分权能的适用价值与立法探析

我国《民法典》对于居住权的处分权能采取绝对禁止适用原则。承袭于罗马法的我国居住权制度以人役性的社会保障为其制度功能起点,旨在完善我国的住房保障体系、实现“住有所居”的政策目标。通过分析司法实践中居住权出现的新模式以及域外典型国家居住权制度的发展演进过程,可以发现居住权处分权能在我国有着破除限制条件的现实价值。应在居住权类型化的基础之上,从居住权的多重制度功能角度出发,采取“三编协同”——即物权编、婚姻家庭编和继承编衔接之立法体例,对居住权处分权能的扩张进行针对性规范。在保证原有立法目的得以实现的前提下发挥居住权制度经济效益,为投资性居住权的发展提供法律支撑,凸显居住权用益物权之本质。

高校专利盘活的权利出资进路及制度调适——基于利益平衡理论

高校是链接创新和产业的科研高地,但其专利技术成果却呈现数量多但转化率低的特征。同时,企业升级转型亟须技术注入,专利使用授权存在较大缺口。在倡导产学研用一体化和政府政策支持下,探索高校专利权利出资的新路径确有意义。为保障高校专利盘活与企业需求供应的顺利接洽,实现社会效益和经济价值的同向共进,可采用总许可出资和分许可出资两种进路积极推动高校专利盘活。当前高校专利存在权利稳定性差、权属情况复杂、转化忽视长远效益等问题,应均衡各参与方利益,通过规定专利弃权限制、调整职务发明创造规则以及认可分许可有效性等措施,对现有制度作出调适,达到高校专利许可实施权出资的“帕累托边界”。

基于网源协同多阶段投资规划的配电网过网费机制设计

针对分布式电源就地消纳会造成电网企业输配电成本流失,且现行输配电价制定机制尚不能真实反映“余电上网”模式下分布式电源对配电网的实际使用情况,提出一种基于网源协同多阶段投资规划的配电网过网费机制设计。首先,根据负荷增长情况,以投资年份、投资容量为决策变量,将分布式电源规划周期分为若干阶段,在此基础上利用所提过网费模型分别求出各阶段对应的过网费。其中,源网协同多阶段规划模型的建立以分布式电源投资主体效益最大及配电网网损和电压波动最小为目标,过网费计算模型则依据分布式发电市场化交易的输配电资产占用情况、电压等级和电气距离等关键影响要素,构建了含基础费用、阻塞附加费用和交叉补贴费用的分布式电源过网费。仿真结果表明,所提出的与分布式电源投资规划相结合的过网费机制能够保证投资主体的效益和配电网的资产回收,并能在一定程度上提高分布式电源的渗透率和消纳率。

未届期股东出资责任执行的构造解析

股东出资加速到期规则的实质是公司、债权人与股东利益博弈后的立法选择。债权人得对未届出资期限股东强制执行的法理基础并非执行力主观范围扩张,程序正当的逻辑起点在于股东认缴出资之公司责任财产属性。不应扩大解释《变更追加规定》等司法解释的涵摄范围,未届期股东仅在公司不能清偿债务的前提下,承担未出资本金范围内的出资责任。未经程序确权,债权人变更追加未届期股东为被执行人之穿透式执行力扩张有悖程序法理。加速到期之诉虽可填补执行名义缺位的纰漏,实现程序勾连,但其程序法价值主要在于补足债权执行的程序要件。对未届期股东出资责任的执行应当回归债权执行的基本定位,在债权执行构造内,实现对债权人的个别清偿,以体现程序殊相。未来亟待出台司法解释或指导案例,明晰出资加速到期规则与执行程序的衔接适用细则,厘清对未届期股东出资责任执行的程序脉络,提供程序保障规范,实现公司、股东与债权人利益关系的妥适处理。

企业零杠杆策略与投资同群效应

零杠杆策略作为一种企业财务“异象”,对企业自身及行业内企业的投融资决策都可能产生异质性影响,尤其是如何影响投资同群效应值得深入探讨。以2009-2022年沪深A股非金融上市企业数据为研究样本,实证检验企业零杠杆策略对投资同群效应的影响。研究发现:企业零杠杆策略会抑制投资同群效应。基于零杠杆策略实施动因考虑发现,企业零杠杆策略主要因股权融资充分来抑制投资同群效应。经过倾向得分匹配法、Heckman两阶段回归、工具变量法等一系列内生性检验与稳健性检验发现,研究结论保持不变。异质性检验发现,零杠杆策略对企业投资同群效应的抑制作用在未受到产业政策支持的企业、国有企业和非高新技术企业中更加显著。为了更好发挥零杠杆策略的作用,建议企业完善股权融资路径,降低企业出现资金链断裂的可能性。同时国家应加强产业政策的支持,积极引导企业投资的“去同群化”。

论外资立法的国内法国际化原则

国家外资立法是衡量一国对外开放程度的重要标志,应当遵循“国内法国际化”原则。该原则要求国家在制订和实施国内法时遵守国际规则,也可以让国内法对国际规则产生影响。全球治理格局已经变化,国内法性质的外资立法面对国际上性质不同、程度差别的投资竞争性规则,亟需坚持“立基于整体、从个体切入”的共同体利益。一方面,国内外资立法的健全和实施不能忽略国际规则,也应科学合理地设定东道国的“剩余控制权”;另一方面,还应坚持国际上的义利平衡和兼顾,在关键议题上把握高水平与适应性、渐进性之间的均衡,以此形成对国际公法产生影响的中国方案。