Table of Content

28 April 2002, Volume 10 Issue 2 Previous Issue    Next Issue

Select

Decision-making on Stage Financing LIU Zheng-lin, XU Wei-xuan 2002, (2):  1-5.  Abstract ( 2208 )   PDF (937KB) ( 2157 )   Save Stage financing is one of the most important financing forms.The received literature investigates the decision-making on stage financing under the consumption of equity finance.Based on analyses of investment safety,a series of optimal investment models are constructed to explain stage financing mechanism. References | Related Articles | Metrics

Select

A Study of Portfolio Index Based on Inverse Return Loss TSAI Hsien-tang, DAY Jen-der, XU Wei-xuan 2002, (2):  6-11.  Abstract ( 2034 )   PDF (2226KB) ( 1517 )   Save An efficiency frontier generated by Markowitz mean-variance portfolio model normally has high return high risk characteristic.Based on a loss function of inverse return,a portfolio index called IR,which well tradeoffs return with risk,is proposed to evaluate the portfolios in efficiency frontier.Empirically,the usefulness of IR index is confirmed,however,the"coefficient of variance"is impropriated. References | Related Articles | Metrics

Select

The Properties of Portfolio’s Covariance Matrix and The Optimal Portfolio Selection XIONG He-ping 2002, (2):  12-14.  Abstract ( 3087 )   PDF (1308KB) ( 5376 )   Save This paper studies the properties of portfolio’s covariance matrix.We obtained a sufficient condition for a portfolio’s covariance matrix to be positive.Meanwhile,we discussed the optimal portfolio selection under the covariance matrix being not positive definite.We concluded that the covariance matrix is nonpositive definite, there is either arbitrage opportunity or efficient subset. References | Related Articles | Metrics

Select

The Study on the Problem of Optimal Portfolio about Utility WANG Chun-fen, TU Xin-shu, LI Bin 2002, (2):  15-19.  Abstract ( 3515 )   PDF (1923KB) ( 4968 )   Save As known as well,every investor has his preferences for risk and return in his investing activity.In other words,every investor’s activity should abide by an utility of risk-return.Following classical economic analysis,an utility function is called an indifference curve(IDC),and it is developed showing the magnitude and form of the risk-return trade-off in a mean-variance framework.Every investor has a family of indifference curves to represent his preferences for risk and return.How do an investor decide an IDC on which his optimal portfolio lie?In this paper,we solve this problem by applying a geometric method.First,we denote the efficient frontier of Markowitz model with the weights vector of portfolio.Second,we denote the IDCs with the weights vector of portfolio.By the rule of efficient selection of portfolio,we’re thus able to find this IDC. References | Related Articles | Metrics

Select

Double-side Incentive Problem and the Equity Structure of Venture Firm CHEN Yong-qing, WANG Huan-chen 2002, (2):  20-23.  Abstract ( 2191 )   PDF (2001KB) ( 2010 )   Save Venture Capital not only invests the financial capital in Venture Firm,but also supplies the value-added services to develop the Venture Firm.Therefore,it could be said that the development of the Venture Firm is the result of Venture Capitalist and Entrepreneur’s effort.However,there are serious Principle-agency Problem in the development of Venture Firm due to the particular information structure.Double-side Problem is the main moral problem.The equity structure is a way to deal with this problem.This article structures a model between the equity structure and the Double-side Problem in order to design optimal equity structure on the basis of equilibrium between the effort’s benefit and the cost. References | Related Articles | Metrics

Select

The Research on Repurchasing Product Life Cycle Model WANG Hai-yun, SHANG Zhi-tian 2002, (2):  24-29.  Abstract ( 2184 )   PDF (1084KB) ( 3864 )   Save Product Life Cycle is the core concept of marketing and it makes great impact on company’s strategic decision.In this article,we considered repurchasing factor on the base of Bass Model and researched the Complete PLC Model.We also analyzed the factors inside or outside enterprises that influence the parameters of the model and validated our model with the actual data of some Chinese commodities.At last,we give some suggestions about companies’ marketing strategy on the different stages. References | Related Articles | Metrics

Select

AHP Method of Selecting Reengineering Strategy of Supply Chain Systems ZHANG Xiang-bin, YANG De-li 2002, (2):  30-34.  Abstract ( 2176 )   PDF (945KB) ( 1622 )   Save Based on the principle of leaning on master affairs,increasing efficiency,rational on resource allocation and coordinate operation,this paper first analyzes the reengineering purpose and the reengineering strategies of supply chain systems under electronic commerce,then selects one better reengineering strategy by AHP method,and holds forth its framework scheme. References | Related Articles | Metrics

Select

Production Strategy in Supply Chain Under Asymmetric Information HUANG Xiao-yuan, LU Zhen 2002, (2):  35-40.  Abstract ( 2243 )   PDF (1415KB) ( 1986 )   Save In this paper production strategies in supply chain under different information conditions,specially under asymmetric information condition,are discussed.This paper develops cost and profit function of production storage where producer is principal and stock-keeper is agent.Under asymmetric information condition the individual rationality constraint of producer’s least profit is transformed into quadric form function,and through making the first order condition of stock-keeper’s profit for the parameter of storage cost as state equation and applying maximal principle,production strategy with asymmetric information is enduced.In this paper the difference of production strategies under different information conditions is analyzed and simulation is done. References | Related Articles | Metrics

Select

The Multi-Agent Information Systems of Virtual Enterprises Based CORBA WANG Min-hong, ZHENG Hui-song 2002, (2):  41-46.  Abstract ( 2165 )   PDF (584KB) ( 1791 )   Save This paper puts forward the construction of CORBA based multi-agent information systems of virtual enterprises by studying the process of virtual enterprises’operetion and information interchangs from the distributive,dynamic and cooperative characteristics of vitual enterprises. References | Related Articles | Metrics

Select

The Integration and Policy of the Capacity of Virtual Enterprise FENG gen-yao 2002, (2):  47-50.  Abstract ( 1979 )   PDF (456KB) ( 1766 )   Save Supply chain management(SCM)produces directest,profoundest effecting on the thinking-mode on enterprise’s policy-making. The virtual enterprise basing on SCM is main compositor model, in the development of enterprises in 21st century.In accordance with the mode of its management,this paper presents optimization method for the policy of production,as well as the common models,which aim to integrate information of market and enterprise’s resources at the key link of the supply chain. References | Related Articles | Metrics

Select

Applications of Diffusion Models for Internet Consumer Analysis ZHANG Bin, YANG Guo-ying, RONG Guo-hui 2002, (2):  51-56.  Abstract ( 3096 )   PDF (566KB) ( 5564 )   Save To research the Internet market foreground and insure the product diffusion available we can describe Internet product diffusion process with Bass innovation diffusion models.The paper first discussed the affect factor of product diffusion and the diffusion process and then analyzed the example of Internet product diffusion with Bass innovation diffusion models.With Internet consumer data,the paper estimated the model parameter and established the Internet consumer diffusion model and forecasted the product diffusion process for the next several years.The paper also discussed the prospect of the diffusion models for IT. References | Related Articles | Metrics

Select

Research on Method of Priority-Degree Evaluation for Choosing Target Market of Electricity Marketing REN Yu-long, NI Xiao, LI Yun, XU Jin 2002, (2):  57-61.  Abstract ( 2003 )   PDF (1720KB) ( 1738 )   Save After a set of indicator system and matter-model of segmental market for choosing target market have been built,the article applied matter’s extension into quantifying indicators of electricity-supplying enterprise and consumer,then got priority-degree by standardized calculation,chose target market in term of priority-degree.At last,a case was applied to qualify method of priority-degree evaluating for choosing target market of electricity marketing. References | Related Articles | Metrics

Select

An Integrative Theory of Interfirm Competition Analysis and its Application YANG Jian-mei, DENG Zhi-wen, TANG Xi-jin 2002, (2):  62-66.  Abstract ( 2085 )   PDF (1240KB) ( 1816 )   Save In this paper,theoretical framework of competitor analysis and interfirm rivalry initially proposed by Ming-Jer Chen is introduced.Its integrative functions to the core problems in corporate strategy research,to both theories of industry based and resources based corporate strategy,and to two synthetic indices market commonality and resource similarity are analyzed.In addition,Chen’s operable method to integration of both indices is discussed.Finally,a case about constructive engineering industry in Guangdong Province is given. References | Related Articles | Metrics

Select

A Study about Relationship between Social Welfare Maximization and Consumer Utility Maximization AN Qi-guang, MENG Qing-chun 2002, (2):  67-70.  Abstract ( 2755 )   PDF (1646KB) ( 3013 )   Save In this paper,establish the optimal model of consumer utility maximization,then apply the K-T condition to combine the optimal model with the model in,prove the realization of consumer objectives when nations objectives realize,at last state that it is true under some conditions when the problem is inverse. References | Related Articles | Metrics

Select

Core Resource and Innovation of Incubator LU Rui, SHENG Zhao-han 2002, (2):  71-75.  Abstract ( 2042 )   PDF (466KB) ( 2865 )   Save Incubator is an assistant organization for the innovation of a new enterprise which seeks its maximum ability.To analyse the essential responsibility of incubator from core resource and demand property,we discuss its performance.Different enterprises lie emphasis on different aspects,depending on the dominant resource of the matrix. References | Related Articles | Metrics

Select

Corporate Governance by Strategic Large Shareholders ZHOU Gang, JIANG Yan-fu, LEI Jia-su, FU Jia-ji 2002, (2):  76-78.  Abstract ( 1996 )   PDF (773KB) ( 1637 )   Save Regarding on strategic large shareholders is the highlight during the course of reforming and developing our capital market.By means of mathematical models,this paper discovers basic condition on which strategic large shareholders have willing to take part in corporate governance,studies impact on corporate value and approaches of governance by strategic large shareholders,and finally enlightens on our transition economy. References | Related Articles | Metrics

Select

Supply Chain Management & Capital Process Reengineering In the Era of New Economy JIN Yi-bing, XU Yin-zhou 2002, (2):  79-83.  Abstract ( 2192 )   PDF (512KB) ( 1851 )   Save The environments, with which the corporation has to be faced,have changed greatly while the era of new economy has been coming.They will be encountered with the uncertainty of the customers,the shortening of product life-span and the more complexity of the product structure.So the mode of Supply Chain Management(SCM),which embodies the Horizontal Integration theory,comes forth to utilize the outer resources for satisfying the real-time needs of the customers.The Capital Process Reengineering based on the SCM utilizes the modern technology of information to construct the financial net and reengineer the capital process in order to harmonize the funds usage,so that the Capital Process Reengineering can make the corporation remain invincible. References | Related Articles | Metrics

Select

Study on Method of Combination Weighting XU Ze-shui, DA Qing-li 2002, (2):  84-87.  Abstract ( 2706 )   PDF (1130KB) ( 3982 )   Save This paper proposes a linear-objective programming method of combination weighting in multi-attribute decision-making.The method combines information on subjective weights and objective weights,and can sufficiently utilize objective evaluation information and meet the requirements of decision-maker,and can also be performed on computer easily.Finally,a numerical example is given to show the feasibility and effectiveness of the method. References | Related Articles | Metrics

Select

Research on Selection Method for Loan partner of Student in Cyber Bank LIN Nan, WANG Ying-luo, QIN Zheng 2002, (2):  88-91.  Abstract ( 2082 )   PDF (1524KB) ( 1442 )   Save This paper discusses the partner selection for cyber bank based on the net circumstance, Proposes an effective method of cyber bank selecting loan partner of the student units by using AHP and the algorithm of triangle fuzzy number. References | Related Articles | Metrics

Select

Study on Weekend Effect in China’s Stock Market FAN Tai, ZHANG Ming-shan 2002, (2):  92-95.  Abstract ( 2024 )   PDF (1030KB) ( 2816 )   Save The weekend effect,together with other marker effect(such as P/E effect and small sized company effect)is called Market Anomalies,which play a very important role in the study of efficient market hypos(EMH). Based on the standard random walking model,we use the latest data of Shanghai and Shenzhen stock market to do an empirical study,in order to find out the existence of a weekend effect in China’s stock market.We also provide some useful suggestion on whether China’s stock market has reached the status of "weak form of efficient market". References | Related Articles | Metrics

Select

The Shengzheng General index of the time-length interrelations characteristic analyzing and forecasting ZOU Xin-yue 2002, (2):  96-100.  Abstract ( 1888 )   PDF (1899KB) ( 1984 )   Save This paper discusses the time-length interrelations of Shengzheng General index by analyzing cases. The research proves that the earnings rate order has much more interrelations for a profound index though the interrelations of earnings rate order of Shengzheng general index is quite small comparing with the random array of similar capacity. The earnings rate order has the different interrelations from different profound index d. Secondly, the paper puts forward a new forecasting model acording to the interrelations of Shengzheng general index, which has better calculating function than the old one. Thus this makes up the disadvantage that the old one cannot describe the time-length interrelations. References | Related Articles | Metrics