Table of Content

28 June 2002, Volume 10 Issue 3 Previous Issue    Next Issue

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Weak No-Arbitrage in Financial Markets with Frictions LI Zhong-fei, WANG Shou-yang, YANG Hai-liang 2002, (3):  1-5.  Abstract ( 2251 )   PDF (2147KB) ( 1947 )   Save This paper studies the problem of weak no-arbitrage in a frictional market with transaction costs and bid-ask spreads.By using convex analysis and nonlinear programming,a fundamental characterization of weak no-arbitrage and a series of results related to state prices and weak no-arbitrage are established.These results extend many known results in existing literature. References | Related Articles | Metrics

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The Testing for Symmetry and Volatility in Inflation Path of China’s Economy LIU Jin-quan 2002, (3):  6-10.  Abstract ( 2045 )   PDF (836KB) ( 2084 )   Save We find that the price in China’s economy is symmetric and has conditional heteroscedasticity in the period of expansion and recession.Main factor causing price variable comes from consumption demand.Tight monetary policy could curb inflation,but robust monetary policy has little influence on deflation.Easy fiscal policy does not Granger cause price level.So,we need more active nominal expansions to loose the pressure of deflation. References | Related Articles | Metrics

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Chinese Stock Market’s Multifractal Walk and Forecasting HE Jian-min, CHANG Song 2002, (3):  11-17.  Abstract ( 2221 )   PDF (1650KB) ( 2873 )   Save Forecasting is based on the rule of price fluctuation.Multifractal process is the best model describing the price fluctuation property up to now.This paper verifies the multifractal walk of our country’s stock market.And according to the local scale porperty and multiscale correlation of multifractal process,we build a hybrid forecasting model integrating the wavelet and neural network.Case study shows thaf this forecasting model is better than other forecasting models based on tradicitional price fluctuation model. References | Related Articles | Metrics

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Analysis on Stackelberg Rent-Seeking Games in the Strategic Alliance HUA Wu, MIAO Bai-qi 2002, (3):  18-21.  Abstract ( 2298 )   PDF (742KB) ( 1933 )   Save Facing the excess profit in the strategic alliance,some firms want to get it,so it shapes the rent-seeking.In this paper I present a formal analysis of Stackelberg rent-seeking games in which the players do not move simultaneously.The equilibrium outcome in this game provides some interesting results. References | Related Articles | Metrics

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An Empirical Analysis of the Interest Rate Behavior in China’s Monetary Market Using the Vasicek and CIR Models XIE Chi, WU Xiong-wei 2002, (3):  22-25.  Abstract ( 3405 )   PDF (913KB) ( 5929 )   Save This paper estimates the parameters of the Vasicek and CIR models by introducing the Generalized Method of Moments using the programs of the MATLAB and the data from China’s monetary market.Compared with other estimation methods,the empirical result is very significant.Then we can understand the interest rate behavior in China’s monetary market more clearly. References | Related Articles | Metrics

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The Measure of Interest Rate Elasticity of Bank Equity to Bank’s Interest Rate Risk LUO Da-wei, WAN Di-fang 2002, (3):  26-28.  Abstract ( 1993 )   PDF (727KB) ( 2438 )   Save From the model of the value of bank equity,we derive the expression of the interest rate elasticity of bank equity,which is an indicator regarded as the measure of a bank’s interest rate risk exposure,and conclude the relation of the indicator and some related variables.Form the sense that the bank to manage and control it’s interest rate risk,the significance of our researches lies in that we can quantify the level of interest rate risk exposure at any time and implicitly predict the forward rate,and what’s more,we find a method by which we can reduce the interest rate elasticity of bank equity so as to reduce the level of interest rate risk exposure. References | Related Articles | Metrics

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Discuss on Executive Stock Option of the Stock Company Which Has not Come into the Market CAI Qi-ming 2002, (3):  29-32.  Abstract ( 2059 )   PDF (493KB) ( 2221 )   Save Executive stock option(ESO),as a new distriubtion method,is regarded increasingly by the government and the company.ESO of the stock company which has not come into the market is discussed in the paper.The parameters and managment methods of ESO are analyzed in the paper.The result can be used to instruct the stock company to execute stock option. References | Related Articles | Metrics

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Model and Application of Indexed Stock Options Based on Incentive Mechanism CHEN Guan-ju, FENG Zong-xian, MU Ji-feng 2002, (3):  33-37.  Abstract ( 1970 )   PDF (921KB) ( 2028 )   Save Incentive of executive stock option depends on the effectivity of stock market,if the market is weakly effective,there will be little connection between executive payment and corporate performance.In order to conquer the weakness of market,this paper examines indexed executive stock options,it analyses how to establish the exercise price using a benchmark stock and also gives the pricing model,finally the model is tested by a case. References | Related Articles | Metrics

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EOQ Models Based on Stackelberg Game in Supply Chain ZHANG Qin, DA Qing-li, SHEN Hou-cai 2002, (3):  38-42.  Abstract ( 2248 )   PDF (1698KB) ( 2624 )   Save This paper disdlsses a Distribution Channel system that it contains one supplier and a single retailer.The supplier in the channel holds monopolistic status,in which he not only has relative cost information about the retailer,but also the decision-making right of the lead-time.In this case,the paper investigates the optimal lead-time and order cycle time,meanwhile analysis that the lead-time is likely to bring the supplier and the retailer profits and losses by numerical data. References | Related Articles | Metrics

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Specific Investment of Supplier in Buyer-Supplier Relationship ZHANG Heng, HUANG Pei-qing, ZHANG Cun-lu 2002, (3):  43-46.  Abstract ( 2121 )   PDF (1107KB) ( 1889 )   Save Supply relationship management is becoming more and more important.There must be specific investment in long-term relationship.Based on principal-agent model,this paper is focusing on supply-relationship problem.It argues that with asymmetric information,the level of specific investment is positive affected by dyadic utilities. References | Related Articles | Metrics

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The Development and Business Process Reengineering of Tobacco Enterprise YU Wen-jin 2002, (3):  47-51.  Abstract ( 2221 )   PDF (636KB) ( 1854 )   Save This poper looks into the BPR practices of national tobacco enterprises based on the study of the BPR theory,and analyses the case of Ningbo Cigarettes Factory. References | Related Articles | Metrics

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The Research of Measurement Method on Enterprise Informationalization Indices JIANG Xiao-yun, WANG Qi 2002, (3):  52-55.  Abstract ( 2137 )   PDF (1181KB) ( 2338 )   Save Enterprise informationalization is evaluated by using methods of fuzzy set theory and principal component analysis.The evaluation data are handled by introducing a new subordinative function and the weight numbers of the indexes are established.The model on enterprise informationalization indices in Shandong Province is set up.A comprehensive evaluation of informationalization of five enterprises is carried and the results are satified. References | Related Articles | Metrics

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Research on Architecture of Workflow Management System LIN Cheng-dong, LENG Jin-song, ZHANG Chao 2002, (3):  56-60.  Abstract ( 2076 )   PDF (643KB) ( 2257 )   Save Research on WFMS architecture mostly focuses on concrete application presently,and there is no a complete and general WFMS architecture.Though workflow Management cooperation have developed standards for WFMS,it only concerns abstract top WFMS architecture,and does not include detailed software architecture.In this paper,we,using a top-down design strategy,provide a complete and general WFMS architecture.We divide WFMS into three modules:workflow design,workflow server and workflow clients,which all are designed in detail.Furthermore,we design extension modules to extend system function in heterogeneous environments,and standardize the interfaces between WFMS and other platforms to overcome negative effect of mobile workflow client,so as to ensure flexibility and extensibility of WFMS. References | Related Articles | Metrics

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the Evaluation Methodson the Success of the Application of Information Technology in the Manufacturing Industry LEI Wei-zhong, CUI Yao-dong 2002, (3):  61-67.  Abstract ( 2070 )   PDF (731KB) ( 2210 )   Save This paper provides a methodology.Firstly,it gauges the competitive priorites by using fifteen attributes and determines the weights of the attributes by applying the analytic hierarchy process(AHP).Secondly,it estimates the magnitudes of contributions made by each IT application to the attributes based on literature researches.Finally,it determines the performance level of each IT application based on a survey carried out in the enterprise considered and gives the grade of the evaluation. References | Related Articles | Metrics

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Upland Agricultural Soil Irrigation and Need Water Management Decision Making Support System on Internet KANG Shi-ying, KANG Min, WEN Hua-yi 2002, (3):  68-72.  Abstract ( 2096 )   PDF (986KB) ( 1515 )   Save By introduction of the design and analysis for internet of upland agricultural soil irrigation information and decision making support system,this article expounds the application of the internet technique to upland agricultural soil irrigation researches,states the system functions,concisely gives an account of decision making analysis model of the system in a simple and explicit way.which shows that The system is an important useful tool for decision making on upland water resources sustainable utilization. References | Related Articles | Metrics

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Interest Conflicts and Incentive Contract Designs Under Information Asymmetry TANG Qing-quan 2002, (3):  73-76.  Abstract ( 2332 )   PDF (572KB) ( 2886 )   Save The paper firstly investigates and studies the high information asymmetry and high risks empirically which Chinese financial institutions such as banks face in loan contracting.Then the paper studies how interest conflicts are produced under information asymmetry theoretically and professionally respectively, and explores how to design incentive loan contracts to reduce risks in the process of loan contracting to protect bank’s interests and balance all individual party’s interests. References | Related Articles | Metrics

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Study on the Relationship between Strategic Groups and Performance on China’s Household Appliance Enterprise SUN Xian-ding, YANG Xi-huai, LI Ying 2002, (3):  77-81.  Abstract ( 2142 )   PDF (1191KB) ( 1700 )   Save This article puts forward a kind of strategic groups classification based on enterprise value, and Applies it to China’s household appliance industry,and the relationship between the performance and strategic groups is examined.It is found that there is a significant difference in the performance of strategic groups. A conclusion can be drawn from this study that strategic groups can be considered an important factor to affect a firm’s performance. References | Related Articles | Metrics

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Game Analysis for Administration System of Counterfeit Advertisement SUN Bai-chang, CHEN Liang-you 2002, (3):  82-85.  Abstract ( 2286 )   PDF (986KB) ( 1626 )   Save Along with improvement of degree of market,advertisement is gradually becoming an important information source for customers about commodity of the price,the characteristic and the kinds. So mang times,the advertisement propagandistic power mightily affects choice of customers.But at present,counterfeit advertisement is in everywhere.So the effective administration system of advertisement is an important administration system for protecting customers’rights and interests and promoting arrange the market resource.This paper introduces the basic information of administration system of advertisement in our country,and establishes analysis model of administration system for the advertisement, and makes a game analysis based on the model,and gives some measures for how to ameliorate administration system of advertisement. References | Related Articles | Metrics

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The Mechanism Expression of Incooperative Game in Management HOU Guang-ming, LI Cun-jin 2002, (3):  86-90.  Abstract ( 2069 )   PDF (1263KB) ( 1517 )   Save Author puts forward the mechanism expression method of management game according to the character that an incentive and restraining mechanism of management has many factors,goals and phases.This paper sets up the basic models and methods about the mechanism expression of incooperative game of incentive and restraining management in a phase and more phases.These models and methods greatly expand the research in depth and in range of management game problems.Therefore,it provides a new tool for people researching the complex management game problems. References | Related Articles | Metrics

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Analysis of Dynamic System of Modern Consumer’s Behavior ZOU Hui-wen, CHEN De-mian 2002, (3):  91-96.  Abstract ( 2132 )   PDF (1937KB) ( 2141 )   Save A model of dynamic system of consumer’s behavior was established by combining the classical consumer’s behavior theory with the modern current consumer’s behavior theory.The dynamic character of this system was discussed.The close-ring control tactics was given in order to follow gradually the track of the consumption C^ which was determined by the equilibrium growth of national economy and by the per labor consumption.The random optimal control tactics was given in order to follow the track of the consumption C^ and to make consumers’welfare optimum. References | Related Articles | Metrics

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Customer Oriented Project Management Process CHEN Xiao-xin 2002, (3):  97-100.  Abstract ( 2121 )   PDF (420KB) ( 2394 )   Save Being an important part in project management processes,customer relationship requires more attention paid by the project team.Customer oriented project management process is a way to manage customer relationship in a project effectively.Four problems are discussed in this paper,the importance of customer relationship in a project,the role of customers in a project,major conflicts between project team and customers and how to implement customer relationship management in project management processes. References | Related Articles | Metrics