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28 April 2003, Volume 11 Issue 2 Previous Issue    Next Issue

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On the Critical Growth Model of National Bonds Scale after the Bonds Internationalization SUN Wei, ZHANG Wei-peng 2003, (2):  1-6.  Abstract ( 2035 )   PDF (2252KB) ( 1612 )   Save The paper suggested the stabilized burden rate condition to assure the reasonable growth of nation bonds scale,and established the critical growth model of national bonds scale after the debts internationalization.It showed that the critical growth rate of national bonds scale depended on the interaction of key variables of the economic environment.Also,it made a simulated calculation of the critical growth rate of national bonds scale in the different economic environment.The model will be helpful for management and alarms of national bonds scale after the debts internationalization in China. References | Related Articles | Metrics

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The Model and Optimization of Financial Networks ZHUANG Xin-tian, HUANG Xiao-yuan, NIE Hong-mei 2003, (2):  7-10.  Abstract ( 2244 )   PDF (1355KB) ( 2103 )   Save Financial networks is the circular flow of funds in an economy. In References[1-8] the model of financial networks have been researched.In this paper,we propose an improved model about assets,liabilities,appropriate sizes and prices,based on the financial networks models in references[1-8].This new model considers for all sectors the risks of financial instruments,the constraints for economic resource in financial networks,the constraints for the accountings of assets and liabilities. The improved model is more appropriate for application.We use the evolution programming algorithm to make simulations. References | Related Articles | Metrics

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Choice of China’s Foreign Direct Inverstment Pattern YAO Ling-zhen, YANG Da-kai 2003, (2):  11-15.  Abstract ( 2022 )   PDF (678KB) ( 2323 )   Save China has been entered World Trade Organization,and will be held to the whole international market step by step.At the time of choosing the way of direct investment,more and more enterprises show very great interests in solely foreign funded business.The article analyzes the cost of losing efficiency in joint venture,and then finds joint venture is not always fit for international market,and sometimes unsteady.So joint venture must be transformed into single proprietorship. Along with the conditions maturing,solely foreign funded business will play the main role in the international market. References | Related Articles | Metrics

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The Stochastic Volatility Model for Stock Return SHEN Gen-xiang 2003, (2):  16-20.  Abstract ( 2354 )   PDF (1379KB) ( 3287 )   Save Analyzing the characteristics of financial data and pointing out the drawbacks of GARCH models,the paper describes the volatilities of daily stock return by stochastic volatility model and employs GMM to estimate the parameters in the model.In the final,the paper carries out a emprical analysis of daily stock return volatilties in Shanghai stock market to figure out the effects of price limits posed on daily price of stocks listed in Shanghai Stoke Exchange on volatility and distribution pattern of stock return. References | Related Articles | Metrics

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A Study On the Open-end Funds’ Asset Allocation Problem HUANG Xue-ting 2003, (2):  21-23.  Abstract ( 2134 )   PDF (989KB) ( 2139 )   Save Open end funds are today’s main form of global mutual funds.Based on the risk characteristics faced by open end funds,this paper studied the no load and load funds’ optimal holding scale of risky assets,and developed the relevant models. References | Related Articles | Metrics

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Stochastic Optimization Model On Firm Valuation CHEN De-quan, HUANG Min, LIN Ze-fu 2003, (2):  24-29.  Abstract ( 2243 )   PDF (2011KB) ( 1968 )   Save This article studies the value of the firm under the condition of stochastic future net cash flows,and builds up the stochastic optimization model of the firm value.We discuss the firm’s debt capacity and capital structure under certain constraints and fixed risk level,which maximizes the firm’s value.Then we implemented the model into the real world projects. References | Related Articles | Metrics

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Game Decision-Making Model on Toll Road Pricing and Investment under a BOT Scheme YANG Hong-wei, HE Jian-min, ZHOU Jing 2003, (2):  30-33.  Abstract ( 2190 )   PDF (586KB) ( 2470 )   Save This paper deals with decision making method on the highway pricing and investment for private companies,which plans to build a private toll road parallel to an existing free road in a road network under a BOT scheme.Through analyzing the game actions between the private companies and passages under a BOT scheme,the paper establishes the decision making model of the toll road pricing and investment separately,and comes to some considerably important conclusion by discussing the property of the Nash strategy solution,which is of instructional significance in the traffic BOT project practice. References | Related Articles | Metrics

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The Analyses of the Financial Feature of Investment Behavior in Financial Distress Firm in China LI Bing-xiang 2003, (2):  34-39.  Abstract ( 2164 )   PDF (1170KB) ( 2688 )   Save Based on a simplified rational investment model of financial distress firm,the paper analyses the characteristics of firm that fall into financial distress in investment decision.It will deviate from the reasonable investing behavior during the process of between the option gamble of creditor and the debtor.On the basis of the analysis,the author emphasizes the excessive investment of financial distressed firms during the transformation of economy pattern in our country and blindness,shourt term,and utilitarian in the debt reorganization.The excessive investment is the embodiment of insider control and the weakness of creditor’s right of bank.And the false debt reorganization is the real driver,which transfers the crisis to the business creditors. References | Related Articles | Metrics

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Local Linear Estimation by GMM for Nonparametric Simultaneous Equation Models in Econometrics YE A-zhong 2003, (2):  40-44.  Abstract ( 2326 )   PDF (934KB) ( 2501 )   Save Simultaneous equation models play an important role in making economic policies,analyzing economic structure and economic forecasting.This paper presents local linear estimators by GMM for every structural equation in nonparametric simultaneous equation models in the random design case that all variables in model are stochastic.We prove its consistency and asymptotic normality in interior by using laws of large numbers and central limit theorems in probability.Its rates of convergence in interior points equal the optimal rate of convergence for estimating nonparametric function. References | Related Articles | Metrics

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A Randomized Mathematic Model of Logistic System and Allocation of its Distribution Center YANG Bo 2003, (2):  45-49.  Abstract ( 2911 )   PDF (1542KB) ( 2569 )   Save In some classical models of logistic system the demand of each city is assumed to be constant.In this paper we propose a randomized model logistic system,in which the demand of each city is regarded as a random variable.A quantitative approach to determine the distribution center is derived.In doing this,some details of mathematics are involved. References | Related Articles | Metrics

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Research on Solving the Inventory Problem by Applying the Method of Decision Influence Diagrams with Subvalue Nodes DONG Zhi-qiang, ZHAO Yong 2003, (2):  50-54.  Abstract ( 2130 )   PDF (533KB) ( 1851 )   Save Traditionally,we solve the inventory problem with dynamic programming.In this paper,applying the method of Decision Influence Diagrams with subvalue nodes,we formulate and handle the inventory problem with forecasts and correlated demands,and make a comparison to the two methods. References | Related Articles | Metrics

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Implementation of Business Process Reengineering:Revolutionary Change and Evolutionary Change YU Dong-hui, HUANG Li-hua, SHI Guang-hua 2003, (2):  55-60.  Abstract ( 2353 )   PDF (799KB) ( 2189 )   Save How to cope with the change is becming a serious and unavoidable problem to every member of the companies.There are two viewpoints of change management strategies in research:one is revolutionary change and the other is evolutionary change.These two strategies have their own advantages and applicable scope.In this paper,the authors illustrate what is revolutinary change and what is evolutionary change,discuss the characteristics of the two different change management strategies,and compare their main similarities and differences from theoretical point.Then we conclude some useful rules of how to use the two different strategies under different conditions,and some cases will prove the practicability of our rules. References | Related Articles | Metrics

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Application of Grey Situation Decision in Evaluation of Maintainer ZHAO Xue-feng, ZHANG Jin-long 2003, (2):  61-65.  Abstract ( 2321 )   PDF (1798KB) ( 1436 )   Save maintenance is the basic service that manufacturer offered for customer,how to evaluate and manage maintainer is the key to guarantee maintenance on the rails.Many qualitative indexes among the evaluation indexes of maintainer are difficult to measure.This characteristic introduces the difficulties for respondent in replying to the survey.In order to overcome the difficulty,we invite fuzzy set theory into the measurement of qualitative indexes.By applying AHP in obtaining index weight and grey situation decision theory in ranking,we get satisfied results. References | Related Articles | Metrics

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Risk Investment Policies for a Firm with Exponent Utility LIU Xia-qing, LI Lin, YANG Zhao-jun 2003, (2):  66-69.  Abstract ( 2253 )   PDF (1229KB) ( 1787 )   Save Under the assumption of exponent utility, this paper treats optimal investment policies of a firm with a random risk process. The firm’s choice on investment can be savings, loan and trading of risky asset. The principal achievements are as follows: According to the fact that the interest rate on loan is higher than the one on savings, we acquire the optimal policies that maximize the expectation of terminal utility. Furthermore, we present an example of application in the end. References | Related Articles | Metrics

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Critical Chain PM in Single-Resource Constrained Environment WAN Wei, CAI Chen, WANG Chang-feng 2003, (2):  70-75.  Abstract ( 2078 )   PDF (1107KB) ( 2367 )   Save In 1986,Dr.Goldratt brought forward Theory of Constraint(TOC),which emphasizes the systemic thinking in Project Management.The application of TOC in PM is intituled as CCPM and it focuses on the Critical Chain(C.C.)of the project and controls the process of the project by buffes.This paper presents a algorithm for CCPM in the Single-Resource Constrained environment using the idea of TOC,and puts TOC further into PM successfully. References | Related Articles | Metrics

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Partial Flexible Technology Selection in Product Life-cycle HUA Zhong-sheng, YANG Jie, HUANG Fei-hua 2003, (2):  76-80.  Abstract ( 2183 )   PDF (679KB) ( 2078 )   Save This paper concerns the issues of technology selection among different stages of a product’s life cycle,in an environment characterized by multiple products,multiple periods and random demand.Partial flexible technology,defined as the ability to produce a subset of a product family,its investment and operational cost are highly related to its flexibility.Based on demand scenarios,a mathematical programming model for determining technology selection and capacity planning is developed to minimize the expected total costs;the described model is then applied to analyze the technology selection difference between a product’s introduction stage and mature stage. References | Related Articles | Metrics

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Coopetition Games of Firms With Symmetric Cost LIU Chun-cao, SUN Li-hui, XU Yang-feng 2003, (2):  81-85.  Abstract ( 2130 )   PDF (1024KB) ( 2048 )   Save Coopetition has become the current strategy trend of the economic development.The Minimax theorem is adopted to make decision under coopetition,which can ensure that more members in the coalition can get a higher satisfaction degree at the equilibrium point.Moreover,the Minimax theorem is used to analyze coopetition games equilibrium on production with symmetric Cost in the linear reverse demand market?Finally,the Minimax equilibrium is compared with NASH equilibrium in the complete competitive market and the monopoly equilibrium in the monopoly market.The strategy to deal with uncooperative deeds was presented. References | Related Articles | Metrics

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On Process Orientation Causal Chain of Sustained Competitive Advantage LIU Jian-wei, ZHANG Zheng-tang 2003, (2):  86-91.  Abstract ( 2184 )   PDF (780KB) ( 2788 )   Save The external view of sustained competitive advantage is based on the assumption of homogeneity of firm,that is to say the firm is looked as a black box.Resource based view hold a assumption of heterogeneity.Because of the misleading of some essential concept such as the resource and focusing on the conditionals of SCA,the theory made a weakness is called black box on process that affect the theory’s development and application at management.This paper will divide competence from the resource,gives a new viewpoint about strategy based on the competence theory,embodies the framework of resource strategy performance,and finally develops a process orientation model about the causal chain of sustained competitive advantage. References | Related Articles | Metrics

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An Objective Method for Determining Attribute Weights in Multiple Attribute Decision Making with Intervals YOU Tian-hui, FAN Zhi-ping 2003, (2):  92-95.  Abstract ( 2109 )   PDF (1721KB) ( 2827 )   Save This paper investigates a problem for determining attribute weights in uncertain multiple attribute decision making,in which the attribute values are in the forms of interval number.According to the traditional objective method for determining attribute weights maximal deviation degree method,a new error propagation method for determining attribute weights is presented.The method had the clear concept and feasibility.The attribute weights obtained by the method reflect the deviation degrees of attribute information.Finally,a numerical example is given to show the feasibility and effectiveness of the proposed method. References | Related Articles | Metrics

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The Coordination Mechanism of Enterprises Dynamic Alliance ZHANG Qing-shan, YOU Ming-zhong 2003, (2):  96-100.  Abstract ( 2052 )   PDF (358KB) ( 2086 )   Save The Enterprises Dynamic Alliances are a kind of new type of network alliance formed by many interests’ entity appearing in recent years.The operation efficiency and realization of organization goal not only depend on individual enterprise,but also more importantly depend on interdependence and operating sincerely without any harmful actions to the others.For a great deal of risk problem during coordination,this text firstly expounds the basis of the value foundation,key elements,and network based operation platform of enterprises dynamic alliance’s coordination framework.Finally,propose three kinds of coordination mechanism and some coordination ways,in the hope of offering reference of the enterprises dynamic alliance’s management practice. References | Related Articles | Metrics