基于单月期限的沪深300ETF期权定价实证研究

针对在2019年12月份上市的沪深300ETF期权,收集其在2020年1～9月9个单月的市场真实交易数据,使用期权定价模型进行实证研究.借助经典B-S-M模型和考虑支付已知股息率B-S-M模型2种期权定价模型分别计算每个单月期限的沪深300ETF看涨看跌期权理论价,并与市场价综合比较后可知,支付已知股息率的B-S-M模型均方误差更小且更精准,从而显现出支付已知股息率B-S-M模型的有效性优势.     

Superior corrosion resistance-dependent laser energy density in(CoCrFeNi)95Nb5 high entropy alloy coating fabricated by laser cladding

(CoCrFeNi)95Nb5 high entropy alloy(HEA)coatings were successfully fabricated on a substrate of Q235 steel by laser cladding technology.These(CoCrFeNi)95Nb5 HEA coatings possess excellent properties,particularly corrosion resistance,which is clearly superior to that of some typical bulk HEA and common engineering alloys.In order to obtain appropriate laser cladding preparation process parameters,the effects of laser energy density on the microstructure,microhardness,and corrosion resistance of(CoCrFeNi)95Nb5 HEA coating were closely studied.Results showed that as the laser energy density increases,precipitation of the Laves phase in(CoCrFeNi)95Nb5 HEA coating gradually decreases,and diffusion of the Fe element in the substrate intensifies,affecting the integrity of the(CoCrFeNi)95Nb5 HEA.This decreases the microhardness of(CoCrFeNi)95Nb5 HEA coatings.Moreover,the relative content of Cr2O3,Cr(OH)3,and Nb2O5 in the surface passive film of the coating decreases with increasing energy density,causing corrosion resistance to decrease.This study demonstrates the controllability of a high-performance HEA coating using laser cladding technology,which has significance for the laser cladding preparation of other CoCrFeNi-system HEA coatings.     

融媒体背景下传统民营科技型企业的互联网转型:协同进化视角

借助隐喻手段,基于融媒体发展背景,以协同进化为理论依据,剖析传统民营科技型企业的互联网转型过程,总结机理与路径,提出协同进化式转型的理论模型.以千城智联(上海)网络科技有限公司为案例企业,分析其与地方电视台的协同进化过程,研究发现:①基因改变意味着组织认知模式的变化,具体表现是互联网思维的建立以及从单式思维到链式思维的转变;②协同进化基本路径为企业基因改变→企业行为转变→合作方基因改变→合作方行为转变→企业与合作方性状变化;③协同进化的标志是生态位改变,后者由协同关系的转变来衡量,分别经历了买卖关系、资源共享关系、价值共创与共享关系三种状态;④协同关系的演进激发平台网络效应的形成.     

"花瓶"一无所用?独立董事对公司创业导向的影响

近年来,创业导向前因研究的焦点已渐从外部环境转至企业及管理者层面.其中有关管理者层面的因素涉及董事会整体和CEO,鲜有研究考察其他类别董事(如独立董事)对创业导向的影响.基于此,文章整合合法性理论与信号理论,预测和检验独立董事与创业导向的关系.基于信息传输、软件和信息技术服务业A股上市公司2011—2016年的面板数据,实证结果表明,独立董事的存在通过增加企业合法性促进创业导向,当独立董事中存在"学者董事"时,上述关系的强度增强;而企业所在地区制度发展水平较高时,上述关系的强度减弱.文章具有一定的理论和实践意义.     

Heusler合金Fe_2VAl的晶体结构与热电性能研究

采用真空电弧熔炼和放电等离子烧结技术制备了Full-Heusler合金Fe_2VAl,利用XRD、XPS对合金的物相结构与成分进行表征,在300～800K温度区间内测试了合金的Seebeck系数、电阻率、热导率等热电参数,并将实验结果与基于L2_1有序结构Fe_2VAl合金的模拟计算值进行了比较。结果表明,实验所制的合金样品中Fe、Al、V原子比接近于2∶1∶1,基本满足Fe_2VAl合金的成分配比;结合XRD衍射谱及10K下合金的饱和磁矩可知,所制合金样品中除了完全有序的L2_1结构相外,还存在部分的B2相。另一方面,基于热电性能测试结果可知,所制Fe_2VAl合金表现出典型的n型半导体特性,其Seebeck系数和电阻率随着温度的升高而降低,这与利用VASP和BoltzTraP软件包结合计算得到的L2_1结构Fe_2VAl合金的热电参数随温度(300～800K)的变化趋势相符合;合金的热导率随着温度的升高呈先降低后升高的趋势,在500K附近具有极小值,而无量纲参数热电优值ZT在500K附近达到最大值,约为0.052。     

Fuzzy Views on Black-Litterman Portfolio Selection Model

In this paper, views of investor are described in fuzzy sets, and two fuzzy Black-Litterman models are constructed with fuzzy views and fuzzy random views respectively. In the models, expected returns and uncertainty matrix of views are redefined and the views are formulated by fuzzy approaches suitably. Then the models are tested with data from Chinese financial markets. Empirical results show that the fuzzy random views model performs the best, and both the fuzzy models are better than the traditional ones, demonstrating that the fuzzy approaches can contain more information in the views and measure the uncertainty more correctly.     

新生代农民工收入消费统计分析——基于郑州市817位新生代农民工调查数据

近年来,我国农民工群体正处在代际更替的阶段,新生代农民工有其独特的消费观念、消费结构和消费行为。同时,新生代农民工也面临生产生活方式和消费方式的变化,其收入提高与消费行为转变更是实现我国经济转型的重要推动力。基于此,本文选取郑州市作为样本地区,对新生代农民工的收入状况、消费观念和消费行为进行实地调查,运用Logist模型分析其收入状况、消费观念对其消费行为选择的影响。最后,从改善新生代农民工收入状况、人力资本提升和消费观念的引导等方面提出科学、合理的建议。     

A Simulation Method for Analyzing and Evaluating Rail System Performance Based on Speed Profile

This paper presents and discusses a simulation method for analyzing and evaluating system performance on a rail line from the perspective of speed profile. Dynamic analysis for train motions is introduced, and a discrete time-operation graph is proposed to represent the relation between speed profile and energy consumption. Based on them, an analytical model is formulated to provide a quick insight into the system performance. The discrete-time simulation (DTS) method is then implemented to study the system in detail. Compared to the existing simulations, two innovations are included in the DTS: (1) the analytical lookup tables that can simplify the dynamic computation and, (2) the speed profile adjustment process that forecasts and avoids future conflicts based on practical constraints. The numerical results show that the DTS speed profile has advantages over existing methods. Finally, the DTS method is used to analyze and evaluate the system performance of the current timetable on Beijing Yizhuang Metro Line. The results suggest that the current timetable is not robust enough, and thus possible improvements are discussed at both scheduling and operating stages. The proposed method is verified to be effective and reliable for practical uses.     

浅论气象术语标准研制的问题与对策

为避免气象术语中出现循环定义、定义不协调、定义与术语不匹配、定义重复术语名称或使用代词等问题,运用术语学原理分析,提出研制术语时要注意“语料收集、定义研制、术语分类、辨析关系”的对策建议,这对提高术语研制质量,增强表达交流效果,完善气象标准体系具有重要作用。     

Effects of Fe_2O_3 on the properties of ceramics from steel slag

Ferric oxide is one of the key factors affecting both the microstructure and the properties of CaO-MgO-SiO_2-based ceramics. Research on this effect is significant in the utilization of iron-rich solid wastes in ceramics. Ceramic samples with various Fe_2O_3 contents(0 wt%, 5 wt%, and 10 wt%) were prepared and the corresponding physical properties and microstructure were studied. The results indicated that Fe_2O_3 not only played a fluxing role, but also promoted the formation of crystals. Ceramics with 5 wt% of Fe_2O_3 addition attained the best mechanical properties with a flexural strength of 132.9 MPa. Iron ions were dissolved into diopside, consequently causing phase transformation from diopside and protoenstatite to augite, thereby contributing to the enhancement of its properties. An excess amount of Fe_2O_3 addition(10 wt% or more) resulted in deteriorated properties due to the generation of an excess volume of liquid and the formation of high-porosity structures within ceramics.