基于无条件分位回归的民营上市公司高管薪酬问题研究

高级管理人员的薪酬作为现代企业委托代理关系中的核心问题一直是社会的焦点.本文以我国民营上市公司为样本,首先研究了公司规模、每股收益、营业收入、流动负债和高管持股比例作用于高管薪酬不同分位点处的条件分位偏效应,结果表明它们在不同分位水平下的影响各异;然后为了获得这些因素的一般边际影响,利用无条件分位回归分析了它们的无条件分位偏效应,结果指出公司规模、每股收益和营业收入与各个分位水平的高管薪酬呈不同程度的正相关而流动负债则为负相关,高管持股比例与低分位水平的高管薪酬正相关而对中高分位水平的影响不显著;最后对相关结果进行了对比,发现每个影响因素的条件和无条件分位偏效应有所区别,并且无条件分位偏效应的解释意义更具有现实价值.     

The Effectiveness of Structural Monetary Policy and Macro-Prudential Policies — Based on the DSGE Model That Includes Bank Heterogeneous Credit

Journal of Systems Science and Complexity - Structural monetary policy and macro-prudential policies are important parts of the policy system of the People’s Bank of China. By constructing a...     

一类含参半正二阶离散周期边值问题正解的存在性

用Guo-Krasnoselskii不动点定理给出半正二阶离散周期边值问题正解的存在性和多解性结果, 其中λ>0为参数, ［1,T］_z={1,2,…,T}, f: ［1,T］_z×［0,∞)→R连续且存在常数D>0, 使得f(t,u)≥-D, (t,u)∈［1,T］_z×［0,∞), a: ［1,T］_z→(0,∞), 02(π/2T).     

Impact of the RMB Joining in the SDR Basket on Its Internationalization from the Perspective of Risk Spillover

For evaluating the influence of the Chinese renminbi(RMB) joining in the special drawing right(SDR) basket on RMB's internationalization, the authors systemically study the risk spillover networks and examine the dynamic relationship of exchange rates among the SDR currencies including the US dollar(USD), European Union euro(EUR), Japanese yen(JPY) and British pound(GBP).The empirical results demonstrate that the USD takes a dominant position and holds the biggest risk spillover to other currencies, and the RMB's inclusion to the SDR basket makes the risk spillover to get average, giving rise to the SDR currency system more stable to a certain degree. The inclusion of the RMB in the SDR not only can reduce the systematic risk of the SDR, but also has a certain impact on the international exchange rate markets. Nowadays, in front of the growing trade friction, more such researches could help to effectively deal with the currency disputes.     

Evolutionary game analysis of low-carbon behavior credit supervision of logistics enterprises

Based on the low-carbon obligation fulfillment of Chinese logistics enterprises, this study constructs a tripartite evolutionary game model to analyze the evolutionary process of the interaction between the local government, logistics enterprises and the public in the process of low-carbon behavior credit supervision. Then using Netlogo software, a parameter simulation experiment is conducted to determine the optimal policy for improving the effect of supervision. The results are as follows: ① The combined influence of the local government and the public can effectively change the strategic choice of enterprises and promote the low-carbon behavior of enterprises. ② In terms of improving the effect of supervision, reducing the cost of government supervision would have a highly significant effect, and reducing the cost of the public would be counterproductive. ③ Increasing the government subsidies to enterprises and the government’s fines to enterprises both have a significant effect, and the effect of improving the former is better. However, increasing the severity of higher-level governments punishing local governments will reduce the stability of the system. ④ Supervision can be more effective by increasing the public’s impact on enterprises’ earnings rather than by increasing government subsidies to the public.     

基于动态博弈的补贴模式对机场群航线网络结构的影响研究

为探讨不同补贴模式对机场群航线网络结构的影响，本文构建了关于机场、航空公司和乘客之间的动态博弈模型，通过逆向归纳法得到了纳什均衡条件. 研究结果发现：（1）不同的补贴模式对多机场航线网络结构产生重要影响，低补贴模式促使机场群倾向于形成点对点航线网络结构，反之，在高补贴模式下机场群易于形成枢纽辐射航线网络； （2）在较低的空铁联运总运营成本环境下，补贴竞争使得航空公司倾向于选择系统内的大型机场作为枢纽机场；反之，如果空铁联运总运营成本相对较高，补贴竞争使得航空公司倾向于选择小机场作为枢纽节点； （3）随航班固定成本和空铁联运总运营成本的增大，大型机场作为枢纽节点的概率逐渐减少，而小机场被选为枢纽节点的概率将逐渐增大. 随着机场群内大型机场腹地服务人口比例的增大，航空公司选择点对点航线网络的概率在减小. 研究结论能够为民航管理部门科学制定和应用航线补贴政策提供决策依据.     

烃族组成对柴油储存安定性影响研究

针对柴油储存过程中质量衰变问题，利用典型柴油样品，开展烃化合物对中国成品柴油储存安定性影响规律研究。烃组成分析测定结果表明，柴油中总芳烃和链烷烃之间存在很强的相关性（相关系数为0.90）。综合采用相关分析、逐步线性回归等方法，建立了安定性指标与烃组成的关联模型，拟合验证表明模型可靠，可以直接用于柴油储存安定性预测；研究确定了柴油储存安定性的主要影响物质，按照对储存安定性指标影响的严重程度将烃类物质分为三个等级，其中苊烯和三环芳烃对柴油质量衰变影响最大，链烷烃对十六烷值和热值影响最大。     

Comparison of Travel Mode Choice Between Taxi and Subway Regarding Traveling Convenience

In this study, we investigate travel mode choice behavior between taxi and subway with an emphasis on the influence of traveling convenience. In the first stage, we examine the Origin-Destination(OD) points of Beijing taxi trips and compare these locations with the respective nearest subway station. Statistics reveal several interesting conclusions. First, for approximately 24.89% of all trips, no convenient subway connections exist between the OD pairs. As such, a taxi becomes the only viable choice. Second, for 80.23% of the remaining 75.11%of trips(equivalent to 60.26% of all trips), access distance from either the origin or the destination to the nearest subway station is greater than 500 meters. This phenomenon indicates that walking distance plays an important role in travel mode choice. In the second stage, we examine groups of taxi trips with similar travel distances and travel times to reveal common features. We establish a preference rule in terms of travel distance and travel time.This determines whether an individual driver will take a taxi or the subway, using a pairwise comparison-based preference regression model. Tests indicate that more than 95% of taxi trips can be correctly predicted by this preference rule. This conclusion reveals that traveling convenience dominates the travel model choice between taxi and subway. All these findings shed light on the factors that influence travel mode choice behavior.     

非物质文化遗产协同创新保护体系探究——以丹寨万达小镇为例

以丹寨万达小镇为切入点,分析它的特色之处,引出非物质文化遗产是其内核。阐述非物质文化遗产协同创新保护体系的构成,探索协同创新保护体系运营模式,指出非物质文化遗产协同创新保护之路任重而道远。     

Cost and Service-Level-Based Model for a Seru Production System Formation Problem with Uncertain Demand

With increasing demand diversification and short product lifecycles, industries now encounter challenges of demand uncertainty. The Japanese seru production system has received increased attention owing to its high efficiency and flexibility. In this paper, the problem of seru production system formation under uncertain demand is researched. A multi-objective optimization model for a seru production system formation problem is developed to minimize the cost and maximize the service level of the system. The purpose of this paper is to formulate a robust production system that can respond efficiently to the stochastic demand. Sample average approximation (SAA) is used to approximate the expected objective of the stochastic programming. The non-dominated sorting genetic algorithm II (NSGA-II) is improved to solve the multi-objective optimization model. Numerical experiments are conducted to test the tradeoff between cost and service level, and how the performance of the seru production system varies with the number of product types, mean and deviation of product volume, and skill-level-based cost.