制造商融资决策:银行、商业信用或区块链供应链金融

基于收益共享契约构建银行信用融资、商业信用融资和区块链供应链金融的对比模型，探讨各模式下供应链的最优决策方案，定量分析各融资模式下供应链绩效随不同参数的变化情况.研究表明，当零售商资金成本低于制造商资金成本时，商业信用融资一定优于银行信用融资;存在两个区块链供应链金融平台费率的阈值，只有当平台费率低于低阈值点时，区块链供应链金融才是同时利于制造商和零售商的最优模式.此外，收益共享比率越高，制造商收益越高，则零售商收益越低.     

多纤芯弹性光网络中虚拟网络映射模型及算法

为解决多纤芯弹性光网络虚拟化中的虚拟结点映射、链路映射和频谱分配问题,首先建立了一个以最小化占用的频谱数及最小化最大占用频隙号为目标的全局约束优化模型.其次,设计了具有高效的交叉、变异及不可行解可行化算子的全局优化遗传算法,以有效求解该模型得到最优的虚拟节点、链路映射方案.最后,为验证算法的有效性进行了不同的仿真实验.结果表明,所设计的算法能够有效地减小网络中占用的频谱数和最大占用频隙号.     

A neural network versus Black–Scholes: a comparison of pricing and hedging performances

An Erratum has been published for this article in Journal of Forecasting 22(6‐7) 2003, 551 The Black–Scholes formula is a well‐known model for pricing and hedging derivative securities. It relies, however, on several highly questionable assumptions. This paper examines whether a neural network (MLP) can be used to find a call option pricing formula better corresponding to market prices and the properties of the underlying asset than the Black–Scholes formula. The neural network method is applied to the out‐of‐sample pricing and delta‐hedging of daily Swedish stock index call options from 1997 to 1999. The relevance of a hedge‐analysis is stressed further in this paper. As benchmarks, the Black–Scholes model with historical and implied volatility estimates are used. Comparisons reveal that the neural network models outperform the benchmarks both in pricing and hedging performances. A moving block bootstrap is used to test the statistical significance of the results. Although the neural networks are superior, the results are sometimes insignificant at the 5% level. Copyright © 2003 John Wiley & Sons, Ltd.     

民营企业实施股份期权激励的探析

阐述了股票期权及股份期权的含义与区别，说明了股份期权激励在民营企业实施的意义和前景，结合我国民营企业所处的环境及企业发展状况，提出了我国民营企业实施股份期权制度的若干策略。     

R ＆ D STRATEGIC INVESTMENT IN AN ASYMMETRICAL CASE

This article analyzes R ＆ D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second, there are two kinds of uncertainties over the future returns from the investment and over technology in R ＆ D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm （leader）, and shows that the investment threshold values are reduced by competition of two firms. Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.     

期权理论在高新企业价值评估中的应用

分析了高新技术企业特点，说明了传统的企业价值评估方法不能应用于对高新技术企业的评估。如果把高新技术企业投资看成是为了获得一个未来取得现金流的机会，高新技术企业具有期权性质，就可以用期权理论及Black-Scholes模型评估高新企业的价值。     

各向异性固体弹性介质中群速度的解析表达式

通过引入一个仅仅与介质弹性常数有关的矩阵M ,将Christoffel系数矩阵分解成M和一个与波传播方向有关的矢量 P两个部分的乘积 .由此推导出适用于计算各种各向异性固体弹性介质弹性波群速度的普适解析表达式 .群速度作为弹性波波矢的函数 .在特殊对称性方向上该解析表达式的结果与已有文献的结果一致 .利用Matlab软件数值求解Chritoffel方程 ,得到对应于任意方向上的相速度 .图 2 ,参 7.     

组合期权交易策略的概率分析

在假定股票价格服从Ito过程条件下，讨论了采用组合期权交易策略的投资者获益的概率及损益的数学期望，得到了具体计算式，只要投资者获得相应数据，通过具体计算式加以计算，便可以为期权投资者提供数量上的重要参考依据，对期权投资者具有实用价值。     

CDMA掉话原因分析

文章就CDMA系统中由于无线原因造成掉话的几种情况进行了较为详尽的分析，并以在城区路测过程中发现的一些无线掉话具体问题作为实例进行分析和研究，揭示了掉话的原因，提出了解决方法和解决后改善的情况。     

Design and passive analysis of a novel softness display device

Simulating the softness property of object is quite a challenge in virtual reality system. A novel softness display system was developed based on the principle of deformable length of elastic element control （DLEEC）. In the system, the equivalent stiffness of the device is adjustable, and is inversely proportional to the third power of the deformable length of elastic beam. PD position control is employed to guarantee the accurate softness display. The softness of the virtual objects in large scale can be felt with the softness display device. Compared with other haptic devices, the device is passive and exert the react force only when the operator ＂actively touch＂ the virtual objects. The stability of the softness display system was analyzed. It was theoretical proved that the system satisfied the criteria of wide impedance range ＂Z-width＂, and the performance was superior to an active system. The experimental results were presented.