企业债务网的优化设计

企业债务日益困扰企业的发展，并且不断地产生新的债务，它不仅牵涉面广，线条复杂，而且动用资金巨大，因此寻求适当的方法使企业债务的清偿成果最低，债务的线条简单就具有重要的经济意义，本文拟就对此问题进行了探讨，给出其网络模型和规划模型，对企业债务网进行优化设计，并给出企业任务清偿的表上作业法，此法操作简单容易实现，并得到简化的树结构形状的企业债务网，对此问题作进一步的探讨，根据企业的偿还能力和对债务的回     

债务清偿问题的一个多项式算法

本文建立了债务清偿问题的优化模型，提出了一些新概念，并给出了一个多项式算法.     

融资平台存量债务的展期重构及其福利影响

在融资平台债务结构中，融资平台是名义上的借款主体和偿债主体，地方政府是隐性的或有代偿主体。在融资平台存量债务的展期重构过程中，地方政府是否坐实或落实其或有担保责任将改变融资平台的偿债方式和银行的获偿预期，本文模型刻画了地方政府的隐性代偿预期对银企双方债务展期重构的模式选择及其福利影响。主要结论有：① 当预期展期债务难以获得清偿时，融资平台偏好自偿型债务展期，而银行偏好复合型债务展期（由融资平台和地方政府共同清偿），此时融资平台倾向于撇开地方政府的或有代偿责任，银行则渴望落实地方政府的担保责任。② 当预期展期债务能够获得充分清偿时，融资平台偏好复合型债务展期，而银行偏好自偿型债务展期。在偿债能力的提升途径中，银行更偏好融资平台自偿能力之增强，而非地方政府或有代偿之补充。③ 仅从银企双方的福利改善状况来看，复合型债务展期优于自偿型，但若将银企双方视为决策群体进行审视，它们同有“揩地方政府油水”的强烈动机。④ 尽管债务展期有助于缓释融资平台即期偿债压力，给其恢复偿债能力赢得时间或条件，但其仅能调节有关福利的分配结构，并不能增进全体参与者的总体福利。     

监管宽容、债务清偿结构与存款保险定价

为定量分析存款保险机构的监管宽容政策和银行自身的债务清偿结构对存款保险费率的共同影响,在考虑监管宽容的前提下,引入资本展期,依据债务在清偿次序及其风险上的差异,通过构建两个跨期的熊市价差卖权组合得到存款保险的定价模型。运用数值方法分析不同监管宽容水平、宽容期限以及债务清偿结构下的存款保险费率的变化特征。分析结果表明,随着存款额度的增加和展期期限的延长,存款保险的单位实施成本都呈现出下降趋势;并且在存款保险和展期期限同向变化时,存款保险单位成本的变化趋势将有所减缓。     

运用等价树理论实现企业复杂债务清偿

企业债务正严重困扰着我国经济改革的正常进行。这些债务具有牵涉面广、线索复杂和数额巨大等特点,寻找解决这种复杂债务的简便、成本最低的清偿方法具有重要意义。 本文提出的等价树理论则是适应这种需要的一种尝试。 一、企业复杂债务关系的一般结构模型     

基于违约风险的企业融资结构和成本

企业融资包括股权和债权资本两个部分.融资结构、融资成本与企业的价值波动及债务违约风险之间的关系受到股东、债权人等各方的管制.介绍了风险价值(Value-at-Risk)的概念,然后运用期权定价理论分析了企业股权的价值,然后将两者相结合建立了融资结构和违约风险模型,分析得到了融资比例结构、债务清偿利率和违约风险之间的定量关系,并给出了一个数值计算案例.     

信贷风险综合决策模型的研究

信贷风险事关银行业的生存和社会的稳定，已引起有关各方的广泛关注，本文分析了国内外现有信贷风险决策理论和方法的弊端，探讨了建立信贷风险决策模型的综合清偿能力原则和银行真实损益原则，提出了贷款风险补偿、风险报酬最大、综合风险衡量和单位风险溢酬最大等决策准则，建立了贷款综合清偿能力的期望值模型，风险报酬决策分析模型，贷款的综合风险分析模型伯溢酬分析模型，为银行信贷风险管理提供了科学的决策理论和方法。     

未保险存款的利率对存款保险定价的影响

当实行限额赔付的存款保险制度时,参保银行以两种方式获得存款：以无风险利率吸收承保的存款,以含有风险溢价的存款利率吸收未被保险的存款.较高的未保险存款利率会提高商业银行的资金成本,使其容易发生破产风险.同时,提高未保险的存款利率会降低被保险存款的本息之和在期末全部负债中的比重,使其在债务清偿中处于不利地位.本文以Merton的期权定价模型为基础,通过建立引入未保险存款利率的费率厘定模型定量分析了上述影响.结果发现,存款者要求的风险价格越高,这种影响就越显著.     

跨银行与企业部门的系统性风险研究

从风险反馈视角，研究跨银行与企业部门的系统性风险贡献度与传染效应.基于债务排序方法构建了银企系统性风险测度模型，并基于2018年中国银企间借贷数据进行研究.研究结果表明：银行节点在银行层的债务等级小于在企业层的债务等级，而企业节点在企业层的债务等级小于在银行层的债务等级；银企信贷系统中存在少数系统重要性银行和企业，其系统性风险贡献度高；随着银行或企业的信贷规模增大，所对应的总债务等级越高，而且总债务等级与信贷规模呈现非线性特征；随着信贷宽松程度变大，银行与企业的系统性风险贡献度呈现下降特征；在不同信贷宽松政策下，由企业所引发的总信贷损失始终大于银行，而且造成的银企信贷系统崩溃的阈值始终小于银行；信贷政策宽松程度对维持银企信贷系统的稳定性具有积极影响，特别对银行的作用更为显著.     

基于最优资产配置的混合偿付式债务悬空应对方法及其定价

债务悬空会使公司陷入财务困境，进而阻滞其开展正常的投融资活动。为此，提出一种以股权和现金进行混合偿付的谈判式债务悬空应对方法，使用常数相对风险厌恶（CRRA）效用函数刻画债权人效用，并利用HJB（Hamilton-Jacobi-Bellman）方程，给出了谈判过程中债权人的最优资产配置。引入资产变现成本，对现有债务再谈判理论中的讨价还价博弈过程进行改进，解决了谈判中的权益分配问题，进一步使用结构化信用衍生产品定价方法，得到了公司资产、债务、股权价值与内生性债务再谈判边界的显式解。最后，通过数值模拟，得到了关于波动率的“微笑型”信用价差曲线和关于债务期限的“驼峰型”信用价差曲线。通过对比分析发现，本文提出的混合偿付式应对方法有望显著降低企业的发债成本，并可有效控制其信用风险和财务杠杆；特别地，企业经营风险越高，效果越明显。     

A differential game model for a developing and a developed country

A differential game (DG) model for a developing and a developed country is considered. Each player makes decisions about how much resource to be used to restrict the opponent's development so as to maximize his weighted sum of current consumption and final output. Current consumption is assumed to be preferred to final output for both players. The developing country is assumed to have a higher economic growth rate and a higher preference to final output, whereas the developed country is assumed to have a higher initial income and a higher efficiency in restricting his opponent. This problem is investigated under three kinds of information structures, i.e., a zerosum, a nonzero-sum, and a Stackelberg game. Open-loop equilibrium solutions are obtained for all the three cases. Economic implications of the result are provided. The research is supported by the National Natural Science Foundation of China under Grant Nos. 70771118 and 70371030 and the Scientific Research Foundation for the Returned Overseas Chinese Scholars, State Education Ministry under Grant No. 2006.331.     

Qualifying Function in SSM Modeling—A Case Study

In a previous paper the author introduced a concept called qualifying function as a conceptual tool for modeling and design. The concept was incorporated into the modeling phase of soft systems methodology (SSM), with the purpose of addressing some of the criticism directed toward the methodology, such as its tendency to result in regulatory, rather than radical, agendas for change. It was argued that the concept had the potential to help people in a particular problem situation to view the situation from new and different perspectives and that it could enrich the conceptual models by giving the transformation process a direction. The aim of this paper is to apply the concept, embedded in SSM, to a case study involving two projects, focused on creating new work opportunities, to explore the practical applicability and usefulness of the concept, both in general and as a part of the modeling phase of SSM.     

基于仿射混杂系统控制设计的机器人导航控制

根据单纯形仿射混杂系统的可达性分析设计控制律,使机器人在平面任意两点间运行,保证其安全性并考虑其最优性.对机器人的状态空间进行三角划分,根据目标吸引原理来建立其对偶图,针对对偶图提出路径规划算法得到最短路径穿越的三角形序列.然后根据仿射系统在单纯形中的性质,提出运动规划算法,得到机器人的角速度和线速度,控制机器人穿越给定的三角形序列到达目标点.仿真结果表明了方法的有效性.     

基于 ITFN 信息关联输入的改进群体 MULTIMOORA 决策方法

提出基于直觉梯形模糊数(intuitionistic trapezoidal fuzzy number, ITFN)极小、极大期望值的序关系判别准则, 并引入风险系数构建ITFN相对完善的带有决策者风险偏好的运算规则, 在此基础上定义直觉梯形模糊Bonferroni (intuitionistic trapezoidal fuzzy Bonferroni, ITFB)平均算子, 验证其相关性质. 针对决策者之间、属性之间分别存在关联关系且权重均未知的多属性群决策问题, 提出基于ITFN信息关联输入的改进群体MULTIMOORA决策方法. 首先, 构建直觉梯形模糊决策矩阵序列, 予以标准化处理, 并将其转化为极小期望决策矩阵序列; 其次, 综合利用基于熵权法和考虑决策者偏好关联的基于2-可加模糊测度与Choquet积分联合的主客观赋权法确定决策者权重及属性权重; 最后, 分别引入WITFB平均算子及ITFN的Hamming 距离以改进传统MULTIMOORA决策方法, 基于优势理论可对方案展开综合排序以确定最优方案. 通过算例分析验证本文方法的可行性及有效性.     

一种封闭B样条曲线的扫描线填充算法

给出了一种封闭B样条曲线的填充算法,算法思路与多边形扫描线填充算法思路相似。该算法中使用了水平线与自由曲线的求交算法,水平边的判定方法和给定坐标系下自由曲线极点的判定方法。算法具有较高的效率和广泛的应用价值。     

Application of the Search Conference methodology to planning in higher education

An adaptation of a First-World planning method was successfully used to help solve the problematic situation confronted by a Third-World higher education institution. The Search Conference is a method which enables the necessary conditions for a set of individuals to engage into a comprehensive process of reflection and design over a specific social system or domain. While preserving its essential characteristics, the Search Conference has been adapted to respond to a Third-World organizational environment. The realization of a “massive” conference in a Mexican public university triggered a participative strategic planning process of long-lasting consequences. The university community designed a desired future for the institution which became the guiding force to mobilize it in the agreed-upon direction. They also learned how to plan and carry on projects participatively. Some tangible results are the identification of students' regional demand, with the consequent creation of four new bachelors degrees and two masters degrees; the creation of a program to support those faculty members who would be willing to undertake masters and doctoral studies in outside prestigious universities; the increase in enrollment as a result of combined actions; and the opening of two extension centers off campus to improve the external community's involvement. In conclusion, a change of attitude emerged from the conference, which has been instrumental for the continuing involvement of the internal community in the creation of a new university agreeable to all.     

Reflection-in-Action: Modeling a specific organization through the Viable Systems Model

The purpose of this project is to explore a way for systems practitioners to learn the skills necessary to employ a particular systems model in practice. Reflection-in-Action is one way to embark on a double-loop learning cycle and, thus, develop the tacit skills and inarticulate knowledge needed to employ a particular systems model. Through Reflection-in-Action, a Viable Systems Model (VSM) of the San Francisco Zoo was constructed. This project involved three phases of research; for each, a VSM using the data available was constructed. During each phase, the questioning of current assumptions and operating norms led to changes in the direction of the research. This led to the construction of significantly different VSMs for each phase.     

大点数FFT的多DSPs并行处理算法及实现

在FFT变体的基础上 ,提出一种新的并行算法 :先将数据在几片DSPs上并行地进行前几级蝶型运算 ,然后将结果汇总到另一片DSPs进行后几级蝶型运算 ,以实现大点数的FFT。该算法便于流水处理 ,只有一次简单的数据通讯 ,而且旋转因子规律简单易于将大点数FFT拆分成小点数FFT。应用该算法在多DSPs系统上 (5片TI公司的高速DSP芯片 :1片C6 2 0 2和 4片C6 70 1)实现 2 5 6K点复数FFT只需用 4 9ms,说明该算法有并行度高和易于实现的特点。     

Genetic algorithm for pareto optimum-based route selection

A quality of service (QoS) or constraint-based routing selection needs to find a path subject to multiple constraints through a network. The problem of finding such a path is known as the multi-constrained path(MCP) problem, and has been proven to be NP-complete that cannot be exactly solved in a polynomial time. The NPC problem is converted into a multiobjective optimization problem with constraints to be solved with a genetic algorithm. Based on the Pareto optimum, a constrained routing computation method is proposed to generate a set of nondominated optimal routes with the genetic algorithm mechanism. The convergence and time complexity of the novel algorithm is analyzed. Experimental results show that multiobjective evolution is highly responsive and competent for the Pareto optimum-based route selection. When this method is applied to a MPLS and metropolitan-area network, it will be capable of optimizing the transmission performance.     

基于观测器的不确定非线性系统L1自适应控制

针对一类严格块反馈型不确定非线性系统,采用反步设计方法提出了一种新的基于滑模状态观测器的L1自适应控制方案。由于系统状态不完全可测,首先设计滑模观测器对系统状态进行估计,并分析观测器的收敛性,在此基础上,通过反步法得到系统的理想控制律。为了消除反步控制中的“项数膨胀”,引入非线性跟踪微分器来提取理想控制律的微分信号。为提高系统响应的瞬态性能,消除控制输入的高频振荡,引入L1自适应控制对控制律进行改进,通过理论推导证明了闭环系统的稳定性。最后通过数值仿真算例验证了所设计控制方案具有快速的收敛性、良好的跟踪性等期望性能。