提出了中国供应链金融指数体系的具体指标及计算公式,其中,价格与风险指数体系包括价格指数、风险指数和夏普指数;规模与信用指数体系包括融资物金额规模指数及企业规模指数、核心企业信用指数和质押率指数.价格与风险指数的测算结果表明,2018年1月到6月供应链金融市场比较平稳,而7、8月则出现了较大的风险.规模与风险指数的计算结果显示2018年1月至6月,企业数量规模与融资物金额规模都急剧上升.通过对整个指数体系计算结果的分析,进一步验证了供应链金融是解决中小企业融资难、融资贵的有效途径,并能起到较好的预测经济发展的作用,但供应链金融市场还需要进一步规范和完善.

With the rapid development of transportation industry and China's economy, the construction and development of low-carbon transportation system is an important support to the development of low-carbon economy and sustainable economy in China, and is the only way to realize the low-carbon and sustainable development of the transportation of the transportation industry. Based on the existing problems in the transportation system, the article analyses the importance of developing the low-carbon transportation system, and propose measures of establishing the low-carbon transportation system.

<正>保险业发展的坏境经过各国共同的努力,金融危机逐步远去,后金融危机时代来临。通过反思总结新自由主义、金融制度和经济社会秩序等,发达经济体将重返经济发展轨道。我国应对国际金融危机和社会经济形势所提出的保增长、重民生、扩内需与调结构的指导方针和总体要求不仅在2009年初见成效,而且也将成为2010年经济社会发展的主旋律。

<正>2008年10月16日,是中国股市最高点6124点一周年的日子,当天,上证A股以1909点收盘,跌4.25%。一年之间,中国股市暴跌4215点,跌幅达到69%,一度成为世界上跌幅最大的股市。在这种背景下,广大股民损失惨重,甚至有人资产损失以超过90%以上。

DEA is a widely used model of the relative efficiency evaluation. But DEA is a evaluation model that make the best use to the Decision Making Unit, which is the reaction to the economical efficiency of the Decision Making Unit. But to the railway transportation enterprises, which take the responsibilities of the Public transportation, the evaluation that simply about the economical efficiency of the Decision Making Unit is unfair, we must evaluate the public efficiency of the Decision Making Unit, which requires the non-efficiency improvements of the Decision Making Unit. Compared to DEA, Inverted DEA is a evaluation model based on the perspectives that worst to the Decision Making Unit. In this study, taking 18 Railway Administrations (companies) as Decision Making Unit, we make a comprehension evaluation from both economical and public ways with DEA and IDEA.

Based on the data of the central parity of RMB against the U.S. from 2007 Jan to 2010 Febr, make the pulse model and analyze the influence of the Beijing Olympic Games on the RMB / dollar exchange rate. The results show that: the Beijing Olympic Games indeed had an impact on the yuan / dollar exchange rate, and to some extent, the impact is the pulse effect.

The essence of the technological capability in enterprises is knowledge. The improvement of technological capability of an enterprise must be based on the growth and accumulation of the internal knowledge. Having investigated 128 enterprises of the manufacture industry in China, this article presents that there is significant positive correlation between the construction of a knowledge platform and the improvement of technological capability in enterprises. Therefore, constructing a knowledge platform is one of the effective ways for an enterprise to improve its technological capability.

The nature of one enterprise's technological capability is its knowledge. An enterprise's technological capability improvement is based on its knowledge growth and accumulation within the enterprise. Through making the survey on 128 China manufacturing corporations, we find that, between the knowledge platform construction and the enterprise's technological capability elevation exist a significant positive correlation. So constructing the enterprise's knowledge platform is one effective method to elevate the enterprise's technological capability.

The nature of one enterprise' s technological capability is its knowledge. A enterprise' s technological capability improvement is based on its knowledge growth and accumulation within the enterprise. Through making the survey on 128 China manufacturing corporations, we find that between the knowledge platform construction and the enterprise' s technological capability elevation exists a significant positive correlation. So constructing the enterprise' s knowledge platform is one effective method to elevate the enterprise's technological capability.

Products are the carrier of an enterprise's technology capability .From importing 200km per hour train and realizing its localization to building the first high-speed railway in the world whose overall trip speed attains 350 km per hour, China Railway High-speed has realized the great promotion of production enterprises' technology capability. This paper attempts to analyze the knowledge management patterns and processes in the different stages of CRH train production enterprises' technology capability evolution.

The statistical index system of the railway industry is the core carrier of railway statistics.On the basis of fully analyzing deficiencies and defects in the statistical indices of the current Chinese railway transportation system,the function of statistical indices of the railway transportation system and the design principles are defined.In combination with the needs of railways development and the statistical management system characteristics, the experience of the statistical index systems of foreign railway transportation systems and related domestic transport industries is absorbed,and the existing index system of the Chinese railway transportation sysem is adjusted.Preliminary design of the system includes a new framework of seven sub systems.The establishment of the new framework a foundation for design refinements.The new set of added value accounting and the economic evaluation subsystem and sustainable development subsystem can better meet the needs of decision-making in railway transportation management.

The technological capability of an enterprise is its source of sustainable competitiveness. However, the key point of whether the technological capability of the enterprise can be fully exploited lies in whether there is an effective mechanism to integrate the knowledge of all the elements of technological capability. This thesis constructs a knowledge platform model in enterprises with technological capability, and also investigates some case studies using this model.

This paper empirically examines the agency explanation of the diversification discount based on the static comparative and dynamic analysis, employing the panel-data fixed-effect model to control for the endogeneity of corporation governance, by the sample consisting of 614 Chinese listed corporations from year 2001 to 2004. The paper's new findings are that the governance and ownership structure differentials indicate the existence of two facets of agency conflicts in diversified firms compared to focused firms, which includes not only managers and controlling shareholders but controlling shareholders and minority shareholders; two facets of agency conflicts directly cause diversification discount; the balance of ownership identity and concentration and the board of directors effectively moderate the agency conflicts, and there is a downward trend in corporate diversification.

Thispaperempirically examines the agency explanation ofthediversification discount based on thestatic comparative anddynamicanalysis, employing thepanel-data fixed-effect modeltocontrol fortheendogeneity ofcorporation governance, bythe sample consisting of614Chinese listed corporations fromyear2001to2004.Thepaper's newfindings are that thegovernance andownership structure differentials indicate theexistence oftwofacets ofagency conflicts in diversified firms compared tofocused firms, which includes notonlymanagers andcontrolling shareholders butcontrolling shareholders andminority shareholders; two facetsof agencyconflicts directly cause diversification discount; thebalance ofownership identity andconcentration andtheboardofdirectors effectively moderate theagency conflicts, andthere isa downward trend incorporate diversification.

进入21世纪,美国跨国企业的主要技术战略模式已转变为技术开发战略和技术管理战略的综合模式。文章从技术开发战略和技术管理战略两方面,对美国跨国企业(主要是高科技企业)的技术战略从循环模式向综合模式的发展过程进行分析。

一、引言 关于多元化经营和公司价值之间关系,20世纪90年代初大多数实证结论表明:发达资本市场上多元化经营是折价的[1].但最近的实证研究发现,考虑到部门数据的偏差[2]、关键变量的度量偏差[3]及多元化经营内生性[4]等问题,多元化折价会消失甚至转为溢价,因此将多元化折价细分为三类:弱势折价[5]、半强势折价[6]、强势折价[7].但对于多元化经营动因的研究,多从代理成本因素方面进行理论和经验论证,资源和市场势力等因素却局限在理论方面探讨,实证研究不足.对于新兴市场而言,目前虽有研究论证了多元化溢价的存在[8],但对于多元化经营的动因体系及其实证研究细节问题还有待进一步完善.

In contemporary times,technology is a key factor of maintaining our competitive advantages in fierce competition.At the meantime,the effective integration of business strategy and technology strategy is of very importance for their development.This paper analyzes the existing problems in our manufacturing enterprises from the point of the operation mode and matching of technology strategy,business strategy,and gives some recommendations about the integration of technology strategy as well as the business strategy in our manufacturing enterprises.

Statistical index system of Chinese railway industry is the core carrier of railway statistics.In this paper the current statistical index system of Chinese railway industry is evaluated.Then the position and basic principle of designation for statistical index system are discussed.At last we design the new framework of statistical index system for Chinese railway industry.

The paper studies the impact on the stock market of Shang Hai resulted from the adjustment of interest rates by using event study and error correction model from 1996yr on.The findings are that the interest rate policy has the sensitivity effect,the time-lag effect in short time and has negative effects on the stock market in a long time.

在我国深入贯彻可持续发展战略的形势下,大力发展环保产业势在必行.环保投资基金成为环保产业投资资金的重要来源,基金管理者应该做好基金投资决策,降低基金投资风险,提高利润,以此吸引投资者的目光,积极支持环保产业的发展.