Table of Content

28 October 2003, Volume 11 Issue 5 Previous Issue    Next Issue

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The Effect of Tick Size on the Stock Prices Volatility KONG Ai-guo, HUNAG Jian-bing, HU Wei 2003, (5):  1-7.  Abstract ( 2143 )   PDF (2348KB) ( 2174 )   Save The discreteness of observed stock prices in Shanghai stock market in 2001 is studied in this paper.The results show that the discreteness enhanced the volatility of stock prices.For low price stocks,the"compass rose"patterns of plotting stock returns against themselves with one time period’s lag indicates the auto-correlation of the stock returns.Some simulations show that the discreteness of stock prices makes the variance,skewness,and kurtosis of stock returns deviate their"true"values,and the effects of discreteness on low price stocks are stronger than on high price stocks.At the end of this paper,policy suggestions are proposed concerning the minimum price variation rule for Chinese security market. References | Related Articles | Metrics

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An Analysis of Firm’s Tax Shields on Uncertainty Condition JING Zhi-yong, OUYANG Ling-nan 2003, (5):  8-11.  Abstract ( 2527 )   PDF (1513KB) ( 2063 )   Save On the assumption that EBIT(earnings before interest and tax)is a stochastic variable,whose probability density submits to even distribution,based on the theory of static trade-off,we built models on the relationships among debt and tax shields and the cost of bankruptcy.Finally,in a same debt scope we synthesized tax shields and the cost of bankruptcy into models and analyzed net tax shields and drew a conclusion that there existed optimal debt and thus optimal capital structure,given a group of firm’s parameters. References | Related Articles | Metrics

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Multi-Periods Model of the Personal Consumption and Investment YUAN Jun-peng, SU Jie 2003, (5):  12-15.  Abstract ( 2208 )   PDF (1465KB) ( 2182 )   Save By discussing the problem of personal investment and consumption,a dynamic programming model is set up,which maximizes the general utility of the personal consumption and investment in multi-periods.In the end,an example is given. References | Related Articles | Metrics

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A Generalization of Hua’s Macroeconomics Model XU Da-ju, LIU Jia-zhuang, KONG Shu-lan 2003, (5):  16-19.  Abstract ( 2239 )   PDF (1425KB) ( 1698 )   Save In this paper,we generalize Hua’s macroeconomics model.Increasing consumption and investment,we gain a general model,and after researching into its solution with economic meaning,we find the general model has solution of equilibrium growth.When consumption and investment satisfy some conditions,the model has unique solution. References | Related Articles | Metrics

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DEA-Based Closed-End Fund Performance Evaluation LUO Hong-lang, WANG Huan-chen, TIAN Zhong-jia 2003, (5):  20-25.  Abstract ( 2218 )   PDF (2303KB) ( 1852 )   Save Data Envelopment Analysis(DEA)is a system analysis methodology which is widely used to evaluate relative performance.This paper introduces a multiple inputs-single output DEA model,which considers output as fund returns and inputs as management expenses,transaction cost and standard deviation,to evaluate securities investment fund performance.Subsequently,the performance in 2000,2001,and 2000～2001 of twenty closed-end funds that have listed before 2000 is evaluated.The main results are:Anshun,Pufeng,Xinghe and Jinxing are relatively efficient, Yuyang and Yulong are relatively inefficient in all evaluation periods,and their relative performance all shows short-term persistence;transaction costs per unit and fund returns ratio(not management expenses per unit and standard deviation)are main factors which affect relative performance (not absolute performance) of closed-end fund,especially for fund returns ratio. References | Related Articles | Metrics

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An EOQ Model with Time-Varying Demand and Time-Varying Purchase Price ZHENG Hui-li, DA Qing-li 2003, (5):  26-30.  Abstract ( 2143 )   PDF (1756KB) ( 2215 )   Save This article presents an EOQ inventory model with time-varying demand and time-varying purchase price,and shows that the total cost function is convex.An algorithm to determine the optimal number of reorders and the service level is developed.Many numerical examples and sensitive analysis illustrate how the algorithm works. References | Related Articles | Metrics

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Inventory and Dispatch Models in VMI Systems LIU Li-wen, YUAN Jia-rui 2003, (5):  31-36.  Abstract ( 2097 )   PDF (1449KB) ( 2260 )   Save Vendor Management Inventory(VMI)is a supply-chain initiative where the upriver enterprise is authorized to manage inventories of agreed-upon stock-keeping units at the downriver enterprises.This paper presents three models for coordinating inventory and delivery decision in VMI systems.These three models adopt time-based dispatch policy,quantity-based dispatch policy and time-and-quantity dispatch policy separately.The optimum parameters for each of these three models are given.Finally,advantages and disadvantages of these three policies are compared and applicable situations are analyzed. References | Related Articles | Metrics

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One Shortest Path Problem with ∑ and max Objectives:Algorithms and Complexity LI Bang-yi, SHENG Zhao-han 2003, (5):  37-41.  Abstract ( 2133 )   PDF (2302KB) ( 1804 )   Save In this paper,we study one bi-objective shortest path problem with one ∑ objective and one max objective.Firstly,an algorithm with time complexity O(m2 log n) is given to obtain the presenting efficient solution set.Then two algorithms with the same time complexity O(m2 log n) are given to obtain the ∑ and max optimal solutions for the static and dynamic combined problems.Lastly,two algorithms with the same time complexity O(m log n) are given to obtain the lexicographic order-optimal solution. References | Related Articles | Metrics

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A Rough Sets Method for Modifying Spares Demand of Military Aircraft HE Ya-qun, HU Shou-song 2003, (5):  42-45.  Abstract ( 2180 )   PDF (1198KB) ( 1709 )   Save In the paper,a modified method for spares demand of military aircraft based on rough sets theory is proposed to the effect of non-quantitative factors on the spares demand of military aircraft.Considering the multi-value properties of non-quantitative factors,original rough sets theory with indiscernibility relation is replaced by the extended rough sets theory with tolerant relation.By approximation space under tolerant relation,the decision rules are acquired,and then the modified coefficients are obtained through the decision rules.Finally,the obtained process of modified coefficients is illuminated by an example of tyre spares. References | Related Articles | Metrics

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The Similarity and Measuring Model of Fractal Supply Chain NI Shen-bing, CHEN Jun-fang, ZHANG Li-na 2003, (5):  46-52.  Abstract ( 2158 )   PDF (1396KB) ( 1445 )   Save Supply Chain Management(SCM)was developed by companies in more severe competitive environment to improve their core competence.The traditional stable supply chain models evolved to dynamic supply chain models with more agility due to ever changing market demand and operational environment.But the dynamic supply chain sometimes had problems such as long integration period,unbalanced operation and so on induced by excessive focus on agility.In order to balance supply chain’s agility and stability,this paper presented reconfigurable Fractal Supply Chain with self-similarity,self-organization and self-optimization based upon fractal theory.The construction and operation model was presented in this paper.The similarity of those supply chain was studied particularly with fractal method,a mathematical model based upon fractal method to analyse similarity was also presented in this paper. References | Related Articles | Metrics

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Study on the Numbers of the Participators in Bidding TANG Xiao-wo, CHEN Shao-gang, ZHAO Shu-rong 2003, (5):  53-55.  Abstract ( 2321 )   PDF (679KB) ( 2452 )   Save Based on the analysis of the traditional decision making models,such as Friedman and Hanssman-Rivett,this paper proposes more practical decision making target.Further more,from this newly obtained decision making target,the formula on average numbers or the number of participators for bidders are obtained,which is quite different from the traditional methods according to the historical data or estimations. References | Related Articles | Metrics

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Sales Service Net Structure Optimization of Fixed Strategy for Horizontal Mergers SHEN Feng-wu, XU Yin-feng 2003, (5):  56-59.  Abstract ( 2033 )   PDF (977KB) ( 1580 )   Save From the fore-field of enterprises operation,an optimized model was established under fixed strategy about horizontal mergers,further the algorithm for the model and its complexity were given about integration and optimization of enterprises service net.In this paper,the corresponding simulation is given based on 5 supply points and 30 demand points. References | Related Articles | Metrics

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Research on Profit Distribution of Virtual Enterprise Based on Technical Exploitation Item LU Ji-hua, PAN De-hui 2003, (5):  60-63.  Abstract ( 1887 )   PDF (1357KB) ( 2172 )   Save The reasonable profit distribution is central in the building virtual enterprise,and important to improve the performance of cooperate sides.Based on the profit distribution mix-model and the correlative game theory,the profit distribution model of virtual enterprise on the technical exploitation item was built to confirm the profit distribution coefficient in the agreement and implementation of cooperate sides,which will explode the elevation on the struggling level and resource devotion. References | Related Articles | Metrics

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Incentive Pattern Based on Psychological Contract for the Knowledge-Based Employee XIAO Yuan 2003, (5):  64-69.  Abstract ( 2239 )   PDF (1371KB) ( 2715 )   Save In this paper,by analyzing the feature of the knowledge-based employee,the management core is to bring the latent energy of the employee into full play.Incentive pattern based on psychological contract is presented.Key themes include valid incentive on the observable behavior and the non-observable behavior. Let its action be consistent with organized aims.A digitized model of the incentive employee’s activeness and effectiveness is given in the end. References | Related Articles | Metrics

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Quality Prevention Decision Analysis in Supply Chain under Asymmetric Information ZHANG Cui-hua, HUANG Xiao-yuan 2003, (5):  70-75.  Abstract ( 2115 )   PDF (1125KB) ( 1398 )   Save Quality prevention decision problem in supply chain is studied under different information backgrounds.Based on the quality contracting optimization models in references[1,2],a principal agent model concerned with quality prevention decision is set up with regards to supplier as principal and buyer as agent.In the models,quality prevention and up-front payment variables are decided by the supplier,quality evaluation variable is decided by the buyer.Focus is on the study of quality prevention decision problem under asymmetric information.Maximum principle is used to get the solution to quality prevention and up-front payment variables when buyer evaluation information is hidden.At last simulation is done concerned with an agricultural machines company’s tractor selling problem.Simulation results under different information backgrounds are analyzed and compared. References | Related Articles | Metrics

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Genetic Algorithm-Based Optimization of the Distinguishing Coefficient in Relational Analysis ZHANG Qi-shan 2003, (5):  76-79.  Abstract ( 2341 )   PDF (1356KB) ( 1910 )   Save How to choose the distinguishing coefficient will affect the distinguishing information degree or grey relational order of relational analysis.Optimization method of the distinguishing coefficient is set up,on the basis of the integration of genetic algorithm(GA)and the difference information entropy in grey theory.Lastly,a sample is shown. References | Related Articles | Metrics

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Study of Conceptual Learning and Operative Learning in Manufacturing Firms DU Rong, HU Qi-ying, WAN Wei-wu 2003, (5):  80-84.  Abstract ( 1942 )   PDF (1594KB) ( 1739 )   Save In this paper we build an optimal control model,which quantitatively characterizes the dynamic impacts of conceptual learning and operational learning on variables such as level of cumulative knowledge,productivity,production cost per unit,and quality,and the aggregate impact of these variables on profit in the planning horizon.The distinct feature of our model is that it can normatively formulate the complex relationships among a variety of variables.We summarize the main results about the optimal conceptual learning and operational learning policies derived from the model analysis.More important,we analyze in detail the applications of these results to the practical learing in manufacturing firms. References | Related Articles | Metrics

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TPL Cooperative Game Analysis Based on the Asymmetric Information Theory LIU Zhi-xue, XU Ze-yong 2003, (5):  85-88.  Abstract ( 2544 )   PDF (1770KB) ( 3247 )   Save Supposing both operation ability and effort level are primary information to a third party logistics service provider, here was established a cooperative game model between a third party logistics buyer (the principal)and the supplier(the agent).Furthermore,we applied maximum principle to our analysis and obtained both the players’ cooperative strategies.Finally,on the assumption that the supplier is risk-neutral the risk cost,incentive cost and total agency cost were analyzed respectively. References | Related Articles | Metrics

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Study on Evaluation Models for Relative Efficiency for Scientific Research Organization GUAN Zhong-cheng, ZHANG Yan 2003, (5):  89-94.  Abstract ( 2124 )   PDF (1517KB) ( 2054 )   Save The paper analyzes the characteristic of the scientific research organization and the problem in the evaluation work,then advances the answer to the problem.We establish the model for synthesized analysis of scientific research organization by DEA,and test the model in practice. References | Related Articles | Metrics

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Intrinsic Motivation and Extrinsic Incentive PU Yong-jian, ZHAO Guo-qiang 2003, (5):  95-100.  Abstract ( 2639 )   PDF (1854KB) ( 4286 )   Save This paper discussed the relationship between intrinsic motivation and extrinsic incentive,confirmed their status in incentive mechanism design.By modeling analysis,we found that intrinsic motivation can exert significant incentive effect to the agent’s behavior, which can improve the agent’s effort.Especially,when the individual’s intrinsic motivation boosts,it can be the substitution of extrinsic incentive,intrinsic motivation is the source of effort and should be the core of incentive mechanism,and extrinsic incentive is the complement to intrinsic motivation. References | Related Articles | Metrics