Model of Real Estate Portfolio Investment Based on the Least Risk

The high-speed development demands new real estate investment theory. Using the experiences of the Western developed countries for reference in property investment and modern portfolio investment theory, the paper introduces the conception of systematic and unsystematic risk with the centre of risk and profit. Consequently, the model of real estate base on least risk and anticipated profit is studied in the discussion of its concerned hypothesis and determining the concerned parameters. With living example analysis, we reach the conclusion that portfolio investment risk is smaller than single investment if the investor adjusts the tactics of portfolio investment.     

An Application of Hamilton-Jacobi-Bellman Equation in Optimal Investment

The simple portfolio investment model is given, with the HJB equation. The optimal portfolio investment problem is discussed under some given supposition, the quantitative relations are gotten between the investment strategies and riskless investment income rate and risk investment income rate are gotten. And with the quantitative relations, we study the qualitative relations between the investment strategies and riskless investment income rate and risk investment income rate. This also accounts for the effect of the falling interest rate of RMB on the national economy.     

Research on a Risk Investment Portfolio with Stochastic Character

With the theory of stochastic differential equation, the authors discuss a problem of a class of risk investment portfolio with stochastic character. With the selection of appropriate utility function and combines the Hamilton-Jacobi-Bellman equation, under the assumption that an optimal portfolio exists, and by using the Homologous Lagrangian function, some quantitative results of this risk optimal investment portfolio are given. With these quantitative results, some qualitative results are got. These results concord with the results of the theory of risk investment.     

Some Properties and Model of the Efficient Margin in Portfolio Combinatorial Investment

This paper proves some properties of the efficient margin in portfolio combinatorial investment and presents a methematical model for calculating the optimal weighted vector of portfolio combinatorial investment     

Analysis of Portfolio -Effect in Tax Planning

The quantities of taxes, as an important and difficult factor of finance, influences directly profits that corporations really got. Tax planning in enterprises could be regard as one portfolio investment of securities. Being concerned of cost and risk, portfolio theory is used as a new way in study of tax planning to evaluate validity of planning program and make optimal choice to achieve the portfolio-effect which is more planning profits and less planning risks.     

Analysis on Strategies to Construct Portfolio Insurance

The strategies of portfolio insurance are introduced according to its principles and design thinking.The(authors) give the simple mathematical models and practical processes of option-based portfolio insurance(OBPI),constant mix(CM),constant proportion portfolio insurance(CPPI),and time-invariant portfolio protection(TIPP),and use risky assets containing 180 index's stocks of Shang-hai Stock Exchange and risky-free assets containing bonds to form portfolio to do empirical simulating.Based on the results,they analyze the above strategies comparatively,gives the(related) investment suggestion,and shows how to avoid risk without restriction on profit.     

Two Optimization Methods for Portfolio Investment Decision

On the basis of introducing some fundamental theories and computational methods of portfolio investment, this paper derives a decision model for searching optimal portfolio with the utility function. Then,after comparing the new model with the conditional extreme optimization model,which has been usually considered by people,the result shows the new model would be more efficient under certain conditions.     

Liquidity Risk Management of the Open-end Securities Investment Fund

The main object of this paper is to research the liquidity risk management of the open-end securities investment fund in line with the real position of China's securities market and investment regulation of the open-end securities investment fund.So the paper concentrates on discussing the redemption forecasting methods,stock liquidity assessment system,portfolio selection in line with the redemption forecast,and financing from the other institution,which are the main parts of liquidity risk management of the open-end securities investment fund.     

Application of Cluster Analysis in Stock Investment

The primary methods of stock investment analysis are fundamental analysis ,technic analsis and portfolio investment analysis.Based on analyzing the applicability and limitation of these methods, the paper is applying the cluster analysis in the stock investment, and pointing out it is a feasible and effective way to give advices to stock investment. Cluster analysis firstly looks into the industry factor, company factor, profitability and pullulation of each stock, so people can discover the investment value through stock'immanent value which is decided by their fundamental characters.To gather the similar stocks,a synthetic evaluation index system is erected to measure the similarity of stock all-roundly and objectively. Cluster analysis can help investors hold the whole character of stocks, make certain of investing scale and suppose the possible variation of stock price.So it will be easier for investors to choose investing occasion.     

Existence of an Arbitrage about Portfolio in an Unequilibrium Market

This article has discussed the problem of an arbitrage about an portfolio in an unequilimarket and got a determinable theorem about existence of an arbitrage about an portfolio. According to this theorem,an arbitrage about portfolio is not existing if there exists a respect martignal measure.A structural result about existence of arbitrage about an portfolio in a market is gotten. All results represent the existence of an arbitrage about an portfolio is related closely to the type of market.     

Optimal Model of Portfolio under Safety-First Criteria and Portfolio Performance Management

We point out the shortage of optimal portfolio model which was suggested by Markowitz in 1952, this theory has been less useful in practice because one must know indifference curves of investors. We propose safety first criteria and get optimal portfolio model under this criteria. Two methods are given to do with probability condition, and we obtain optimal portfolio. At last, we give safety first index to portfolio performance management.     

VaR Model and Application to Securities Investment Management

VaR model is one of methods to measure and control market risk.This paper analyzes VaR model principle and its main factors.According to function relation,the relationship between the portfolio value and its market risk factors are sorted in two kinds: linear and nonlinear.The method of calculating the VaR is put forward.Finally,the article analyzes the application of VaR model to portfolio,risk control,information disclosure and financial supervison.     

Study on Application of Value - at - Risk to the Risk Evaluation of Construction Project Bidding

The value-at-risk(VaR) model is a statistical model to estimate and control financial risk,and used to measure the most probable loss on the next deal stage of financial asset portfolio.Based on the principle of the value-at-risk,in this paper the value-at-risk is to be applied to the risk evaluation of construction project.Assuming the sub-project prices abide by the BQ model are random variable which conform to normal distribution,this paper has built up the portfolio of project according to biding and quoted price of construction project,and adopted the variance-covariance method to measure the value-at-risk of the biding and quoted price in order to provide a feasible risk analysis tool for the evaluation of construction project bidding.     

Empirical Study on the Macroeconomic Performance of China''s FDI

The problem on performance of foreign direct investment is the heart of matters, which are further expanding foreign direct investment in China and strengthen international competitive ability of Chinese enterprises. The empirical study on macro performance shows that foreign direct investment in China has made no difference to economic growth and export promotion, both long term and shot term; for a long term, it has no remarkable effect on foreign exchange reserve, but remarkable and negative effect in a short term. It has no any effect on domestic investment in long or short term. There is no balance relation in long term and no cause and effect relation either between foreign direct investment and FDI inflow, or between foreign direct investment and total factor productivity. Foreign direct investment in China has no remarkable effect on macro performance.     

Real Option Method in Real Estate Investment Decision

Through analysis of basic assumptions and limitations of the conventional real estate investment decision method, in this paper, its unconformity to the investment environment, which includes a great number of uncertain elements, is pointed out. By analyzing the real option and the price formula, the pattern of real option in real estate investment decision is put forward and this breaks through the limitations of the conventional investment decision method and makes the decision scientifically and reasonably, moreover, it has some directive significance to investment administration work of real estate corporation.     

Application of Flow Analysis to Risk Management of Land Investment

Combined with the development flow of real estate project,firstly a flow analysis is put forward for land investment risk identification of real estate projects,then by method of list analysis and method of expectancy computing to determine the risk level and the gain and loss of expectancy of land investment.Based on the relation and flow chart of land investment risk,the risk intensity of land investment is computed,in order to achieve an objective,effective and scientific dynamic management of land investment risk.     

基于通径分析的政府农业科研投入主要方向研究

政府是我国农业基础性、战略性和公益性科研投入的主体,投入的对象为农业公共科研机构,这些机构承担着大量基础性、前沿性和公益性研究任务。政府对农业科研机构的支持方向包括专项课题研究经费、科研单位事业费、加强科研人才培养的基本科研业务费、加强农业科研基础条件建设的仪器设备购置费和科研用房建设修缮投资等。从短期来看,政府对农业科研投入的总量虽在不断增长,但毕竟我国财力有限,政府用于农业科研发展的投入增量也有限,提高政府投入效率的一个重要层面就是要在既定的政府投入总量下,调整投入方向。本文以农业科研单位为例,采用定量分析方法,利用通经分析模型,判断了我国政府农业科研投入的主要方向,并提出了相关的措施和建议。     

近郊与远郊农户耕地投入偏好差异研究——基于云南省512户农户调查

农户对耕地投入的偏好,关系到耕地可持续利用与粮食安全。采用参与式农村评估方法,对云南省5对典型的近、远郊村512农户进行随机问卷调查,定量对比分析近、远郊村农户对耕地投入的偏好差异。结果表明：无论是劳动、机械、资金还是总投入,近郊村户均投入明显低于远郊村而地均投入则高于远郊村,近郊村耕地利用集约度比远郊村高;在耕地投入结构中,近、远郊村劳动投入均占绝大部分,但近郊村农户对劳动投入偏好强于远郊村而对资金投入偏好则弱于远郊村;对于耕地进一步投入意愿,大部分农户基本保持不变,但农户总体倾向于减少劳动力投入而增加资金投入,且远郊村比近郊村更为突出;农户总体趋向增加“好”质量耕地投入而减少“差”质量耕地投入,且远郊村比近郊村更为突出。应尽快采取措施促使农村特别是远郊村耕地顺利流转而扩大耕地流转规模,尽早实现耕地的规模经营与可持续性投入。     

Financial Risk Measurement: CVaR

The precise measurement to risks is principal for the effective risk management,both major in theory and practice.Value-at-Risk,a widely accepted risk measure,has some deadly deficiencies.The authors introduce a new risk measure,Conditional-Value-at-Risk,which comes into being based on the VaR measure. They introduce CVaR's definition and the risk-measuring model on it and also its applications in portfolio management,comparatively with VaR measure.     

江苏省农村公共投资现状及不同类型农村居民对公共投资期望的个案考察

在把握江苏农村公共投资现状基础上,通过个案调查对农村居民公共物品需求进行考察并提出相应政策建议。笔者研究发现,农村居民公共物品需求明显表现出“生产第一、生活第二”规律,不同类型农村居民对公共投资的期望不存在显著差异;虽多数农村居民认识到“投资非农产业收益较高”,但多数农村居民仍非常重视农业生产,对农业生产公共物品的政府投资抱很大期望;农村居民对公共物品的期望排序与宏观层面农村公共投资收益率大小次序基本一致,农村居民急需的公共物品也是政府投资收益率较高的公共项目。