Understanding and Thinking on the Profits of Government from City Landuse

In this paper some factors influencing the profits of government from city land, including urban planning, land translation and tax & fee of land etc. The authors also give some suggestions & measures for raising the profits from city land for the government.     

Option-pricing of Completeness Market and the Choice of Hedging-trade Strategies

This article is based on the existence of an arbitrage about a portfolio in an disequilbrium market under the supposition of the stochastic market. The authors defined the T option priee equilibrium price, and illuminated these definitions at first. With the knowledge of stochastic analysis, it is demonstrated that the price of European put option equals its callo ption. They both equal equilibrium price. In addition, under the same supposition, it is discussed that the choice of hedging trade planning, got the formula of hedging trading.A example to show how to use the formula.     

浅析新疆农村居民点的整理

农村居民点整理是提高农村居民点用地效率和集约化程度、促进土地有序、合理与科学化利用的重要手段,也是改善村容村貌,改善农村生活条件和生态环境的主要措施。为此,根据新疆农村居民点特点及现状,指出农村居民点用地存在的问题及其原因,对农村居民点整理的效益和有利因素进行分析,提出要加强宣传,健全各种规章制度,对农村居民点进行村镇建设规划,以此控制用地规模,提高土地利用效益。     

浅析新疆农村居民点整理

农村居民点整理是提高农村居民点用地效率和集约化程度、促进土地有序、合理与科学化利用的重要手段,也是改善村容村貌,改善农村生活条件和生态环境的主要措施。为此,根据新疆农村居民点特点及现状,指出农村居民点用地存在的问题及其原因,对农村居民点整理的效益和有利因素进行分析,提出要加强宣传,健全各种规章制度,对农村居民点进行村镇建设规划,以此控制用地规模,提高土地利用效益。     

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.     

A Caculation Method of Portfolio Investment under the Risk Mininiz

According to the security investment theory of Markowitz,this paper presents aCaculation method of portfolio investment under the risk minimization,and some mathematic expres-sions of the efficient frontier for portfolio investment are conducted.Based on these,the efficientfrontier is proved as a parabola,and a practical caculation process is given.     

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.     

Urban Growth Boundaries and Betterment: Rent‐Seeking by Landowners on Melbourne's Expanding Urban Fringe

Melbourne's Urban Growth Boundary (UGB) was legislated in 2002 and expanded substantially in 2010. Although based on strategic planning goals, UGBs have the capacity to influence land and housing markets. Landowners on the rural–urban fringe are a stakeholder group directly impacted by UGB policy, with multiple interests in containment policies and any land‐value effects. Following the 2010 expansion, substantial windfall profits to “instant millionaire” Melbourne landowners were openly reported. This paper critically interprets claims made by landowners in 264 public submissions responding to the proposed UGB expansion, and to an accompanying new policy instrument, the Growth Areas Infrastructure Contribution (GAIC). The GAIC was, in effect, a hypothecated tax on betterment expected to result from the UGB shift. Landowners commonly expressed fears that the UGB shift would not result in claimed value increases. On this basis, the GAIC was revised such that it is—at least in intention—a system wherein the tax is to be paid by housing developers and passed forward to homebuyers. The paper argues that the series of changes to the UGB and GAIC, including the modified “purchaser pays” system, may be understood as a response to rent‐seeking policy pressures from existing landowners as “insiders.” Although the unpopularity of the GAIC with landowners might have been anticipated, the outcome appears to legitimise their misinterpretation of the premise of development gain. A broader implication is that rent‐seeking behaviour by existing property owners can determine whether and how strategic planning policies are implemented.     

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.     

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.     

Analysis of Third Party Logistics Integrated Profits

As specializing third party logistics, logistics companies do not participate in the goods' dealing. They get profits from serving customs. However ,they hunt for not only general profits, but integrated profits. This article analyses the source, character and allotment of integrated profits from the point of view of economics. At last, the article points out that the logistics companies should progress to logistics integrated logistics providers.     

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.     

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     

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.     

浅谈桑树在林业可持续发展中的优势

桑树抗逆性能较强,在干旱、寒冷、风沙较大的丰宁县5个月可长高1~1.5m,当年成林,生态效益明显;15kg桑叶用于养蚕,1个月时间可转化出1kg鲜蚕茧,毛收入8~10元,周期短,经济效益高;桑叶营养丰富,其蛋白质含量是小麦的2倍,可做畜禽饲料,蚕、桑均含药物成分,可开发保健食品和药品,社会效益潜力大。在林业可持续发展中有较强的优势。     

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.     

面向协作定价的上海蔬菜供应链整合研究

通过对上海地区蔬菜供应链结构的调研,分析了几种典型蔬菜供应链结构的优势和存在的问题。以批发市场占主导的上海蔬菜供应链为例,从供应链整合中最核心的协作定价策略出发,运用二层规划模型对该供应链进行协作定价的决策分析,以期确定能实现供应链整体收益和各主体收益稳定增长的合理价格,并提出了能保护农民和市民利益的理想蔬菜供应链结构。     

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.     

从天冬-玉米的示范种植探讨"粮-药间套"增益模式

采用天冬单作、玉米单作和天冬-玉米套作3种种植模式,考查了整个生产过程中其主要生产资料和劳动力的投入以及产值等关键指标.对不同种植模式的经济效益对比分析结果表明,天冬-玉米套作比天冬单作增收21.8%,比玉米单作增收564.9%.天冬单作虽比玉米单作增收446.0%,但天冬种植三年后才能收获药材,没有短期收益.因此,3种模式中天冬-玉米套作的效果最佳.这一研究结果为种植业提供了一条"粮-药间套"的有效增益模式.     

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.