摘要：贷款保险多见于住房及汽车抵押贷款，它是借款人在申请抵押贷款时根据合同约定而 购买的专门设立的住房或汽车贷款保险，保险人对于合同约定的可能发生的事故因其发生所造成的财产损失承担赔偿保险金责任。本文所要讨论的贷款保险期权是一种银行与保险公司之间订立的带有期权性质的协议。由于它的设计原理类似期权，因此可以视为一种新的衍生工具。本文将详细介绍其风险收益、运作原理和避险原理。

动态联盟中成员的核心能力为成员提供了把握市场机遇、组建动态联盟的平台。本文利用实物期权模型和方法对动态联盟的组建进行了研究，重点研究了成本节约效应和技术创新效应及其成员相对重要性对组建动态联盟时机的影响。研究结果表明，成本节约效应愈大，盟主越倾向于组建联盟，也越能促进动态联盟的快速组建；而技术创新对动态联盟组建的影响要受到盟主和成员创新成本系数和在动态联盟中的相对重要性的影响：在Nash均衡情况下，动态联盟组建的时机随着创新成本系数的增加越来越接近成本节约效应的情况，而当盟主在技术创新效应中的相对重要性的逐渐降低，组建联盟的时机呈现出非线性非单调的变化。

研究金融市场动力学特征是近年兴起的研究热点之一，其在实践上是具有价值的，正如Jose和Carlos(2004)所指出的实施动力学行为是有可能减缓墨西哥金融危机危害的。本文给出了新的测量金融市场动力学性质的简洁有效模式，并通过中国的金融市场实证检验了这些模式的功效。

中国证券市场在过去的10年中获得了长足的发展，市场规模逐步壮大，与此同时，投资者数量的快速增长也为各种投资理念提供了应用的机会。针对证券市场形势的变化以及作为其重要参与者的基金的发展壮大要求，如何在新的市场形势下确定投资理念是广大机构投资者包括基金行业所共同关注的问题. 在投资理念确定过程中，分散化亦或集中化的选择，对上市公司投资价值的评定是两个关键性的问题，本文在回顾已有的投资理念的同时, 就这两个方面进行讨论：(1)集中化的精选个股与分散化的组合投资.(2)上市公司的价值评估(公司的绝对价值与相对价值).

控制金融风险已经成为世界范围的一个带共性的问题，完善的会计核算与严密的会计控制是金融风险管理的基础，从会计层面、微观角度来剖析金融风险及其会计表现、会计动因与防范措施，有利于减少风险积聚、促进金融业的稳健经营。

We propose a new diagnostic test for linear and nonlinear time series models,using a generalized spectral approach+ Under a wide class of time series models that includes autoregressive conditional heteroskedasticity (ARCH) and autoregressive conditional duration (ACD) models, the proposed test enjoys the appealing“nuisance-parameter-free” property in the sense that model parameter estimation uncertainty has no impact on the limit distribution of the test statistic+ It is consistent against any type of pairwise serial dependence in the model standardized residuals and allows the choice of a proper lag order via data-driven methods. Moreover, the new test is asymptotically more efficient than the correlation integral?based test of Brock, Hsieh, and LeBaron (1991, Nonlinear Dynamics, Chaos, and Instability: Statistical Theory and Economic Evidence) and Brock, Dechert, Scheinkman, and LeBaron (1996, Econometric Reviews 15, 197?235), the well-known BDS test, against a class of plausible local alternatives (not including ARCH). A simulation study compares the finite-sample performance of the proposed test and the tests of BDS, Box and Pierce (1970, Journal of the American Statistical Association 65, 1509?1527), Ljung and Box (1978, Biometrika 65, 297?303), McLeod and Li (1983, Journal of Time Series Analysis 4, 269?273), and Li and Mak (1994, Journal of Time Series Analysis 15, 627? 636). The new test has good power against a wide variety of stochastic and chaotic alternatives to the null models for conditional mean and conditional variance. It can play a valuable role in evaluating adequacy of linear and nonlinear time series models. An empirical application to the daily S&P 500 price index highlights the merits of our approach.

本文对企业在持续创新过程中的创新行为采用实物期权的方法进行了研究。研究结果表明，市场不确定性和研发成功的不确定性会促使企业进行储备投资；两因素的相对变化――新产品对旧产品市场需求的影响程度和新产品对旧产品生产成本的差距――影响着企业产品创新和工艺创新的选择。

中文摘要： 随着我国与世界各国经济往来的日益密切和国际金融的不断泛化，我国将逐渐融入国际金融市场的大环境。一些原本不为我们所熟识的金融衍生产品将逐渐影响并改变我们的经济生活。外汇按金交易作为80年代全球金融创新年代的新锐产品，首当其冲受到业内人士的普遍关注。随着中国外汇管理政策改革的进一步深化，推出衍生品交易时机已经成熟，按金交易也将应运而生。 English Abstract: With the closer relationship between China and foreign countries in the world and the further development of the international financial business, China will be gradually involved in the international financial market on a wide range. Some of the financial derivatives that we were not familiar with are going to make great influence and bring a lot changes in our economic life. As the new and great product in the world financial innovation activities, The Leveraged Foreign Exchange without no doubt will be the focus of the professional people in the banking industry and financial regulating sectors. Since the rules of the SAFE have changed a lot, the right time for the entering into foreign exchange market of financial derivatives becomes available. Thus, it is possible to remove the prohibition of The leveraged Foreign Exchange.

本文分析了我国上市公司的非理性分红现象，发现现有的股利分配理论不能解释公司的非理性分红行为，监管层的政策引导也不能完全解释这种分红现象。我们的实证研究表明：在我国股权分割的特殊背景下，大股东个体利益最大化是影响公司非理性分红的重要因素。在控制了控股股东的股权比例后，我们发现民营控股的比国有控股的上市公司非理性分红倾向更强。股东间的权力制衡和内部监控机制对抑制非理性分红的作用不明显，而负债对非理性分红行为起到一定的限制作用。

Soft budget constraint refers to the situation where an economic entity expects to obtain economic assistance when in financial difficulties. During the past decade, a sizable literature has accumulated explaining the causes and consequences of the soft budget constraint. Many of the theories have traced soft budget constraint on enterprises to that on banks. However, why do banks often face soft budget constraint? How to mitigate the resulting problems? In this paper, we first show that owing to their special financial structure, banks as market institutions intrinsically face hard budget constraint and nevertheless remain stable and effective. Since banks’ finance mostly comes from deposits, it is very difficult for banks to be refinanced when their investment projects are unsuccessful due to the sequential service arrangement for bank deposits. This limitation hardens the budget constraint on banks and disciplines bankers’ investment decisions. However, the advent of instantaneous-social-welfareminded modern governments, which have both the resources and the incentives to bail out failing banks, gives rise to the soft budget constraint of banks. This causes bankers’ moral hazard problems. As an institutional solution to the resulting banking instabilities, banking regulation emerged in order to restrict banks’ investment decisions. We provide historical evidence on the genesis and symptoms of, and institutional solution to the soft budget constraint of banks over the past six hundred years to support our theory. We also conduct contemporary econometric analysis to show how the lack of government commitment to a hard budget constraint gives rise to a strict banking regulation. We further explore the predictions of our theory in the paper.