隐性存保、显性存保与金融危机:国际经验与中国实践

2015年推出的存款保险制度(DIS)是我国提高系统性风险防范能力的重要举措。长期以来,我国实行隐性全额存款担保,由政府为问题银行完全兜底,这与美国、加拿大等早期建立DIS的国家差异较大,难以直接借鉴其经验。因此,本文基于后期推行显性DIS的57个国家的跨国面板数据,考察从隐性DIS转换到显性DIS对金融危机发生概率的影响,发现显性DIS显著增加了银行退出的概率,同时对金融体系其他部分具有\"溢出效应\",能够显著降低非银行类金融危机的概率。这是由于显性DIS仅提供有限保险,减少了道德风险,有助于问题银行退出市场,同时减轻了政府的财政负担,降低了系统性金融风险。进一步,本文考虑不同设计要素对银行危机与其他金融危机的不同影响,发现对银行部门最优的DIS制度安排,对整个金融体系并非最优。结合十九大\"守住不发生系统性金融风险的底线\"要求,本文就我国的《存款保险条例》提出了改进建议。“计量经济学”教育部重点实验室(厦门大学)、福建省统计科学重点实验室和“高等学校学科创新引智计划资助”(B13028);;中央高校基本科研业务费专项资金和国家自然科学基金项目“利率市场化背景下的存款保险制度与金融风险研究:跨国实证分析与中国实践”的资助与支

基于对偶分析的四阶矩CAPM基金分离定理

根据Kimball的偏好理论假设投资者偏好奇数阶阶矩,厌恶偶数阶阶矩,利用证明得到的3个等式约束条件下的对偶引理,最终得到四阶矩CAPM的基金分离形式和有效投资组合.同时,直观地给出一种特殊情形下的基金分离形式

基于高阶矩的基金绩效考核模型

目前我国常用的三大经典基金绩效考核模型都是以均值—方差CAPM模型为基础,而均值—方差CAPM模型中的系统性风险只考虑二阶矩风险即波动率,忽略了高阶矩风险。通过在传统CAPM模型中加入零成本的负协偏度投资组合和零成本的正协峰度投资组合作为高阶矩风险溢价可重新解释基金风险与收益间的平衡关系。研究结果显示,众多基金的投资组合中都存在负协偏度风险,基于高阶矩的考核模型优于基于传统CAPM的考核模型

基于高阶矩的金融资产定价和配置

金融资产对数收益常呈现不对称性和厚尾性,一般不是正态分布,而均值?方差CAPM模型中的系统性风险只考虑二阶矩风险即波动率,忽略了高阶矩风险,可能使资产定价和资产配置存在严重的误差。考察偏度和峰度在我国金融资产配置和资产定价中的作用后,发现加入系统性协偏度和协峰度的高阶矩CAPM模型能够重新解释我国金融资产风险与收益间的平衡关系,比均值-方差CAPM模型更适合我国的金融市场

Research progress on the objectification, quantitation and standardization of tongue manifestation in traditional Chinese medicine

舌诊是中医诊断学的重要组成部分,舌象在中医临床治疗中具有重要的诊断意义与辨证价值。传统中医舌象易受主客观因素影响,难以客观化、定量化、标准化,严; 重制约舌象临床应用及发展。随着医学、计算机等现代技术的迅猛发展,中医舌象客观量化研究取得了长足进步,并被应用于基础及临床研究。文章对近几年中医舌; 象采集分析系统、舌象定量化研究、现代仪器应用与舌象基础研究进行概述,为舌象应用于临床治疗提供客观、科学的思路与方法。Tongue diagnosis is an important part of traditional Chinese medicine; (TCM), and the tongue manifestation is also important in the diagnosis; and syndrome differentiation in TCM clinical treatment. However, due to; the lack of objective, quantitative and standardized valuation, with it; being susceptible to subjective and objective factors, the application; and development of traditional tongue diagnosis is limited for a long; period. Recently, with the rapid development of medical and other modern; technology, the objectification, quantitation and standardization of TCM; tongue manifestation have been received great progress, including the; progress in basic and clinical researches. Recent researches on the; tongue image acquisition and analysis system, the quantitation of tongue; manifestation, the application of modern instruments and the basic; research in tongue manifestation were reviewed to provide certain; objective and scientific ideas and methods for TCM tongue manifestation.教育部新世纪优秀人才支持计划; 中国博士后科学基金面上项

关于大统计学学科的重新思考

大统计学的学科归属“大统计学“是在我国改革开放后特定历史背景下提出的,是具有中国特色的提法。那么大统计学到底是属于自然科学还是属于社会科学,或者属于横跨两大学科的综合性学科？现代统计学产生的标志是将概率

针刺治疗中风偏瘫54例效果观察

１９９４年以来，我们采用平补平泻法针刺阳明经穴治疗中风偏瘫５４例，收效满意。现报道如下。１材料与方法１．１临床资料本组５４例均经临床检查确诊为中风。男３５例，女１９例。年龄最小２８岁，最大８４岁，平均６１．３岁。病程最短４ｄ，最长９年，平均１４３ｄ。..

Major causes of death in children less than 5 years of age in Fujian,China,2007-2010

目的分析福建省2007-2010年5岁以下儿童主要死亡原因情况及特征,为制定干预措施提供科学依据。方法 分析死因登记信息网络报告系统上报的福建省2007-2010年5岁以下儿童死因及特征。结果 2007-2010年福建省共报告6 166例5岁以下儿童死亡病例,年平均死亡率为6.28/万,各年龄组即0--岁、1--岁、2--岁、3--岁、4--5岁的死亡率分别为44.89/万、5.48/万、3.28/万、2.38/万、1.76/万。1岁以下占78.74%,1岁以下死亡儿童出生28d内死亡的占64.33%;病例的死亡时间均匀的分布在12个月份,没有明显的高峰时间;死亡地点主要在住院死亡(63.87%),最高诊断依据主要是单纯临床诊断(53.50%),最高级别诊断单位主要是地市级医院(42.96%);前5位的死因分别为围产期疾病、先天异常、伤害、流行性感冒和肺炎、传染病和寄生虫病,合计构成比为69.45%。结论 福建省2007-2010年5岁以下儿童死亡中,以婴儿死亡居多,婴儿死亡中又以新生儿死亡居多。围产期疾病、先天异常、伤害是5岁以下儿童死亡的三大死因。5岁以下儿童死因中先天性异常的比例在逐年上升,循环系统疾病比例在逐年下降。Objective To analyze major causes of death in children under 5 years of age in Fujian,China,and to provide scientific evidence for the protection of infants and young children.Methods The data of 2007-2010 death cases were collected from China Disease Report Information System for children under 5 years of age in Fujian.Microsoft Excel and SPSS 15.0 packages were respectively used to establish the database and to analyze the data.Results A total of 6 166 death cases were reported from 2007 to 2010 for children less than 5 years of age.Death rate was 62.8 /lakh on average.The death rates of children under 1,2,3,4 and 5 years of age were 448.9,54.8,32.8,23.8 and 17.6/lakh,respectively.The number of infant death accounted for 78.74% of cases.64.33% of infant death occurred in newborn babies.There was no seasonal difference for the cases of death.Most cases of death(63.87%) occurred in hospital.The top five causes of death were periparturient diseases,congenital malformations,injuries,influenza and following pneumonia,infectious and parasitic diseases,respectively,together of which accounted for 69.45% of death cases.Conclusion Newborn babies and infants were high risk groups for the death of children under 5 years of age in Fujian.The increasing trend of congenital malformation related death suggests the importance of prenatal screening testing

NMR Studies on Interactions between Diperoxovanadate Complex and 3-Substituted Pyridines

为探讨有机配体上取代基团对反应平衡的影响,在模拟生理条件下(0.15mol/LNaCl溶液),应用多核(1H、13C和51V)多维(DOSY)以及变温NMR技术研究双过氧钒配合物[OV(O2)2(D2O)]-/[OV(O2)2(HOD)]-(简写为dpV)与3-取代吡啶的相互作用,并首次报道了一些物种的NMR化学位移.dpV与有机配体的反应性从强到弱的顺序为:吡啶>烟酸根>烟酸甲酰胺≈烟酸甲酯,这说明吡啶环上取代基影响反应平衡.竞争配位导致一系列新的6配位的过氧钒物种生成.密度泛函计算结果合理地解释了实验结果,并表明溶剂化效应在反应中起重要作用.To understand the substituting group effects of organic ligands on the reaction equilibrium, the interactions between a diperoxovanadate complex [OV(O2)2(D2O)]-/[OV(O2)2(HOD)]- (abbr. dpV) and a series of 3-substituted pyridines in solution were explored using multinuclear (1H, 13C, and 51V) magnetic resonance, DOSY, and variable temperature NMR in 0.15 mol/L NaCl ionic medium for mimicking the physiological condition. Some direct NMR data were given for the first time. The reactivity among the 3-substituted pyridines towards dpV takes the order of pyridine>nicotinate>N-methyl nicotinamide≈ methyl nicotinate. The competitive coordination results in the formation of a series of new six-coordinated peroxovanadate species [OV(O2)2L]n- (L=3-substituted pyridines, n=1 or 2). The results of density func-tional calculations provided a reasonable explanation of the relative reactivity of the 3-substituted pyridines. Solvation effects play an important role in these reactions.国家自然科学基金(Nos.20772027,20803020);; 973子课题(No.2003CB716005);; 湖南省自然科学基金(No.06JJ30004);; 中国博士后科学基金(No.20070410805);; 湖南省教育厅青年项目(No.06B028);; 固体表面物理化学国家重点实验室资助项目;; 湖南科技大学博士基金(No.E-55107)资助项