有色金属冶炼企业期货套期保值风险控制探讨

当今更多的有色冶炼企业试图通过期货套期保值交易来转移现货交易的价格风险,保证生产经营或者投资利润的稳定性,但套期保值本身作为一个规避风险的衍生金融工具,自身也存在着风险,使用或管理不当会给企业带来巨大的风险和损失。文章从理论和实践两个方面对有色冶炼企业套期保值风险控制提出了系统的合理规划,以降低企业期货套期保值实施过程中的风险,为探讨我国企业特别是有色金属冶炼企业如何更好地控制期货套期保值风险,具有现实研究意义。     

Analyzing historical cost trends in California's market for customer‐sited photovoltaics

This paper reports highlights from a detailed statistical analysis of the cost of customer‐sited, grid‐connected photovoltaic installations in the largest solar market in the United States: California. It is based on an analysis of 18 942 PV systems, totaling 254 MW_AC, either funded or approved for funding under two separate rebate programs overseen by the California Energy Commission and the California Public Utilities Commission. We find that: (1) solar costs have declined substantially over time; (2) policy incentives have impacted pre‐rebate installed costs, and some cost inflation is apparent; (3) economies of scale have driven down costs for larger systems; (4) systems installed in new home developments and in affordable housing projects have experienced much lower costs than the general retrofit market; and (5) installer experience and type have affected costs, but the effects differ by program. Results hold important implications for solar suppliers and customers, and for policymakers designing incentive programs. Copyright © 2006 John Wiley & Sons, Ltd.     

掌握世界铜工业发展规律,实现江铜集团科学发展

通过分析百年铜价周期性规律,阐述了要实现江铜集团的和谐发展,必须改被动应对为主动适应世界经济的风云变换,实现企业利润最大化和稳定收益。按照科学发展观,合理产业布局,通过加强管理、科技进步和优化整合,降低生产成本,在科技创新中拥有自主关键技术,增强企业发展底蕴,实现江铜集团的和谐繁荣。     

基于小波方差分解的混沌时间序列噪声估计和阈值去噪

针对小波噪声处理时重视信号的分解而忽略噪声特性的问题,利用小波变换的方差分解功能对白噪声的小波系数方差进行分析,提出一种新的小波噪声估计和阈值去噪方法。该方法以时间序列第一、二层的小波方差来估计噪声水平,通过计算出噪声方差在各层小波系数上的分布来确定软阈值。对Lorenz、Chen等混沌系统的仿真结果表明,该方法有较好的效果。其后对上证指数和上海天然胶期货日收盘价序列进行去噪处理,验证了该方法的有效性。     

股指期货交易功能性监管的法律制度设计

股指期货的基础是成分股,二者具有联动性,因此存在通过操纵成分股来操纵股指期货获利的可能性.这就要求我们应对股指期货交易和股票交易进行跨市场的功能性监管.本文探讨了利用联动性操纵股指期货的手法--单边联动操纵和对冲联动操纵及它们的构成要件.在此基础上,提出了次级举证责任在辩方、禁止一致行动、设立循环短路系统等法律制度设计.     

DSM照明节电工程示范

DSM照明节电示范项目是在政府节能主管部门支持下首次采用市场化运作,由市场配置节电资源的DSM节电示范工程,2003年7月在上海市和河北省2个示范地区正式启动,2004年10月结束。文章简要介绍了项目的目标和任务、项目的管理体制、项目的市场障碍,项目的运作机制和项目的实施效果。     

Auctions in a Two-Sided Network: The Market for Meal Voucher Services

In two-sided networks, two parties interact on a platform, caring about the numbers of subjects on the other side. A typical problem, in this context, is setting prices for network services so as to get “both side on boards”. The standard approach in the literature considers the networks ability to convince both sides to join the network, whereas this paper consider an alternative setting, in which one side determines the price balance. This case is exemplified by the market for meal voucher services in Italy, in which one agency organizes the procurement of services for the public sector, through a competitive auction. A formal model of optimal auction is illustrated and used to assess the current procurement scheme. The model reveals that the current system is inefficient and could be improved through increased flexibility and adaptation to local economic conditions.     

The impact of electronic markets: the case of the Dutch Flower Auctions

The concept of electronic markets has been widely researched. There is, however, less experience with its operation and even less with the organisational impact that electronic markets can have on specific companies and sectors. This case study discusses a very specific market which is gradually moving into the electronic age: the Dutch Flower Auction. This auction is the world marketplace for flowers and pot plants. This case is unusual both in terms of industry (agriculture) and the specific nature of the goods dealt with (highly perishable and fragile, where quality is based on perception). This study, therefore, has been particularly revealing for the use of electronic markets as a strategic response in a changing marketplace.     

Status of thermal spray technology in japan

This article summarizes the present status and prospects for future progress of the thermal spraying business and technology in Japan. Organizations that have supported thermal spraying business and technology consist of coating contract shops, producers and suppliers of spray equipment and consumables, and large companies that have been using thermal spray technology in their production lines. Moreover, out-side, noncommercial organizations such as universities, government, or local industrial institutes and academic societies for thermal spraying are reviewed. In terms of thermal spraying equipment, in particiular, the installation of atmosphere-controlled plasma spray and high-velocity oxygen/fuel spray (HVOF) are investigated. Typical examples include industrial applications that are performed mainly by coating contract shops and large companies. In emerging spraying process technologies, synthesis of new materials using atmospheric plasma spray and atmosphere-controlled plasma spray, laser-assisted spraying, and new plasma torches are presented.