Archive for November, 2011
Research on Wideband Ground-Air Communications with Low Elevation
With the development of the aviation terrace, the demands for wideband ground-air communications are rapidly increasing. It is an urgent and important task to build several data transmission links to satisfy the requirement of various missions executed by many kinds of aviation terraces. As a node of a wideband communication network, aircraft payload needs various functions, such as relay,repeat/forward, resource scheduling, data switching and data distribution, etc., where the key technique is the wideband ground-air link.When the elevation of the antenna in the ground station is very low, the multipath effect, resulted from the reflection of ground surface features, appears to be serious, multipath time delay is rather large (hundreds of symbol periods), and the Doppler effect is remarkable. This is because that its transmission distance is very large and the moving speed of the aircraft is much greater than that of the vehicle. Therefore, its multi-path fading is characterized as fast varying frequency selective, so that anti-fading transmission in this case is a challenging issue.For the sake of exploring the most suitable method for anti-multipath transmitting in a wideband ground-air communication with low elevation, this dissertation proposes a model of ground-air channels to reflect their characteristics. After analyzing the limitations of the existing anti-multipath techniques, which are commonly used in the conventional wideband mobile communications, a novel transmission scheme is proposed, where the Filter Banks for Frequency Domain Equalization (FB-FDE) is employed as the kernel technique for anti-multipath fading. Theoretical analysis and simulation experiments show that the FB-FDE scheme behaves well and less complexity for engineering implementation. Besides, the dissertation researches on several issues involved in the FB-FDE applied to such cases, such as channel estimation, multiple access and narrowband interference (NBI) suppressing, etc. The author’s main contributions are as follows.1. The dissertation discusses the methodology about modeling the channel of wideband ground-air communications with low elevation, and proposes a Rice fading channel model by synthetically considering several factors, such as Rice factor, the time-variation of the channel parameters, the power spectrum distribution of azimuth and time delay, the Doppler spreading spectrum property as well as the correlation between multiple antennas. Moreover, the channel model simulating method and some simulation results are given for its evaluation.2. After analyzing the transmission mechanism and principle of OFDM and SC-FDE systems, the dissertation indicates the limitations of the two techniques applied to anti-multipath fading in the wideband ground-air communication. A scheme of transmission systems based on FB-FDE is proposed, where the prototype filter design as well as the signal reproducing is novel. In researching on FB-FDE and its implementation, a synchronization method and a diversity reception algorithm are proposed. Through theoretical analysis and simulation experiments, the performance of the proposed FB-FDE system and the conventional SC-FDE system are compared, which can validate the feasibility of the FB-FDE to be applied to the wideband ground-air communication as a kernel technique.3. After theoretical analyzing, the dissertation indicates that the FB-BDE system over-performs the conventional SC-FDE or OFDM systems in the ability adaptive to rapid variation of the channel. However, the FB-FDE system can not exert its superiority if it is combined with Least Mean Squares (LMS) adaptive algorithm because of LMS’s slow convergence. If Recursive Least Squares (RLS) algorithm instead of LMS is employed to the FB-FDE system, its computational complexity is too high( O ( M 2)grade) although it has faster convergence. In the dissertation, a modified RLS algorithm is proposed and applied to FB-FDE system, where the RLS not only has much faster convergence performance than LMS, but also has very low implementation complexity to be similar as LMS. Analysis and simulations show that the modified RLS algorithm can guarantee the performance of the system; moreover, it can also be applied to SC-FDE system.4. A multiple access and networking scheme based on star-shape topology is proposed, which can satisfy two kinds of requirements for ground-air communications in networking, where the one is composed of multiple ground stations with one aircraft-loaded hub station, the other is composed of multiple aircraft-loaded terminals with one hub ground station. In the proposed system, the forward link is an synchronous transmission link, using FB-FDE based M-ary multi-codes spreading multi-access mode, and it has good performance in channel efficiency and dynamic adaptive ability for channel variation; while the reverse link is a asynchronous transmission link based on Orthogonal Code Division Multiplexing(OCDM) combined with FB-FDE, and a novel block coding method for improving transmission performance of the OCDM is also proposed.5. Through analyzing the performance of suppressing narrowband interference of two systems, i.e. FB-FDE and SC-FDE systems when they are combined with a similar NBI suppressing method, the dissertation indicates that the former has stronger NBI suppressing ability than the latter.Finally, the dissertation summarizes the research results and indicates some issues which worth further endeavor in engineering realization.
Research on the Patent Protection and Application of Business Method Innovation of Banking Industy
Business method patents is one of controversial problems in the field of intellectual property.The business method patents experience a transformation from unpatentable to patentable, and the key in the changing course is the innovation about the business method.This paper studies the business method patents from the innovation of business method and makes a empirical analysis combining with the banking industry.First, this paper discusses the development of business method patents from the development of world trade and the information revolution progress; defines the business methods, business methods innovation, and other related to the banking business methods; discusses theoretical basis of the business methods patents from the Industrial Economics theory,System Economics theory, technology innovation theory and the finance innovation theory;researches the status quo of the banking business method patents from the patent system theory and the studies of the banking business method patents from domestic and overseas.This paper analyses the content and technology of the banking business method innovation, and sums up the IT-developing background of the banking business method innovation. Then expatiate the motivation of the banking business method innovation from the three aspects such as non-mediatation of finance marker, competitive pressure among the commercial banks and the IT industry’s inbreak to the banking business. And the paper gives the two demonstration analyse about the changing of the currency form and the banks, the impact of the business innovation to the management is also investigated.Secondly, This paper studies the evolvement of the banking business method patent system and the economic sense of the business method patents based on the research on the performance of the patent system to the innovation protect. The paper makes a detailed and comprehensive study on evolution course of the business method patents in the USPTO, EPO and JPO from the perspective of cases and legislative. What could be found from the study on the cases related to the business method in USPTO,after the two case of SSB and AT & T since the late 1990s, both the business method and the software could be patentable as long as it can produce “useful, concrete and tangible result”;Comparing to the United States and Japan, the inventions in the EPO must include technical features. Comparing to the judicial practice in the United States and Europe,the Japanese have not happened any case about the business method patents.Instead, the guidelines for the computer-related patents provides the patentable standard, besides, the judicial practice of software patent in Japan depends on the guidelines. All the guidelines have been changed with the technology development of computer hardware and software, and so,in the research of the business method patents in Japan, this paper would focus on its guidelines amend the evolving course and the main amending contend.This paper also outlines the legislation about the business method patents in China, and finds that “technical” is the core to the patentable judgment, the inventions must include many aspects such as”in a technical field”and”a person in the technical field”, “using technical means”,”solving technical problems”, “have a technical effect”and”with technical characteristics”.Thirdly, as the empirical research, this paper searches the business method patents in banking industry in USPTO, JPO, EPO and SIPO; and make a depth study on the search result basing on the analysis of patent information and the patent maps; and make some conclusion of that, the patent protection awareness of the overall banking in china have increased to some extend; the patent management of the domestic bank have improved than before;the patent structure of the domestic bank have the advantage only on the amount, and lack the assurance of quality; the ability and the speed of the banking innovation in China needs to be further enhance; the overseas banks have more core patent in the field of business method technology; the banks from United States, Britain, Japan, South Korea would pose threat in the field of business method patent technology.Finally, This paper studies the countermeasures of the business method innovation and the patent management of the domestic banking based on the analyse from both the macro-policy and the industry developing condition. This paper exposes the micro-strategy of the business method innovation to the domestic banks from the three aspects of mechanisms, service products and the intermediate business; researches the strategy for the technology management, technology development and the business innovation of the domestic banks; make a detail research on the patent management strategy for the domestic banks from the five aspects, such as strengthening the business method innovation and the patent protection awareness of domestic banks; improving the patent management level and carrying out the patent development strategy; using the patent documents effectively; establishing corresponding organizations and so on.
Core Risk Prevention and Management for the Commercial Bank Branch in Central China
The banking system of China are facing great opportunities and challenges which it had never faced, since China are under the circumstance of economic globalization, the financial freedom, the incorporation. Risk is accompanied with the commercial banks since the birth of them. The provision of financial services is the process of taking and controlling the risks. Bank risks not only include the single credit risk, but also include complex credit risk, such as interest rate risk, market risk, liquidity risk, reputation risk, operational risk, legal risk, strategy risk and so on. Among the all risks, the strategic risk, credit risk and operational risk constitute the core risk of the operating process to the branches of central joint-stock commercial banks. How to guard against and control these three categories of risks becomes an important issue in the development of a branch-level joint-stock commercial bank.The thesis is based on three core risks, it makes a deep analysis on the construction of central brach-banks of unified standards on credit metrics model. The development of operational risk prevention and control system exist in commercial exchange.(1) Construct eight elements of the prevention of the strategy risk of the central branch-banks.The direction of the bank is decided by the development strategy of the bank, and it is the main risk on the sustainable development of the bank. Many of the existing literature are made research on the front head office, branches around the level of risk research strategy is rare in literature. The thesis is concentrated on the strategy risk of central brach-banks, based on the analysis of “capital constraints, market-oriented interest rates, the mode of development, environment” on the banks., analyzing a large number of objective and comprehensive data and cases about the joint-stock banks “Zhengzhou phenomenon”. This article is around the actual development of the central area, through empirical research, getting the eight elements of the prevention on strategy risk,that is rate of expansion, target customers, core business competitiveness , business strategy, management technology, comprehensive management, risk management culture and implementing external brand strategy, the aim is to build a management strategy to the central region with the economic and social development level to abandon the traditional asset-driven model of extensive, intensive implementation of the scientific development of the draw.(2) Construction of the index on the Gini coefficient to measure the concentration of credit indicators The concentration of the loans of the joint-stock bank in the central area is the main credit risk, and the “herding effect” to developed areas, high-profit industry, large enterprises focus on large projects are gradually shown.”Ten loans,” as the existing concentration of indicators to measure credit, are put by corporate bodies, in different sizes, when it is used in different levels of the bank’s branch-level illegal organization, it will show flaw. This thesis is based on the Gini coefficient of concentration of credit indicators model, and the simple data extreme measure is replaced by introducing of full-calibre data. The thesis also use Lorenz equations and geometric algorithms algorithm model, by the empirical analysis of the seven bank, branch-level , positive results show that the index of the concentration of loans based on the Gini has a better applicability and can give a better basis to the prevention of the bank credit risk.(3) construction of commercial draft operational risk modle based on the f information-sharing regulation.Notes cases arising from operational risk, have occupied a branch-level commercial banks the loss of half of the above. Due to the existence of asymmetric information between banks, the traditional “outside the Governor audit” model can not be cross-regional prevention and control in a timely manner, both within and outside the paper’s collusion cases. In order to achieve inter-bank market instruments to share information, create a paper-based information sharing platform at the core of the regulatory model, by pooling the basis data of the commercial draft, on the basis of the inter-business bills Gouji mainly to the risk of rules, the acceptance does not match the discount rate (Big Head small tail) , and through the analysis of the circulation of bills, monitoring instruments and omissions, and to supervise the circulation of the entire process of instruments. A system base on the theory that is used in one province in the central area has restrained legal cases on bill successfully and lower the operational risk of the branch-bank. The thesis notes the first time on the quantitative analysis in the banking market microstructure, making empirical analysis of the functioning of commercial bills of exchange of micro-features, and making a good support of data for further standardizing the market instruments.
Research on the Monetary Policy Framework of Inflation Targeting
The economic stagnation in 1970s makes the western world aware that among a good many of goals of the government’s economic policy, the overwhelming purpose of monetary policy should be pursuing long-term price stability, thus the construction of theinstitution—-inflation targeting—-to guarantee this. The mechanism of pricestability in inflation targeting has made the operation of monetary policy more forward-looking and flexible. When facing assets boom-bust cycles During 1990s, flexible inflation provides a unified framework both for achieving price stability and for preventing and ameliorating the effects of financial crises through “the financialaccelerator” and guaranteeing financial stability.With the current difficult situation that China’s monetary policy finds itself in, more study on the inner mechanism of price stability under inflation targeting thus shows very important and significant to China. Through analysis on the institutional innovation of conducting monetary policy and the mechanism of price stability and financial stability in inflation targeting, it is more advised that a shift should be made in the monetary policy: from the focus of economic growth to that of the sustained stability of price; and from maintaining external balance to the internal balance .It is essential that the stability of price be kept as a long–term number–one monetary policy. Only in this way can China strengthen up its new monetary strategy of inflation targeting with greater flexibility.The paper is constructed as follows: Chapter 1 is the introduction; Chapter 2 starts with the theories of pursuit price stability, while Chapter 3 discusses the institutional innovations for monetary policy to pursuit price stability; Chapter 4 presents inflation targeting under monetary policy rules and Chapter 5 analysis the mechanism of price stability in inflation targeting; Chapter 6 continues to analysis the relationships of asset price inflate and inflation targeting, then analysis the mechanism of price stability and financial stability in inflation targeting; Chapter 7 shows international experiences of inflation targeting based on several different groups of countries, the first group includes Germany and Switzerland; the second group is New Zealand ,Canada and United Kingdom and the other group contains Chile, Brazil and Czech; Chapter 8 prefers to discuss inflation targeting in China and Chapter 9 is the conclusions and the future research of the paper.The main contributions of the paper are: First, from special research perspectives, the paper mainly put focus on analysis the mechanism of price stability in inflation targeting and relationships between asset boom-bust cycles and inflation targeting.The second, based on the analysis of this papers, there are two new conclusions that contribute to present Chinese literatures about inflation targeting: (1) Inflation targeting in practice is really not a strict rule but a strategy of “constrained discretion ” which concerns about not only price stability but also outputs growth and exchange rate while it’s also a fine-tune strategy for monetary policy-makers to adjust gradually to inflation target when the deviations from the expectative inflation to the target happen. The mechanism of price stability and the role of expectation stability in inflation targeting can promote long-run stability which in turn to promote outputs growth and full-employment through providing a stable environments. (2) By analysis the relationship between price stability and assets boom-bust cycle, the paper states that a low-level inflation which comes from implementing inflation targeting should not but the financial imbalance, irrational speculation and the excessive of assets substitution contribute to assets boom-bust. Long-run price stability is the prerequisite of output growth and financial stability. Price stability and financial stability can be achieved in the monetary policy framework of inflation targeting. (3) By testing on the relationships between inflation and the asset price volatility in China, the paper has proved that the excessive growth in bank credit and the sharply growth of foreign exchange reserves do play an crucial role on quickly growing of liquidity that promotes the inflation of asset price, and in the end boosts the inflation.
A Research of Competitive Behaviors in the Retail Banking Market
Retail banking market, a very important part of the banking market, is the arrangement which allows banks, other financial institutions and ordinary consumers, small businesses to conduct a series of banking transactions.The world retail banking market has been mature and growing on a large-scale; retail banking has become the core business and the most important source of banking profits. As a result, a healthy and stable retail banking market is an important contributor to the banking market, as well as the whole economy, in that it can not only transfer saving to investment, thereby stimulating economic growth, but also raises the public’s confidence on the banking industry and stabilizes the banking market, since it serves ordinary consumers and small businesses.The most outstanding feature of retail banking market is asymmetric information between banks and borrowers. Small businesses as a part of retail customers are more opaque in information, and as a result, the asymmetric information is more serious. Banks overcome asymmetric information by collecting customers’information and maintaining relationships with them. The consequence of such market competition is to transfer the asymmetric information between banks and borrowers to the asymmetric information between banks. Besides, retail customers lack financial knowledge and the ability to search for information, thus face switching costs while switching from one bank to another. All these features raise banks monopoly power, encouraging them to compete for customer base more aggressively, which could result in excessive competition and thereby reducing allocation efficiency of resources and destabilizing banking market.Therefore, the research of retail banking market: its competitive conditions and competitive behaviors, as well as the competitive consequence,has important implications for banking market health and stability. In addition, protecting the interests of ordinary consumers and small businesses who are in weak position compared with banks is also one of the important reasons for retail bank regulation in various countries.Such research is even more important for China’retail banking market as it is undergoing reform and opening-up. The retail banking market in China has just started up, and it is still quite underdeveloped. Due to very imperfect social credit system, asymmetric information between banks and borrowers is more serious in China, which makes information about borrowers between different banks more asymmetric. More severe asymmetric information will cause banks to be over cautious in lending or more aggressive in competing for high quality borrowers, which could even lead to market disorder. It should be the focus of China’s retail banking market regulation to normalize competitive behaviors so as to prevent excessive competition or under competition leading to reduced allocation efficiency of resources and disability of banking market.This dissertation studies competitive behaviors of retail banking market based on discussion of the retail banking market conditions, by combining modern financial intermediation theory and new industrial organization theory. It also discusses China’s retail banks competitive behaviors and their characteristics, and puts forward theoretical standard of the degree of competition as well as suggestions to encourage normalized competitive behaviors.This dissertation conducts the research of competitive behaviors in retail banking market by seven chapters. Its main content and structure are as followers:Chapter 1. The theoretical analysis of competitive conditions of retail banking market. This chapter proves that asymmetric information is the basic competitive condition of retail banking market using modern intermediation theory. It also analyzes supply and demand conditions of retail banking market. Focusing on the demand side, it distinguishes demand characteristics of wholesale and retail banking customers, and discusses the switching costs of retail customers and the impact on competitive behaviors in retail banking market.Chapter 2. The theoretical analysis of competitive behaviors of retail banking market. First, this chapter builds a basic model of retail banking loan market, analyzing the competitive behaviors by banks in information production technology and customer relationship and customer base. Then it discusses competition in retail bank product quality by a two-stage model. The paper finds that under asymmetric information and customers’switching costs, banks’customer base and market share in the previous period is the major determinant of their later period profit, and increasing bank product quality by making use of retail customers demand characteristics is one of the important means to expand customer base.Chapter 3. The theoretical analysis of bank mergers and acquisitions in retail banking market. Mergers and acquistions are important competitive behvaviors, they are used by firms to enter a new market or to expand market share in the long run. On briefly reviewing various theories about bank mergers and acquisitions, this chapter believes that there are economic barriers to entry and expansion in the retail banking market, such as asymmetric information and retail customers switching costs, while bank mergers and acquistions are important means to overcome these barriers. Retail customer base and customer information are one of the most important motives for bank mergers and acquisitions.Chapter 4. The development of China’s retail banking market and its competitive conditions. This chapter analyzes the competitive conditions in China’s retail banking market based on an evaluation of its formation and development stage. After comparing the social credit system environment between China and western countries, it analyzes the characteristics of asymmetric information in China’s retail banking market and its impact. It also discusses the supply characteristics by considering the social credit system in China during economic transition, including the characteristics of retail banks and their evolutions, their comparative positions in the market. Besides, it discusses individual customers’relationships with banks and their switching costs by analyzing an important group of retail customers—-individual customers. The research finds that China’s individual customers face switching costs, which are positively related with individuals’ages and negatively related with their education level. The more satisfied individual customers are with bank services, the higher the switching costs. The above features are the same as individual customers in those of more developed countries. But different from individual customers in more developed countries, individual customers in China maintain shorter relationships with banks, and the longer the relationship, the lower the switching costs. This feature reflects the fact that banks are competing more aggressively for individual customers in China.Chapter 5. The competitive behaviors in China’s retail banking market. This chapter analyzes competitive behaviors in China’s retail banking market by four typical cases:”the competition of automobile consumption loan market”,”the competition in small business loan market”,”the competition of retail banking network”, and”the competition in bank cards market”. The first two cases reflect retail banks behaviors when facing asymmetric information, while the last two cases focus on bank competitive behaviors in bank product quality and customer base. The research finds that banks in China may behave over caution or over aggressive when facing more severe asymmetric information. Apart from that, when competing for individual customers, banks’behaviors may be non-standardized or in excess.Chapter 6. The study of foreign banks owning shares in China’s retail banks. This chapter discusses owning shares of Chinese banks by foreign banks after China’s entery into WTO. First, it analyzes the opening-up of China’s retail banking market and its great potential, then it explaines the legal and economic barriers to entry facing foreign banks and the importance of owning shares of Chinese banks in overcoming entry barriers. Finally, it compares the advantages and disadvantages of different foreign banks and their choices of market entry. The empirical analysis proves the view put forward in Chapter 3: foreign banks with cost advantage can better overcome adverse selection, and will thus choose to enter China’s retail banking market by establishing bank subsidiaries, while foreign banks with no cost advantage face more severe adverse selection, and as a result, they have to enter the market indirectly by owning shares of Chinese banks.Chapter 7. Competition, efficiency and stability in retail banking market. This chapter discusses the reasonableness of proper degree of competition or concentration using economic efficiency and market stability as standards, and explores the relationships between competition and efficiency, competition and market stability. After analyzing the degree of competition in China’s retail banking market, the paper puts forward policy suggestions to promote normalized competitive behaviors and increase efficiency and market stability.The dissertation contributes to the research of banking market competition in the following ways:First, it apples modern financial intermediation theory as the guide, and uses the research method of industrial organization. In other words, it regards banks’competition in retail banking business as their competition in retail banking market, so as to borrow the analytical method in industrial organization:”condition—-conduct”, by fully considering competitive conditions of retail banking market. Only in this way, can we deeply understand the characteristics of competitive behaviors in retail banking market.Second, this dissertation identifies and uses switching costs as a demand condition of retail banking market, and defines”relationship cost”by combining asymmetric information and relationship banking according to the characteristics of retail bank customers. After discussing retail bank customers’switching costs and their impact on market competition, it empirically studies individual customers’switching costs using 735 data from a survey questionnaire from a random sample of individual bank customers in China. The dissertation proves the existence of switching costs, and identifies the factors that affect switching costs. It also compares the switching costs between Chinese and foreign individual bank customers.Third, the dissertation concludes that China’s retail banking network cannot fully meet the market demand, after comparing China’s retail bank network with that in foreign countries. Then it puts forward the suggestion that banks should try their best to increase efficiency and meet the demand of retail bank customers. Besides, the dissertation analyzes the relationships among market competition, efficiency and stability, theoretically defines the standard of excessive competition, and puts forward the hypothesis that there is a”U”shape relationship between market competition and stability. So it puts forward policy suggestions to normalize competitive behaviors in China’s retail banking market.Restricted by the current condition and ability, the dissertation cannot avoid some shortcomings, which are as follows:First, small businesses have their own characteristics. On the one hand, they are more opaque in information, resulting in more severe asymmetric information; on the other hand, banks have more difficulties in collecting and managing their information. In China, small businesses find it very difficult to borrow money from banks, which not only reflects imperfect social credit system, but also weaknesses in banks’property rights, corporate governance and the unique feature of information production technology used in small business loans.Therefore, it is necessary to discuss small business banking market deeply. Due to lack of detail data about small business banking market, this dissertation only has a brief discussion of it, but does not explore it in depth.Second, the dissertation does not analyze pricing behavior in China’s retail banking market owing to the fact that there is a lack of retail loan interest rate data, and data about service prices. Besides, the dissertation defines theoretically excessive competition and its foundations, but it does not study the mechanism of excessive competition deeply.
The Research of Improving Monetary Policy Transparency Operation and Effect
Since the 1990s, mystery and surprise of central bank operation has given to transparency and openness. Many countries have got good policy effects after improving monetary policy transperancy. In recent years, China’s financial authorities have taken measures to enhance the transparency. From opaque to a certain degree of transparency not only embodies the progress of concept of macro-economic control, but also meets the trend of the central bank system. With the trend of marketization of our economy, the improving policy performance based on increasing transparency is more and more prominent. However, China is now in the special period of economic transition. Many aspects of system and economic obstacles restricted the effects of transparency. Still there are lots of problems about how to communicate. This paper started from the study of transparency concept, comparativly analyzed the manners and effectiveness of transparency in the developed countries, contructed the policy framework of central bank communication that shaped public expectations, applied China’s data and model to test our communication effects, then get the suggestions about improving transparency in China.In order to analyze the problem, this paper is constituted by 3 parts. The main structure and viewpoint is as follows:Chapter 1 is the introduction of the whole paper. The research background, research literaturea are explained, and the significance, methodology and main innovations of this paper are also introduced.Chapter 2 summaries the historical evolution and inherent characteristics of monetary policy transparency.Along with the central bank independence and inflation targeting, monetary policy transparency have been constantly expanded and deepened. According to the current theoretical and empirical researches, countries around the world have attached great importance to the public expectations. Central bank communication is one of the most important means to guide expectation.Chapter 3 interprets the theoretical basis of communication improving monetary policy effects. Monetary policy is transimissed through expectation channel, not interest rate channel. Communication will help control inflation and stabilize the public expectations, thus affecting the term structure of interest rates. Besides, communication can coordinate multiple equilibrium and reduce the uncertainty caused by learning process, making market resuls converge to rational expectations equilibrium.Chapter 4 analyzes the modes and effects of transparency operation in the developed countries and summarizes the characteristics of communication policy. Despite the different modes of communication, but the operation effects improving transparency are similar. The abilities of financial markets forcasting the future monetary policy decision-making and monetary authorities influencing asset pricing have been enhanced.Chapter 5 constructs the basic framework of central bank communication, including source of information, information contents, information channels, target groups and feedback mechanism. Different types of Monetray Policy Committee select information contents and communication modes according to various needs of social groups. Financial market is concerned about the wording of policy statement very much. Taylor rule formula and expected hypothesis are applied to analyze the operation mechanism of policy statement affecting market expectations.Chapter 6 discusses the problems of moderate monetary policy transparency. The auguments about whether or not central bank should disclose the monetary policy objective function, the threat to financial stability, the internal discussion among Monetray Policy Committee and future policy path have never stopped. It is very difficult for central bank to find the exact point of balance so that transparency can be achieved optimal. The optimal design of central bank communication is still in study.Chapter 7 focuses on the process of China’s monetary policy transparency and the methods People’s Bank of China (PBC) used to measure. The manner of monetary policy operation is gradually from impacting on the market by surprise to guiding and managing market expectation by comminication. There are two ways to measure China’s monetary policy transparency, indicators and time sequence test. It comes to conclusion that the influence of PBC communication on shaping the public expectartions is limited. Based on the test results, this paper expanded the Keynesian beauty contest model to explain the reasons for poor performance. Taking into account lower PBC independence, the choice of policy tools are limited and inflation targeting has not been established. It is a dynamic evolutionary process for enhancing monetray policy transparency.Chapter 8 is the conclusion of this paper.There are very limited literatures about how to implement transparency and central bank communication in domestic research. And in other countries, the related studies pay more attentions on relationship of the communication and the public expectation in a given country. But in this paper, some inherent laws in monetary policy operation with improving transparency will be provided, and take it into account, there are some possible innovations such as:Firstly, on the basis of systemic studies on the mechanism of central bank communication monetary policy, it suggests that communication is different from traditional operation through policy action. It discusses many key elements influencing communication effects, including source, content, channel, target groups and feedback mechanism. And it abstracts the operation framework of improving monetary policy effects based on enhancing transparency.Secondly, it analyzes various research methods and selects China’s data to test PBC communication effects. Beauty contest model also be expanded. Besides the precision of public information, market reaction factor is also considered. It suggests that both transparent and surprise operation is likely to continue to for some time in China, improving monetary policy is a dynamic evolutionary process.Thirdly, to use the successful practice in developed countries for reference and to combine China’s actual economic development at this stage, it suggests the transparency manner of monetary policy operation in line with China’s actual condition. The job of this paper will be beneficial to guide the practical operation of monetray policy in our country.
Study on Regional Trade Arrangement from the Theoretical and Practical Perspective
Since the 1980s, global economic integration has become an irreversible trend, the regular rules pattern which is implemented within one country is broken, resources, labor force, trade, capital and other factors are put into the whole world market with unified rules. The economic integration develops both globally and regionally, it operates in some global and regional institutions with respect to the international legal regime, such as the World Trade Organization, International Monetary Fund, World Bank, Asian Pacific Economic Corporation, North America Free Trade Area, European Union, Latin American Common Market, and West Africa Community, etc. These institutions and the international legal regimes have interwoven and formed a netted legal system. As one part of global economic integration, regional economic integration is playing a very important role in the current liberalization of international trade. Regional legal system is a key factor to the integration and plays the important role. Since the 1990s, some new regional trade agreements and trade arrangements have been concluded not only between the neighboring countries, but also by some countries in different continents and/or with different economic development levels.The development of regional trade arrangement (RTA) influences and impacts the multilateral free trade system, which is established on the foundation of the non-discrimination principle and most-favored nation treatment principle. The most-favored nation treatment principle is the foundation of GATT/WTO multilateral free trade system, but similar to other legal principles and rules, this principle is also permitted to certain exceptions inevitably. As we know, regional trade arrangement has many types, such as preferential trade arrangements, free trade areas, customs unions, common market, economic unions and complete economic integration. Most regional trade arrangements are in the form of free trade areas, 84% in all RTAs.The economic reason for the vigorous development of RTA is that people think RTA can raise economic efficiency. From the perspective of multilateral free trade system’s development process, in July, 2008 WTO Doha round negotiation in the Geneva Conference formally announced failure just because the developing countries and the developed countries could not come to terms with each other. When multilateral free trade system encounters some setbacks, the RTA is developing fleetly in the global scope. In fact RTA plays a vital role to promote the international trade although some people criticized that RTA would result in trade diversion. But the supporters of RTA advocate that RTA has the positive role to the multilateral free trade system. Regional integration will promote global integration, because regional integration is comparatively easy to realize. RTA will contribute successful experience to global economic integration and multilateral free trade system. On the other hand, the discommenders of RTA think RTA would tend to internal trade protection and hinder the development of global integration. It is important that how the multilateral free trade system regulate the RTA so as to ensure trade liberalization. As a comparatively new Member of WTO and a freshman in RTA, China faces the issue of how it is going to deal with the relationship properly between multilateral free trade system and RTA.This doctoral dissertation focuses on the study of RTA from the theoretical and practical perspective. The author quotes and analyzes the rules of GATT/WTO concerning the RTA, and reviews the development process of RTAs and practically introduces the RTAs: EC/EU, APEC, NAFTA, ASEAN and CAFTA and so on. Through researching on the foundational theories and practical activities of RTAs mentioned above,the author attempts to gain deeper understanding about RTA rules and give suggestion to enhance Chinese abilities in participating in the international competition. No matter it is multilateral free trade system or the RTA, China should be familiar with all the rules and regimes, make full use of the current system and opportunities and play an important role within the RTA in which China participates and the multilateral WTO system.The dissertation consists of seven parts, including the introduction, five chapters and the conclusion. In the introduction section the author mainly introduces the purpose of this research project, research methods, and the structure of this dissertation.In the first chapter, on the basis of summarizing the concept of RTA from not only an economic perspective but also a political perspective, the author discusses the economic and political reasons, as well as the features and development trends of RTAs under the WTO multilateral system. It is pointed that there are several rules concerning RTA in the multilateral free trade system: GATT 1947 Art. 24, Understanding on the Interpretation of Art. 24 of GATT 1994, GTAS Art. 5 and the Enabling Clause (Tokyo Round). Also this chapter introduces the influential RTAs in the world that affect the international trade and play a very important role in the nowadays world economy.In the second chapter, the author mainly adopts the empirical method to focus on the development of EC/EU. Firstly the chapter introduces EC/EU’s development process, its institutional structure and its basic characteristics and some essential legal principals; and then analyzes the specific legal system about internal and external trade policies. Beginning from the introduction to the EC/EU’s arrangements on free flow of capital and labor force, competition law and so force, this chapter also figures out the characteristics of EC/EU’s economic integration legal system. EC/EU is the highest stage of RTA in the world, it is an outstanding model to regional economic and political integration with respect to international and supranational features. EC/EU contributes many theories and practical experience concerning regional free trade liberalization to WTO and its Members. In the third chapter, the author observes the model of open regionalism- APEC, reviewing all the development periods so as to ascertain the APEC’s institutional structure, the resolution-implementation mechanism, the decision-making mechanism and etc. Especially the author analyzes the legal system regarding trade, investment, and cooperation of economy and technology. APEC has the similar object and tenet as WTO, such as promoting the trade liberalization, non-discrimination, transparency and consensus in principle.In the fourth chapter, the author discusses the new RTA in Asia area- CAFTA. It is the first free trade area for China to construct with ASEAN from 2002. As a new member in RTA and in WTO, China has to learn from experienced RTA members in the world, such as NAFTA, EC/EU, APEC and ASEAN. Nowadays CAFTA is establishing its legal system on trade arrangement of goods and service, investment and its dispute settlement mechanism. To 2010 CAFTA will be constructed successfully and will be the free trade area with the biggest population in the world. In the fifth chapter, the author mainly analyzes the relationship between RTA and multilateral free trade system. There are many points of view about this issue: conflict or harmonize? The author thinks that RTA has the dual impacts on WTO multilateral system. The positive aspect is that it accumulates experience for WTO about free trade arrangement; on the other hand RTA could hold back the development of multilateral system. It is possible that the two systems coexist harmoniously so as to give the members more opportunity to expand their economic development.The last section is conclusion. The author comes to her conclusion: the two systems could coexist in the world and it is essential to very country to deal with the relationship between multilateral trade system and RTA appropriately. China should play a more positive role not only in WTO multilateral system but also in RTA.
Research on Commercial Bank Value Management Based on Process Theory
With the development of economic integration, financial globalization, conglomerated operation and information technology, great changes have been radically and unprecedentedly taken place in external surroundings of China’s commercial banks. Value creativity and value-based management (VM in short) is attached more importance in China’s commercial banks. Commercial banks seek to improve their performance and rebuild the core competition by the innovation of value philosophy and management methods. This paper studies on the China’s commercial banks’pattern of VM and innovation of its operating mechanism, which is of practical significance.This paper follows the research methods from the general to the specific and from theory to practice. It gives theoretical review and creative study of VM and BPR. It also offers horizontal comparison and vertical development study as well as case study. Based on the body of literature and the excellent research results from predecessors, this paper starts from the process reengineering as the breakthrough of VM, and aims to give some advice on establishing the effective VM system, which will improve bank value creativity and maximize bank value of China’s commercial banks.This paper studies VM based on the whole process of commercial bank, and divides it into three links, including foreground, middleground and background in according to customer-focus principle, so as to mix value management and process management together. Therefore, value management based on process contains: value created by foreground business process, value controlled by middleground risk management process and value insured by background comprehensive management process. It adequately addresses the content of commercial bank value management based on overall process of commercial bank, and it mainly researches China’s commercial bank VM based on process as follows:This paper researches on value creation mechanism of business process. Foreground business process is the important channel to create value and it puts important influence to the efficiency and the effect of value creation. Modularization is one of the attribute of foreground business process and it is the best choice to re-engineer foreground business process. Accordingly, to study the value management pattern of foreground business process means studying the relation and operation of module. This paper theoretically and practically analyses foreground business module separation principle, benchmark and confirms customer-focus classification principle. This paper also studies on relationship and operation among modules. Modularization is the organizational behavior course, which achieves the target of VM under the restriction of some rules of value creation pattern of business process: the characteristic of type structure, interdependence and mutual understanding.As for the risk management system on the basis of front business process modularization and centralized risk management, this paper describes the present conditions of risk management in China’s commercial banks, analyzes the impact of foreground business modularization to risk management, and establishes the risk management system on the basis of process modularization. Risk and commercial banks are inseparable and interdependent. The eventual goal of risk management is to maximize bank value, which is attained only when banks keep the dynamic balance of growth, earnings and risk. Risk is embedded in business processes and modules after foreground business modularization. Therefore, business processes become the effective channels and business modules become the main target of risk control. At the same time, business modularization and managing risk in process make it easy to flatten the organizational structure of risk management, and the risk management methods tend to specialization, centralization and being processed.Studying the value insurance system of background based on foreground process modularization. This paper suggests that background can efficiently direct and transmit the highest level strategic intent to performers by the method of budget management and performance management. Budget management allocates resources to the module with high value creativity, monitors and controls operation management of module in case of deviation from organizational goals. Performance management motivates value creation. With EVA core index and various performance management subjects, which include business lines, modules, products and customers, it establishes multidimensional performance management system. In addition, business modular needs the help of informatization to make complex business and management processes electronical, which can provide effective and convenient support to every modular.Combining the achievements of process management and value management, the paper researches on the overall process specifically, and further analyses module of the foreground, middleground and background and process re-engineering route. At the same time it studies innovation of value management pattern. This paper makes huge instructional sense to domestic commercial bank value management practice.
On Effectiveness of Investment Banks Reputation under Sponsor System
Based on the investment bank prestige effects which established generally in the overseas mature capital markets cannot obtain the widespread experience to support in China. Taking the prestige theory as a foundation, and then with the knowledge in financial intermediary theory, investment bank prestige model, information economics and game theory, this article analyzes the investment bank prestige effects and formation mechanism, and emphasizes the important role of system factor during this process. Then on the basis of vicissitude of securities issue system and investment bank function evolves, this essay especially analyzes sponsor system’s economic effects , and carries the theoretical analysis and the real diagnosis examination on the driving and signal demonstrating effects of investment bank reputation, and further proposes some measures on how to strengthen investment bank prestige effects in China.This paper thinks that in the stocks issuing market, the asymmetrical information between the publishers and investors causes investors’”reversion choice”and the publishers’”moral hazard”, which harmed investor’s benefits greatlly, and also reduced the stocks issuing efficiency. But the modern finance intermediary theory proved that the financial intermediation has the comparing superiorities in searching and screening projects’quality information, and inspecting operators’behavior with low costs. As the underwriter, investment banks are the core financial intermediations of stocks issue. They can transmit information such as the quality and valuation of publishing enterprises’, and supervise their behaviors after they going to the stock market, by which alleviated the information asymmetry effectively between investors and issuers in IPOs. However, the subjective profit motivation and the objective differences in the professionalism threat the credibility of investment bank’s information production. For investors and issuers, they often determine the true reliability of the information published by investment banks by their market performance over the past, so investment bank’s prestige has been questioned. As the signal to reflect type of one economic entity under the condition of information asymmetry, prestige has the effects in encouraging and restraining the practice of investment banks, and showing the level and quality of their work.But the general reputation theory shows that investment bank’s reputation must be formed and established through the certain mechanism. Specifically, except to repeated games of stock issuance, they also include the anticipated mechanism for investment bank to pursue long-term benefits, the information transmission mechanism about investment bank’s practice, the supervising and punishment mechanism to investment bank’s irregularities, and the market competitive mechanism to them, etc. Further from the fundamental point, these factors must first be constricted by the institutional environment. System is the game regulation of whole society. Systems and their changing will continue to affect and decide the main actions of those with reputation, and play an important role in the guarantee of investment bank’s reputation mechanism and the full giving of its effect. Chinese security market is emerging. During the foundation of security market which pushed by government, securities issuing system has undergone a special evolution from administrative examination system, approve with channel system to approve with sponsor system. As the issuing system transiting from immature to mature stage, investment bank’s function in the stock issuing market is also evolving. Compare to the others issuing systems in the past, sponsor system has realized the symmetry among investment bank’s responsibilities, rights and benefits, which provided the feasible system foundation to investigate investment bank’s responsibility. Especially, its recommending and securing regulation and the mechanism of responsibility investigation strengthened the investment bank’s responsibility as a sponsor, and then given basic guarantee for the mechanism forming of investment bank’s reputation. Under the encouraging and constriction of reputation, in order to establish and maintain good reputation for them, investment bank will always be diligent as far as possible during its practices and adopts the strictest appraisal standard to recommend and select issuers, and make reasonable price for them, through which to transmit comprehensive and real issuing information. Investment bank will continue to fulfill consultation and supervision responsibilities conscientiously after the stocks listed so as to ensure that issuers operate normally and use their raised-funds strictly according to the issuing instructions. Therefore, in the view of theory the following relationships should be concluded: investment bank’s reputation have negative correlations to the excess rate of IPO returns and the probability of violation and raised-funds changing of listed companies, but has positive correlations to their achievement display.In the foundation of above theoretical analysis, this paper tests the validity of Chinese investment banks’reputation empirically under sponsor system. The results confirm theoretical hypothesis derived above in several degrees, which proved the effectiveness of Chinese investment banks’reputation under sponsor system. This conclusion verifies the basic proposition about the theory of investment bank’s intermediary function in information production, quality certification and supervision, and prestige. It also gives proof to the practical effect of China’s securities issuing system in some degreeAt last, based on the difference between China and others’mature markets abroad in some empirical test results relate to investment bank’s reputation, this paper purposes the following measures to strengthen the effects of investment bank’s reputation further so as to improve operating efficiency of the stock market, which including: improving the existing sponsors system and continue to promote market-oriented reform of securities issuing system, taking further improvement in the internal governance of investment bank to build incentive and restraint mechanisms, paying more attention to investors’education and cultivating their rational behavior, at the same time building efficient mechanism of information transmit and consummating the evaluating and supervising system of social prestige.
Interspecies Nuclear Transfer of Bengal Tiger and Study of Histone Acetylation
Extinction of wildlife genetic resources imply that basic material with which we do cellular and molecular biological scientific research will lost forever.If these genetic resources are not preserved by anay way,we will lost the gene resources forever,lost search on cellular and molecular biological mechanism of the extincted wildlife species and recovery those species by somatic cell cloning technology,also lost worldwide Genetic resourses and treasure house of life scientific theory.Bengal tiger at the distribution of our country is a narrow,extremely scarce quantity of rare and endangered wild animals.Tibet Yarlung Zangbo Grand Canyon region of wild Bengal tigers in China are the main areas of habitat.So,in this research,we study the establishment of cell line and biological characteristic research on the purpose of long-term preservation and sustainable utilization of the valuable genetic resources by somatic cell and provision of valuable experimental material for cell biology,medicine,genomics,post genomics,genetic engineering and embryo engineering research.The Bengal tiger group ear marginal tissue fibroblast cell bank(BTEM2/2) And analyzed their biological characteristics,chromosomes,cell cycles and exogenous gene expression,to provide not only nuclear donors with good morphology,but also reliable data for further studying.The biological analysis results showed that,population doubling time(PDT) for revival cells was approximately 28h,there was no cross-contamination among the cells by measure Lactic dehydrogenase(LDH) and Malic dehydrogenase(MDH) isoenzymes. Chromosome analysis showed that the frequency of cell chromosome number of 2n=38 was 98.6%.The test results of the bacteria,fungi,virus,and mycoplasma were negative.In order to study exogenous gene expression,six fluorescent proteins were transfected into the BTEM cells.The transfection efficiency of these genes was between 4.4%～31.9%.The corresponding fluorescence was distributed throughout the cytoplasm and nucleus 24 h after transfection except for some cryptomere vesicles.Every index of the Bengal tiger cell line meets all the standard quality controlsof ATCC(American type Culture Collection).Not only had the germplasm resources of Bengal tiger been preserved at the cell level,but also valuable material had been provided for the research of genome,postgenome and somacloning.Establishment of somatic cell banks using low emperature biological techniques is new effective approach to conserve and maintain the diversity of wild animals.Donor cells with different treatments were used to verify how donor cells influence nuclear-transfer reconstructed embryos development in the Bengal tiger.The results showed: there also was no significantly difference(P＞0.05) between the cleavage rates and the blastula ratios of the nuclear-transfer embryos reconstructed by using donor cells with 5 time passages after revival;The Bengal tiger cells after treatments have good morphology,10ng/mL TSA make the cell cycle stop at the G0/G1 and the highest cleavage and blastula rate(P＜0.01).The Bengal tiger fibroblast cells deal with 10ng/mL TSA not only have a high level of acetylation and better morphology change compare with the other groups,but also the highest percent of blastula,so it must be more suitable method to deal with the donor cells.Comparitive study of level of histone acetylation in IVFand cloned embroyo after activation with different time shows:the histone fluorescence signal at 0 hours is cloned embroyo higher than IVF embroyo,and there were not significant differenences.The histone fluorescence signal at 2 hours is cloned embroyo lower than IVF embroyo.The histone fluorescence signal at 4 hours is cloned embroyo higher than IVF embroyo,and there were not significant differenences.The histone fluorescence signal at 6 hours is cloned embroyo lower than IVF embroyo.The histone fluorescence signal at 8 hours is gradually increased too, cloned embroyo lower than IVF embroyo.The histone fluorescence signal at 10 hours is gradually increased too,cloned embroyo higher than IVF embroyo.The histone fluorescence signal at 12 hours is gradually increased too,and at this time the aeetylation level reach to Maximum,and there were not significant differenences.
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