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In view of the limited budget of governmental finance and high demands on health and hygiene resources, government needs to study the decision-making issues concerned about the prior allocation behavior of governmental hygiene resources under the circumstance of co-existing disease risk and medical treatment risk in the supply side reform of medical health field. In this paper, the risk preference conditions of social planner for co-existing disease risk and treatment risk having influence on the hygiene allocation of the higher risk group were provided. When both risks are co-existing, the preference conditions of social planner under the single risk are ineffective for him/her for allocating more hygiene resources. The joint effect of the two types of risks is uncertain; however it can be eliminated by applying new risk preference conditions. This paper focuses on researching the hygiene resource allocation sorting risk source under an uncertain condition and finding the important role of the correlation between two risks for the governmental decision on hygiene resource allocation, they will have important significance for deeply pushing the supply side reform of medical health field, improving medical health supply structure and improving public health. [ABSTRACT FROM AUTHOR]

Change in the risk preference of financial asset will bring a change to the utility function of investor, and thereby cause a change to the investment consumption decision. In financial market, the price of risk asset is usually simulated by the geometry Brown movement. In order to make the price of risky asset closer to the reality, the mean reverting process was used to simulate the drift parameter of risky asset in this paper, which was rightly different from the traditional hypothesis. The research in this paper overcame not only the deficiency in the previous research literatures, but also considered the impacts of the risky asset drift coefficient obeying to the mean reverting process on financial asset investment consumption decision, and furthermore derived the value function and the corresponding financial asset’s optimal investment strategy on the basis of the martingale approach, which has important practical value for investor for realizing the utility maximization. [ABSTRACT FROM AUTHOR]

Background: on the context of current medical health supply side reform, medical industry will focus on three aspects accurately, i.e.: “adjusting structure, reducing costs and replenishing short-slab”, whereas the operation efficiency of medical industry is the important issue attracted the attention of academic circles. Methods: the medical industry is easier to be affected by external uncontrollable factors, for instance public health emergency or change in health policy will affect the service cost of hospital, and thence the operation efficiency of medical industry is researched and evaluated by adopting the stochastic frontier cost model. Results: according to the empirical research, Chinese medical industry achieved higher operation efficiency in the process of medical health supply side reform, it reflects not only the higher medical service and management level of medical institution and, but the matching attribute with their current sale. However several hospitals had lower cost efficiency for their medical services, adopted extensive management and involved in insufficient medical resource utilization. Conclusions: the stochastic frontier cost model measures the efficiency of hospital input and output from multiple angles; it has higher scientific nature and adaptability, and complies with the current medical health supply side reform requirements; moreover it is beneficial to expedite to develop Chinese medical industry, reduce operation cost, improve the operation efficiency of medical industry, and boost the medical health supply side reform to achieve success. [ABSTRACT FROM AUTHOR]

Background: in the context of deeply promoting supply-side structural reform in China, the bio-pharmaceutical industry of China is being boosted from three aspects of “adjusting structure, reducing costs and replenishing short-slab”, and the comprehensive strength assessment of bio-pharmaceutical industry cluster has become the important issue focused by the academic circles. Methods: the comparative analysis was made for the comprehensive strength of China bio-pharmaceutical industry cluster on the basis of grey theory analysis by establishing the assessment indicator system and assessment model complying with the characteristics of Chinese bio-pharmaceutical industry. Results: the empirical study revealed that: the comprehensive strength of Chinese bio-pharmaceutical industry cluster in the Yangtze River Delta Region was higher than that of the bio-pharmaceutical industry cluster in the Pearl River Delta and the circum-Bohai-Sea, the comprehensive strength of the bio-pharmaceutical industry cluster in the Pearl River Delta was higher than that of the bio-pharmaceutical industry cluster in the circum-Bohai-Sea. Conclusions: the comprehensive strength of Chinese bio-pharmaceutical industry cluster has to improve further; Chinese bio-pharmaceutical industry cluster needs not only to grasp the opportunity of current supply-side reform to further optimize industrial structure, but also needs to focus on the supply-side elements to improve production efficiency of element and promote its transformation and upgrading. [ABSTRACT FROM AUTHOR]

Space M&A based on industrial concentration and pursuing concentration rent and spillover effect in new normal has become an important method to realize industrial up-grading, and how to evaluate value effect of space M&A with two-stage production system becomes a new project that has yet to be studies in academia. The article builds a M&A value evaluation simulation model based on DEA non-cooperation game to evaluate value effect of space M&A in financial industry in China.it shows, Space M&A with hypotactic game relationship can bring about substantial potential cost saving, and there must be system M&A valid when all subsystems are M&A valid. Optimal input-output index and optimal value index of intermediate variables based on model calculation further helps to obtain the measure of space M&A value improvement, which provides commercial banks with immediate empirical evidences to select M&A under new normal, helps to facilitate optimization of financial resources space configuration, and promotes transformation and upgrading as well as innovative driving of financial industry in China. [ABSTRACT FROM PUBLISHER]

The key to deepening the reform of Chinese economic system is to speed up rural financial reform, strengthen the financial support for new agricultural business entities, and accelerate cultivation and development of new agricultural business entities. The paper, taking pilot area for rural financial reform in Lishui of Zhejiang as the subject of study, makes an in-depth research on an influence of Chinese rural financial reform on cultivation of new agricultural business entities. Empirical research shows, financial support is an important means of cultivating new agricultural business entities, special finances such as governmental universal finance and special finance from financing institutions and funds in the hands of family farms exert an outstanding influence on cultivation of new rural agricultural business entities. Finance supports with different sources play a certain alternative part in cultivation of new agricultural business entities. It is very important for cultivation of new agricultural business entities to strengthen the intensity of rural financial reform and optimize allocation of rural financial resources, which indicates the direction to deepen rural financial reform of China. [ABSTRACT FROM PUBLISHER]

In this paper, Merton’s typical consumption-saving and investment portfolio selection problem was expanded to the having-time inconformity preference of object, so individual needs to consider to change his/her personal preference when making a decision. By using the simpler method, the HJB equations under different circumstances of limited time and unlimited time were respectively obtained. Besides, the analytical solution of the consumption & investment portfolio selection of the utility function for constant absolute risk aversion was obtained. Compared the study result of Merton with that of this paper, the consumption and wealth were founded to have a linear relationship; however their percentage was not a constant any more, and the percentage of the investment on risky assets was not a constant either, but the total value of the investment on risky assets remained unchanged. Such conclusion has an important guiding significance to the optimization of the cross-period consumption and investment portfolio of investor. [ABSTRACT FROM AUTHOR]

On the basis of pair-copula theory, GARCH model and minimized CVaR approach, the pair-copula-GARCH-GED model was established by the paper to generate the future ROA scenario complying with the historical ROA distribution, and the optimal investment weight of asset portfolio was obtained through the minimized CVaR. In accordance with the empirical analysis, it can be seen that the model could describe the ROA distribution of asset portfolio better, and the one to put the pair-copula approach into the model could bring a more accurate result when analyzing the dependency relationship between multi-dimensional ROAs. The investment portfolio on this basis has better performance on the aspects of stability and profitability. [ABSTRACT FROM AUTHOR]

In this paper a new decision-making method was proposed by relying on the powerful fuzzy information expression ability of Vague set and the practicability of TOPSIS method and grey correlation method on the aspect of multi-attribute decision-making problems. Such new decision-making method based on the integrated TOPSIS method and grey correlation method of Vague set meets not only the decision-making requirements on the accuracy depicted by uncertain fuzzy information and the flexibility of disposal, but also meets the requirements of making comprehensive evaluation on the goodness and badness of decision-making scheme; it represents synchronously the dual-benchmark characteristics of position and shape similarity, and thereby provides a new thinking for the multi-attribute decision-making problems. Lastly, the paper took the selection of target enterprise under merger and acquisition as the analysis basis to describe the effectiveness and feasibility of the decision-making method. [ABSTRACT FROM AUTHOR]