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July 15,2015
Volume 8,Issue 13
Pages -
Subject Area:Economic Geography,Agricultural Finance,Financial markets,Applied Mathematics

Title: Effects of foreign participation and foreign trade on regional economic growth: evidence from Zhejiang province

Authors: JIANG Zhangsheng
PP: 1454-1460
Abstract: Based on the statistical data of 1990-2013 years in Zhejiang province, this paper studies the effects of foreign participation degree and foreign trade dependence degree on the economic growth of Zhejiang province. The results show that foreign participation degree and foreign trade dependence degree on the economic growth of Zhejiang province have some long and short term effects, where their long-term effects are positive, but this effects of foreign participation degree on economic growth are more significantly. The short-term effects of foreign participation degree on economic growth are significantly positive, and the short-term effects of foreign trade dependence degree on economic growth are weakly negative.
Keywords: regional economics; foreign direct investment; foreign participation degree; foreign trade dependence degree; regional economic growth

Title: Research on the financial efficiency and capital movement in Yangtze River Delta

Authors: SANG Yu, YU Chenyang, ZHANG Bing
PP: 1448-1453
Abstract: By using data envelopment analysis (DEA) to measure the financial efficiency in Yangtze River Delta and Gini coefficient and Theil index to analyze the differences within this area. The results show that from 2003 to 2012 the changes of the financial efficiency in Yangtze River Delta are big and the gaps between the provinces are firstly narrowed but then are broadened. Furthermore, the processes of Jiangsu province and Zhejiang province are similar. F-H model is used to analyze the capital movement and the scale of it through the expenditure approach of national income. The outcome shows that the overall capacity of the capital movement in Yangtze River Delta is weak and the scale of it is negative.
Keywords: regional economics; financial efficiency; capital movement; data envelopment analysis; F-H model

Title: Research on financial agglomeration impact of upgrading on the industrial structure of Hunan province

Authors: YANG Shenggang, CHEN Jiawen
PP: 1442-1447
Abstract: In order to test the financial agglomeration development results and validate the relationship between financial agglomeration and upgrading of the industrial structure in Hunan province, we make a measurement on the level of financial agglomeration over the years by factor analysis method, and we test the impact of financial agglomeration level on the industrial structure upgrading by vector auto-regression (VAR) model and the impulse response function and variance analysis. The results show that, in the long run, financial agglomeration and upgrading of the industrial structure of Hunan province have positive correlation. Financial agglomeration can effectively promote the upgrading of the industrial structure of Hunan province.
Keywords: economic geography; financial agglomeration; industry structure; upgrading of the industrial

Title: Measurement of the level of inclusive financial system in Henan province

Authors: WANG Hongguang, RAN Xiaoying
PP: 1436-1441
Abstract: This paper solved the measurement of 108 counties and cities’ inclusive finance level in Henan province to put forward financial reform and enhance the level of financial services in Henan province. Inclusive finance index (IFI) was used to represent the inclusive finance level, and four dimensions were employed in this study, namely banking penetration, availability of banking services, usage and barriers. From the measurement, two main conclusions were drawn: 1) The inclusive finance level of most counties and cities in Henan province is very low; 2) Different counties and cities have different IFIs.
Keywords: agricultural finance; inclusive finance; evaluation index; level measurement

Title: Research on the causes of private lending risk in China: a case study of Wenzhou city

Authors: MA Weixiong, XIE Fengmin, LIU Ang, DAI Li, WANG Yahui
PP: 1427-1435
Abstract: This thesis summarizes the basic features of private lending and the ways in which relevant risks formed through in-depth analysis of the typical cases of private lending in our country. It takes Wenzhou city, Zhejiang province, where severe crisis of private lending exists, as an object of study, to build risk measurement index of private lending in Wenzhou city by means of factor analysis method. In addition, the thesis analyzes the contributing factors of private lending risks in Wenzhou city with the aid of grey relational analysis model, providing some suggestions and reference for the local government authorities in terms of solving the problems of private lending. Empirical researches demonstrate that private lending risks in Wenzhou city are mainly comprised of structural risks and interest rate risks, while the sizes of private lending and the sizes of loans are the main contributing factors of private lending risks. In addition, through the cause empirical analysis of grey relational analysis model, a conclusion can be drawn that private lending risks in Wenzhou city mainly stem from the stage of development of local service industry, financing demands of real estate markets, financing demands of development of the non-public sectors of the economy and the macro-economic situations in the country, etc.
Keywords: money and banking; private lending; contributing factors of risk; factor analysis; grey relational analysis

Title: Research on the internal influence factors of the intermediate business in China’s commercial bank: based on the eight listed banks panel data from 2004-2013

Authors: LIU Xu, LI Yanhong
PP: 1421-1426
Abstract: This paper uses the annual data of 8 listed commercial banks from 2004 to 2013 as sample, constructs empirical model to analyze the internal factors influencing the intermediary business of commercial bank. The results show that the development level of intermediary business has significantly positive correlation with the bank’s total assets and the total loans, and has significantly negative correlation with the bank’s total deposits and the return on equity.
Keywords: money and banking; commercial bank; intermediate business; non-interest income; internal influence factors

Title: Empirical research on the relationship between China’s cotton futures prices and spot prices

Authors: ZHANG Xiaotong, TENG Yongping
PP: 1417-1420
Abstract: This paper selects cotton’s spot and futures prices for empirical research, using Johansen cointegration test, Granger causality test, error correction model (ECM) and econometrics methods，to verify our cotton futures price discovery function. The results show that although in recent years China’s commodity futures market price discovery function has played, but the short-term price relationship is easily affected by speculation. Therefore, the function of the futures market need to realize gradually. At the same time, the relevant departments also need to accelerate the improvement of market structure, to find the best strategy to strengthen the function of China’s commodity futures market.
Keywords: financial market; futures market; hypothesis test of cointegration; Granger test of causality; error correction model

Title: Parallel computation method of group explicit difference for the payment of dividend option pricing model

Authors: GUO Yaoyao, YANG Xiaozhong
PP: 1403-1416
Abstract: It is very important to study the numerical solution for solving the payment of dividend option pricing model (Black-Scholes equation) both in theory and practice. This paper gives the group explicit (GE) difference method of the payment of dividend option pricing model. GE difference scheme is constructed based on the improved Saul’yev asymmetric difference scheme, then constructs the alternating group explicit (AGE) difference scheme. Theoretical analysis and numerical experiment demonstrate that GE scheme is conditional stable and AGE scheme is unconditional stable. The numerical experiment shows that AGE scheme can improve the calculation speed rapidly, the calculation time of AGE scheme is 1/2 of the improved Saul’yev asymmetric scheme, which confirms the parallel computation method of AGE finite difference given by this paper can be used to solve the payment of dividend option pricing model effectively.
Keywords: financial mathematics; payment of dividend option pricing model; group explicit difference scheme; alternating group explicit difference scheme; parallel computing; numerical experiment

Title: Basic conclusions in individual income tax planning and its application in salary management

Authors: JIANG Jianjun
PP: 1395-1402
Abstract: It is a basic conclusion in the theory of individual income tax planning that paying salaries averagely makes the tax lowest if the total yearly salaries are fixed. It is investigated deeply and is generalized to more general results which enrich and develop the theory of individual income tax: 1) if the total yearly salaries are fixed, a payroll plan with lowest tax if and only if it has only one tax level; 2) there are infinite payroll plans with the lowest tax and one of them is the average payroll plan. Moreover, the conclusion, together with Pareto optimization method is widely applied in staff’s salary management, which satisfies both of the employer and the employee for continuous several years.
Keywords: operational research; individual income tax planing; payroll plan; salary management; Pareto optimization

Title: Fuel transportation problem based on ant colony algorithm

Authors: CUI Xueyuan, MA Yingjun, ZHAO Dongfan
PP: 1390-1394
Abstract: This paper firstly introduces the basic content of ant colony algorithm, including the main characteristics, basic principle and basic steps. Secondly, the mathematical model of fuel transportation problem is established. At last, by making use of ant colony algorithm, ant colony algorithm model is set up which researches the optimization mathematical model with limited capacity of the fuel transportation problem and makes simulation analysis. The simulation results show that the ant colony algorithm can effectively reduce the total length of transport routes, proving the effectiveness of ant colony algorithm. Furthermore, considering the size of cities, which are 50, 100, 150 respectively, the efficiency of the algorithm is not reduced with the increase of the city’s scale, proving the high performance of ant colony algorithm.
Keywords: operational research; traveling salesman problem; fuel transportation; ant colony algorithm

Title: Rotation algorithm of the minimum portfolio risk model

Authors: XU Lingli, SUO Xinli, ZHOU Jun, WU Feiyue, LIU Shuichang, LI Gaobin
PP: 1383-1389
Abstract: This passage focused on risk and profit as its central thoughts and introduced the concept of systematic and unsystematic risk into stock portfolio. When the anticipated profits are invariable, we build a stock portfolio model with the minimum risk and make use of a rotation algorithm based on linear inequalities to solve the model. After providing and analysing an example, we obtained its optimal portfolio strategy.
Keywords: applied mathematics; portfolio; profit; risk; stock; rotation algorithm

Title: Study on wine sensory evaluation by the statistical analysis method

Authors: SUN Liangliang, GE Bin
PP: 1374-1382
Abstract: In this paper, the quality of wine is evaluated by studying on its aromatic substances and the physical and chemical indicators of wine grapes and wine. Firstly, a rating credibility model of red wine is constructed by the analytic hierarchy process (AHP). Secondly, the classification of red grapes is achieved through the evaluation results of red wine and cluster analysis method. Thirdly, the correlation of the physical and chemical indicators between red grapes and red wine is analyzed. Finally, it is demonstrated that aromatic substances play an important role in the quality of red wine. Thus, the quality of the wine can not be evaluated only by the physical and chemical indicators of wine grapes and wine.
Keywords: applied mathematics; analytic hierarchy process; cluster analysis; rating credibility; sensory evaluation

Title: Transformation technique, fixed point theory and triple positive solutions for a elastic beam equation with the bending term

Authors: QIU Jingliang
PP: 1367-1373
Abstract: Using a new technique for dealing with the bending term of beam equations, we consider the existence of triple positive solutions for a beam equation. Besides achieving new results, estimates on the norms of these solutions are also provided. Since fourth ordinary differential equations describe the stationary states of the deflection of an elastic beam in the material mechanics, the results and method are useful for the stability analysis of the beam.
Keywords: ordinary differential equation; transformation technique; Leggett-Williams’s fixed point theorem; nonlinear elastic beam equation; three positive solutions

Title: Feature screening for ultra-high-dimensional additive models

Authors: JING Haiyin, LIU Chaolin, ZHANG Zhimin
PP: 1351-1366
Abstract: This paper proposes feature screening method in the ultra-high-dimensional additive models based on Kernel method. In ultra-high-dimensional additive models, the proposed methods get good screening results. Under some mild technical conditions, the sure screening property is valid for the proposed method. The simulation results indicate that the proposed procedure works well with moderate sample size and large dimension.
Keywords: mathematical statistics; feature screening; ultra-high-dimensional additive models; local linear approximate

Title: Application of Cox proportional hazards model in stock market

Authors: YANG Huai, ZHAO Xuejing
PP: 1344-1350
Abstract: This paper devotes to the application of the Cox model in stock market in order to choose the covariates which have important influence to the stock. We studied the Shanghai Stock Exchange (SSE 100) index between January 2014 to April 2014. The survival time and state are obtained by defining the time of failure. The coefficients between 13 finance indexes are explored to indicate the interdependency, which shows the necessity of variables selection. Using the minimization of least absolute shringkage and select eprator (Lasso) type partial likelihood with penalty function by coordinating descent algorithm and cross-validation method for turning parameter, the important covariates are obtained. The significance of the parameters is tested by likelihood ratio test under the predetermined significance level of 0.05. The numerical analysis demonstrate the effectiveness of the Lasso method in variables selection in stock market.
Keywords: mathematical statistics; Cox proportional hazards model; variable selection; cross-validation; Shanghai Stock Exchange (SSE 100) index

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