Inventory financing under Risk-Adjusted-Return-On-Capital criterion

Risk-Adjusted-Return-On-Capital (RAROC) is a loan-pricing criterion under which a bank sets the loan term such that a certain rate of return is achieved on the regulatory capital required by the Basel regulation. Some banks calculate the amount of regulatory capital for each loan under the standardized approach (“standardized banks,” the regulatory capital is proportional to the loan amount), and others under the internal rating-based (IRB) approach (“IRB banks,” the regulatory capital is related to the Value-at-Risk of the loan). This article examines the impact of the RAROC criterion on the bank's loan-pricing decision and the retailer's inventory decision. We find that among the loan terms that satisfy the bank's RAROC criterion, the one that benefits the retailer the most requires the bank to specify an inventory advance rate in addition to the interest rate. Under this loan term, the retailer's inventory level is more sensitive to his asset level when facing an IRB bank compared to a standardized bank. An IRB (standardized) loan leads to higher profit and inventory level for retailers with high (low) asset. For retailers with medium asset, an IRB loan results in a higher retailer profit but a lower consumer welfare. Calibrated numerical study reveals that the benefit of choosing standardized banks (relative to IRB banks) can be as high as 30% for industries with severe capital constraints, volatile demands, and low profit margins, highlighting the importance for retailers to carefully choose the type of banks to borrow from. When the interest rate is capped by regulation, retailers borrowing from a standardized bank are more likely to be influenced by the interest rate cap than those borrowing from an IRB bank. Under strong empire-building incentives (the bank will offer loan terms to maximize the size of the loan), retailers with medium initial asset level shift their preference from IRB banks to standardized banks.     

效能评估研究热点分析

采用计量学方法,以CNKI、SCI数据库中的文献为数据源,运用CitespaceⅡ、Excel软件对效能评估中文、英文相关文献进行分析,通过对比方式,得出国内外效能评估研究热点的相关结论,并将主要关键词以时间轴的顺序区分归类,对效能评估的研究具有一定的参考价值     

维和警察警务风险管理刍议

由于联合国维和任务区条件艰苦,环境危险,维和警察在安全方面存在着很多风险和隐患。如何发现并排除隐患,最大限度地保证维和警察的安全,是维和警察管理部门亟待解决的问题。从维和警察警务风险管理概念入手,探讨维和警察警务风险管理计划、风险识别和评估、风险处理和效果评价等,以期对维和警察管理部门的警务风险管理实践起到辅助作用。     

改革建设工程消防监督管理的现实需求及对策探讨

随着我国经济飞速发展和社会深刻变革,消防工作面临的形势发生新的变化,公安机关消防机构转变职能迫在眉睫。综合阐述新形势下改革建设工程消防监督管理工作的期待和现实需求,探讨稳步推进建设工程消防监督管理改革的对策,对加强和创新社会消防安全管理,服务经济和社会发展具有重要的现实意义。     

U型钢板桩施工的滑坡动态勘察技术及数值模拟

为节省边(滑)坡灾害的应急加固时间,提高边(滑)坡处置的效率和质量,针对边(滑)坡在勘察阶段提出了基于U型钢板桩施工的动态勘察技术,即在静压植桩机压入U型钢板桩的同时,利用与其配套的压入管理系统设备与软件对压桩数据进行监测和分析,从而反馈出地层强度等信息。数值模拟中,为了能利用工程中所得压桩阻力图谱来反推地层信息,归纳总结了不同土体在桩压入时的应力云图和压桩阻力规律。结果表明:压桩阻力规律与地层信息之间存在对应关系,据此可判断地层强度特征等信息,数值模拟也为后续的现场试验研究提供了依据。     

重金属离子在线水质检测系统设计与试验

为解决水环境中重金属离子现场应急检测的难题,实现水环境中重金属离子的在线检测,提出了一种基于离子选择性电极法和阳极溶出伏安法的组合式重金属离子在线水质检测系统。分析了离子选择性电极法和阳极溶出伏安法的工作原理,构建了重金属离子在线水质检测系统结构,设计了系统检测软件工作流程,并对该方法进行了验证。结果表明:组合式电化学检测法是一种可靠稳定的重金属离子检测方法,可满足现场应急在线检测要求。     

基于功率控制分组的RFID防碰撞算法改进

为了减少阅读器读取标签过程中的查询次数,降低标签发生碰撞的概率,提高系统效率,针对功率控制分组防碰撞算法不能根据标签数动态地进行组数划分,提出了一种改进算法。采用数学分析与二进制算法相结合的方法,找到最优组数,根据最优组数划分阅读器的读取区域,标签分布在划分的组中,阅读器依次读取不同组中的标签。通过划分组数,减少阅读器每次读取的标签数,从而降低标签碰撞的可能性。仿真结果表明,改进算法显著减少了碰撞次数,提高了系统效率。     

基于三维虚拟营区的设备实时信息集成

虚拟现实技术已广泛应用于营区、校园、社区等区域虚拟景观的展现,但大部分只重视静态模型信息展示,对设备信息特别是设备动态实时信息的展现涉及较少。提出了一种在三维虚拟营区中全面展现设备信息的方法。该方法将各设备管理系统数据与三维数据融合共用,通过图元接口来实现设备动态信息展示。在基于Stamp三维信息平台和3ds Max构建的虚拟营区中进行验证,实现了营区供水、供电、环境监测、安防等设备信息的综合展现。     

博弈论在无线通信中的应用专题讲座(三) 第5讲 物理层安全中基于Stackelberg博弈的资源分配算法

文章针对博弈论在无线通信物理层安全中的应用,首先简要介绍了无线通信中的物理层安全和斯塔克尔伯格博弈(Stackelberg game)相关概念,然后提出一种基于斯塔克尔伯格博弈的资源管理算法,有效改善了协同无线网络的物理层安全性能。该算法将人工干扰节点建模为卖方,将中继节点建模为买方,通过双方之间的交互来实现人工干扰节点功率的有效分配,最终达到提高系统安全速率的目的。     

Operations sequencing for a multi‐stage production inventory system

This article studies operations sequencing for a multi‐stage production inventory system with lead times under predictable (deterministic) yield losses and random demand. We consider various cases with either full or partial release of work‐in‐process inventories, for either pre‐operation or post‐operation cost structures, and under either the total discounted or average cost criteria. We derive necessary and sufficient criteria for the optimal sequence of operations in all cases. While the criteria differ in their specific forms, they all lead to the same principal: those operations with (1) lower yields, (2) lower processing costs, (3) longer lead times, and (4) lower inventory holding costs should be placed higher upstream in the system.Copyright © 2014 Wiley Periodicals, Inc. Naval Research Logistics 61: 144–154, 2014