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.     

物理弱间断线上Ⅲ型斜交裂纹高阶渐近场

针对功能梯度材料层/均匀材料基体的物理弱间断线上斜交裂纹,通过分离变量和级数展开法构造位移函数,求得了裂纹尖端高阶渐近场。其界面裂纹尖端高阶渐近应力场具有与均匀材料相同的r-1/2的奇异性。由高阶项的表达式可知：材料非均匀性对应力场有显著影响。数学上,该解为此类问题的特征函数,能够描述此类材料各种含裂纹结构的整个应力场和位移场,当非均匀参数为零时,它可以退化到均匀材料反平面裂纹问题经典的W il-liam s解。     

OPC技术EMS系统与SIS系统数据接口设计与实现

针对企业能源信息系统要求数据采集速度高、需要把一些孤立的数据流程化地整合在一起的特点,设计了EMS系统与SIS系统之间的数据接口.介绍了EMS系统与SIS系统通信关键技术,设计了基于OPC通讯方式的实时数据接口方案、接口程序通讯配置、点配置表等,同时在采集模块中进行实时数据积分处理.     

基于COM的开放式数控系统软件模块通信方法的研究

采用基于COM技术的软件设计方法 ,对数控系统软件进行模块化开发 ,模块间的通信问题是关键。应用COM技术中的“事件”和“事件槽”方式实现了客户组件模块与服务器之间、客户组件模块之间的通信。这为开放式数控系统软件设计中通信问题的解决提供了一种新的软件方法     

固体推进剂药柱结构分析的非概率凸集合理论模型

为了研究不确定性能参数对固体推进剂药柱结构分析的影响 ,将非概率凸集合理论模型和粘弹性有限元相结合 ,以增量法处理遗传积分 ,利用摄动法预测其响应量区间 ,发展了一种适合药柱特点的不确定性方法。将其和随机结构分析进行对比 ,表明两种方法之间有一定的联系。     

单兵数字化系统人机界面分析与设计——“数字化战场与单兵数字化系统”系列论文之五

首先简要分析了单兵数字化系统中人机界面的设计原则，并根据单兵系统及其所处环境的特点，讨论了多种界面类型在该系统中的利弊、作用及实现的可能性。最后讨论了界面中各种信息的分组以及界面的展现（屏幕）设计     

智能图形显示终端的软件设计与实现

文中讨论了按CGI 标准来设计智能图形显示终端的软件接口,总结了智能图形显示终端软件的设计和实现的思想和方法。     

舰用计算机局部网络通信协议的设计

介绍了舰用计算机局部网络通信协议的设计,重点描述了设计中为提高实时性和可靠性所采用的一些具体技术措施,其中包括:简化ISO/OSI—RM 参考模型,并与IEEE8024标准协议兼容,采用VLSI 技术设计网络接口卡。同时,对其中一些关键技术,如逻辑环的建立与维护、信息的优先级发送与实时响应、数据缓冲区的结构与管理都作了说明。     

偶联剂在固体推进剂填料改性中的应用研究

本文采用硅烷类和钛酸酯类偶联剂对固体推进剂中的硝酸铵填料进行表面改性。改性后的硝酸铵接触角增大,表面张力降低且具有明显的疏水性。并证实偶联剂可以增强填料与粘结体系之间的界面相互作用。     

不同增强体镁基复合材料的阻尼性能

研究了短切碳纤维、碳化硅晶须、硼酸铝晶须为增强体的镁基复合材料在外加载荷下的阻尼性能,测量了它们的力学性能与断口特性。研究表明：增强体不同的镁基复合材料,阻尼性能不同;在所研究的几种增强体复合材料中,以短切碳纤维增强镁基复合材料的阻尼效果最好;短切碳纤维增强铁基复合材料界面对内耗有明显的影响。