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.     

Research communication security in the 90s: A view from the UK

This paper develops a methodology for measuring the capital value of military assets in monetary terms. We distinguish between two military capital measures. One measure, called the value of military capital (services) summarizes the value of military defense assets during a particular year. A comparison of the capital‐services value of U.S. and Soviet tactical combat aircraft is provided for the period 1970–1984.

One feature of the capital‐services measure that makes it particularly interesting is that its size can be compared with such military expenditures as operating and support. While these latter expenditures reflect the readiness of a defense establishment, the relevant capital‐services measure reflects force structure and modernization.

A second measure, called the value of military capital (wealth), summarizes the military benefits obtained from defense assets over the remainder of their service lives. This measure depreciates the capital as it ages, and is useful for comparing military wealth with other types of wealth in the economy. We provide this measure for the U.S. military capital stock for 1925–1984.     

SpaceFibre星载数据网络低延时确定性调度算法

针对超高速SpaceFibre星载网络中多源数据传输的确定性和实时性应用需求,提出一种分类细粒度低延时确定性调度算法。该算法基于差异化调度策略的思想,将数据流划分为三类。为实现网络资源的细粒度分配,引入扩展时隙。该算法采用无冲突均匀调度方法,降低了数据包的平均排队延时。为适应有效载荷组网的航天应用场景,该算法兼顾网络拓扑结构生成调度方案。为验证算法有效性,在OPNET仿真平台下利用自定义建模技术搭建网络仿真模型。仿真结果表明:相比优先权调度和无冲突连续调度机制,该算法实现了时间敏感数据流的确定性传输;随着时隙数目的增加,网络的延时性能和抗抖动性能显著提升,吞吐量性能得到保证;该算法具有一定的航天工程实用价值。     

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     

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     

基于单码CDMA系统的多级业务的接入控制

基于支持多级业务的单码CDMA系统 ,本文设计了一种适合于多级业务接入的两层控制方案。借助于该方案 ,实时业务用户一旦被接纳就立刻进行通信。而非实时数据用户的通信过程要受到呼叫层和突发层双重的控制。这样 ,前者的QoS能够得到保证 ,而后者则可以充分利用网络暂时闲置的信道容量。     

载人飞船上升段轨道的Newton迭代设计法

本文对载人飞船上升段轨道的一种工程设计方法进行了探讨。该方法的特点是根据上升段飞行的特征,运用飞行力学原理选定其控制规律的数学模型,然后根据上升段轨道的中间约束条件和终端约束条件,利用Newton迭代法确定模型中的各待定参数。本文给出了该设计方法的流程图,并通过模拟计算论证了该设计方法的可行性。     

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。