Chinese Abstract: 长期以来，金融市场基础设施以技术规程为显征，其概念空洞、泛化，且缺乏系统性、深层次的理论提炼，这与其作为金融市场运作关键枢纽的地位不符。现有制度和机构过于散乱，传统金融中介和新兴平台架构又无法为其正当性提供理论注解，亟须从分层抽象的视角进行核心范畴的体系剖释。从市场发端、服务于经济生活的金融市场基础设施可在市场与规制、安全与效率的辩证认知中确立“一体两翼”的法学切入进路。围绕风险治理的内在核心和科技革新的外在驱动这两条主线，明确金融市场基础设施中心范畴，以此为基，可率先从风险适应和系统分析的理念树立、正当性寻求和统合差异的立法推进及宏观审慎、包容中立的谦抑性监管调整方面进行系统规制。
English Abstract: For a long time, Financial market infrastructure (FMI) has been known for its technical characteristics, and been regarded as hollow concept, which lacks deep common theory and is inconsistent with its key role in financial market. Now, the system and institutions are in chaos, no matter traditional financial intermediaries or new platform architecture cannot account for FMI’s legitimacy, which urgently needs to construct a new explanation method in the perspective of stratified abstraction. The feasible way we can use in FMI’ regulation can go by the name of “one body with two wings”, which arises from the dialectical cognition between stabilization and efficiency. Under that theory, we think that risk’s considerations are FMI’s inner core, and technological changes are FMI’s external drive forces, both of which can effectively delimit FMI’s scope. And the systematic regulation of FMI can started with three dimensions. Firstly, build up the guiding principles of risk adaptation and systematic analysis. Secondly, promote relevant legislation. Thirdly, strengthen the regulation with more concepts of macro-prudent and containment neutrality.
The free flow of international capital is the breeding ground of the macro hedge funds.Although the specific reasons that leads to the European currency crisis,Mexico's financial crisis,and the Asian financial crisis are largely different,the common characteristics is that people intentionally or unintentionally expand the imbalance of the macro-economic fundamentals,gain huge profit by forcing adjustment at the crisis moment of the financial market.There is nothing wrong with the behavior of the macro hedge funds,as they are profit organizations,the key to the hedge funds,however,is to avoid serious macroeconomic imbalances.
Facing the more and more complex internal and external enterprise environment,the paradigm of strategic management should be adjusted and perfected frequently and the policy science is likely to provide some references for the rebuilding of the paradigm of strategic management.On the basis of analyzing the policy science paradigm and comparing the strategic enterprise management with it,the strategic enterprise management should learn specifically from the policy science paradigm as the following.First,drawing lesson from the paradigm of enforcing the policy in the general analytic framework of policy science paradigm.Second,drawing lesson from the systemic methods and the various tools of analysis from the policy science to strengthen the science of the strategic management.Third,drawing lesson from the views of environment,value,and time from the policy science to perfect the paradigm of the strategic management.
This study introduces a novel multi-channel predictive deconvolution method enhanced by Shearlet-based sparse regularization, aimed at improving the accuracy and stability of subsurface seismic imaging, particularly in offshore wind farm site assessments. Traditional multi-channel predictive deconvolution techniques often struggle with noise interference, limiting their effectiveness. By integrating Shearlet transform into the multi-channel predictive framework, our approach leverages its directional and multiscale properties to enhance sparsity and directionality in seismic data representation. Tests on both synthetic and field data demonstrate that our method not only provides more accurate seismic images but also shows significant resilience to noise, compared to conventional methods. These findings suggest that the proposed technique can substantially improve geological feature identification and has great potential for enhancing the efficiency of seabed surveys in marine renewable energy development.
After ten years orbital transfer of economic structure, Russia has established the two level bank system that meet the need of market economy. But, because of the negative effect and problems caused by the radical reform itself, the newly born bank system cant work properly, but suffered a devastating blow in 1998s financial crises. After the crises, the Russian government and central bank put forward the plans and measures of reorganizing the bank system promptly. These reform measures basically reflected the changing situation of the Russion bank system.
Pitch stability under shallow water sloshing–structure interaction has always been the most concerned issue in the design of the high-lift wire rope hoist vertical shiplift, which brings great challenges to the operational safety. A semi-analytical method including the developed modal system and the new coupled dynamics model is presented for pitch stability analysis. Based on the linear modal theory, the modal system is developed to describe the shallow water sloshing in the shiplift chamber, and the hydrodynamic moment associated with infinite set of modal functions is reasonably simplified by only retaining the lowest mode. Then a new 9-DOF coupled dynamics model of the complete main hoist system, shiplift chamber motion, and shallow water sloshing is established as dynamic equations by using the Lagrange equation of the second kind. Subsequently, the coefficient matrix of the dynamic equations and the Lyapunov motion stability theory are used in combination to numerically obtain the critical distance of suspension points. Taking four typical high-lift wire rope hoist shiplifts as an example, the results indicate that the proposed scheme improves the computational accuracy by 7.0–20.8% with respect to previous methods. Furthermore, for the being designed 200 m level wire rope hoist vertical shiplift, the preliminary design parameters can ensure the pitch stability safety factor not less than 1.3, increasing the wire rope stiffness or the synchronous shaft stiffness can effectively enhance the pitch stability.
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