Abstract:The Internet is no longer just a technical system or an application platform，but rather a strategic man-made resource which is being widely integrated into the economic and social system． It is promoting major changes in the economic and social system． However，the development and application of Internet resources are bound to experience a long-term and tortuous process． Both the creation and application of Internet resources need a very high level of basic theory，strong technical innovation and business model innovation ability． This paper proposes and systematically expounds the resource view of the Internet． First，it analyzes the understanding of the Internet resource． Then，it focuses on the industrial development after the integration of Internet resources，including the development of service industry and manufacturing industry． Finally，it discusses the development of the Internet resource and related issues，including the development and management of the Internet resources， the reconstruction of industrial ecology system after the integration of Internet resources，related issues of the third industrial revolution based on the resource view of the Internet，as well as the economic security issues after the integration of Internet resources．

Abstract:By reviewing the evolution of carbon emission abatement policies，this paper presents a two-stage game for the interaction between government carbon emission permits policies and firms’abatement level and obtains the equilibrium solution，which is based on the assumptions among double variables( trade comparative advantage and environment comparative advantage) ，carbon emission quota policies and imperfectly competitive conditions． Using the way of backward induction，we first obtain the equilibrium solution and then get the optimal general steady equilibrium solution considering both the incentive compatibility constraint and the individual rationality constraint． This paper analyses，compares and derives the conditions of policy choices，from the angles of welfare effect，trade effect and environment effect，among the three different permits policies of North-South country ( named non-tradable carbon permits policy，tradable carbon permits policy，and cooperative and tradable carbon permits policy respectively) ． The results show that: From the view of welfare improvement，the permits market would promote effective allocation of resources and leads to a Pareto improvement．In terms of environment improvement，environment effect weights most with cooperative and tradable carbon permits policy，least with non-tradable carbon permits policy． When considering trade improvement，the three policies are equally prosperous，except that the cooperative and tradable permits policy is more favorable for the north while tradable permits are preferred by the south． All the three policies could not fulfill environment and trade improvement at the same time． Thus，in the short term，the south will give preference to the tradable permits policy． It’s unpractical for developed countries to achieve global environmental cooperation in a short time． Following a more pragmatic principle and taking the active and steady way，realizing cooperation step by step is a better choice for developed country．

Abstract:To solve the problem of evaluation noise in the interactive genetic algorithm ( IGA) ，the concept of hesitancy degree is put forward，hesitancy degree adjustment mechanism is set up，and the deletion strategy and modification strategy are applied to handle the unsatisfied individuals generated in the process of initial population generation，crossover and mutation． By emulating the concept design of car console，the interactive interface with humanization is established to validate the advance and rationality of the method system brought forward in the paper． The experiment shows that the IGA can effectively reduce the evaluation noise，speed up the convergence，lower the fatigue degree and increase users’satisfaction about the result．

Abstract:In a short time-scale，the optimal strategy of Agent for complex management systems is determined by using the analytic method in a deterministic system topology structure． A game model in the deterministic multi-local-worlds graph is constructed and the equilibrium solutions of Agents behavior are discussed for deterministic Multi-Local-Worlds graphs in two cases，which are the cooperative game between agents in the same local-world and non-cooperative game between agents in different Local-Worlds; The two different solutions with corresponding game models are coupled together to get the optimal strategies of Agents and the stability of the optimal strategy is discussed at the end of paper．

Abstract:Based on the data of an online peer-to-peer lending marketplace，Prosper． com，the users’inter and intra-group externalities and platform’s pricing strategies in the third-party electronic market are empirically investigated． The estimated results show that both the users’network effects and platform’s profits are influenced by the demand-supply relationships，the operation mode of the platform and the users’trading behavior in the market． There are positive inter-group network externalities between the lenders and borrowers，negative intra-group network externalities among the borrowers and positive intra-group network externalities among the lenders． Borrowers and lenders are both sensitive to the rates of transaction fees set by the platform，and the profit of the platform has quadratic relations with the rates of transaction fees． Because there is less supply than demand in the marketplace，the platform’s profit is mainly affected by the size of the lenders and the transaction fee rate of the lenders．

Abstract:Within the GAＲCH-X framework put forward by the authors，this paper considers several new volatility forecasting models based on daily high，low，opening and closing prices of financial assets． These models combine the GAＲCH modeling procedure and the results of volatility estimation in the early literature，and therefore extend the static estimators into the dynamic driving factors of volatility． Empirical results with the daily prices of the Composite Index of Shanghai stock market over the last decade reveal that the forecasting performances of these new models for volatility and Value-at-Ｒisk are significantly better than the traditional GAＲCH model．

Abstract:Controlling related variables，the paper adopts three kinds of methods ( GLS model，ES model and OJ model) to measure the cost of equity capital of listed companies，applies panel data consisting of related continuously obtainable information of Chinese non-financial listed companies dated from 2004 to 2007，and，within the framework of agency cost and information asymmetry，empirically examines the relationship between the ultimate ownership structure and the cost of equity capital． The results show that the ultimate ownership structure is one of the important factors to affect the cost of equity capital: (1) Cash flow right is remarkably negatively correlated with the cost of equity capital; (2) The separation degree of controlling right and cash flow right is remarkably positively correlated with the cost of equity capital; (3) The cost of equity capital of companies that are ultimately controlled by the state is significantly higher compared with those companies whose ultimate controllers are non-state-owned enterprises．

Abstract:The paper uses the Alpha-stable distribution to examine the data of Shanghai composite index and Shenzhen component index． The results show that both of them have the fractal characteristic of“leptokurtic and heavy tails”． We establish DaＲ-type risk measures． The empirical study demonstrates that series between the two indexes have collinearity to some extent in terms of drawdown． Furthermore，using the Alpha-stable parameters of the two indexes，we give the VaＲ-type and DaＲ-type risk measures estimation in the Monte Carlo Alpha-stable and normal simulations，and we construct the model of bias． Finally，this paper emphasizes on MDD with different tracking time． As investors and risk managers，we should focus on not only VaＲ-type risk measures，but also DaＲ-type risk indexes．

Abstract:A new model called Threshold Auto-Ｒegressive Conditional Density model with exogenous shocks ( abbreviated to be TAＲCD-X) is developed in the present work． The advantage of this model is that it accommodates all twelve relationships between the four types of information shocks and three indicators of market stability．Therefore，the model can be well employed to investigate the impact of margin trading on the stability of stock market from a dynamic perspective． The shocks include the increase and decrease of stock market price，and trading volume． The indicators of market stability involve volatility，the asymmetry of large up and down movements，and the frequency of large movements of the stock market． The empirical results documented that:(1) eleven of the twelve relationships do not worsen except for the decreasing of trading volume hasa larger effect on conditional volatility after the execution of margin trading; (2) the changes in the margin trading account，as a new information shock，do not increase the volatility or the frequency of large movements，but are significantly correlated to the asymmetry of large up or down movement． This evidence is beneficial to building early warning indicators to identify large movement of stock market．

Abstract:This paper analyzes the European option pricing given corporate financial information． The pricing formula for European option were given under Merton(1974) 、Black ＆ Cox(1976) and Leland ＆ Toft (1996) models． We find that a company’s capital structure has significant effects on European option prices．