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СИСТЕМНЫЙ АНАЛИЗ И МЕЖДИСЦИПЛИНАРНЫЕ ПОДХОДЫ В ИССЛЕДОВАНИЯХ
Case 3. If V1+ = ф and V2+ ф ф ; It is similar to
Case 2.
Case 4. If V1+ = ф and V2+ = ф ;
(-1)m +(-1)n - 2
Y. (Кш,п ) = -|Vi-|-|V2-l = -m-n <-
2
Sum up the above Case 1~4, we have (-1)m +(-1)n - 2
Y, (Kmin ) <
2
(3.2)
On the other hand, we can partition easily V1 = A1YA 2 and V2 = B1YB 2, sothatl >| A1 |-| A 21> 0 andl>|B11-|B21>0. Define f:V(Kmn )^{-1,+ l} as follows:
f-1 when v g Af YBf; f (v) = ■! 1 1
[+1 when v g A 2 YB 2.
It is easy to see that f is a RSDF of Kmn, so, r,(Kmn )* f(V (Km,. ) - '-1)m +2-1)n - 2 ,
Combining with 3.2,, we have completed the proof of Theorem 3.3.
If true, the lower bound is the best possible. For example, Let G be a graph whose every component is K33. By Lemma 1.2 and Theorem
, 11 i 3.3, we have yrs(G) = --|V(G)|.
Problem 3. Is it true that y rs (T) > 0 holds for all trees T? If true, characterize the trees T satisfying y rs (T) = 0.
REFERENCES
1. J.A.Bondy,V.S.R.Murty, Graph Theory with Applications[M], Elsevier, Amsterdam, 1976
2. T.W.Haynes,S. T.Hedetniemi, and P.J.Slater, Domination in graphs[M], New York,1998.
3. T.W.Haynes, S. T.Hedetniemi, and P.J.Slater, Fundamentals of Domination in graphs[M], New York,1998.
4. Z.Zhang, Baogen.Xu, Y.Li, L.Liu, A note on the lower bounds of signed domination number of agraph[J], Discrete Math. 195(1999),295-298.
4. Some open problems and conjectures.
In this section, we pose some open problems and conjectures. Although some upper bounds of yrs(G) are obtained in this paper, it seems more difficult to give a good lower bound for the reciprocal signed domination number of G, we have the following
Problem 1. Determine the exact value of g(n) = min{y rs (G )G is a graph of order n} for every
positive integer n.
Conjecture 2. For any graph G of order n,
theny rs (G) >-n.
5. Baogen.Xu, E.J.Cockayne, T.W.Haynes, S.T.Hedetniemi, S.Zhou, Extremal graphs for inequalities involving domination parameters, Discrete Math. 216(2000) 1-10
6. Baogen.Xu, On minus domination and signed domination in graphs, J. Math. Res. Exposition, 4(2003), 586-590
7. E.J.Cockayne, C.M.Mynhart, On a generalization of signed domination functions of graphs, Ars. Combin. 43 (1996) 235-245.
Fan Yong, Zhang Xuan
AN EMPIRICAL STUDY ON CONCENTRATION RATIO IN CHINA'S SECURITIES TRADERS
Among the framework of industrial structure comprehensive analysis of it will reflect the
theory, concentration ratio is regarded as a main distribution of inner-industry business and
criterion to measure the market structure. Since competition in the market. The most common
the change of concentration ratio will directly criterion is concentration ratio (CRn, see Formula
reflect the competition status in market, a A ), an index refers to the proportion of
УДК 681.3
ИРКУТСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ ПУТЕЙ СООБЩЕНИЯ
accumulated amount or quantity of relevant values (including production, sales and assets) of several (indicated by i) biggest businesses in a certain industry to that of the whole industry. In the formula, n is usually the number 5 or 10. Generally, the bigger the value is, the more intensive monopoly exists within the industry. Moreover, the formula reflects that the number of businesses and the size distribution are two important aspects of market structure. Therefore, the formula is highly persuasive.
n N
CRn = £ Xi £ Xi.
i=1 i=1
Note: n refers to the number of businesses in the industry;
Xi refers to the relevant values of a certain business.
I.Concentration Ratio in China primary market. Recent years has witnessed a high business concentration ratio in China's securities industry. In 2005, there are 13 companies who acted as main underwriters for the issue and allotment of the new shares. In terms of monetary value, China Finance Company ranked first with its amount accounts for 87.64 percent. Compared with the percentage in 2004(58%), this figure increased by 30%. Such an increase has improved the level of the whole industry.
China's concentration ratio is ascending rapidly. The market share of the first ten securities traders has increased from 58.61 in 1997 to 87.64, indicating that the underwriting market is developing from a situation of low-intermediate oligopoly market to an intermediate one. In other words, the number of securities traders dominating the market is decreasing and that monopoly becomes more and more of higher
level. Considering that the top traders in the ranking lists vary each year, it is not easy for the major securities traders to keep its absolute competitive prestige and the competition must be intensified.
In addition, although the total amount of market financing is decreasing year after year, the amount occupied by the major securities traders is rising. The gradual increase of concentration ratio has posed great danger to the small and medium-sized securities traders - to them, the negative effects exerted by market depression, by the underwriting risks or by the intensifying competition would be much greater than to those major securities traders. Another defect for the smaller traders is financing difficulty in primary market. The major traders are likely to gain their market share by their substantial funds.
Concentration ratio also, to some extent, outlines the competition pattern among the securities traders. Among those first ten securities traders that have underwritten the biggest amount financed, there are five traders on the list all through the three years. Furthermore, some traders, including CICC(China International Capital Corporation Limited), CITIC Securities Co., Ltd, Guotai Junan Securities, Haitong Securities and Guoxin Securities, are on the list from the beginning to the end. This indicates that they are gaining a firm foothold in this field, while the small and medium-sized traders are of little competitive strength. Even when the regional traders have been entitled with the underwriting qualifications by China's Securities Regulatory Commission, they are not competent enough to contend against those major traders in terms of aspects such as funds strength, research abilities,
Table 1
Concentration Ratio of Primary Market in China Securities Corporation (from 1997 to 2005) Unit %.
Project 1997 1998 1999 2000 2001 2002 2003 2004 2005
CR1 9.88 12.77 10.46 9.29 12.50 36.30 17.36 19.34 59.14
CR5 38.57 43.83 40.59 35.85 38.42 52.93 48.37 51.19 78.76
CR10 58.61 68.34 53.84 54.48 56.6 67.29 72.61 67.80 87.64
Source: values from 1997 to 2001 were derived from the yearly "Ranking of Securities Traders Achievement" issued by China Securities Industry Association; values from 2002 to 2005 were derived by calculating the statistics revealed in yearly "Financial Analysis Report of Securities Company" by Accounting Department, China's Securities Regulatory Commission.
СИСТЕМНЫЙ АНАЛИЗ И МЕЖДИСЦИПЛИНАРНЫЕ ПОДХОДЫ В ИССЛЕДОВАНИЯХ
business technology, innovation, service quality and creditworthiness. Therefore, the human resources and financial resources invested in such smaller traders would only produce limited returns. That is, there exist serious wastes in the resources within the majority of small and medium-sized securities traders. For a transitory securities trader, a trader who is not comprehensive trader but is endeavoring become one, such waste becomes conspicuous.
The international market in 2004 showed that in American stock underwriting market, the concentration ratio CR5 is 58.9% and CR10 is 82.8 percent. The primary market, accordingly, was classified as intermediate oligopoly market. Meanwhile, we must be aware that the reason why China's primary market is taking on the pattern of intermediate oligopoly market is derived from the rigid examination and approval system concerning the securities traders' qualification for underwriting. Such system would result in disadvantages such as a high entry barrier, a comparatively smaller number of new listed companies per year and a limited financing scale. In consequence, the market depth and extensiveness are limited. A constructive advice is that China's major securities traders must attach great importance to improving the research level, service quality and brand, business technique and innovation. Otherwise, once international investment banks enter China, the present market structure would be easily broken and they could not contend against the foreign traders. Chances are that their market share would be occupied by foreign banks.
II. Concentration Ratio in Secondary Market. As is indicated by the above table, during the period between 1997 and 2001, the concentration ratio has risen rapidly which
indicates the securities brokering business began to center on big company, an initial indication of brand effect. However, from 2002 till now, the market concentration ratio tends to decrease. A financial analysis report of a securities company shows that the total amount commission charge of the first ten securities companies added up to 4521,000,000, or 45.21 percent of the total income. This may indicate that the market share of the economic work tends to be highly concentrated -more than 45.21 of the total commission is charged by nine percent securities companies. The stock brokerage is in a low concentration stage and the competition within the business is highly intensive. The main reason is that all the securities traders are running the same business, thus over-competition arises. If one looks at this from a developmental standpoint, one may find that from 1997 to 2005, CR5 and CR10 tend to increase to a certain extent every two years. Such a tendency indicates a constant increase of market dominance and the gradual improvement of market structure.
For most of the securities traders in China, the major source of income is the brokerage business. It is estimated that for most small and medium-sized dealers, the brokerage accounts for over sixty to seventy percent; for integrated securities traders, more than forty percent. For the sake of scale economic effect, those large powerful securities traders tend to attract institutional clients with their favorable discounts. Such measures not only intensified the price war but also decreased the benefit ratio of brokerage. Therefore, most small and medium-sized dealers, especially those rely solely on the business of brokers, are confronted with heavier and heavier pressure of competition since their market share tends to shrink increasingly. It
Table 2
Concentration Ratio in Secondary Market by China Securities Company Unit: %.
Project 1997 1998 1999 2000 2001 2002 2003 2005
CR1 8.36 8.37 12.2 12.47 13.36 8.33 7.89 9.48
CR5 35.72 39.82 48.21 53.24 53.33 28.35 27.8 31.11
CR10 57.79 60.65 68.11 76.33 75.47 40.64 39.51 43.58
The source of this table is the same as that of Table 1.1.
The brokerage includes the transaction amount of stocks, funds and bonds.
ИРКУТСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ ПУТЕЙ СООБЩЕНИЯ
is undeniable that the current situation are likely to fluctuate due to the fact that the operating environment for the brokerage business is undergoing a fundamental change, thus it becomes more and more difficult to survive. The following paragraphs will shed light on the reasons.
Firstly, the contradiction between rigidity of supply and flexibility of needs has formed a week basis for the traditional brokerage. At present, to increase capital and shares or to recombine and reorganize with each other is common practice for the securities traders; new operating sections are about to open. All these means that the supply of the business is expanding but the needs comparably stabilizes. Such contradiction would undoubtedly aggravate the competition between securities traders.
The second impact on the securities industry is related to brokerage. The reasons lie in the following three aspects: firstly, compared with those world-renowned traders, stocker traders in China has much more to improve in terms of service quality, credit, sales techniques and the clients relations management; secondly, brokerage is the platform of all the securities business which involves stiff competition within the industry. Once foreign capitals are allowed to enter this industry, the first field they will compete for is brokerage industry; thirdly, foreign traders have an advantage of low cost.
Furthermore, the marketization and reduction of commission has become a tendency. The reduction of commission will have a profound impact on those small and medium-sized securities traders who depend on brokerage and lack advantageous business. The maketization of commission will put an end to the period during which brokerage business brings high profit. Thus equalization of profit becomes prevailing trend.
In brief, all the change will exert great influence on the brokerage business. The increase of the risks and the decrease of the traditional profits development will change the competition structure of brokerage. Consequently, the development of concentration ratio in the secondary market will be deterred. It is urgent for domestic securities traders to adapt themselves to the change of the external environment and improve their competitive strength.
III. Concentration Ratio of Operating Sections. The operating sections of China's securities traders show regional concentricity. Among the 31 administrative districts in China (Hong Kong, Tai Wan and Macao are not included), the five districts, including Shanghai, Guangdong, Beijing, Jiangsu and Zhejiang owned almost 50% operating sections (See Table 3). An investigation into the North-western area (Shang Xi,Gan Su, Ning Xia, Qing Hai, Xi Zang and Xin Jiang will find that the operating sections amount to only 4.5%, with Shang Xi sections account for 45%. In 2004,
Table 3
An Analysis of the Number of Operating Sections (OS) Located in Eastern Areas and Northwestern Areas in China.
Year Eastern Areas Western Areas Total Percentage of OS Percentage of OS
No. of OS No of OS No. of OS in Eastern Areas in Western Areas
2001 1418 2942 48.19
2002 1515 3072 49.32
2003 1194 119 2649 45.07 3.94
2004 1348 139 2972 45.36 4.68
2005 1401 143 3058 45.81 4.68
2006 1475 143 3145 46.9 4.55
Source: Web: www.weihai.com.cn
The uneven distribution of operating sections is resulted from the fact that the development of securities transaction market in the northwestern area lagged behind that in the eastern area. The reasons are self-evident. The five eastern provinces (including Shanghai, the municipality directly under the Central Government) are economically advanced areas with a strong element of investment and high population density there. Surely the securities traders would take those elements into consideration when choosing the location of their subsections. The inland area, with its low population density, undeveloped economics and conservative ideas, is not an ideal place to build a large number of stock business branches from the angle of cost analysis. However, one thing that should be noticed is that the above-mentioned developed area is saturated with operating sections for securities. A case in point is that Shanghai has 528 operating branches, accounting for one sixth (17.2%) of the total. No matter how developed an economic area is, there is still a limited capacity for establishing new operating sections. Building too many subsections in the same area would lead to over-competition or a reduction of profit potentials. Thus it will be a waste of resources. Moreover, the financial economical perspective encourages us to foretell capital market. Firstly, with the national capital investment in constructing northwestern area, some projects in this area will gradually developed to such an extent that they will apply
for financing. This is certainly an opportunity for the investment department of securities traders to run business there. Another stimulation for investment is that with the deepening of West Development, the income of the local citizens would improve. Therefore, it is highly recommended that, after careful investigation, more operating sections be constructed there and the service be improved. This would also produce advantageous interactivity between the development of West Development and northwestern capital market.
REFERENCES
1. Smirlock,M.,Gilligan,T.and Marshall, W.(1984) Tobin's q and the structure-performance relationship. American Economic Review, 74,1050-60.
2. Xiao Dawei, Industrial Histology M, Fudan University Press,1994.
3. Yao Qin, A empirical study of structure of China's stock market and its performance, Leading Newspaper in Stock Market, 2003,(2).
4. Fang Fang and Fu Changwen. The impact of concentration ratio and scale on the performance of China's stock market [J], Financial Study, 2004,(1).
5. Wang Chong, A study of the cost system in China's stock market - with regard to the SCP analysis structure of China's stock market, Thesis for Doctorate, 2006.
КородюкИ.С., Колодин В.С., Слинкова О.К. УДК621.01(07)
МОНИТОРИНГ И ДИАГНОСТИКА СИСТЕМ КАЧЕСТВА ПРЕДПРИЯТИЯ
В условиях современного рыночного производства, в котором контроль качества продукции и услуг осуществляют потребители, конкуренция усиливается, а цикл продукции становится короче, меняются отношения к входному и инструментальному контролю и обоснованию внедрения систем менеджмента качества. Предприятия и компании отказываются от используемых ими организационных и операционных принципов, традиционных
структур и стремятся рационализировать, упростить действующие производственные системы. Это позволяет иметь меньшую потребность в контроле, урегулировании, управлении, что соответствует известным 14 принципам Деминга. А корпоративная структура -более гибкой, творческой и новаторской, что позволяет повысить и производительность, и эффективность деятельности предприятий и
