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We establish that ’s parameters are universally unidentified and a subset of their parameterization is over identified. As a solution to the problem with the identifiability, we propose a new representation of double-regime three-factor GDTSMs whose parameters are just-identified when the number of the pricing-with-error yields equals 2. This new parametrization has another advantage over  in that we can back out Q parameters and P parameters separately and make the estimation of structural parameters easier. Finally, we show that regime-switching three-factor arbitrage-free dynamic Nelson-Siegel model is a restricted special case of our model.
It is crucial to break the bondage on
innovative talents growth to improve the speed and quality of reform and innovative
development for state-owned enterprises. This paper has investigated the issue
on training and motivation of innovative talents in state-owned enterprises. It
has analyzed the root causes from the aspects of value guidance, market
function and innovation cultures. Meanwhile, it has presented the
transformation approach of talents training and motivation from the aspects of
international competition, Chinese situation, people-oriented principle,
flexible management, etc.