股权激励在中国本土企业的应用

员工持股计划是指由企业内部员工出资认购公司部分股权,让企业员工成为股东,分享企业成长成果的一种员工福利计划。由于员工持股计划通常会享受到纳税的优惠政策,因此在授予对象上不能对董事、高管等人员有偏向。为了符合这一要求,员工持股计划的具体执行一般都是委托一个社团法人去托管运作。     

人力资本财务激励的市场效应——基于上港集团员工持股计划的案例研究

员工持股计划作为企业实施大范围人力资本财务激励的有效措施,需要合理的制度构架作为保障。文章以上港集团为案例研究对象,分析了该公司2014年度将广大员工作为激励主体的员工持股计划有关方案的设计要点,并通过事件研究法,考查了员工持股计划公告的短期财富效应。结果表明,虽然采用非公开发行方式作为股票来源会对现有股东权益形成潜在稀释,但并未影响员工持股计划公告扭转公司股价走势的局面。因此,上港集团的员工持股计划以其受益面广、成本低、管理机制公开透明等特点获得了市场的普遍认可,为劳动密集型企业实施员工激励以及国企混合所有者改革提供了先试先行的有益借鉴。     

员工持股计划新模式--设立投资性有限责任公司认购和管理员工持有的股份

员工持股计划的一般模式为设立员工持股会来认购和管理员工持有的股份。提出了一种员工持股计划的新模式，即设立投资性有限责任公司来认购和管理员工持有的股份(以下简称“该模式”)。该模式有利于实行员工持股计划的公司的集团化运作和股票上市。     

ESOPs案例分析

<正> 从上市公司2000年报中不难发现,当一些绩差公司忙于年末重组之际,一批绩优公司却纷纷推出将在公司实施员工持股计划的方案,员工持股计划业已成为我国上市公司令人关注的新课题。西方员工持股制度产生的原因及其运作框架员工持股计划(employee stock ownership plans,简称为ESOPs)是企业员工通过贷款购买、现金支付等方式拥有企业的股票,从而以劳动者和所有者的双重身份参与企业生产和经营管理的一种制度。员工持股计划自20世纪50年代在美国问世以来,已被德、法、英、日等许多西方国     

推行员工持股计划是实现共同富裕的最佳制度安排

实现共同富裕关键在于按生产要素分享企业利润。员工持股计划是人力要素的资本化,它既维护了现代产权制度,又是实现各生产要素分享企业利润的有效途径。员工持股计划同时也是公有制的一种实现形式,具有按份公有的特征,因而能较有效地协调效率与公平的矛盾,是我国经济体制转轨、国有企业改革中值得推行的企业制度。     

基于ESOP的国企混改中长期激励机制研究

我国国企的员工持股历经多轮试点,本轮国企混改再次力推员工持股计划,本文从历史视角厘清和阐述员工持股的理论支撑和实践价值,分析和总结我国国企员工持股计划的激励经验和教训,探讨员工持股计划试点方案的要素设计,提出完善路径和思路,为国企员工持股计划的实施提供了新的研究视角,也为员工持股计划在深化国企改革、完善公司治理和提升企业绩效中发挥应有激励效果提供了有益的启示.     

员工持股计划与债券信用利差

本文利用2009～2019年中国上市公司发债数据,实证检验实施员工持股计划对债券信用利差的影响,并探讨其背后的影响机制。研究发现,实施员工持股计划能够显著降低债券信用利差,经过一系列稳健性检验后,上述结论仍然成立。机制检验发现,一方面,实施员工持股计划能够吸引优秀员工,从而提高企业技术效率与企业价值;另一方面,实施员工持股计划能够提高公司治理水平,继而降低企业盈余管理水平与未来的违约风险和经营风险。扩展性分析发现,存续期越长、股票源于回购以及非杠杆型的员工持股计划,其降低信用利差的正向效应越大;同时,实施员工持股计划能够提高债券信用评级。     

员工持股与企业升级：助力还是阻力

企业升级是构建现代化经济体系与实现经济高质量发展的微观基础，而目前员工持股计划与企业升级的内在机理仍处于“黑箱”状态。本文以我国沪深A股上市公司为研究样本，探究员工持股计划对企业升级的影响。研究表明：员工持股计划通过减少员工流动性、吸引人才流入、缓解融资约束显著促进了企业升级，经过一系列稳健性检验结论依然成立。异质性检验表明，员工持股计划对企业升级的影响在员工薪酬较低、非杠杆融资以及市场化程度较高的样本中更为显著。本文揭示了员工在企业升级中的重要作用，对促进我国企业升级具有一定的指导意义。     

员工持股计划、融资约束与国有企业双元创新产出

在当前中国国有企业因其特殊的产权关系和管理体制而只能获得较低创新产出的背景下,本文从制度创新与技术创新的协同视角出发,在公司治理的理论框架下引入了双元创新的相关研究,从而详细地探讨了国有企业员工持股计划的实施如何通过缓解企业面临的融资约束,进而影响到企业整体创新产出及双元创新产出提升的微观作用机制,并利用2004—2020年中国A股国有上市公司的相关数据进行实证检验后发现,国有企业员工持股计划的实施明显有助于企业整体创新产出和利用式创新产出的提升,而对于企业探索式创新产出的提升却并无显著影响,且具体作用机制与理论分析部分相符,但作用效果却会因企业内部特征的不同及员工持股计划的设计特征差异而具有明显区别。由此,应该积极推进国有企业以多种方式开展员工持股计划,特别要在高技术型和高学历员工占比较高的国有企业中优先实施员工持股计划,并进一步优化持股计划的方案设计,从而更好地发挥出各类员工在企业创新活动中的主体作用。     

员工持股计划与企业债务融资成本

员工持股计划自2014年推出以来,已经被越来越多的上市公司采用。本文利用2012—2019年我国A股上市公司的数据,采用倾向得分匹配基础上的“渐进式”双重差分(PSM-DID)模型,检验了员工持股计划对企业债务融资成本的影响。研究结果表明,员工持股计划可以降低企业债务融资成本。异质性分析发现,员工持股计划与企业债务融资成本之间的显著负相关关系主要存在于信息风险高、代理风险高和融资困难的企业中。进一步研究表明,高持股比例和有杠杆型的员工持股计划降低企业债务融资成本的效果更好,其中管理层持股比例增加的边际效用强于普通员工持股比例。但随着参与人数的增加,员工持股计划的作用会受到“搭便车”的影响。本文从债权人的视角为我国员工持股计划的正面效果提供了一定的实证支持,也为企业设计、实施员工持股计划提供了参考依据。     

Pleasure and belief in Hume's Decision Process

Abstract

The purpose of this paper is to introduce explicitly pleasure and belief in what aims at being a Humean theory of decision, like the one developed in Diaye and Lapidus (2005a). Although we support the idea that Hume was in some way a hedonist – evidently different from Bentham's or Jevons' way – we lay emphasis less on continuity than on the specific kind of hedonism encountered in Hume's writings (chiefly the Treatise, the second Enquiry, the Dissertation, or some of his Essays). Such hedonism clearly contrasts to its standard modern inheritance, expressed by the relation between preferences and utility.

The reason for such a difference with the usual approach lies in the mental process that Hume puts to the fore in order to explain the way pleasure determines desires and volition. Whereas pleasure is primarily, in Hume's words, an impression of sensation, it takes place in the birth of passions as reflecting an idea of pleasure, whose “force and vivacity” is precisely a “belief”, transferred to the direct passions of desire or volition that come immediately before action. As a result, from a Humean point of view, “belief” deals with decision under risk or uncertainty, as well as with intertemporal decision and indiscrimination problems.

The latter are explored within a formal framework, and it is shown that the relation of pleasure is transformed by belief into a non-empty class of relations of desire, among which at least one is a preorder.     

John Stuart Mill's Theory Of Justice

John Stuart Mill has traditionally been portrayed as self-contradictory and failing to construct a unified social theory. Recent scholarship, however, has challenged this view, finding Mill's work to be creatively synthetic in bridging the antinomies inherent in liberal democratic thought. This revisionist interpretation of Mill is advanced by an understanding of his theory of justice and its role in shaping his policy positions on issues such as welfare, education, voting rights, property rights, taxation, government intervention, and the future of capitalism.     

A Rich Vein for “Reality Mining”北大核心CSSCISSCI

Arik Hesseldahl In the aftermath of the September 11 attacks, U.S. officials quickly turned their attention to other potential targets, including California's Golden Gate Bridge. What would happen if terrorists took down the bridge between San Francisco and Marin County? How much of the region would be affected and for how long?     

Globalization,Neoliberalism and the attack on social security

Neoliberal political movements advocate privatization of public pension systems. Globalization imposes pressure on nations to conform to neoliberal policy views with respect to the design and structure of social insurance, including public pension systems. The paper begins with an investigation of the economic, ethical and ideological dimensions of the privatization debates in the U.S.; it argues that privatization advocates may be largely moved by ideology, since the other reasons advanced appear weak or unfounded. The second part discusses the history of Social Security, the purposes for its creation, and some of its economic effects. Differences between public and private pension systems are considered. A brief international comparison of some aspects of public pension system finance and benefit structures is presented. The final section considers the ethical, macroeconomic and distributional implications of privatization, prefunding and payroll tax funding, and argues for a pay as you go system financed with income taxes. In order to promote equity, economic security, community, and social cohesion, public pension systems should be universal in coverage. In order to reduce the inequality, income insecurity, and aged poverty generated by market economies, public pension systems ought to be progressive: benefit/contribution ratios should be inversely proportional to income, and progressive income taxes should finance the system. To promote economic growth, the systems should be financed on a pay-as-you-go basis, and should not be prefunded except for an emergency reserve. The fiscal policy recommendations partially depend upon the theory developed by Abba Lerner in the 1940s, and recently advanced by Wynne Godley and Randy Wray: Lerner's “principle of functional finance.”     

Perspective on the Economic Evolution of the European Union States Under the Impact of the Pandemic and Financial-Economic Crisis

The European Union,which is at the beginning of its term of office for all Member States in the European Parliament,the European Commission,its governing body a...     

中国养活自己能力的长期预测:技术和政策分析

中国拥有世界五分之一强的人口 ,收入又在迅速增长。因此 ,国际上很自然地会考虑或推测她在今后的几十年是否有能力养活自己。中国的人口预计将从 2 0 0 0年的 1 2 8亿增长到 2 0 2 0年的 1 4 6亿 ,和 2 0 3 0年的 1 4 9亿。与此同时 ,人均收入的增长将导致对家畜和鱼类产品更大的需求 ,因而对饲料的需求也将有很大的增长     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

Forecasting the price of gold

This article seeks to evaluate the appropriateness of a variety of existing forecasting techniques (17 methods) at providing accurate and statistically significant forecasts for gold price. We report the results from the nine most competitive techniques. Special consideration is given to the ability of these techniques to provide forecasts which outperforms the random walk (RW) as we noticed that certain multivariate models (which included prices of silver, platinum, palladium and rhodium, besides gold) were also unable to outperform the RW in this case. Interestingly, the results show that none of the forecasting techniques are able to outperform the RW at horizons of 1 and 9 steps ahead, and on average, the exponential smoothing model is seen providing the best forecasts in terms of the lowest root mean squared error over the 24-month forecasting horizons. Moreover, we find that the univariate models used in this article are able to outperform the Bayesian autoregression and Bayesian vector autoregressive models, with exponential smoothing reporting statistically significant results in comparison with the former models, and classical autoregressive and the vector autoregressive models in most cases.     

Toward a Phylogenetic Reconstruction of Organizational Life

Synopsis Classification is an important activity that facilitates theory development in many academic disciplines. Scholars in fields such as organizational science, management science and economics and have long recognized that classification offers an approach for ordering and understanding the diversity of organizational taxa (groups of one or more similar organizational entities). However, even the most prominent organizational classifications have limited utility, as they tend to be shaped by a specific research bias, inadequate units of analysis and a standard neoclassical economic view that does not naturally accommodate the disequilibrium dynamics of modern competition. The result is a relatively large number of individual and unconnected organizational classifications, which tend to ignore the processes of change responsible for organizational diversity. Collectively they fail to provide any sort of universal system for ordering, compiling and presenting knowledge on organizational diversity. This paper has two purposes. First, it reviews the general status of the major theoretical approaches to biological and organizational classification and compares the methods and resulting classifications derived from each approach. Definitions of key terms and a discussion on the three principal schools of biological classification (evolutionary systematics, phenetics and cladistics) are included in this review. Second, this paper aims to encourage critical thinking and debate about the use of the cladistic classification approach for inferring and representing the historical relationships underpinning organizational diversity. This involves examining the feasibility of applying the logic of common ancestry to populations of organizations. Consequently, this paper is exploratory and preparatory in style, with illustrations and assertions concerning the study and classification of organizational diversity.