试论所有者与经营者财务的要求权与控制权

按照“企业是一系列契约的联结”的命题，所有者财务和经营者财务其实只不过是公司治理结构的一部分。企业是由不同要素所有者达成的一个契约，各要素所有者根据各自的投入来向企业提出要求权，而要求权是与剩余控制权相联系的，所以要求权和剩余控制权的统一是提高企业效率的关键。     

委托代理中风险偏好对契约安排的影响分析

委托代理关系主体的风险偏好对于双方签订的契约有着重要影响.本文在简要介绍委托代理理论、明晰风险偏好函数的基础上,透彻分析了不同风险偏好组合对契约安排的影响.     

基于风险偏好的报酬契约与预算松弛研究

风险偏好与预算松弛之间的关系是报酬契约能否有效解决预算松弛问题的重要前提.本文根据报酬契约设计中风险分摊和激励的关系,设计了三种不同类型的报酬契约,采用实验的方法研究在这三种不同类型的报酬契约下,预算下级风险偏好与预算松弛之间的关系.实验结果表明,风险偏好与预算松弛相关,但这种相关性会随着报酬契约的不同而变化.在风险分摊型报酬契约下,预算松弛的程度与预算下级的风险厌恶程度成正比;在激励补偿型报酬契约下,预算松弛程度与预算下级的风险厌恶程度成反比;在风险分摊和激励改善型报酬契约下,无论何种风险偏好的预算下级,预算松弛程度与前两种报酬契约相比会有不同程度的减少.     

风险偏好的差异性与融资的多样性

我们认为，公众公司（public company）的企业价值不仅依赖于企业家事后的管理行动，而且依赖于企业家的事前努力。为了实现企业价值最大化，不仅需要给予投资者企业的控制权以遏止企业家的机会主义行为，而且还需要激励企业家的事前努力。也就是说，企业价值不仅受到控制权安排的影响，而且离不开一份企业家收益与企业绩效直接挂钩的激励计划。在如此一份激励计划下，投资者的风险偏好差异性不再是无关紧要的，因为一种区分投资者偏好的融资方式可以节约企业的融资成本，使企业有更多的现金流来激励企业家努力工作。本文证明了，多样性的融资方式，即适当比例的债权-股权融资，在一定的条件下是一种最优的融资机制。而且，在企业家拥有一定初始财富的假定下，我们解释了为什么存在各种各样的资本结构。     

战略风险投资家的激励报酬机制研究

战略风险投资与风险投资家之间是典型的多任务委托－代理关系，由于追求投资战略目标的努力不易被验证，基于有限合伙制的激励报酬机制，往往会导致风险投资家采取机会主义行为，背离委托人的投资意愿。     

经营者报酬与激励——浅谈我国国有企业的委托-代理问题

委托-代理问题是困扰我国国有企业发展的一个重要问题。本文借鉴西方企业管理理论与实践,对我国国有企业委托代理问题进行了分析,并提出要通过改进和完善经营者报酬制度来减少委托-代理问题的发生。     

风险偏好的差异性与融资的多样性

我们认为,公众公司(public company)的企业价值不仅依赖于企业家事后的管理行动,而且依赖于企业家的事前努力。为了实现企业价值最大化,不仅需要给予投资者企业的控制权以遏止企业家的机会主义行为,而且还需要激励企业家的事前努力。也就是说,企业价值不仅受到控制权安排的影响,而且离不开一份企业家收益与企业绩效直接挂钩的激励计划。在如此一份激励计划下,投资者的风险偏好差异性不再是无关紧要的,因为一种区分投资者偏好的融资方式可以节约企业的融资成本,使企业有更多的现金流来激励企业家努力工作。本文证明了,多样性的融资方式,即适当比例的债权—股权融资,在一定的条件下是一种最优的融资机制。而且,在企业家拥有一定初始财富的假定下,我们解释了为什么存在各种各样的资本结构。     

对企业信息与沟通的研究

一、问题的提出企业是一张由各利益相关人组成的契约网 ,是由一系列的委托—代理关系组成。按照委托—代理理论 ,由于委托人和代理人目标不一致以及信息的非对称状态必然发生代理问题 ,如“道德风险”和“逆向选择”等。代理问题的解决取决于两方面因素 :①委托人和代理人目标函数的拟合 ;②信息不对称状况的改善。前者的解决主要应从如何使剩余索取权和剩余控制权相统一入手 ,目前理论界对此已做过大量研究 ,并取得了一定的成果 ,如期权激励 ;业绩股等 ,这不是本文研究的内容。而是解决信息不对称问题 ,减少利益相关人之间的利益冲突 ,就必…     

企业家人力资本与企业产权安排的实证研究综述

企业家人力资本与企业产权安排的不同模式和相机治理直接影响企业家人力资本的受激励水平、程度和企业治理效率。本文在对国内学术界有关企业家人力资本与企业产权安排的实证方面进行综述的基础上,提出对相关问题的思考。     

试论企业经营者人力资本激励与约束

本文从企业经营者人力资本的一般特征入手,进一步延伸分析了企业经营者人力资本的产权特征,在此基础上论述了企业经营者激励与约束的制度选择,即赋予企业经营者剩余控制权和部分剩余索取权。     

基于委托代理理论的企业与行业协会关系治理

从委托—代理的角度,分析了我国企业和行业协会的关系及存在的问题,并从企业的角度,探讨了企业与行业协会委托-代理关系中激励与约束机制的构建。     

基于价值链的企业价值创新能力构建

创造价值是企业追求的最高目标,价值创新能力的形成与提高是企业战略管理的核心。企业价值链是一个网络化价值链体系,基于价值链理论和企业能力理论,剖析了企业价值链、价值创新能力与经营能力的关系,提出了一个企业价值创新能力构建与培育的三维模式。     

基于委托代理视阈的职教产业激励模型构建

通过对职业教育投资活动中投资者、培训者和学习者三方的委托代理模型以及双边激励与学习者之间的收益分享结构模型的分析,以学习者和培训者的双边激励条件作为各方参与的条件,计算出了学习者效用最优化、培训者效用最优化下的职业教育投资收益分享结构.     

银行操作风险管理研究：委托代理理论视角

当前对操作风险的研究主要聚焦于利用现代金融风险度量技术进行操作风险管理，但由于操作风险自身的特点，这些度量方法存在很大的局限性。由于操作风险主要是一种内部管理风险，源于银行委托代理关系中的利益冲突，委托代理理论为我国商业银行操作风险研究提供了新的研究视角。     

Falling under the control of a different type of owner:risk-taking implications for banks

European banks have experienced significant changes in the type of entity that owns them (another bank, an individual or a family, a non-financial company, an institutional investor, a government, a foreign entity, a domestic entity…). In this paper, we look at the influence of ownership type changes on risk and profitability. Working with a panel of commercial banks from 17 European countries, we find that although banks that experience a change in ownership type do not exhibit lower or higher risk or profitability than other banks, their risk and profitability is significantly affected after the change takes place. The type of the acquirer plays a significant role in explaining the observed changes. When the acquirer is a non-financial company, the state or an institutional investor, the level of risk increases after the change while the level of profitability remains unchanged. Conversely, when the acquirer is a bank, we find that the level of risk-adjusted profitability decreases. Banks acquired by a different type of owner during the global financial crisis do not perform better or worse than they did before.     

Technological change under residual risk regulation: The case of coke ovens in the U.S. steel industry

An engineering-economic model is used within a dynamic setting to determine the least cost mix of investment and import activities as the U.S. steel industry faces successively tighter controls on coke oven emissions over the next 10 years. In response to Maximum Achievable Control Technology (MACT) standards proposed for 1995, U.S. steel producers would likely export their toxic pollution by importing 6 million tons of coke per year. About 4 million tons of coke oven capacity is retrofit and about 1 million tons of annual coke consumption is replaced by new iron technologies, such as Corex. The Lowest Achievable Emission Rate (LAER) standards proposed for 1998 roughly double the coke oven retirements estimated to occur under MACT. Coke imports also are substantial but are no higher than under MACT because the additional time allows the industry to invest in more coke-saving blast furnaces and in new less toxic coke-making technologies, such as the Jewell process. The LAER standards in conjunction with higher capital costs, however, force coke imports to more than 8 million tons per year and sharply increase imports of semi-finished steel. Such a situation could exacerbate existing disputes on international steel trade.The authors are associate professor, instructor, and graduate student, respectively. This research was performed under the sponsorship of the U.S. Department of Interior, Bureau of Mines Distinguished Young Scholar Award Administered by Oak Ridge Associated Universities for the Bureau of Mines. Naturally, the usual disclaimer applies.     

多品种盈亏平衡点计算通式与最优解的确定——兼与元凤江先生商榷

多品种盈亏平衡点有多种应用环境 ,因而 ,在其计算通式中多个变量间相互关系有着不同的解释 ,而产生不同的最优解     

Risk and risk aversion when states of nature matter

When uncertainty is associated with some intrinsically relevant states of nature, there is no reason for an agent to base his or her preferences only on probability distribution of claims. We propose a new concept of risk for state-contingent claims that, unlike the standard concept of Rothschild–Stiglitz, does not identify state-contingent claims with their probability distribution. This concept is called mean-independent risk, and we provide a simple characterization in terms of marginal utilities of (non-expected) utility functions that exhibit aversion to mean-independent risk. We study implications of aversion to mean-independent risk on agents’ choices under uncertainty. This research has been supported by the NSF under Grant SES-0099206. I have benefited from numerous conversations with Rose-Anne Dana and illuminating discussions with Tadeusz Miłosz about the theory of subgradients.     

On the equivalence of weak dominance and sequential best response

In this paper, we identify the conditions under which a strategy is weakly dominated if and only if it is not sequential best response. In addition, we explore the implication for extensive form rationalizability.