国有企业管理层收购存在的问题及对策

20世纪90年代以来,随着管理层收购被我国一些企业采用,众多管理层收购案例的成功实施引起了中国经济界和企业界的强烈关注,管理层收购通过公司管理层购买本企业的股票或资产,以取得目标企业的控制权,从而改变公司所有权结构、控制权格局以及公司资产结构的制度安排。通过收购,企业的经营者成为企业的所有者。很快我国政府（尤其是地方政府）就成为MBO的推动主体,以MBO方式进行‘傲小”,解决国有企业产权不清、国有资产退出和管理层激励问题。     

所有权激励与公用企业的反竞争行为

本文主要是分析"混合市场"中,国有企业所有权结构变化对企业市场竞争行为和市场绩效的影响.在竞争性双寡头市场上,部分民营化的国有企业会比追求利润最大化的私有竞争对手获得更高的利润,在国有企业具有经理控制特征时,它天然地具有排斥新企业进入的激励.在竞争性市场当中,国有所有权不仅会造成市场结构扭曲,而且会造成市场行为扭曲,国有所有权降低了市场绩效.因此,推进分类的民营化改革和建立反垄断司法体制是重要的政策选择.     

管理层收购中存在的问题及对策研究

对管理层收购持反对意见的人认为，我国国有企业的管理层往往由上级行政部门指派，并非在市场竞争中涌现，他们在收购中可得到超过一般投资者、普通职工的大量股权，从而在未来可获得巨额财富这一事实与“公平”原则相悖，而且收购后的企业面临的风险巨大，不但有及时偿债的财务风险，还有所有权和经营权集中所带来的公司治理结构风险，即内部人控制问题等更加严重等问题。同时，由于管理层没有经过市场的锻炼、筛选，可以预计实施MHO后的国有企业的经营状况难以出现预期的效果，可能违背实施MHO的初衷。所以，在国有企业实施管理层收购，管理层本身就是一个有争议的阶层。     

产权结构与中国商业银行绩效差异研究

一、产权安排与绩效:经典理论描述传统的产权理论认为,由于私有企业的所有者独享剩余索取权,因此私有企业所有者有较强的激励去不断提高企业的效益,而国有企业由于其经营者并不能获得企业的剩余索取权,即基本不存在利润的激励,因此私有企业会较国有企业具有更高的绩效表现。但是,在转轨经济条件下,以上结论是否能够依然成立呢?本文即对此问题展开探讨。(一)产权与激励。在转型经济中,所有权结构的改变将改变委托人的目标,并将伴随着对经理的激励结构的变化。尽管国有所有权工业企业和私有所有权工业企业面临相似的委托—代理问题,但由于所有…     

管理层收购与公司治理结构变化研究

根据国内管理层收购(MBO)现状，特别是针对随着所有权、控制权等变化所引起的公司治理结构的变化状况，分析了管理层收购后公司治理结构呈现出的新的问题与态势，并提出相应之解决策略。     

关于MBO融资问题的探讨

管理层收购(MBO)是指目标公司的管理者或经理层利用各种融资手段购买所在公司的股份,通过重组该公司来达到改变公司控制权结构、资产结构、所有权结构,从而获得预期收益的一种收购行为.     

管理层收购的中外比较

由于我国上市公司在法律环境、制度基础、公司治理结构、文化背景、经济环境等诸多方面与西方国家存在较大差异,从而导致我国的管理层收购与西方的管理层收购存在显著区别,具体体现在以下几个方面。一、收购动因西方学者关于管理层收购动因的研究,通常采用企业组织理论,特别是Alchian andWoodward(1987)的理论,主要的研究观点如下:(1)在企业的所有权结构和组织结构中,股东会存在机会主义行为,主要有两类:抢劫(Holdup)和道德风险(Moral Hazard)。这样,管理层的专属性人力资本投资容易遭到抢劫。在公众公司里,管理层的准租金可能会部分或者…     

中国国有企业的独特作用:基于知识溢出的视角

国有企业是政府解决市场失灵的工具。本文从知识溢出角度研究中国国有企业的作用。基于上市企业样本的分析发现:国有企业的知识溢出大于私有企业,国有企业的知识溢出对私有企业创新产出有显著正向影响,而私有企业则不具有这种作用。本文构建模型阐述国有企业和私有企业的研发行为、知识溢出及其影响差异。研究发现,不同所有权企业知识溢出和作用的不对称性,在于国有企业比私有企业从事了更多的基础性研究。基于四个基础研究代理变量的经验分析支持了理论模型的结论。因此,中国国有企业实现了政府弥补基础研发市场失灵的目标,对经济增长的影响是独特的。     

管理层收购的法律环境

MBO(Management Buy-out)即管理层收购,是“目标公司的管理层利用借贷融资来购买本公司的股份,从而改变本公司的所有权结构和控制权结构,进而达到重组本公司的目的并获得预期收益的一种收购行为”。     

MBO与ESOP结合:提高我国企业效率的制度设计

MBO和ESOP的主要特征及其功能 MBO是杠杆收购的一种特殊形式,杠杆收购主要是通过公司的大量举债,增加财务杠杆,购买股东的股份或者资产,以完成收购的目的.而MBO则是金融机构融资给企业管理层,是管理层通过该财务杠杆收购本公司的股份或资产,以取得企业的控股权或控制权,改变企业的所有权结构和资产结构,进而达到重组公司的目的并获得预期收益的一种收购行为.     

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.     

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.”     

Interest on reserves and inflation

The payment of interest on reserves has been a common practice in inflationary economies. This policy may seem paradoxical since it involves returning part of the seigniorage, generated by the inflation process, with the intention to finance the fiscal deficit. This paper argues that the motivation for this policy can be captured by the discretionary regime, where the policymaker pays interest on reserves because he is concerned with the erosion of real liquidity by inflation, which is in part beyond his control. However, this policy is an unlikely outcome in the commitment regime, where the policymaker is in full control of inflation.     

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.     

Planned adaptation in risk regulation: An initial survey of US environmental, health, and safety regulation

In principle, we want regulatory programs to be based on current realities, as reflected for example in the best knowledge of relevant experts. That would imply that old rules now on the books should be consistent with today's knowledge base, not just what was known when a rule or standard was originally set. This paper reports on a survey of US programs, examining how often existing rules are actually updated in light of better knowledge, and identifies five programs that attempt to make policy routinely adaptive. These programs exhibit what we term Planned Adaptation: they both revise rules when relevant new knowledge appears, and take steps to produce such improved knowledge. While Planned Adaptation is rare, it is used in several nationally prominent programs, including air pollution, airplane safety, and drug safety. Planned Adaptation is a policy tool that deserves more attention.     

Information infrastructure: Who builds broadband networks?

This paper examines the essential difference between the U.S. and Japan, when one considers information infrastructure. There are seven perception gaps between the U.S. and Japan concerning Information Infrastructure policies. These gaps must be understood in order to compare the countries' governmental policies in this area. In looking at the present circumstances, the essential question to answer concerns who is to build, own and operate the network(s) of the infrastructure. Liberalization is certain to be a central factor in the ongoing telecommunications debates. Now that customers have had a taste of the liberalized market-place, the movement toward more open markets will be difficult to stop. When considering options, it is necessary to pay close attention to standardized network access and the increasingly important role software plays. These issues are causing us to take a new approach to the traditional role played by regulators. They also force a closer look at the appropriate structure of utility companies. This paper addresses the above issues in hopes of stimulating dialog on the new telecommunications infrastructure paradigm.     

Bayesian estimation of duration models: An application of the multiperiod probit model

The multiperiod probit model is presented and Bayesian estimation using the Gibbs sampler with data augmentation is described. As an empirical illustration, the multiperiod probit model is then used to estimate a duration model using employment duration data for the Canadian province of New Brunswick. Bayesian estimation with unobserved heterogeneity is shown to be a simple extension of estimation of a duration model with no unobserved heterogeneity. More importantly, perhaps, some numerical problems encountered by other authors using Maximum Likelihood are avoided.I would like to thank M. Baker, G. Koop, A. Melino and D. Poirier for helpful comments and discussions. I would also like to thank M. Baker for providing his data.     

海岛地区产业演替及资源基础分析--以舟山群岛为例

改革开放以来,舟山市产业构成发生了显著变化,其经济发展过程可以划分为三个阶段。1992年前,是以产业结构渔业占绝对地位的单一结构阶段;1993—1998年,以旅游业为主的第三产业快速发展阶段;上世纪末以来,又进入了新一轮的经济发展时期,即工业产值比重快速增加阶段。根据海岛的自然资源基础和特点,在新世纪的经济发展过程中,舟山市应定位为生态型的港口旅游城市。以港口及临港工业为主导,以海岛旅游和海洋经济为特色,大力发展第二产业和第三产业。海岛地区的主导产业应体现海岛资源优势及区位优势,以集群性环保型产业为主。同时由于海岛地区淡水资源缺乏,主导产业也应着重选择低耗水型产业。