从人性的角度认识公共问题的增生与治理

公共问题产生于以相互依赖为主要特点的人类社会，人类的本性与公共问题的生成之间有着内在的因果联系以及互动机制，对人性特点的认识和把握直接影响着对公共问题的认识和研究，也是政府有效治理公共问题的出发点和重要依据。     

THE TEN COMMANDMENTS FOR OPTIMIZING VALUE-AT-RISK AND DAILY CAPITAL CHARGES

Abstract.  Credit risk is the most important type of risk in terms of monetary value. Another key risk measure is market risk, which is concerned with stocks and bonds, and related financial derivatives, as well as exchange rates and interest rates. This paper is concerned with market risk management and monitoring under the Basel II Accord, and presents Ten Commandments for optimizing value-at-risk (VaR) and daily capital charges, based on choosing wisely from (1) conditional, stochastic and realized volatility; (2) symmetry, asymmetry and leverage; (3) dynamic correlations and dynamic covariances; (4) single index and portfolio models; (5) parametric, semi-parametric and non-parametric models; (6) estimation, simulation and calibration of parameters; (7) assumptions, regularity conditions and statistical properties; (8) accuracy in calculating moments and forecasts; (9) optimizing threshold violations and economic benefits; and (10) optimizing private and public benefits of risk management. For practical purposes, it is found that the Basel II Accord would seem to encourage excessive risk taking at the expense of providing accurate measures and forecasts of risk and VaR.     

要素计点法在应用中存在的问题与解决方法研究——以青岛海洋电器公司为例

要素计点法作为一种实现薪酬内部公平性的主要工具在企业薪酬管理中得到了广泛的应用,但许多企业在使用该方法时存在着许多的误区与迷惑,使该方法的作用大打折扣.文章以青岛海洋电器公司在使用要素计点法的过程中如何实现薪酬的内部公平性为例,探讨了企业在应用这种方法的过程中所存在的问题以及青岛海洋电器公司的解决方法.     

Duration analysis of venture capital staging: A real options perspective

This study takes a real options perspective towards venture capital staging and views the staging decision as a choice between holding the current option to invest and investing now to obtain the option to invest subsequently. It proposes that this staging decision depends on the factors that influence the value of these two options, such as competition and various sources of uncertainty. The empirical results suggest that market uncertainty encourages venture capital firms to delay investing at each round of financing, whereas competition, project-specific uncertainty and agency concerns prompt venture capital firms to invest sooner. This study has useful implications for theory and practice.     

人力资源会计的产生及其在中国的传播

文章指出人力资源会计自20世纪60年代在美国诞生,80年代传入中国,90年代在我国得到了深层次的研究,并且进入企业试验。试验表明人力资源会计弥补了财务会计的许多缺陷,人力资源会计的实质是把人力资源作为社会或企业的人力资产,对人力资源在财富创造中的使用价值做出正确评价的一种管理方法。     

知识员工管理:基于人力弹性理论

知识经济时代，如何吸引和留住知识员工已成为企业管理者关注的焦点。文章从人力资源弹性管理的角度，结合知识员工的特点，提出创设弹性工作环境，推行弹性工作制，设计弹性化激励方案等对知识员工进行管理，以激发知识员工的创新能力，实现知识员工的工作自主，体现知识员工的个人价值。     

Internal Capital Markets, Bank Borrowing, and Financing Constraints: Evidence from Belgian Firms

In Belgium, financial and industrial groupings play a crucial role in the accumulation and allocation of capital in the economy. In this paper, it is hypothesized that Belgian firms for which investment is partly financed on an internal capital market, will not be subject to financing constraints to the same extent as firms which have to borrow from banks. Moreover, it is hypothesized that firms belonging to a group, transfer internal surpluses of funds to other group members by investing in financial assets. An empirical analysis confirms the first hypothesis, but rejects the second hypothesis.     

信任：现代人幸福感的社会资本

现代人幸福感悟能力的弱化源于以信任为基础的社会资本的缺失。信任是袖会生活中人对人的一种依赖，是人与人之间对彼此规范、诚实、合作行为的一种预期。作为一种社会资本，信任奠定现代人幸福感的情感基础、公共美德和基本道德规范。构建一个以信任为基础的社会文化氛图，增强提高现代人幸福感的社会资本，对于构建和谐社会具有重大的现实意义。     

Financing entrepreneurship: Bank finance versus venture capital

This paper examines the entrepreneur's choice between bank finance and venture capital. With bank finance, the entrepreneur keeps full control of the firm and has efficient incentives to exert effort. With venture capital finance, there is a two-sided moral hazard problem as both the entrepreneur and venture capitalist (VC) provide unverifiable effort. The entrepreneur benefits from the VC's managerial input but must surrender partial ownership of the venture, thus diluting the entrepreneur's incentive to provide effort. Venture capital tends to be preferred to bank finance when VC productivity is high and entrepreneurial productivity is low.