建筑市场信息不对称及治理对策研究

本文基于不对称信息理论,建立了委托代理关系下的建筑业信息模型,并具体分析了建筑业目前由于信息不对称造成的各种问题,最后对相关问题提出了几点治理对策和建议。     

Affection not affliction: The role of emotions in information systems and organizational change

Most IS research in both the technical/rational and socio-technical traditions ignores or marginalizes the emotionally charged behaviours through which individuals engage in, and cope with the consequences of, IS practice and associated organizational change. Even within the small body of work that engages with emotions through particular conceptual efforts, affections are often conceived as a phenomenon to be eradicated – an affliction requiring a cure. In this paper, I argue that emotions are always implicated in our lived experiences, crucially influencing how we come to our beliefs about what is good or bad, right or wrong. I draw from the theoretical work of Michel Foucault to argue for elaborating current notions of IS innovation as a moral and political struggle in which individuals’ beliefs and feelings are constantly tested. Finally, I demonstrate these ideas by reference to a case study that had considerable emotional impact, and highlight the implications for future work.     

风险资本家的道德风险问题研究

本文主要探讨在考虑机会成本的情况下,作为风险企业家与有限合伙代理人的风险资本家可能产生的道德风险问题,以及如何通过对风险资本家管理支持力度的合理分配,达到可行的帕累托边界,并最终实现风险企业家和有限合伙人的利润最大化。     

论我国地方财政运行中的道德风险问题

在我国财政分权改革中,地方政府逐渐成为相对独立的公共实体。由于我国现行体制下,上级政府对下级政府、中央政府对地方政府的隐性财政担保关系缺乏有效的风险约束机制,引致了地方财政运行中道德风险蔓延,提高了我国的财政风险。防范地方政府道德风险需构建风险约束机制,并在改革进程中进一步完善财政管理体制。     

Institutions,moral hazard and expected government support of banks

We model the expected support of banks with credit ratings from Moody's and Fitch, taking explicitly into account the capacity and willingness of governments to provide support in case of need, as well as their concerns about moral hazard (i.e., that the expected support may induce banks to assume bigger risks). Our results suggest that moral hazard concerns are relatively weak. In addition, a substantial part of the expected support can be attributed to the quality of a country's institutions. These findings have important implications for the dynamics of banking crises, the value of the ‘fair’ insurance premium banks might be called upon to pay for the expected support, as well as for ways to reduce the resulting negative externalities.     

The influence of auditor narcissism and moral disengagement on risk assessments of a narcissistic client CFO

Global capital markets rely heavily on independent and skeptical auditors as gatekeepers to provide assurance that corporate financial reports are free of material fraud. The rise of narcissism among the ranks of both client and audit professionals challenge this gatekeeper function. In addition, auditor moral disengagement may undermine auditor skepticism, further eroding public confidence in the integrity of financial reporting and the audit process. We conduct a quasi-experiment with 118 auditors from three international audit firms. In a simulated interview with a client CFO, we examine whether auditors underestimate risks of fraudulent financial statements due to the interactive effects of (1) client narcissism (manipulated verbally and nonverbally) and (2) auditor narcissism. We also examine the influence of auditor moral disengagement on client risk assessments. Results indicate that CFO verbal and nonverbal narcissism significantly influenced auditors’ assessment of management-related client risk. Moreover, auditor narcissism was found to interactively influence client risk inferences such that auditors higher in narcissism exhibited narcissistic tolerance (lower risk assessments) when the hypothetical CFO displayed high verbal narcissism. Auditor moral disengagement was negatively associated with client risk assessments. We discuss the implication of these findings on future audit judgment research, audit firm policy and training on maintaining auditor skepticism, and the audit oversight role of standard-setters.     

ADAM SMITH AND THE ROLE OF THE METAPHOR OF AN INVISIBLE HAND

Daniel Klein and Brandon Lucas's ‘In a Word or Two, Placed in the Middle: The Invisible Hand in Smith's Tomes’, following a vague hint by Peter Minowitz (2004) , offers original physical evidence that Smith ‘deliberately placed the phrase “led by an invisible hand”– at the physical centre of both his masterworks’. Further, it suggests that the invisible‐hand paragraphs are a response to Rousseau (1755 ); and that in ‘numerous and rich ways’, centrality holds ‘special and positive significance in Smith's thought’. This paper acknowledges the physical centrality of the invisible‐hand metaphor, but questions whether centrality alone gives weight to wider claims that the ‘invisible hand’ was Smith's ‘central idea’. It draws upon Smith's Rhetoric Lectures (1763), and argues that the invisible‐hand paragraphs in The Theory of Moral Sentiments and Wealth of Nations identify the actual objects of the invisible‐hand metaphor. This paper insists that Adam Smith is the most reliable source for revealing what he meant. In contrast, most modern attributions of special meaning to Adam Smith's use of the metaphor ignore Smith's teaching on the use of metaphors and, instead, make numerous, and often mutually exclusive, claims that Smith had a ‘doctrine’ of ‘an invisible‐hand’.     

Economic slowdowns,hazard rates and foreign ownership

This paper evaluates the link between foreign ownership and firm exit during crises, using a longitudinal micro dataset over an 18-year period. We address two main questions: first, if foreign affiliates have different failure rates than domestic firms during economic downturns, and second if the foreignness effect differs between two different economic downturns. The results partially confirm the liability of foreignness argument, suggesting that when the crisis was more pronounced at home than abroad, the differences in hazard rates between foreign and domestic firms reduce. The footloose argument is also only partially confirmed. For policy makers, our results on survival dynamics during crises are not against policies stimulating inward investment. There is no need to fear that foreign firms destabilize more than usual the host economy during economic slowdowns by immediately closing down operations.     

道德哲学视域下的关公崇拜

在中国传统民间信仰之中,关公崇拜是俗文化兴起的产物,是社会道德情感社会潜意识孕育产生的一个道德模范,经典的三国演义为关公崇拜提供了有力的文本支撑,历代统治者的推波助澜也为这种崇拜发展起了重要作用。同时,关公崇拜背后有着深厚的道德内涵和社会价值,它所推崇的"义"是一种超越传统血亲关系的品德。这种品德即使在今天的商业社会也有着其存在发展的土壤,这也是关公崇拜得以延续至今的重要原因。     

金融创新如何缓解信任品市场失灵?——中国食品安全责任强制保险的自然实验

信任品市场(如食品、医药等)存在的问题一直困扰着中国和世界很多国家。关于产品和服务质量的信息不对称(道德风险和逆向选择)会导致信任品市场失灵。缓解信任品市场失灵,一种常见的解决方案是政府监管;而经济学家认为更加基于市场的解决方案(例如强制责任保险等金融创新)可能更为有效。在理论上,强制责任保险有两种相反的效应:保险公司的监督减少了道德风险 vs. 保险加剧了企业的道德风险,但一直亟待实证检验。幸运的是,中国食品安全责任强制保险的改革实验走在了世界的前列。本文利用了中国在不同地区、不同时间推行的这个自然实验,通过双重差分的方法识别出责任保险对于信任品市场的因果效应。本文的研究发现,强制责任保险能显著降低食品安全事故发生概率。这表明政府强制推行的金融创新可以成为信任品市场失灵的一种有效的替代性解决方案。