有限信息与假冒伪劣商品的识别

基本竞争模型完全信息的假设与现实相悖:由于信息的真伪难辨;信息收集需要成本;消费者能够记忆并回想的信息有限;消费者对信息的加工能力有限以及信息市场不完善等原因,致使消费者所掌握的信息非常有限.信息有限的结果是市场稀薄和假冒伪劣商品盛行.消费者可以借助担保、信誉、专家、标准以及价格制度等方法去识别假冒伪劣商品.     

Optimal money growth in a limited participation model with heterogeneous agents

This paper studies optimal money growth in a cash-in-advance production economy with heterogeneity in patience levels and know-how. We show that the rate of deflation suggested by the Friedman rule is limited by the subjective discount rate of the most patient agent in the economy. The output distortion due to cash-in-advance constraints on firms can completely be eliminated by means of the Friedman rule if and only if firms are run by the most patient agents.Received: 16 August 2003, Accepted: 22 March 2005, JEL Classification: D52, D90, E21, E41, E52Parts of this paper were completed while the first and second authors were visiting the University of York and Princeton University respectively. We are thankful for the hospitality of these institutions. The second author also acknowledges the hospitality and support of Bilkent University that he is currently visiting, the support from the Turkish Academy of Sciences in the framework of the ‘Distinguished Young Scientist Award Program’ (TUBA-GEBIP/2004), the grant awarded by the Scientific and Technical Research Council of Turkey (TUBITAK) under the NATO Science Fellowship Program as well as the support from the Center for Economic Design of Bogaziçi University. This paper was presented in the ERC/METU Second International Conference on Economics, Ankara, September 1998, and at seminars in Bilkent, Bogaziçi and Ohio State Universities. We thank, in particular, Emre Alper, Sumru Altug, Huw Dixon, Tatsuro Ichiishi, Ivan Pastine, Murat Sertel and Alan Sutherland for useful comments. We also thank two anonymous referees for comments and suggestions. The views expressed in this paper are those of the authors and do not necessarily reflect that of the Central Bank of Republic of Turkey.     

On the Judgment Proof Problem

A party who causes harm to others and is found legally liable but cannot fully pay is said to be judgment proof. When the party who causes the harm is judgment proof, the incentives provided by the negligence and strict liability rules diverge. The payment probabilities implied by the two rules also differ. If the cost of care is non-monetary, as in Shavell's analysis, then the different probabilities generated by the two rules and the injurer's risk aversion combine to show that greater care is optimal under the negligence rule than the strict liability rule. If, however, the cost of care is monetary then the difference in probabilities generated by the two rules suffices to show greater care under the strict liability rule than under the negligence rule. The latter case holds for either a risk averse injurer or a corporate injurer.     

从公司制到有限合伙制的公司治理研究

不同的风险投资组织形式,具有不同的投资效率。基于对公司制和有限合伙制这两种组织结构的运作机制进行简要分析,并根据收益期望值模型,从公司治理的角度,运用比较分析方法,论述了创业投资的组织形式,认为有限合伙制是较好的组织形式。     

A note on corporate taxation,limited liability,and asymmetric information

Becker and Fuest (this issue, p. 1–10) provides a new explanation for the link between limited liability and corporate taxation. The authors argue that a corporate tax on all entrepreneurs with limited liability is optimal when entrepreneurs can offset potential losses and when asymmetric information exists regarding projects’ qualities. This note considers a model with a slightly modified production technology. It confirms that entrepreneurs’ abilities to offset losses and the existence of asymmetric information may affect government policy. However, it also shows that the optimal taxation policy differs from that suggested by Becker and Fuest.      

谈行为财务理论的发展及应用

为了更好地解释和预测财务主体的实际决策行为,财务学研究者们发展了一个新的研究范式:行为财务。本文在已有的理论基础上,提出行为财务理论和方法的发展导向,着重论述行为财务理论在公司理财中的应用,并进一步指出在我国研究行为财务理论的实践意义。     

私募股权投资基金的发展路径与有限合伙制度

私募基金在中国资本市场发展中具有重要作用，发展私募股权投资基金对于发展和完善我国资本市场具有相当的紧迫性。受制于我国特殊的国情，自20世纪90年代中后期以来我国的私募基金走上了一条具有中国特色的曲折的发展路径，修订后的《合伙企业法》确立的有限合伙企业制度为我国私募股权投资基金的发展提供了新的制度供给与法律支持，其制度设计的优势明显，但配套制度措施的出台是这部法律真正得以实施的必要前提。     

社会转型期政府职能的中庸

目前,中国社会正面临由传统计划经济向现代市场经济的过渡与转型问题。在这一重要历史时期,中国政府应抛弃"全能"模式,但也不能"无为"而治。建立有限的而且是有效的政府是中国政府在市场经济条件下的唯一选择。     

A Note on Efficiency Wage Theory and Principal–Agent Theory

Why are principal–agent models used in some circumstances and efficiency wage models in others? In this note, it is argued that efficiency wages provide incentives based on an evaluation of the agent's input, while the incentives analysed in principal–agent models rely on the agent's output. The choice between the two incentive schemes depends on the probability that the agent is caught shirking. Moreover, we demonstrate that a combination of input‐ and output‐related elements provides stronger incentives than payment schemes based on merely one of these elements. However, the combination requires a more complex labour contract involving an increased cost of writing the contract. The interaction between this transaction cost and a hiring cost is analysed.     

乡镇企业实施会计委派制的制度缺陷

缘于基层政府政企不分 ,乡镇企业产权不明 ,把会计委派制作为重要的制度变革应用于乡镇企业 ,既缺乏理论依据 ,也难以达到预期目标。整顿乡镇企业的会计工作秩序在于在乡镇企业实行“有限度”的会计委派制 :地方政府委派财务负责人行使财务管理监督权 ,乡镇企业会计人员仍对企业法人直接负责。