Staged venture capital contracting with ratchets and liquidation rights

This paper uses real options analysis to study later round financing in the presence of two standard venture capital contracting provisions: anti-dilution (ratchet) and liquidation preference. We argue that such provisions can preclude financing of a positive NPV venture in the case of a large follow-on financing relative to firm value. Liquidation preference contracting at multiples greater than one is not feasible in the later round if the financing is small relative to firm value. We highlight an interaction effect between the two provisions: increasing the liquidation multiple can help to avoid dilution and the need for the prior venture capitalist to waive ratchet provisions.     

Property rights and information flows: a simulation approach

With the growth of the information economy, the proportion of knowledge-intensive goods to total goods is constantly increasing. Lessig (The future of ideas: the fate of the commons in a connected world. Vintage, New York 2001) has argued that IPRs have now become too favourable to existing producers and that their ‘winner-take-all’ characteristics are constraining the creators of tomorrow. In this paper we look at how variations in IPRs regimes might affect the creation and social cost of new knowledge in economic systems. Drawing on a conceptual framework, the Information Space or I-Space to explore how the uncontrollable diffusibility of knowledge relates to its degree of structure, we deploy an agent-based modelling approach to explore the issue of IPRs. We take the ability to control the diffusibility of knowledge as a proxy measure for an ability to establish property rights in such knowledge. Second, we take the rate of obsolescence of knowledge as a proxy measure for the degree of turbulence induced by different regimes of technical change. Then we simulate the quantity and cost to society of new knowledge under different property right regimes.

试论我国劳动力转移对农村经济发展影响

“三农”问题是当前的重中之重,提高农民收入的主要方法之一是将大量滞留在农村富余劳动力有效转移。农业劳动力转移,可以降低农业生产总成本,增加农民收入,发展农村经济,也在一定程度上提高了劳动力自身的素质。但由于我国目前法律制度的不完善,社会保障体系不健全,导致农村劳动力转移过程中出现许多阻碍经济发展和社会不公平现象。解决这些问题,对促进农村经济发展,构建社会主义和谐社会具有重要意义。     

关系型交易对审计费用的影响——基于经营风险理论视角

关系型交易模式可能会在议价能力、关系专用性投资成本转换等方面加剧上市公司的经营风险,进而影响审计费用。已有研究主要集中于关系型交易对审计行为的影响,鲜有文献关注其中的作用机制。本文基于经营风险理论视角,选取2008~2017年沪深A股制造业上市公司的相关数据,实证分析了关系型交易对审计费用的影响,结果表明:关系型交易显著加剧了企业经营风险的集聚,进而提升审计费用,即经营风险在关系型交易对审计费用的影响中起到了中介作用。进一步研究,在区分了产权性质以及耐用品特征后,实证结果显示关系型交易与审计费用的正相关关系在非国有企业以及耐用品行业的企业中较为显著,为审计师进行合理审计定价提供了经验证据支持。     

层次分析法在企业员工健康管理中的应用

近些年来,企业员工的健康对企业的影响越来越大,它不仅能改变企业的生存和发展,而且可以改变企业的竞争力。通过建立影响企业员工健康的递阶层次结构和构造成对比较矩阵,用模糊层次分析法定量地给出了各因素对提高企业员工健康的重要性及其先后次序,为企业对员工健康管理提供了相关的理论依据。     

反思与超越：水权交易中公民参与维度的构建

在水权交易中提高公民参与的力度,契合民主社会发展之需要,促进水资源的优化配置。利益博弈是公民参与水权交易主要动因,社会讯息互动、法律制度保障、公民参与精神等的缺失是当前制约公民参与水权交易的现实困境,因而今后应着力进行公民参与的多重建构,具体可在水权交易中引入公共参与的概念并对之进行具体体系构建,从法律和精神两个层面出发,通过全局体系构建模式完善公民参与制度。     

我国高等学校教师权利保护研究

随着高等教育管理的逐步法治化,高校教师合法权利保护和救济制度逐渐受到关注,但实效性并不高。当教师权利受到侵害时,目前的法律和制度无法很好的保护,应从树立法治观念、提高维权意识;改革教代会和工会;健全高等学校教师申诉制度;构建高等学校教育仲裁制度等方面来完善高校教师权利保护制度。     

Sustainability and externalities: Is the internalization of externalities a sufficient condition for sustainability?

In an important contribution in Ecological Economics, van de Bergh (2010) correctly concludes that sustainability does not imply zero externalities. However, he continues with the Delphic statement "(Delphic statements were uttered by the renowned oracle of ancient Greece at Delphi. They were phrased in such a way as to be self-fulfilling because alternative interpretations covered every possibility.)" "Without externalities the problem of sustainability vanishes". If this statement refers to an impossible economic process that produces no externalities then he is right. However, it might be interpreted as stating that whenever environmental policy internalizes environmental externalities then sustainability will be ensured. In this note, I assert that in the real world where externalities prevail, their internalization or neutralization in the traditional way cannot lead to sustainability. Only if internalization takes a very specific form that results in the inviolable preservation of environmental rights of future generations in pure biological terms can sustainability be ensured. After revised the original commentary I resubmit it. The issues raised by the editor have been carefully considered.     

有关知识产权保护的新思考

知识产权的制度经济学派从不同角度论证了知识产权保护可以提高资源配置效率.知识产权应该保护毋庸置疑,但是知识财产本身的特性决定了知识产权保护具有两面性.     

分工演进与土地承包经营权股份化——一项土地股份合作社的调查及政策启示

在土地要素市场发育仍不完备的情况下,当前农村出现了大量的土地股份合作社,而大多数研究却忽视了土地要素市场与土地股份合作之间的异质性和替代性。一项来自江苏省苏中地区的调查表明,农民的职业分化为农户间分工合作提供了可能,家庭内部成员间的代际分工或性别分工推动了土地股份合作的发展。研究发现,农民从分工演进、合作及规模经济中的获益大于单纯的土地市场流转收益,从而使上述替代具有了理性的基础。于是,农民达成供给制度、组织创新的集体行动,以重复合作形式的稳定预期降低一次性合作的交易费用,以内部化的经济组织治理替代市场流转。