高管薪酬、激励与公司业绩关系研究述评

关于公司业绩与高管薪酬的关系,很难用一个简单的线性关系来解答。无论是委托代理理论、信号理论、激励理论,还是契约理论,都有诸多的假设前提;而利用上市公司数据的实证研究结论又依赖于数据样本、计量方法以及公司薪酬、业绩等代理变量;因而,无论是实证研究还是理论模型研究,对公司业绩与高管薪酬的关系都未有定论。在研究我国公司高管激励问题时,还应将经济制度、法制乃至人文环境加入激励模型。     

发达国家农业产业化组织形式对我国的启示

农业产业化已成为当前我国农业发展的重要方向。农业产业化组织形式是农业产业化的载体。高效的 农业产业化组织形式是实现农业产业化的必要条件和保障。本文通过对发达国家农业产业化组织形式进行分 析概括,提出了其对我国农业产业化发展的启示。     

Organization governance form in franchising: efficient contracting or organizational momentum?

We examine firms' choice of organizational governance form. Using longitudinal data on a sample of business format franchisors operating in North America, we show that the cross‐sectional evidence commonly used to demonstrate support for efficient contracting explanations for organizational governance form is not robust to the year of investigation, firm effects, or selection effects. We theorize that this outcome may result from dynamic processes through which a firm's organizational governance form evolves. We develop and test two hypotheses for the effects of organizational momentum on organizational governance form, and find that organizational momentum is a robust predictor. Our results suggest that researchers consider the dynamics of momentum in explaining the form of firm governance. Copyright © 2008 John Wiley & Sons, Ltd.     

Sinosteel：Extraordinary Moves in Industry Chess

Among the Fortune 500 firms,more and more images from China emerge out.On the 2008 list,Sinosteel Corporation,a landmark group of China industries quietly squeezes into the candidate line.As the largest steel service ＆ trade enterprise,its sales reached at RMB 111.24 billion,with a year-on-year increase of 83.03 percent,and the profit grew by 180.03 percent.On the Sinosteel 2008 Work Meeting,the president Huang Tianwen uttered,＂In the coming year,we will work for US$20 billion sales,and look forward to getting a position in Fortune 500 firms for ourselves.＂     

Wisdom and Wealth Go First in a Harmonious Society——The Announcement of "2007 China Top Ten Wealthy and Intelligent People"

In order to implement the strategy "strengthening country on talent", and to form an good environment of respecting knowledge,talent, and fortune, in 2007 December, Bejing Cultural Development Research Institute, China National Condition Research Association, Fortune Times Press, China Election website,and some other institutes jointly elect 2007 China Top Ten Wealthy and Intelligent People, on the principle of"Contribution, creation, and power".     

虚拟：文明演化的高级形式

数字化处理技术出现，使虚拟作为一个独立的研究领域引起人们的高度重视。虚拟作为文明演化的高级形式，克服了初级文明形式所固有的局限性，使文明进步获得了质的飞跃和崭新的推动。虚拟的世界使各种现实的想象的要素可以任意组合并得出任意效果。人机虚拟的互动结构对于开发人的潜能，满足人的复杂多样的需求具有巨大的作用。人们应有效地利用虚拟的文明形式达到自己的目的。数字化处理技术可任意分割组合的特点和优点，使它成为文明进步最典型的表达形式，在高新技术领域和经济领域得到广泛应用并取得显著成效。     

WPS的使用技巧及疑难问题分析

用简明扼要的语言对WPS使用中的具有代表性的疑难问题进行了分析、解答，并介绍了几点很有实用价值的使用技巧。     

The valuation of a firm’s investment opportunities: a reduced form credit risk perspective

This paper develops a valuation model for a firm’s investment opportunities. Given standard market imperfections, we show that maximizing the firm’s equity value is consistent with the need to include a capital charge for an investment specific to a firm’s capital structure and in excess of the investment’s market determined risk. A reduced form credit risk perspective is taken to enable a continuous time implementation. This continuous time implementation is illustrated within the paper.      

当前我国公共行政范式的构建与发展

当前服务型政府建设遇到很多技术问题。特别是大部制改革背后进一步转变政府职能。要求必须对当前我国公共行政范式建设深入思考。根据公共行政的发展趋势及西方政府的发展经验，我国公共行政范式处在旧范式的基础正在破碎。新范式基础尚未建立的阶段。该阶段的范式构建要以现代管理型政府为基础与以服务型政府为导向并重，借鉴西方政府建设实践，关注我国政府发展的实际状况。     

Task assignment and organizational form

This paper shows that a firm prefers a process-based task assignment compared to a function-based one if the tasks are from functional areas which are neither too complementary nor too substitutable. We consider several projects (processes) with contributions from several functional areas. The organization can be structured along processes like product lines (M-form) or along functional areas like marketing or production (U-form). The U-form enables cost savings due to specialization or scale economies. The more effective incentives under the M-form might outweigh these savings if the functions are neither too complementary nor too substitutable.