国有商业银行股权激励作用的适用性——基于双重代理行为分析

对我国的国有商业银行而言,银行经理人的社会关系网络决定了他的双重人格:作为银行的代理人,其行为服从银行所有者的利益,同时,其行为又要服从其社会关系网络或关联企业的利益。在这种情况下,国有商业银行的代理人就成了一个双重代理人。对该具有双重代理身份的经理人实施股权激励无疑是对国有商业银行所有权人利益的额外扣除。因此,对双重代理人的过度激励是不合理的,相反,应该在低度激励的情况下加强监督,完善监督机制。     

Urban taxis and air pollution: a case study in Harbin, China

Taxis share a high proportion of urban traffic volume and contribute a large proportion to urban air pollution. This paper addressees this context by exploring urban taxi air pollution emissions and possible reduction countermeasures. Based on a survey of Harbin taxis, we have developed different urban taxi pollution emissions models and considered taxi passenger occupancy and taxi average vacant ratio. To reduce taxi air pollution emission, this paper sets a reduction goal and puts forward three kinds of transport management policies. These are taxi market regulation, introduction of electric and Liquefied Petroleum Gas powered vehicles, and the introduction of dial-a-ride services. The paper provides recommendations for managing urban taxi development using these strategies.     

Institutional investors, shareholder activism, and earnings management

The widespread practice of earnings management adversely impacts the quality of financial reports and increases information asymmetries between owners and managers. The present study investigates the effect of shareholder activism (as expressed by the proxy proposals sponsored by shareholders), and monitoring by the largest institutional owner on earnings management. Our longitudinal analyses indicate that the number of shareholder proposals received by firms is positively related to subsequent earnings management, yet concurrently, monitoring by the largest institutional owners is negatively related to earnings management. Our findings shed light on the equivocal results reported by prior research regarding the impact of shareholder activism on firm performance, on one hand, and ownership monitoring and performance, on the other.     

产权治理、自由现金流量和企业费用粘性

费用粘性是影响企业业绩的重要因素,也是导致代理成本产生的主要动因。然而费用粘性的产生过程、前提条件和影响因素一直没有得到更详细的研究。文章通过模型分析,认为自由现金流是费用粘性产生的前提条件,产权治理是控制费用粘性的重要手段。实证研究表明,我国控股股东的性质和比例影响费用粘性,自由现金流量对费用粘性产生决定性的影响。因此要控制企业费用粘性,主要应从控制自由现金流量和改善产权治理入手。     

Cross-border private equity syndication: Institutional context and learning

Private equity (PE) has become an increasingly international phenomenon but there is a lack of research that looks at the process by which PE firms invest across borders. We aim to fill this gap in the literature by examining the role of institutional context and organizational learning as determinants of cross-border PE syndication. We examine these issues by studying the international expansion by later-stage UK PE investors into continental Europe over the period 1990 to 2006. Our results indicate that institutional context (in terms of the number of PE firms in the local environment and the presence of investment bankers in the local market) and organizational learning (in terms of the PE firm's experience in the host country; the PE firm's multinational experience; and the number of investment managers per portfolio company; but not the presence of local offices) are significantly related to the use of cross-border syndicates. Implications for theory and practice are suggested.     

The impact of brand personality and sales promotions on brand equity

This research assesses the relative impact of a long-term brand management instrument (brand personality) and a short-term marketing mix instrument (sales promotions) on brand equity formation. The authors measure consumer perceptions of promotional intensity and brand personality and model their impact on brand equity. They find a positive impact of brand personality and a negative impact of sales promotion intensity on brand equity at the aggregate level. In line with research that identifies varying consumer responses to promotional deals, this study posits that the relative impact of the two elements varies across consumer groups. Three homogeneous consumer groups differ according to the relative impact of brand personality and consumer promotions on brand equity, following an application of a finite mixture partial least squares procedure.     

基于容积率的城市房屋拆迁利益关系分析

城市房屋拆迁是一个系统的工程,容积率问题是其中的焦点和难点。本文在分析容积率对地价、利润率影响规律的基础上详细阐述了背后真正的利益关系,并在如何平衡利益方面提出了一些看法。对于容积率的确定、控制应统筹考虑经济、环境及社会效益,实现刚性与弹性相结合;改变土地财政的形成机制,不仅要从下游着手完善容积率管理机制,更应从上游出发保证规划的科学合理、阳光性及均衡性。     

品牌资产测度方法构建研究

在对现有方法分析的基础上,尝试探讨品牌资产测度新方法,即对英特品牌法加以改进,赋予了品牌作用指数和品牌强度新的涵义,增加了消费者品牌作用指数、消费者的品牌强度的概念,品牌作用指数由消费者的品牌作用指数和企业的品牌作用指数构成,品牌强度由企业的品牌强度和消费者的品牌强度组成。通过运用重要性排序的方法及层次分析法,计算相应的指标权重,同时引入了模糊数学方法,对多影响因素的评价对象进行综合评判,以增强测度的合理性。     

信息、会计与权益估值：回顾与拓展

文章回顾和评述了自Williams(1938)以来的系列经典权益估值理论,包括股利贴现模型、固定增长估值模型、剩余收益估值理论、超常盈余增长估值模型以及股利风险调整估值模型等;此外,建立在线性信息演化机制假定之上,文章对上述权益估值理论进行了深入拓展,分别提出了广义股利政策估值模型、广义剩余收益估值模型以及广义超常盈余增长估值模型等权益定价方法。文章不仅对研究权益定价的理论工作者有一定借鉴意义,而且也对资本市场权益资产评估实践有重要参考价值。     

Market and Model Credit Default Swap Spreads: Mind the Gap!

Structural models of default establish a relation across the fair values of various asset classes (equity, bonds, credit derivatives) referring to the same company. In most circumstances such relation is verified in practice, as different financial assets tend to move in the same direction at similar speed. However, occasional deviations from the theoretical fair values occur, especially in times of financial turmoil. Understanding how the dynamics of the theoretical fair values of various assets compares to that of their market values is crucial to a number of market participants. This paper investigates whether a popular structural model, the CreditGrades approach proposed by Finger (2002) , Stamicar and Finger (2005) , succeeds in explaining the dynamic relation between equity/option variables and Credit Default Swap (CDS) premia at individual company level. We find that CDS model spreads display a significant correlation with CDS market spreads. However, the gap between the two is time varying and widens substantially in times of financial turbulence. The analysis of the gap dynamics reveals that this is partly due to episodes of decoupling between equity and credit markets, and partly due to shortcomings of the model. Finally, we observe that model spreads tend to predict market spreads.