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。     

投桃何以报李:企业内外部社会责任对管家行为的影响机制研究

当员工感知到企业的善行,即企业善待员工或是积极履行对外部利益相关者的责任,是否会激发员工"舍己为公"的行为倾向,使其为了保护组织长远利益而牺牲个人短期利益呢?本研究依据社会交换和社会认同理论,通过524份有效样本进行实证分析,探讨员工感知的企业社会责任对"舍己为公"的管家行为的作用机制。结果表明,员工感知的内部和外部企业社会责任均正向影响员工的管家行为。责任知觉和道德认同分别在员工感知的内部企业社会责任与管家行为、员工感知的外部企业社会责任与管家行为间起中介作用,且责任知觉和道德认同的中介作用没有显著差异。     

The use of landslide hazard maps to determine mitigation priorities in a dam reservoir and its protection area

Despite longstanding research on the landslide hazard assessment and mapping, the use this information in regional planning applications remains largely unclear. There is still a need for novel methods to interpret the results of hazard analyses. In this respect, the main research question of this study is how the landslide hazard maps can be evaluated in planning practice. To evaluate this issue, a comprehensive case study was carried out and a new methodology, defining the order of priority for the locations where mitigation measures are applied was developed. The investigations were carried out in the Melen Dam reservoir, which provides potable water to the city of Istanbul, and the dam protection area (Duzce, Turkey) in four main stages: (i) Evaluation of the general characteristics of the study area, (ii) preparation of landslide inventory, (iii) development of landslide hazard model, and (iv) implementation of the results of hazard analyses in planning. As a consequence, a decision support system that can evaluate analytically complicated outputs “P_Combined”, “P_{AL min.}”, and “L_Total” and provide clear decisions “Urgent”, “Primary”, and “Secondary” was suggested. Considering the limited resources available for the mitigation measures, the determination of mitigation priorities for the micro-catchments constitutes the key land-use policy for the protection of the dam reservoir.     

Moral hazard,debt overhang and capital structure

This paper investigates the impact of managerial moral hazard on the debt overhang of a firm by constructing a contingent claims model in which the manager faces costly effort. Using a calibrated capital structure model, we show that the costs of debt overhang become more serious in the presence of managerial moral hazard. Such costs even account for more than half of the total agency costs at a high level of cash flow. Moreover, in contrast to the results of Hackbarth and Mauer (2012), our model predicts a U-shaped relationship between the leverage ratio and investment opportunities of a firm, which is caused by managers’ moral hazard. Finally, by considering this moral hazard, we also show the coexistence of low leverage ratios and high credit spreads, which explains the phenomenon of “low debt levels and high credit spreads” observed in practice.     

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.     

论著作权法对“创作者特权”的确认与限制——以“鬼吹灯”案中的作者续写权利主张为切入点

“创作自由”与“创作者的自由”是一对容易混淆的概念,《著作权法》对于这两类自由采取了不同的确认方式,不宜仅基于“创作自由”的话语扩张“创作者特权”,乃至将其主张为著作权法上的专有权利。“鬼吹灯”同人作品案中被控侵权人主张的“系列故事续写权”实为一种积极权利,不同于一审判决和既有研究中确认的消极权利,因而违背了《著作权法》第1条和第10条中对于“创作者特权”及其专有权利化主张的限制。该类主张的背景是两大法系中作品观融合导致了对于作者权益的挤压,作者权理念在法律实践中出现了反弹。从现代社会中创新的复合属性、版权利益分配格局的自发形成、我国社会中通行的权利观念等角度出发,应当坚守《著作权法》对于创作者自由的既有确认与限制机制。民法典对于一般人格权的保护则能够提供外部的制度协同。     

员工创造力与越轨创新:心理特权和道德推脱视角

既有研究多聚焦于员工创造力对组织创新绩效的正向影响,对其可能产生的负面结果及发生机制探讨较少。基于道德自律和心理特权构建核心理论框架,通过道德推脱（中介效应）、心理特权（调节作用）解释员工创造力影响越轨创新行为的内在机理和边界条件。运用230份个案调查数据进行实证检验,结果显示：员工创造力能够正向预测越轨创新行为;道德推脱在创造力与越轨创新行为间起部分中介作用;心理特权在创造力与道德推脱间起正向调节作用。研究有效揭示了员工越轨创新行为发生机制和约束条件,为工作场所创造型员工管理提供了新的理论视角和实践启示。     

初创战略导向对新创企业存活率的影响机制

新创企业初创阶段的战略导向对其未来存续具有持久影响,但具体影响机理有待论证。采用STROBE六维划分法,连续4年对D&B数据库中的抽样企业进行调研与“健康检查”,基于523家美国新创企业数据, 剖析6种初创战略导向对新创企业存活率的差异化影响机理。结果表明：竞争企图性战略持续消耗组织资源从而增加失败风险;分析性战略提升组织决策质量从而降低失败风险;防御性战略使组织积极运用科学管理方法与技术工具从而增加生存机会;前瞻性战略对新创企业存续没有显著影响;先动性战略推动组织创新从而开拓更佳发展前景;风险承担性战略使组织不断学习、广泛探索、保持领先,最大幅度地提高新创企业存活机率。     

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.     

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.