试论人力资本的投资回报路径

人力资本与物质资本虽然在生产经营过程中关系密切,但由于两者的投入性质和方式不同,投资回报的性质和路径也不同。研究和区分人力资本与物质资本的不同投资回报路径,把握人力资本投资回报路径的特性,有利于政府在公共管理中推动人力资本的生成,有利于完善激励机制,发挥人力资本的潜能。     

Capital structure and the control of managerial incentives

We present a theory of capital structure based on the power of shareholders, bondholders and managers to control the incentive conflicts in large corporations. The manager–owner conflict produces a trade-off between inefficiency in the low state and rents in the high state, and the shareholder–bondholder conflict produces under-investment as in Myers [Journal of Financial Economics 19 (1997) 147]. Since managers and bondholders both prefer more efficient actions in the low state, the two conflicts are interdependent. With risk-less levels of debt, there are no shareholder–bondholder agency costs, but managerial control over the incentive-setting process produces excessive rents. With risky debt, shareholders focus more on returns in the high state so that shareholder–bondholder agency costs increase but managerial rents decrease. Efficient levels of debt holder protection facilitate a reduction in manager–owner agency costs that outweighs shareholder–bondholder agency costs, and are decreasing in firm performance. The results are consistent with the separate empirical results relating control to both compensation and leverage, and suggest how future studies can be integrated.     

户籍歧视对劳动报酬差异的影响

在我国，户籍歧视是形成劳动力市场分割的重要原因，它不但通过阻碍劳动力流动造成城乡收入差异，也会促成农民工和城镇工人之间劳动报酬的差异。本文利用中国健康与营养调查（CHNS）多年的数据，对我国户籍歧视影响劳动报酬差异的程度进行计算和分析。结论表明，近几年户籍歧视现象并没有明显改观，政府在制定相应政策时，仍需关注这方面的问题。     

小麦期货收益时间序列分析

本文研究了我国郑州商品期货交易所小麦期货近三年来的收益时间序列,对其进行了基本的统计学分析,结果发现分布是非正态的,较正态分布有尖峰厚尾,具有长记忆效应。进一步对其中具有ARCH效应的序列合约进行了分析,采用GARCH和EGARCH类模型进行了描述,分析了期货收益的波动集群性和杠杆效应。     

现代企业薪酬管理中的"球体"理论与实践

通过对传统薪酬管理模式的利弊分析,指出了薪酬管理中必须对"球体"理论中涉及的三要素,进行适合企业发展的流体性协调,才能真正起到激励的最佳效果.自助式薪酬与宽带式薪酬相结合,是对"球体"理论的最好实践,有助于薪酬管理的人性化取向.     

Can oil shocks explain asymmetries in the US Business Cycle?

We consider whether oil prices can account for business cycle asymmetries. We test for asymmetries based on the Markov switching autoregressive model popularized by Hamilton (1989), using the tests devised by Clements and Krolzig (2000). We find evidence against the conventional wisdom that recessions are more violent than expansions: while some part of the downturn in economic activity that characterises recessionary periods can be attributed to dramatic changes in the price of oil, post-War US economic growth is characterized by the steepness of expansions. First Version Received: December 2000/Final Version Received: September 2001     

全面薪酬的价值整合机制探析

全面薪酬旨在平衡企业和员工的利益，以求企业价值（企业绩效）与员工价值（员工满意）的双重实现。全面薪酬通过企业价值和员工价值的创造和分享的整合机制来实现两者价值的互动和平衡，进而实现企业价值和员工价值的整合，形成基于价值整合的新型薪酬体系。     

关于我国社区银行定义的辩析

本文从社区银行的定义界定入手，分析国内外关于社区银行定义的不同之处，揭示我国目前普遍接受的社区银行定义的深刻内涵。剖析当前存在的对社区银行定义理解上的偏差。     

Non-linear exchange rate relationships: An automated model selection approach with indicator saturation

This paper examines whether the explanatory power of exchange rate models can be improved by allowing for cross-country asymmetries and non-linear effects of fundamentals. Both appear to be crucial. The samples include the USD versus pound and yen from 1982:10 to 2013:10, and automated model selection is conducted with indicator saturation. Several non-linear effects are significant at 1%. Further, many of the indicators present in the linear models are eliminated once allowing for non-linearities; suggesting some of the structural breaks found in previous work were an artifact of the misspecified linear functional form. These conclusions are robust to estimation using principal components.