股票期权的个人所得税问题探讨

股票期权制度是一种新型的薪酬激励制度。股票期权制度作为富有成效的激励制度之一，在发达国家得到了广泛的应用，已成为市场经济国家和地区的企业对员工进行长期激励的非常普遍的方式。近两年来，股票期权成为我国企业改革和发展的一个热门话题，并在部分企业开始实施。如何针对股票期权所得的特点，并借鉴国外经验，制定相应的税收政策，是我们迫切需要解决的问题。本对我国股票期权所得税目、纳税义务发生时间、计税依据、税收优惠及税收征管等作了较为详细的探讨。     

现代企业委托代理问题的“中庸之道”

孔子提出的“中庸之道”从根本上说是一种管理思想和方法,它要求人们作任何事情都要遵循适度原则,这对现代企业中的委托代理问题同样具有重要意义。在这一思想方法的指导下,本文论证了解决委托代理问题的最优激励机制设计,寻找激励与监督的均衡点。     

企业经营者声誉激励效应研究

通过分析企业经营者与所有者之间的博弈关系,构建了企业经营者的声誉模型,探讨了声誉对企业经营者的激励效应,以及声誉与企业经营绩效之间的关系。一定时期内,在声誉效应的激励机制下,经营者拥有企业的控制权对企业的运作是有效率的。     

Pricing access in network competition

We compare various access pricing rules in the two-way access model. We show that the Generalized Efficient Component Pricing Rule (TECPR) leads to a lower equilibrium price than does the Efficient Component Pricing Rule, (ECPR) marginal cost pricing, (MCP) and any non-negative fixed access charges.      

Incentive Regulation of Prices When Costs are Sunk

We present a model featuring irreversible investment, economies of scale, uncertain future demand and capital prices, and a regulator who sets the firm’s output price according to the cost structure of a hypothetical replacement firm. We show that a replacement firm has a fundamental cost advantage over the regulated firm: it can better exploit the economies of scale because it has not had to confront the historical uncertainties faced by the regulated firm. We show that setting prices so low that a replacement firm is just willing to participate is insufficient to allow the regulated firm to expect to break even whenever it has to invest. Thus, unless the regulator is willing to incur costly monitoring to ensure the firm invests, revenue must be allowed in excess of that required for a replacement firm to participate. This contrasts with much of the existing literature, which argues that the market value of a regulated firm should equal the cost of replacing its existing assets. We also obtain a closed-form solution for the regulated firm’s output price when this price is set at discrete intervals. In contrast to rate of return regulation, we find that resetting the regulated price more frequently can increase the risk faced by the firm’s owners, and that this is reflected in a higher output price and a higher weighted-average cost of capital.     

私募基金的管理规模与最优激励契约

私募基金是一种新兴的资产管理模式,其本质上也是一种委托代理契约。本文利用Tirole(2006)的公司融资分析框架和思想,研究了私募基金管理者与基金外部投资人的委托代理关系,求解出私募基金的最优管理规模和分成比例,并用数值计算方法对理论结果进行了讨论。理论模型和数值计算表明:私募基金的最优管理规模和分成比例是存在的;只有在某些特定的参数组合下,现实中广泛使用的"2—20"合同才具有某种合理性,且并非最优;业绩表现费有助于降低私募基金管理者的道德风险。     

政府补贴能否促进高新技术企业的自主创新？——来自中关村的证据

中国政府对高新技术企业投入了大量补贴以激励它们创新,但是对补贴效果的研究并未达成一致结论。基于中关村3万多个高新技术企业2001-2012年的观察值,本文同时采用PSM与DID法对政府补贴的效果进行了研究,结果发现:第一,整体而言,政府补贴显著提高了创新经费支出、新产品销售收入和专利申请数量;第二,进一步将创新细分为自主创新和购买引进新技术之后发现,政府补贴存在“挤出效应”:被补贴企业的自主创新明显下降,而购买引进新技术显著增加;第三,政府补贴对企业的短期创新激励有显著的促进作用,但是对长期创新激励的促进作用不显著。本文对高新技术企业的补贴效果提供了实证绩效评估,所得出的结论有助于政府优化和调整激励创新政策。     

Engaging Australian small-scale lifestyle landowners in natural resource management programmes – Perceptions,past experiences and policy implications

This study explores Australian small-scale rural lifestyle landowners’ perceptions of and experiences with natural resource management (NRM) extension and incentive programmes and discusses means to better-match such programmes to these landowners’ NRM interests, assistance needs and delivery preferences. Data was collected from seventeen in-depth qualitative case-studies of small-acreage landholders located in the Noosa hinterland in south-east Queensland. These landholders indicated a high need for expert advice, labour and other resource assistance to achieve their property management objectives. They had, however, a low-level of awareness and understanding of available programmes (particularly incentive schemes) that could provide some of their needed support. Other key barriers to the landholders’ participation in these programmes were aversions to support providers, a perceived unsuitability of properties or irrelevance of particular incentive programmes, and concerns about programme application procedures or property-rights and value-related implications of engagement. Increased NRM engagement among small-scale lifestyle landowners may be achievable through amendments to existing support programmes and better communication of these programmes. The design and delivery of appropriate measures and messages may require collaborative partnerships, with knowledgeable and influential ‘go-to’ landowners and peer-mentoring networks playing a critical role. In many cases, conservation-focused incentive programmes may need to facilitate cooperative NRM among groups of adjoining micro-scale lifestyle landowners and allow greater flexibility in the length and allowable land and forest management practices of contractual agreements. Moreover, small-scale lifestyle landowners have much interest in and need for support to integrate multi-purpose agroforestry systems with other environmental and aesthetic property management goals. Workshops, follow-up field-days on participating properties, free one-on-one on-property advice, and NRM guides that include detailed case-study accounts of landowner experiences are important means of communicating the availability, administrative requirements and benefits of support programmes to small-scale lifestyle landowners.     

Truthful germs are contagious: A local-to-global characterization of truthfulness

We study the question of which social choice functions from an abstract type space to a set of outcomes are truthful, i.e., implementable by truthful mechanisms, when utilities are quasi-linear. For convex domains, our main theorem characterizes truthful social choice functions as those satisfying two properties: local weak monotonicity and vortex-freeness. The first of these constrains the function values at any two sufficiently proximal points, while the second asserts that its line integrals around sufficiently small triangular loops must vanish.The characterization implies a local-to-global principle that allows one to deduce truthfulness of a function from its behavior on arbitrarily small neighborhoods of each point. Other consequences include a simple alternate derivation of the Saks–Yu Theorem that weak monotonicity characterizes truthfulness of functions having a convex domain and finite range, and a sufficient condition for constructing truthful functions by “stitching together” truthful subfunctions on different subsets of the domain.     

Knowledge sharing in the hospitality context: The roles of leader humility,job crafting,and promotion focus

Grounded in a view of self-transcendence, leader humility is expected to influence employees to acquire and share knowledge for self-development. This study investigates how and when leader humility activates hospitality employees’ knowledge collection and knowledge donation. The dataset was built from 674 employees and 87 direct managers working in the Vietnam-based hotel organizations. Analyzed through multilevel structural equation approach, the data provided support for the positive relationships between leader humility and knowledge collection and donation behaviors among hospitality employees. The three dimensions of job crafting functioned as mediators for these relationships. Employees’ promotion focus played a moderating role for the relationships between leader humility and seeking resources and challenges, but did not interact with leader humility to impact job demands. The discussion on the implications for hospitality scholars and practitioners from the research findings is presented.