证券市场投资者行为的理性概念演变

本文阐述了理性概念从投资者完美理性到有限理性再到适应性理性的过程，为证券市场适应性演化提供理论基础，对于指导投资者实践具有一定的理论意义。     

理性理论和预期理论的演进

理性预期理论的出现，被称为经济学上的“理性预期革命”，它使得宏观经济学的分析建立在微观的基础上。但理性预期理论不是“理性”和“预期”理论的简单组合，理性理论和预期理论分别经历了不同的发展阶段，然后产生了理性预期的理论，并且对现实产生了很大的影响。     

从经济理性到道德理性

现代经济学对经济理性的强调导致经济学的发展面临困境,究其原因,一是经济学与伦理学的分离、二是经济学的形式主义方法论,见物不见人。福利经济学和经济伦理学的出现使得经济学开始关注道德问题,对现代经济学发展产生较大的影响。当前如何有效地消除经济理性对社会理想和道德的偏离。一是重建社会保障体系,二是建立完善的法律体系。     

从“理性”出发认知影响科学决策的限制性因素

从哲学理性主义的演进,分析了理性从绝对的理性向有限理性的过渡。进一步分析了决策从完全理性向有限理性过渡的趋势,并在有限理性的基础上,阐述了科学决策是决策合目的性与合规律性、合情与合理、合价值性与合工具性的统一。并从决策的外部约束条件、内部规定即非理性的因素、前景理论对决策合价值性的批判等三个方面,分析了影响科学决策的限制性因素。     

农民工永久性迁移意愿影响因素分析——以理性选择理论为视角

以科尔曼(James Coleman)的理性选择理论为指导,并将理性分为生存理性、经济理性和社会理性,结合对武汉市农民工健康及社会经济状况调查的数据,从农民工主体的角度,运用定量研究的方法,探讨农民工永久性迁移意愿的影响因素.农民工能够获得越多的比较收入,越愿意选择永久性迁移;农民工对新环境的适应性越强,能够获得的资源越多,越愿意选择永久性迁移.而"原居住地自然灾害情况"和"原居住地区类别"所构成的生存理性,对农民工的永久性迁移意愿则不具有解释力.     

农民工永久性迁移意愿影响因素分析——以理性选择理论为视角

以科尔曼（James Coleman）的理性选择理论为指导,并将理性分为生存理性、经济理性和社会理性,结合对武汉市农民工健康及社会经济状况调查的数据,从农民工主体的角度,运用定量研究的方法,探讨农民工永久性迁移意愿的影响因素。农民工能够获得越多的比较收入,越愿意选择永久性迁移;农民工对新环境的适应性越强,能够获得的资源越多,越愿意选择永久性迁移。而“原居住地自然灾害情况”和“原居住地区类别”所构成的生存理性,对农民工的永久性迁移意愿则不具有解释力。     

消费者规范理性的理论解析与重构

本文通过对经典理性理论的回顾与梳理,提出"消费者规范理性"这一概念,并试图从规范理性和经济理性两个维度,以及个人、组织和社会三个理性载体层次来重新构建理性的理论结构.通过这种理性的重构,旨在使管理学领域的学者们可以从理性的"经济-规范"视角来解释经济行为主体之间的行为逻辑关联.最后,本文提出了未来有待于进一步深入探讨的研究主题.     

哈贝马斯理性观的价值意蕴

立足于西方理性主义传统,针对西方传统理性的分裂与缺失,哈贝马斯开始为拯救理性进行研究.他从交往行为出发,立足于生活世界,在批判传统理性中建构起新的理性观,并赋予交往理性以弥合理性、对抗工具理性和反形而上学的使命,从而使他的理性观呈现出不同于传统理性观的价值意蕴.     

“理性经济人”假设的自然法背景考察

“理性经济人”作为当代主流经济学基础的概念之一,其形成和发展过程,本身就是哲学与经济学两个学科相互渗透和影响的过程,而这一假设提出过程中,西方法学理论中古老的“自然法”理念同样对其形成同样有着至关重要的作用。本文将对这一重要影响进行简要回顾,并由此引出在“理性经济人”形成过程中,“自然”、“理性”二者并非完全的等同,而是作为两个不同的方面影响了这一理念的产生。     

Why, when, and how to diversify? A comparison between Western theories and the cognition of Chinese enterprises

This paper uses as research samples 140 papers on enterprise diversification published in top-notch Western journals, and public statements from 30 influential contemporary Chinese CEOs on enterprise diversification. Both the qualitative open coding and the qualitative factor analysis are employed to analyze the two samples respectively, and then the corresponding analysis is utilized to explore the differences between Western theories and the cognition of Chinese enterprises on the motivation (why), timing (when) and industry choice (how) of enterprise diversification. Results show that, first, both consider the motivation of diversification mainly from the perspectives of resource-based view and asset portfolio theory. However, Western theories pay more attention to the factors related to the perspectives of the resource-based theory, transaction cost theory and agency theory, while Chinese enterprises put more emphasis on those factors associated with the asset portfolio theory, government policies and institutional theory. Second, on the cognition of the timing of diversification, Western theories insist that enterprises should diversify when they meet threats, while the practice of Chinese enterprises insists that diversification should take place when enterprises have enough strength. Third, Western theories focus more on the interrelationship between the original industry and the intended industry than on the attractiveness of the intended industry, while Chinese enterprises pay more attention to attractiveness than interrelationship. Translated from Guanli Shijie 맜理世界 (Management World), 2005, (8): 94–104     

公司特征、行业特征和并购战略类型的实证研究

This paper studies 148 related and 169 unrelated acquisition cases conducted by Chinese listed firms from 2001 to 2004 and explores firm and industry characteristics of these firms prior to their acquisition. Results show that there are significant pre-acquisition differences between firms pursuing related acquisition and firms pursuing unrelated acquisition in terms of firm performance, business risk, firm size, proportion of state shares and degree of diversification profile. Except for differences in internal capital as represented by undistributed profit per share, there is no significant difference in other aspects of available resources and industry performance. Translated and revised from Guanli Shijie 管理世界 (Management World), 2007, (3): 130–137     

股市再融资的门槛有效吗?

This paper compares the cumulative abnormal returns and operating performance of Chinese listed firms which made seasoned equity offerings or right issues at different profitability thresholds. Results show that both the average long-term and short-term cumulative abnormal returns of these firms increase significantly after the setting of thresholds. Moreover, the accounting performances of these firms are also improved to some degree. It implies that regulations on new equity raising behavior of listed firms are necessary and effective in protecting the investors and restricting listed firms’s “money encirclement” behaviors. Translated and revised from Guanli shijie 맜理世界 (Management World), 2006, (10): 108–113     

基于不同动机的联盟控制方式选择及其对联盟绩效的影响——中国企业联盟的实证分析

Strategic alliance can aid firms to build and sustain their competitive advantages. Firms set up strategic alliance mainly for two purposes: resource acquisition and capability learning. Formal control and social control are two widely adopted control mechanisms to secure the effectiveness of strategic alliance. In this study, we construct a model to analyze the choice of control mechanisms based on alliance motivations and the influence of control mechanisms on alliance performance. Based on a survey of 607 Chinese firms, we find that when resource acquisition is the key motivation behind alliance, formal control should be enhanced. Whereas when capability learning is the main purpose of alliance, social control becomes a better choice. Furthermore, this research also finds that the impact of both formal control and social control on alliance performance are nonlinear. Suggestions are provided on how to effectively use control mechanisms to attain the purposes of strategic alliance and on how to use control mechanisms to enhance alliance performance. __________ Translated and revised from Nankai guanli pinglun 南开맜理评论 (Nankai Business Review), 2007, (5): 4–11     

The impact of domestic diversification and top management teams on the international diversification of Chinese firms

Despite increasing research on outward foreign direct investment (OFDI) by firms from emerging economies, our understanding of the relationship between domestic operations and international diversification of these firms is still limited. Using a unique dataset of Chinese listed firms, we examine the impact of domestic diversification on their international diversification. We find that international diversification is positively affected by firms’ domestic industrial and domestic regional diversification. We also find that top management team (TMT)’s previous international experience strengthens the impact of domestic diversification on firms’ international diversification, whereas TMT's prior political connections weakens the impact of domestic diversification on international diversification.     

Cultural and Organizational Antecedents of <Emphasis Type="Italic">Guanxi</Emphasis>: The Chinese Cases

Being different from the Western concept of “relationship,” Chinese concept of “relationship,” that is, guanxi profoundly influences Chinese society in commercial activities, business ethics, and organizational behaviors. Moreover, firms can develop their networks of guanxi to gain competitive advantages. Highlighting the cultural and organizational antecedents of guanxi, namely Confucianism and organizational ethical climate, this study examines the influence of these two antecedents on guanxi and makes comparisons of guanxi, Confucianism and organizational ethical climate between Taiwan and Mainland China. The results show that Taiwan, where preserves more Confucian culture, tends to put much emphasis on guanxi than Mainland China, especially with respect to mianzi. Concerning ethical climate, Taiwan tends to have instrumental, and law and code ethical climate.     

组织信任氛围对任务绩效的作用途径

This paper explores the mechanism by which trust climate influences individual performance. From the perspective of psychological dynamics, we investigate the relationship among perceptions of organizational climate, motivation and individual behaviors to crystallize how a trustworthy organizational environment favors superior individual performance. 203 employees and their supervisors participated in this study, the results show that trust climate benefits individual performance through fostering psychological safety, which in turn influences individual performance via two mutually complementary pathways, namely ability to focus and organizational learning. Psychological safety is conducive to increasing individual ability to focus and improving job performance. Moreover, it is also instrumental in enhancing individual willingness to learn and experiment with new methods as an effort to achieve superior performance. Theoretical and practical implications are also discussed. __________ Translated and revised from Xinli kexue xuebao 心理科学学报 (Acta Psychologica Sinica), 2007, 39(6): 1111–1121     

中国资本市场融资顺序新证:可转债发行公告效应研究

This paper empirically shows that the announcements of the issue of convertible bonds (CBs) by Chinese firms have significant negative effects on shareholders’ wealth. We find that when the samples are partitioned by equity component negative market responses towards the announcements of issuing equity-like CBs are more than that of debt-like CBs. This finding is different from the “pecking order hypothesis” of Myers and Majluf (1984). By analyzing the firm characteristics of convertible bond issuers, we find that the wealth effects are negatively related to equity component, firm size and issue size of convertible bonds, and are positively related to financial leverage, liquidity structure of equity, book value of non-liquidity equity and market-to-book ratio. The underlying reason of equity finance taking precedence of bond finance in Chinese capital market can be attributed the to special “two-system-ownership structure” and corporate governance of Chinese listed companies. Translated from Guanli Shijie 管理世界 (Management World), 2006, (6): 19–27     

中国上市公司现金流管理研究——兼对中美市场现金流管理行为比较研究

This paper examines cash flow management in the Chinese market and compares it to that in the U.S. market. It adopts Burgstahler and Dichev (1997) and Degeorge et al.’s (1999) method and the best-fitted distribution model to analyze the financial data of Chinese listed firms during 1998–2005 and the forecasted cash flow per share (CPS) data for Chinese firms in the I/B/E/S database during 1993–2005. Results reveal that cash flows reports are not as reliable as people think, and managers manipulate cash flows just as they manipulate earnings. Further analyses show that zero point, last year’s cash flow and analyst cash flow forecast are the three thresholds that influence managers’ decision when they report cash flow performance. Over 16% of the firms with small positive cash flows manipulate their cash flow. Moreover, 16.64% of the firms with small changes in cash flow and 9.81% of the firms with small surprises manipulate cash flows to reach the targets. A comparative analysis shows that cash flow management behaviors around zero and zero changes are more prevalent in the Chinese market than in the U.S. market. Cash flow management around analyst cash flow forecasts, however, is no more prevalent than that in the U.S. market. Translated and revised from Zhongguo Kuaiji Pinglun 中国会计评论 (China Accounting Review), 2007, 5(3): 381–400