Profit margins in Japanese retailing

Using a rich data source, we explain differences and developments in profit margins of medium-sized stores in Japan. We conclude that the protected environment enables the retailer to pass on all operating costs to the customers and to obtain a relatively high basic income. High service levels are positively related with high profit margins, illuminating the importance of service in Japan. Small store competition does not affect performance of medium-sized stores, because small stores operate under circumstances different from those of medium and large stores.     

Industrial concentration, price-cost margins, and innovation

This paper explores a panel data set matching establishment-based production statistics from Japan's Census of Manufacturers with wholesale price indices from the Bank of Japan, and Herfindahl indices from the Japan Fair Trade Commission. The data include annual observations over the period 1961-1990, for 74 industries at the four-digit s.i.c. level. I estimate Cobb-Douglas production functions and Solow residuals for each industry and then use these estimates to further analyze the determinates of industrial concentration and innovation. The industries having great capital intensity and small employment of labor tend to be more concentrated. Cross-section estimates reveal a U-shaped mapping from concentration to innovation.     

货币利润与虚拟经济

货币利润是成熟市场经济的主导价值目标.货币虚拟化以后,经济主体追求的不再是实物产品的物质内容,而是其价值增殖的结果.货币利润的表现形式和创造过程决定着经济系统内经济主体的活动方式和经济制度的变迁方向,是经济虚拟化的动力所在,虚拟经济的繁荣成为市场经济追求货币利润的必然结果.经济虚拟度是虚拟经济与实体经济的发展规模之比,体现了虚拟经济系统中货币利润的创造能力.正确处理虚拟经济与实体经济的关系,合理协调货币利润在虚拟经济与实体经济之间的分配,是促进和保障宏观经济稳定健康发展的关键所在.     

Retail profit margins in Japan and Germany

Retail Profit Margins in Japan and Germany. — This study compares the determinants of retail profit margins in Japan and Germany. Although several studies consider the peculiarities of the Japanese society and its economic structure, the comparison in this study is the first systematic, empirical analysis of the consequences of these characteristics for Japanese retail profit margins. For this purpose, two extensive data sets are used and a mark-up relationship is tailored to examine differences in Japanese and German retail profit margins. The empirical outcomes indicate that small firms can survive more easily in Japan than in Germany. This explains the abundance of small stores in Japan.     

人力资本的确认与收益分配

本文首先论证了在知识经济及市场经济时代，人力资源应当资本化；应当确认为资本；资本化后，人力资本旧人力资本载体所有，是一种有效的制度安排。从而明确提出在企业产权制度安排中，必须明确人力资本的产权地位，并且从人力资本会计的角度提出了一种较为可行的人力资本量化方法，人力资本收益分配有了量化依据。     

房地产业垄断利润及其消除方法探析

我国房地产业存在超额利润的根源在于其垄断实质。将以往行政垄断的研究成果应用于房地产行业,可以看出房地产业的垄断不但造成效率损失,还导致社会福利损失。在引入心理福利概念之后,我们发现此前对福利损失的估算只是实际发生损失的一部分。为了提高经济效率,减少福利损失,身为特许权拍卖商的政府可以借用德姆塞茨方案,改进土地使用权的交易模式,即通过市场化的限价转让的方法,令房地产售价报价最低的开发商获得土地使用权。这样市场将发挥力量,将房地产业的赢利能力限制在正常利润水平上。转让之后,中标开发商要按限价价格完成“合同”,政府则需要进行事后监督。在交易市场,政府的需求管理应该以投机需求为目标,更好地维护交易秩序、稳定市场。     

盈余管理的动机及手段

盈余管理的动机可以归纳为契约动机、资本市场动机和政治成本动机三类。出于不同的动机,上市公司会使用不同的盈余管理手段,但是过度的盈余管理不但严重扭曲上市公司的信息,误导投资者,而且使上市公司的利益受到损害。因此,对上市公司盈余管理应进行有效监管,例如完善现有会计准则,健全公司治理结构等。     

Price-cost margins in Dutch manufacturing

Summary The relation between price-cost margins and seller concentration and its development over the business cycle is investigated for Dutch manufacturing (1974–1986). We test the finding of Domowitz, Hubbard and Petersen (1986a and 1986b), that U.S. manufacturing (1958–1981) price-cost margins are more procyclical in more concentrated industries using a new data set. Considering business cycle measures at both industry and aggregated level, export share, level of competing imports and buyer concentration we find that (1) a business cycle upswing (downturn) leads to high (low) price-cost margins and (2) the test of more procyclical price-cost margins in more concentrated industries is inconclusive. Whether the finding of Domowitz, Hubbard and Petersen is supported depends on the business cycle measure used. Separate intertemporal and inter-industry estimates for most influences on price-cost margins are provided.Financial support from The Netherlands Organization for Scientific Research (NWO) is acknowledged. An earlier version of this paper was presented at the XVII-th Annual Conference of the European Association for Research in Industrial Economics (EARIE), Lisbon, 2–4 September 1990. We like to thank Rene den Hertog for computational assistance and Aad Kleijweg, Dan Kovenock, Keith Cowling, Kees Zeelenberg, David Audretsch, Sjaak Vollebregt, Jan van Dalen, Jeroen Potjes and two anonymous referees for helpful comments.     

揭开进口红酒利润之谜

人民币持续升值，外贸出口企业遭遇了前所未有的业务寒冬。刘雪飞过去是做出口陶瓷工艺品贸易的，几年前他悄然改行，做起了红酒进口生意     

The determinants of covered margins

Conclusion The empirical evidence of the covered margin regressions tends to corroborate the theoretical analysis of theCM indicator. The hedging and opportunity-cost-of-arbitrage variables, as well as the speculative variable, appear in many cases as significant determinants of the size of the covered margin. This undermines the accuracy of theCM indicator because its accuracy requires that speculation alone heavily dominates the determination ofCM. Furthermore, the view that primitive arbitrage facilities interfere with the ability of arbitrage to restrain covered margins to small values was supported by the examination of the Canadian experience of the 1950's. The author would like to acknowledge the helpful comments of Leland Yeager on previous drafts of this paper. The views expressed are those of the author and do not necessarily reflect the views of the Federal Reserve Bank of New York.     

Profit tax and output level under uncertainty

This paper was partially supported by a grant from the Natural Sciences and Engineering Research Council of Canada. The authors are grateful to an anonymous referee for his comments. Any errors and ambiguities remain those of the authors.     

第三方仓储物流企业的盈利模式

近年来,中国的第三方仓储物流企业取得了很大发展,一大批企业完成了从传统的储运企业向第三方物流企业的转型,为客户提供了更加丰富的增值服务,实现了较快的发展。与此同时,随着技术升级和管理变革的推进,作为客户的先进制造企业对供应链精益化改造的需求日益明显,     

Profit: The entrepreneurial view

Summary The economic developments leading to the actual profit squeeze are described. A marked decline is found in the share of other income (which includes capital income) and also in returns on capital employed in various manufacturing industries between 1954 and 1978. The minimum profit rate, defined as critical profitability, is analysed. For companies wishing to maintain a 50/50 ratio between own capital and loan capital, a critical profit rate of 13% for December 1979 was calculated. This figure is based on an earnings yield of 14.5% on share capital (price/earning ratio 6.9%) and an interest rate on government bonds of 9.3%. This profit rate is the minimal required to attract capital at the rates demanded by the investors. The present critical profit rate is much higher than the average return on capital employed as calculated in this article.The author is Chairman of the Managing Board of Bank Mees & Hope N.V., but wrote this article under his personal responsibility. He owes a debt of gratitude to Drs. P. A. Geljon, Head of the Economic and Securities Research Department of Bank Mees & Hope N.V. for his contribution to the preparation of this article. Any shortcomings remain of course for the author's own account.     

国企,别"只长骨头不长肉"

2005年中国国内生产总值（GDP）初步核算为182321亿人民币,同比增长9.9%.同时国企销售收入达到11.5万亿元,利润突破9047亿元,实现国企利润两年翻番.但是经济总量的提升、国企利润的翻番,并没有表现为国民财富和收入的同等提升.2005年全年城镇居民人均可支配收入、农民人均纯收入,实际分别比上年增长9.6%、6.2%,低于经济增速.农民人均纯收入增幅甚至回落0.6个百分点.这份来自国家统计局的数据表明,城乡贫富差距,比上年有所拉大.中国经济持续高速发展,国企效益连年好转,但是国民富裕增长却远慢于经济发展,且社会发展缓慢,贫富差距不断扩大,个中的原因是什么呢？     

"经济走廊"锻造钻石效益

就在几年之前,提起山东的沂蒙山区,人们还常用“四塞之崮,舟车不通”来形容它。当时那里是重山阻隔,大量的产品运不出去,农民穷得揭不开锅。而如今,206公里高速公路把临沂百姓带上了奔向富裕的快车道。     

“抖音”的盈利模式及发展策略

随着互联网技术的飞速发展,以往单一借助于图片、文字等的通信方式越来越难以满足人们的多样化需求,多元化社交、表达情感、彰显个性、娱乐诉求等需要推动了以抖音为首的短视频迅速发展.这类A pp的诞生不仅呈媒体形态,同时还融合了图片、视频、音乐等多重娱乐符号,很好地满足了大众的多样化需求.为此,以抖音为研究对象,从广告营销、直播带货的电商模式、IP化运营、直播打赏4个方面探讨抖音的盈利模式,并针对抖音现有的盈利模式分析其存在的问题.最后提出加强全面监管力度,净化平台空气;加强新闻类短视频的推及,防止过度导向娱乐化;加强视频内容的培养,提高市场转换价值;加强技术研发和应用,重塑新型盈利模式等发展策略.     

虚拟企业中的收益分配机制

文章分析了虚拟企业收益分配的基本约束,给出了一种能有效激励协作企业的基于分配系数的团体惩罚分配模式,并对灵活运用二次分配法和绩差效益分配法进行虚拟企业收益分配作了探讨。