经济运行与道德判断和谐发展研究

经济研究不仅不应该排斥价值判断,而且经济学家的责任就在于认真探索社会的价值准则。把人类的一切经济行为置放于理性的道德语境中,进行宏观关照与微观分析,我们会清楚地发现,经济行为其实就是一种道德行为,理性的经济发展会有助于社会道德水平的提升。     

Formal international contracts in the presence of cultural distance: An empirical analysis of biopharmaceutical alliances

Formal contracts are designed to manage the moral hazard issues and inherent risks that come with relationships between organizations. These contracts play an important role in nonequity international alliances, where greater cultural distance between the partners gives rise to more uncertainty in the relationship. At the same time, the contract is the outcome of a negotiation process, and this process is affected by the cultural distance between the partners. This article addresses whether cultural distance affects contract design and content. Rather than test an established model, we use an inductive approach to conduct a detailed empirical analysis of 135 two‐party international research‐and‐development contracts for clinical development in the biopharmaceutical industry. The results show that cultural distance wields complex effects on the contract and its content. They also indicate that a contract will be less detailed—with fewer monitoring clauses and a narrower definition of the collaborative scope—when the partnering firms operate in highly distant national cultures.     

A GENERAL EQUILIBRIUM MODEL OF A MULTIFIRM MORAL‐HAZARD ECONOMY WITH FINANCIAL MARKETS

We present a general equilibrium model of a moral‐hazard economy with many firms and financial markets, where stocks and bonds are traded. Contrary to the principal‐agent literature, we argue that optimal contracting in an infinite economy is not about a tradeoff between risk sharing and incentives, but it is all about incentives. Even when the economy is finite, optimal contracts do not depend on principals’ risk aversion, but on market prices of risks. We also show that optimal contracting does not require relative performance evaluation, that the second best risk‐free interest rate is lower than that of the first best, and that the second‐best equity premium can be higher or lower than that of the first best. Moral hazard can contribute to the resolution of the risk‐free rate puzzle. Its potential to explain the equity premium puzzle is examined.     

政府规制中的多重委托代理与道德风险

政府规制合同实际上是一个多重委托代理合同,这种多重性表现在两个方面,从纵向看,存在着公众、议会、规制机构、被规制企业之间的多重委托代理链条;从横向看,存在着两个或两个以上的规制机构共享对某一企业或行业的规制权的情形.在这两种情形中,由于信息不对称,都存在着代理人的道德风险,因而在制定规制政策时必须考虑这一问题.     

The ethics of insider trading

Despite the fact that a number of economists and philosophers of late defend insider trading both as a viable and useful practice in a free market and as not immoral, I shall question the value of insider trading both from a moral and an economic point of view. I shall argue that insider trading both in its present illegal form and as a legalized market mechanism undermines the efficient and proper functioning of a free market, thereby bringing into question its own raison d'etre. It does so and is economically inefficient for the very reason that it is immoral. Thus this practice cannot be justified either from an economic or a moral point of view.

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Dynamic Agency and Large‐Risk Taking

I propose a dynamic investment model with moral hazard under which greater exposure to future uncertainties about losses could enhance incentive provisions and improve firm value. The model provides an explanation for why many financial companies and investment banks choose to improve their short‐run performance by putting themselves at greater risk of catastrophic losses in the future, as what happened prior to the 2007 financial crisis.     

Assessing shared understanding of economic exchange among children and adults

Research into children's understanding of economic exchanges has been conducted within two major purviews. Psychologists and sociologists have examined children's understanding via age‐related developmental theories, and economists have focused upon measures of economic literacy. Anthropologists and sociologists have included noneconomic factors in examining the economic‐exchange practices of adults, but the role of such social or moral influences has not been examined within the context of children as consumers. With the use of this research foundation, the current research is one of the first reported attempts to include children and adults in the same study to determine if there is a shared understanding of economic exchanges. As such, the role of noneconomic factors as a part of the everyday economic‐exchange behavior of children was also examined. Study findings suggest that past research has underestimated children's understanding of the economic world, as the current research found that children, ages 7–12 years, exhibited many of the same facets of intuitive economic understanding as adults from their own community group. The findings also suggested that the influence of noneconomic variables becomes greater as children grow into adulthood. © 2005 Wiley Periodicals, Inc.     

Managerial ethics and microeconomic theory

There is a very apparent conflict between economists and ethicists over the moral standards that should be applied to the managers of business firms. The view of most economists is that moral standards in business are not relevant, beyond the normal personal obligations to speak the truth and observe the law, because profit maximizing behaviour, under market and resource constraints, leads inexorably to social welfare optimization. The opposing view of most humanists is that modern markets are not competitive enough to be constraining, that profit maximization often leads to social harm, and that welfare benefits are unjustly distributed. The article examines the moral constructs in microeconomic theory and the ethical objections to that theory at both the pragmatic and theoretic levels, and concludes that inappropriate assumptions about the nature and worth of human beings in the economic paradigm require the use of moral standards for business decisions and actions. LaRue Tone Hosmer is Professor of Policy and Control at the School of Business Administration, University of Michigan. His most important publications are: The Entrepreneurial Function, Prentice-Hall, 1977; Academic Strategy, University of Michigan Press, 1979; Strategic Management, Prentice-Hall, 1982; and Formation Planning, McGraw-Hill, 1984.     

Neutralizing the shamefulness judgements of materialistic buyer behavior: The role of price promotions and the smart‐shopper attribution

As a value and lifestyle of acquiring more things to attain happiness, materialism has been long condemned by religious leaders, philosophers, and psychologists, among others. This criticism comes also from American citizens who readily affix moral‐shamefulness judgments to their country's standing as a leading materialistic culture, while they continue, nonetheless, purchasing discretionary, and self‐presentational goods at breath‐taking levels. We integrate dispersed literature on materialism, moral psychology, American history, and retailing to propose that observers judge higher materialistic buyer behavior as being more morally shameful; however, we also propose that observers will reduce the harshness of their judgments when the buyer secures a favorable price promotion that has been shown in prior research to evoke the smart‐shopper attribution. Three studies provide supportive evidence, including the moderating role of different levels or types of price promotions on shamefulness judgments and the mediating role of the smart‐shopper attribution. Together these new insights reveal the substantive and theoretical knowledge value of considering materialism more intently from a moral psychology perspective and considering how retail promotions can influence materialism judgments and buying behavior. Discussion focuses on extensions of our findings in future research and for consumer education.     

农民思想道德素质与农户家庭脱贫致富的关系研究

基于理论分析的视角,探讨了发展经济学家关于人的思想道德素质影响经济增长和经济发展的总路径,诠释了四种类型的农民典型落后思想道德素质导致农户家庭贫困的具体路径,反之亦然。这一具体路径遵循了发展经济学家关于人的思想道德素质影响经济增长和经济发展的总路径。最后通过对中国反贫困历程的反思,得出"贫困者自身落后的思想道德素质乃贫困之总根源"的结论,相应地,提出"新时期思想反贫困"的政策建议。     

The Questionable Use of Moral Development Theory in Studies of Business Ethics: Discussion and Empirical Findings

The topic of the article is how moral development theory can enlighten the understanding of ethical behaviour in business. It discusses previous research on the subject, and reports an empirical study of academics (engineers and business economists with a master degree) working in the private sector in Norway.Moral development theory is based on a long research tradition, and many researchers within business ethics have assumed the importance of moral reasoning in business environments. However, the truth of these assumptions has not been confirmed by previous empirical research.The article reports on my investigation into the relationship between moral reasoning, ethical attitudes and decision-making behaviour. The data were collected by a survey study among Norwegian engineers and business economists working in businesses (N = 449) in 1997.It has been hypothesised that strong ethical attitudes would have a restraining effect on moral reasoning. In order to test this, ethical attitudes were categorized into four issue categories. The assumption being that the four categories would explain the different restraints on moral reasoning. The statistical testing showed that there was a negative, but not significant, correlation between strong attitudes and good moral reasoning ability.It was also hypothesised that good ability in moral reasoning would tend to exhibit a smaller difference between Policy-decisions and Action-decisions. This hypothesis was based on the difference in behaviour explained in "espoused theory" and "theory in use". When making policy-decisions these can be based on espoused theory and nice "talk" because it is always possible to make exceptions to or reconsider a policy. Action-decisions, on the other hand, are very concrete because they immediately trigger an action. The statistical testing rejected my hypothesis but gave a significant converse result: Good ability in moral reasoning seems to imply less stability and more inconsistence.The article concludes with the fact that moral reasoning testing seems to explain some differences in moral reasoning among people in business but not what kind of behavioural effects these differences actually have.     

OPTIMAL MULTI‐AGENT PERFORMANCE MEASURES FOR TEAM CONTRACTS

We present a continuous‐time contracting model under moral hazard with many agents. The principal contracts many agents as a team, and they jointly produce correlated outcomes. We show the optimal contract for each agent is linear in outcomes of all other agents as well as his/her own. The structure of the optimal contract strikingly reveals that the optimal aggregate performance measure in general can be orthogonally decomposed into two statistics: one is a sufficient statistic, and the other a nonsufficient statistic. As a consequence, the optimal aggregate performance measure in general is not a sufficient statistic, unless the principal is risk neutral. We further discuss agents' optimal effort choices using a “quadratic‐cost” example, which also strikingly suggests that team contracts sometimes provide lower‐powered effort incentives than individually separate contracts do.     

The design of licensing contracts: Chemicals,pharmaceuticals, and electrical engineering in imperial Germany

The article investigates a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. The empirical results suggest that strategic behaviour is relevant for the design of licensing contracts, whereas inventor moral hazard and risk aversion of licensor or licensee seem to be less important. Moreover, the results suggest that uncertainty regarding the profitability of licensed technology influenced the design of licensing contracts. More specifically, profit-sharing agreements or producer milestones were often included in licensing contracts to solve this kind of problem.     

Economic contracts versus social relationships as a foundation for normative stakeholder theory

A number of the most influential presentations of normative stakeholder theory are based upon an economic model of the firm as a nexus of contracts. In this paper I argue that the use of such a model to address moral issues is both logically and practically problematic and effectively undermines the stakeholder position. I then sketch out the key characteristics of an alternative, social relationships model of the firm, and show how this might provide a basis for the development of a more relevant and robust version of normative stakeholder theory than has hitherto been proposed.     

The combination of contracts in Shariah: A possible mechanism for product development in Islamic banking and finance

The combination of contracts is a potential mechanism of product development in Islamic finance. However, this concept encounters legal issues due to ahadith that prohibit two contracts in one deal. The article argues for the validity of combining two or more contracts to structure Shariah‐compliant products. It discusses many aspects of combination of contracts, including terminologies and purposes of the con‐tracts, the degree of uncertainty and ambiguity, and the nature of the bargain in the contracts combined. If the contracts combined pass the tests established by legal prin‐ciples, there will be no legal objection to combine such contracts into one deal. © 2007 Wiley Periodicals, Inc.     

Cooperative ventures in emerging economies

Foreign market entry strategy involves choices about which markets to enter and how to do it. Most of the literature on foreign direct investment reflects an interest in ownership structure decisions and the risks foreign investing firm may face. As recognized in many studies, one set of risks arises from public expropriation hazards, a function of the ability of the host country's institutional environment to credibly commit to a given policy or regulatory regime. Empirical research has shown this hazard to have an impact on ownership levels. This study is a theoretical model that describes how multinational firms face moral hazard risk from their local partners and political risk from the host country when they decide to go abroad in a joint-venture alliance. I found that the greater the level of hazard expropriation, the lower the participation of the multinational firm in the final cash flow, except for when the multinational firm has the negotiation power and there is a high level of local investment protectionism. In that case, the multinational firm increases its participation in the final cash flow.     

基于伦理学视角的高校德育目标的反思与重构

当前,我国高校中存在着诸多道德失范现象,但作为道德教育主阵地的思想政治理论课却普遍受到大学生的冷落。反思当前高校德育现状,过分强调观念性德育目标,忽视德育目标主体的嬗变和德育目标的层次性。并淡化了事实上的道德伦理行为是造成高校德育教学效果欠佳的主要原因。因此,高校德育目标应从弘扬人的精神生活追求、尊重个人价值选择、建立德育主体的道德信念并发挥高校的社会批判功能等方面进行重构。     

The Political Economy of Reforming the Anti‐dumping Laws

In the idealised economic world in which economists usually begin their theoretical analyses, the first‐best international policy for dealing with dumping is to eliminate the economic distortions that make dumping possible, e.g., tariffs, subsidies and monopoly power, and deal with relevant equity considerations through lump‐sum income redistribution. But this combination of policies generally is not politically feasible, and the use of second‐best policies is the only realistic option. Consequently, for academic economists seeking achievable AD reform, the most promising approach may be to work toward the elimination of the many current administrative practices that unfairly injure groups not directly involved in the petitioning process but accept that there can be practical circumstances where the equity concerns of petitioners trump overall efficiency objectives.     

从物流客户关系管理的角度谈建设工程合同纠纷处理

客户关系管理是一种新经济背景下的管理理念,其核心是以客户满意度为目标的协同管理思想,旨在改善企业与客户之间关系的新型管理机制。在建设工程合同中,由于对质量、工期、报酬等关键性的条款的约定存在瑕疵或盲点,导致合同履行无法进行,因此而产生纠纷,尽管合同法赋予了当事人在履行合同过程中享有包括抗辨权、代位权和撤销权在内的权力,但是"经官"并不是产生纠纷以后最有效的武器,从物流客户关系管理的角度来看建筑工程合同纠纷处理有独到之处。