考虑控制权转移的科技型小微企业融资机制研究

企业控制权是科技型小微企业风险融资的重要工具。从控制权转移激励与约束角度,构建了科技型小微企业风险融资中控制权转移激励与约束契约设计的两阶段模型,探讨了科技型小微企业投入的自身财富水平、投入风险项目的知识产权价值、努力水平、市场声誉、风险项目成功率、风险项目产出的变现性与可控性、风险项目运行的在职消费水平、风险投资者获取的剩余价值索取权、风险项目投资额度、风险监控成本、风险项目的战略收益、风险项目运行的私人收益与共享收益、科技型小微企业投入人力资本的专有性和专用性、风险投资者的投资专用性以及风险投资者风险规避程度等因素对科技型小微企业融资中控制权转移激励契约设计的影响机制,并通过定量分析得到了一系列科技型小微企业风险融资控制权转移的激励与约束契约设计机制,对科技型小微企业投融资理论进行了完善和发展。     

基于企业生命周期的高管 激励契约最优动态配置* ——价值分配的视角

本文基于生命周期和委托代理理论，在价值分配视角下，阐释了生命周期演进过程中高管效用敏感性变化规律以及不同高管激励机制运行特征，构建了高管激励契约最优动态配置方案，并利用中国高科技上市公司2010-2013年的面板数据，对高管激励契约体系对企业价值分配的影响进行了实证检验。研究结果表明，在企业成长期和蜕变期，高管薪酬激励能够有效抑制代理成本；而高管声誉激励机制仅在企业成熟期表现出对代理成本的抑制效应；生命周期各阶段内，控制权激励均未发挥显著的治理作用，相反在蜕变期，控制权沦为高管挖掘私人利益的工具。因此，改善薪酬激励期限结构，提升声誉激励和高管市场约束的持续性，构建高管控制权管理制度体系是实现高管激励契约最优动态配置的必经之路。     

公司债权治理效用浅析

企业或公司的资本结构，广义上指的是债权比例和股权结构，狭义上只包括了前者。无论是广义的还是狭义的资本结构，都反映了利益相关者(股东和债权人)在公司中的契约关系，即收益索取权与控制权的安排。股东享有剩余收入索取权和企业正常经营情况下的控制权，债权人享有固定收入索取权和企业不能偿还债务时的破产权，从而形成了股权治理和债权     

考虑成本利润率的供应链优化与协调

文章研究了以成本利润率为目标优化函数,在收益共享契约下,构建单一供应商和单一零售商构成的供应链优化与协调模型.建立未提供收益共享契约和提供收益共享契约、零售商风险中性和风险规避的不同情形下的决策模型,给出不同情况下的最优订货量及实现供应链协调的收益共享系数的区间范围.研究认为:收益共享契约下的零售商最优订货量大于未提供收益共享契约下的最优订货量;不论是否提供收益共享契约,利润最大化为优化目标的零售商最优订货量均高于以成本利润率最大为优化目标的最优订货量;此外,研究给出了零售商的最优订货量与收益共享系数的关系.     

上市公司大股东控制下的资本配置行为研究——基于控制权收益视角的实证研究

基于控制权收益驱动公司资本配置行为的理论阐释，结合我国上市公司特有的股权结构及其导致的控制权分配格局，文章从固定资产投资和股权投资两个方面，对形成我国上市公司控制权收益的资本配置行为进行了实证研究。研究结果表明：（1）控制权收益水平与资本配置规模显著正相关；（2）控制权收益水平越高，则增加等量控制权收益所需的资本配置规模就越大；（3）较固定资产投资而言，通过股权并购方式取得控制权收益的代价较低，但控制性股东占有被并购公司控制权收益的比例也较低；（4）上市公司资本配置行为在形成控制权收益的同时并没有通过提高公司业绩而增加控制权的共享收益，资本配置决策在很大程度上是大股东控制下的自利行为。     

国有企业HBO的利与弊

MBO（Management Buy-outs，管理者收购）是指公司的管理层利用借贷金融资本或股权交易收购本公司，从而改变本公司所有者结构、控制权和资产结构，使企业的原经营者变成企业所有者并控股整个企业，进而达到重组本公司并获得预期收益的一种收购行为。     

试论所有者与经营者财务的要求权与控制权

按照“企业是一系列契约的联结”的命题，所有者财务和经营者财务其实只不过是公司治理结构的一部分。企业是由不同要素所有者达成的一个契约，各要素所有者根据各自的投入来向企业提出要求权，而要求权是与剩余控制权相联系的，所以要求权和剩余控制权的统一是提高企业效率的关键。     

科技型企业创业风险、堑壕效应与控制权配置

将创业者事后敲竹杠和创业成功后堑壕效应的前向延伸作为影响因素，构建模型对科技型企业创业过程中投资者和创业者之间风险分担、收益分配及控制权配置的影响进行分析。结果发现：完全信息下创业者最优努力水平和帕累托最优风险分担可以实现，投资者和创业者主要矛盾前移至创业开始前的收益分担；信息不对称下帕累托最优风险分担不可能实现，创业者有动机通过采取降低努力水平、事后敲竹杠和事前堑壕效应行为取得额外收益，以此分散人力资本风险；创业者首先倾向于选择后两种行为获取更高的控制权配置收益，失败时将倾向于回到降低努力水平选择上。因此，投资者适度分权可避免创业者出现降低努力水平的行为，从而提升创业成功概率。     

企业控制权辨析

企业控制权有法定控制权和实际控制权之分。经济学对企业控制权的分析重在前者，还不足以指导现代企业制度建设。只有从企业实了地控制权出发，以“直面现象”的方法探讨企业控制权的形成机制，才能找到有效控制企业的途径。为此，必须研究个人、群体、组织之间的关系。相应地，研究方法是从单一的理性选择模型拓展到利益群体、心理契约等社会学和行为科学方法。     

企业会计契约:动态过程与效率

企业是利益相关者之间相互缔约形成的利益共同体 ,企业会计契约是企业契约的主要组成部分。利益相关者之间的利益冲突与协调是通过会计契约来实现的 ,而企业契约的执行所需要的计量与监督功能则具体落实在会计契约的动态运行与优化上。优化会计契约机制的经济途径是从决策行为的角度 ,将其剩余控制权配置给决策效率最大的参与者 ;而法律途径则是运用格式化方法将经过长期实践检验、对促使会计契约机制运行有效的惯例加以总结 ,以此节约会计契约结构的规范成本     

A Rich Vein for “Reality Mining”北大核心CSSCISSCI

Arik Hesseldahl In the aftermath of the September 11 attacks, U.S. officials quickly turned their attention to other potential targets, including California's Golden Gate Bridge. What would happen if terrorists took down the bridge between San Francisco and Marin County? How much of the region would be affected and for how long?     

John Stuart Mill's Theory Of Justice

John Stuart Mill has traditionally been portrayed as self-contradictory and failing to construct a unified social theory. Recent scholarship, however, has challenged this view, finding Mill's work to be creatively synthetic in bridging the antinomies inherent in liberal democratic thought. This revisionist interpretation of Mill is advanced by an understanding of his theory of justice and its role in shaping his policy positions on issues such as welfare, education, voting rights, property rights, taxation, government intervention, and the future of capitalism.     

中国养活自己能力的长期预测:技术和政策分析

中国拥有世界五分之一强的人口 ,收入又在迅速增长。因此 ,国际上很自然地会考虑或推测她在今后的几十年是否有能力养活自己。中国的人口预计将从 2 0 0 0年的 1 2 8亿增长到 2 0 2 0年的 1 4 6亿 ,和 2 0 3 0年的 1 4 9亿。与此同时 ,人均收入的增长将导致对家畜和鱼类产品更大的需求 ,因而对饲料的需求也将有很大的增长     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

Toward a Phylogenetic Reconstruction of Organizational Life

Synopsis Classification is an important activity that facilitates theory development in many academic disciplines. Scholars in fields such as organizational science, management science and economics and have long recognized that classification offers an approach for ordering and understanding the diversity of organizational taxa (groups of one or more similar organizational entities). However, even the most prominent organizational classifications have limited utility, as they tend to be shaped by a specific research bias, inadequate units of analysis and a standard neoclassical economic view that does not naturally accommodate the disequilibrium dynamics of modern competition. The result is a relatively large number of individual and unconnected organizational classifications, which tend to ignore the processes of change responsible for organizational diversity. Collectively they fail to provide any sort of universal system for ordering, compiling and presenting knowledge on organizational diversity. This paper has two purposes. First, it reviews the general status of the major theoretical approaches to biological and organizational classification and compares the methods and resulting classifications derived from each approach. Definitions of key terms and a discussion on the three principal schools of biological classification (evolutionary systematics, phenetics and cladistics) are included in this review. Second, this paper aims to encourage critical thinking and debate about the use of the cladistic classification approach for inferring and representing the historical relationships underpinning organizational diversity. This involves examining the feasibility of applying the logic of common ancestry to populations of organizations. Consequently, this paper is exploratory and preparatory in style, with illustrations and assertions concerning the study and classification of organizational diversity.     

Information infrastructure: Who builds broadband networks?

This paper examines the essential difference between the U.S. and Japan, when one considers information infrastructure. There are seven perception gaps between the U.S. and Japan concerning Information Infrastructure policies. These gaps must be understood in order to compare the countries' governmental policies in this area. In looking at the present circumstances, the essential question to answer concerns who is to build, own and operate the network(s) of the infrastructure. Liberalization is certain to be a central factor in the ongoing telecommunications debates. Now that customers have had a taste of the liberalized market-place, the movement toward more open markets will be difficult to stop. When considering options, it is necessary to pay close attention to standardized network access and the increasingly important role software plays. These issues are causing us to take a new approach to the traditional role played by regulators. They also force a closer look at the appropriate structure of utility companies. This paper addresses the above issues in hopes of stimulating dialog on the new telecommunications infrastructure paradigm.     

海岛地区产业演替及资源基础分析--以舟山群岛为例

改革开放以来,舟山市产业构成发生了显著变化,其经济发展过程可以划分为三个阶段。1992年前,是以产业结构渔业占绝对地位的单一结构阶段;1993—1998年,以旅游业为主的第三产业快速发展阶段;上世纪末以来,又进入了新一轮的经济发展时期,即工业产值比重快速增加阶段。根据海岛的自然资源基础和特点,在新世纪的经济发展过程中,舟山市应定位为生态型的港口旅游城市。以港口及临港工业为主导,以海岛旅游和海洋经济为特色,大力发展第二产业和第三产业。海岛地区的主导产业应体现海岛资源优势及区位优势,以集群性环保型产业为主。同时由于海岛地区淡水资源缺乏,主导产业也应着重选择低耗水型产业。     

风险视角下企业治理结构和研发创新——基于委托代理模型的研究

本文基于委托代理模型,从风险的视角研究企业治理结构对研发创新能力的影响。本文构建了一个包含创新活动的委托代理模型进行理论分析,利用动态DEA 模型测算创新能力,并使用2015-2018年我国上市制造业企业数据进行实证检验。实证部分检验了理论结论:委托代理问题不利于企业提升研发创新能力,且客观风险和主观风险厌恶会加剧该负面影响。基于此,本文认为上市企业应根据企业自身研发活动特点有针对性地改善企业治理结构,提出了适当延长代理人任期、推动股权激励计划、提升代理人的风险承担能力等建议。     

研发过程模型优化——研发过程任意阶段知识运作模型研究

本文拟通过对三个现有研发过程模型的评述,结合其他相关文献的回顾以及当前企业界所能够提供的技术服务,对研发过程模型予以优化,并尝试提出了‘研发过程任意阶段知识运作模型”来探讨“知识在研发过程中究竟是如何运作的”的问题,以期能够为当前的企业界和学术界的研发过程运作模式的完善提供有益参考。