上市公司管理层报酬--绩效敏感度评估

在现实市场中,公司经理人普遍存在着道德风险和逆向选择问题,为了尽可能地减少由此造成的代理成本,一个相当普遍的策略是对公司管理层实施薪酬激励政策。对中国上市公司管理层报酬—绩效敏感度的实证分析表明:上市公司管理层的报酬——绩效敏感度的离散程度非常高,没有明显的规律性和一致性;相当一部分上市公司的管理层报酬表现出“工资刚性”;公司绩效与管理层报酬——绩效敏感度之间不存在明显关联性。在重构中国企业高管薪酬体系的时候,对这些问题有必要慎重考虑。     

佛山市服务外包产业发展的现状分析

佛山发展服务外包产业具有显著的区位与政策优势,广东金融高新技术服务区的建立更为佛山发展服务外包产业带来巨大契机。本研究通过实地企业调研发现,当地的制造企业具有很强的服务外包需求,发展服务外包产业的潜力巨大。本文最后在调研的基础上提出了对产业发展的建议。     

浅论全球化时代的普遍伦理

随着全球化浪潮的推进,人类生活的互相联系与依赖的一体化趋势日益明显,这带给了我们世界文明的进步与发展,也造成了人类生存道德危机,现今世界迫切呼唤普遍伦理的到来。普遍伦理不是现存伦理的普遍化,而是一种新的伦理规则。它的建立是完全可能的,世界市场的形成为它提供了经济基础,人类对永久和平幸福的向往为它提供了观念基础,以及现存伦理规范中的一些共同认识为它提供了沟通基础。     

An Experimental Study of Influences of Performance-Related Payments on Timing of Delegated Stock Purchases

Performance-related bonuses are important tools for investment organizations to incentivize stock traders. Yet, two experiments indicate that bonuses rewarding short-term performance may lead to worse timing of purchases. The authors propose that hyperbolic time discounting makes participants set lower aspired purchase prices for short-term (decreasing percentage) bonuses than for long-term (increasing percentage) bonuses. For this reason purchases are made earlier for decreasing than increasing percentage bonuses, earlier for decreasing than random prices, and earlier for high price volatility than for low price volatility. Neither purchases at the lowest price or highest bonus are attained. Hyperbolic time discounting may account for bubbles observed in experimental double-auction markets.     

系统优化、集约经营、基础复归、追求卓越─—山西管理示范企业的发展趋势

走向现代企业管理是中国企业特别是国有企业管理跨世纪发展的方向。本文通过分析山西管理示范企业的实践成就，揭示出我国现代企业管理发展的趋势，即系统优化，集约经营，基础复归，追求卓越。     

Estimates of price elasticity of demand for urban freeway use with high-frequency control variables: the case of Santiago,Chile

Estimates are presented of toll and fuel price elasticities of demand for urban freeway use in Santiago, Chile. High-frequency toll and vehicle data were collected from four urban freeways for different route segments and times of day. Estimation was performed using log-linear regression models whose explanatory variables were tolls, fuel prices, city traffic levels and sets of dichotomous variables to control for daily, weekly and monthly seasonality. City traffic is a high frequency control of the activity level of the city. The elasticities to changes in tolls and fuel were all low in absolute value. The toll elasticities were below 0.05 for two freeways and 0.16 for the third, while for the fourth, which had more alternative routes, it was 0.47. The fuel price elasticities were also heterogeneous, with values of approximately 0.45 for two freeways and 0.21 for the third whereas for the fourth, which had the fewest alternatives, it was 0.07.     

The economic analysis of social customs: the case of pre-marital sex

This paper uses a sample of 18,876 adults aged 16-59 from to estimate logit equations of the determinants of support for the custom of abstaining from pre-marital sex. Three sets of equations are estimated separately for males and females; one set for disapproval of pre-marital sex, one set for disapproval of one night stands and another set for a proxy for involvement in pre-marital sex. These results confirm some expected male-female differences and also show a polarisation amongst the population in their support for, and observance of, customs and practices related to abstaining from sex before marriage.     

农民工就业服务的需求与供给——基于五城市调查的实证分析

在农村劳动力进城就业的新形势下,满足农民工就业服务需求是我国城市化过程中的重要问题。本文利用五城市农民工调查数据实证分析了农民工就业服务的需求和供给状况。研究发现：农民工的就业服务表现为需求不足和供给匮乏的双重特征,年龄、婚姻、收入水平、就业状态、教育水平、劳动合同等因素对就业服务需求具有重要影响。个人、单位/雇主和营利机构是农民工满足服务需要的三大来源,而政府公共部门和民间非营利组织的服务作用还没有得到很好的开发和加强。     

农地使用权抵押贷款证券化研究

三农问题的核心是提高农民的收入,金融机构通过资金的支持加快农业发展,已成为农民增收的一种有效手段。但是商业银行的市场化运作,资金的逐利性,必然会放弃投入产出效率较为低下的农业生产。而土地抵押贷款的证券化不仅能降低商业银行的经营风险,满足农户抵押贷款的需求,而且从长远看,有利于中国金融产品的创新以及债券市场的发展。     

Informational properties of the Nash solutions of two stochastic nonzero-sum games

Within the framework of stochastic two-person nonzero-sum games, we deal with two commonly used models in engineering and economics—namely, the LQG (Linear-Quadratic-Gaussian) and the duopoly problems. We investigate how variations in information available to either player affect the equilibrium Nash strategies for these two models, whose existence and uniqueness have been proven in the paper. We show that for the LQG model better information for either player results in lower average Nash costs for both players; whereas for the duopoly model better information for one player helps him alone to achieve a higher average Nash profit, and it hurts the other player in the sense that his average Nash profit decreases. We further relate these properties of the Nash solutions for these two games to some of the distinct features of zero-sum games and team problems.     

Efficient Estimation and Testing of Alternative Models of Currency Futures Contracts

An efficient systems approach is used to estimate and test two alternative models regarding the pricing of Australian dollar futures contracts traded on the International Monetary Market of the Chicago Mercantile Exchange. Cointegrating relationships among the Australian dollar spot and futures prices, and the US and Australian risk-free rates of interest, suggest alternative error-correction representations for the cost-of-carry model which, with appropriate zero restrictions, yields the unbiased expectations hypothesis. A structural break in the futures price series permits estimation of appropriate models for the full sample in the presence of the break, for the full sample without explicitly modelling the break, and for two separate sub-samples created by the structural break. The restricted and unrestricted cost-of-carry formulations are estimated for all sample sets, the models obtained are found to be statistically adequate, and the qualitative results are reasonably robust across different sample sets for both models. On the basis of the tests of zero restrictions, the cost-of-carry model is found to be empirically superior to the unbiased expectations hypothesis for the four sample sets considered, regardless of the number of cointegrating relations.     

技术特性与企业技术创新模式选择

为了应对日趋激烈的市场竞争,企业纷纷加大研发投入进行技术创新,以获取或维持竞争优势。而企业技术创新模式的选择作为企业重要的战略决策,对于技术创新的成败有重要影响。企业技术创新模式选择受多种因素的制约,基于此,本文从技术特性和创新模式的分类出发,分析了不同技术特性对企业创新模式选择的不同影响机理,指出对应于不同程度的技术复杂性、技术不确定性以及技术隐含性,企业创新模式的选择会有所差异。此外,本文通过理论分析,提出了相关的命题假设,构建了概念模型,认为技术复杂程度越高,企业采用合作创新的倾向越明显,而模仿创新和自主创新的可能性越小;技术隐含性越高,企业采用合作创新或自主创新的倾向越明显,而模仿创下了的倾向越低;技术不确定性越高,企业越倾向于选择合作创新。     

论金融业跨国公司的企业模块化分解

模块化不仅成为很多企业适应市场需求变化的生产方式,模块化也越来越成为一些企业适应市场需求变化的组织创新模式,从而引起了组织模式的改变和产业结构的变革。模块化分解是企业模块化的重要基础和前提。本文以金融业跨国公司为例来探讨服务型跨国公司的企业模块化分解路径,以期通过可操作性的企业模块化分解路径为更多服务型跨国公司的企业模块化实践提供理论借鉴。     

Impact of hirsutism on women's quality of life and their valuation of an effective treatment

SUMMARY

The aims of the study were to assess the impact on health-related quality of life in women with excess facial hair; to assess patients' valuation of treatment for excess facial hair using willingness-to-pay (WTP) and to assess the cost per quality adjusted life year (QALY) gained from using an effective treatment for hirsutism. Questionnaires were sent to hirsute women, their partners and a sample of non-hirsute women to establish the basic characteristics and perceptions of each of the groups. Significant differences in health-related quality of life existed between hirsute and non-hirsute women. However, no significant differences between the groups' WTP for effective treatment were evident. Assuming an annual cost of £156 for a woman with facial hirsutism, the cost per QALY gained from the use of eflornithine cream for the treatment of hirsutism was considered to represent value for money even when a low estimate of effectiveness is used.     

试论高校以人为本的法治化建设

＂依法治校,以德治校＂是新世纪新形势高校发展的需要,是建立现代大学制度的需要,＂以人为本＂为二者的统一奠定了坚实的基础,高校的法治化进程离不开人本思想的指导,＂以人为本＂思想下的高校法治建设才能取得长足发展。     

关于思想政治教育课堂教学有效性的几点思考

思想政治教育课堂教学有效性是高校思想政治教育的创新核心。在此基础上，针对课堂教学的受教育者所面临的社会现实和其所具有的主体性、自主性、创造性及其对精神文化的需求等角度进行了深入的分析，从“文化大餐”的角度看到了当今受教育者对教育者的严峻挑战，从而为教育者进行思想政治教育的创新给予一定的启示。     

Application of Multivariate Statistical Analysis for Valuation of Copyrights in the Hotel Industry

The aim of this work was to identify comparable markets for the hotel industry in Europe and to compare the fees incurred by hotels for using copyrighted and indirect rights for copyright management organizations. The study covers 21 European countries. Using multivariate statistical analysis methods, these countries were grouped, taking into account gross domestic product per capita and the average daily rate for a hotel room. A detailed comparison of the fees that hotels pay for using music and audiovisual works was conducted for the Central and Eastern European countries characterized by the lowest income and hotel prices. The analysis identified wide variation in the methods for calculating fees, fee amounts, and the relationship to hotel revenues among the various countries.

     

会计报表重心之变化趋势研究

会计环境的变化导致人们对会计信息的需求发生变化。笔者在追溯会计报表历史演进的基础上,深刻地分析了会计报表重心转移的历史原因,指出在新的环境下会计理论和实务的发展趋势以及我国在新的会计准则中重新确立资产负债表重心地位的必然性。     

Will the fare be fair? An examination of the pricing effects of the privatization of rail services

This paper explores, with the help of a simple linear model, the implications of the proposals for restructuring British Rail within the recently proposed privatization plan. It is particularly concerned with the separation of responsibility for the provision of infrastructure from that for the provision of services, which will create a situation of bilateral monopoly, and the proposals for franchising services to a number of independent operators, creating complementary monopolies. The model predicts that both these changes will lead to higher fares and reduced demand for rail services, largely because individual agents do not take account the effect of their decisions on the other suppliers involved.     

Generalized Method of Moment estimation of multivariate multifractal models

Multifractal processes have recently been introduced as a new tool for modeling the stylized facts of financial markets and have been found to consistently provide certain gains in performance over basic volatility models for a broad range of assets and for various risk management purposes. Due to computational constraints, multivariate extensions of the baseline univariate multifractal framework are, however, still very sparse so far. In this paper, we introduce a parsimoniously designed multivariate multifractal model, and we implement its estimation via a Generalized Methods of Moments (GMM) algorithm. Monte Carlo studies show that the performance of this GMM estimator for bivariate and trivariate models is similar to GMM estimation for univariate multifractal models. An empirical application shows that the multivariate multifractal model improves upon the volatility forecasts of multivariate GARCH over medium to long forecast horizons.