改制模式、资金占用与公司绩效

本文考察了不同改制模式对于发行上市后控股股东集团净占用上市公司资金的影响。通过分析1997—2000年我国285家国有企业首次公开发行后3年的数据,我们发现与完整改造公司相比,非完整改造公司的控股股东集团更容易发生净占用上市公司资金的问题,而且净占用的程度更高。实证研究还发现非完整改造公司的经营绩效差于完整改造公司,并且很大程度上,这种差别是来源于非完整改造公司的控股股东集团对上市公司资金的过度占用。     

中小企业个体知识共享绩效评价定性模拟研究

作为企业“软能力”之一的知识共享,本身的模糊性及知识共享系统内各因素之间的相互作用性,决定了评价个体知识共享绩效水平,须采用基于QSIM算法的定性模拟.利用组织行为学理论,对知识共享系统的函数关系及各因素间因果关系进行分析,并构建个体知识共享系统的因果关系图,然后借助QSIM算法来模拟不同时间段个体知识共享绩效水平的变化,为中小企业决策者在制定或调整知识共享激励机制时,提供科学的、准确的定性模拟信息.     

我国证券投资基金业绩持续性研究

基于2006~2009年的周度数据,本文首先使用修正的R/S方法实证分析开放式投资基金业绩的长期持续性;其次使用Spearman自相关系数方法计算了样本基金的短期持续性;并提出我国证券投资基金可能存在持续性时间阈的概念,利用样本数据对假设进行实证检验,计算出各只基金业绩持续性的时间阈,并分析了持续性时间阈对投资者的重要意义。     

Asset Allocation and the Performance of Real Estate Mutual Funds

We examine the performance of real estate mutual funds during January 1991–December 1997. As a group, the sampled funds outperformed the Wilshire Real Estate Securities Index on a risk-adjusted basis by more than 5 percentage points annually. We attempt to explain these surprising findings by examining the fund's asset allocations across stocks, bonds and real estate property types using Sharpe's (1992) effective-mix test. We find that all of the superior performance is attributable to fund managers' decisions to overweight outperforming property types (apartments and health care) relative to the Wilshire Real Estate Securities Index weights. Performance of the funds matches a multiple-property-type benchmark that takes account of the fund's exposure to each property type. Therefore, real estate funds demonstrated superior allocation across property types, but neither superior nor inferior selection within property type, during 1991–1997. Our findings emphasize the importance of asset allocation for real estate mutual-fund performance.     

Product Quality as a Formative Index: Evaluating an Alternative Measurement Approach*

Product quality is a critical competitive issue when launching new products. However, the product quality construct has been measured inconsistently in prior research, with researchers often not considering multiple components of quality. Thus, results may not be comparable across studies, and when dimensions of quality are excluded, relationships found between quality and other constructs may be spurious. As a response, we develop a formative measurement approach to product quality. The components of product quality are not interchangeable in measurement as typical reflective approaches assume. These dimensions make up the quality construct, necessitating a formative measurement approach. Here, this approach is developed and tested, compared with the traditional reflective approach, and its relationships with other constructs evaluated in a model of new product performance. Overall, this formative approach is shown both to be theoretically appropriate and to possess strong measurement properties. This approach has clear implications for research concerning product quality and improving its measurement in the future.     

Real Estate Mutual Funds: Herding,Momentum Trading and Performance

This study jointly examines herding, momentum trading and performance in real estate mutual funds (REMFs). We do this using trading and performance data for 159 REMFs across the period 1998–2008. In support of the view that Real Estate Investment Trust (REIT) stocks are relatively more transparent, we find that stock herding by REMFs is lower in REIT stocks than other stock. Herding behavior in our data reveals a tendency for managers to sell winners, reflective of the “disposition effect.” We find low overall levels of REMF momentum trading, but further evidence of the disposition effect when momentum trading is segregated into buy–sell dimensions. We test the robustness of our analysis using style analysis, and by reference to the level of fund dividend distribution. Our results for this are consistent with our conjecture about the role of transparency in herding, but they provide no new insights in relation to the momentum‐trading dimensions of our analysis. Summarizing what are complex interrelationships, we find that neither herding nor momentum trading are demonstrably superior investment strategies for REMFs.     

Choosing Skilled Foreign‐Born Workers: Evaluating Alternative Methods for Allocating H‐1B Work Permits

The H‐1B program allows highly educated foreign‐born labor to temporarily work in the United States. Quotas restrict the number of H‐1B recipients. In many years, all available work permits were allocated by random lottery. This paper argues that an alternative distribution method based upon ability would increase output, output per worker, and wages paid to less‐educated workers. Baseline estimates suggest that a change in allocation policy could result in a $26.5 billion gain for the economy over a 6‐year period. This estimate grows when H‐1B demand rises.     

企业高层管理团队绩效的模糊综合评价研究

企业高层管理团队是由社会精英人士组成的复杂系统,以往对其绩效的评定研究大都停留在繁复数据的简单归纳和各类变量的定性评价上,既易于失真又难以体现TMT运作的动态性。因此,应在系统分析其绩效各要素内涵及彼此关联的基础上,综合运用模糊数学工具,构建以绩效的六维力度体系为核心的绩效数学模型及相应评价方法,以减少主观噪声的干扰而真实反映TMT绩效的客观状态。     

Alternative procedures for project identification

In those countries where a significant proportion of the population is starving, hungry or susceptible to malnutrition, governments are likely to focus on a selection of investments which will achieve both national and regional food quantity objectives, as well as real GDP targets. Due to uncoordinated project identification and selection, a mixed-bag of projects may result. There is, therefore, no guarantee that these food and growth objectives will be achieved. This article sets out procedures involving the use of commodity accounting matrices which will allow policy makers to concentrate on achieving their objectives.     

区域创新系统绩效评价的影响因素实证研究

近年来,我国各地纷纷加大了科技创新的投入,相比科技创新投入的增速,科技产出却增长较慢.因此,非常有必要对区域创新系统的绩效进行客观、科学的评价.区域创新系统绩效评价结果主要取决于评价方法和评价因素指标,目前,评价方法的研究已日臻完善,但对评价因素指标还未达成共识.鉴于此,本文做了以下几方面研究:(1)对区域创新系统绩效评价的影响因素进行全面的汇总分析,并结合实证数据进行探索性因子分析和验证性因子分析;(2)建立区域创新系统绩效评价的影响因素路径分析模型,从而揭示各影响因素的相互作用程度与方向;(3)给出几点促进区域创新系统绩效水平的策略性建议.     

Further Evidence on the Performance of Funds of Funds: The Case of Real Estate Mutual Funds

Funds of funds (FOFs) are created when investment companies invest in other investment companies. Although the additional layer of fees incurred by FOFs has a negative effect on returns, there is empirical evidence that real estate FOFs generate superior performance net of fees and risk adjustments. The evidence is inconsistent with a growing consensus that most actively managed mutual funds do not, on average, generate excess returns after adjusting for fees and risk. This study explains this apparent contradiction and finds that most real estate FOFs do not outperform their benchmarks under alternative risk adjustment specifications.     

浅析航天民品企业绩效体系中的评价指标

为科学评价航天民品企业的经营业绩和市场竞争力，跟踪和把握行业发展动态，挖掘潜在的市场价值和发展机会，在借鉴标准普尔等国际知名信评机构的评估标准、平衡计分卡和《企业绩效评价操作细则》、《中央企业综合绩效评价管理暂行办法》及国内上市公司绩效评价方法的基础上，结合国内产业发展实际，笔者对航天民品企业绩效评价指标体系的有关问题作简要探讨。     

共有产权经济适用房运作体系研究

共有产权经济适用房的提出是基于解决夹心层家庭住房难的问题,政府与购房者通过共同出资购买一套住房并且按出资额享有一定份额的产权,从而减轻购房者单方一次性购买的经济压力.文章分析了共有产权经济适用房与现有住房保障体系的关系,提出三种共有产权经济适用房的供给模式,并指出目前应采用政府集中兴建为主.提出建立专门的共有产权住房管理机构,负责共有产权房的建设、分配和管理工作,拓展和创新长期融资的渠道.针对运行过程中存在的产权比例计算问题以及管理权、处分权归属等问题提出了对策和建议.     

Evaluating Product‐Centric Continuous Improvements: Impact on Competitive Capabilities and Business Performance

Product‐centric continuous improvements (CIs) are actions via which firms modify the design of a product after the start of its production and release into the market. Product‐centric CIs are initiated to help build competitive capabilities and sustain competitive advantage throughout the product life cycle. This study complements the perspective pervasive in the extant literature that actions related to product‐centric CIs can be disruptive to firms and be associated with negative performance consequences. It investigates a topic that is relatively much less researched, namely the upside potential of product‐centric CIs. The empirical analysis is based on data collected from 144 plants in the United States representing process and discrete part manufacturing industries. Specifically, the study analyzes the impact of product‐centric CIs on competitive capabilities and business performance. The results of the empirical analysis indicate the following: First, there exist two categories of product‐centric CIs: (1) actions for quality improvement and (2) actions for cost reduction. Second, while there is a positive association between each type of CI and the intended competitive capability, there also is a trade‐off—i.e., actions for quality improvement increase quality capability but reduce cost capability, and vice versa. Third, there is a strong linkage between business performance and quality capability, but not cost capability. All in all, the study presents empirical evidence that product‐centric CIs have a significant impact on competitive capabilities related to quality and cost, and, in turn, have an impact on business performance. From the standpoint of practice, the study suggests that product‐centric CIs should be managed to develop competitive capabilities and improve business performance.     

浅论电力企业货币资金运作管理

在传统的职能型财务管理模式下,企业财务部门对货币资金的运行无所作为。但是,如果突破传统模式的制约,采取一定的方式和手段对货币资金进行积极运作,则会产生巨大的资金收益。本文针对电力企业货币资金存在巨大运作潜力的现状,结合电力企业货币资金管理模式,提出了货币资金的若干种运作方式。     

A layered United States Universal Service Fund for an everything-over-IP world

Support through the United States Federal Universal Service Fund for high-cost areas has been principally defined in terms of telephone service. Fund growth due to increases in wireless lines and implicit support for broadband infrastructure has created an untenable situation, and fundamental reform is expected. The cause underlying this growth is convergence between the telephone network, wireless networks, the Internet, and cable networks. This convergence will pose additional serious long-term challenges to the fund. This paper proposes a restructuring of the high-cost funds based on a layered model. Both contributions and distributions are focused on network infrastructure, without distinction between voice and broadband. The proposal uses a new definition of communication services to guarantee technology neutrality, and includes service area reform and cost efficiency measures. This layered approach repositions the fund for future converged networks.     

工程纠纷ADR解决方式的研究

传统的诉讼解决纠纷机制由于费用高、时间长受到愈来愈多的批评和指责,而替代性纠纷解决机制（ADR）因其灵活、高效、友善引起关注,迅速在各行各业广泛使用。ADR的实质是一程序群,主要类型包括有协商、调解、调停、裁决、小型审理和租借法官等。通过国际工程中主要使用的ADR程序,对ADR机制的几种办法与诉讼进行比较,分析了ADR机制的关键成功因素,并对我国工程领域实施ADR机制提出了建议。     

内燃机代用燃料的废气排放探讨

机动车尾气污染已更甚于煤烟型污染 ,成为城市大气环境的主要污染源 ,分析了燃用 7种不同的代用燃料的 CO,NOx,HC,CO2 的排放量及烟度值 ,并与燃用传统燃料(汽油或柴油 )作了比较 ,其中着重分析了燃用压缩天然气及压缩天然气 -柴油双燃料的废气排放情况 ,指出燃用代用燃料将减轻对大气环境的危害 ,改善大气环境质量。     

Responding to the CAP: Alternative strategies for the USA

What alternative strategies are available to the USA in its farm trade conflict with the European Community? Five strategies are examined here - adjudication, negotiation, retaliation, collusion and competition. Both adjudication and negotiation within GATT are described as unlikely to succeed as a first step. Retaliation and collusion are seen as dangerous for US farm trade interests. Competitive export pricing, made possible through domestic farm policy reform and fiscal policy discipline, is endorsed as the best available US response to the CAP.     

Quantitative Methods for Evaluating the Unilateral Effects of Mergers

We describe the quantitative modeling techniques that are used in horizontal merger review for the evaluation of unilateral effects, and discuss how the 2010 Horizontal Merger Guidelines helped legitimize these methods and motivate scholarly research. We cover markets that feature differentiated products pricing, auctions and negotiations, and homogeneous products, in turn. We also develop connections between quantitative modeling and market concentration screens that are based on the Herfindahl-Hirschman Index (HHI).