关于股权激励制度的若干建议

本文研究了西方发达国家设计股权激励制度的成功经验与存在弊端 ,分析了我国在试点和探索中存在的问题 ,结论是目前推行股权激励机制的相关条件与环境尚未成熟。现阶段应加快经济改革的力度 ,积极推行股权激励机制的相关条件与环境的建设。在这过渡阶段作者提出经营者虚拟股权激励 ,兑现、奖励时用指标考核体系衡量等若干建议。     

Upstream market structure and downstream partial ownership

Existing studies on partial ownership usually overlook the effects of vertically related markets. Our paper highlights the importance of the upstream market on downstream firms' incentives to acquire partial ownership and the consequent welfare implications. In the main model, we assume that there are three firms in the downstream market, two of which may form a partial ownership arrangement. We find several results that are in contrast to those in the literature. First, the two firms will engage in partial ownership if the upstream market is an oligopoly (triopoly or duopoly). Second, partial ownership may raise total production, consumer surplus, and social welfare. This happens when the upstream market consists of a duopoly and the two firms involved in partial ownership are supplied by different suppliers. Third, the outsider, commonly known as a free rider in the literature, may become a victim of partial ownership. Our results are robust to several extensions, including a general $n$-firm framework, product differentiation, and uniform pricing by upstream firms. We also provide the conditions under which the curvature of the demand function and the convexity of the cost function motivate firms to form partial ownership.     

Late entry,market shares and competitive survival: The case of synthetic fibers

This paper examines product policy in relation to the experience curve and product life cycle concepts in the context of the experience of the thirteen major firms in the Western European synthetic fibers industry. It examines the hypothesis based on Boston Consulting Group and the Profit Impact of Market Share (PIMS) evidence that late entrants to a market will be at a competitive disadvantage because they lack the accumulated experience of the pioneering firms. For each of the three main synthetic fibres, acrylic, nylon and polyester, it was found that the early entrants who established major market shares early in the growth phase of the product life cycle were able to maintain that leadership nearly twenty years later. In contrast not only did almost all the late entrants fail to achieve significant market shares but in the difficult market conditions between 1974 and 1981 they provided seven out of nine market withdrawals.     

On the determinants of foreign ownership shares: Evidence from US firms' joint ventures in Japan

It is often argued that firms' foreign expansion is motivated by economies of scale in information-based intangible assets. Since these assets are combined with local factors in real production, their owner often has to deal with local factor owners' opportunistic behavior such as siphoning of skills which reduces the return on intangibles to the original owner. Local factor owners' agency behavior can also reduce a subsidiary's profit. Maintaining ownership mitigates the former type of opportunistic behavior, while ceding ownership reduces the latter type. Hence there is a non-linear relationship between ownership and the cost of control. In this paper we present a model that incorporates these aspects of a joint venture ownership. In our model the share in a joint venture of a foreign parent firm with a superior technology is determined such that its marginal cost of control is set equal to the marginal benefit it derives from a joint venture. We assume that, because of the uniqueness and mobility of its intangible factor, the foreign partner has more bargaining power than its local counterpart regarding the ownership of their joint venture and that the local partner is less concerned than its foreign counterpart about the problems of agency and property rights protection because of its geographic and cultural proximity to the joint venture. As a consequence, the foreign partner is able to exert its preference for its ownership share in the joint venture. Our theoretical results allow a decomposition of ownership share into components explained by the cost of control and by the profitability of a joint venture. Our empirical results using data on technology-based US firms' subsidiaries in Japan are consistent with our model predictions. In particular, the fraction of ownership share explained by the cost of control relative to the fraction explained by intrinsic profitability is higher for industries that rely more heavily on intangible assets, as expected from the model.     

Paretian partial orders: The two-agent case

We use two independent conditions to characterize when (the asymmetric part of) a partial order on a finite set of options can be represented as the Pareto dominance relation of a two-agent preference profile.     

The impact of large-scale employee share ownership plans on labour productivity: the case of Eircom

Large-scale employee share ownership plans (ESOPs) have been a distinctive characteristic of Irish public enterprise reform, with shareholdings of 14.9% being allocated to employees as part of firm restructuring and privatisation programmes. This paper presents a case study analysis of a large-scale ESOP in Eircom, Ireland's former national telecommunications operator. We identify changes in labour productivity (LP) during 8 years before and after the establishment of the company's ESOP and use a framework based on Pierce, Rubenfeld and Morgan (1991, The Academy of Management Review, 16, 121–144) and Pierce, Kostova and Dirks (2001, Academy of Management Review, 26, 298–310) to explore the role played by the ESOP. The ESOP was found to play a key role in enabling firm-level reform through concession bargaining and changes in employee relations, and thereby indirectly affecting LP. However, despite the substantial shareholding and influence of the ESOP, we find that it has failed to create a sense of psychological ownership among employees, and thereby further impact on productivity.     

Robust estimation and prediction of economic systems: The case of partial structural variability

Prediction of economic and social systems is in general based on the assumption that the structure of the system does not vary over time. Such an assumption is seldom fulfilled. Often, at least some of the behavioral relations of a system are characterized by structural variability. The problem of reduced form estimation and prediction in systems with such partial structural variability is considered in the paper. A robust SF-RF strategy, combining direct, unrestricted and indirect, restricted reduced form estimation, is emphasized. This strategy, as well as more commonly applied alternatives of L ₁- and L ₂-norm estimation, is studied numerically within a small interdependent system with partially occurring, discrete parameter shifts. The different estimation techniques are evaluated with respect to structural form estimation and prediction performance. The study indicates advantages of the SF-RF strategy over considered alternatives.     

精算师:金领中的金领

精算师收入高居榜首 精算师是运用精算方法和技术解决经济问题的专业人士,是评估经济活动未来财务风险的专家。精算师传统的工作领域为商业保险、主要从事产品开发、责任准备金核算、利源分析及动态偿付能力测试等重要工作。他们同“未来不确定性”打交道,为金融决策提供依据。精算师职业被称为“金领中的金领”。 北京市统计局今年2月发布的劳动岗位人员需求调查显示,高级保险精算师在十大收入最高的热门行业中高居榜首,预期人均月工资高达8667元。国内最缺     

中国上市公司的股权结构：成因与影响

股权结构对公司绩效、治理模式具有重要的影响。影响一国公司股权结构的因素是多方面的,但证券市场监管水平的差异和对中小投资者的法律保护程度差异是主要的因素。当前中国上市公司股权结构、证券监管及法律环境造成了公司治理及绩效中的诸多问题,特别是控股股东对外部投资者利益的侵害。本文对这些问题进行了研究和探讨,并提出了相应的改善措施。     

Take two: Sources and deterrents of score change in employment retesting

Retesting occurs at all stages of the candidate life cycle—from screening and selection through development and promotion—and therefore has numerous human resource implications. Existing frameworks of retest performance address statistical and conceptual issues related to retest score change; however, little is understood about what causes score gains due to repeat administrations and the effect this has on construct and criterion-related validity. This article reviews the literature on retest effects and introduces a number of factors, including a) construct-relevant change, b) construct-irrelevant change due to individual difference traits, states, and motivation, and c) methods and procedures that may deter construct-irrelevant contamination between tests. In cases where empirical evidence is lacking, propositions are presented to guide future research in evaluating the extent to which construct-irrelevant individual differences and motives contaminate retest performance. We also review ways organizations may limit construct-irrelevant score gains in retesting by attempting to standardize test administration and enhance test security. We end with a discussion of the framework's implications on retest score-based decisions, and methods to mitigate retest score contamination. It is hoped that this paper will facilitate a more comprehensive understanding of retest effects in organizational settings and a way forward for both research and practice.     

Public spending and economies of scale in partial fiscal decentralized governments: The case of Chile

This article evaluates economies of scale in local public spending in Chile, emphasizing the country's geographical features and high fiscal heterogeneity. We leverage balanced panel data for ten years and 307 municipalities in order to estimate the population level at which a reduction in the average cost of local public goods provision occurs and to differentiate between levels of market potential. We follow a theoretical model of cost efficiency that considers spatial interactions and spillover effects among neighboring jurisdictions. Our findings suggest that Chilean municipalities reach an optimum population level at around 700,000 inhabitants, which is high considering that only two cities qualify. When differentiating for levels of economies of scale according to levels of market potential, municipalities with a low potential reach their optimum at around 28,000 inhabitants, those with a medium potential reach it at approximately 124,000, and those with a high potential reach it at approximately 680,000.     

Psychological ownership and stewardship behavior: The moderating role of agency culture

This study investigates whether employees’ psychological ownership results in stewardship behavior and whether this relationship is affected by an employee’s perception of the organization’s agency culture. A survey of the financial managers of 129 firms in Germany generally confirms these expectations. In addition, and surprisingly, our findings suggest a negligible effect of an agency culture on the relationship between psychological ownership and stewardship behavior when managers perceive high psychological ownership. Thereby, our study enriches the literature on the consequences of psychological ownership by providing insights into the boundary conditions of such outcomes at the manager level.     

论地下车库权利性质及归属

车库权利的争议源于权利性质的模糊认识。本文认为，地下车库权利本质上是一种空间利用权，在权利归属上应遵循“谁投资、谁收益”的原则，同时兼顾社区业主利益，对空间利用权的转移进行必要的限制。     

Being Taken Over: Managers' Emotions and Rationalizations During a Company Takeover

abstract    The theme of this paper is the relationship between emotion, management and organization, specifically, how emotions are transformed by rationalizations, and vice versa. It is argued that managers' tendency to rationalize emotion creates additional emotional dynamics, and that these provide opportunities for organizing reflection. This idea also points to a limitation of approaches that are concerned with how emotions can be managed through emotional intelligence. The study took place during a turbulent period in the history of a company, while it was being taken over. Managers in Hyder plc, formerly the largest stock market listed corporation in Wales, UK, carried a tension into their work roles. This was created from particular emotions (pain and shame) and their rationalizations of, or detachment from, these emotions (self-interest and disinterest). Such tension was a necessary part of maintaining their managerial role under difficult and emotionally charged circumstances. The study also showed how fears about personal position undermined the ability of managers to enact their authority and to act collectively within the organization. The conclusion discusses the relationship between collective emotional dynamics (political relatedness) and the organization of reflection, as well as providing questions for further research.     

Family ownership and environmental performance: The mediation effect of human resource practices

Previous literature has found that listed family firms underperform their nonfamily counterparts in terms of environmental performance, but has not explained why this occurs. We address this research gap by hypothesizing that training and development practices (i.e., managerial practices devoted to providing training and development for the workforce) mediate the relationship between family blockholders and environmental performance. Using a sample of 33,901 firm‐year observations from 2002 to 2016 distributed across 56 countries and employing the structural equation model technique, we find that investment in training and development practices explains almost half of the negative relationship between family blockholders and environmental performance. Our study contributes to the agency theory debate on principal–principal problems by explaining why family blockholders could damage other blockholders and minority shareholders.     

股权分置改革后受限股票全流通问题研究——雀巢公司案例分析及启示

股权分置改革后,非流通股转为受限股票,取消受限股票的流通限制而实现全流通是股改后中国证券市场面临的又一重大课题。本文介绍了雀巢公司在1988年取消受限股票限制的方案及市场对该方案的反应,并通过建立数学模型对方案进行理论分析,结果表明,股票需求价格弹性(e)及受限股本与不受限股本比值(q)是影响取消限制后全体股东利益的关键因素。最后,根据模型的研究结论,本文对中国上市公司“股改”后受限股票全流通问题提出了相应解决对策。     

物业管理的黄金时代

<正>彩生活广受资本市场追捧的背后,是因为其物业管理治下所服务的250万个家庭、700万人口,资本市场真正看中的,是物业服务公司从某种意义上把控住了区别于目前传统的价值实现的终端,社区业主的潜在消费力是真正的金矿所在。在大部分公众既有的概念里,物业管理是伺候人的行业,是微利行业,如果不是彩生活的上市,也许,整个物业管理行业还将波澜不惊。     

The effects of vehicle ownership on employment

Vehicle ownership may promote work if employment opportunities and job searches are enhanced by reliable transportation. For example, vehicles may serve to reduce potential physical isolation from employment opportunities. I examine the effects of vehicle ownership and vehicle quality on employment for single mothers with no more than a high school education using National Longitudinal Survey of Youth data. I control for potential bias by jointly estimating employment and vehicle ownership in a maximum likelihood framework using state welfare eligibility asset rules as instruments. Results show that vehicle ownership increases employment. Positive effects of vehicles do not differ for urban and rural residents, but they do change with economic conditions. Further, welfare recipients are significantly more likely to exit the program and become employed if they own a vehicle.