力图所有顾客忠诚还是追求更高企业利益?——“芝加哥第一国家银行”案例分享

<正>最近,有关银行各基层网点服务质量不佳,尤其是排“长龙”问题的报道很多。有媒体披露,从取号到办业务,在走访的4家国有银行网点中,记者的平均等待时间为     

Environmental Sustainability Versus Profit Maximization: Overcoming Systemic Constraints on Implementing Normatively Preferable Alternatives

There is a systemic condition inherent in contemporary markets that compel managers not to pursue more morally preferable initiatives if those initiatives will require actions that conflict with profit maximization. Normative arguments for implementing morally preferable practices within the existing system fail because they are insufficient to counter-act the systemic conditions affecting decision-making that is focused on maximizing profit as the primary operational value. To overcome this constraint we must elevate a more normatively preferable value, ‚ideal environmental sustainability,’ to the level of being the primary filtering value through which other competing values are evaluated, prioritized, and implemented. In order for this to occur in practice, a change must be made relative to the laws, rules, and regulations that define and guide the market. This can be done by suitably defining the epistemic constraint of impartiality utilizing Rawls’ notion of a ‚veil of ignorance’ as a heuristic device. John K. Alexander is an Adjunct at Grand Valley State University (Allendale MI) and Grand Rapids Community College (Grand Rapids MI). Areas of interest include Socratic, philosophy, business/organizational ethics, health care ethics, and philosophy of management. He has published papers in HEC Forum, Teaching Philosophy, Philosophy of Management, Journal of Business Ethics and Business Ethics Quarterly. Prior to becoming a visiting professor at GVSU in 2001, he had thirty-five years experience working and managing in foundries.     

Quantity Discounts, Manufacturer and Channel Profit Maximization: Impact of Retailer Heterogeneity

In this paper, we investigate if a manufacturer can simultaneously maximize own and channel profit with any quantity-based pricing policy, including a quantity-discount policy, when selling through heterogeneous retailers. We show that the manufacturer's best possible pricing policy, when retailers self-select quantities, is a quantity discount. However, this policy does not maximize channel profit. Driven by the manufacturer's inclination to reduce the quantity sold through a high-cost or low-demand retailer, this result holds whether or not retailers compete. We discuss implications of our analysis for the manufacturer.     

股东权益最大化财务目标的选择

财务管理目标作为财务理论的基本问题,已经得到了学者们的广泛研究。仅从概念上比较不同的财务目标很难有确定性的结论。通过将财务管理目标与公司治理相结舍,放在经济全球化视角讨论财务目标的优劣,更能体现出财务目标选择的科学性。股东权益最大化是合乎经济全球化趋势的财务目标选择。我国应继续坚持股东权益最大化的财务目标,深化国有企业改革。     

Islamic Corporate Governance: Risk-Sharing and Islamic Preferred Shares

The recent financial crises (including the Asian and subprime crises) indicated the need to reinforce corporate governance mechanisms in emerging and developing market economies. Corporate governance refers to all the factors that affect firm processes (including, among others, financing strategies). Firms must avoid debt financing instruments and adopt financing instruments that allow for “risk-sharing” rather than “risk-shifting” because all recent financial crises were, in essence, debt crises. The primary objective of this paper is to examine the principles of risk-sharing promoted by Islamic finance and study their implications for corporate governance. The secondary objective of this paper is to propose a pricing model for a new risk-sharing financial instrument (Islamic preferred shares, IPS) that was recently discussed by Zarka and Al-Suhaibani (Shariah-compatible preference shares: The Sharia Basis and Economic Rationale. Working paper, SABIC Chair for Islamic Financial Market Studies, 2012). We study the implications of this new instrument as a powerful tool for corporate governance in the case of Islamic markets. We explain the possible contribution of IPS to agency cost reduction, Sharia screening costs and ethical corporate governance.     

Pricing Via Utility Maximization and Entropy

In a financial market model with constraints on the portfolios, define the price for a claim C as the smallest real number p such that sup_π E[U(X_T^{x+p, π}?C)]≥ sup_π E[U(X_T^{x, π})], where U is the negative exponential utility function and X^{x, π} is the wealth associated with portfolio π and initial value x. We give the relations of this price with minimal entropy or fair price in the flavor of Karatzas and Kou (1996) and superreplication. Using dynamical methods, we characterize the price equation, which is a quadratic Backward SDE, and describe the optimal wealth and portfolio. Further use of Backward SDE techniques allows for easy determination of the pricing function properties.     

Profit Without Copyright

An elite consensus appears to have formed around the strengthening of IPR regimes. At the same time, many people, particularly in developing countries, are questioning the idea of paying for what they intuitively sense might possibly be free. In view of the potential for global dissensus on this issue, businesses that produce and distribute explicit knowledge, or digital sequences, would be quite prudent to start making contingency plans for a new form of global capitalism: one characterised by much weaker IPR regimes. Competitive business strategies based upon rival-complementarity (i.e. physical goods and human services that complement digital products) indicate the feasibility of a global economy-of-things, resting upon a freely accessible ecology of knowledge. This might be built in the future, in much the same way that an industrial economy was built, historically, upon a natural ecology of available land and biosystems. Such an arrangement conforms to several rather fundamental political intuitions.     

盈利迷局

是先全心全意做大流量,还是边做流量边进行盈利模式的摸索？在前两次的互联网创业经历中,张晓京对这个问题答案的选择尽管不同,结果却是殊途同归。从两次的失败经历中得来的教训,使张晓京在第三次创业面临同样的难题时更加举棋不定。     

Cross-cultural Comparisons of Managerial Perceptions on Profit

The study investigated the effects of three cultural variables – country of employment, race/ethnicity and religion – on managerial views of profit and 15 other business priorities. In total, 203 responses were obtained (120 randomly and 83 by quota) from executives and managers belonging to either of two race/ethnic groups (Caucasian and Chinese) and three religious denominations (Christian, Buddhist and Malay Muslim) located in three different countries (Australia, Singapore and Malaysia). Findings indicated that these three different cultural variables affected (to varying degrees) the attitudes of managers towards profit and other related business concerns. Managers working in Malaysia, the Malay Muslims and Caucasians in particular, had the highest regard for profit whilst those employed in Australia were found, on the whole, to be the most (socially) considerate toward their employees, customers and environment. This study pointed to the need for cultural ethics as a complementary function in business. After majoring in Psychology and Sociology in the Bachelor of Arts (Multidisciplinary) Program at Victoria University, I went on to do my Master of Arts in Applied Social Research at Monash University. With these given areas of specializations and with the support of a scholarship from Victoria University, I was able to complete my doctoral studies in business ethics and foreign labour employment in 2006.     

基于超额利润再分配的供应链优化问题

供应链将零售商和制造商纳入一个利益整体,在不确定性需求下,通过建模求均衡解寻找能实现整个供应链利润最大化的产量,再对零售商和制造商的盈亏情况进行单独分析,从而分别确定在买断式定价和回购式定价情况下,能够使得供应链优化的可行的超额利润再分配比例。     

基于股东权益最大化的物流基地项目建设和经营策略选择

物流业作为生产型服务业的支柱之一,被公认是促进经济发展的新的增长点。其中,物流基地建设又被看做是推动区域经济和城市物流发展的重要途径。本文以股份制物流基地为研究对象,从项目建设主体和经营主体的选择入手,探索物流基地建设和发展的策略问题及实现物流基地股东权益最大化的途径。     

Perspectives on Multiple Category Choice

Multiple category choice is a decision process in which an individualselects a number of goods, all of which are nonsubstitutable with respect toconsumption. Choices can be made either simultaneously or sequentially. Thekey feature of multiple category choice is the treatment of the choices asinterrelated because each item in the final collection of goods contributesto the achievement of a common behavioral goal. We discuss current andpotential applications of psychology, economics and consumer choice theoryin developing models of multiple category choice.     

Perspectives on debt and deficits

Business Economics - Vast countries that borrow in their own currency have enormous latitude to run up debt. It’s not at all clear why this should be an urgent concern for us right now. If r...     

基于经济利润基础的企业价值评估的探讨

企业价值评估主要有贴现现金流量模型和相对价值模型两种,而经济利润价值评估模型是一个综合的财务管理系统,弥补了传统的以利润为核心的价值评估的不足,解决了分权化决策组织的评价问题,并能向公司总部较为准确地传递部门信息,提供便利的业绩评价手段.作为一种新的价值评估方法,可以真实反映企业价值创造、协调股东、出资人和管理人利益的经营业绩,各企业都应构建以经济利润为基础的价值评估模型.     

网络直播企业盈利模式研究

随着国家大力推动互联网战略布局,网络直播企业面临着一个重要的发展机遇期。但是网络直播企业因同质化竞争激烈,其未来发展趋势还存在着很多不确定性。因此研究网络直播企业的盈利模式,对于分析网络直播产业发展的潜在风险有着必要性。本文通过分析网络直播企业盈利模式的不足,提出相应的改进建议,对网络直播企业的发展有一定的参考意义。     

Profit reducing international outsourcing

Recent empirical evidence shows a negative relationship between international outsourcing and profitability. This paper provides a theoretical explanation for this phenomenon. We show that, in an oligopolistic market, firms earn lower profits in the outsourcing equilibrium compared to the situation where neither firm does outsourcing, and this holds irrespective of the intensity of competition. We show that whether international outsourcing is likely to reduce profit under more intense competition (measured by the degree of product differentiation, number of firms and the type of product market competition, namely, Cournot and Bertrand competition) is ambiguous. We further show that international outsourcing may be socially ‘excessive’ for the sourced country and for the world.     

Perspectives on International Distribution:

A classification framework is derived from Hunt's Four Fundamental Explananda. The last five years of research in international distribution are then examined and classified within this framework. Using this research classification, areas lacking a strong research concentration are examined. Propositions on international distribution are made, and areas of potential research focus are identified.