Entrepreneurial Boldness and Excessive Investment

We analyze investment by a population of hyperbolic discounting entrepreneurs. In order to avoid inefficient procrastination, agents with good prospects about their chances of success may choose to forego free information and to invest boldly. This explains an excessive level of investment in the economy. Building on this observation, we show that low risk-free interest rates favor bold entrepreneurship and entry mistakes. Furthermore, public intervention can be socially desirable: Forcing agents to acquire information before deciding whether to invest may reduce competitive interest rates and may be beneficial for all individuals in the economy .

And thus the native hue of resolution Is sicklied o'er with the pale cast of thought, And enterprises of great pith and moment With this regard their currents turn awry, And lose the name of action.                      Hamlet , Act 3: Scene 1.

     

管理层持股、自由现金流与企业过度投资行为研究

在现代企业制度下,通过管理层持股将股东与管理层之间的堑壕效应转化为利益协同效应,能有效减少管理层的过度投资行为。通过实证研究发现,管理层持股与企业过度投资—自由现金流存在二次曲线关系,过度投资对自由现金流的敏感性与管理层持股呈正U型关系。当管理层持股达到一定比例时,企业过度投资对自由现金流敏感度最低,对企业抑制过度投资的作用最大。     

基于债务约束的自由现金流过度投资问题研究

自由现金流理论认为,当企业存在大量自由现金流时,管理者倾向于过度投资。债务控制是降低因自由现金流引起的代理成本的有效方法之一。模型检验发现,我国制造业上市公司并不显著存在自由现金流量的过度投资行为;债务约束效应在我国没有发挥应有的作用。     

我国房地产上市公司过度投资行为实证分析--存在性与现金股利约束

近年,房地产企业都在进行投资规模和范围的扩展,不仅使投资效率下降,更造成了社会资源的浪费。从理论上分析我国房地产上市公司存在着过度投资行为的因素,提出相关假设,再选取房地产行业上市公司2003-2009年的样本数据,构建模型进行实证检验得出,我国房地产上市公司普遍存在着过度投资行为,但由于目前国内企业发展环境的限制,现金股利的发放还不足以成为抑制过度投资的主要机制。     

论医院建设工程项目投资控制与管理

自我国全面落实贯彻改革开放的伟大政策以来,三十年来我国发生了翻天覆地的变化,我国综合国力也在不断增强,这不仅仅表现在我国人民的物质生活水平的提高,也表现在我国对于医疗机构以及教育机构的不断重视和加强建设上。在此,本文作者针对于我国医疗机构体系的工程建设项目的相关问题做出了细致的分析和具体的阐述。     

Excessive banking preference in emissions trading

Firms tend to bank permits excessively, resulting in a lack of supply in the market and uncertainty regarding the ability to achieve the planned emissions target. This excessive banking preference is difficult to explain in terms of rational cost minimization for regulatory compliance. This study provides hypotheses to explain banking preference using cognitive bias concepts such as prospect theory, mental accounting, and regret aversion. The hypotheses are supported by three survey-based experiments. This view of cognitive bias on banking preference justifies the use of active measures to prevent excessive banking, such as market makers and market restrictions.     

后疫情时代医院建设项目建设趋势及投资控制分析

为应对疫情,新一轮医院的建设工作和设计思路发生了较大转变,从而也引起了医院项目投资估算的变化.在财政资金有限的情况下,如何准确把控投资估算的要点和投资控制的要点值得深入探讨.本文通过分析总结业内关于后疫情时代医院建设项目的特点,分析了后疫情时代影响医院建设项目投资估算的影响因素,并提出了投资估算的要点和控制措施,以期为...     

过度自信与市场泡沫

2000年，美国股市旧网络股神话的破灭对传统金融理论提出了挑战。本文中所介绍的模型在卖空限制的前提下，通过研究投资者过度自信，对市场上存在的泡沫和价格过度波动现象进行了更为合理的解释。     

Career Concerns and Excessive Risk Taking

In a seminal paper, Holmström ( 1999 ) shows that an agent who is unsure of her ability and has a payoff linear in her reputation underinvests in risky projects. I show that if the agent privately knows her ability, then the opposite must happen, that is, she always overinvests in risky projects, no matter what the curvature of her payoff in reputation. Moreover, if project quality is verifiable and the agent is uninformed about her ability, then she reveals project quality and first best is attained; but if she privately knows her ability, first best is not attainable and she still overinvests.     

公路路基施工中过湿土的处理

路基施工质量的好坏直接影响到整个公路的工程质量。在公路路基施工中,天气及施工工期的限制等原因,会经常遇到采用过湿土填筑路基的情况。本文就对路基施工中对过湿土的处理方法及其注意事项作以简要探讨。     

做好信访工作需要具备的八种能力

信访工作是为人民群众排忧解难的工作,也是构建和谐社会的基础性工作。如何有效化解社会矛盾,及时帮助群众解决问题,是每个信访工作者应该思考的问题。要做好新时期的信访工作,信访工作者必须努力提高自身素质,勇于创新,以饱满的热情投入到实际工作中。     

论国有企业过度负债及其对策

在推进国有企业改革和全面提高国有企业综合实力的过程中,化解国有企业过度负债已成为解决所有问题的关键。本文从国有企业过度负债的现状入手,剖析了其危害,最后针对性的提出了相关具体的对策与建议。     

地方政府债务扩张对国有企业投资效率的影响——基于国有企业过度负债的中介效应

地方政府债务作为地方政府为地区发展获取的经济资源,对微观企业的影响日益突出。文章利用省级地方政府债务宏观数据与国有企业微观数据,研究地方政府债务扩张对国有企业投资效率的影响。结果表明,地方政府债务扩张显著降低了国有企业投资效率,且主要表现为加剧过度投资,对投资不足影响不显著。影响机制分析发现,国有企业过度负债在地方政府债务扩张与国有企业过度投资之间起到部分中介作用。研究还发现,地方政府债务扩张在股权制衡度低和财政透明度低的样本中,对国有企业非效率投资和过度投资的促进作用更显著。研究结论为地方政府债务影响国有企业高质量发展提供了微观基础。     

Investment in organizational capital

Organizational capital is a specific form of capital that firms accumulate. It relates to the development of codes, technical languages, practical arrangements about how the work is done and to the creation of an organizational culture. The distinctive feature of this form of capital is the fact that it does not contribute directly to an output result. Instead, it can be thought as creating the correct environment for the human factor to maximize its capability of generating value, that is, organizational capital works as an external effect on the accumulation of the human capital input. Nevertheless, organizational capital is a form of capital and therefore it has an investment process associated with it. The paper considers the process of investment in this form of capital and recognizes that it introduces important changes over the firm's profit maximization problem. The problem gains new features relating to its dynamic nature and a condition that guarantees saddle‐path stability can be derived. Copyright © 2007 John Wiley & Sons, Ltd.     

投资

今年上半年81亿美元涌入中国VC“资金池” 清科研究中心7月6日发布报告称,2011年上半年,共有81．03亿美元巨额资本涌人中国创投市场,再创历史高点;上半年的投资金额已超过2010年全年总世。 腾讯9亿港元战略投资金山软件获15.68%股权 7月6日晚间消息,     

投资

130余家中国概念股公司被列入美国券商黑名单美国券商盈透证券6月8日宣布,由于担心一些中国公司可能存在会计违规行为,从6日开始已经禁止客户以保证金的方式买进部分中国公司股票。被列入“黑名单”的中国公司超过130家,其中包括麦考林、新浪、当当网、搜狐等知名企业。     

投资

11月2日,手机语音短信软件神聊宣布,获得3000万美元风险投资。该笔融资的规模再次刷新了中国移动互联网产业的融资记录。     

Investment in salvage equipment

Manufacturers are faced with three options for disposing of excess finished items: they can (1) continue to mark down the item until it sells; (2) dispose of or scrap it; or (3) salvage it in order to reclaim valuable raw materials and components. In many situations the option of a markdown is not viable, thus the choice is to either scrap or salvage. Although many manufacturers have invested in salvage equipment, they have not deduced the impact of this investment as it affects not only the risk-adjusted value of the project but also the production run size and the selling price. Hence, their decisions frequently turn out to be suboptimal. This paper develops a project-valuation model that adds a new dimension to traditional capital budgeting decisions by incorporating salvage capacity.     

流动性过剩对证券市场的冲击效应分析——基于海外经验与中国实践的实证研究

本文认为,货币差额法应是衡量宏观经济流动性过剩的首选指标,货币供应量超过了实体经济增长所需要的货币量就是流动性过剩,并构建了相关统计指标.结合可比的海外经验,当前我国股指虽已高位回落,但流动性的收缩会对股市产生滞后一年或两年的影响.为了防止流动性过剩变化对今后股市产生剧烈变动,甚至引发暴跌,管理层应有预见性地把握流动性紧缩的力度和节奏;投资者也应密切关注有关管理部门,尤其是央行对流动性过剩状况的判断和采取的紧缩措施的力度和节奏.     

改善北京投资环境更好地发挥外资作用

中共十六届三中全会作出的《关于完善社会主义市场经济体制若干问题的决定》是一项极具理论性、长期性、方针性的指导文件。文件中以下政策思想对我们进一步改善北京投资环境,更好地发挥外资作用,具有特别重要的意义。(1)我们一定要“进一步改善投资环境,拓宽投资领域,吸引外资加快向有条件的地区和符合国家产业政策的领域扩展,力