Private Predecision Information,Performance Measure Congruity,and the Value of Delegation*

We use a linear contracting framework to study how the relation between performance measures used in an agent's incentive contract and the agent's private predecision information affects the value of delegating decision rights to the agent. The analysis relies on the idea that available performance measures are often imperfect representations of the economic consequences of managerial actions and decisions, and this, along with gaming possibilities provided to the agent by access to private predecision information, may overwhelm any benefits associated with delegation. Our analytical framework allows us to derive intuitive conditions under which delegation does and does not have value, and to provide new insights into the linkage between imperfections in performance measurement and agency costs.     

后危机时代中国应对贸易摩擦的战略体系构建

文章认为,在后危机时代,贸易摩擦已成为中国进一步融入世界经济过程中的一个难以回避而需要谨慎处理的重要问题。文章首先描述了中国对外贸易摩擦的主要特点,提出应从政府、行业协会和企业三个层面入手,不断构建和完善＂三位一体＂联动机制,以应对中国频频遭遇的贸易摩擦,进而实现中国对外贸易的健康和持续发展。     

火电厂烟气脱硝系统性能考核测试实例

＂十二五＂规划中新增了对NOX的减排指标,而燃煤火力发电厂是NOX排放的主要来源,因此,在电力行业实现烟气脱硝对实现NOX减排目标尤为重要。以华润南京化工园热电有限公司#5（1×300MW）机组为例,介绍了烟气脱硝系统性能考核的测试方法 ,结果表明,各测试指标均符合设计要求,并对脱硝系统日常运行、管理和维护提出了建议。