职业经理人行为的影响因素:一个文献综述

职业经理人的供给行为既受制于企业外部的宏观制度环境和市场环境，也受制于企业内部的激励约束机制，职业经理人市场的建设、正式制度与非正式制度的逐步完善、企业内部的监督机制、激励手段等都影响着职业经理人资源的供给，进而影响着现代企业的进一步发展。     

经理人市场隐性激励机制探析

经理人市场隐性激励,是指通过经理人市场竞争与声誉机制,而形成的一种内生于企业经营者的自我驱动性激励。目前,在企业经营者激励问题的研究上,我国理论界对于国企经营者的年薪、奖金、期权、期股等显性激励手段已有较为充分的探讨,而针对激励机制的另一重要方面——通过经理人市场这只无形的手而实现的隐性激励的系统研究却显相对不足。本文将在概述隐性激励理论的基础上,分析经理人市场对我国企业经营者隐性激励的作用现状,并对如何构建合理的经理人市场隐性激励机制进行对策探讨。     

基于经理人市场的隐性激励分析

经理人市场研究的一个重要问题是经理人的激励问题。激励分为显性激励和隐性激励两个方面,所谓显性激励是指基于经理业绩的报酬体系的设计,如固定报酬与业绩报酬、股票与股票期权等;而隐性激励则是指经理基于自己的职业生涯考虑的自我驱动性激励。隐性激励也是经理人市场解决代理问题的一个主要功能。本文重点针对隐性激励加以分析。     

基于信息经济学理论的国有企业激励机制和人力资源管理改革研究

文章以逆向选择模型和道德风险模型为理论基础,分析了国有企业在激励机制上存在的问题。研究发现,在信息不对称的情况下,国有企业绩效考核体系不完善,薪酬、晋升激励不公平会导致员工的"逆向选择";激励失控与激励不足共存,任免非市场化会导致经理人的"道德风险"。并分别提出了相应的改革对策,即通过健全绩效考核体系,建立公平的薪酬、晋升激励制度来规避员工的"逆向选择";通过建立相容的经理人激励机制,发展职业经理人市场来防范经理人"道德风险"。     

国有上市企业经营者股权激励的问题及对策探讨

良好的经营者股权激励有助于降低代理成本,提高企业经济效益。本文重点总结了国有上市企业实施经营者股权激励内部治理结构方面存在的大股东控制、缺乏内部制衡与监督等问题;外部市场环境方面存在的资本市场的弱有效性、职业经理人市场的不健全以及相关配套法律法规不健全等问题。针对存在的问题了提出相应对策,在内部治理方面,通过减持国有股,提高独立董事比例和增强监事会的独立性以解决治理问题;外部环境方面建议加强市场监管和规范信息披露优化资本市场,通过建立经营者的信用和能力档案制度及建立和完善试用期制度健全职业经理人市场,并希望出台税收优惠政策,确保经营者股权激励的实施效果。     

股票期权制度的强激励弱约束效应分析与对策选择

企业股票期权制度是一项有效的激励约束机制,其实施的理想效果是产生强激励强约束效应。然而,我国目前的实际情况导致企业实施股票期权制度存在强激励弱约束效应。要使企业股票期权制度充分发挥作用,必须变“一强一弱”状态为“双强”状态。为此,需要从四个方面着手不断加强对经理人的企业内部约束和外部约束,包括:建立企业经营管理者的市场选拔机制;建立有效的业绩考核评价体系;完善证券市场;完善公司治理结构。     

劳动力市场隐性合约理论研究新进展

本文回顾了隐性合约理论对劳动力市场无效率就业的解释,总结了隐性合约在内部劳动力市场上的存在基础、执行及其对代理人的激励效率,最后提出了未来研究的重点方向和对我国的启示。     

控制权收益与激励机制安排

从动态角度探讨了存在控制权收益下,国有企业的代理问题中,在缺乏外部监督下,经理努力在一定程度上的发挥。对地方官员也做了类似结论。对于地方官员来说,根据业绩给予物质奖励在政治上是不可行的,晋升的激励方式成为标准的激励方式。对晋升锦标赛的讨论不同于以往文献所着重的,把影响代理人业绩的共同的不确定影响因素过滤掉的角度,而是从动态的和事后期权式激励的角度来讨论晋升锦标赛的意义。     

我国资本市场控制权变动与公司治理关系研究

在当前我国资本市场运行机制尚不完善的背景下，控制权变动作为公司治理外部机制的重要组成部分，对促进我国经理人市场的发展，完善公司治理机制起着重要的作用。本言语从我国资本市场控制权变动角度出来，对我国酱市场控制权变动与公司治理关系的动因关系进行较深入系统的分析，以期对发送我国上市公司治理结构提供理论依据。     

晋升激励与中国经济增长研究综述

政治晋升是中国地方官员治理的重要内容。如何从晋升激励的视角出发阐释地方政府的经济行为,从而对中国经济增长进行“政治——经济”的分析,这正受到越来越多经济学者的关注。文章结合中国地方官员治理机制中与政治晋升相关的三方面重要制度安排（晋升集权、相对绩效考核、隐性治理机制）,对晋升激励增长绩效的经济学文献进行了一个系统的梳理。     

STRUCTURE, CONDUCT AND PERFORMANCE ANALYSIS OF THE SOUTH AFRICAN AUTO INSURANCE MARKET: 1980-2000

The traditional structure-conduct-performance framework makes the explicit prediction that market structure determines market conduct, performance and power. The primary goal of this study is to evaluate this prediction using the South African (SA) short-term auto insurance market. The empirical evidence shows that a link between market structure and market conduct, performance and/or power is not present. "Prices" and profits are not statistically significantly related to various sellers' concentration measure and do not follow any explicit trend over time. By construction, profits are directly related to "prices" and follow a cyclical trend, as observed in other countries. A secondary goal of this paper is to compare the findings for the US auto insurance market with the empirical evidence on the SA auto insurance market. While there are few similarities, there is an underwriting cycle in the SA auto insurance market such as is observed for the US auto insurance market.     

The state of the market and the contrarian strategy: evidence from China's stock market

Using the most comprehensive weekly dataset of ‘A’ shares listed on the Chinese stock market, this paper examines short-term contrarian strategies under different market states from 1995–2010. We find statistically significant profits from contrarian strategies, especially during the period after 2007, when China (along with other countries) experienced an economic downturn following the worldwide financial crisis. Our empirical evidence suggests that: (1) no significant profit is generated from either momentum or contrarian strategies in the intermediate horizon; (2) after microstructure effects are adjusted for, contrarian strategies with only four to eight weeks holding periods based on the stocks’ previous four to eight week's performance generate statistically significant profits of around 0.2% per week; (3) the contrarian strategy following a ‘down’ market generates higher profit than those following an ‘up’ market, suggesting that a contrarian strategy could be used as a shelter when the market is in decline. The profits following a ‘down’ market are robust after risk adjustment.     

Profits,dividends and industry restructuring: the Swedish paper and pulp industry between 1945 and 1977

This paper explores the role of profit distribution in the restructuring of the Swedish paper and pulp (P&P) industry between 1945 and 1977. In addressing this issue, we will draw on the life-cycle theory and market imperfection arguments to examine whether the less profitable firms shared more of their profits as dividends, or remained on the market longer by reinvesting the majority of the profits. Our study shows that an increasing share of the profits was distributed to owners over time, and thus less profit was reinvested in industrial renewal. We find that the observed general upward trend in dividends can be attributed to the decline in profit and firm legacy, as firms in the Swedish P&P industry kept dividends up while reducing reinvestment as their profit margins decreased over time. Our study shows that the market imperfections related to capital taxation and investment funds increased rather than decreased dividends.     

Pasinetti and dual equilibria in a post Keynesian model of growth and institutional distribution

In this paper we extend the post Keynesian theory of growthand distribution to a corporate economy. We show that the rateof profits and the distribution between profits and wages areinfluenced by the behavioural parameters of shareholders andfirms, such as the degree of indifference between dividendsand capital gains and the retention ratio, and by long-lastingstock market imperfections. What has been obtained in previousanalyses such as O'Connell (1985, 1995) are special cases ofthese results. The conditions for the existence of what areknown in the literature as Pasinetti and dual equilibria arealso investigated.     

基于ISM的电网逆向物流回收网络构建因素研究

物流是企业利润的第三源泉,而逆向物流在激烈的市场竞争中成为又一项利润来源。现今电网正在积极的进行物流中心的规划建设,但是没有考虑到逆向物流回收所带来的自身利益和社会利益的提高,本文运用了ISM模型对电网的回收网络建设进行了研究,得出了影响网络建设的因素并给出了相关建议,为之后电网回收网络的建设提供一些参考价值。     

我国上市商业银行盈余管理与市场约束——基于投资收益及风险管理的视角

本文论述了商业银行盈余管理与市场约束的内涵、意义及相互关系。分析了商业银行进行盈余管理的方法和我国商业银行市场约束存在的途径。实证部分用固定效应和随机效应模型分析了基于贷款损失准备与投资收益为工具的盈余管理;用GMM动态面板分析了基于股票交易的对商业银行风险的市场约束。实证结果显示,股票市场交易的非系统性波动对商业银行的风险管理构成了市场约束。我国商业银行没有进行以提高资本充足率为目的的盈余管理,也没有通过投资收益进行平滑利润的盈余管理,但是用贷款损失准备进行了平滑利润的盈余管理。本文的结论表明我国商业银行的市场化程度正得到逐步加强,并为银行监管的市场监督角度提出了相关建议。     

Efficient regulated entry in competitive markets with demand uncertainty

It is well-known that, in a competitive market, the number of firms in a free-entry equilibrium is the efficient one. This paper shows that this textbook result breaks down if firms face demand uncertainty. In this case, entry is excessive relative to the optimum and, therefore, regulation improves market efficiency. This occurs because, in the absence of regulation, entry is motivated by the profits that firms expect to receive if market demand turns out to be high. However, when choosing the optimal regulated entry, the planner also considers that some surplus is lost if demand turns out to be low.     

基于杜邦模型的火力发电企业综合经济活动分析与评价

电力市场条件对火力发电企业的经济活动分析提出了新的要求,据此,文章首先利用杜邦模型的原理,建立了基于电力市场下的火力发电企业的综合经济活动分析指标体系;在此基础上采用微分修正后的因素分析法,揭示各项技术经济指标与目标利润总额的内在联系;最后通过敏感度分析,进一步分析各级因素变动对利润指标变动的影响方向和影响幅度,最后根据分析结果得出结论并提出相应建议。     

Transparency in the interbank market and the volume of bank intermediated loans

In the present paper we study the equilibrium interaction through which the interbank market is related to the public lending and borrowing market. It turns out that this interaction is affected by the transparency in the interbank market. Interbank market transparency is modeled by means of more informative signals about future interbank rates. We find that more transparency might increase or decrease the volume of bank intermediated loans in the public market. In particular, the impact of more transparency on the volume of loans depends on the curvature of the marginal cost function of the banking firm. Furthermore, we find that expected profits of the bank are higher when the interbank market is more transparent.     

基于概率分析框架的我国旅行社经营策略选择

随着我国市场经济的不断发展，我国城乡居民可支配收入实现了大幅度增长，居民在旅游上的花费也越来越多，但是，旅行社行业的利润却并没有随着旅行社收入的增多而实现大幅度的增长，甚至出现了一定程度的下滑。为了实现我国旅行社行业的又好又快发展，采用概率分析的方法对旅行社经营策略之间的相互影响程度进行了分析，从而对旅行社经营策略组合进行调整和修正。