The Analysis of Rural Regional Disparity in China

Rural regional disparity has now become one of the most concerning problems in China. This paper attempts to show that the inequality is mainly caused by the uneven development of rural collectively owned enterprises (COEs). In the early 1990s, COEs accounted for more than 70% of rural regional inequality. In order to evaluate the effectiveness of current government policies for lessening regional disparity, we use a data envelopment analysis to measure the efficiency of COEs in the rural areas. The analysis shows that COEs in the eastern region are relatively more efficient than those in the central and western regions. To explain this, the potential sources of the COEs' production efficiency in different provinces are examined in detail. The production efficiency of Chinese COEs is found to be closely related to the employment of a shareholding cooperative system, foreign investment, skilled workers, and a bonus incentive scheme.     

委托代理问题与经理控制权效率

在经理控制型企业中,尽管＂疏忽和浪费＂等委托代理问题必然存在,但是职业支薪经理的出现,适应了公司经营的专业性和复杂性,促进经营职能和承担风险职能的分离。文章从董事会授权、决策文化、选举机制等方面揭示经理控制权膨胀的制度安排,最后针对我国上市公司经理控制存在的突出问题,从股权结构的改善、经理市场的建设和股票市场治理功能构建三个方面提出治理建议。     

The energy efficiency advantage of foreign-invested enterprises in China and the role of structural differences

In this paper, we use a unique input–output table that distinguishes trade mode and firm ownership to discuss the relative advantage of foreign-invested enterprises (FIEs) in Mainland China. It is found that FIEs outperform Chinese owned enterprises (COEs) in terms of total energy intensity by 16.97%, 14.97% and 42.89%, respectively, for the processing, non-processing and overall production in the industrial sector. Further decompositions show that structural differences across industries (and trade mode) contribute positively and account for 65.33%, 26.28% and 81.93% of the relative advantage of FIEs for processing, non-processing and overall production. Failure to capture heterogeneity across trade mode may lead to distortion of the picture of how final demand structure differences influence the energy efficiency advantage of FIEs over COEs in China.     

组织即兴、资源整合与新创企业绩效

转型经济背景下，环境的动态变化既为企业带来了发展机遇，但也导致企业的决策环境更加复杂化和模糊化。对于面临资源缺陷的新创企业而言，高度不确定的环境为其的生存和发展带来严峻的挑战，如何快速即时的响应环境变化在一定程度上决定新创企业的生存。在此背景下，组织即兴研究应运而生。但是，在随机应变中"求快"的组织即兴真的可以为企业带来优质绩效吗?从资源基础观和能力视角出发，利用一个有中介的调节效用模型，本研究引入了资源整合作为中介变量以期打开组织即兴到新创企业绩效的黑箱，并探究了网络能力的中介的调节效应。文章利用bootstrapping方法对185份新创企业跨期数据进行实证研究并得出以下结论：即兴行为能够显著影响新创企业绩效，资源整合在组织即兴与新创企业绩效之间具有中介作用，而网络能力在组织即兴与绩效之间发挥着有中介的调节效应。当网络能力较高时，组织即兴对绩效的影响更强，而且，网络能力的调节作用通过资源整合的中介实现，当网络能力较高时，组织即兴通过资源整合的中介对绩效产生的积极效果更明显。本研究从资源整合视角出发探究了组织即兴影响绩效的办理，凸显了网络能力在组织即兴向绩效转化过程中的突出作用，为新创企业有效的实施即兴提供了有价值的启示。     

股权结构、自由现金流量与权益再融资的股价效应

文章从一个全新的角度——股权结构对公司SEO股价效应的影响——出发,对自由现金流量理论进行了检验。结果显示：与股权高度集中和股权高度分散的上市公司相比,有较大的相对控股股东,同时还拥有其他大股东的这种股权结构的上市公司的代理成本更低,公司在发布SEO公告时引起的股价负效应也最小。     

Can agency theory justify the regulation of insider trading?

Conclusion The insider trading debate traditionally discusses the pros and cons of insider trading and draws a conclusion about the desirability or undesirability of public regulation of insider trading. One of the most important arguments against insider trading is that it generates agency problems that shareholders cannot resolve and that, therefore, insider trading should be publicly regulated. We have challenged this argument for failing to engage in comparative institutional analysis. We argued that when the negative aspects of insider trading, namely, the agency problems that it may create, are considered, it is necessary to engage in comparative institutional analysis and how these problems can be resolved under two different economic systems: the market economy and interventionism. We have been led to the conclusion that under a market economy, shareholders do have mechanisms to protect themselves against agency problems generated by insider trading and that these problems are reduced to a minimum. We have shown that interventionism hampers the functioning and reduces the disciplinary role of such mechanisms. Therefore, insiders have indeed more latitude to engage in these discretionary behaviors, pointed out by the supporters of the insider-trading-as-an-agency-problem argument, that harm shareholders. Finally, we have shown that the failures of government regulation reinforce this tendency of insiders’ behavior. We conclude that we cannot justify a public regulation of insider trading based on the insider-trading-as-agency-problem argument.     

苏宁易购实施员工持股计划的绩效分析

随着经济发展，上市企业普遍存在所有权与经营权分离的现象，其中伴随着相应的代理问题，有效降低企业代理成本及风险，有利于企业的内部治理，从而提高经营绩效。员工持股计划能让员工拥有所有权，从一定程度能改变所有权结构并影响企业经营绩效。以苏宁易购实施员工持股计划为例，分析其代理成本的变化，再对其盈利能力、偿债能力、营运能力进行分析，判断该激励计划对企业经营绩效的影响。结果表明，实施员工持股计划有利于企业短期绩效的提高，但要达到更好的激励效果，还需结合具体情况调整激励计划。     

Controlling and Motivating the Workforce: Evidence from the Banking Industry in the Late Nineteenth and Early Twentieth Centuries

Large banks have a considerable advantage over their smaller rivals because they are better able to diversify their portfolios. However, to achieve this advantage they must overcome agency problems associated with delegating decision making to non-owner employees. This paper uses evidence from the Union Bank of Australia to examine mechanisms used to monitor and motivate workers. Monitoring took the form of rigorous screening, beginning with the hiring process and continuing with frequent performance evaluations. Workers were also given strict rules of behaviour and incentives to supply effort in the form of seniority-based wages, performance-based promotions, and a generous pension plan.     

组织宽余(冗余):效率的损失还是柔性的需要?

在过去的半个世纪里组织宽余一直都是组织与管理研究领域中的一个重要概念,但宽余对组织而言究竟意味着什么或者说宽余在组织的运营中究竟扮演怎样的角色,不同学者之间一直存在不小的争议,现存的实证研究也未能给出一致的证据。文章从组织宽余最为经典的基础文献整理入手,系统梳理了组织宽余的理论渊源、内涵和类型,归纳了学者们从不同理论视角对组织宽余的功能或效应做出的各种解读,以及目前已经积累的经验证据。同时,还对组织宽余测量中存在的问题进行了识别与分析,并提出了可能的解决方案。最后,就组织宽余如何更好地融入不同的主流管理研究议题作了一些探索性的解读,以求能够促成不同研究之间的通约与互鉴共长。     

商业模式与企业绩效:控制机制的调节作用

基于组织匹配的观点,文章指出商业模式和控制机制之间存在匹配关系,因为商业模式由企业成员运营,其能否有效运作取决于这些成员的行为。因此,企业需要设计恰当的控制机制来保证商业模式有效运作。文章通过分析控制机制对商业模式与企业绩效关系的影响来发现商业模式和控制机制的匹配关系。研究发现：结果控制正向调节新颖型商业模式与企业绩效的关系,负向调节效率型商业模式与企业绩效的关系;过程控制负向调节新颖型商业模式与企业绩效的关系,正向调节效率型商业模式与企业绩效的关系。文章从控制机制视角回答了如何保证商业模式有效运作的问题,对理解商业模式价值有促进作用,并丰富了对控制机制设计的认识。同时,文章可以指导企业针对其商业模式设计控制机制,通过实现两者的匹配来保证商业模式有效运作进而提高企业绩效。     

Total factor productivity growth on Britain’s railways, 1852–1912: A reappraisal of the evidence

This paper revisits the issue of the productivity performance of Britain’s railways with an improved dataset and modern cliometrics. We find a slowdown in TFP growth between 1850 and 1870, after which it stabilized at about 1.1%. An analysis of company-level productivity performance reveals large discrepancies in TFP growth and substantial cost inefficiency. The evidence suggests that there was managerial failure in companies with agency problems in a context of collusion and high entry barriers. A wider implication is that the neoclassical exoneration of late-Victorian British management may be less convincing for the services sector than for manufacturing.     

上市公司发放现金股利的价值效应——基于委托代理问题视角的实证研究

现金股利发放反映了债权人、股东、管理者之间的利益分配关系,现金股利的价值效应受到委托代理问题的影响。采用2008—2017年沪深A股上市公司作为研究样本,在委托代理理论的分析框架下实证检验我国上市公司发放现金股利的价值效应。研究表明,发放现金股利可能会损害债权人利益,过度债务公司发放现金股利的价值效应较小,而债务不足公司发放现金股利的价值效应较大。基于管理者代理问题视角的研究发现,现金股利可以有效发挥降低管理者代理成本的作用,当管理者代理问题严重时公司发放现金股利的价值效应更大。基于控股股东代理问题视角的实证结果表明,现金股利可以作为替代性的治理机制约束控股股东行为,当控股股东代理问题严重时现金股利具有更高的价值效应。     

中小企业开辟融资新渠道初探

商业代理制以其风险共担、服务优质和市场开拓能力强而成为市场经济条件下的一种新型营销方式。其在引入我国的 2 0年间的发展过程中 ,取得了令人瞩目的成绩 ,同时也出现了不少问题 ,面临很多困难。本文在分析我国发展商业代理制过程中出现的问题的基础上 ,提出了解决的对策和     

论中小企业信用担保业的现状及其发展策略

信用担保是市场经济发展的产物。当前,我国中小企业信用担保业存在着规模较小、抗风险能力弱等问题。因此,通过积极创新信用担保机构的设立形式,扩大担保机构的资金来源;建立健全中小企业信用担保机构外部监管体系;健全再担保制度,完善风险分散机制等措施,来解决中小企业信用担保所面临的一系列问题,更好地发挥信用担保促进中小企业发展的作用。     

不确定环境下的非营利组织战略反 应研究

市场导向和组织创新是非营利组织( Nonprofit Organizations,NPO)在不确定环境下作出的战略反应,据此论文构建了环境不确定性、NPO战略反应和绩效间关联的概念模型。应用问卷调查数据及结构方程建模方法对概念模型进行检验,研究发现：(1)环境不确定性对NPO市场导向和组织创新均有直接驱动作用；(2)组织创新在市场导向与NPO绩效的关系中具有部分中介作用；(3)市场导向和组织创新在环境不确定性与NPO绩效的关系中具有完全中介作用。研究结果不仅丰富了战略管理理论和市场导向理论,同时也为我国NPO在不确定环境条件下选择合适的战略以实现组织的持续健康发展,提供了有益参考。     

A New Cost Efficiency Measure for Not-for-Profit Firms: Evidence of a Link Between Inefficiency and Large Endowments

Cost functions and cost efficiency are commonly estimated for industries with detailed data on production and cost, both for firms that are for profit as well as not for profit. The data on not-for-profits obtained from the IRS Form 990 lack these details and, consequently, encourage substitution of the ratio of program expenses to total expenses to gauge performance. While a larger program expense ratio captures better administrative cost efficiency, it does not gauge best-practice cost and the extent to which an organization’s administrative costs exceed best practice. Using the Form 990 data, this study constructs an administrative cost function for not-for-profits and uses the distribution-free technique of estimating a best-practice cost frontier to gauge the relative efficiency of not-for-profit organizations. Focusing on not-for-profit hospitals and their holdings of liquid assets, the empirical evidence is consistent with Jensen’s free cash flow hypothesis: hospitals holding liquid assets in excess of a benchmark have lower program expense ratios and lower cost efficiency. In addition, the CEOs of more cost efficient hospitals earn higher compensation. The agreement of the evidence on agency problems related to excess holdings of liquid assets from the program expense ratio and administrative cost efficiency reinforce the credibility of the latter as a measure of the performance of not-for-profit organizations.     

战略性新兴产业自主技术创新影响因素及其绩效分析

战略性新兴产业发展初期,其自主技术创新受到很多因素的影响,进而影响到战略性新兴产业进程。通过文献研究,选取了产业特性、技术特性、外部环境特性和组织内创新、组织间创新等影响因素,构建了自主技术创新及其绩效的概念模型,据此提出了相应假设,通过实地访谈和问卷调查,运用结构方程模型,对湖南省战略性新兴产业企业的问卷数据进行分析。结果表明:产业特性、外部环境特性、组织内创新和组织间创新对创新绩效具有直接影响;产业特性、技术特性、外部环境特性通过影响组织间创新、组织内创新间接影响创新绩效;组织间创新也可以通过组织内创新对创新绩效产生间接影响。     

农民专业合作社绩效研究进展

农民专业合作社作为一种农村经济的重要组织形式,在促进农业农村发展、增加农民收入上起到了很大作用,但合作社发展良莠不齐,在实际运行过程中存在许多亟须解决的问题。农民专业合作社的效益究竟如何,可以通过组织绩效来研究。通过查阅历年关于农民专业合作社绩效研究的学术文章,发现对合作社绩效这一热点问题的研究处于发展阶段。为此,从农民专业合作社绩效的评价维度、评价方法、影响因素、改进对策4个方面梳理农民专业合作社绩效研究的相关文献,并在此基础上提出了研究展望。     

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.     

发展型绩效考核如何影响公共服务机构的组织绩效？

构建发展型绩效考核与公共服务机构的组织绩效关系模型，讨论组织情感承诺、员工工作绩效及公共服务动机所发挥的中介、调节作用。通过对H省14个地州市的95家社区卫生服务中心783名员工的调查结果进行回归分析，得出以下结论 :（1）发展型绩效考核对中心的组织绩效有显著的直接影响。（2）员工工作绩效、组织情感承诺在发展型绩效考核与组织绩效间产生部分中介效用。（3）公共服务动机对发展型绩效考核和组织绩效关系的有调节效用，其中：公共服务动机对发展型绩效考核和组织绩效关系负向调节作用显著，对发展型绩效考核和员工工作绩效的关系也有显著负向调节，但其在发展型绩效考核和组织情感承诺关系中的调节效应不显著。