Happy workers value effort,sad workers value reward

Why do various workers exhibit dissimilar motivational levels and performance results within the same incentive systems? According to expectancy theory, this might result from distinct evaluations of whether those rewards deserve corresponding effort. We proposed and verified that affective states influence the valuation of effort and reward. We concluded that happy people are likely to exert efforts for future rewards and sad people tend to seek rewards without extra effort. Our finding can explain divergent employee reactions to the same incentive programme. Our results provide an explanation for the finding that happy workers are more productive than sad workers. These results have crucial implications for human resource management theory and practice.     

基于价值链整合的价值链会计探析

本文以网络经济下的虚拟价值链和实体价值链的整合分析为基点,探讨了价值链整合后会计的一些相关问题。认为价值链的整合使价值链会计在现行会计核算体系与虚拟价值链活动之间存在一个切合点;价值链会计的管理活动主要从价值信息管理和增值活动管理等方面具体实施;价值链会计应对现行财务报告体系进行修正,反映企业的非货币及非财务信息,全面实施企业综合业绩报告体系。     

基于价值创造的公司经营价值评估方法

公司经营价值评估方法主要有经济增加值法和自由现金流量折现法。经济增加值法能够从逻辑上说明公司经营价值的源泉,自由现金流量折现法能够较好地说明公司经营价值的本质。而基于价值创造基础的公司经营价值的评估方法综合上述两种方法的优点,不仅有利于理解价值的本质,更有利于理解价值的源泉,因此能够更好地帮助投资者实现价值管理和价值投资的目标。     

When value co-creation fails: Reasons that lead to value co-destruction

Value co-destruction is a possible outcome of business, public and consumer collaboration. We examine reasons that lead to value co-destruction and when these reasons emerge. Since previous research on the topic is limited, our research approach is abductive qualitative research. The empirical data emerges from 19 semi-structured interviews conducted in seven organizations operating in Finland. Results indicate that value co-destruction emerges due to eight reasons. Our empirically grounded framework for value co-destruction demonstrates when these reasons emerge (before or after the collaboration or interaction) or they are time-independent. Results provide important insights for academics and managers into how value co-creation efforts can have negative outcomes and at what stage each reason is more likely to happen.     

福田汽车投资价值分析

本文从福田汽车的基本情况入手,简单介绍了公司的股本构成及其变动情况,并结合汽车业的整体情况分析了福田汽车各种产品的竞争力和福田公司在行业中地位。最后结合公司近期的财务数据,分析了公司的赢利能力和成长性,并对公司的发展前景进行了预测,从而可见福田汽车具有一定的投资价值。     

Reforming value added tax

The research reviewed in this paper establishes that the VAT system generates heavy administrative burdens for small firms in Europe despite various measures taken to alleviate them. A possible solution would be to abolish VAT charges between registered traders which would, in effect, convert the tax into a sales tax. The conclusion is that such a change would necessitate modification of the 6th Directive on VAT. The other alternative might be to compensate small firms for their work as unpaid tax collectors.     

公允价值新论

本文对公允价值的内涵和外延作了重新界定,认为公允价值的本质是价格而不是价值,并对公允价值在我国运用的障碍进行了分析.     

福田汽车投资价值分析

本文从福田汽车的基本情况入手,简单介绍了公司的股本构成及其变动情况,并结合汽车业的整体情况分析了福田汽车各种产品的竞争力和福田公司在行业中地位.最后结合公司近期的财务数据,分析了公司的赢利能力和成长性,并对公司的发展前景进行了预测,从而可见福田汽车具有一定的投资价值.     

A model for sealed-bid auctions with independent private value and common value components

This paper shows how a decision-making model can be applied to a sealed-bid auction with both independent private value (IPV) and common value (CV) components. The model yields estimates for the winning bid and for the actual value and error components of the winning bid as functions of the number of bidders and the underlying value and error distributions, assuming that these distributions are normal. The winner's curse and the special cases of IPV and CV auctions are examined using the model.     

Measuring the value of community

This paper presents a method for obtaining quantitative measures of the value of a community environment in terms of the change in income which would equalize utility across locations. It is applied in a longitudinal study of factory workers. The evaluations of community are presented both as changes in weekly wage income and as the present discounted value of the changes over the subject's future work life. The evaluations are substantially greater than the tangible costs of migration (e.g., moving expenses). Results are examined by race, sex, age, income, and homeownership. Analysis of the end-period data on the actual migration trends of the sample support the reliability of the measures.     

论公允价值的相关性

随着公允价值得到越来越广泛的应用,公允价值能够更好地反映一个企业的实际经济状况,提供比历史成本计量更具决策信息的概念,越来越深入人心。本文首先介绍了公允价值及其相关概念,然後通过推导公允价值、公司价值与企业实际经济情况的关系,发现了公允价值的相关性存在不确定的可能,指出公允价值的相关性是相对的。     

商业劳动与价值创造

文章从商业和商业劳动概念出发,辩证分析了"商业劳动创造价值"的观点,对建设资源节约型社会具有一定的现实意义。     

CEO ownership and firm value

This paper examines the hypothesis that the amount of CEO ownership has a dominating effect on the value of the firm. Using a diverse sample of firms, firm value as measured by Tobin's q is found to be a nonmonotonic function of CEO ownership. Specifically, Tobin's q rises when the CEO owns between 0 and 15% and declines as CEO ownership increases to 50%. Beyond 50%, the value starts to rise. Firm value also is found not to be a function of management ownership when CEO ownership is separated out, indicating that CEO ownership does have a dominating effect on firm value. Copyright © 1999 John Wiley & Sons, Ltd.     

How to value a life

The tradeoff between money and small risks of death is the value of statistical life (VSL), which has become the standard for assessing the benefits of risk and environmental regulations. Labor market estimates of the VSL average about $7 million. This valuation amount rises with age and then declines, closely tracking the pattern of consumption over the life cycle. The VSL for those at age 60 is higher than for people in their 20s. Application of this methodology to assess the mortality costs to smokers indicates a personal mortality cost on the order of $200 per pack for men and $100 for women using a 3% discount rate, but based on smokers’ rates of time preference the costs are reduced by about an order of magnitude.

Fluctuating uncertainty and flexibility value

A simple model of recurrent fluctuating uncertainty with two types of investment assets, commitment and flexible, where fluctuating uncertainty is defined as changes between high and low confidence regimes, is constructed. By assuming risk neutrality, I find analytically a formula for flexibility value that is defined as the difference between the expected return to the commitment asset and the expected return to the flexible asset. This flexibility value is positive in the low confidence regime because of a positive attribute of the flexibility asset that is the option to utilize new information later. The relation between flexibility value and other parameters of the model is also considered. Flexibility value increases as the information an individual obtains in the high confidence regime increases or the discounting factor of the individual increases. Finally, flexibility value can increase even if, ceteris paribus, the return to the commitment asset increases.     

A pollution theory of value

Environmental policies in effect add polluting emissions to the list of society's limited resources. As a consequence, they necessitate the estimation of a new system of values that will relate social ends and economic activities in a regime of optimum resource allocation. The purpose for formulating the theory presented in this paper is to illuminate the nature and assist the determination of these values when emissions are regulated. In discussing the theory's contributions, I place emphasis not on the normative properties of the theory but rather on the potentials it offers for an integrated environmental policy evaluation within a social context. The theory is founded on the concept of productive efficiency and the related concept of accounting prices for resources and for the products of resource utilization.     

Emission abatement induced value changes

Emission abatement by economic activities induces fundamental changes in an optimum emission resource allocation. These changes involve the social value of emissions, the comparative advantage of certain activities as efficient polluters, the potential redundancy of certain environmental policies, and the comparative basis for levying emission eligibility fees and for evaluating incoming activities. In this paper I analyze these changes in the context of a linear model of resource allocation.     

Management ownership and corporate value

Existing literature on the relation between management ownership and firm value has provided competing hypotheses and conflicting evidence. Using samples of Fortune 500-sized firms in 1976, 1980 and 1984, we find that corporate value measured by Tobin's q is a function of management ownership. Specifically, the q rises when management ownership is between 0% and 5-7%, and falls as the ownership increases to 10-12%. Beyond this range, we find that the q continues to fall in the 1976 sample, and starts to rise in the 1980 and 1984 samples. The evidence supports the hypothesis that there is a nonmonotonic relation between management ownership and corporate value.