供应链管理的委托代理策略研究

本文研究了供应链管理和委托代理机制,得出了供应链企业委托代理的实施过程中,也存在逆向选择和道德风险问题.站在制造商(即委托人)对于供应商(即代理人)的角度,针对逆向选择和道德风险的问题,分别对产生机理和防范策略进行了研究.根据道德风险的产生原因,提出了在供应链管理环境中的激励机制,利用各种激励方法和模式,避免代理人的道德风险问题.     

基于委托代理理论的第三方物流风险研究

随着国民经济的发展,物流业在我国国民经济中所占的比重越来越大。第三方物流无疑是我国物流了的重要组成部分。第三方物流的兴起及对物流服务的需求导致了第三方物流企业与物流服务需求方之间委托代理关系的产生。其主要的问题有逆向选择和道德风险问题。文中以委托代理理论为基础对第三方物流企业与供应链上游企业之间在合作过程中出现的委托代理风险进行了分析,并提出相应的应对策略。     

基于委托代理关系的供应链交易成本管理

<正>一、供应链委托代理关系分析在经济学上,委托代理关系泛指任何一种涉及非对称信息的交易,交易中拥有信息一方称为代理人。在供应链管理中,各企业都是集中主要能力经营自己的核心业务,因此上下游企业之间具有不同的信息、知识和专业化技能,它们具有不对称信息,从而构成一种委托代理关系,掌握信息优势的一方成为代理方,另一方成为委托方。     

风险投资中第一重委托代理关系问题研究

<正>风险投资体系由风险投资者、风险投资机构、风险企业和一些中介机构组成,其中前三者是主体,并且两两之间构成了委托代理关系,其中最重要的是第一重委托代理关系。由于风险投资者和风险资本家之间信息的不对称形成了逆向选择和道德风险的问题,加大了代理成本。本文将探讨如何通过合理安排风险投资机构的财务治理结构来解决第一重委托代理关系中的逆向选择和道德风险。     

深化政府采购制度改革背景下加强人民银行政府采购管理的思考——基于委托代理关系的政府采购管理研究

政府采购委托代理关系中存在的逆向选择、道德风险等问题,会损害委托人和一些潜在供应商的利益,不利于实现“物有所值”的采购目标和维护采购公平竞争的市场秩序。本文以信息经济学中的委托代理理论为分析框架,结合人民银行政府采购管理实际,深入分析政府采购中的委托代理关系以及委托代理机制下存在的问题,提出解决人民银行政府采购委托代理问题的基本思路。     

浅议当前银行代理公积金业务存在的问题与改进

委托代理关系泛指任何涉及不对称信息交易双方之间的关系。其中，交易中具有信息优势的一方或知情者称代理人，而信息劣势的一方，即不知情者称委托人。按照不对称信息存在的时间分类，发生在签约前的信息不对称模型称为不利选择模型，签约后信息不对称的委托代理关系称道德风险模型。按照不对称信息的内容可以分行为的不对称和知识的不对称。     

基于委托代理和锦标模型的供应商管理

随着经济全球化的发展,企业间竞争的不断加剧,推动当今企业追求全面发展,不仅追求企业与企业之间的竞争,更重视了与其供应链上企业的抗衡,从各个方面来提高其竞争力。其中,供应商管理作为供应链管理的核心问题不容忽视,基于分散风险的考虑,企业多倾向于选择多个供应商与其合作,然而如今大多数理论研究重点主要集中于核心企业如何对单一的供应商进行管理,却忽视了供应商管理过程中多个供应商之间的相互影响。本文主要由委托代理理论引出供应商管理中的问题,以及对供应商选择与评价模型的一些改善看法,然后运用锦标模型分析供应商之间的相互作用对供应商激励契约机制的影响,最后结合目前相应的理论知识综合分析供应商激励契约的设计。     

委托代理理论述评

委托代理理论的核心是解决在利益相冲突和信息不对称情况下，委托人应该采取什么样的方式在代理人实现自己的效用最大化的同时也能实现委托入的效用最大化，即所谓激励相客的问题。本文对委托代理理论的假设前提、委托代理关系、代理问题、代理成本、激励约束机制等方面的研究进行了综述，发现采用实证研究方法来构建激励约束模型已成为当今委托代理理论的主流。     

证券投资基金中委托代理关系的博弈分析

本文从博弈的角度,对证券投资基金运作方式的委托代理关系进行分析,构建了基金委托代理的博弈模型,并通过分析得出相关结论。     

论国有商业银行的目标函数异化与行为异化

现代商业银行的典型特征是所有权与经营权的分离。对此，委托代理理论提供了一个较好的理论视角与分析思路。对于中国国有商业银行来说，委托代理问题面临着目标函数和行为的异化，因此有必要基于委托代理理论进行制度的再选择，以确保国有商业银行价值目标的实现。     

Limits to arbitrage and hedging: Evidence from commodity markets

We build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases in producers' hedging demand or speculators' capital constraints increase hedging costs via price-pressure on futures. These in turn affect producers' equilibrium hedging and supply decision inducing a link between a financial friction in the futures market and the commodity spot prices. Consistent with the model, measures of producers' propensity to hedge forecasts futures returns and spot prices in oil and gas market data from 1979 to 2010. The component of the commodity futures risk premium associated with producer hedging demand rises when speculative activity reduces. We conclude that limits to financial arbitrage generate limits to hedging by producers, and affect equilibrium commodity supply and prices.     

混合供给模式下巨灾保险市场的激励与约束研究

巨灾保险具有准公共物品属性,既可以由政府提供,也可以由市场提供,单纯依靠政府和私人市场提供都存在较大弊端,政府和私人部门合作,采用混合供给模式可以形成互补优势,提高效率,这已成为国际巨灾保险市场发展的一大趋势。本文以混合供给模式下的巨灾保险市场为对象,分析巨灾保险市场中的委托代理关系,并对如何构建有效的激励与约束机制进行了初步探讨。     

Informational Frictions and Commodity Markets

This paper develops a model with a tractable log‐linear equilibrium to analyze the effects of informational frictions in commodity markets. By aggregating dispersed information about the strength of the global economy among goods producers whose production has complementarity, commodity prices serve as price signals to guide producers' production decisions and commodity demand. Our model highlights important feedback effects of informational noise originating from supply shocks and futures market trading on commodity demand and spot prices. Our analysis illustrates the weakness common in empirical studies on commodity markets of assuming that different types of shocks are publicly observable to market participants.     

经济增长、国际资源品价格与输入性通货膨胀——基于扩展的新凯恩斯菲利普斯曲线的实证分析

在新凯恩斯菲利普斯曲线模型中引入国际资源品价格变量、货币供应量、人民币名义汇率,扩展新凯恩斯菲利普斯曲线模型,并利用SVAR模型进行实证检验,结果表明,中国因素已经成为当前国际资源品价格上涨的主要动力,其影响力度强于美元流动性、弱于美元汇率;中国的经济增长、国际资源品价格上升和输入性通货膨胀具有共生关系;输入性通货膨胀因素的影响强于经济增长、货币供应量因素和人民币升值的影响;货币供应量对通货膨胀的影响具有滞后性。因此,应大力发展期货市场,鼓励国内大型企业参股或者控股国外资源开发公司的股权,加强政府对国际大宗商品采购的宏观指导;同时,应加速调整中国经济增长结构。     

Commodity volatility breaks

Volatility is a key determinant of derivative prices and optimal hedge ratios. This paper examines whether there are structural breaks in commodity spot return volatility using an iterative cumulative sum of squares procedure and then uses GARCH (1,1) to model volatility during each regime.The main empirical finding is the very limited evidence of commodity volatility breaks during the recent financial crisis. This suggests commodity return volatility was not exceptionally high during the recent financial crisis compared to the 1985–2010 sample period as a whole. For many commodities there are multiple idiosyncratic breaks in volatility; this suggests commodity specific supply or demand factors are important determinants of volatility. The empirical results overall are consistent with the view that commodities are too diverse to be considered as an asset class. Finally, we find commodity volatility persistence remains very high for many commodity returns even after structural breaks are accounted for.     

Taxing bitcoin: Incentivizing the difficulty adjustment mechanism to reduce electricity usage

This paper develops a model of the bitcoin market that views the bitcoin as a tradeable commodity whose supply is managed by the Bitcoin protocol. Miners utilize equipment and electricity to solve complex computational problems and the first miner to solve a problem is rewarded with bitcoins. The protocol adjusts the difficulty of the problem to target a constant growth rate in the supply of bitcoins over time. The model demonstrates that an increase (decrease) in the difficulty works in effect like a government’s placing an ad valorem tax (subsidy) on the price of a commodity. The rents that would have arisen from limiting supply, however, are wasted as electricity costs. It is shown that an actual tax on the price of the bitcoin can be used to displace the electricity costs. Using data from March 2014 to January 2019, it is estimated that the difficulty adjustment mechanism resulted in net welfare losses to the miners and buyers of bitcoins of 373.8 million USD. Average initial tax rates of 35% and 347.5% would have fully displaced the electricity costs and maximized their reduction, respectively.     

会计信息可比性与企业商业信用融资——基于企业市场地位和行业竞争环境的双重考量

不同于传统的基于资本市场情境进行的会计信息可比性经济后果研究,将研究场景拓展至商品市场中企业供应链层面,考察企业会计信息可比性能否影响供应链伙伴的商业信用政策制定,进而反映到企业的商业信用融资水平.研究发现:会计信息可比性越高的企业,其商业信用融资水平也越高;会计信息可比性对商业信用融资的促进作用只在市场地位较低、所处行业竞争程度较高的企业中存在.进一步的拓展研究证实,提高会计信息可比性可以有效缓解我国中小微企业普遍存在的融资难问题.     

Understanding international commodity price fluctuations

An overview is provided of recent work on commodity prices, focusing on three themes: (i) "financialization" of commodity markets--commodities being considered by financial investors as a distinct asset class, (ii) trends and forecasts of commodity prices, and (iii) fracking—a shorthand for the emergence of new sources of energy supply. Lessons are drawn on the role of fundamentals and expectations in driving the rapidly changing nature of commodity markets.     

Communication in Private-Information Models: Theory and Computation

Communication and no-communication versions of a two-stage principal-agent model are compared. The models contain a risk-averse agent and two sources of private information, a shock to preferences followed by a productive action. Both models are formulated as linear programs, which are then used to compute solutions to examples. For the communication model, an alternative method of accounting for the utility from off-equilibrium strategies is derived. This method greatly reduces the size of the linear program. For the no-communication model a Revelation-Principle like proof is provided. In simple cases, a sufficient condition for communication to be valuable is derived. In these cases, communication improves risk-sharing in bad states of the world. In more complicated cases, computed examples demonstrate how communication may also alter labor supply. Further examples demonstrate how action and consumption lotteries may separate agents by their shock.     

会计信息供需矛盾的探讨

会计信息是一种特殊的商品,即"公共商品",因此也适用经济学的供求定理。根据这一定理,当会计信息的供给与需求不相等时,就会产生会计信息的供需矛盾。会计理论本身固有的局限性是会计信息供需矛盾产生的内在因素,会计环境的不断变化是会计信息供需矛盾产生的外在原因。解决会计信息供需矛盾的对策:一是充实与改进会计理论与会计方法;二是完善会计准则与会计制度;三是改善会计环境。