Decoupling risk taking from income stream uncertainty: a holistic model of risk

This paper builds and tests a holistic model of risk in organizations. Using structural equations modeling, we disaggregated risk into two distinct components, managerial risk taking and income stream uncertainty, or organizational risk. This allowed us to identify an array of organizational and environmental antecedents that have either been examined in isolation or neglected in previous studies about risk. Our results suggest that both organizational and environmental factors promote risk taking. Further, we found strong support for behavioral theory of the firm and agency theory on risk but not upper echelons theory. Our data also suggest that environmental characteristics have a negligible direct effect on organizational risk. Instead, the environment’s impact on risk occurs primarily through managerial choices. Copyright © 1999 John Wiley & Sons, Ltd.     

日本企业社会责任研究

2003年是日本的CSR元年,日本大企业开始群体推进企业社会责任,探索出一条独特的企业社会责任发展之路。本文回顾了日本企业社会责任的历史背景和主要进展,重点研究日本企业推进社会责任的动机、模式和特点,并对中国的企业社会责任实践提出意见和建议。与先行一步的日本相比,中国仍处于企业社会责任的初级阶段,要建设企业社会责任推动体系和基本制度,并着力抓好社会责任培训工作。     

企业风险管理

企业风险管理是企业为实现生产,经营和财务稳定与安全,对可能遭受的各种风险损害所采取的有效措施,能帮助企业进行成本和效益的分析,对所面临的各种风险作出客观而较为科学的决策,以降低风险所导致的损失,企业风险管理在经济发中所发挥的作用越来越大,具有广阔的发展前景。     

电力市场环境下电网经营企业的风险管理

介绍了在电力市场环境下电网经营企业所面临的一系列不确定性因素,以及这些不确定性因素所带来的诸如经营风险,输电阻塞风险、电网规划风险、体制风险等等各种风险,并对各种风险的应对提出了相应的策略。     

Does engagement in corporate social responsibility provide strategic insurance‐like effects?

Research summary : This study examines whether the stock and bond prices of firms engaging in corporate social responsibility (CSR) can benefit from insurance‐like effects during occurrences of negative events. Our results suggest that in the face of negative events, engagement in CSR on a continuous, long‐term basis provides insurance‐like effects on both the stock and bond prices of firms. Nevertheless, the effects are found to quickly disappear following the occurrence of a second, or subsequent, negative event. Although our results clearly indicate that firms need to allocate some of their available resources to long‐term strategic CSR activities, managers must also realize that in a crisis communication, they will probably be able to use their CSR claims on one occasion only. Managerial summary : The purpose of this article is to examine whether firms engaging in corporate social responsibility (CSR) can benefit from insurance‐like effects during occurrences of negative events. We find that on the occurrence of a negative event, long‐term CSR engagement does have insurance‐like effects. We also find that these insurance‐like effects may quickly disappear following the occurrence of a second negative event. Managers of firms with a long history of CSR activities need to realize that in a crisis communication, they can probably use their claims of adherence to CSR only once. Copyright © 2015 John Wiley & Sons, Ltd.     

电力债权资产证券化及其风险管理的研究

资产证券化融资是一种表外的直接融资方式,有其他融资方式无法具备的优点.笔者针对电力企业大量存在的电费应收账款问题,指出电力债权资产证券化是解决这一问题的有效途径,提出电费过手证券这一解决方案的新思路.同时提出了电力保险的概念,对电力保险的标的、性质、运作机制以及电力债权资产的可保风险条件进行了分析,并提出了电力保险的基本模型.     

机构投资者对证券市场价格波动性的影响——基于Topview数据的实证研究

本文在完整的市场结构数据基础上,研究了市场波动性与机构投资者之间的相互关系。在研究数据方面,我们采用了深度、高频的Topview数据,既避免了前人在研究数据方面的以偏概全,也让我们可以采用更为先进、稳健的实证方法。我们设定了恰当的波动性度量指标,运用了稳健的因果推断方法。并用脉冲响应和方差分解的方法细腻刻画两者之间的相互关系。本文的主要结论是:机构投资者持股比率的波动对上证指数波动有显著的影响,是导致上证指数波动最为主要的原因,法人投资者和个人大户投资者持股比率的变动对上证指数的波动几乎没有影响,机构投资者持股比率波动还会向法人投资者、个人大户投资者持股比率溢出,这些表明在上海证券市场上机构投资者是市场波动的主要来源和主要原因。机构投资者的多元化、坚决推进市场的规范化改革应当成为未来政策关注的重点。     

煤炭市场供需波动与价格风险管理

大秦线的春季检修是历年上半年北方下水煤供应波动的主要因素,通过分析发现大秦线检修带来的供给波动在历年的夏季价格大跌中发挥了关键性作用。除了大秦线检修之外,需求的波动、运输计划的调整等都会带来市场的波动。在供大于求的市场环境下,价格易跌难涨,波动对于短期价格变化有重大影响。价格的下行实际上是在各种供需波动作用下,少涨多跌的动态调整过程。因此,在当前的煤炭经营管理中,应强化波动管理,最大限度地避免供需波动、平滑煤炭供应、稳定市场价格。     

基于波动率指数的期权对冲策略研究

波动率指数反映了期权投资者对未来市场波动性的预期,被用作衡量市场风险的重要依据。试图应用波动率指数来构建一种风险收益特性类似于债券的期权投资策略,即寻找市场中隐含波动率较相应的波动率指数高估或低估的期权品种并进行建仓,再用标的现货使组合保持delta中性。最后采用香港恒生指数期权数据进行了实证分析,结果显示该策略具有一定的实用价值,对期权投资具有一定的参考意义。     

工程质量保险在高校基建工作中应用的研究

随着我国经济的不断发展,对建筑工程质量提出了更高的要求。高校基建部门担负着基础设施建设的繁重任务,如何提高基建部门的风险管理水平,提高工程质量变得越来越重要,工程质量保险这一新兴的保险模式对高校基建工作起到很大的促进作用。     

外包生产模式及其对市场结构影响的分析

本文分析了目前流行的外包(OEM)生产模式的推行条件、激励因素和其对市场结构的影响。从外包生产模式存在的基本条件入手，随后从成本节约的角度分析了外包生产模式对上下游企业的激励因素，指出外包生产模式对生产、销售环节所面临的市场风险的分离以及由此带来的成本节约，是诱导厂商选择外包生产模式的关键因素之一。进而分析了外包生产模式对市场结构的影响，提出我们应该以一种更客观公正的态度评判中国企业以专业代工厂商的身份参与国际产业竞争的意义和价值。     

Market Leadership Volatility in Japanese Industries

The paper computes the extent of marketleadership volatility by industry, and then examinesthe determinants of volatility in Japanesemanufacturing industries. Volatility varies fromindustry to industry, and changes over time in manyindustries. Concentration coexists with lessvolatility, suggesting that the former has a policysignificance. Concentration change has a significantand positive effect. Exports have avolatility-promoting effect, but imports have noeffect. Industry size tends to decrease volatility.The effect of industry growth is not found.Advertising, R&D and distribution channel have nodefinite effect respectively as well.     

加强对养老保险基金有效投资初探

由国家筹集的全国社会保障基金可以投资运营,企业年金实行市场运营,地方管理的基本养老金不能投资运营。从宏观上说,养老保险基金有效投资有利于减轻国家、企业和个人的负担,为国家经济建设提供长期基金,有利于养老金的保值增值,以应对未来养老金的支付能力。为了加强养老保险基金的有效投资,必须健全和完善养老保险基金有效地投资的内部条件和外部环境。     

全面社会责任管理:新的企业管理模式

全面社会责任管理作为一种社会价值目标管理模式,它与目前的股东利润目标管理模式在管理框架、管理目标、管理对象、管理价值和管理机制上都存在着本质区别。同时,相比于传统的企业社会责任管理,全面社会责任管理具有管理性质定位的全局性、管理责任内容的全面性、管理实施范围的全覆盖、管理体系建设的全融合以及管理预期目标的综合性等特征。全面社会责任管理在企业管理的基本假设、解决的核心问题以及解决核心问题的基本范式等本质层面上与现有的管理理论作出了完全不同的理解与探索,并在实践中不断得到检验,这必将推动世界管理理论与实践的根本性变革。本文还提出了全面社会责任管理的3C+3T模型,建立了全面社会责任管理的思想体系和实施体系。     

Who benefits the most? Risk pooling in mortgage loan insurance: Evidence from the Canadian mortgage market

This article evaluates the effect of mortgage loan insurance (MLI), an essential macroprudential tool available to policy makers, on housing affordability, household leverage, and the overall welfare of the economy. A dynamic model of the housing market with heterogeneous households and competitive housing and mortgage markets is constructed and is calibrated to Canadian data. We find that relaxing the mandatory nature of MLI required for mortgages with a loan-to-value ratio of 80% or more, in favor of a counterfactual system where MLI reflects credit risks, dampens demand for housing to purchase and puts downward pressure on house prices. Some of the households with low income and low asset holdings can no longer afford a house; therefore, the aggregate homeownership rate drops. In contrast, demand for rental units increases and rents go up.