跨国公司收入最大化的行为模型

Departing from the traditional profit-maximization assumption underlying the theory of the multinational enterprises (MNEs), this paper proposes a model of the revenue-maximizing MNE subject to the profit constraint. The nonlinear programming techniques are used for the equilibrium analysis of the MNE’ s decision-making. A set of optimal conditions is derived regarding the quantity of output, volume of intra-firm trade, allocation of multinational production, as well as transfer prices in both exogenous and endogenous cases. Under the context, a comparison of the behavioral differences is made between the revenue-maximizing MNE and the profit-maximizing MNE.      

Towards a theory of multinational enterprise

This paper sets forth a rationale for multinational enterprise within a transaction cost analytic framework. It is suggested that hedging is an unlikely strategy for multinationals, and that economies gained from the intermediate case of firm-specific/partially product-specific information links provides the rationale for multinational enterprise. Foreign location is necessary to exploit product-specific economies, while the multinational option internalizes and guards the non-product-specific informational content of overseas investment.     

Technology and Oliver Williamson's transaction cost economics

Oliver Williamson has greatly contributed to refining neoclassical economics by incorporating transaction costs and internal organization; yet, his new institutional economics too easily dismisses the role of technology. In doing so, he has replaced the determinism of technological production efficiencies with the determinism of transaction cost efficiencies. A review shows that Williamson's new institutionalism has evolved through three stages in terms of the focus of his analysis and his views of transactions. Throughout this evolution, however, his proposed solutions to organizational failures have actually continued to rely heavily upon technology.     

马克思企业理论和新制度经济学企业理论的比较

本文从企业的产生、企业的边界、企业的内部控制,以及分配三个方面对马克思主义经济学和新制度经济学的企业理论进行比较。马克思主义经济学用历史唯物主义方法将企业看作资本主义经济运行过程中的一个环节,揭示了企业产生和发展的原因,并精辟地分析了隐藏在物的背后的两大阶级之间的矛盾对立关系;新制度经济学采用逻辑实证的方法对企业进行分析,认为交易费用是决定企业产生及规模变化的重要因素,企业内部的控制和分配关系是由效率来决定的——这种将所有生产要素都看作是客观资源的分析方法,掩盖了利益分配的实质,从而忽视了人的主体性因素。     

The cost of capital for a multinational corporation

Evaluating foreign investments requires as inputs the costs of various sources of financing. A multinational firm could raise both debt and equity in capital markets located in different countries. This paper derives the required rates of return for a foreign investment from: domestic bonds, domestic equity, foreign bonds and foreign equity from both the domestic and foreign investors' perspectives. These required returns serve as the basic components in the calculation of the weighted cost of capital for a foreign project.     

基于经济学视角的企业组织本质问题研究述评

企业组织本质问题就是一个企业组织为什么产生及存在的问题。在经济学中，企业组织本质问题的研究是一个无法回避的重要课题。斯密用分工和交换理论启蒙了企业组织本质问题的研究，而随后的“李嘉图偏离”使这一问题淹没在“只注重市场交换”的浩瀚海洋之中。科斯重提企业组织本质问题研究，但其理论的基础还是市场交换，使其陷入了“交易费用泥潭”之中而不能自拔。新兴古典经济学复活了分工理论，使得企业组织本质问题的研究得以真正登场亮相。于是，沿着这一思路，本文完成了经济学视角下企业组织本质问题研究的述评。     

Technology and transaction cost economics: A reply

I argue here, as I have previously, that technology is neither fully determinative of nor irrelevant to economic organization. Transaction cost economizing occupies a prominent position in any effort to assess the efficacy of alternative forms of economic organization.     

煤炭企业外延成本的管理与控制

根据煤矿生产及成本构成的特点,将对煤炭成本影响较大,而且在生产过程中难以管理与控制的成本称之为＂外延成本＂。研究表明：矿井规划设计与建设、煤矿技术改造、煤矿服务体系和管理体系对成本影响较大,应该加强煤矿技术改造,完善煤矿的服务体系和管理体系,合理规划和建设矿井等。     

The function of authority in transaction cost economics

This paper questions the transaction cost characterization of observed authority relations as efficient governance structures. Various inadequacies in the transaction cost account of work organization and the limits of firm size are traced to its neglect of the possibility that authority may be abused opportunistically. This exemplifies a more general propensity in the transaction cost literature: that of explaining economic organization in functionalist terms, with little attention to the causal mechanisms through which efficient governance structures might actually arise. Three such mechanisms are considered, but none is found to provide an adequate rationale for the imputation of efficiency to observed structures.     

物流企业成本控制问题与对策

依据物流功能要素对物流企业成本构成进行了介绍,从行业成本核算与成本控制制度、全过程成本控制理念、成本控制效果等方面分析了目前困扰我国物流企业成本控制的主要问题及其成因,并从《物流法》制定、建立内部市场运作机制、完善物流企业成本预算与控制体系等方面提出了解决物流企业成本控制问题的相应对策。     

The cost controversy: Pigouvian economics in disequilibrium

The standard treatment traces the relation between a firm's costs and output to Jacob Viner's seminal article in 1931. This glosses over the importance of the cost controversy a by-product of which is the development of the basic elements of the theory of the firm in the long-run perfectly competitive framework. This article focuses on the contributions to this area of Arthur Cecil Pigou who-while defending specifying and changing the Marashallian treatment of the laws of returns during the 1922–1932 period - separated external and internal economics of the equilibrium firm drew (perhaps for the first time) U-shaped cost curves and spelled out stability conditions for competitive equilibrum. These provided the building blocks of modern theory of the firm as presented in undergraduate economic textbooks.     

Public and private bureaucracies: a transaction cost economics perspectives

The public bureaucracy is a puzzle. How is it that an organizationalform that is so widely used is also believed to be inefficient- both in relation to a hypothetical ideal and in comparisonwith private bureaucracies? This article examines public bureaucracythrough the lens of transaction cost economics, according towhich the public bureaucracy, like other alternative modes ofgovernance, is well suited to some transactions and poorly suitedto others. Rather than proceed in a completely general way,I focus on what James Q. Wilson describes as 'sovereign transactions',of which foreign affairs is an example. I ask what it is thatdistinguishes sovereign transactions, after which I comparethe efficacy of public and private bureaucracies for managingsuch transactions. I conclude that there is an efficiency placefor public bureaucracy, but that all modes of governance (markets,hybrids, firms, regulation), of which public bureaucracy isone, need to be kept in their place. I further observe thatpublic bureaucracies are not all of a kind and that differencesbetween them need to be distinguished.     

环境成本在煤炭企业的应用

日益严重的环境污染问题迫使企业应当且必须遵守环境友好的运行模式,尤其是煤炭企业。随着煤炭工业可持续发展政策措施试点工作的逐渐推开,环境成本计入煤炭成本成为可能。本文以山西省煤炭企业提取三项基金的实施为例,阐述了环境成本在煤炭企业的具体运用。     

浅析物流企业成本管理的问题及对策

随着社会经济水平的提升,各物流企业也得到较大的发展。在此过程中,物流企业业务种类和数量都有所增加,企业所需要投入的成本也相应发生了改变,因此其对各项成本的管理和控制就极其重要。就目前情况看,大部分物流企业在成本管理方面都存在些许问题,只有对其进行详细全面的分析,才能提出较为有效的解决对策,物流企业才能得到更加长远稳定的发展。     

Emerging patterns of multinational enterprise operations in developed market economies: evidence and policy

In their attempt to adapt to the extreme flexibility requirements of the current international competitive environment multinational enterprises have enriched their menu of means for international expansion with many forms of minority equity investments and nonequity interfirm alliances. The rapid proliferation of these new means of international operation has opened a Pandora's box for governments; the increased internationalization of business in a large number of manufacturing industries has certainly decreased the possibilities for the successful implementation of strictly internally focused economic policies. The fact that this internationalization is a bottom-up procedure (firms reacting to market conditions) and that its causes seem only to be intensifying in the foreseeable future has conviced governments of developed market economies to accept the resulting global interdependence as a rather permanent feature of international competition and try to accomodate national priorities accordingly. Economic interdependence among nations can be a real solution for healthy development should it be strengthened through tailoring that maintains independence.     

Theoretical isolation and explanatory progress: transaction cost economics and the dynamics of dispute

Two related goals are pursued. First, the development of, anddebates around Oliver Williamson's version of transaction costeconomics are organised in terms of an emerging metatheoreticalframework. It proposes looking at economic theorising and itschanges in terms of rival theoretical isolations which are oftenresponses to challenging explanatory questions. As a side product,Williamson's strategy of theorising is portrayed. Second, usingtransaction cost economics as an illustration and as a sourceof inspiration, the paper amends and refines the earlier frameworkof theoretical isolation by incorporating notions of explainingand explained items; notions of progress (in questions as wellas increased causal penetration and increased degree of unification);and the notion of the dynamics of dispute.     

A form of government organization from the perspective of transaction cost economics

Taking the approach of the superfirm, we characterize government organization through six different features. First, citizens are viewed as sovereign owners of a superfirm; elected officials are employees of the sovereign citizens. Second, in analogy to the economic principle of the division of labor and specialization, a division of labor between five independent branches of government is advocated: the legislative, the budgetary, the executive, the law enforcement, and the judiciary branch. Third, we do not suggest a mechanism of checks and balances between government branches but deal with the threat of tyranny using the principle of separation of decision control and decision management developed by Eugene Fama and Michael Jensen. Fourth, with election as a decision control device, we demarcate the constituency of the budgetary branch by age groups to provide an explicit control mechanism for intertemporal and intergenerational trades. Fifth, to strengthen sovereign citizens' decision control, the powers to recall elected chief public servants, to declare emergency and war, to sign into international treaties, and to amend the constitution are vested with a national assembly. Sixth, there is no head of state.     

加强企业风险管理,降低财务困境成本

公司通过风险管理可以降低从银行贷款的成本,可以降低债券发行的融资成本,可以降低通过股票发行融资的成本.显然,公司进行风险管理可使公司融资更加容易,并且可降低公司各种融资方式下的融资成本.