MBO:完善上市公司管理层约束与激励的新思路

本文从企业投资角度且以团队为基础 (传统的分析基本上是以边际工人为基础的 ,研究企业人力资本投资客体与投资主体共同进行企业人力资本投资决策问题 ,建立了利润分享式契约下企业人力资本投资模型 ,对企业利润分享式契约下专用人力资本和通用人力资本进行了投资博弈分析。     

Competitiveness and Subsidy or Tax Policy for New Technology Adoption in Duopoly

We consider a problem of subsidy or tax policy for new technology adoption by duopolistic firms. The technology is developed in and transferred by a foreign country to the domestic country. It is free but each firm must expend some fixed set-up cost for education of its staff to adopt and use it. Assuming that each firm maximizes the weighted average of absolute and relative profits, we examine the relationship between competitiveness and subsidy or tax policies for technology adoption, and show that when firm behavior is not competitive (the weight on the relative profit is small), the optimal policy of the government may be taxation; when firm behavior is competitive (the weight on the relative profit is large), the optimal policy is subsidization or inaction and not taxation. However, if firm behavior is extremely competitive (close to perfect competition), taxation case re-emerges.     

The political economy of income distribution in South Korea: The impact of the state's industrialization policies

A number of previous studies of economic growth and income distribution in South Korea, based largely on 1960s data, concluded that South Korea was an exception to Kuznets' ‘inverse U-pattern’ of income inequality. Also, it was regarded as an exception to the usual negative consequences predicted by dependency theory for an economy so dependent on foreign capital and world markets. This author presents more recent data — for the 1970s and early 1980s — in order to support his claim that the trend toward income equality that appeared in the 1960s was reversed in the 1970s. The author develops a thesis that stresses the role of the state in shaping the Korean political economy. He argues that it has been the strong South Korean developmentalist state in firm control of both domestic and foreign capital and its export-oriented industrialization policies that have been the principal determinant of the pattern of income distribution. He contests the usual explanation related to the level of economic development or external dependency per se.     

Private Information Production,Public Disclosure,and the Cost of Capital: Theory and Implications*

Both private information production by market traders and public disclosure by firms contribute to dissemination of financial information in the capital market. However, the motives and economic consequences of the two are quite different. In general, private information production is intended by investors to increase their trading profit, which has the effect of widening the information gap between informed and uninformed investors and increasing the firm's cost of capital. On the other hand, public disclosure can be used to narrow this information gap and to lower the cost of capital. This paper provides a theoretical model to examine the economic incentives behind these two forms of information dissemination and their consequences on the cost of capital. By simultaneously considering the firm's and the information traders' decisions, the paper derives an equilibrium in which the amount of private information production, the level of public disclosure, and the cost of capital are all linked to specific characteristics of the firm, of information traders, and of the market. In contrast to conventional beliefs, the paper predicts that, across firms, the cost of capital can be either positively or negatively related to the firm's disclosure level, depending on the specific factors that cause the variation within a particular sample. Similarly, the extent to which investors follow a firm and the firm's disclosure level can be either positively or negatively related to each other. Implications for empirical research are discussed.     

论资本成本理论的拓展

资本成本是特定主体为取得和使用资本而发生或应当发生的经济利益的总流出。在工业经济时代,资本主要是指财务资本,而在当今知识经济时代,最重要的资本是人力资本,财务资本是实现资本创造价值的条件。在会计上已提出建立人力资本会计,而在财务上还没有人提出将人力资本成本挪入到资本成本中去,从而造成资本成本理论的不完善。文章针对此问题,提出拓展资本成本内涵,完善财务理论。     

Resource Allocation Effects of Price Reactions to Disclosures*

Capital market participants collectively may possess information about the valuation implications of a firm's change in strategy not known by the management of the firm proposing the change. We ask whether a firm's management can exploit the capital market's information in deciding either whether to proceed with a contemplated strategy change or whether to continue with a previously initiated strategy change. In the case of a proposed strategy change, we show that managers can extract the capital market's information by announcing a potential new strategy, and then conditioning the decision to implement the new strategy on the size of the market's price reaction to the announcement. Under this arrangement, we show that a necessary condition to implement all and only positive net present value strategy changes is that managers proceed to implement some strategies that garner negative price reactions upon their announcement. In the case of deciding whether to continue with a previously implemented strategy change, we show that it may be optimal for the firm to predicate its abandonment/continuation decision on the magnitude of the costs it has already incurred. Thus, what looks like “sunk‐cost” behavior may in fact be optimal. Both demonstrations show that, in addition to performing their usual role of anticipating future cash flows generated by a manager's actions, capital market prices can also be used to direct a manager's actions. It follows that, in contrast to the usual depiction of the information flows between capital markets and firms as being one way — from firms to the capital markets — information also flows from capital markets to firms.     

独立董事、资源支持与企业边界连结:由上市家族公司生发

独立董事是连接企业边界内外的社会桥,是家族企业获得外部资源支持的重要渠道,其资源吸纳能力与社会桥的网络结构密切相关。鉴于公司研发投入与公司社会资本吸纳间存在着相关关系,在将独立董事社会桥划分为网络规模、网络构成和网络密度三个刻画维度后,讨论了其对上市家族公司开发支出的影响。实证结果显示,独立董事社会桥的网络构成与公司开发支出显著相关。独立董事占据的结构洞越多,公司越倾向于加大研发投入。同时,网络密度也是影响开发支出的显著变量,密切的交往有助于社会资本的吸纳。     

Spatial Monopoly with Product Differentiation

Most theoretical work on the behavior of spatial monopoly focuses on the single-product case, while, in reality, a firm usually produces (or sells) many differentiated products. In this paper, 1 introduce a new model of spatial monopoly with a multiple-product firm where the firm chooses both the measure of product varieties and the price of each variety to maximize its profit. I also examine the monopolist's optimal decision and its economic effects on the spatial economy with a fixed and variable market fringe, respectively. For a class of preferences to product differentiation, I find that both the quantities produced and the consumer surpluses vary across three different spatial pricing policies. This finding is in contrast to the literature on a single-product spatial monopoly where those results are invariant across different pricing policies.     

Enterprise form: Theory and history

A considerable theoretical and empirical literature studies the corporation’s enterprise choices, most prominently capital structure. Economists have paid less attention to other enterprise forms such as partnerships, which typically operate under different legal constraints and appeal to smaller enterprises. Yet partnerships were the dominant business organization for the period in which wealthy countries first experienced long-run economic growth, and they remain quantitatively significant in some important economies today. After reviewing the growing empirical literature on this subject, we use a series of simple models to study several aspects of the partnership’s choice of capital structure and how this relates to a firm’s choice of enterprise form. Common features of partnerships reflect the difficulty of raising capital for ventures whose prospects are hard to judge. These results highlight the need for several specific avenues for future research.     

Food Processing Business and Agriculture Cooperatives in Japan: Market Power and Asymmetric Information*

Food processing businesses run by agriculture cooperatives (in this paper referred to as food processing cooperatives) are basically firms that are owned by the suppliers of raw materials. Typically, in this type of firm, corporate decision‐making is the responsibility of member farmers through the one member one–vote rule, and the surplus of the business is divided among them according to the amount of raw agricultural products they have supplied to the firm. This is in contrast to a conventional capitalistic firm, in which corporate decision‐making is ultimately made by the stockholders through the one share–one vote rule, and the profit is divided among them according to the amount of financial capital they have supplied to the firm. Based upon statistical data and case studies, the present paper considers some economic factors that might influence the establishment of food processing cooperatives.     

Profit: The entrepreneurial view

Summary The economic developments leading to the actual profit squeeze are described. A marked decline is found in the share of other income (which includes capital income) and also in returns on capital employed in various manufacturing industries between 1954 and 1978. The minimum profit rate, defined as critical profitability, is analysed. For companies wishing to maintain a 50/50 ratio between own capital and loan capital, a critical profit rate of 13% for December 1979 was calculated. This figure is based on an earnings yield of 14.5% on share capital (price/earning ratio 6.9%) and an interest rate on government bonds of 9.3%. This profit rate is the minimal required to attract capital at the rates demanded by the investors. The present critical profit rate is much higher than the average return on capital employed as calculated in this article.The author is Chairman of the Managing Board of Bank Mees & Hope N.V., but wrote this article under his personal responsibility. He owes a debt of gratitude to Drs. P. A. Geljon, Head of the Economic and Securities Research Department of Bank Mees & Hope N.V. for his contribution to the preparation of this article. Any shortcomings remain of course for the author's own account.     

Pain or Gain? Chinese Experience of Capital Account Liberalization

The neoclassical growth model predicts that capital account liberalization could potentially enhance economic performance; however, there is no consistent empirical evidence to support this positive association. Using a novel dataset of Chinese capital account openness, this paper demonstrates a positive relationship between capital account liberalization and aggregate economic performance. The difference‐indifferences method is used to capture the causal effect of capital account liberalization on economic performance by taking advantage of variations in both external financial dependence and the progress of capital account openness. We investigate three channels that could strengthen this positive relationship using a firm‐level dataset. We find that capital account liberalization could: (i) alleviate the degree of resource misallocation, and this effect is more significant in industries relying heavily on external finance and in regions with more favorable business environments; (ii) enhance firms’ total factor productivity; and (iii) promote innovation. Our findings suggest that a strategy of gradual openness will leave some leeway not only for improvement in domestic markets but also to mitigate exposure to unfavorable global shocks.     

社会保险缴费率对企业参保行为的影响——基于上海社保政策的研究

社会保险一方面增加了企业经营成本,另一方面可以提高员工的劳动生产率。本文采用企业层面数据,检验了缴费率水平对于企业参保行为的影响。利用上海社会保险存在城保和镇保两种不同水平的制度,得到外生的缴费率差异,发现降低缴费率可以增加企业的参保程度。而且,缴费率的效应和企业的人力资本水平相关,在平均人力资本水平较低的企业,降低缴费率对提高参保程度的影响更大。在人力资本较高的企业,低缴费率的政策对提高参保程度影响并不显著。本文的政策含义在于,建立低水平的基本社会保险制度有助于社保覆盖面的扩大,同时通过自愿性补充保险制度满足更高的需求。     

Financing China’s cotton textile industry: 1890–1936

The cotton textile industry was the primary source of Britain’s industrial revolution and Japan’s economic takeoff. The Chinese domestic mechanized cotton textile industry experienced a boom during the interwar period and became the leading industry in the manufacturing sector, although it failed to gain domestic leadership against Japanese funded firms. There is a debate on the role of external finance on firm growth both in the contemporary context and historical cotton textile industry context. The literature offers several competing hypotheses on the relationship between capital and industry growth such as “modernization”, “oppression” and “efficiency” argument. Our empirical results using firm level data between return of capital and the size of the capital indicate a clear positive effect of external finance on firm growth. This supports the “modernization” hypothesis and suggests that the causes of the mediocre performance of the Chinese-owned spinners relative to Japanese mills may have been mismanagement, undercapitalization, lack of reinvestment incentives, and low labor productivity etc.     

我国商业银行引进战略投资者策略探讨

随着中国政府逐步放开外资进入中国市场的限制,外资入股中资银行己成为国外金融机构进入中国的首选方式。中国金融管理层引资的愿望很好,但对于参股主体的行为识别一直是困绕管理层的大问题。笔者认为,引进战略投资者对我国银行业的改革意义重大,但是那些形似神非的战略投资者是潜藏着巨大的风险的。因此,找寻真正的、适合自身发展的战略投资者是管理层必须解决的重要问题。     

LeChatelier Effects for the Competitive Firm under Price Uncertainty

The intuition that constrained choices are less elastic as well as suboptimal is confirmed by LeChatelier's principle in economic models of optimizing behavior for environments with no uncertainty. For a competitive entrepreneurial firm facing output price uncertainty, risk preferences interact with possibilities for substituting between capital and labor in production to determine the presence or absence of LeChatelier effects for labor demanded. LeChatelier's principle holds without qualification for output supplied in the neighborhood of any long-run equilibrium with respect to both monotone likelihood ratio improvements in the price distribution and increases in risk aversion. Global LeChatelier predictions, however, are unattainable.     

Long-Term Attachments and Long-Run Firm Rates of Return

Long-term attachments between workers and firms are common. Numerous studies have examined worker returns to tenure, but little is known of firm returns to firm-worker matches. Yet these attachments represent a human capital asset quasi-held by the firm, which is not captured by traditional accounting measures of firm assets. Firms with large quasi-holdings of human capital will have higher measured return on assets, other things equal. Analysis of data on 250 large manufacturing firms supports the view that firms profit from long-term attachments with their workers. Consequently, unmeasured human capital assets contribute to the explanation of persistence in measured long-run excess profits across firms.     

Generalized trust,personalized trust,and dynamics of capital structure: Evidence from China

This paper investigates the impact of social trust on a firm's adjustment speed toward an optimal capital structure. Leveraging the availability of generalized trust and personalized trust metrics in China, we find that, as expected, when a firm is located in a high social trust region (with either generalized or personalized trust), it adjusts more quickly toward its target capital structure. Moreover, we document that the impact of generalized trust (personalized trust) on the adjustment speed is magnified if the firm already had stringent financial constraints (less-severe agency problems) but it is not related to the severity of a firm's agency problems (financial constraints). Additional analysis suggests that the impact of social trust on capital structure dynamics is primarily through debt rather than equity. Furthermore, we find that when a firm is located in a weak formal institutional environment, the impact of generalized trust on the adjustment speed strengthens, suggesting that formal institutions and generalized trust are partial substitutes. Interestingly, the substitution effect of formal institutions and personalized trust is weak. Hence, the impact of generalized trust and personalized trust on capital structure adjustment share some similarities but differ in other respects.     

基于城市商业银行的资本缓冲周期性行为研究

运用我国50家城市商业银行2005-2014年度的非平衡面板数据进行单步系统GMM估计,论文研究了资本缓冲与经济周期之间的关系,并分析了审慎监管压力和股权异质性结构特征对资本缓冲周期性行为的影响。实证分析结果表明城商行资本缓冲与经济周期之间呈现负相关,即资本缓冲具有显著的顺周期性。而处于审慎监管压力下的城商行,其资本缓冲的顺周期性特征较其他城商行有所减弱。此外,股权特征中控股性质和有无境外投资者持股可以影响城商行资本缓冲的顺周期性行为,但效果并不显著。因此,对于城商行而言,要加强银行体系的建设,建立“缓冲资本池”,并执行监管部门的审慎政策,以保持自身的稳定。     

入世与中国经济法的完善

商业银行作为企业 ,追求利润应是其根本的目标 ,为此 ,本文针对商业银行现实环境提出了实现利润的三个基本途径。