VMI模式下信息共享对违约风险的防范和控制

供应商管理库存（Vender Managed Inventory,VMI）是21世纪前沿的供应链管理模式,VMI对供应链的新形式供应的形成和发展都产生了影响。但由于我国信息化起步晚,使得很多企业在实施VMI模式时仍存在不同程度的风险。为了实现对VMI违约风险防范和控制的有效性,供应链上的各个企业越来越注重供应链成员之间的协调关系,而这就需要以供应链上各个节点的成员企业进行高质量的信息传递和及时完整的信息共享为基础来建立和完善整个VMI系统。研究供应商实施VMI的过程中所面临的违约风险,重点分析VMI模式下信息共享对违约风险防范控制作用,可有效地实现信息共享以降低VMI模式下的违约风险。     

我国银行间信用信息共享行为与征信体系构建分析

银行和借款者之间信息不对称的降低，很大程度上要受益于银行间的信用信息共享机制。文章通过信用信息共享抉择模型分析我国银行间信用信息共享与合作动力机制，得出在目前信贷市场结构下，各银行对信用信息共享程度的期望值不同，而公共机关强制的信息共享可能对银行的行为产生游离或参与两种截然不同的效用。因此，必须建立有效的信用信息共享激励和约束机制，推动银行加深信息共享。同时通过公共征信系统和商业征信的共同辅助，形成相对完善的社会征信体系．     

Information Sharing and Financial Sector Development in Africa

This study investigates the effect information sharing has on financial sector development in 53 African countries for the period 2004 to 2011. Information sharing is measured with private credit bureaus and public credit registries. Hitherto unexplored dimensions of financial sector development are employed, namely: financial sector dynamics of formalization, informalization, and non-formalization. The empirical evidence is based on Ordinary Least Squares (OLS) and Generalized Method of Moments (GMM). The following findings are established. Information-sharing bureaus increase (reduce) formal (informal/non-formal) financial sector development. In order to ensure that information-sharing bureaus improve (decrease) formal (informal/non-formal) financial development, public credit registries should have between 45.45 and 50% coverage while private credit bureaus should have at least 26.25% coverage.     

Profit Sharing, Risk Sharing, and Firm Size: Implications of Efficiency Wages

By taking account of output fluctuations, this paper constructs a synthesis of profit-sharing and efficiency-wage models to highlight the role of the risk attitudes of the firm and its employees. We show, contrary to the traditional efficiency wage theory, that in a profit-sharing economy unemployment is no longer a necessary device to induce work effort and, consequently, the labor market equilibrium may be characterized by full employment. Such a result is more likely to be true when the economy is characterized by small-sized firms. In addition, we also provide a preliminary sketch of the situations in which the firm chooses a profit-sharing program or a fixed-wage one, and discuss how a firm determines its pay parameters and employment in response to output fluctuations.     

股票市场与中国经济增长关系的实证研究

本文在对国内外有关研究成果进行总结的基础上 ,分析了股票市场促进经济增长的作用机制 ,运用 1 994年到 2 0 0 3年的季度数据 ,实证研究了中国股票市场发展与经济增长的相关关系 ,得出了一些有意义的结论。     

我国成品油价格形成机制评析

现阶段我国采取国际三地原油价格加权基础上追加相应成本和利润的办法来确定国内成品油价格。此种定价机制曾起到一定的积极作用,但没有涉及价格机制的核心问题。随着近几年特别是2005年以来国际市场油价的频繁波动,现行成品油价格机制逐渐暴露出矛盾和问题,主要包括成品油价格变动滞后、国内油价长期低于国际油价和国内石油企业之间不平等竞争。改革我国现行成品油定价机制,必须充分发挥价格机制和供求机制,破除垄断和过度行政干预,建立风险分摊和转嫁机制,并完善政府的经济职能。     

Information Sharing,Price Negotiation and Management Buy-outs of Private Family-owned Firms

Perspectives relating to agency theory, information asymmetries and game theory were utilized to explore two outcomes associated with the management buy-out (MBO) or management buy-in (MBI) of former private firms: whether information was shared equally between vendors (i.e., family firm owners) and purchasers (i.e., MBO/I management teams) and whether a mutually agreed price was achieved. With reference to the themes of company ownership structure, governance structure and company objectives several hypotheses were derived. Survey evidence was gathered from the managers of 114 former private family-owned firms located across Europe that recently reported an MBO/I. Multiple logistic regression analysis detected that respondents in founded (first generation) family firms and those reporting a high focus on the strategic importance of the market value increment were more likely to report that ‘information was shared equally between vendors and purchasers’. Respondents reporting no suitable family successor had been identified, a high focus on the strategic importance of the market value increment, and the involvement of venture capitalists in succession planning were more likely to report that a mutually agreed sale price had been achieved. Implications for practitioners and researchers are discussed.      

管理层收购:融资、定价、风险防范与信息披露

管理层收购是当前我国企业界和资本市场上最受瞩目 ,同时也是争议最多的的热点问题之一。作为一种创新的制度安排 ,管理层收购对中国的最大意义就是可以作为一种产权改革的重要手段 ,有助于使中国最优质的上市公司资源的配置不断实现帕累托改进。本文重点分析了管理层收购中的融资、定价、风险防范和信息披露等问题 ,并提出相应的对策。     

供应链中甄别契约设计与信息共享激励

针对供应链中上下游企业的委托-代理问题,委托人可以设计出某种甄别契约以区分不同类型的代理人在不同的市场需求状况下的努力程度。在完全信息的条件下,委托人采取固定佣金方案及承担全部风险为最优选择。在信息不完全的条件下,若代理人为风险规避者则委托人只承担部分销售风险但需付出额外的风险补偿成本,若代理人为风险中性者则委托人不需付出额外的风险补偿成本。     

基于产品多生命周期的闭环供应链信息采集与共享

多生命周期的闭环供应链管理涉及大量的参与实体和广泛的时空范围,覆盖整个产品生命周期的信息对于闭环供应链的运作效率与协调有着重要影响,信息采集与共享是闭环供应链管理的关键之一,必须在产品全生命周期时空范围内,采用适合闭环供应链信息采集的技术构建一个完整的信息采集体系。基于物联网技术的闭环供应链信息采集与共享体系,能够较好地解决其面对的特殊问题,但其自身的实现也面临技术和管理上的诸多挑战。随着我国经济改革与增长方式的持续改进,闭环供应链将日益受到各方重视,基于产品多生命周期的闭环供应链信息采集与共享体系必将成为未来闭环供应链实践中不可或缺的运作与竞争前提。     

我国股票市场信息不对称现象成因与风险控制对策分析

由于信息在上市公司和投资者之间存在传递障碍,世界各国的股票市场普遍存在信息不对称现象。我国股票市场正处于经济转轨的特殊时期,信息披露制度的缺陷,信息不对称现象尤其严重,集中体现在发行者与投资者、机构投资者与个人投资者之间,致使投资者的利益蒙受损失。分析信息不对称现象在我国股票市场存在的原因,以及风险控制的对策,以确保股票市场健康有序的发展。     

第三方物流及其风险分析

第三方物流 ,即物流外包 ,是一种创新的物流管理模式 ,是未来物流发展的方向。第三方物流的实质是企业和物流服务商之间的一种“委托—代理”关系。由于委托方和代理方之间存在着信息不对称、信息扭曲 ,以及市场环境变化的不确定性 ,导致企业在实施物流外包过程中存在种种风险 ,研究第三方物流的风险 ,制定企业进行物流外包相应的政策     

信息不对称与地方中小金融机构发展的内在关联性研究

二元经济结构下,信息不对称程度的严重使得地方中小企业、农民等中小资金需求者向金融机构融资困难;与大型金融机构相比,地方中小金融机构从理论和现实两方面,都具有弱化这种信息不对称的内在比较优势;大力发展地方中小金融机构,利用和发挥好其信息优势是解决当前地方中小企业和农民融资难,并促进二元经济结构转换的现实路径。     

论企业内部知识共享的成本、效益和激励机制

优化企业文化,完善知识管理的技术系统,以消除各种影响知识共享的障碍。必须使企业调整或再造组织结构,清除传统金字塔型结构给知识传递设置的羁绊,使组织结构趋向扁平化。但必须看到,知识共享是一种手段而不是目的,任何知识共享的举措必须有助于企业解决其外部发展和内部整合问题,这样才有利于实现企业的发展战略。     

Mutuality as a control for information asymmetry: A historical analysis of the claims experience of mutual and stock fire insurance companies in Sweden, 1889 to 1939

We test two competing arguments regarding the influence of organisational form on underwriting performance using data from the Swedish fire insurance industry for the years 1889 to 1939 – a period of both economic growth and stagnation. Since mutuality is a response to information asymmetry problems, mutual insurers are expected to report lower annual claims relative to premiums than stock insurance companies. However, an alternative view is that stock insurers seek to reduce information asymmetry problems by issuing non-participatory rights insurance contracts with high deductibles that induce risk-sharing between the insurer's shareholders and policyholders. This implies that stock insurers are likely to report lower annual claims than mutual insurers. Our results show that organisational form is an important determinant of the claims experience of Swedish fire insurers, suggesting that mutuality acts as an effective control for information asymmetries in the market.     

公司控制权、信息不对称与并购支付方式

本文以1998-2007年间我国沪深两市的253起并购事件为对象,从公司控制权和信息不对称角度研究了并购支付方式的影响因素,研究发现:(1)当主并方大股东的持股比例位于中间水平(30～60%)时,为避免控制权转移,主并方一般选择现金支付(包括承债支付);而当持股比例较低或较高(超出30～60%)时则更倾向于股票支付;(2)交易双方的相对规模愈小,信息不对称愈小,主并方愈倾向于采用现金支付.但交易双方是否位于相同行业,对并购支付方式选择无显著影响.研究还发现,主并方的资金实力与现金支付正相关,而财务杠杆、投资机会、有形资产等因素与并购支付方式的关系不明显.     

对商业银行管理层激励与约束问题的思考

商业银行管理层激励与约束机制要根据商业银行自身的特殊性来设计,选择低报酬--业绩敏感性的经理层报酬补偿激励机制、完善的经理人市场、健全的现代企业制度以及外部监管.     

从零部件贸易看中日韩分工差异

本文以中国为研究对象,对中国在日韩市场上零部件生产和组装的比较优势的分布、结构和变迁情况进行了细致梳理。通过分析扩展的RCA指标,得出结论,针对日韩两国市场而言,中国在零部件生产上的比较优势总体上呈增强趋势;在组装业务上,中等技术零部件逐渐呈现萎缩态势,而高技术零部件组装的比较优势正在扩大。随着时间的推移,中国同日韩两国之间的生产共享加强,而生产和组装结构也在一定程度上呈现出升级态势。     

信息、委托代理、声誉与我国上市公司资金闲置

文章基于信息经济学理论构建委托代理模型,研究我国上市公司资金闲置问题,并引入声誉因素对模型进行动态博弈分析。研究结果表明:短期激励机制条件下,投资不足、过度投资与资金闲置现象可以在公司内并存;声誉与对经理人激励的长期有效性,是解决投资不足、过度投资与资金闲置并存问题的关键;法律机制的完善与信息的公开,也有助于资金闲置问题的解决。