上市公司如何在非理性世界中确定股权回报率

确定股权回报率是进行长期投资决策的关键步骤,但在现实非理性世界中难以直接运用传统财务理论所推荐的资本资产定价模型来确定股权回报率。针对FAR与NEER方法,本文首先探讨这两类方法的理论依据并揭示其本质内涵,然后说明:在非理性世界中,如果上市公司管理者追求公司价值最大化目标,那么就应该基于公司项目的基本风险来确定股权回报率;相反地,如果管理者追求近期股价最大化,那么就应该基于市场投资者的预期来确定股权回报率。     

价值工程原理在高校学生干部评价中的应用

本文论述了高校评价学生干部中开展价值工程的方法和步骤,通过对功能和成本两方面的综合分析,找出培养学生干部工作中的问题。     

Some insights into customer orientation: an investigation of salespeople in Taiwan

Despite the claim that prosocial service behavior ratings influence sales performance (SP), an empirical discrepancy exists in relating prosocial service behavior ratings to actual SP. Furthermore, studies have seldom considered prescribed role and prosocial service behaviors together as important factors in influencing customer attitudes and SP. This article fills this void by examining the relative contribution of prescribed role and prosocial service behavior. Effective triadic data from 37 sales managers, 418 business customers, and 122 SP archives are used for exploring the relationships between customer-oriented behaviors and customer outcomes [customer satisfaction (CS) and loyalty intent] and percentage of sales quota attained. The principal results generally indicate that business customers place greater values on prosocial service behavior in predicting SP and CS, and that CS partially mediates the relationship between prescribed role service behavior and outcome variables.     

When workplace ostracism leads to burnout: the roles of job self-determination and future time orientation

Abstract

Given that ostracism is a common occurrence in the workplace, scholars and practitioners alike have identified its range of negative effects. This study aims to examine the association between workplace ostracism and burnout level as well as the moderating effects of job self-determination and employees’ future time orientation, using a survey questionnaire. This was completed by a total of 248 employees from a hotel group. We hypothesized that: (a) workplace ostracism was positively associated with burnout; (b) this positive relationship was contingent upon job self-determination such that the relationship was weaker for higher, rather than lower, job self-determination; and (c) the positive relationship was also contingent upon employees’ future time orientation such that the relationship was weaker for employees who have higher, rather than lower future time orientation. Results confirm all three hypotheses.     

Towards a cross-cultural framework of strategic international human resource control: the case of Taiwanese high-tech subsidiaries in the USA

Due to the growing expansion of newly emerging multinational companies (MNCs) in the USA market, it seems pertinent to explore how to manage their Western industrialized subsidiaries in terms of human resource management. This study combines the institutionalism, resource dependence perspective, and control theory to provide an integrative framework in an attempt to investigate the cross-cultural determinants of strategic international human resource control over MNCs' subsidiaries. By a qualitative analysis of 10 Taiwanese top high-tech manufacturing companies operating in the USA, our findings are as follow: In order to perform subsidiary's value-added activities, multinationals need to identify the value and capabilities need for these activities. At the same time, subsidiaries also need to compare the cultural advantage of the home country in terms of these activities. In addition, from the perspective of cross-cultural influence, input control is designed to respond to high integration and high adaptation; output control is executed in the case of low integration and high cultural adaptation; while behavioural control is used to respond to high integration and low adaptation, simultaneously in the case of low value of subsidiary's activities.     

The joint effect of leader–member exchange and emotional intelligence on burnout and work performance in call centers in China

We examined the joint effect of LMX and emotional intelligence (EI) on burnout and work performance. Results based on data collected from 493 leader-member dyads in the call center of a large Chinese telecommunication company indicated that LMX was negatively related to burnout, yet was not significantly related to objective work performance. Moreover, we examined the effects of the four dimensions of EI (self-emotion appraisal, other-emotion appraisal, use of emotion, and regulation of emotion) on burnout and performance, and found that burnout mediated the link between use of emotion and work performance. Results also showed that LMX was associated with burnout and work performance more strongly for service workers with lower levels of self-emotion appraisal. More surprisingly, the link between LMX and work performance was stronger for service workers with higher levels of use of emotion.     

西方知识分子的困境和理论

西方在近代社会通过知识分子这个阶层强烈地发展了一种“批判的建设性”,即对社会的贡献通过批判的建设来体现。这样的传统。与中国传统的知识分子的特征有很大不同。在中国,圣王真正参与朝政之中,可以选择与朝廷合作;如果不能合作,他仍可以在民间跟君道配合。实现士大夫的政治理想;如果朝政的道义基础彻底崩溃。他们也可以成为抗议精神的领袖,参与政治的空间是非常宽广的。     

分权制企业绩效管理可能性基准的内涵变化

现代分权制企业的绩效管理中常应用的绩效管理会计方法一标准成本管理、预算管理、事业部制管理会计、平衡记分卡对相关责任中心的绩效评价目标和考核基准有所不同,各相关责任中心管理可能性基准呈内涵扩张趋势。     

中、德循环经济发展的比较研究

本文通过对比中、德发展循环经济的背景、模式和基础等条件差异,总结德国循环经济的特点。中国发展循环经济应借鉴德国经验,立足国情,走清洁生产与综合治理相结合、强制性实施与义务性实施相结合、原始创新与引进吸收相结合、绿色税收与绿色行政管理相结合的道路。     

Asset price bubbles in Arrow-Debreu and sequential equilibrium

Summary. Price bubbles in an Arrow-Debreu equilibrium in an infinite-time economy are a manifestation of lack of countable additivity of valuation of assets. In contrast, the known examples of price bubbles in a sequential equilibrium in infinite time cannot be attributed to the lack of countable additivity of valuation. In this paper we develop a theory of valuation of assets in sequential markets (with no uncertainty) and study the nature of price bubbles in light of this theory. We define a payoff pricing operator that maps a sequence of payoffs to the minimum cost of an asset holding strategy that generates it. We show that the payoff pricing functional is linear and countably additive on the set of positive payoffs if and only if there is no Ponzi scheme, provided that there is no restriction on long positions in the assets. In the known examples of equilibrium price bubbles in sequential markets valuation is linear and countably additive. The presence of a price bubble means that the dividends of an asset can be purchased in sequential markets at a cost lower than the asset's price. We present further examples of equilibrium price bubbles in which valuation is nonlinear, or linear but not countably additive.