Plan Evasion and Supply Instability in a Double-Track System

In the reforms of centrally planned economies (CPEs), variants of thedouble-track system as a transitional measure. While there have been somestudies of the system from the demand side, little effort has been spentby economists to analyze its consequences from the t supply side. Thispaper is an attempt to do so in a disequilibrium framework. We show thatgiven a particular form of plan evasion, it is possible for the plannedprice to affect output, a result which contrasts with that of a generalequilibrium model (Sicular, 1988). Moreover, quantum changes in supplycould take place, generating instability in the system. The model isextended into a two-product case, where we illustrate that supplyinstability may still take place. Some alleviating factors that reducefluctuations are then discussed.     

知识型员工的激励型管理模式浅析

控制型人力资源管理模式在我国由来已久，但是随着人力资源管理对象的主体由传统操作型工人向知识型员工的转变，人力资源管理模式的转变成为必然。本文从知识型员工的定义与特性出发，首先说明了模式转变和激励型管理模式产生的原因，而后对激励型管理模式的基本内涵进行了阐述，最后对该模式实施所面临的挑战进行了分析。     

中国财政分权与地方公共品的供给

财政激励与预算外收入是密切相关的.我们考察了财政分权背景下财政激励对地方公共品的供给满足当地真实需要的敏感度(responsiveness)的影响.中国的财政分权依然存在一些问题:首先,规模巨大的预算外收入会扩大地方政府的规模,从而加重当地居民和农民的负担;其次,地方政府预算外支出的规模效应递减;第三,城市化水平(以非农人口占总人口的比例来衡量)和地方政府对城市维护方面的支出负相关,表明中国的工业化进程和城市化进程并不一致.     

The Client Is King: Do Mutual Fund Relationships Bias Analyst Recommendations?

This paper investigates whether the business relations between mutual funds and brokerage firms influence sell‐side analyst recommendations. Using a unique data set that discloses brokerage firms’ commission income derived from each mutual fund client as well as the share holdings of these mutual funds, we find that an analyst's recommendation on a stock relative to consensus is significantly higher if the stock is held by the mutual fund clients of the analyst's brokerage firm. The optimism in analyst recommendations increases with the weight of the stock in a mutual fund client's portfolio and the commission revenue generated from the mutual fund client. However, this favorable recommendation bias toward a client's existing portfolio stocks is mitigated if the stock in question is highly visible to other mutual fund investors. Abnormal stock returns are significantly greater both for the announcement period and, in the long run, for favorable stock recommendations from analysts not subject to client pressure than for equally favorable recommendations from business‐related analysts. In addition, we find that, subsequent to announcements of bad news from the covered firms, analysts are significantly less likely to downgrade a stock held by client mutual funds. Mutual funds increase their holdings in a stock that receives a favorable recommendation but this impact is significantly reduced if the recommendation comes from analysts subject to client pressure.     

集体声誉危机与企业认证行为——基于“柠檬市场”治理机制的视角

中国制造业部门时有发生的行业集体声誉危机不仅抑制了消费者对中国产品的需求,也造成了企业行为扭曲。本文从“柠檬市场”不同治理机制间的交互作用入手,构建理论模型考察了行业集体声誉危机对被牵连企业认证行为的影响机理,并以中国乳制品行业为样本,运用双重差分法进行实证检验。研究发现,集体声誉危机通过破坏市场声誉机制提高了企业的认证激励,原本没有必要申请认证的高质企业比低质企业更愿意在危机后加大认证申请。此外,集体声誉危机还引发了企业非理性的过度认证,在穷尽强相关认证后,企业的认证激励并未减弱反而转向申请其他弱相关认证。额外增加的认证成本抵消了认证对销售收入增长的促进作用,导致“过度认证陷阱”,不利于企业质量提升和危机行业的转型升级。上述结论从企业认证行为扭曲这一视角拓展了有关集体声誉危机负面效应的认识,对政府避免危机发生以及完善认证行业发展有着积极的指导意义。