Dynamic Moral Hazard and Executive Stock Options

This paper shows that the optimal executive compensation scheme in a dynamic moral hazard environment is convex in the firm value. This implies that the optimal contract should include stock options. This is because the private benefit of shirking is increasing in firm value and the manager's utility is concave. Therefore, in contrast to the previous literature that takes stock options in the incentive contract exogenously, we rationalize the optimality of their use endogenously. Moreover, we show that the optimal amount of stock options (restricted stocks) increases with agency cost and the executive's reservation utility, decreases with the degree of risk aversion of the manager, and increases (decreases) with the firm size.     

On indeterminacy and growth under progressive taxation and productive government spending

We examine the theoretical interrelations between equilibrium (in)determinacy and economic growth in a one‐sector representative‐agent model of endogenous growth with progressive taxation of income and productive flow of public spending. We analytically show that, if the demand‐side effect of government purchases is weaker, the economy exhibits an indeterminate balanced‐growth equilibrium and belief‐driven growth fluctuations when the tax schedule is sufficiently progressive or regressive. If the supply‐side effect of public expenditures is weaker, indeterminacy and sunspots arise under progressive income taxation. In sharp contrast to traditional Keynesian‐type stabilization policies, our analysis finds that raising the tax progressivity may destabilize an endogenously growing economy with fluctuations driven by agents’ self‐fulfilling expectations.     

Individual Preferences for Trade Partners in Taiwan

This article investigates economic factors and non‐economic factors of individual attitudes toward free‐trade agreements with different countries. Based on the Stolper–Samuelson theorem, highly skilled workers in Taiwan should be more supportive of free trade with China and less supportive of free trade with the United States than should unskilled workers in Taiwan. Using survey data from Taiwan, we find that highly educated people in Taiwan are more supportive of free trade with both the United States and China, and the effects of education are much stronger with respect to free trade with China. We also find that individual risk attitudes, national identity, and ethnicity play important roles in explaining trade preferences.     

藏族传统生态伦理与青藏高原生态环境保护研究

藏族是世居青藏高原的主体民族,青藏高原藏区的发展实际上就是藏族的发展。青藏高原生态环境脆弱但生态地位重要,解决高原日益严重的生态环境问题,不仅需要依靠政策、法规等强制手段,更重要的是要依靠构建以人与自然和谐为核心的价值体系,依靠藏族传统生态伦理的道德约束力。藏族传统生态伦理有着悠久的历史,提取、弘扬其有利于环境保护的合理因素是建设现代生态文明的需要,也是保护青藏高原生态环境、实现可持续发展的重要途径。     

节假日期间县城道路交通现状浅析

节假日县城交通流量急剧增加,给交通管理部门带来了极大的挑战。节假日期间县城道路交通呈现出交通流量大、秩序混乱等特征。交通运输的系统性决定了交通问题的解决需要依靠各交通成分的和谐共处。为了更好的应对节假日县城交通流量剧增的挑战,基层交通管理部门可以从道路交通秩序的规范、交通总量的削减、道路通行能力的提升等几个方面开展针对性的工作,来保障节假日期间县城道路交通安全、畅通。     

基于嵌入关系的企业网络链接模型研究

许多关于网络结构的研究隐含了主体间的关系是外生或给定的,而很少有人从主体行为的微观角度研究网络结构的生成和演化过程。基于企业合作伙伴选择过程,研究网络的链接和演化机制:首先对认知、关系和结构嵌入进行了界定;然后建立了企业的嵌入关系与要素获取、信任和互补价值变化的关系假设;在此基础上构建了链接关系选择及生成和演化模型。研究认为,合作过程本身以及网络嵌入对于链接关系演化具有直接影响,决定了企业间网络结构的不断演化。     

上海合作组织框架下新疆与各经济体合作机制构建问题探析

新疆与上合组织成员国中的俄、哈、吉、塔4国接壤,是我国向西开放的桥头堡.构建上海合作组织框架下新疆与各经济体的合作机制,对于实现中国(新疆)及各经济体的发展具有重要意义.本文分析了合作机制构建的必要性、优势和劣势,并构建了相应的合作机制.     

构建基于循环经济理念的乡村旅游MDR模式再思考

乡村旅游是现代旅游产业中的一个新的增长点。文章以可持续发展观和生态文明国家战略为指导,分析了循环经济理念对乡村旅游开发的指导意义,对构建有中国特色的乡村旅游"主体-驱动-乡村"MDR模式进行了进一步的层次解析,并就如何构建这一发展模式提出了对策建议。     

美中商业银行分业及混业经营的经验教训与我国未来经营模式的理性选择

美国次贷危机表明,混业经营的快速推进,增加了金融体系的风险传染性和脆弱性,并由此给全球金融业带来了巨大危害。因此,本文在回顾美、中两国商业银行经营模式变迁的基础上,分析了混业经营与次贷危机的关联性,认为应该重新思考我国商业银行的经营模式,维持分业经营的格局。     

Sustainable development of resource-based industrial clusters in Yunnan, China

The resources-oriented industry cluster is geographically close to natural resources development and processing industry.The knowledge-intensive,technology-intensive,capital-intensive,and labor-intensive is a relatively aggregate associated with natural resources and will structure commonality and complementary coupling so that economic and social development play a leading role in the complex adaptive systems closely related to ecological environment.A resources-oriented industry cluster in Yunnan has general common characteristics of industrial clusters and will form the characteristics of the enterprise spatial aggregation of innovative network of the industrial chain and value chain.According to the market structure of resources and resources market behavior in Yunnan,the particularity of resources commodity production has conduced resources market structure and general merchandise market structure many differences.Optimizing the cluster structure and extending the industrial chain have improved the productivity of the cluster and extension the lifecycle of the cluster to achieve sustainable development.