高新企业薪酬制度存在的问题及对策研究

鉴于高新企业出现的很多新特征,传统的薪酬制度已难以适应高新企业管理的需要,对已有的薪酬管理制度进行创新成为必然。文章首先提出国内高新企业薪酬制度存在的主要问题,其次结合这些问题从薪酬战略、企业文化、员工职业发展体系、福利制度等方面提出了改善薪酬制度的若干策略,构建了与企业文化、企业发展阶段相匹配的薪酬制度。对于吸引、挽留、激励员工以及促进企业稳步快速发展有一定的指导与启示意义。     

警惕贸易顺差背后的"生态逆差"现象——从内涵能源视角看我国的贸易结构调整

2007年，世界自然基金会（World Wildlife Fund）与中国社会科学院的一项共同研究课题中提出内涵能源（Embodied Energy或Embedded Energy）概念，指产品上游加工、制造、运输等全过程所消耗的总能源。内涵能源要大于产品在最终加工环节直接消耗的能源，     

Do Foreign Greenfields Outperform Foreign Acquisitions or Vice Versa? An Institutional Perspective

abstract Prior studies of the comparative performance of greenfields and acquisitions have advanced competing arguments, with some arguing that greenfields should outperform acquisitions because acquisitions are costlier to integrate, and others that acquisitions should outperform greenfields because greenfields suffer from a liability of newness. Moreover, while the costs of integration and the liability of newness are at their greatest during a subsidiary's first years, prior studies have tested their competing arguments on samples containing older subsidiaries. We extend these prior studies by (1) developing an institutional theory‐based framework that simultaneously considers the costs of integration and the liability of newness, (2) recognizing that both types of costs vary with the level of subsidiary integration, and (3) focusing on the stage of their life during which subsidiaries predominantly incur these costs. To measure subsidiary performance, we ask managers of Dutch multinationals how their ex ante performance expectations compare to the subsidiary's ex post performance during its first two years. Analysing a sample of 191 foreign subsidiaries and controlling for entry mode self‐selection and other factors, we find that acquisitions outperform greenfields at low and intermediate levels of subsidiary integration, but that greenfields outperform acquisitions at higher integration levels.     

Real Estate Returns and Risk with Heterogeneous Investors

This article develops a theoretical framework and formulates a unified risk metric that integrates both real estate price risk and uncertainty of time on market (TOM). We demonstrate that real estate sellers with different degrees of financial distress face not only different marketing period risks, but also receive different return distributions upon successful sales. The major findings of this article can be summarized as follows. First, we show that real estate return and risk, which account for both price and TOM risk, are investor specific, varying over investors with different financial circumstances and holding periods. Second, the traditional valuation of real estate return and risk, which is based solely on the return distribution of a successful sale without considering the uncertainty of TOM and the investor's financial circumstances, underestimates real estate risk and exaggerates real estate return. Third, our empirical applications in both residential and commercial real estate markets show that the Sharpe ratio estimated by the traditional approach is seriously overstated—to the largest extent for investors with high financial distress. In addition, we find that, given the typical 5‐ to 7‐year holding period for real estate, the Sharpe ratios estimated by integrating both price and TOM risk are much in line with the performance of financial assets. These findings can help to explain the apparent “risk‐premium puzzle” in real estate.     

基于Web的智能教学系统关键技术研究

基于Web的智能教学系统综合了传统的ITS系统优势，同时结合了Web的特点，因而系统具有智能性，能够智能地引导学生学习。它是以认知科学为理论基础，综合利用人工智能技术、教育心理学、计算机科学等多门学科的成果而形成的一种对学生实施有效教学的技术。文章提出了一种基于Web的智能教学系统模型，探讨了智能教学系统知识库的设计、教学策略的设计及个性化教学的实现，最后给出系统实现的具体思路和解决方案。     

On the Optimality of a GCC Monetary Union: Structural VAR,Common Trends,and Common Cycles Evidence

The suitability of the proposed monetary union among the members of the Gulf Cooperation Council (GCC) is examined. The authors identify the underlying structural shocks that these economies are subject to and assess the extent to which the shocks are symmetric. Alternatively, the authors test for common trends and common business cycles among the GCC economies. They find that while the transitory demand shocks are typically symmetric, the permanent supply shocks are asymmetric. Furthermore, they do not find synchronous long‐run and short‐run movements in output. Despite the progress that has been made in terms of integration, the findings indicate that the conditions for forming a GCC monetary union have not as yet been met.     

提升我国快递企业客户服务水平的策略研究

与国际快递公司相比,我国许多快递企业的客户服务意识相对比较淡薄,客户服务水平较低。针对国内快递企业在客户服务上存在的主要问题,提出以下两点改进意见:增强服务意识,建立快递行业规范;转变经营理念,引入先进的管理方法和技术。     

Liquidity Provision of Limit Order Trading in the Futures Market Under Bull and Bear Markets

Abstract:  This study investigates how limit orders affect liquidity in a purely order-driven futures market. Additionally, the possible asymmetric relationship between market depth and transitory volatility in bull and bear markets and the effect of institutional trading on liquidity provision behavior are examined as well. The empirical results demonstrate that subsequent market depth increases as transient volatility increases in bull markets. Market depth exhibits significantly positive relationship to subsequent transient volatility in bull markets. Additionally, although trading volume positively influences transient volatility in bull markets, no such relationship exists in bear markets. Liquidity provision decreases when institutional trading activity intensifies during bear markets. Thus, liquidity provision for limit orders differs between bull and bear markets.     

装备采办效益优化研究:一个交易费用理论视角

交易费用理论指出,交易成本是制度的运行成本,其大小取决于交易形式与其制度的匹配程度,两者越匹配则其交易成本越小。从交易费用理论入手,通过分析装备采办成本的构成及决定因素,指出装备采办效益优化的关键在于选择和建立合理的制度以尽可能地降低采办的交易成本,即制度因素是我国装备采办低效的症结。在此思路下,探究了我国装备采办制度的不合理之处,并提出相应的政策建议。     

Binary choice under social interactions: an empirical study with and without subjective data on expectations

This paper examines two methods of modeling binary choice with social interactions: models assuming homogeneous rational expectations and models using subjective data on expectations. Exploiting a unique survey conducted during the 1996 US presidential election that was designed to study voting behavior under social context, we find that in various model specifications using subjective expectations consistently improves models' goodness‐of‐fit; and that subjective expectations are not rational as formulated by Brock and Durlauf. Specifically, members' characteristics are individually important in forming expectations. We also include correlated effect in the rational expectation model. This extension provides a remedy to the selection issues that often arise in social interaction models. Copyright © 2008 John Wiley & Sons, Ltd.