Specification and negotiation in incomplete contracts

We investigate contractors' bargaining power and holdup on buyers in procurement auctions of incomplete contracts held by California Department of Transportation. Using a model where contractors bid competitively in response to a buyer's choice of initial contract design, we infer the contractors' costs and bargaining power from the bids and transfers negotiated after the auction. We find that the contract winners have substantial bargaining power in post‐auction negotiation. The average holdup on the buyer is about 20% of project costs. Counterfactual cost‐plus contracts would reduce the buyer's surplus in 72% of the projects, with an average reduction over $382,000.     

Diversification and heterogeneity of investor beliefs

In the paper, we find that diversification reduces the heterogeneity of investor beliefs on firm value. We obtain this finding by comparing not only between diversified and focused firms but also between diversifying and non-diversifying mergers. We also find that the reduced heterogeneity of investor beliefs on a diversified firm relative to its focused peers is negatively associated with its contemporaneous excess value and positively associated with its future excess value. Overall, our results contribute to the understanding about how corporate organization structure affects the heterogeneity of investor beliefs and further firm value.     

中国产业及劳动力逆向流动分析--以重庆与北京、广东的比较为例

当前，我国产业及劳动力呈现逆向流动的特征，其重要原因在于两种劳动力成本的巨大反差。西部地区劳动力绝对成本较低，相对成本较高，导致劳动力大量流出、承接产业转移难。劳动力相对成本的高低，直接取决于劳动力绝对成本与劳动生产率，更深层次则是区位、劳动者数量与质量、管理水平、资本资源、自然资源、技术资源、产业配套、现代物流体系、政务环境等因素合力作用的结果。西部要较好实现劳动力绝对成本优势向相对成本优势的转换，必须有效整合各种资源，扩大优势资源的引力，挖掘非优势资源的转换潜力，才能创造承接产业转移、吸引劳动力回流的良好基础。     

磁流体密封摩擦温升的研究

在分析牛顿液体内摩擦定律的运动速度分布规律基础上,推导出计算磁流体运动中摩擦功率损失的公式;并根据热力学理论绘出温度分布曲线,依据曲线推导出热流量的计算公式。在绝热条件下两公式计算结果应是一致的。事实上也均与实验结果相差甚小,公式可做为选型设计时使用。     

新兴产业培育中地方政府的角色——来自昆山小核酸产业培育模式的启示

随着信息通讯产业的成熟,推动20世纪90年代世界经济持续增长的动力在90年代末逐步消失,在这种背景下,培育新兴产业,为新一轮经济发展寻找动力成为各国政府的政策趋势。我国也将战略性新兴产业的培育作为政策重点,但是对于政府,尤其是地方政府在新兴产业培育中的作用仍然知之甚少。本文以江苏昆山小核酸产业的培育模式作为一个典型案例,分析地方政府在新兴产业培育中的角色,认为对于缺乏产业基础的区域而言,新兴产业的培育往往会经历人才、团队、企业到产业的历程,地区政府政策主要角色就是在新兴产业培育的不同阶段提供不同主体之间分工合作的平台,以集聚要素、构建从研发到商业化的价值链,推动新技术研发以及商业化和产业化。     

Value of Conglomerates and Capital Market Conditions

This article studies variations in the value of diversification across time under various capital market conditions. I find that when external capital is more costly at the aggregate level, the value of conglomerates increases relative to focused firms. I also find that this increase is greater for financially constrained conglomerates, such as bank-dependent or small conglomerates. My findings support the theories on the advantage of diversification over focus. They suggest that the ability to substitute external capital markets with internal capital markets creates value for conglomerates when the financing cost in external markets is high, especially for those conglomerates that are financially constrained.     

建立和完善政府采购监督机制几个问题的探讨

建立和完善有效的政府采购监督机制是进一步完善政府采购制度的一个重要方面．只有建立完善的政府采购监督机制．才能保证政府采购长期、持久的廉洁公正，才能保证让关心和支持政府采购的社会各界放心。[编者按]     

河北省财政运行风险及防范对策研究

近年来,面对经济社会各领域公共风险,河北财政通过减收、增支、加债等方式,有效防控了公共风险的暴发,全省财政经济运行整体平稳,但也导致财政自身风险的累积,体现在财政收入持续增长后劲不足、财政支出保障难度逐步增加、地方政府债务风险存有隐患、其他领域风险趋向财政转移等.防控地方财政经济运行风险,需要充分发挥财政职能,加强财源建设,推动财政收入持续增长;调整支出方向,确保地方财政平稳运行;完善管理机制,防范地方政府债务风险;深化体制改革,消除财政风险转移隐患.     

金融危机背景下中小企业融资创新研究

由于受全球经济金融危机的影响,我国中小企业的生存与发展已经受到严重的威胁。为了能使中小企业尽快走出困境,必须加大对这些企业的融资和支持。同时,应结合中小企业的特点,通过创新中小企业融资渠道和方式,帮助企业度过困境,为中小企业解决资金短缺问题提供强有力的支持。