关于国有风险投资发展困境与对策的思考

国有风险投资面对着退出渠道不畅通、平均投资收益低、管理体制僵化、增值服务能力弱、募资能力不足、政府实质性扶持政策欠缺等困境,从现阶段生存与再发展角度考虑,国有风险投资除期待中国投融资环境进一步改善外,必须面对国情主动进行体制创新与管理创新。     

Continuous disclosure compliance: does corporate governance matter?

Our study investigates the quality of firms’ continuous disclosure compliance during mandatory continuous disclosure reform, and whether the compliance quality is impacted by corporate governance, using the New Zealand market as the setting. We use a novel coding of different categories of disclosures (non‐routine, non‐procedural and internal), which represents the extent of proprietary insider information inherent in disclosures, to evaluate firms’ compliance quality. Our findings provide evidence that firms’ compliance quality improved after the reform, and this improvement is inconsistently impacted by corporate governance. Our findings provide important implications for regulators in their quest for a superior disclosure regime.     

The impact of individual and managerial factors on salespeople's contribution to marketing intelligence activities

Although salespersons represent a unique and important channel of information, few of them contribute efficiently to marketing intelligence. This research aims to understand how salespeople's motivation and effort to gather and transmit marketing intelligence to management may be influenced by individual (organizational commitment, desire for upward mobility) and managerial (control system, participation in decision making, feedback, recognition) factors. The test of the proposed model shows that desire for upward mobility is the only individual determinant of behavior. Other than participation in decision making, all the managerial factors play influential roles in structuring both motivation and behavioral effort toward marketing intelligence by salespeople. The authors also discuss the limits of the model, some managerial implications, and future research opportunities.     

A never-decisive and anonymous criterion for optimal growth models

We address in this paper the question of the existence of a Social Welfare Function that would be sustainable and would allow us to obtain solutions to optimal growth models. We define sustainability by two new axioms called Never-decisiveness of the present and Never-decisiveness of the future. We first show that a SWF which has Never-decisiveness properties cannot be defined on a ball of $l_{\infty }^{+}$ . We must (i) restrict to the set of utility streams for which the value of the SWF is finite and (ii) introduce additional assumptions in order to obtain the Never-decisiveness properties. Our main result in this paper is therefore to show that the undiscounted utilitarian criterion is an anonymous and never-decisive criterion for optimal growth models. We consider the set of utilities of consumptions which are generated by a specific technology, namely a technology with decreasing returns for high levels of capital, and restrict ourselves to good programs, i.e., any program for which intertemporal utility is well defined.     

环境规制强度与国际产业转移实证研究——以广西北部湾经济区为例

采用1993～2010年的年度数据,运用非线性Granger因果检验对广西北部湾经济区环境规制强度和国际产业转移进行实证研究,结果显示,环境规制强度与国际产业转移不存在非线性Granger因果关系,即在一定程度上加大环境管制力度,不会影响广西北部湾经济区对发达国家的产业承接,反而在促进区域经济发展的同时,使环境得到改善。     

Preservation and exogenous uncertain future preferences

Summary. We extend the Beltratti, Chichilnisky and Heal's (1993) and (1998) continuous-time stochastic dynamic framework to analyze the optimal depletion of an asset whose consumption is irreversible, in the face of uncertainty about future preferences. Their model is rather general and so the results are general qualitative theorems. We show that in some interesting cases it is possible to solve their model analytically. The cases involve constant elasticity utility functions and the assumption of a Poisson process for the evolution of preferences. Received: September 13, 1999; revised version: November 23, 1999     

加强成本管理提高企业竞争力

文章阐述了企业成本管理的变革情况,并提出了提高企业竞争力的有效成本管理方法.     

Traders' Bidding Strategies on European Grain Export Refunds: An Analysis with Affiliated Signals

Using a multivariate distribution of traders' information with correlations, we specify the traders' bidding strategies on tenders of European soft wheat intervention stocks. We show that correlations may have opposing effects on the traders' bidding strategy, depending on their valuation of the grain. This structural approach allows us to estimate the traders' strategies using generalized method of moments procedures.     

企业集团上市经营研究

上市经营是企业集团壮大实力的重要途径。但由于我国企业集团和证券市场的特殊性 ,企业集团上市经营面临着困难和问题。针对这些问题 ,文章提出了促进我国企业集团上市经营发展的几点建议。