Optimal insurance under rank‐dependent utility and incentive compatibility

Bernard, He, Yan, and Zhou (Mathematical Finance, 25(1), 154–186) studied an optimal insurance design problem where an individual's preference is of the rank‐dependent utility (RDU) type, and show that in general an optimal contract covers both large and small losses. However, their results suffer from the unrealistic assumption that the random loss has no atom, as well as a problem of moral hazard that provides incentives for the insured to falsely report the actual loss. This paper addresses these setbacks by removing the nonatomic assumption, and by exogenously imposing the “incentive compatibility” constraint that both indemnity function and insured's retention function are increasing with respect to the loss. We characterize the optimal solutions via calculus of variations, and then apply the result to obtain explicitly expressed contracts for problems with Yaari's dual criterion and general RDU. Finally, we use numerical examples to compare the results between ours and Bernard et al.     

The Big Family: Informal Financing of Small‐ and Medium‐Sized Businesses by Guanxi

Guanxi facilitates interaction between companies and people in Confucian societies. Does this type of social construct still play the key role, when the entrepreneurs live in Western societies? The objective of this article is to verify the impact of Guanxi on the capacity of small and medium‐sized businesses accessing financial resources informally. To this end, data collected from small Chinese entrepreneurs active in the principal business center of Brazil were used. From nonparametric tests, the results suggest that: (1) different levels of Guanxi allow small and medium‐sized businesses to access informal financial resources; (2) different types of informal financing are mostly used, or judged to be more significant, depending on the level of Guanxi of the entrepreneur in terms of parental and nonfamily ties; and (3) unlike the Western literature on the financial cycles of start‐ups, this type of informal financing can extend beyond the initial stage of the business. © 2014 Wiley Periodicals, Inc.     

由家族信任到社会信任:家族企业走向职业化管理的必由之路

由于中国社会将信任建立在家族血缘关系上,社会信任普遍缺失,家族制就成为民营企业的唯一选择。民营企业要想走上职业化管理之路,打破家族信任、构建社会信任就成为必然选择。一方面,作为外部社会制度的供给者,政府应构建以法制为基础的社会信任机制;另一方面,作为内部企业制度的供给者,家族企业应建立健全各项内部制度,构筑委托代理双方的心理契约,使之形成长期稳定的信任模式。     

Firm location,political geography and environmental information disclosure

As the subjective and objective factors that influence corporate behaviours, political region and firm location are of great importance to environmental information disclosure (EID). With spatial and political geography as a research perspective, this article makes a study by using the samples of manufacturing listed companies from 2009 to 2011. As a result, we determine that regulatory distance and political geography had negative effects on EID, while political geography weakens regulatory distance’s function. After considering an enterprise’s administrative rank, we determined that when the rank is higher, regulatory distance has negative effects on EID; when the rank is lower, the effects are the opposite. Regarding political geography, it always weakened the regulatory distance’s function. Moreover, the effects are significant only when the enterprises had low governmental regulation. The study shows the effects that firm location and political geography have made on EID. At the same time, this study also gives theoretical and empirical evidence to the necessity of raising governmental regulatory effectiveness.     

基于应用层通道的局域网出口流量控制策略设计

广域网流量需求的急剧扩张和局域网运营方出口带宽的矛盾迫使流量控制节点被部署到局域网关键链路当中。分析了网络用户的流量需求。从局域网运营方的角度出发,阐述了基于应用层通道的流量控制的原理、原则和目标。设计了流量控制的四类通道和两种策略的方案。     

科技企业孵化器利益相关者协调机制研究

科技企业孵化器作为推动国家创新驱动发展战略实施的重要载体,参与主体趋于多元化,主体间冲突以及多主体协调机制成为制约孵化器可持续发展的关键问题。基于利益相关者理论,运用探索性案例研究法,结合Y科技企业孵化器实践,构建协调机制,剖析主体之间冲突的根源。研究发现,冲突源包括利益相关者间的利益分歧和权力配置不合理,以及某个利益相关者的“利益—权力”不对称;协调机制包括通过文化协同协调由利益分歧引发的利益相关者间目标不一致,通过分散控制协调由权力配置不合理导致的利益相关者之间的权力争夺,通过动态管理和孵化服务整合协调由“利益—权力”不对称引发的利益相关者机会主义行为,最终实现各利益相关者“利益—权力”分散对称配置、彼此间关系有序。     

我国企业实施社会责任管理研究

西方市场经济国家自进入20世纪80年代以后,要求企业在社会责任方面做出更多贡献的呼声越来越大,我国近年来社会各界对企业的社会责任问题也越发关注。我国企业的社会责任实践活动有了初步的发展。本文通过对样本企业的数据研究,分析了我国企业对社会责任的认知现状,并从员工、股东、客户、供应商、政府、社区、社会公益事业及反商业贿赂等方面研究了我国企业社会责任的实施现状。通过对我国企业实施社会责任管理的现状分析,我们认识到我国企业在社会责任认知与实施方面与国外企业还有一定的差距,为缩小这一差距并提升我国企业社会责任的实施水平,我国企业应重视社会责任管理,把社会责任融于企业的使命、战略制定、战略实施及评价等各方面,实施企业的全面社会责任管理。     

中国企业创新和产业升级面临的新挑战:模块化全球价值链

本文认为,模块化的全球价值链体系固化了系统整合者领先的技术结构,降低了各个生产环节技术创新的相互依赖,特别是模块化生产所具有的信息包裹特征以及技术标准的专利包特点,阻碍了我国企业通过“干中学”和“学中干”进行技术创新和知识积累的过程.模块化与产品系统之间的相互关系说明,系统整合者对企业进行子模块创新的支持存在时机上的选择.总体而言,模块化全球价值链对中国企业创新和产业升级构成了全新的挑战.     

深空测控VLBI全频谱数字基带转换方法研究

针对深空测控VLBI基带转换全频谱处理的特殊要求,提出了一种固定带宽无失真接 收的无盲区高效均匀信道化和正交混频相结合的基带转换方法。通过巧妙的信道划分和低通 原型滤波器矩形系数的改变,实现了可分析频带内无盲区、固定带宽无失真接收处理,利用 正交混频的灵活性,设计了宽/窄带单边带输出方案,实现输出信号中心频率任意可变、带 宽可选。仿真结果表明,新方法计算效率高、资源消耗少,能够实现可分析频带内全频谱基带 转换功能。     

利用线性规划优化企业竞争模拟实践课程中的生产计划

在企业经营模拟相关课程中,生产计划是该课程的重要环节之一。生产计划的安排直接影响经营结果,其本质是在既定目标下,实现人力,物力和财力的优化配置。文中将通过理论结合案例的形式,详细解释利用线性规划模型来优化模拟经营状况下的生产计划,以达到帮助学生将理论知识用于实践的作用。