水资源负价值的研究

本文提出了水资源负价值理论,分析了水资源负价值的构成,并给出了计算方法。     

我国商业银行效率的影响因素:产权制度还是市场结构

采用自由分布法(DFA),利用似不相关回归估计测算了我国商业银行的X-成本效率状况,并分析了产权制度与市场竞争程度对我国商业银行效率的影响。实证检验发现,我国国有银行和股份制银行的X-成本效率存在结构性差别,产权制度是造成这种差异的关键原因,市场竞争程度对银行效率也产生了非常重要的影响;且两者对银行效率的影响是一种互补关系而不是替代关系。可供选择的政策建议包括:推进产权制度改革,完善银行的法人治理结构;优化银行业市场结构,促进银行体系效率的提高;国有银行要适当收缩规模,正确配置资源;股份制银行要尽快充实资本金,扩大规模,增强竞争力。     

Exclusive Versus Non-exclusive Dealing in Auctions with Resale

We consider a seller who can either sell exclusively through resellers, or allow potential consumers to purchase directly from him. The consumers’ willingness to pay is private information. All transactions are in the form of second-price sealed bid auctions. We show that, if the resellers can gain access to a substantially bigger portion of the market than the seller himself, the seller obtains a higher revenue by dealing exclusively through them, i.e., by committing to not sell to any consumer. The result is due to a “winner’s curse” effect: the resellers win only if the consumers that they compete against submit lower bids, i.e., if part of their customer base has low valuations. This depresses the resellers’ willingness to pay relative to what they would be willing to pay under an exclusive resale contract. Our results do not depend on the presence of transaction costs: exclusive dealing yields strictly higher revenue even when the resellers can market the item at zero cost. We would like to thank Richard Engelbrecht-Wiggans, Michael Rothkopf and seminar participants at Iowa State University, the Midwest Mathematical Economics meetings, the Milken Institute, Rutgers University, SUNY at Stony Brook Summer Workshop on Game Theory, for helpful comments and suggestions.     

Becoming an acquirer and becoming acquired

This paper considers mergers and acquisitions (M&A) in Finland. We explain the likelihood that a firm acquires or is acquired by another firm. We try to find out whether the incidences of M&A are influenced by the firms' R&D activity, measured by the calculated R&D stock. We obtained a very robust result, which says that R&D stock increases the probability that a firm acquires in all industries. In the nonprocessing industries, R&D stock similarly increases the probability that a firm is acquired by another. In the processing industries, the firm's own R&D stock has, however, zero impact on the likelihood that another firm buys a firm concerned. We interpret these results indicating that M&A are used as instruments to transmit knowledge from one firm to another. In the nonprocessing industries, it is evident that knowledge capital cumulated in the target is the main motivation for the purchase. Then a buyer's own R&D—which also increases the probability of the trade—signals that a buyer is efficient in absorbing the purchased new technology. In the processing industries, the motive for acquisition is different. We discovered that in the processing industries, technology is rather transmitted from the buyer's firm than to the purchased firm. It looks like that, in these industries, the firms have decreased their unit costs by means of their R&D activity, and so through M&A, the appeared unit cost differences have been levelled.     

中国上市公司盈余管理的频率与幅度

盈余管理频率和幅度是投资者保护程度在现实经济中的具体体现。然而,已有文献在盈余管理频率或者幅度方面所提供的证据还远远不足以揭示客观事实。本文运用所有研究样本的报告盈余信息,通过假设报告盈余服从混合正态分布,运用参数估计的方法对阈值处的盈余管理频率和幅度进行推断。研究结论表明,中国上市公司从1995年至2003年间都存在为避免报告亏损而进行的盈余管理。1996年、1997年以及2001年至2003年的盈余管理频率和幅度较高,并且2001年至2003年逐年呈上升趋势。2001年至2003年平均有64·4%的亏损公司在阈值0点上进行盈余管理并达到避免报告亏损的目的,平均盈余管理幅度为提高ROA数据0·065。研究还发现2001年至2003年期间的盈余管理更加具有隐蔽性。     

基于知识配置的组织模式

本文认为,知识的分化使得工业经济时代以通用知识的运用为主的组织,演变为更加注重对使用价值较高的专门化知识运用的组织。本文提出,组织知识的分化必然导致组织结构形式的重新设计,知识经济时代的组织理论是一个基于知识配置的组织理论。本文提出了一个分类框架,用以解释知识配置和组织结构形式如何交互作用,从而形成各种不同的组织模式。     

Why does service inclusion matter? The effect of service exclusion on customer indirect misbehavior

In recent years, there has been much conceptual work calling for research on transformative service, and service inclusion in particular. However, quantitative studies focusing on service inclusion are scant, and little is known about customer responses to the opposite of service inclusion, i.e. service exclusion. Taking a transformative research perspective, this study advances the service inclusion literature by focusing on service exclusion and its downstream consequences. We first build the causal link between service exclusion (vs. inclusion) and customer indirect misbehavior, reveal the underlying mechanism, and further identify negative reciprocity beliefs as a boundary condition. The results of three studies suggest that customers who experience service exclusion (vs. inclusion) are more likely to engage in indirect misbehavior (Study 1), and that this effect is mediated by perceived need threat (Study 2). Moreover, the basic effect holds true only for customers with strong negative reciprocity beliefs (Study 3). The findings of this research not only contribute to the literature on transformative services, service inclusion, and social exclusion, but also have managerial implications for marketing practitioners in terms of creating an inclusive service system.     

试论住宅市场困境对社会转型及发展的影响与政策取向

住宅市场需求结构的内在冲突、供给结构的内在矛盾、产品供求的失衡、消费结构的不合理及伴随而来的房价虚高,构成当前的住宅市场困境。这种困境,不但造成经济资源的高度积聚,同时扭曲了“第三次分配”,进一步恶化了社会转型与发展的环境。在特定的历史背景下,住宅问题不仅是经济问题,更突显出其社会性和政治性。本文在深入分析住宅市场困境对社会转型与发展的影响的基础上,提出了相关的政策性建议和措施。     

路径依赖负面效应下的企业战略选择探究

路径依赖强调的是惯性的力量能把人们带入定势的死角,人们一旦选择了某个制度,就好比走上了一条不归之路,把这个制度不断自我强化,让你轻易走不出去。企业战略选择是企业战略管理的关键,由于自身的特点,很容易陷入路径依赖效应下的窠臼。因而如何克服企业战略选择的路径依赖的负面效应成为企业战略管理成功与否的关键。