国外商业模式价值逻辑研究述评与展望

从价值角度解读商业模式已成为商业模式研究的一大主题。近年来,随着商业模式价值逻辑研究的不断深入和拓展,价值主张、价值创造、价值传递、价值获取、价值链和价值网等概念在商业模式研究中频繁出现。通过对国外现有研究的梳理,概述了商业模式价值逻辑研究的发展脉络,揭示了该类研究的阶段性特征,并展望了其未来径向。     

对我国商业银行特许权价值形成要素的实证分析

特许权价值是银行具有的从受保护市场获取未来租金的牌照价值,由市场相关因素和银行相关因素决定.本文在5家上市银行1999-2006年的面板数据基础上,利用托宾Q的方法度量特许权价值,并构建多元线性回归模型,得知随着市场优势因素的弱化,特许权价值整体呈现下降的趋势,而银行内在效率是其稳定的关键,对于银行业的稳健经营具有重要意义.     

高校员工绩效考评科学化与奖酬心理激励效应问题研究

高校员工绩效考评工作的科学化和奖酬心理激励机制直接影响到员工工作积极性和创造性的发挥,进而又会影响到整个高校教育教学质量的提高和未来教育事业的发展。本文结合高校的实际,着重研究了员工绩效考评工作的作用功能和重要性、科学化考评工作应该采取的基本方法、科学化考评工作的影响因素以及提高员工奖酬心理激励作用的途径。     

Differentiating use and nonuse values for coastal pond water quality improvements

This paper measures the benefits of water quality improvements in three coastal ponds on the island of Martha's Vineyard, Massachusetts, U.S.A. Use, option, and existence values were elicited from Martha's Vineyard property owners by the contingent valuation method. On average, more than half of the total benefits are attributed to existence value. Results from the Heckman selection model show that the exclusion of protest, as well as missing bids, does not cause significant bias in estimating respondents' willingness-to-pay. Socioeconomic characteristics are found to have distinctively different influences on use, option, and existence values. Different model parameters are likely to be estimated depending on which value categories are measured by a selected valuation technique. These findings emphasize the importance of nonuse values from water quality improvements and of socioeconomic characteristics for measuring different categories of values.Associate Scientist, the Marine Policy Center, Woods Hole Oceanographic Institution. Support for this research was provided by the Pew Charitable Trust, and the Marine Policy Center. Thanks are due Elliot Backerman for making the data available to the author, and Peter Britz and Sarah Repetto for research assistance. Comments and suggestions on an earlier draft of this paper from Steven Edwards, A. Myrick Freeman, Porter Hoagland, Raymond Kopp, V. Kerry Smith and two anonymous reviewers are gratefully acknowledged. This article is WHOI Contribution No. 7752.     

Do Trademark Infringement Lawsuits Affect Brand Value: A Stock Market Perspective

Many firms find that they can benefit from copying orotherwise misusing the trademarks of their competitors. Firmsthat have maintained a positive brand image are likely to fightany dilution or eventual loss of their trademark by using lawsuitsagainst offending firms. These lawsuits help to staunch any lossesto the brand and leave the potential for the benefits from thetrademark to flow back to the firm. These benefits will be temperedby legal costs, potential infringement by other firms in futureand the need to file lawsuits in response. In contrast, firmsthat have infringed on a trademark are likely to lose if theowner of the trademark challenges them in court. This study relatesthe stock returns of firms to the filing of lawsuits to defendtrademarks. We study the impact of both the filing of the lawsuitand the eventual verdict of the court on the stock market valueof defendant and plaintiff firms. The protection of a trademarkby a plaintiff using a lawsuit resulted in a negative returnto the shareholders of the defendant firm that infringed on thetrademark. The returns to the plaintiff firms were mixed andof marginal magnitude due to offsetting factors although largefirms experienced positive returns.     

Pricing effects in Fannie Mae agency bonds

As a government-sponsored enterprise, Fannie Mae enjoys certain advantages over other firms. The extent of these advantages, while widely discussed, have not yet been fully quantified. This paper empirically examines the returns to Fannie Mae general obligation bonds under the assumptions of the Arbitrage Pricing Theory. The model provides an explicit method for estimating the risk premium on Fannie Mae bonds. The results indicate that liquidity and tax effects are important in explaining the returns to Fannie Mae bonds. The results also indicate that the market does not incorporate changes in the riskiness of the mortgage market into the returns on Fannie Mae bonds. The results provide support for the contention that Fannie Mae, as a government sponsored enterprise, enjoys a significant advantage over other firms in the capital market.     

Exchange Rates and the Conversion of Currency‐Specific Risk Premia

How do the risk factors that drive asset prices influence exchange rates? Are the parameters of asset price processes relevant for specifying exchange rate processes? Most international asset pricing models focus on the analysis of asset returns given exchange rate processes. Little work has been done on the analysis of exchange rates dependent on asset returns. This paper uses an international stochastic discount factor (SDF) framework to analyse the interplay between asset prices and exchange rates. So far, this approach has only been implemented in international term structure models. We find that exchange rates serve to convert currency‐specific discount factors and currency‐specific prices of risk – a result linked to the international arbitrage pricing theory (IAPT). Our empirical investigation of exchange rates and stock markets of four countries presents evidence for the conversion of currency‐specific risk premia by exchange rates.     

我国出口额的影响因素分析

我国出口企业面临着越来越严峻的形式和考验，影响我国出口额的因素有很多，其中人民币实际有效汇率是影响我国出口额的最主要因素，就此提出了相应的对策和建议。     

我国房地产市场的泡沫检验——基于现值模型

本文以35个大中城市指数为基础,利用现值模型对我国东中西部地区房地产市场泡沫的存在性进行了检验.检验结果表明,我国东部和西部地区存在明显的房地产泡沫,其中东部特别是长江三角洲地区的房价租金比涨幅最大.而中部地区除武汉之外的房价租金比一直较为平稳,几乎不存在泡沫现象.