The Choice of Technique with Multiple and Complex Interest Rates

This article clarifies the relationships between internal rates of return (IRR), net present value (NPV), and the analysis of the choice of technique in models of production analyzed during the Cambridge capital controversy. Multiple and possibly complex roots of polynomial equations defining the IRR are considered. An algorithm, using these multiple roots to calculate the NPV, justifies the traditional analysis of reswitching.     

Contracts,incentives and organizations: Hart and Holmström Nobel Laureates

This article reviews the contribution of Hart and Holmström, the 2016 Nobel Laureates in economics. Holmström's work on the principal-agent problem answered questions as to what should (and should not) be included in an incentive contract. His work helped explain the simple structure of incentive contracts we typically observe in the real world. The models he developed have been used to address questions of CEO compensation, organizational design and optimal regulation. A key element of Hart's research focused on the question of what are the optimal boundaries of a firm (and indeed, what a firm actually is). In doing so he developed the incomplete-contracts framework, which has subsequently been used to explain many economic phenomena whenever renegotiation is important, including authority and decision-making structures in firms, why financial contracts look the way they do, and various questions in international trade and public policy.     

众包式创新激励机制研究——基于委托代理理论

众包式创新是基于互联网交互作用快速兴起的一种多主体参与的合作创新理念和创新模式.它是指公司或其他组织将过去由内部员工执行的部分工作任务,以自由自愿的形式分包给非特定的、数量庞大的网络大众完成的一种创新模式.这种创新模式所呈现出的民主、平等、参与的理念及其汇集集体智慧的网络组织创新特点受到众多世界500强企业及创业企业的青睐,展现了无限的魅力.企业发布任务,参与者完成任务获得奖励的活动实际上是一种委托代理活动.本文基于委托代理理论对众包式创新激励机制进行了分析,探讨了企业应该如何进行激励机制的设计,使参与者更努力的完成任务,创造出更优秀的作品,以及不同激励机制设计对于众包式创新运行效率的影响.     

内部会计控制制度创新研究:问题、原因与对策

对内都会计控制制度的研究是在会计、审计领域中十分重要的研究课题,然而目前对内部会计控制制度的研究却存在一些缺陷.本文通过问卷调查,发现大部分企、事业单位已建立内部会计控制制度,但不能有效执行;此外还存在＂内控不能控制一把手＂的问题.针对上述存在的问题,本文比较客观地分析了原因,并提出了解决问题的对策建议.     

所有权和市场绩效的理论逻辑与经验证据——比较视角及去意识形态化反思

本文通过对新古典经济学、契约理论等理论的最新反思,并根据新比较经济学、新规制理论、混合寡占模型等理论分析与经验研究的最新进展,为所有权与市场绩效关系提供了更深刻细致的见解。以往关于所有权与市场绩效的研究深受特定政治偏好与制度约束的影响,很多研究存在系统性缺陷,结果常常缺乏稳健性。当代研究更加注重“去意识形态化”的科学态度和模型设置背后的知识假定,现有的理论与计量分析工具只能证明国家所有权与私人所有权互有优劣,相关研究必须避免外生假定一种所有制结构的优越性,这样才能重新开辟出一片更为广阔的领域。     

Changing rewards in contests: Has the three-point rule brought more offense to soccer?

In the mid-nineties FIFA decided to increase from two to three the number of points assigned to the winning team of a soccer match played under traditional round-robin national leagues. Since a game of soccer can be regarded as a contest, FIFA's measure provides an interesting case-study for analysing how a change in the system of rewards (from a zero to a non-zero sum rule) may affect the contestants' equilibrium behaviour. In this paper we try to assess, both theoretically and empirically, whether FIFA's new point rule has changed soccer towards a more offensive game, in which teams adopt more risky strategies. In particular, we evaluate the “na?ve hypothesis” according to which the measure would induce every team to play always more offensively, and we explore the extent to which the change in teams' behaviour may be affected by quality differentials between teams. Our most important hypothesis is that when the asymmetry between opposing teams is large enough, an increase in the reward for victory induces the weaker team to play more defensively, rather than the opposite. By looking at a subset of matches held in the Portuguese first division league, which approximate the conditions of our model, we find support for this hypothesis. First version received: July 1999/Final version received: May 2001     

制定《内部管理控制规范》的价值与整体构思

本文从制定<内部管理控制规范>的背景、制定<内部管理控制规范>的价值以及制定<内部管理控制规范>的整体构思三个方面,对制定<内部管理控制规范>问题进行了全面、系统地论证.文章对完善我国内部控制理论及内部管理控制理论,指导内部管理控制实践与操作,都具有重要意义.     

Inbound open innovation in biopharmaceutical firms: unpacking the role of absorptive capacity

In this study, we extend recent attempts to clarify the role of antecedents of absorptive capacity in realising purposive inflows of external knowledge in the biopharmaceutical industry. By assuming that internal R&D resources contribute to absorptive capacity as a multidimensional concept, we propose a framework for the integrated analysis of the interactions between the different antecedents of absorptive capacity and inbound open innovation of biopharmaceutical firms. Our analysis relies on a set-theoretic approach and uses fuzzy-set qualitative comparative analysis (fsQCA) to study a set of selected Italian biopharmaceutical firms. The analysis reveals that biopharmaceutical companies with a diversified R&D business domain and an extended entrepreneurial scientific network are likely to adopt an inbound open innovation strategy.     

员工股权激励对中小企业创新会产生补充的促进效应吗？

高管与核心技术员工作用于创新的不同过程,同时也是股权激励计划的主要激励对象,两者股权激励的互动效应对创新的影响值得探讨。选取2009—2015年成功实施股权激励的深A上市中小板与创业板公司为研究对象,考察员工股权激励对高管股权激励在中小企业创新中的影响及其作用机制。研究结果表明：实施股权激励计划能够显著增加企业研发投入与创新产出;相较于高管,核心技术员工股权激励强度越大,企业创新数量越多、质量越高;高管股权激励降低了创新转化效率。进一步地,融资支持效应和人才激励效应是员工股权激励补充促进创新的重要机制;代理成本在高管股权激励与研发投入关系中起遮掩作用。     

中部崛起战略的重点突破方向

文章回顾了中部崛起战略提出以来中部省份取得的发展成绩,也指出其依然未摆脱东部地区粗放型增长的老路,未能充分发挥比较优势,实现真正意义上的全面协调持续的发展,并针对性地提出了中部崛起战略中应该重点关注三大突破方向:立足国内市场,加快发展内循环经济,转变经济发展方向;建设资源节约型和环境友好型社会,大力发展低碳经济,转变经济发展方式;营造良好的区域发展文化,平和社会发展心态,转变传统社会价值观念。