建设项目BT模式的运行管理模式研究

随着建设项目BT模式在我国的使用和发展,因地域环境及建设项目本身的不同,总共出现了几种管理模式。在对这几种BT模式的概念及运行方式进行分析的的基础上,深入研究这几种BT模式的特点,对如何根据地域环境、建设项目的不同选取不同的BT模式,采取何种合同进行探讨。     

Firm Investment decisions in the post‐conflict context

Economic and political transition can occur through peaceful or violent means. Violent transition disrupts the incentive for firms to make productive investments. This paper studies the determinants of profit reinvestment for firms in post‐conflict transition economies. Results indicate that while access to finance is an important determinant of reinvestment during transition, it is not as important in the post‐conflict context. However, property rights protections, in particular institutions of contract enforcement, are a more important determinant of profit reinvestment for firms operating in the post‐conflict environment than for firms in general. This indicates that obstacles to investment are context specific.     

Reducing reporting risk: Designating foreign currency forward contracts as cash flow hedges

We present an example that compares the effects on earnings of designating a foreign currency forward contract as either a cash-flow or fair-value hedge of a foreign currency denominated receivable. Entities engaging in exchange transactions not denominated in their functional currency frequently enter into foreign currency forward contracts in order to mitigate their foreign exchange rate risk exposure. The aggregate effect on earnings of the transaction gain or loss on the foreign currency receivable and the gain or loss on the forward contract is known on the date the forward contract is initiated. The effect on each period’s earnings during the term of a forward contract designated as a cash-flow hedge is also known on the date the contract is initiated; whereas the effect on each periods’ earnings from a fair-value hedge cannot be determined until the respective balance sheet dates. Therefore, designating forward contracts as cash-flow hedges may suppress volatility in reported earnings compared to designating forward contracts as fair-value hedges. In addition, the reporting risk (the amount of uncertainty surrounding the pending measure of an item to be reported in the financial statements) is lower when a forward contract is designated as a cash-flow hedge relative to designating it as a fair-value hedge. This suggests foreign currency forward contracts designated as cash-flow hedges are more consistent with the purpose of hedge accounting: to mitigate the effects on earnings of applying different measurement criteria for the hedge and the hedged item.     

A contingent plan for disaster response

Natural and man-made disasters imply a great deal of uncertainty in terms of potential damage, though it is certain that there would be a huge spike in the demand for relief supplies causing shortages and/or delays in providing aid. Ruptures in the infrastructure (roads, utility, and communication lines) cause additional delays due to repairs. Therefore, the relief providers need to work in collaboration with retailers, and infrastructure service providers for improving responsiveness. The relief providers (government and non government) rely on acquiring and delivering supplies in real time because such actions accompany little risk of resource underutilization, though the cost of real time acquisitions can be high. In contrast, a proactive response, while minimizing acquisition cost, can be very ineffective if demand surges are high. We study a hybrid of reactive and proactive approaches, where the reactive response is contingent upon the disaster intensity exceeding a certain threshold. We show how the threshold value may impact capacity acquisitions and prices and establish the optimality of contingent response. Further, we establish how an infrastructure contract may help reducing the social cost of disaster.     

新型小农经济发展观

小农经济以其独特的生命力生存于历史近万年,但传统的小农经济与社会主义公有制存在冲突。在社会主义社会大背景中,唯有在科学发展观指导下,对小农经济科学改造,形成新型小农经济—家庭承包经营,才能赋予了它新的生命力,并使其不断完善,走出具有中国特色的农村、农业社会主义现代化道路。     

中国商业保险滞后原因分析

文章简要回顾了中国商业保险的发展历程,并从商业保险的需求和供给两个方面探究了滞后的原因,最后给出了政策性建议。     

Effects of Network Embeddedness on the Relationship Between Environmental Volatility and Interfirm Contracts

Purpose: This study examines the effects of an embedded network on the contractual relationship between exchange parties under conditions reflecting varying levels of environmental volatility and investigates the role of an important network factor—the embedded network—in the contractual relationship between manufacturers and their suppliers.

Methodology: The empirical test was conducted with manufacturing companies in the context of manufacturer–supplier relationships. Construct measures were based on existing measures and previous research. Measurement reliability and validity were established using exploratory and confirmatory factor analysis and an overall measurement model was assessed with structural equation modeling using LISREL.

Findings: The results of a survey of manufacturers indicate that firms in an embedded network preferred “soft” contracts even when they face volatile environments, whereas those facing volatile environments in a less embedded network preferred “hard” contracts with explicitly specified written requirements. Network partners carefully evaluated embedded networks (a critical factor that has not received enough attention) before forming contractual relationships in a network perceiving interfirm relationships differently.

Originality: The study introduces network embeddedness to explain governance mechanisms in volatile environments and shows that the explicit recognition of embedded network may facilitate the development of contracts with specific provisions as the contractual relationship evolves.     

创新、知识产权与新经济

创新与知识产权对新经济发展有重要作用,以新制度经济学的产权理论分析知识产权的排他性权利实质及特征,论述了知识产权在我国的现状,以契约理论回答了如何实现知识产权产业化的问题。     

EPC项目投标报价方法及影响因素研究

我国EPC总承包商在投标报价时面临设计深度不足、施工过程不确定性大等风险,导致其投标报价的难度相较于传统承发包模式更大,为保证总承包企业在EPC项目中能够获得最佳的收益,本文在EPC总承包项目投标报价特征的基础上,分析投标报价的内容及其计算方法,并对EPC总承包项目投标报价的影响因素进行识别与阐述,最后辅以工程实例进行说明。研究结论为总承包企业在EPC项目中的投标报价起借鉴作用,进而促进我国EPC总承包模式的健康发展。     

公平偏好在劳动契约中的作用探讨

劳动契约是典型的不完全契约,一般认为自利的工人仅仅只会做出最低程度的努力水平,而近年来的实验与行为经济学发现工人的选择并不完全符合自利的假设,工人的努力程度还会受到其公平偏好的影响,由于工人的选择直接影响到企业的获利状况,故企业在制定工资水平时应该考虑工人对公平的诉求。