Investment Opportunities and the Relation Between Equity Value and Employees' Bonus

A sample of firms where employee stock options and other long‐term incentives are absent but an annual bonus is required is examined. A positive relation is found between firm equity value and stock bonus but not cash bonus. The positive relation is stronger when the firm has greater investment opportunities. Additionally, the relation is shown to be nonlinear in the sense that the marginal effect of stock bonus on equity value is positive but decreasing (negative) when the stock bonus is below (above) the breakpoint. Overall, the annual stock bonus is valued positively by investors even though it is linked to the firm's contemporaneous but not future performance.     

灰色数学模型及其在矿床勘探类型划分中的应用

本文运用灰色系统理论中的灰色聚类数学模型,对四个金矿床勘探类型进行了划分,取得了比较满意的效果。     

On Sraffa's Standard commodity: is its price invariant with respect to changes in income distribution?

In his 1960 book, Sraffa suggested using a composite commodity,which he called the ‘Standard commodity’, to solveRicardo's search for an invariable measure of value, i.e., astandard capable of isolating the price movements of any othercommodity induced by changes in income distribution. The absencein Sraffa's book of an explicit proof of the invariance propertyof this standard gave rise to many misunderstandings about itsmeaning and its role as an invariable measure of value. In orderto clear up these questions, Bellino (On Sraffa's Standard commodity,Cambridge Journal of Economics, vol. 28, 121–32, 2004)has proposed a ‘proper’ definition of an ‘invariablemeasure of value’, showing that Sraffa's Standard commoditydoes fulfil the requirements of this definition. He claims thatthe fulfilment of this property (but not the constancy of its‘nominal’ price) qualifies the Standard commodityas an invariable measure of value. In this paper, a proof ofthe invariance of the price of the Standard commodity with respectto changes in income distribution is given, and the equivalenceof this property with Bellino's definition of invariance isshown.     

公司财务控制机理:一个基于制度博弈的分析

财务控制的目标是对出资者和经营者之间形成的代理契约的冲突进行管理和协调.以出资者与经营者的制度博弈模型为分析基础,可以清楚表明财务控制机理特征:首先,财务控制本身具有的制度成本(控制成本)是制约控制成效的关键因素;其次,财务控制作为一种制度安排,应具备使经营者违背代理契约的外部成本内部化的功能;最后,财务控制本质是一种契约安排,是出资者和经营者之间多次动态博弈的结果,因此需要不断进行修正完善.     

基于“行为经济学理论”的旅游者行为分析

传统的旅游者行为分析方法,主要是进行定性的分析,将各个因素进行框架分析,而对旅游者行为的影响因素分析深度不够。借助行为经济学的理论和分析方法,从旅游者的心理活动角度入手,注重旅游者的心理变量分析,应用前景理论和心理账户分析旅游者行为,充分考虑了情境因素和体验因素,使得关于旅游者的行为分析更加细化和接近现实生活。     

基于博弈视角的供应链伙伴关系研究

科学技术的飞速发展、经济的全球化以及竞争的日益激烈，使得企业要想在市场上取得成功，就必须和供应商、客户建立紧密的伙伴关系，通过整体协作增强各节点企业的竞争力。对于供应链伙伴关系，可以从交易费用、资源观、博弈论等到不同视角进行研究，本文将从博弈的视角，通过企业间博弈的不同阶段，包括囚徒困境、鹿的陷阱以及单方承诺三个阶段，对供应链内企业间的伙伴关系进行探讨，揭示其内在规律。     

Control of intellectual assets in client relationships: implications for innovation

This empirical study of business‐to‐business service firms examines the determinants and effects of control rights to intellectual assets in a property rights theoretic framework. Regression analyses using survey data suggest that service suppliers that retain control over their intellectual output are more innovative. In long‐term relationships, service firms' clients may thus be better off balancing their need to control outsourced activities with the suppliers' incentives to invest in learning and innovation. Additionally, and aligned with property rights theoretic predictions, service suppliers' bargaining power and their indispensability in service projects are positively associated with their ability to retain control rights. In contrast, innovation capabilities are not very significant in determining control rights allocation between service suppliers and their clients. Copyright © 2008 John Wiley & Sons, Ltd.     

对环境税的经济学分析

随着我国经济的加速发展,环境问题越来越成为人们普遍关心的问题,成为影响经济进一步发展的制约因素。通过对环境税的经济学分析可以看出其较强的可行性和操作性。利用环境税矫正外部经济,从而达到运用税收手段保护环境的目的,是十分必要的。     

Régulation School and environment: Theoretical proposals and avenues of research

The article explores the relevance of a particular approach of the institutionalist movement, régulation theory, to deal with the relationship between the economy and the environment. Régulation theory, which appeared in France at the end of the 1970s, is mainly interested in macroeconomic issues. In contrast, until now it has tended to neglect environmental questions. By taking several key concepts of this theory (accumulation regime, mode of régulation, institutional forms), we have sought to assess its significance vis-à-vis the environmental field. More precisely, from the perspective of establishing an environmental regulationist theory, we propose considering the economic relation to the environment as the articulation of three forms: a transhistorical form, a general capitalist form and a specific capitalist form, the latter being variable in capitalist time and space. We give several illustrations of the variability of the relation to the environment, depending on the different accumulation regimes and the different modes of régulation. Two principal avenues of research are proposed: historical analyses for given economic areas, and comparative analyses relating in particular to different capitalist areas.     

无界时滞中立型系统(非Razumikhin型)的稳定性

本文利用 Liapunov 函数法,建立无界时滞线性和非线性中立型系统(非 Razumikhin 型)稳定性的简单判据。