资产专用性视角下的资本结构动态分析

本文按照公司价值最大化思路建立考虑资产专用性和资本成本因素的资本结构动态模型，以资产专用性为视角考察资本结构动态过程的路径和原因。研究表明，资产专用性程度对公司资本结构动态演变的过程和结果都有深刻的影响，权益资本成本和负债资本成本的不同动态特性诱致公司资本结构动态演变。利用中国上市公司财务数据所进行的实证检验结果显著地支持本文的理论模型和结论。     

When consumers struggle: Action crisis and its effects on problematic goal pursuit

When pursuing goals, consumers often face setbacks that force them to reevaluate their goals. Yet, current goal theory offers limited explanations for how people respond to recurring challenges and disengage from their goals. Through five experiments investigating three primary theoretical aims, this research extends the field's understanding of action crisis, a possible goal pursuit stage marked by internal conflict over whether or not to continue, and investigates it in consumption contexts such as patient–physician relationships, weight loss diets, and environmentally friendly purchasing. Experiments 1A–1C show that consumer action crisis encourages more disengagement‐related and less continuation‐supportive cost–benefit thinking than nonproblematic action phase. Experiment 2 replicates this cognitive shift, and connects action crisis to diminished goal‐related evaluations and weakened commitment. Experiment 3 further clarifies action crisis’ influence on consumer goal pursuit by revealing decreased cognitive and behavioral engagement that does not involve a shift in construal level when compared to action phase consumers. Extending understanding of action crisis as a possible mindset and action phase, these five experiments advance goal disengagement theory by connecting changes in cognition, motivation, and behavior to action crisis.     

Can green behaviors really be increased for all employees? Trade‐offs for “deep greens” in a goal‐oriented green human resource management intervention

This study explores the complex interaction between psychological and goal‐relevant boundary conditions that influence levels of individual engagement in a green human resource management (HRM) intervention designed to encourage employee green behavior (EGB). Data were collected from 1,112 employees in an automobile manufacturing plant. Consistent with goal‐setting theory, the level of feedback received predicts EGB. However, a three‐way interaction demonstrates how employees with high levels of autonomous motivation do not gain the expected benefits of high feedback and high goal commitment in the enactment of EGB. Instead, only those with weak autonomous motivation are affected by these goal‐related constructs. Findings suggest that both goal‐setting and self‐determination theories are relevant to green HRM interventions. Managers should consider that interventions that are effective for employees who do not have strong autonomous motivation towards the environment may not be effective for those who do.     

Managing Critical Spare Parts within a Buyer–Supplier Dyad: Buyer Preferences for Ownership and Placement

Despite the criticality and expense of spare parts, many firms lack a coherent strategy for ensuring needed supply of spare parts. Moreover, scientific research regarding a comprehensive spare parts strategy is sparse in comparison with direct material. Our research identifies and tests three literature-based, theoretically anchored attributes that influence a buyer's preference for inventory ownership and inventory placement when managing the stock of a critical spare part. Our findings indicate that item specificity and item supply uncertainty are useful in predicting a buyer's preference for managing the inventory of a critical spare part. Furthermore, we find that buyers have (1) a strong preference for consignment-based inventory management approaches, (2) a bias against inventory speculation despite its use in practice and analytical models, and (3) a strong preference for inventory postponement when the level of supply uncertainty is low.     

Toward understanding the attitude measurements in hospitality research

This study explores the current status of measuring attitude in the hospitality research and empirically examines the effect of the measurement’s format on research results. Specifically, we review the hospitality literature that measures attitude and identify two emerging issues that need further investigation. Two empirical studies follow to examine the measurement issues: The effects of measurement specification (Study 1) and measurement formats (Study 2) on research results. The findings from Study 1 show that the magnitude of an attitude’s effect on behavior may vary depending on whether specific targets of attitudes are indicated in the measurement. In Study 2, the results show that measurement formats may not significantly affect the research results, which contradicts the literature. Our contribution is in providing hospitality researchers with guidelines on how to measure attitude.     

基于对一个理论前提质疑下的国有企业所有权结构的重新安排

该文回顾了现代企业理论对企业所有权结构安排的相关文献论述,认为委托代理理论中所有者目标函数和经营者目标函数不一致的理论假设并不符合我国国有企业的实际情况。当前国有企业改革的首要任务不应该是完善公司内部治理机制,而是改造所有权结构安排。重点分析了人力资本所有     

信托财产权新探——兼谈信托的所有权问题

信托产生于英国 ,在英美法系中信托当事人在信托中的财产权称为“双重财产权”。我国在《信托法》中对信托的所有权归属问题并没有作出明确的规定。拟从实现信托的社会终极目标的角度认为信托财产权是独立于物权、债权之外的一种新型财产权利。     

管制范围的经济分析——基于自然垄断性维度的思考

经济学理论认为自然垄断性是政府管制的重要原因,从新制度经济学角度上看,规模经济和资产专用性才是自然垄断性的深层次原因。而现代经济学理论进一步发展了自然垄断性的概念,认为自然垄断性的决定因素是成本弱增性,从而改变了对自然垄断边界的认识,同时也带来了对管制范围和管制方式认识上的变化。     

Optimal investments in volatility

Volatility has evolved as an attractive new asset class of its own. The most common instruments for trading volatility are variance swaps. Mean returns of DAX and ESX variance swaps over the time period of 1995 to 2004 are strongly negative, and only part of the negative premium can be explained by the negative correlation of variance swap returns with stock market indices. We analyze the implications of this observation for optimal portfolio composition. Mean-variance efficient portfolios are characterized by sizable short positions in variance swaps. Typically, the stock index is also sold short to achieve a better portfolio diversification. To capture heterogeneous preferences for higher moments, we use a variant of the polynomial goal programming method. We assume that investors strive for a high Sharpe ratio, high skewness, and low kurtosis. Our analysis reveals that it is often not possible to achieve a balanced tradeoff between Sharpe ratio and skewness. Investors are advised to hold the extreme portfolios (Sharpe ratio driven, skewness driven, or kurtosis driven) and avoid the middle ground. This “all-or-nothing” characteristic is reflected in jumps of asset weights when certain thresholds of preference parameters are crossed. These empirical findings can explain why many investors are so reluctant to implement option-based short-selling strategies.

Organizational tenure and mastery-avoidance goals: the moderating role of psychological empowerment

Mastery-avoidance (MAv) goals are recognized to be detrimental as they arouse counterproductive work-related behaviors. In the current literature, MAv goals are assumed to be more predominant among newcomers and longer-tenured employees. The alleged relationship provides important implications but yet has received scant empirical attention. In response, this study examines the proposed U-shaped curvilinear relationship between organizational tenure and MAv goal orientation. In addition, the potential moderating role of psychological empowerment on this curvilinear relationship is investigated. Based on data from 655 certified accountants, the results support the existence of the hypothesized curvilinear relationship. Also, it revealed that for employees who experience higher levels of psychological empowerment, the U-shaped relationship between organizational tenure and MAv goal orientation becomes flattened. Implications and future research are discussed.