会计信息质量与市场定价分析

本文以应计质量、盈余持续性、盈余可预测性、盈余平滑度作为会计信息质量的代理变量,通过研究会计信息不同纬度的质量与权益资本成本之间的关系,为投资者的市场定价及对信息质量的关注程度提供证据。研究结果表明,除盈余的持续性不显著外,其他各项质量与权益资本成本之间均呈负相关关系;在对权益资本成本的影响程度方面,无论是单独影响还是条件影响,应计质量影响程度最大,其次是可预测性。     

Incomplete regulation, market competition and collusion

Regulators often do not regulate all firms competing in a given sector. Due to product substitutability, unregulated competitors have incentives to bribe regulated firms to have them overstate their costs and produce less, thereby softening competition. The best collusion-proof contract entails distortions both for inefficient and efficient regulated firms (distortion ‘at the top’). But a contract inducing active collusion may do better by allowing the regulator to ‘team up’ with the regulated firm to indirectly tax its competitor. The best such contract is characterized. It is such that the unregulated firm pays the regulated one to have it truthfully reveals its inefficiency. We finally compare those contracts.     

Illicit drug markets and economic irregularities

Markets for illicit drugs present an interesting case study for economics, combining non-standard characteristics such as addiction and product illegality. One response has been to argue the generality of economic principles by suggesting that they apply even in the extreme case of markets for addictive substances, e.g., by showing that demand for illicit goods is responsive to price [1] [Reframing health behavior change with behavioral economics. Hillsdale, NJ:Lawrence Earlbaum Associates; 2000. p. 89-111.] and even by modeling addiction as rational [2] [J Political Econ 1988;96:675-700]. This paper sketches examples of an alternative reaction, focusing on idiosyncrasies of drug markets that might plausibly create counter-intuitive effects, including supply curves that slope downward because of enforcement swamping and/or a good serving as the only available store of wealth for its producer, demand reduction programs that increase demand, and consumption by “jugglers” possibly increasing rather than decreasing as prices rise. This analysis yields non-obvious policy recommendations; for example, source country control programs should concentrate on growing regions with a healthy banking sector.     

Export Composition and Manufacturing Employment in the US during the Economic Downturn of 1991-92

This paper examines the effect that export composition had upon manufacturing employment in the US during the 1991 recession. Although it takes, on average, approximately $66 000 in exports to create one job, the exact gains in terms of total employment depend upon the labour-intensity of the products being exported. Foreign sales by the chemical and textile industries result in a far greater increase in employment than exports by the petroleum refining or steel industries. This analysis estimates the employment effects of manufacturing exports over the 1989-95 period, utilizing an input-output model to capture both direct and indirect effects. The results demonstrate that export composition has, at times, both strengthened and reduced demand for labour. Consequently, if job-creation is a national goal, it may be in the interests of the US to promote exports from sectors that are labour-using.     

"要素所有权"与"要素贡献"--论"按要素分配"问题的实质与衡量标准

我国实行的按生产要素分配，是根据不同生产要素的所有权关系，以及这些不同生产要素在财富的生产中所作的贡献产生的一种分配形式。“要素所有权”是生产方式的前提和起点，它决定生产资料和社会成员在各生产部门间的分配，是“按要素分配”原则存在的依据，“要素贡献”是按要素分配原则的最终决定因素。在按要素分配理论中，正确认识“要素所有权”与“要素贡献”两者间的内在联系和区别，是理解按生产要素分配问题的关键所在。     

Has Austria’s Accession to the EU Triggered an Increase in Competition? A Sectoral Markup Study

We estimate the pro-competitive effects of Austrias participation in the Single Market after its European Union (EU) accession in 1995 in terms of firms market power as measured by the Lerner index, using a sample of 46 industries and 7 industry groups, covering the period 1978–2001. In the framework of the markup estimation method suggested by Roeger (1995), we test for both an instantaneous structural break between 1993 and 1998 and also estimate logistic smooth transition models to take up the proposition that the regime shift is likely to have occurred gradually rather than as a big bang. In sum, the results provide no reason for being euphoric: Pronounced markup reductions were only found in three industry groups (mining and quarrying, wholesale and retail trade; financial services and real estate). At the more disaggregate level, the picture is mixed: Both increases and reductions in market power have been found.     

我国会计信息质量变革与市场经济发展

市场经济的高速发展,对我国会计信息质量提出了更高的要求,也带来中国会计信息新的生成条件;同时,会计信息质量的变革也对市场经济的健康发展提供规范。本文就我国会计信息质量变革与市场经济发展的关系及其相互影响进行了探讨。     

Towards a kernel theory of external knowledge integration for high-tech firms: Exploring a failed theory test

Designing information systems (ISs) requires a thorough understanding of the organizational knowledge processes in which these systems are used. Although much is known about internal organizational knowledge processes, the understanding of external knowledge processes is less developed. Hence, this paper reflects an attempt to operationalize and test a model of the process of external knowledge integration (EKI), consisting of an identification, acquisition, and utilization stage. We utilize high-technology based firms from a variety of high-tech categories including nanotechnology based firms since these firms have critical knowledge integration needs. The results of an international survey, with responses of 317 high-tech companies, suggest that not these three EKI-stages, but four organizational effectiveness functions (goal attainment, pattern maintenance, adaptation, and integration) account for most variation in responses. These findings seem to imply that ISs that are to support the EKI-process should be designed according to organizational effectiveness functions rather than to EKI-stages. It is proposed that each organizational effectiveness function imposes different requirements on ISs because users interact differently with IS in each function.     

基于PSR模型的区域高技术产业创新要素供给评价

区域高技术产业高质量发展需要创新要素有效供给。基于PSR（压力—状态—响应)模型构建高技术产业创新要素供给评价指标体系，采用全局熵法对我国创新要素有效供给现状进行评价，并度量创新要素供给协调度，从创新要素供给综合指数和子系统协调度两个方面评价创新要素有效供给水平。在此基础上将我国区域创新要素供给分为5个梯度，并运用障碍因素诊断模型，分析影响各梯度省域高技术产业创新要素有效供给实现的主要障碍因素。研究发现，影响有效供给的主要障碍层从2009年的压力层与状态层转变为2018年的响应层与状态层，高技术产业发展水平等成为主要障碍因素。各省域应依据自身要素供给主要障碍层和障碍因子，结合自身创新要素供给所处梯度，采取针对性措施，通过强链、补链、固链相结合，实现区域高技术产业创新要素有效供给。     

Network externalities and long-run market shares

We study a dynamic duopoly model with network externalities. The value of the product depends on the current and past network size. We compare the market outcome to a planner. With equal quality products, the market outcome may result in too little standardization (i.e. too many products active in the long run) but never too much. The potential inefficiency is non-monotonic in the strength of the network effect, being most likely for intermediate levels. When products differ in quality, an inferior product may dominate even when the planner would choose otherwise, but only if the discount factor is sufficiently large