金字塔式控股结构与上市公司资本运作的机会主义倾向

在处于金字塔式控股结构的上市公司中,反映实际控制人责任承担能力的现金流权与其影响公司决策的控制权是分离的,由此形成了责任与权利不对称的负外部性。不同于以往研究,本文从纵容市场炒作和资本运作这一新的视角,实证考察金字塔式控股结构下控股股东及其背后实际控制人资本运作的机会主义倾向,以此揭示金字塔式控股结构存在的其他负外部性。研究表明,随着金字塔结构复杂程度的增加,处在金字塔式控股结构下的上市公司的股票更具有“彩票股”的特征、非金融企业的金融资产配置更多,且会进行更多的关联资本运作,但这些行为并没有带来预期的企业绩效改善,而在很大程度上演化为以实现控股股东及其背后实际控制人财富短期快速增值为目的的机会主义资本运作行为。因而,金字塔式控股结构在一定程度上助长了“脱实向虚”的资金流动趋势,并加剧了资本市场的波动。如何抑制金字塔式控股结构的负外部性由此成为促使我国资本市场有效助力实体经济发展的关键环节之一。     

A meta-analytic review of opportunism in exchange relationships

The potential to engage in opportunism is a central theme in institutional economics, yet prior research has not quantitatively reviewed the role of opportunism in marketing research. This study uses meta-analytic techniques to synthesize research on opportunism conducted over the last quarter century. The analysis of 183 effect sizes extracted from 54 publications from the period 1982 to 2005 offers some support to extant channel theory. The research also indicates that the informant’s frame of reference and the research design significantly influence the observed effects. Implications of the findings and future research directions are discussed.

机会主义、纵向一体化和网络组织

交易费用理论将机会主义作为人性的一个基本假设存在片面性,纵向一体化也并非是防范机会主义行为的唯一有效形式,某些特殊的经济组织同样具有防范机会主义的功能。网络组织是界于市场和企业之间的一种中间层组织,它因其特殊的契约特征、交易内容及治理机制而具有防范机会主义的功能。     

交易技术与交易所治理结构的演变--基于交易组织内部权利框架的比较分析

本文采用交易组织体的内部权利框架,对特异性投资下交易所的两种统一治理结构--互助性治理结构与营利性治理结构进行了比较,进而对交易所治理结构的演变给出了解释.本文的结论是,特定的治理结构是与特定的交易服务技术水平相适应的;随着生产交易服务的一项新技术的普及,在监管条件不构成组织演化障碍的情况下,与传统技术相适应的治理结构向与新技术相适应的治理结构转变是大势所趋.     

对高校教师人力资本投资风险及规避的新探讨

当今高校的竞争已日趋激烈,而竞争的根本在于高校优质的教师人力资本。优质教师人力资本的获得需要进行投资,但高校教师人力资本投资存在风险,如何规避风险成为高校关注的焦点。本文对高校教师人力资本投资风险进行了界定,认为高校教师人力资本投资风险主要表现为对教师投资后并没有达到预期的效果。深入分析了高校教师人力资本投资风险产生的原因,认为主要是由外部原因和内部原因两方面造成的,外部原因是由于市场供求的不平衡所决定的,内部原因是由于教师人力资本载体一教师的机会主义行为倾向和高校的体制缺陷所决定的。并提出了要从高校、教师自身和学生三方面入手,即学校方面要进行高校管理改革;教师方面要提高教师自身素质;学生方面要提高学习热情,来共同形成高校教师人力资本投资风险规避体系,来规避高校教师人力资本投资风险,为高校人力资本投资决策提供依据;     

Ex ante governance decisions in inter-organizational relationships: A case study in the airline industry

This paper discusses the theory behind ex ante governance decisions in inter-organizational relationships and uses an explanatory case study involving an inter-firm relationship between two European airlines to empirically assess the theoretical propositions. The case study complements existing literature by providing a comprehensive explanation of opportunism-based ex ante governance decisions. It deconstructs opportunism, links such behavior to unique governance responses and discusses the ex post effects of ex ante governance decisions in light of the necessary development of trust and relational governance mechanisms. In this context, it also takes account of differences in bargaining power between the two partners and examines the “control strategy” employed by the dominant partner. The paper offers further insights into the influence of bargaining power on governance decisions by illustrating how cooperating partners can address ex ante power differences. An interesting finding from this case study is the fact that the more powerful of the two partners deliberately relinquished the advantages associated with its ex ante privileged position. It accepted a governance structure that virtually equalized positions to motivate its weaker partner to participate and stimulate the development of trust.     

Rethinking guanxi and performance: Understanding the dark side of Sino–U.S. business relationships

Previous studies on guanxi (關係) have focused on how guanxi contributes positively to business relationships, without addressing the pivotal role that guanxi plays in managing the dark-side of business relationships. To address this knowledge gap, this study specifically investigates guanxi’s influence on conflict, opportunism, and switching intention in Sino–U.S. business relationships and examines how guanxi mediate the positive effect of performance as well as the negative effect of uncertainty on such dark-side constructs. Drawing on data from over 270 Chinese firms, the findings reveal that guanxi is undermined by relationship uncertainty but enhanced by performance, guanxi also reduces the dark-side of Sino-US business relationships. Chinese buyers’ guanxi with U.S. suppliers significantly lessens their switching intention, opportunistic behavior, and the perceived levels of conflict in Sino-US relationships. The findings explain how guanxi is employed as a tool to reduce the burden associated with the dark-side of business relationships and give relevant implications.     

Disentangling political and institutional determinants of budget forecast errors: A comparative approach

This paper provides a unique comparison between French and Portuguese local governments with respect to the nature and determinants of budget forecast errors. It starts by documenting and comparing their statistical properties. The results point at biased and inefficient budget forecasts, which seem to have been more cautious in French departments than in Portuguese municipalities. Second, we examine the political, institutional and economic determinants of forecast biases. Overall, we find that they are essentially driven by electoral motivations and by institutional differences across the two countries. In particular, opportunistic forecasting is more prevalent where governments enjoy greater margin of maneuver, and there is evidence of conservatism in French departments where fiscal autonomy is greater.