考虑有限关注的多个信息交易者竞争交易分析

文章假设在一个具有唯一风险资产的金融市场中，存在多个风险中性的信息交易者、很多噪音交易者、风险中性的做市商三类交易者，其中信息交易者是有限关注的，他们通过权衡关注和竞争两种因素选择交易量。文章首先建立了信息交易者具有不同关注度的一般模型，然后建立了具有相同关注度的模型，通过求解唯一线性均衡，推导它的均衡特征，得出结论：信息交易者的交易强度、期望收益随着其他信息交易者关注度和信息交易者数量的增大而降低，随着自身的关注度的增大而增大；信息交易者数量较少时，期望收益随着信息交易者关注度的增大而增大；而信息交易者数量较多时，期望收益随着信息交易者关注度的增大起初快速增大，然后缓慢降低。     

Recruitment and selection in Chinese MNEs

This article explores HRM issues in Chinese multinational enterprises (MNEs), in particular, the recruitment, selection and repatriation of expatriate management in ten Chinese MNEs. Owing to the rapid growth of internationalization of Chinese firms, IHRM in the Chinese context has been attracting both academic and practitioners' interest. The approach of Chinese MNEs to IHRM has become an urgent area of management study. This article represents one part of the results of a recent study of Chinese IHRM. It concludes that, even though recruitment and selection policies and practices in Chinese MNEs are more progressive in adopting modern HRM concepts than is the case in domestic Chinese firms, current practices are still divergent from those of major Western MNEs.     

我国银行业高利润的原因分析及展望

2011年,中国商业银行全年净利润破万亿元大关,其利润总和占全球银行业总利润的20%以上,中国工商银行市值全球第一。高额的经营利润引来了多方关注,也出现了银行业"暴利"之说。为一探究竟,本文着眼于分析2011年我国银行业高利润的原因,并结合宏观经济环境,试图找出这些因素在未来的变化趋势,以此推断出未来我国银行业利润增速将有所放缓。基于此结论,对我国银行业未来的发展提出了一些建议。     

基于Stackelberg模型的出口补贴政策对经济的影响分析

出口补贴政策一直是各国政府重点研究的战略性贸易政策之一。本文在Stackelberg寡头垄断模型的基础上，分析了当两国企业共同竞争海外市场时，追随者企业所在国的补贴政策对各国经济活动的影响效果。结果显示，补贴政策会增加本国企业的产量，提高本国企业的利润和净福利，甚至会在产品价格下降的情况下提高本国总体福利水平。     

管理输出模式初探——大型旅行社选择的新型赢利模式

管理输出模式作为一种赢利模式,以其内在的赢利机制,在很多行业都获得了成功,但在我国旅行社行业中却少有使用。旅行社的行业特点,以及我国大型旅行社所面临的经济体制条件、市场条件和主体条件,决定了我国旅行社行业实施管理输出模式具有一定的可行性。实施管理输出模式是一个系统的工作,我国的大型旅行社在实施的过程中应当采取相应的策略。     

An empirical test of the rent-shifting hypothesis: the case of state trading enterprises

A central result in the theoretical literature on strategic trade is the ‘rent-shifting hypothesis’, the idea that government’s can employ trade policy as a precommitment device to transfer profit from foreign to domestic firms. To our knowledge, however, the rent-shifting hypothesis remains untested empirically. This paper constructs a theory-based empirical test of rent-shifting behavior that relies on observations of government precommitment variables employed through State Trading Enterprises (STEs). The analysis applies data on the delayed producer payment structure of the Canadian Wheat Board (CWB) and examines its merits as a rent-shifting mechanism in the international durum market. The model fails to reject the hypothesis that the CWB utilizes a pre-commitment mechanism in the international durum market and several nonparametric tests confirm that the observed transfer payments set by the CWB are consistent with rent-shifting behavior in the 1972-95 pre-WTO period.     

Specification and estimation of nonstandard profit functions

This paper critically examines appropriateness of the nonstandard profit function (NSPF) as a tool for measuring profit efficiency. We show that there are some fundamental problems with the NSPF approach, the way it is currently specified and estimated. This is true irrespective of whether technical inefficiency is included or not. Instead of estimating profit efficiency directly from the NSPF, we suggest alternative specifications and recommend using the cost function approach and deriving profit efficiency therefrom. Data from US banks are used to estimate the cost function and the NSPF. Results from alternative specifications are then compared and analyzed.

对施工企业项目经理经济责任审计的探讨

本文从项目经理经济责任审计的必要性及内容、搞好项目经理经济责任审计的必要条件及对审计人员的要求等方面进行了阐述。     

Optimal pricing, production rate, and quality under learning effects

This study investigates the marketing and production problem for a monopolist firm where price, quality and production rate are simultaneous dynamic decision variables under the condition of a dynamic demand that depends on price, quality and cumulative sales. The formulated continuous profit maximization model follows the steps for dynamic optimization to derive optimal price, quality and production policies, wherein a unit production cost that decreases with cumulative production reflects the cost learning effect. Through the differentiable multiplicatively separable demand function, this study analyzes optimal trajectories for determining price, quality, and production rate. The results specify several optimal policies and policy makers would gain insight into the consequence of their decisions that otherwise might have been obscured by sub-optimal analysis.     

Downstream price-cap regulation and upstream market power

Under “partial separation,” it is increasingly common for a utility’s upstream affiliate (e.g., an electric generation supplier) to be unregulated while its downstream affiliate (e.g., the distribution company offering retail service) is subject to regulation. When choosing the optimal form of downstream regulation, regulators may be confronted with the potential exercise of market power by the upstream affiliate. This paper finds that the imposition of a downstream price cap with an appropriate profit-sharing rate can eliminate the upstream affiliate’s exercise of market power. However, it is less desirable to fully mitigate affiliate market power when upstream rivals also behave strategically.