产业链“波粒二象性”研究——论产业链的特性、结构及其整合

由于对产业链特性认识不清，产业链的研究总是处于夹缝之中，依附于产业或企业的研究。正如光既不是“波”也不是“粒子”一样，产业链实际上是一个具有“波粒二象性”的特殊产业组织。它的结构也不是通常的产业纵向关联形式，而是类似“玻尔原子”结构式的企业关联状态。这种特性和结构就决定了产业链研究的核心问题是如何整合产业链，完成产业创新和实现产业价值。解决的主要思路就是根据产业链的“波粒二象性”来调控产业链间的企业关系，促进产业链条的优化。特别是在企业之间形成“量子纠缠”．推动“量子跃迁”。“量子纠缠”是为了无形“隐性知识”在产业链条中的“隐性传输”．“量子跃迁”是为了有形“中间产品”在产业链条间的“显性传输”。     

Board gender composition,board independence and sustainable supply chain responsibility

The consideration of social and environmental factors in companies’ supply chain is a prevalent research topic because stakeholders are now inquisitive about the social and environmental impacts of companies’ suppliers. Using a sample of S&P 500 firms, we find that board gender composition and board independence are positively associated with sustainable supply chain responsibility (SSCR). We also identify three channels (CEO duality, sustainability committee and sensitive industries) through which board gender composition and board independence affect SSCR, where board gender composition consistently explains SSCR, but the effect of board independence is less pronounced in firms with CEO duality and firms with a sustainability committee. Finally, we explore the reason for the less-pronounced findings for board independence in our subsample analyses and find that, compared with independent female directors who continue to display significant associations with SSCR, independent male directors do not engender SSCR across the three subsample tests.     

Distinguishing Errors in Measurement from Errors in Optimization

Typical econometric production practices under duality ignore the source of disturbances. We show that, depending on the source, a different approach to estimation is required. The typical approach applies under errors in factor input measurement rather than errors in optimization. An approach to the identification of disturbance sources is suggested. We find credible evidence in U.S. agriculture of errors in optimization compared to errors of measurement, and thus reject the typical specification.     

Generalised Sharpe Ratios and Asset Pricing in Incomplete Markets

The paper presents an incomplete market pricingmethodology generating asset pricebounds conditional on the absence of attractiveinvestment opportunities in equilibrium.The paper extends and generalises the seminal article ofCochrane and Saá-Requejowho pioneered option pricing based on the absenceof arbitrage and high Sharpe Ratios. Ourcontribution is threefold:We base the equilibrium restrictions on an arbitrary utility function, obtaining theCochrane and Saá-Requejo analysis as a special case with truncated quadratic utility. We extend the definition of Sharpe Ratio from quadratic utility to the entire family of CRRA utility functions and restate the equilibrium restrictions in terms ofGeneralised Sharpe Ratios which, unlike the standard Sharpe Ratio, provide aconsistent ranking of investment opportunities even when asset returns are highlynon-normal. Last but not least, we demonstrate that for Itô processes theCochrane and Saá-Requejo price bounds are invariant to the choice of the utilityfunction, and that in the limit they tend to a unique price determined by theminimal martingale measure.     

Price Stabilization and the Risk-Averse Firm

An analytically simple and tractable approach to firm-level welfare analysis of complete and partial mean-preserving price stabilization for producers with general risk-averse preferences facing a stochastic technology is developed. Necessary and sufficient conditions for price stabilization to be welfare enhancing are derived under different assumptions of the producer's preferences and the producer's technology. Existing stabilization results for the risk-averse firm are shown to be corollaries of these more general results.     

Modeling the Reforms of the Common Agricultural Policy for Arable Crops under Uncertainty

The size of the insurance and wealth effects of a change in the Common Agricultural Policy (CAP) for arable crops is estimated. The impact of price uncertainty is accounted for in the specific decision-making structure of the European Union (EU) arable crop producers under nonlinear mean-variance risk preferences. A system of output supply, input demand, and land allocation equations is estimated on a sample of Italian specialized arable crop farms. The simulation of the impact of the recent reforms confirms that farmers' output responses are consistently affected by the size of the insurance and wealth effects.     

Corporate Governance in China: A Meta‐Analysis

How has the impact of ‘good corporate governance’ principles on firm performance changed over time in China? Amassing a database of 84 studies, 684 effect sizes, and 547,622 firm observations, we explore this important question by conducting a meta‐analysis on the corporate governance literature on China. The weight of evidence demonstrates that two major ‘good corporate governance’ principles advocating board independence and managerial incentives are indeed associated with better firm performance. However, we cannot find strong support for the criticisms against CEO duality. In addition, we go beyond a static perspective (such as certain governance mechanisms are effective or ineffective) by investigating the temporal hypotheses. We reveal that over time, with the improvement in the quality of market institutions and development of financial markets, the monitoring mechanisms of the board and state ownership become more strongly related to firm performance, whereas the incentive mechanisms lose their significance. Overall, our findings advance a dynamic institution‐based view by substantiating the case that institutional transitions matter for the relationship between governance mechanisms and firm performance in the second largest economy in the world.     

从爱、信两难到时、空交融——论王国维中西传统美学现代转化方法论历程与思维模型

被称为"王国维难题"的"可爱者不可信,可信者不可爱"——是一个"二律背反"的命题,这个悖论的产生是西方现代哲学文化中理性与感性、科学与人文、形式与内容、外在与内在、时间与空间的二元对立、矛盾所致。王国维的伟大之处在于,他最早自觉发现了西方现代主义哲学的这种矛盾并中西求索以解决之,其成果便是时空交融、意与境浑、入内出外的境界论时空美学。其实,这个问题解决的过程与成果就是对中西传统文化、现代主义进行的现代转化,从而使他的美学超越了美在形式、美在社会实践的现代主义哲学与美学范式,而进入美在生命时空的美学与哲学前沿。     

新经济时代中国可持续发展城镇化道路的思考

在新经济时代 ,信息化给城镇化带来新的机遇与挑战 ,世界城镇化进程出现了新的趋势 ,其发展道路正经历着从传统的发展方式向可持续发展方式的转变。以小城镇数量的增加和规模的扩大为主要特征的传统城镇化道路被证明是不可持续的 ,其对经济的推动作用越来越弱。要推动中国的城镇化向可持续发展方式的转变 ,应该着眼于逐步形成合理的金字塔体系 ;以工业化为依托建立城镇体系 ,利用新经济发展先进的城市分工 ;小城镇的发展应以制度创新为主 ,大中城市的发展应将技术创新和制度创新相结合等。     

企业治理结构的共时多样性与历时多样性--从哈耶克社会秩序二元观角度的分析

企业治理结构是企业剩余索取权和剩余控制权在企业参与者之间配置的状态。从企业发展的历史看,企业治理结构有两大引人注目的现象：一从共时性看,不同国家、地区即使是面临着类似技术和市场参数的同一产业领域内的企业,其治理结构也是千差万别的;二从历时性看,企业的治理结构有一个发展演化的过程,从单边治理到多边共同治理出现了多种的企业治理模式。本文以哈耶克社会秩序二元观为基础,对这两大现象给出一个初步的解释。