供需因素博弈下常设机构利润归属方法的新思路

在传统物理经济中,囿于信息技术水平的限制,跨国企业生产经营活动以固定性、有形性、不易移动为特征,趋向于生产供应方向,且销售、市场等需求因素只是消极地提供单一消费市场,对于企业价值创造与营业利润的实现影响甚微.对此,贯彻以“以供应为基础”理论的功能独立实体法尚且能在居民国、来源国间合理划分常设机构的可归属利润.然而,经济...     

National culture and incentives: Are incentive practices always good?

This study evaluates national culture’s influence on the incentive practice-firm performance relationship. Hofstede’s work (1993) and institutional theory (North, 1990) suggest national culture will moderate incentive effectiveness, while others suggest it has minimal impact (Gerhart & Fang, 2005). We find performance orientation (PO), in-group collectivism (I-GC) and uncertainty avoidance (UA) dimensions explain strength and direction of incentive-performance relationships. Profit-sharing―performance relationships are favorably supported by cultures with high PO, high I-GC, and low UA; however, the individual-bonus―performance relationship is enhanced by the near-opposite culture profile. There was no evidence that the team-bonus―outcome relationship is influenced by national culture.     

Agricultural economic zones in Thailand

The Thai government introduced agricultural economic zones (AEZs) to mitigate risks for farmers from variations in crop price stability and increase production productivity, but the zone policy contradicts other policies, resulting in its limited success. This paper identifies the factors affecting farmland owners’ decisions to allocate farmland to different crops in order to analyse the root cause of the failure of the AEZs programme in Thailand. The study area was Khon Kaen province, where a total of 745 farmland parcels were selected as samples for the research. The optimisation method based on duality production theory and simultaneous Tobit estimation was used for this study. The study identified the factors not covered by the government when AEZs were established, including crop prices, input prices and property right. The findings indicate that farmers do not consider physical and environmental characteristics of their parcel as a top priority when making a decision to allocate their farmland use. Instead, their top priorities are economic factors. Therefore, the government should reconsider the AEZs programme in order to prevent further loss of government budget spending on the programme. By recognising the root cause of the failure of the AEZs, the government should be able to better manage their agricultural policies more appropriately.     

The estimation of profit efficiency

This article discusses a way of solving the ‘Greene Problem’ that has been termed for a technical difficulty in estimating a profit system with technical and allocative inefficiencies. As the ‘Greene Problem’ is due to the existence of unobserved technical inefficiency interactive in a nonlinear form, the article proposes a use of homogeneity in technology to untangle the nonlinear form, enabling the estimation of a profit system as well as the identification of the source of inefficiencies.     

Testing for Persistence of Profits’ Differences Across Firms

We review the logic and implications underlying both static and dynamic models of competition, and associated tests of competitive effectiveness. Complications arising due to innovation, mergers and cyclical factors are discussed. Points raised in the theoretical discussion are illustrated with case histories and estimates for a number of US and UK companies. The empirical analysis tests a larger set of models than has been used in most previous work, and uses longer time series of company profits. We conclude that the patterns of profits observed in both countries are consistent with a larger and more complicated set of models of the competitive process than has been assumed until now, and that further work remains to be done in clarifying both why some firms are persistently profitable, and the nature of the ‘shocks’ that appear to produce structural breaks in the time series of companies’ profits.     

COVID-19 profit warnings: Delivering bad news in a time of crisis

Profit warnings (large negative earnings surprises) are important corporate reporting documents for delivering bad news and a distinctive corporate communication genre. The 2020 COVID-19 exogenous shock provides a unique worldwide crisis context for company disclosure of bad news.The research develops a genre-based typology/analytical framework for assessing COVID-19 profit warnings’ quality comprising: (1) Four profit warning/forecast quality characteristics and (2) Eight profit warning/forecast disclosures. For a sample of 160 profit-warning documents, the research manually analyses their content, culminating in a disclosure quality score/index. The research tests a model of the factors influencing disclosure quality.The research finds companies regress to silence when investors most need guidance and poor-quality disclosure, coy ambiguous language, possibly reflecting minimal regulatory guidance on this form of corporate report. Two variables are significant – Profit warnings disclosed following Financial Reporting Council guidance are of higher quality and quality varies by industry. The paper finds faux disclosure and the performativity of disclosure, which may allow boards of directors to tick-box compliance with market abuse regulations. The paper concludes with recommendations for policymakers on improvements required to enhance the quality of these highly important corporate documents.     

Is transfer pricing strictness deterring profit shifting within multinationals? Empirical evidence from Europe

This paper examines the extent to which the introduction and tightening of transfer pricing frameworks deter income shifting strategies by European multinational companies. To do so, we have built an index that measures the transfer pricing framework strictness by host country and year. Then, tax rate differentials are used to capture profit-shifting incentives and are interacted with the strictness index to assess whether the host country's transfer pricing framework impacts profit-shifting behaviour. The index is shown to increase significantly over the sample period, indicating that the scrutiny of related party transactions by European governments has increased over the period 2001–2009. Using a sample of European foreign subsidiaries, the results suggest that the stricter the transfer pricing framework the lower the tax rate difference sensitivity of reported earnings. This indicates that tightening the transfer pricing framework is capable of dissuading multinational companies from shifting profits from higher- to lower-tax countries.     

中国中小企业创新绩效空间溢出效应实证研究

本文以马克思分工协作理论为基础,重新审视了中国中小企业创新绩效的空间溢出效应。在具体的实证研究中,本文采用2003~2008年中国中小企业的省级面板数据,用空间自相关模型和空间误差模型从工业产值利税率角度考察了中小企业创新绩效的差异。研究发现,要素投入对于创新绩效的贡献不显著,劳动力存在“去技术化”,但是创新活动的空间溢出效应很显著,特别是东部地区要显著优于中西部地区;企业规模差异对于创新绩效有显著影响。因此,本文建议鼓励中小企业地理上的集聚并实行严格的专利保护制度。     

Gift card program incrementality and cannibalization: The effect on revenue and profit

Many retailers have not measured the magnitude of cannibalization or its impact on revenue and profit when existing customers use a gift card for purchases they would have made without it, particularly when the card was purchased through a 3rd party at a discount up to 15%. We conducted a survey among gift card redeemers of a national casual dining restaurant chain to determine how the gift card affected their purchase behavior. We used this information, combined with operating margin, to model the impact of three different gift card discount scenarios on firm revenue and profit. Although the revenue effect was positive under all scenarios, the same was not true for profit. The profit was much lower than anticipated, even in the best case scenario, and was negative in the worst case scenario.     

论证销售量动与利润变动的关系

章通过论证，揭示出销售量变动与利润变动的关系是：在其它因素不变的情况下，利润的变动率总是大于产销量的变动率。