高科技企业的合约特征与企业家性质

本文试图说明，从传统企业到高科技企业在契约性质上实现了从劳动合约到知识合约的转变，高科技企业的合约特征是通过知识合约实现企业家的创新精神，是一种创新行为的特定制度安排。     

管理层薪酬和持股激励效应的行业性差异分析--来自我国上市公司的实证证据

本文的研究以我国上市公司不同行业的实际数据为考察样本,运用实证分析方法验证我国上市公司不同类型行业管理层薪酬和持股与公司绩效之间的相关关系,分析结果表明:我国上市公司管理层薪酬和持股激励效应存在着较大的行业性差异,并提出不同行业企业应该根据自身特点和性质以及管理层薪酬和持股激励效应的大小,相机选择薪酬激励或股权激励,制定出详细周密、客观有效、切合实际的企业管理层激励方案,从而使其激励效应最大化。     

Do the Forward Sales of Real Estate Stabilize Spot Prices?

We examine the effect of forward sale (pre-sale) activities on the volatility of spot prices in the real estate market. The abundance of pre-sales data and major changes in regulatory control on the pre-sale market during the 90's in Hong Kong allow us to undertake empirical tests using Hong Kong's real estate data. Our results show that the volatility of spot prices increased significantly after forward sales were severely dampened by regulatory control measures introduced in 1994, but decreased again when the measures were partly relaxed in 1998. The results contribute to the long lasting debate on whether the introduction of a futures market reduces the volatility of spot prices. Previous studies were mainly conducted in markets with low transaction costs, notably financial markets. By utilizing the unique regulatory changes in the pre-sale market of Hong Kong, we are able to conduct an experiment on the conditional volatility of spot prices in a high information-cost environment, thereby shedding light on the important role of forward housing contracts in providing price expectation information for spot trading.     

基于"综合谈判力"的企业所有权安排

现代企业理论打开了“企业”这一“黑箱”,为理解和创建现代企业制度提供了有力的理论支撑。本文通过对企业各要素所有者谈判力三个方面,即:签约人自身实力、签约人相互关系地位、签约外部环境的具体分析,阐释了各要素所有者对企业剩余的分享,并以此初步构建一个以企业要素所有者“综合谈判力”为基础的企业所有权安排分析框架。     

Use of the written contract in long-lasting business relationships

While contracts are signed in most business dealings, they are seldom used. These contracts are drawn up for different purposes: as a communication tool, to reduce uncertainty, or simply because it is customary. This study investigates how contracts are used in long-lasting business relationships and what factors influence the use of contracts. A number of studies claim that the negotiation process and the relationships developed during that process influence the subsequent use of contracts. In many cases, parties conduct business without contracts as they develop trust-based relationships. A conceptual framework is developed, which is then used to analyze three in-depth case studies. Findings show that the contract itself, rather than the negotiation process, has the greatest influence on how the contract is used.     

Option-based compensation: a survey

Despite empirical research and theoretical validity, there is mixed evidence on whether employee stock options align interests between management and shareholders by turning managers into owners. What used to be a functional tool introduced in the 1950s, has gotten out of hand, as perceived by the press and popular literature. The main catalyst is the accounting treatment stock options receive. This paper provides an overview of the empirical research in the field and discusses the current accounting treatment of employee stock options and impending changes. We conclude by proposing alternative compensation tools.     

国际工程设计与承包市场的相关性分析

依据1995～2004年美国《ENR》杂志公布的数据，运用SPSS软件从国家、地区以及全球的角度，对国际工程设计营业额与工程承包营业额的相关性进行了定量分析，并对分析的结果作了相应的解释。中还结合我国(除港澳台外)国际工程设计和承包市场相关性的特点，提出了发展我国国际工程设计与承包业的建议。     

对中小型建筑企业合同管理的思考

通过对中小型建筑企业合同管理的现状分析，针对建筑企业合同管理存在的主要问题及其原因，提出了包括加强合同教育、优化企业和项目的管理组织结构、完善合同管理制度体系和合同文本体系、建立合同信息管理系统等提高中小犁建筑企业合同管理水平的主要途径。     

银保协作、风险自留与银行信用风险补偿——基于银保信贷系统的分析视角

在分析风险自留的内生逻辑基础上,进一步分析风险自留实现银行信用风险补偿的内在机理。研究表明：银保信贷系统通过对贷款企业个体风险与事先设定的平均代偿风险的匹配性甄别,实现对银行信用风险的分级补偿功能。针对银行超预期信用风险,先行实施银行风险拨备机制对银行平均代偿风险进行补偿,然后实施超额风险自留机制对超过平均代偿风险的银行超额风险部分再次进行补偿,超额风险自留补偿基金将由银行与担保机构依据各自的风险均衡配置阈值占比共同筹集,以此来实现银行信用风险分级补偿目标。并以此为依据,设计了银保信贷系统风险自留机制。     

证券民事赔偿基金制度评价研究

以我国民事赔偿基金制度为研究对象,运用层次分析法设计了证券民事赔偿基金制度的评价指标体系,利用模糊数学方法构建了证券民事赔偿基金制度的评价模型,并尝试对我国证券民事赔偿基金制度的雏形进行了评价。