Institutional duality and human resource management practice in foreign subsidiaries of multinationals

We examine how institutional context affects the decisions that subsidiaries of multinational corporations (MNCs) make in pursuing particular human resource management (HRM) practices in response to institutional duality. Drawing on Varieties of Capitalism, along with the concept of intermediate conformity, we argue that the use of particular HRM practices by MNC subsidiaries will differ depending on both the combination of home and host institutional contexts, and on the nature of the particular practice under consideration. Using data from a survey of HRM practices in 1196 firms across 10 countries, we compare HRM practices in subsidiaries located and headquartered in different combinations of liberal and/or coordinated market economies. Our study suggests MNC subsidiaries conform only to the most persuasive norms, while exercising their agency to take advantage of the opportunities presented by institutional duality to adopt practices that distinguish them from indigenous competitors.     

我国证券市场监管存在的问题及对策

近年来我国证券市场指数剧烈波动,证券市场现行监管体制存在一定缺陷,使得中国证券市场成为全球日益瞩目的焦点。完善我国证券市场监管必须综合运用法律、行政和经济等手段,促进证券市场的机制运行和功能发挥,保证证券市场的稳定和效率。     

善治视域下社会中介组织的管理创新

社会中介组织是沟通政府、社会、企业、个人之间的桥梁和纽带。社会中介组织的发展离不开政府的培育,离不开管理的创新,善治视域下社会中介组织在其管理理念、组织功能、发展模式、监管手段和资助方式等方面需要发展创新。     

Trade Liberalization,Skill‐linked Intermediate Production and the Two‐sided Wage Gap

Abstract

A rising wage‐gap, almost universally, in the last two decades has contradicted the age‐old conventional wisdom of asymmetric wage movements across nations when trade is liberalized. We offer an explanation that fits well with the emerging trade pattern between the developed and more advanced developing countries like India and Mexico. We argue that a tariff reduction in the South on imports of an intermediate good from the North may raise the wage‐gap in both the North and the South. The price of the intermediate good moving in different directions and different factor‐intensity‐ranking of this good relative to the two different final goods produced in the two countries underlie this result. Rising wage inequality may specially affect the South because educational expenses and infrastructure do not allow ready transformation of the vast masses of unskilled workers into skilled workers. Hence, the policy lesson of the paper seems to be more public effort in arranging for smoother acquisition of human capital by the unskilled.     

劳动成本与进口中间产品质量——来自多国产品—行业层面的证据

本文在垄断竞争框架内,引入非位似需求函数与CES生产函数,构建了一个内生化的中间产品质量模型,以刻画劳动成本与进口中间产品质量之间的关系,并采用CEPII BACI 数据库1995—2009年38国hs92六位码数制造业中间产品进出口贸易数据与WIOD数据进行了实证检验。结果发现,劳动成本与进口中间产品质量之间的确存在“U型”非线性关系,且当前处于“U型”上升阶段,即面对高劳动成本,生产率高的企业倾向于进口高质量中间产品以匹配高素质劳动者,进而缓解劳动成本上涨压力。即使加入不同控制变量,控制不同固定效应,并考虑不同子样本情形,这一结果仍稳健。中印对比还显示,中国进口的中间产品质量较印度更低。这就意味着中国要最大限度地借助工资上升提高进口中间产品质量,还需不断提升劳动者素质,加大对外开放进程。     

中间投入品贸易对我国收入分配的影响:理论与实证

从理论上讲,中间投入品贸易的增长可以使发达国家和发展中国家技术型劳动的相对工资都有所提高,并且使各国对技术型劳动/非技术型劳动的相对需求都增加。本文从中国制造业的角度来研究中间投入品贸易对制造行业收入分配的影响。结果证明中间投入品贸易尤其是出口贸易对中国制造业收入分配的影响很大。     

论商业银行发展中间业务

商业银行中间业务的发展在欧美国家发展迅速,而我国才刚刚起步。这种状况对我国银行业来讲,既是机遇,也是挑战。笔者试从我国商业银行开展中间业务的现状、制约我国商业银行发展中间业务的主要因素、我国商业银行发展中间业务应对策略等三个方面探索发展我国商业银行发展中间业务的方法,研究、设计适合我国客户的金融产品,以增强我国商业银行的创新能力和国际竞争力。     

Vertical Specialization and International Business Cycle Synchronization*

We explore the impact of vertical specialization—trade in goods across multiple stages of production—on the relationship between trade and business cycle synchronization across countries. We develop an international business cycle model in which the degree of vertical specialization varies with trade barriers. With perfect competition, we show analytically that fluctuations in measured total factor productivity are not linked across countries through trade. In numerical simulations, we find little dependence of business cycle synchronization on trade intensity. An extension of the model to allow for imperfect competition has the potential to resolve these shortcomings.     

基于中间业务的中国商业银行生产率变化

本文运用非参数Malmqusit方法实证考察了1999-2005年在银行产出定义中考虑中间业务时对中国商业银行生产率变化的影响，并把生产率分解为效率变化和技术进步。结果表明，当在银行产出中不考虑中间业务时，商业银行全要素生产率每年平均增长率为6．6％，技术进步指数年均增长率为7．1％，而考虑中间业务时生产率年增长率为8．8％，技术进步指数年均增长率为8．5％。不考虑中间业务，则会低估银行生产率水平，而考虑中间业务活动往往会导致估计的银行生产率水平的增加。考虑中间业务对银行技术进步影响比较大，而对效率似乎不显著。最后作者提出了几点政策建议。     

加强我国公司法人治理结构中的激励与约束机制

本文利用相关分析、Granger因果检验、回归分析三种统计指标分析了CPI与GDP的关系 ,指出CPI作为通货膨胀指标的可行性。要实现CPI的控制目标 ,应以M 2作为货币政策中介目标较为合理