政府隐形担保的形式及规范化分析

以财政收入和政府信用为基础的政府隐形担保不仅与法律相抵触,而且有悖于市场经济要求的从建设性财政向公共财政转变的趋势。从我国目前的实际情况看,政府隐形担保所积累的问题已经很严重,在带来或有负债的同时又可能引发各种风险和不确定性,因此加强对政府隐形担保的研究是刻不容缓。     

Comparing Fuzzy and Probabilistic Approaches to Preference Uncertainty in Non-Market Valuation

In seeking to value environmental amenities and public goods, individuals often have trouble trading off the (vague) good or amenity against a monetary measure. Valuation in these circumstances can best be described as fuzzy in terms of the amenity being valued, perceptions of property rights, and the numbers chosen to reflect values. In this paper, we apply fuzzy logic to contingent valuation, employing a fuzzy clustering approach for incorporating preference uncertainty obtained from a follow-up certainty confidence question. We develop a fuzzy random utility maximization (FRUM) framework where the perceived utility of each individual is fuzzy in the sense that an individual’s utility belongs to each cluster to some degree. The model is then applied to a Swedish survey that elicited residents’ willingness to pay for enhanced forest conservation and to a Canadian survey of agricultural landowners that elicited their willingness to accept compensation for a tree planting program. Both the WTP and WTA measures we obtain using the fuzzy approach are well below those obtained using standard probability methods. Based on goodness of fit measures and Monte Carlo experimentation, a case can be made for using a fuzzy preference approach for modeling preference uncertainty as opposed to incorporating respondent uncertainty within the random utility maximization framework.      

Bonbons Hansel et Gretel inc.

Bonbons Hansel and Gretel inc. (BHGI) has acquired all shares of Les délices de Fée Dragée (LDFD). That French private company has made its mark in 50 years with a secret recipe of natural licorice candy that consumers absolutely love. BHGI now possesses an advantage over its domestic competitors with this recipe and the client list of LDFD, but the French factory will need to be refurbished in ten years. During due diligence, BHGI learns that a lawsuit was filed against LDFD. It is time to account for the acquisition and to determine the amount of goodwill. Headaches are anticipated when assessing the fair value of assets acquired, especially when considering the various possible assessment methods and assumptions to be used as input data for valuations approaches.     

Leader knowledge hiding and employee change-oriented voice: A dual mediation process

Extending the literature on “leader knowledge hiding” to employee work behavior, we present the first empirical investigation of how and when “leader knowledge hiding” impacts “employee change-oriented voice”. We test the mediated effects of “leader-based self-esteem” and “leader-based trust” on the relationship between “leader knowledge hiding” and “employee change-oriented voice” by integrating the theoretical frameworks provided by the theories of self-consistency and social exchange. We also invoke social role theory and propose leader gender as the boundary condition for these mediating effects. Two field studies are conducted using multi-source (leader-employee dyads) data from various tourism and hospitality organizations. This study uncovers the dual mediation process of “leader-based self-esteem” and “leader-based trust” in transferring the negative consequences of “leader knowledge hiding” to “employee change-oriented voice” and presents evidence for the effect of “leader gender” as a boundary condition.     

The influence of personal values in the economic-use valuation of peri-urban green spaces: An application of the means-end chain theory

The implication of land-use managers and the local community in matters relating to peri-urban green spaces has been modified by the growing importance of the values attached to such areas. This paper uses means-end chain techniques to examine whether green space users reflect their own personal values through the benefits and attributes they perceive in this type of good. The results show key factors to be opportunities for sport and recreational activities, improvement of physical and mental well-being and enjoyment of landscape beauty. Other values, both individual (personal enjoyment and quality of life) and social (respect for others and a clearer conscience) also emerge. Further analysis to determine whether values differ according to whether or not the visitor assigns a monetary value to the green space showed higher environmental and social awareness to be associated with higher willingness to pay for peri-urban green space. Thus, the greater the perceived environmental values and the higher their subsequent monetary valuation, the more effective environmental protection and conservation policies are likely to be. These results may be worth consideration by land-use managers engaged in environmental cost benefit analysis     

Contingent capital,capital structure and investment

We examine the interaction between investment and financing policies in a dynamic model for a firm with existing assets-in-place and a growth option, of which investment cost is financed with equity and contingent convertible bonds (CoCos). We attempt to clarify how CoCos impact on investment timing, capital structure and inefficiencies arising from debt overhang and asset substitution. We show that there is a conversion ratio (the fraction of equity allocated to CoCo holders upon conversion) to eliminate the inefficiencies. Our conclusions predict that debt leverage decreases with investment option payoff factor and the average appreciation rate of the cash flow. In contrast to traditional corporate finance theory saying that a firm's value decreases globally with business risk, our model indicates that it might first decrease and then increase with asset volatility.     

资质过剩员工主动性—被动性创新行为双路径研究

激发资质过剩员工的创新行为能够帮助企业与资质过剩员工实现双赢。但是,如何激发资质过剩员工的主动性—被动性创新行为仍有待探讨。基于自我验证理论和社会交换理论,构建员工资质过剩感与主动性—被动性创新行为双路径整合模型,并探索权变奖励领导行为的调节作用。利用438份员工样本数据进行实证分析,结果表明：资质过剩感正向影响主动性创新行为和被动性创新行为;创新自我效能感作为中介变量一定程度上解释了资质过剩感与主动性创新行为间关系;组织压力作为中介变量一定程度上解释了资质过剩感与被动性创新行为间关系;在高权变奖励领导行为情境下,资质过剩感与创新自我效能感和组织压力之间的正向关系均得到加强;在高权变奖励领导行为情境下,资质过剩感通过创新自我效能感对主动性创新行为的间接作用得到加强;在高权变奖励领导行为情境下,资质过剩感通过组织压力对被动性创新行为的间接作用得到加强。     

Treating respondent uncertainty in contingent valuation: A comparison of empirical treatments

This research examines the impact of uncertainty on contingent valuation responses using (1) a survey of Canadian landowners about willingness to accept compensation for converting cropland to forestry and (2) a survey of Swedish residents about willingness to pay for forest conservation. Five approaches from the literature for incorporating respondent uncertainty are used and compared to the traditional random utility model with assumed certainty. The results indicate that incorporating uncertainty has the potential to increase fit, but could introduce additional variance. While some methods for uncertainty can be an improvement over traditional approaches, it is imperative to exercise caution when making systematic judgments about the effect of uncertainty on contingent valuation responses.     

Valuing cultural heritage in developing countries: comparing and pooling contingent valuation and choice modelling estimates

A substantial part of the United Nation’s World Heritage Sites (WHSs) can be found in developing countries, but many of them are in a bad state. Thus, there is a need to document the social benefits of these global goods in order to justify the costs of restoration and preservation programmes (RPPs). This study adds to the scarce literature on economic benefits of WHSs in developing countries, and reduces the need to perform very uncertain benefit transfers from European or US valuation studies. We apply Contingent Valuation (CV) and Choice Modelling (CM) to estimate the social benefits of RPPs for the My Son world cultural heritage site in Vietnam; both to foreign visitors and the local residents. We then compare the estimates from the CV and CM methods, and pool the results from the two methods. The results show that both CV and CM are suited to estimating the economic benefits of preserving cultural heritage of My Son. The two methods produce very similar results, which can be interpreted as a test of convergence validity. The pooling results give evidence to show that the CV and CM models have the same underlying preference structures. Thus, these valuation models can be successfully used in cost-benefit analyses to assess the benefits to cultural heritage of measures to reduce air pollution, soil erosion, climate change and other causes to deterioration of cultural heritage sites.

Asking for Individual or Household Willingness to Pay for Environmental Goods?

The aggregate welfare measure for a change in the provision of a public good derived from a contingent valuation (CV) survey will be higher if the same elicited mean willingness to pay (WTP) is added up over individuals rather than households. A trivial fact, however, once respondents are part of multi-person households, it becomes almost impossible to elicit an “uncontaminated” WTP measure that with some degree of confidence can be aggregated over one or the other response unit. The literature is mostly silent about which response unit to use in WTP questions, and in some CV studies it is even unclear which type has actually been applied. We test for differences between individual and household WTP in a novel, web-administered, split-sample CV survey asking WTP for preserving biodiversity in old-growth forests in Norway. Two samples are asked both types of questions, but in reverse order, followed by a question with an item battery trying to reveal why WTP may differ. We find in a test between samples that the WTP respondents state on behalf of their households is not significantly different from their individual WTP. However, within the same sample, household WTP is significantly higher than individual WTP; in particular if respondents are asked to state individual before household WTP. Our results suggest that using individual WTP as the response unit may overestimate aggregate WTP. Thus, the choice of response format needs to be explicitly and carefully addressed in CV questionnaire design and further research in order to avoid the risk of unprofitable projects passing the benefit-cost test.

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