商业银行管理层股票期权激励:特征及其影响因素——基于美国银行业的实证研究

本文以1996～2005年间美国43家代表性商业银行和98家制造业企业为样本,实证分析了商业银行管理层股票期权补偿激励的特征和影响因素。结果表明:商业银行管理层股票期权补偿占总报酬补偿比例的变化呈现出先升后降的倒U型趋势,商业银行管理层股票期权补偿占总报酬补偿的比例显著地低于制造业的这一比例;管理层股票期权补偿与商业银行成长机会、外部董事比例存在着显著的正相关关系,而与杠杆比率呈显著负相关;资产规模、管理层股票补偿对股票期权补偿水平的影响为负,但不显著;行业管制与管理层股票期权补偿费用的会计处理方法对银行业股票期权补偿有显著的影响。     

大数据视阈下资产证券化基础资产风险重构--以互联网消费信贷信用分析为例

针对近年来我国互联网行业推出的互联网消费信贷以及2015年以来将消费者信贷资产证券化后向投资者推出的现象,本文立足于传统信贷风险的分析并同时考虑资产证券化会为消费者信贷带来的风险因素,力图探讨这类新兴互联网金融产品的风险控制问题,同时证明建立互联网征信系统的迫切性。在分析中涉及到对于目前我国征信系统的发展概况以及大数据时代之下互联网金融征信的发展可期的方向;并与美国新兴成熟互联网征信平台ZestFinance进行对比,旨在为我国互联网消费信贷资产证券化征信平台建立提出发展的思路。     

区域非均衡增长与协调发展的新思考

本文以区域发展梯度规律为主线，以生态环境为主要限制因子，论述了区域可持续发展是公平、效率和环境统一体。区域可持续发展是非均衡增长与协调发展的时空和谐，严格保护限制环境，揭示区域发展共有的特性与规律，探索实现区域互补、协调发展、共同繁荣。     

马克思主义分配理论及其对我国企业薪酬分配的启示

针对我国收入分配差距不断扩大的趋势,以马克思主义分配理论为指导,探讨我国企业薪酬分配效率与公平相结合的理论基础,指出坚持社会主义公有制经济的主体地位不动摇以及按劳分配为主的分配原则是企业薪酬分配效率与公平相结合的制度基础,并进一步分析企业薪酬分配效率与公平相结合需要妥善处理好各项关系。     

生态林业补偿问题初探

我国生态林业建设面临着资金问题，本文分析了对生态林业建设进行补偿的必要性，并提出理论依据和法律及政策依据，说明补偿的可能性，最后从补偿费的征收范围与对象、征收标准及征收办法、补偿费的使用与管理方面提出建立生态林业补偿制度的设想。     

APPROACHES TO INEQUALITY OF OPPORTUNITY: PRINCIPLES,MEASURES AND EVIDENCE

We put together the different conceptual issues involved in measuring inequality of opportunity, discuss how these concepts have been translated into computable measures, and point out the problems and choices researchers face when implementing these measures. Our analysis identifies and suggests several new possibilities to measure inequality of opportunity. The relevance of the conceptual issues and modelling choices are illustrated with findings from the empirical literature on income inequality of opportunity.     

Managerial power, compensation gap and firm performance — Evidence from Chinese public listed companies

We study the relationship between compensation gap and firm performance in the Chinese market. Extant studies have shown that, for the publicly traded companies in China, compensation gap between senior executives plays a tournament role and motivates managers to achieve higher level of performance. Ordinary least squares (OLS) regression results confirm the above result. However, simultaneous regression results indicate that the tournament effect is more significant in firms with high managerial powers. Our finding suggests that previous findings using OLS might be incomplete. We also show that firms with better performance and greater managerial power tend to have greater compensation gap. Meanwhile, the relationship between managerial power and firm performance is, on average, negative.     

跨国公司海外地区员工薪酬管理的公平性策略

跨国公司是现代企业发展到国际化生产的产物,一般以一个实力雄厚的大型公司为主体,通过对外直接投资或收购等方式在许多国家建立有子公司或分公司。因此,跨国公司海外地区的薪酬管理必然涉及到不同来源员工的薪酬公平性问题。要解决这一问题需考虑到各国、各地区的薪资水平所存在的差距给跨国公司的员工薪资定位带来的困难,以及不同来源的员工对薪酬公平性的不同判断。跨国公司应该根据员工的来源分别采取相应的薪酬策略。     

我国发展“绿色保险”的经济学分析

本文从经济学的角度阐述了在我国发展"绿色保险"不仅有利于环境外部不经济的内部化和分散风险补偿损失,而且有利于社会可持续发展目标的实现和拓宽我国保险业的发展空间。     

Executive compensation and informed trading in acquiring firms around merger announcements

This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts or calls) prior to an announcement can predict post-announcement stock returns. Our results also indicate that higher wealth-to-performance sensitivities of top executives are related to higher abnormal put than call option trading before stock merger announcements. Overall, our results support the view that top executives have a hedging motive. They tend to purchase protection against, e.g., confounding (negative) information policies and/or empire-building mergers with negative NPVs, in order to avoid short-term salary losses (lower bonuses, lower stock options, etc.).