科层制体系与直销网络体系比较研究——社会自组织的视角

直销网络的动态构建过程是一个自组织过程。直销经销商对经济绩效的追求以及对“人格风险”的规避是其中重要的“自主意识”的选择机制。直销网络的秩序、结构、目的与功能本身都是直销网络自组织过程的要素,同时又是产物。直销网络是一个典型的开放且不均衡的自组织,直销团队领袖是其中重要的“序参量”。与传统科层制体系相比,直销网络的形成方式、粘合力量、适用组织环境、文化环境等均不相同。     

Commitment in sequential auctioning: advance listings and threshold prices

This paper models sequential auctioning of two perfect substitutes by a strategic seller, who learns about demand from the first-auction price. The seller holds the second auction only when the remaining demand is strong enough to cover her opportunity cost. Bidding in anticipation of such a contingent future auction is characterized, including a sufficient condition for existence of an invertible (increasing symmetric pure-strategy) bidding equilibrium that facilitates the seller’s learning. A unique invertible bidding equilibrium exists for the Dutch auction format, but only when the second auction is sufficiently discounted by the bidders. In the equilibrium, high-valuation bidders shade their bids down as if the second auction were guaranteed. To counter such strategic bidding, the seller would value ex-ante commitment to hold the second auction less often. Three forms of such commitment are analyzed: commitment to list future auctions in advance, commitment to not hold the second auction unless the first price exceeds a publicly announced threshold, and commitment to a reserve-price in the second auction. I would like to thank Georgios Katsenos, Thomas Jeitschko, Miguel Villas-Boas, George Deltas, and an anonymous referee for thorough and insightful feedback.     

出口退税、汇率调整与出口企业的最优销量——基于相互市场古诺模型的分析

文章利用冰山假说把国内税率、出口退税率以及汇率政策因素纳入存在多个国内与外国企业的相互市场古诺模型,分析了以国内税、出口退税与汇率为核心的策略性贸易政策对出口企业利润最大化的最优出口销量与国内销售的影响,并且以这种比较静态分析为基础,对各种单一政策与多项政策组合的调整效力进行排序。这些分析得出如下的结论:就单一政策的调整效力而言,出口退税优于国内税收与汇率政策;就政策组合的调整效力而言,出口退税与国内税组合优于国内税与汇率的组合。     

我国城乡差距的政策性因素分析——基于亚当·斯密城乡发展思想

市场经济理论之父亚当·斯密曾在他的不朽名著《国民财富的性质和原因的研究》一书中阐述了有关城乡发展的思想。根据亚当·斯密的城乡发展思想,对当前我国城乡差距的原因,进行了宏观政策层面上的分析,可为缩小我国城乡差距提供借鉴。     

银行结售汇与人民币汇率预期的实证分析——以广东省为例

近年来中国银行结售汇顺差额不断扩大是外汇储备规模快速积累的最直接原因,而人民币升值预期则被认为是银行结售汇顺差额扩大的重要影响因素。这个观点虽然被广泛认同,但相关的定量研究却相当欠缺。以境内外汇黑市汇率作为人民币汇率预期的量化指标,应用计量经济学方法对广东省银行结汇和售汇的月度时间序列数据进行定量分析,表明结售汇增长是外向型经济规模扩大的结果,同时人民币升值预期显著地提高银行结汇的增速并降低银行售汇的增速,导致结售汇顺差额的不断扩大。     

基于生态安全视角的耕地生态补偿财政转移支付研究以湖北省为例

目的 基于生态安全视角,通过建立耕地生态安全状况与地方土地财政的定量关系,解决耕地生态保护资金来源问题,建立地方政府耕地生态保护行为激励模式。方法 文章利用耕地投入—产出的能值理论,从“压力—状态—响应”方面选取17个指标建立耕地生态安全评价体系,评价2017年湖北省103个县（市、区）的耕地生态状况,构建计量模型揭示耕地生态安全与地区土地财政之间的关系,划分生态补偿区域并建立耕地生态转移支付模型。结果 湖北省耕地利用能值结构偏不合理,农业机械、农药和化肥等投入量较大,耕地的产出—投入比偏低;湖北省耕地生态安全状况水平偏低,大部分粮棉油基地多属于耕地安全临界区及安全敏感区,且耕地生态安全水平差异显著,生态安全值最低地区为江汉区（0.301 1）,最高为利川市（0.663 4）;通过新增建设用地建立两者之间的关系可得,耕地生态综合评分值每增长1个单位,新增建设用地对应减少2.809 hm²,地方政府土地财政收入减少283.203万元。计算得耕地生态支付区达46个,其中江汉区支付额最高（15 859.368万元）,受偿区共22个,其中恩施市受偿额最高（7 645.695万元）,各县（市、区）的财政转移支付额度占其当年财政总收入的比例在0.120%~3.861%,具有可操作性。结论 为实现耕地高效持续利用、建立地区政府耕地生态保护激励机制、创新生态补偿资金来源提供新视角。     

Margin trading,short selling,and bond yield spread

Using a quasi-natural experiment, this study examines the effects of margin trading and short selling on bond yield spread in China. It finds that both margin trading and short selling can reduce bond yield spread. Additionally, it finds that margin trading lowers firms’ debt ratios and increases their credit ratings, which explains the reduced spread. In other words, margin trading can impact investors’ decisions by revealing positive information about a firm. Another finding is that short selling lowers the bond yield spread by decreasing earnings management, suggesting that short selling has an impact on investors’ decisions through its effect on corporate governance. Our results suggest that margin trading transmits positive information and short selling impacts firms’ policies. These results provide support for future regulations of margin trading and short selling.     

Impact of individual market orientation on selling and customer orientation

ABSTRACT

We analyze the direct effect of individual market orientation on selling orientation-customer orientation of corporate insurance agents licensed in an emerging market based on the data collected using a random survey of corporate insurance agents in the Life Insurance sector in India. The results indicated that individual market orientation had a significant relationship with selling orientation, but the intensity was weak. However, causal relationship between individual market orientation and customer orientation was moderate. Future research should focus on analyzing the influence of the dimensions of individual market orientation on employee commitment, loyalty and should analyze the moderating effects of various associated variables. The findings indicate that efforts should be made to generate market-oriented behavior among individuals to propel selling orientation and customer orientation.     

When and how does leader humor promote customer-oriented organizational citizenship behavior in hotel employees?

This study explores whether leader humor can encourage staff to exceed job expectations in their positive behavior toward customers, even in the notoriously stressful context of the hospitality industry. Based on our findings, leaders who use humor are more likely to prompt employees to engage in customer-oriented organizational citizenship behavior (OCB). Leader humor affects customer-oriented OCB through the mediating effect of relational energy. In addition, employee traditionality and relational energy differentiation moderate the process. Using time-lagged data collected from 456 employees in 71 teams in China’s hotel industry, this study adds significant knowledge to the under-researched area of humor and leader humor in the hospitality industry. The findings suggest that hospitality leaders can implement humor to obtain positive effects by raising relational energy and triggering customer-oriented OCB, particularly among less-traditional workers and in situations of low relational energy differentiation.     

The consequences of customer-oriented constructive deviance in luxury-hotel restaurants

Prior research has illustrated the antecedents of customer-oriented constructive deviance. However, research on their consequences has been limited. To clarify the relationship between customer-oriented constructive deviance and its outcome, the present study is based on affective event theory and posits that customer-oriented constructive deviance predicts customer gratitude and employee guilt, which in turn lead to customer and employee satisfaction and loyalty, respectively. This research also investigates how service and ethical climates moderate these relationships. Based on a dataset comprising 223 matched employee–customer pairs collected from luxury hotel restaurants, we found that customer-oriented constructive deviance is positively related to customer loyalty, but negatively related to employee loyalty. Furthermore, service and ethical climates are found to have disparate impacts on these relationships. Our findings call attention to a potential risk that managers should be aware of when they manage customer-oriented constructive deviance to achieve greater customer service.