Project Matching and Overcapacity in China

Based on the features of China’s project investment, we consider the formation of production capacity as a matching behavior between local governments and investment enterprises. Using the search and matching model, we illustrate that the excess capacity in China mainly results from the asymmetry between the gains from and contribution to the project matching: The capacity will be excessive when the proportion of local governments’ return exceeds its contribution to the project, and the more unbalanced the return–contribution relationship, the more severe the overcapacity. Meanwhile, we test this theoretical prediction based on a quasi-natural experiment: the reform of administrative approval system. The empirical results show that the reduction of the local governments’ return–contribution ratio will significantly raise the capacity utilization rate and mitigate the overcapacity. Industry-specific regression results further indicate that governments’ return–contribution asymmetry is more prominent in industries dominated by state-owned enterprises, high-monopoly industries, heavy industries, and industries with serious overcapacity. This paper offers a novel mechanism of overcapacity, a theoretical criterion for judging optimal capacity, and some new regulatory tools with the micro foundation.     

Do mobile banner ads increase sales? Yes,in the offline channel

Firms allocate increasingly large budgets to mobile banner advertising. Yet, existing research paid only scant attention to the sales effects of mobile banner ads. In this paper, we fill this gap by determining the offline and online sales impact of a large-scale mobile banner advertising campaign. As part of a geographical field experiment, over 3.5 million mobile banner ads were served to a predetermined geographical area. We determine the offline and online sales effects of the mobile banner ad campaign by analyzing twenty months of sales data for regions covering the entire country of the Netherlands. Relying on a difference-in-difference approach and two matching methods, we demonstrate an offline sales increase of around 2%. The online sales effect is not significant. We conclude that firms can use mobile banner advertising to boost offline sales. We find no evidence for cross-channel sales cannibalization.     

媒体监督是否能抑制高管薪酬过快增长?--基于PSM的再检验

媒体监督是否能发挥治理作用,受自身报道偏好和报道强度的影响。为检验媒体治理的有效性,本文以倾向性匹配得分法控制内生性的干扰,并将报道强度异质性纳入考察范围,研究发现：只有多年持续报道能显著抑制薪酬的过快增长,媒体总体关注和集中报道则未发挥治理作用;按最终控制人性质分组检验后发现,不管是对民营企业,央企还是地方国企,总体关注和集中报道均未发挥治理作用,而持续报道的治理作用只在国有企业中显著,且对央企的作用强于地方国企。表明媒体能在一定程度上发挥薪酬治理的作用,其作用方式依赖于政府介入以及持续报道形成的舆论压力,为深入研究媒体薪酬治理的作用机制和效果提供了经验证据。     

基于手机的声学超宽带室内定位

针对室内定位技术部署复杂、成本高的问题,提出了一种利用手机接收声学信号通过脉冲压缩进行室内定位的方法。通过借鉴雷达系统中的脉冲压缩技术,将信号和噪声分离,并提取出信号到达时延估计。为了减小定位误差,研究了手机的声学特性,设计了声学超宽带信号的信道模型,将应答节点时延回传,进一步减小信号传播的时延估计。在停车场的试验结果表明：定位结果和实际位置相符,平均定位误差在30 cm以内。     

自适应选择的雷达回波空间积累检测方法

空间部分相干时的回波积累检测是分布式雷达回波信号联合处理面临的难题。针对传统相干和非相干积累检测方法在空间部分相干时回波检测性能损失较大的问题,建立了目标三维散射模型,分析了各站回波空间相关性变化规律,引入时域加权能量检测器用于空间部分相干积累检测,提出了以回波的空间相关系数大小为依据进行自适应选择的积累检测方法,有效解决了回波在任意空间相关性时高效积累检测。仿真结果表明该方法能根据相关系数大小正确选择3种积累检测方法,且检测性能优于传统的相干和非相干积累检测方法。     

长期视角下股权激励的动态效应研究

基于长期研究视角,本文在考察股权激励对企业绩效动态影响的基础上,检验了产权性质、授予动机和实施频率对这一关系的影响。结果显示：股权激励存在动态激励效应。不仅在实施当期具有即期影响,在实施后的五年还表现出持续性的激励效果,且在时间分布上呈现出先升后降的“倒U型”特征。相较于民营企业,国有企业实施股权激励后的绩效提升作用较弱,持续期较短,且在实施初期没有即刻显现出激励效应,而是经历了一个为期两年的滞后期。相较于绩效提升作用更强、更持久的激励型契约,福利型合约仅在短期内存在激励效果,并在实施后第四年出现业绩反转,显现出负效应。相对于只实施了一期的公司,股权激励对连续实施多期激励计划公司的激励效果更好,不仅绩效提升作用更强,激励效应也更持久、稳定。     

Integrating marketing databases through regressed microsegmentation

In order to quantitatively target media to markets, media planners need a data base that contains both target market membership and media usage variables. In the absence of single-source data, containing both kinds of variables, researchers have sought to synthesize, or integrate, these data through a variety of different approaches. One of the most elegant is microsegmentation. While the approach has been shown to consistently underestimate the concentration of target market members in the most selective media vehicles, this study suggests that the method might produce a proper ordering, or better yet, a proportionate evaluation of media. This, in turn, suggests that a regression equation might be used to adjust initial estimates of target market concentrations, thus providing a better means of linking target market and media data bases.     

西尼尔的价值理论及其历史地位

西尼尔认为:价值取决于效用。效用为人们的主观评价,其受稀少性制约;稀少性根源于供给阻力;供给阻力根源于生产成本。所以生产成本决定价值。仔细研读,可以看出,西尼尔的价值理论在西方价值理论的演进中起到了承上启下的作用。承上——试图化解萨伊体系中的矛盾。启下——不仅对约.斯.穆勒有重要影响,而且对现代西方经济学中的主观价值论和均衡价格论也有重要影响。因此其历史地位不可小觑,理应受到重视。     

企业薪酬体系与员工心理契约匹配关系研究

薪酬体系要能达到组织预期的效果,必须和组织员工的心理契约相匹配,在不同的心理契约类型下采用不同的薪酬体系。首先对员工心理契约以及企业薪酬体系进行了分类,将员工心理契约分为交易型、关系型和理念型三种类型,将企业薪酬体系分为机械型、柔性型和平衡型三种;然后探讨了薪酬体系和员工心理契约之间的匹配机制和模式,认为交易型心理契约下适合采用机械型薪酬体系,关系型心理契约适用柔性型薪酬体系,理念型心理契约下则适用柔性型或者平衡型薪酬体系;在此基础上,对企业的薪酬管理实践给出了相应的建议。     

基于自动控制的黑龙江区域生态经济协调发展研究

虽然无论是政府还是理论界都已经认识到生态环境的种种问题,但目前黑龙江还没有建立起良好的自动调节黑龙江区域生态经济协调发展的机制。文章借鉴自适应控制理论的思想,提出黑龙江区域生态经济协调发展的总体框架,它能根据人类活动的影响及自身的变化自动调节其稳定性,以达到整个黑龙江区域生态体系协调发展的目的。