产业分工细化与经济中介组织的发展

经济中介作为产业分工细化的产物是产业链上重要的一环，这种制度安排有利于分工利益的获取。本文运用经济学的专业化分工理论分析经济中介从产业分工中内生的原因及条件，讨论专业化分工产生的中介服务的特点以及分工网络对经济中介业发展规律的影响，并试图对经济中介的产生和现代经济中介业的市场结构提供理论解释。     

我国涉外企业外汇交易风险研究

随着世界经济逐步向全球一体化的方向发展以及我国对WTO相关条款的逐步履行,我国与其他国家的经济往来也变得更加频繁。更为重要的是,我国外汇管理体制改革的进一步深化和外汇市场的发展和完善,使得人民币汇率开始走向市场,汇率变动的频率和范围将大大增强。因此,在这一背景下,本文以科学性和前瞻性为指导原则,通过阐述我国涉外企业面临的外汇交易风险现状和问题,揭示这类企业加强外汇交易风险管理的必要性,在此基础上,来探讨外汇交易风险对我国涉外企业净利润的影响,最终结合我国外汇管理体制改革的实践,提出有效防范和规避外汇交易风险的建议和对策。     

战略采购的过程模型及其作用模式

基于交易成本／交易效益双边动态理论，本文发展了战略采购的过程模型，提出战略采购是一个由市场替代企业、优化网络节点、固化网络联结和整合网络能力四个环节构成的过程．目的是推动企业和市场向网络变迁以获得交易成本的持续降低和交易收益的持续创造。文中还指出了不同条件下的战略采购作用机理。在买方优势条件下．采购战略贡献高的能力可以通过发展单联网络来实现．而采购战略贡献低的能力可以通过发展并联网络来实现；在供方优势条件下，采购战略贡献高的能力可以通过发展外拓网络来实现．而采购战略贡献低的能力可以通过发展外联网络来实现。最后，根据我国战略采购实践和理论现状提出提高我国战略采购水平的对策和进一步理论研究的建议。     

Behavioral assumptions and theory development: the case of transaction cost economics

From a critical realist perspective, I discuss the role played by behavioral assumptions in organization theories, and use transaction cost economics as an illustrative example. Core behavioral assumptions often constitute the foundation of the mechanismic explanations of a theory, and thus should play a pivotal role in theory development. I distinguish between assumption‐based and assumption‐omitted theory testing, and show that empirical research in transaction cost economics has been dominated by assumption‐omitted testing. To establish a solid foundation for a new theory, management researchers should pay more attention to assumption‐based testing. Copyright © 2006 John Wiley & Sons, Ltd.     

我国现行融资制度功能的理论及实证分析

内生于经济增长的融资制度应具备筹资功能、降低交易成本功能、价格发现功能、流动性功能和风险转移功能等五方面的功能.我国现行融资制度基本能够有效地进行储蓄动员,但在向资本转化方面存在着一定的障碍;作为公共资源的政府融资仍然发挥着相当重要的作用,但金融市场对经济的促进作用有进一步弱化的趋势;在地区间和企业间存在着资源的逆配置现象,总体上资本的运用效率较低,而非正规金融发挥了不可或缺的作用;严格的利率管制使中介的价格发现功能几乎没有,而市场的价格发现功能一直较弱;此外,存在较高的交易成本,流动性水平整体较低,风险转移功能也相对缺乏.     

An optimization approach to business buyer choice sets: How many suppliers should be included?

In many new or repeat purchasing situations, business buyers must decide how many suppliers to consider (a “choice set”) in determining which supplier(s) to actually buy from or contract with. This paper develops an optimization approach to determining the size of the choice set, taking into consideration buyer utility and search and evaluation costs. A theoretical model is developed for both one-time and repeat purchase situations. The model is estimated using empirical data received from bids received for procurement auctions. In these auctions, suppliers provide bids for steel pipe based on two product attributes (price and delivery time). Model sensitivity to small changes in parameters is also tested.     

Expected exponential utility maximization of insurers with a Linear Gaussian stochastic factor model

In this paper, we consider the problem of optimal investment by an insurer. The wealth of the insurer is described by a Cramér–Lundberg process. The insurer invests in a market consisting of a bank account and m risky assets. The mean returns and volatilities of the risky assets depend linearly on economic factors that are formulated as the solutions of linear stochastic differential equations. Moreover, the insurer preferences are exponential. With this setting, a Hamilton–Jacobi–Bellman equation that is derived via a dynamic programming approach has an explicit solution found by solving the matrix Riccati equation. Hence, the optimal strategy can be constructed explicitly. Finally, we present some numerical results related to the value function and the ruin probability using the optimal strategy.     

“暴力征地”现象的产权经济学解释

文章认为国内出现的大量的"暴力征地"现象是由两个原因造成的:一个是中国土地产权的残缺,尤其是土地使用权和转让权的限制,另一个是交易费用,包括量度费用和信息费用,在此基础上推出的两个含义都得到了事实的验证。     

The stock market effects of a securities transaction tax: Quasi-experimental evidence from Italy

In the aftermath of the financial crisis, in several countries new levies on the financial sector have been proposed and in some cases implemented. We focus in particular on the recent introduction of a securities transaction tax (STT) in Italy. A peculiarity of the Italian STT is that it only concerns stocks of corporations with a market capitalization above € 500 million. We exploit this feature via a differences-in-differences approach – comparing taxed and non-taxed stocks before and after the introduction of the tax – and via a regression discontinuity design – comparing the performance of stocks just above the threshold with those just below. Focusing on the regulated market, we find that the new tax reduced liquidity, but it left transaction volumes and returns substantially unaffected. There is also evidence – although not conclusive – that the tax increased volatility.