Modeling defaults of companies in multi-stage supply chain networks

The interest in supply chain networks and their analysis as complex systems is rapidly growing. The physical approach to the topic draws on the concept of heterogenous interacting agents. The interaction among agents is considered as a repeated process of orders and production. The dynamics of production in the supply chain network which we observe is nonlinear due to the random failures in processes of orders and production. We introduce an agent-based model of a supply chain network which represents in more detail the real economic environment in which firms operate. We focus on the influence of local processes on the global economic behavior of the system and study how the proposed modifications change the general properties of the model. We observe collective bankruptcies of firms, which lead to self-emerging network structures. Our results give insight into the dynamics of default processes in supply chain networks, which have important implications both for risk managers and policy makers. Based on the simulations we show that agent-based modeling is a powerful tool for optimization of supply chain networks.     

石化企业员工思想政治素质培训实践与探究

员工是企业赖以生存和发展的资本,员工整体素质决定着企业的竞争力。提高员工队伍的整体素质,尤其是思想政治素质,是增强企业竞争力、促进企业和谐发展的重要途径,也是广大员工利益之所在。     

资源对公司创业行为的影响研究

全球金融危机以来,公司创业越来越成为企业界与学术界研究的热点问题。公司创业战略的制定与执行是决定其绩效的关键所在。创业战略的制定究竟取决于哪些因素？资源观认为,公司创业就是不断地投入资源以连续提供产品与服务的过程。在对创业资源进行系统分类的基础上,界定了创业资源维度,在理论上深入探讨了资源对公司创业行为的影响。     

公司治理结构与公司价值关系研究——基于30个创业板数据的实证分析

为使创业板公司治理进一步规范,并为其提供理论基础,在借鉴现有研究特别是充分考虑中国创业板上市公司行业特点的基础上,构建创业板上市公司治理基础指标体系;运用回归分析得出第一大股东持股比例、第一大股东是否为母公司、CEO是否由公司的董事长或副董事长兼任、董事会的专业人士、高管持股比例、流通股比例对公司价值的影响在统计上有显著的结论。     

论“公司＋农庄”现代农庄经济生产经营模式的创新

“公司＋农庄”的现代农庄经济生产经营方式为解决“三农”问题,加速农业的现代化,农村的城镇化,农民的市民化具有极为重要的现实实践意义。“公司＋农庄”现代农庄经济的生产经营方式与传统农业自给自足的生产经营方式不同,是一种生产经营方式的创新。综合来看,它对农村经济组织形式、农村土地经营权和土地功能、农村人才聚集方式、农村农业发展融资方式、现代农业产业链延长、农村社会管理组织模式等都具有创新性的重构功能,是实现整合和集聚丘陵山区高度碎片化、内耗型农村资源的最佳选择。     

TrAffic LIght system for systemic Stress: TALIS3

For the purposes of financial stability, identifying financial institutions that, when in distress, could have a significant adverse impact on financial markets is important. A TrAffic LIght System for Systemic Stress (TALIS-cube) is proposed that provides a comprehensive color-based classification for grouping companies according to both the stress reaction level of the system when the company is in distress and the company’s stress level. TALIS³ can integrate multiple signals from the interaction between different risk metrics. Starting from specific risk indicators, companies are classified by combining two loss functions—one for the system and one for each company—evaluated over time and as a cross section. An aggregated index is also obtained from the color-based classification of companies. TALIS³ can be used to enhance the performance and robustness of existing systemic risk measures. An empirical analysis of the U.S. market is also provided.     

Understanding resource investments

The Millennium Boom of 2003–2011 made the resources industry highly profitable and led to a surge in new projects around the world. This had major implications for the Australian economy: Resource investment accounted for almost half of all business investment at the peak and the buoyancy of the sector helped Australia to avoid the worst of the global financial crisis. Using the event-study approach, this article examines the wealth-creating effects of new resource projects at the individual company level. The results indicate substantial increases in shareholder returns occur around the time of announcements of government approval for projects, the finalization of feasibility studies and changes in the status of projects such as when a company decides to finally commit to invest in a project. Government approval is the most important milestone in the life cycle of a project, where abnormal returns around 4% are realized on announcement day.     

所有权结构、代理成本与公司价值－来自中国上市公司的经验证据

本文从理论上分析了股权结构与公司价值间的关系,并通过实证研究考察上市公司所有权结构及由此而产生的代理成本与其市场价值之间的关系。检验结果与理论分析相一致：（1）上市公司存在控股股东,会使公司市场价值折价。（2）上市公司存在股权制衡,能够有效的减少公司代理成本,提升公司价值。（3）不同性质的控股股东所产生的代理成本不同,国家股东的非人格化使得公司的代理成本高于非国有股东。本文得出结论：我国的上市公司普遍存在控股股东,由此产生的代理成本减低了企业的价值,国有股东的代理问题尤为严重,股权制衡的模式能够在一定程度上缓解代理问题。     

中小投资者利益保护内部控制有效性研究——来自深圳证券交易所中小企业板的经验数据

本文从中小投资者的角度,研究深圳证券交易所中小企业板的上市公司与中小投资者利益保护相关的内部控制。根据112个企业的数据分析表明,董事长与总经理分离有利于中小投资者利益保护内部控制建设,其他公司治理措施与中小投资者利益保护内部控制建设无关,这些内部控制与公司价值也无关。这个发现启示我们,深圳证券交易所对中小投资者利益保护相关的内部控制可能需要进一步深化,使它们真正与中小投资者利益保护相关。     

公司法人治理的治标之策和治本之道

本文将公司法人治理(Corporate Governance)机制分为属于治本之道的内部治理机制和属于治标之策的外部治理机制。外部治理机制包括法律体系对投资者的保护、公司控制权市场及经理人才市场是否完备、机构投资者的作用等;内部治理机制包括董事会治理、监事会治理、薪酬机制和股权治理等,其中发挥关键作用的是股权治理和董事会治理。从提升公司治理效率角度看,股权治理方面股权制衡类高于一股独大类公司,董事会治理方面则强调董事会的构成、董事会的规模、董事会成员的激励和董事会的领导结构。本文通过上述分析,并结合我国的具体情况,探讨在我国实现良好公司法人治理机制的路径。通过持续构建科学合理的公司决策、执行和监督体系,以最终实现我国公司价值的普遍提升。