高管团队激励分散度、企业风险承担与战略绩效研究

代理问题的存在会导致管理者“短视”,出于私利,管理者往往不愿意承担风险,这虽然会给企业带来短期经济利益,但也会给未来发展埋下隐患。为解决此类代理问题,高管团队成员激励将发挥关键作用。因此,研究高管团队激励对企业绩效影响,高管薪酬激励对企业风险承担影响以及企业风险承担对企业绩效影响,对于中国企业的激励契约设计、经济增长和潜在风险认识均具有重要实践意义。     

Heterogeneity in the Effect of Managerial Equity Incentives on Firm Value

We document significant heterogeneity in the relation between chief executive officer (CEO) equity incentives and firm value using quantile regression. We show that CEO delta is more effective in the presence of ample investment opportunities, while CEO vega is more beneficial for firms lacking investment opportunities. Further, Tobin's Q increases in CEO delta for more risk‐tolerant firms but increases in CEO vega for more risk‐averse firms. We also observe that higher monitoring intensity after the Sarbanes‐Oxley Act reduces CEO delta's role in compensation. Risk aversion alters the optimal incentive‐value relation, and the nature of this relation also depends on the level of Tobin's Q.     

论繁荣农村经济的权力“激励结构”

经济学告诉我们,经济增长、经济效率的取得有赖于资源的优化配置。而资源配置的决定因素除市场外,还有社会制度安排中的权力结构。本文认为,中国农村正在进行的“村务公开民主管理“,是新时期中国构建繁荣农村经济的权力“激励结构“的创新实践。建立在民主基础之上、与市场化的中国新农村相适应的新型农村基层组织制度体系,应是推动中国农村经济乃至整个中国国民经济不断增长的重要“激励结构“之一。文章在对农村基层经济主体“权力资源“的历史、现状及存在问题进行分析的基础上.指出应以“村务公开民主管理“推动农村权力资源配置的帕累托改进,在基层农村,构建相对合理的权力结构之下的有效的组织制度体系,并阐述了繁荣农村经济的权力“激励结构“的基本框架。     

我国现行创新激励税收政策的问题分析及政策建议

创新激励税收政策对于一国自主创新和经济发展具有重要意义。首先对国内外创新激励税收政策进行比较分析;其次分祈研究了我国现行创新激励税收政策尚存在的问题和不足;最后借鉴创新性国家的经验并结合我国国情提出了相关政策建议。     

刍论高校二级学院行政秘书的公关问题

高等院校二级学院的行政秘书在高校行政系统正常运转过程中发挥着十分重要的作用,其中公关角色通常被人们所忽视,我们有必要从高校二级学院行政秘书的岗位职责出发,明确高校二级学院行政秘书的公关角色及应该具备的能力,并根据这些要求不断提高自己的工作能力。     

Inequity Aversion and Team Incentives

We study optimal contracts in a simple model where employees are averse to inequity, as modeled by Fehr and Schmidt (1999) . A "selfish" employer can profitably exploit envy or guilt by offering contracts which create inequity off-equilibrium, i.e., when employees do not meet his demands. Such contracts resemble team and relative performance contracts. We derive conditions for inequity aversion to be in itself a reason to form work teams of distributionally concerned employees, even in situations in which effort is contractible.     

Conservative dichotomous choice responses in the active policy setting: DC rejections below WTP

An important feature of a Contingent Value (CV) study is that researchers design a survey that guides respondents to answer dichotomous choice (DC) questions as if they represent once-and-for-all choices. Researchers frequently construct hypothetical markets to satisfy this condition; yet detractors assert that ‘hypotheticality’ leads inevitably to inflated DC responses. For active policy questions, however, some respondents may suspect that a CV informs an actual policy issue; so to reject a DC might induce the policy-maker to reintroduce the policy with a price reduction or a program improvement. With potential incentives to deflate a DC response when policies are active, we locate two types of respondents that represent two different incentives. One class is expected to be able to risk permanent rejection of a waiver from one automobile emissions inspection. This class more frequently rejects a DC value known to improve existing conditions. Another respondent class is expected to be risk averse to defeat of the program or to excessive delay. Predictably, these respondents more frequently accept a DC value that represents a known gain. Conservative DC responses have implications for the use of CV in active policy contexts, opening a role for theory to assist practitioners in these circumstances.      

黑龙江省国有资本经营者报酬激励机制研究

报酬机制是激励机制中的核心问题。通过分析黑龙江省国有资本经营者报酬机制中年薪制的实施现状，针对年薪制中基本年薪划分缺乏科学性等问题，提出了新的计算基本年薪的公式及方法，并在此基础之上构建了多种长期激励手段并用的报酬机制。     

房地产投资信托的环境支持系统研究

房地产投资信托是房地产融资的一种新渠道，通过国外房地产投资信托的实际运作经验来研究房地产投资信托的环境支持系统，即政策环境、法律环境、市场环境、技术环境，从而为我国房地产投资信托的实施提供参考价值。最后简单地分析了我国房地产投资信托环境支持系统，给出一些建议。