高管—员工薪酬差距与企业绩效相关性研究

薪酬激励一直以来都是企业管理中的一个重要课题。以企业高管与一般员工的薪酬差距为研究主题，以我国北京地区上市公司为例，对高管与一般员工薪酬差距对企业绩效的影响进行实证分析，探究两者之间的关系。研究发现：高管—员工薪酬差距与企业绩效之间不是完全的正相关或者负相关关系，企业绩效将随着薪酬差距的扩大先是上升然后下降；并且他们之间的关系也会因所在企业的产业性质和产权性质的差别而不同。     

北京市城乡收入差距的预测和成因分析

城乡居民收入差距不断扩大是我国许多省区面临的重要问题,北京市作为全国的政治文化中心,也面临着同样的难题,并且形势不容乐观。本文依据1990-2010年北京市城乡收入数据,运用SPSS回归分析法,对北京市未来几十年的城乡收入状况进行了预测,然后结合相关学者的研究,建立了多元线性回归模型,用1990-2010年相关数据,采用逐步回归法进行回归。并在回归结果基础上,给出了缩小城乡居民收入差距的几点建议。     

试论中国税源管理存在的问题及建议

中国现行的税源管理模式中存在着许多问题，包括税源信息数量有限、质量不高，税源分析、纳税评估、税务稽查各岗位互相脱节，机构设置及职能分工不合理，第三方信息获取难度大等问题。建议努力提高人才素质，调动积极性，加强从第三方采集税源信息工作，改革税务机构设置和重新界定职能，提高纳税服务水平，提供个性化的纳税服务等。     

Effects of pension fund freezing on firm performance and risk

This study considers the effect of freezing defined benefit pension funds on shareholder risk and returns. The conditional models used in this study directly assess the effects of a pension fund freeze on returns and on systematic and residual risk. While pension fund freezes do not significantly affect performance or systematic risk, they do significantly reduce short‐term residual risk. Pension fund freezes therefore do not generally present significant financial advantages to shareholders. Only shareholders of firms with pension funds in crisis would benefit from significant systematic risk reductions. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.     

个人投资者视角基金销售平台服务水平比较研究

聚焦于基金销售服务水平,运用服务营销理论和熵权法测度权重的评价体系,采集202位基金投资者调查数据,对五类基金销售平台进行评价和分析。结果发现:一方面,便利性与个人投资者数量和年龄高度相关,具有一定投资经验的个人投资者更注重投资服务的便利性,在基金销售平台信誉增加的条件下,个人投资者对安全性、价格的敏感度会随着对便利性的敏感度的下降而下降;另一方面,评价结果表明,便利性、安全性和价格指标仍然是提升基金销售服务水平的重点,而个性化、响应与交互、专业程度指标受到的关注少,给投资者和销售平台带来的效益低。提出了互联网销售平台和移动支付平台需要提升服务的便利性和安全性;基金公司继续发挥专业优势,向"买方投顾"转型升级;银行柜台和券商柜台积极发展互联网金融基金销售模式等建议。     

基金业绩费率背离与最优费率研究

在梳理以往文献的基础上探讨了基金行业为何普遍存在业绩与费率的背离。该现象产生的主要原因是，在信息不对称条件下，基金投资者无法有效地识别基金业绩与费率的关系。进一步提出了一个基于信息不对称的分离均衡模型。该模型证明最优的基金费率设定策略是，能力强的基金应当降低营销费以吸引理性投资者，能力弱的基金应当加大营销开支以吸引非理性投资者。     

The performance of US equity mutual funds

The paper examines the performance of US no-load equity mutual funds. Fund performance is derived using stochastic frontier analysis for a flexible functional form. This analysis allows us to derive parametric estimates of efficiency scores for each fund in our sample for the first time in the literature. Our results indicate that US no-load equity funds display varying levels of efficiency over time but also depending on size and on investment style. Robustness analysis reaffirm the efficiency scores remain consistent across different selections of inputs and outputs as well as the underlying distribution of the return. Having estimated each fund’s efficiency in the sample we unveil their underlying dynamics, also with respect to risk and operational characteristics such as flows, assets, and Morningstar star ratings. Panel-VAR estimations reveal that the response of funds’ efficiency to a shock in risk is positive and substantial. Some evidence of reverse causality is also observed. Finally, we extend our analysis to investigate the relationship between funds performance and key covariates across subgroups defined by size.     

Portfolio Distortions Among Institutional Investors: Evidence from China

The behavior of institutional investors often deviates from established personal or social norms; this deviation may reflect either an informational advantage or a psychological bias. In this paper, we investigate the reasons Chinese mutual funds hold lottery-type stocks, which are characterized by low average returns and high risk. We find that funds at the aggregate level do not exhibit a propensity to gamble, but when they do gamble, they earn abnormal returns on lottery-type investments. Gambling-related outperformance is greater among held firms with characteristics that enable fund managers to obtain more informational advantages. Our results suggest that portfolio distortion is driven by the ability of managers to capitalize private information rather than by behavioral bias.     

包容性增长——基于文献的注解

通过回顾现有文献,梳理了包容性增长的提出和倡导背景、内涵本质、实现对策,以及包容性增长的度量和实证量化研究及其具体应用。研究表明,从具体的应用领域和行业层面切入进行深度研究,进而在度量方法方面有所突破,探寻经验证据并提出具有针对性和可操作性的政策建议,是包容性增长研究可行的方向,可以推动包容性增长的践行。     

Toward Sustainable Livelihoods: Investigating the Drivers of Purchase Behavior for Green Products

Green consumption involves comprehensive concerns that address the broad scope of sustainability, ecosystem balance, profit‐generation and people. Identifying the factors that influence consumers' purchase behavior enables manufacturers to understand consumers' decision‐making processes and can help them develop more environmentally beneficial products. However, scholars have recently found that a gap exists between environmental concern and consumers' actual purchase behavior. The purpose of this paper is to use cognitive behavior theory to investigate the drivers of green consumption behavior and the missing link in the concern–behavior gap. After collecting 375 valid questionnaires, this study validated the proposed conceptual model using structural equation modeling. The revised model indicates that environmental involvement, informational utility, green advertising skepticism and green trust are antecedent variables of consumer attitudes toward green products. Additionally, this study also provides a possible explanation of and remedies for the concern–behavior gap. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment