企业经营的价值构成与战略权衡

企业为顾客所提供的产品或服务的总价值由顾客价值与企业价值构成。相对于同业中的竞争者或历史上的企业自身，如果企业更能创造顾客价值，则可认为企业有当下经营优势；如果企业更能创造顾客价值与企业价值，则可认为企业有持续经营优势。顾客价值与企业价值是企业经营过程中既对立又统一的两个方面。如何跨期考虑顾客价值与企业价值之间的比例关系，是企业应该而且必须做出的战略权衡。     

Financial Policy in Practice: Benchmarking Financial Sector Strategies Around the World

Policy makers use financial sector strategies to formulate a holistic policy for the national financial system. This article examines and rates financial sector strategies around the world on how well they formulate development targets, arrangements for systemic risk management, and implementing plans. The strategies are also rated on whether they consider policy trade-offs between financial development and systemic risk management. The rated strategies are then benchmarked against a range of country characteristics. The analysis finds that the scope and quality of national strategies for the financial sector are systematically influenced by several country characteristics. Interestingly, policy trade-offs, particularly between financial development and systemic risk management, are not adequately considered in the strategies.     

Forecast combinations under structural break uncertainty

This paper proposes two new weighting schemes that average forecasts based on different estimation windows in order to account for possible structural change. The first scheme weights the forecasts according to the values of reversed ordered CUSUM (ROC) test statistics, while the second weighting method simply assigns heavier weights to forecasts that use more recent information. Simulation results show that, when structural breaks are present, forecasts based on the first weighting scheme outperform those based on a procedure that simply uses ROC tests to choose and forecast from a single post-break estimation window. Combination forecasts based on our second weighting scheme outperform equally weighted combination forecasts. An empirical application based on a NAIRU Phillips curve model for the G7 countries illustrates these findings, and also shows that combination forecasts can outperform the random walk forecasting model.     

面向持续竞争优势的企业战略定位研究

文章分析了企业陷入竞争误区的三个主要原因:方法重于方向、模仿重于创新、竞争重于合作;探讨了企业通过正确地进行战略定位以获得持续竞争优势的三种关键行为:围绕顾客创造特色、权衡利弊作出取舍、整合要素实现匹配.     

Research Possibilities in Private Club Management

Abstract

This research project proposes a process that studies the service quality trade-offs that restaurant managers worldwide are willing to make in order to maximize their customers' satisfaction level. The project uses traditional conjoint techniques to determine which service attributes managers are willing to trade so that customer satisfaction is maximized.     

Who determines the trade-offs between agricultural production and environmental quality? An evolutionary perspective from rural eastern China

We explore the evolutionary nature of interactions between government policy, farm decision-making and ecosystem services in Shucheng County, Anhui Province, 1950–2015. Analyses of ecological, social and economic trends are complemented by interviews with local farmers. Since the Household Responsibility System started in 1980, there has been a trade-off between rising levels of provisioning services and falling levels of regulating services with evidence that critical thresholds have been passed for water quality. Using a Framework for Ecosystem Service Provision, we argue that farmers have acted only as ecosystem service providers and have not influenced the policies that have brought about the trade-offs. Over the period, ecological degradation is best described as an example of ‘creeping normalcy’ where cumulative conventional actions by individual farmers produce unsustainable losses in regulating services. The Chinese government should act to balance the various ecosystem services through valuation and national policy. In this respect, there is a need for agencies that can provide place-based advice to farmers that will allow them to maintain productivity levels while pursuing restorative actions. Even with new policies, the draw of urban employment, high production costs and an ageing population threaten the viability of farming in these marginal agricultural areas.     

Integrated landscape approaches in the tropics: A brief stock-take

Continued overexploitation of natural resources and the associated impacts of climate change threaten the sustainability and biodiversity of our global social-ecological systems. ‘Integrated landscape approaches’ are governance strategies that attempt to reconcile multiple and conflicting land-use claims to harmonize the needs of people and the environment and establish more sustainable and equitable multi-functional landscapes. Such approaches have gained prominence in recent conservation and development discourse, but critics have suggested a need for evidence of effectiveness to bridge knowledge-implementation gaps. Here we review the recent literature to provide a brief update on developments in the science and practice of landscape approaches, primarily in the tropics. We show that despite considerable enthusiasm for landscape approaches, the evidence base within the scientific literature remains poorly developed. Future application of landscape approaches requires concerted transdisciplinary actions that connect scales of governance to address the complex political economies in contested tropical landscapes. We highlight important challenges and opportunities for landscape approach implementation, particularly related to bridging sectorial and disciplinary divides, engaging the private sector, and monitoring landscape performance.     

Does executive compensation reflect corporate productivity?

Recent literature has given attention to the effect of CEO-specific productivity on the structure of CEO compensation. Our paper instead focuses on the effect of a different productivity factor—which we call “corporate productivity”—on CEO compensation. In particular, we show that corporate productivity affects the trade-off between incentive and risk in a non-monotonic fashion, which the literature has not yet recognized. Using various empirical proxies for corporate productivity, we show that our results are consistent with the non-monotonic relation and thus contribute to the debates in the incentive-risk trade-off literature. Second, our findings also contribute to the internal capital market literature by exploring the relation between the structure of CEO compensation and excess value.