管理层股权激励引发盈余管理的实证研究

本文从盈余管理的角度出发，选取截止至2007年12月已经实施股权激励的48家上市公司中的40家为样本，借鉴国外相关资料，运用管理层授予股权激励与其年薪金额的比例来考察股权激励程度，在扩展的Jones模型的基础上加入费用项目后来估计企业盈余管理程度，建立多元回归模型，实证检验了在我国实施管理层股权激励与企业盈余管理行为间存在着正相关关系，有必要进一步加强对股权激励实施过程的监管。     

Communication between Managers and Staff in the NHS: Trends and Prospects

The importance of the role of communication in the success of individual performance in social and business life is now widely recognized. Within organizations, effective internal communication between managers and staff is vital to organizational success. This is particularly so during periods of change, when staff uncertainty increases and there is an increased need for greater amounts of information and more frequent communication. Staff in the NHS have recently experienced some quite dramatic changes in their working practices. This paper therefore examines the current state of communication within the NHS and the implications which this poses for the overall functioning of the organization. In particular, the relationship between communication and the motivation of staff is described. The nature of communication audits, the main research approach used to assesses communication effectiveness, is then delineated, and areas of the NHS chosen for analysis by this means are proposed. The results of a series of audits are summarized. Problems in information flow, use of information sources and channels, the timeliness of information exchanged, the extent to which people send information to each other and the quality of working relationships are identified. The implications of these findings for the NHS and general views of management are considered.     

Chemical Leasing Business Models—A Contribution to the Effective Risk Management of Chemical Substances

Chemicals indisputably contribute greatly to the well-being of modern societies. Apart from such benefits, however, chemicals often pose serious threats to human health and the environment when improperly handled. Therefore, the European Commission has proposed a regulatory framework for the Registration, Evaluation and Authorization of Chemicals (REACH) that requires companies using chemicals to gather pertinent information on the properties of these substances. In this article, we argue that the crucial aspect of this information management may be the honesty and accuracy of the transfer of relevant knowledge from the producer of a chemical to its user. This may be particularly true if the application of potentially hazardous chemicals is not part of the user's core competency. Against this background, we maintain that the traditional sales concept provides no incentives for transferring this knowledge. The reason is that increased user knowledge of a chemical's properties may raise the efficiency of its application. That is, excessive and unnecessary usage will be eliminated. This, in turn, would lower the amount of chemicals sold and in competitive markets directly decrease profits of the producer. Through the introduction of chemical leasing business models, we attempt to present a strategy to overcome the incentive structure of classical sales models, which is counterproductive for the transfer of knowledge. By introducing two models (a Model A that differs least and a Model B that differs most from traditional sales concepts), we demonstrate that chemical leasing business models are capable of accomplishing the goal of Registration, Evaluation and Authorization of Chemicals: to effectively manage the risk of chemicals by reducing the total quantity of chemicals used, either by a transfer of applicable knowledge from the lessor to the lessee (Model A) or by efficient application of the chemical by the lessor him/herself (Model B).     

Group incentives or individual incentives? A real-effort weak-link experiment

Motivated by previous research on coordination problems and incentive design in organizations, we compare group incentives and individual incentives in a new experimental test-bed: a real-effort task embedding a weak-link technology. Comparing group-incentive and individual-incentive treatments, we find that the observed dynamics of both individual errors and worst performances within firms, after a phase of learning, are largely indistinguishable. Importantly, and possibly explaining our finding, more than 80% of our laboratory firms, notwithstanding initially widespread inefficiency, were eventually able to achieve and sustain efficient coordination despite the presence of an unforgiving payoff structure. This result, which may be due to the reduced strategic uncertainty so characteristic of chosen-effort weak-link game experiments, stands in stark contrast to standard results in the coordination game literature and provides an interesting challenge to test-beds currently used.     

我国煤层气产业发展中存在的问题与对策

煤层气产业是一个新兴产业,是我国在十二五期间重点鼓励发展的产业之一。在分析我国煤层气资源现状的基础上,对煤层气产业发展中存在的问题进行了研究,认为我国煤层气产业存在着体制不顺、资金投入不足、专业人才缺乏等问题,提出了煤层气产业发展的对策,以期对我国煤层气产业的快速发展有一定的指导意义。     

无偿服务非营利组织中的委托-代理关系

通常认为,由于不存在利润激励,无偿服务非营利组织中将存在着严重的激励问题。但是大量事实证明,无偿服务非营利组织往往有着与营利性组织同样的运行效率,这说明利润以外的激励因素有着格外重要的意义。"产出门槛值监督"和"自我激励"是无偿服务非营利组织中的主要激励方式。文章利用委托-代理模型研究了这两种机制的激励效果,指出"长期利益"和"利他主义"可以对代理人产生较强的当期激励,但不确定性的存在将削弱激励效果。     

Rent Control: An Economic Abomination

Rent control is a public policy which fails on both normative and positive economic grounds. In the former case, it violates all canons of equity, of both right (private property rights are sacrosanct) and left (it does not promote egalitarianism, rather, often, it enriches rich tenants and impoverishes poor landlords). In the latter, it leads to inefficiency, deterioration of rental housing, reduces incentives for upkeep and maintenance, reduces labor mobility, exacerbates landlord tenant relations, promotes housing abandonment and homelessness, and misallocates resources away from residential rental units. This sovietization of housing has effects similar to the sovietization of anything else: farming, factories, industry, forestry, whatever. This revised version was published online in August 2006 with corrections to the Cover Date.     

生产投入、政府激励与企业生产规模决策

在同时面临外生性和内生性因素影响的需求不确定环境下,通过建立生产投入、政府激励和企业生产规模的决策模型,在研究企业生产投入的价值表达式的基础上,分析了生产投入、政府激励与企业生产规模决策之间的作用机理,对临界值方程、最优生产规模和最优政府激励作了分析.并通过模拟赋值对数理模型进行了数值分析.研究表明:1)灵活的企业可依据市场需求的变化,参考资本化未来生产规模、政府激励现金流、放弃期权价值和需求变化期权价值等对生产规模进行最优化调整;2)当企业单位时间收益流满足一定水平时,存在最优生产规模方程和最优政府激励方程及其相应的阈值方程;3)生产投入、政府激励及企业生产规模之间联系密切,灵活的企业可据此对生产进行动态调整.此外,还与外生性模型作比较验证了该模型的适应性等.由此,可作为需求不确定环境下加强企业生产规模决策的一种参考.     

Efficiency Wages: Signals or Incentives An Empirical Study of the Relationship between Wage and Commitment

Efficiency wage theories arguethat firms induce their employees to work in a moredisciplined way by paying high wages. Two basicmechanisms have been pointed out in economics about how these wage premia motivate employees.The incentives-driven `shirking model' impliesthat employees who have a highly paid job workin a more disciplined way so as to avoid beingdismissed. The ``gift exchange' model is basedon the assumption that high wages change therelationship between employer and employee.Empirical evidence on the incentives approachis mixed and a thorough competitive testingagainst the gift exchange model was notpossible due to the fact that the latter wasnot worked out enough. However, there is a relational theory of efficiency wages which isworked out in detail in order to allow directcompetitive testing. This relationalsignaling approach, as it is called, is basedon framing effects and comes to specifichypotheses about the conditions under whichefficiency wages work. These hypothesescontrast sharply with predictions from theincentives approach. The paper presents anempirical test of the theories and shows thatthe data clearly reject the incentive-basedpredictions and confirm the relationalsignaling predictions.     

债权治理机制与管理者激励安排

运用一个不完备契约下的债权融资模型,研究了债权人对公司治理的参与选择和管理者的努力激励设计问题。结果表明,在企业控制权有可能发生向债权人转移的情况下,债权人是否获得企业经营控制权取决于企业经营的真实状态和管理者激励安排下的努力水平选择。当企业经营的真实状态较好时,管理者会主动选择最优的努力水平,债权人的债权回收得到保障,控制权转移不会发生;当企业经营的真实状态较差时,管理者会选择较低的努力水平,债权人有必要获得控制权,并设计一个努力补偿激励安排,以提高管理者努力水平,确保债权回收。