裁员视角下人力资源最优激励机制设计

在假定产出可以观测的条件下,构造企业与员工之间的委托-代理激励模型,针对企业员工有效劳动时间是时称信息和非对称信息,分别设计包含裁员概率的企业最优激励合同,然后讨论裁员概率如何对激励合同与员工积极性产生影响.     

裁员视角下人力资源的有效激励与代理成本分析

在假定产出可以观测的条件下,构造含裁员概率的企业与员工之间的委托-代理激励模型,把企业的裁员概率与员工的实际业绩结合起来,针对员工素质类型是对称信息和非对称信息,分别探讨含产出-工资合同的企业激励机制设计,比较两种不同信息结构下不同激励效应,分析非对称信息下实施合同的代理成本.     

委托-代理下人力资源有效激励模式与退出机制设计

在假定产出可以观测的条件下,首先比较员工素质信息是完全信息和非对称信息下不同产出差异,再讨论基于利润分享激励模式下不同激励效应,最后设计出根据员工自愿选择策略而实现的企业存优弃劣的有效退出机制.     

企业人力资源最优退出机制设计

在假定产出可以观测的条件下,针对企业员工素质信息是完全信息和非对称信息,根据绩效原则,分别构造企业裁员模型,再讨论基于企业利润为目标的、留用概率和员工分离补偿为特征的最优退出机制,最后对裁员机制中所涉及相关参数进行比较静态分析.     

通过现金流量表如何分析获取财务信息

在现代化的财务控制条件下,通过有效的手段能全面完成财务管理的综合实现。尤其是财务状况的变动是用来反映企业在一定时间内资金获取的重要方式,并对资金的用途形成整体性的财务报表,具有很好的推动作用,是一种财务报表。其中,现金流量表作为财务报表的一个重要方面,作用是更好的推动企业的全面管理。本文旨在从企业财务报表中现金流量表的综合运用开始,分析现金流量表的整体作用,并从多方面探讨现金流量表的财务效果和实现方法。     

现金流识别氽业财务风险的量化分析

企业的财务风险蕴藏在资金运动的全过程,现金流在识别企业财务风险程度方面具有举足轻重的作用。利用现金流在识别企业财务风险时应注意定性分析与定量分析相结合,将报表上的数据转换成为有价值的信息。文章以一个上市企业为例通过结构分析与比率分析相结合、现金流量表与资产负债表和利润表相结合的方法,分析了该上市企业整体财务状况以及存在的财务风险。     

房地产开发公司现金流管理问题浅析

在市场经济条件下,企业的现金流情况在一定程度上决定了企业的生存和发展。通过对房地产开发公司现金流管理进行了研究,对该类企业现金流现状中存在的现金流预算管理不健全、现金流控制指标体系不健全、企业现金管理中存在的风险等问题进行分析,提出了建立完善的现金流预算管理体系、建立现金流管理的全面控制体系和建立现金流风险控制、预测体系等解决方案,为公司创建优质的内部现金流管理环境打下基础,以实现公司的安全持续稳健运营。     

“融资约束与现金流-投资行为”的实证研究——基于房地产上市公司的数据

房地产企业生存发展过程中,不断承接新的投资是企业做大做强的必经之路,但如果企业对外融资受到制约,即受到“融资约束”时,那么在外部资金无法供给投资需求时,企业就只能依赖内部产生的现金流,在这种情况下,企业的投资与内部,现金流之间的关系将变得非常微妙而密切。一旦疯狂的扩张导致资金链非常紧绷,最终超过企业现金流的承受能力而形成巨额的资金缺口。然而公司所处的经营环境是不确定的,其所面临的资本市场是不完善的,从而使得公司的投资决策不可能与其财务结构无关。资本市场中最明显的不完善性和不完备性在于信息不对称问题最终成为研究融资约束下的企业投资理论的理论基础。     

基于Hotelling模型的上市公司信息披露在竞争中的溢出效应研究

本文利用Hotelling线性市场模型研究了上市公司信息披露对于市场竞争的影响。研究表明上市公司和竞争企业的定价策略与上市公司披露的信息质量密切相关：当披露高质量信息时,博弈双方的最优决策均为降低价格：当披露的是低质量信息时．博弈双方的最优决策均为提高价格。在市场分额方面．当上市公司披露高质量信息时,其市场份额会下降;而披露低质量信息时．其市场分额上升。披露高质量信息并不利于上市公司的竞争能力。同时．实证也表明在价格竞争条件下．信息披露质量与市场份额存在显著的负相关关系。     

现金流量表的推广应用和编报

我国目前现金流量表的编报和应用情况并不十分理想,但现金流量表揭示的信息具有客观性、决策和管理有用性、替代性等特点,并且编制简单,在财务报表体系中应居于重要地位。因此应推广使用与现金流量有关的财务指标进行分析和考评,并对现金流量表的编制方法进行简化、规范和推广,强制要求所有企业至少编报现金流量表。     

决策支持系统中的建模知识表示研究

提出一种基于知识的建模支持系统 ,该系统的知识由三部分组成 :构模规则知识、变量类型知识以及数据映射知识 .构模规则知识描述了决策者的构模过程 ;变量类型知识定义了构模规则知识中所有变量的数据类型 ;数据映射知识描述求解过程所需数据的来源 .对于决策者输入的一个实际决策问题 ,系统能够根据问题描述按照构模知识自动进行求解 ,同时对经验进行学习 ,生成经验规则     

定期信用支付条件下的多阶段货价变动型存贮问题

本文研究了定期信用支付条件下的多阶段货价变动型存贮问题,得到了最优订购策略并设计了算法以说明模型的使用。     

Cooperation among competitors as status-seeking behavior: Network ties and status differentiation

Status-based affiliation represents a valuable resource in economic exchange. However, affiliation strategies introduce a status ordering paradox: whereas higher status actors seek to maintain status hierarchies, lower status actors strive to affiliate with more prestigious actors. In this paper, using original data on the network of social and professional ties among 72 hotel managers clustered in an Italian hotel district, we develop a theory of status-seeking behavior that involves the exchange of status for valued resources.     

A Rational Theory of Mutual Funds' Attention Allocation

The question of whether and how mutual fund managers provide valuable services for their clients motivates one of the largest literatures in finance. One candidate explanation is that funds process information about future asset values and use that information to invest in high‐valued assets. But formal theories are scarce because information choice models with many assets are difficult to solve as well as difficult to test. This paper tackles both problems by developing a new attention allocation model that uses the state of the business cycle to predict information choices, which in turn, predict observable patterns of portfolio investments and returns. The predictions about fund portfolios' covariance with payoff shocks, cross‐fund portfolio and return dispersion, and their excess returns are all supported by the data. These findings offer new evidence that some investment managers have skill and that attention is allocated rationally.     

Organizational processes as determinants of information value

Research on the determinants of information value has not explicitly considered whether the type of organizational process participated in by a decisionmaker has an effect on his/her evaluation of information on which the decision is based. Much important managerial activity in organizations is carried on through formal or informal processes such as budgeting and strategic planning. If process differences are significant determinants of the way in which information is valued, the inclusion of this element into the framework for thinking in this area might add considerably to our ability to prescribe appropriate managerial processes as well as to our understanding of differences in the outcomes of decision processes. This empirical study suggests that organizational process type does have a significant effect on the determination of information value in the context of two generic process types (individual, group) that were evaluated in a strategic decisionmaking context.     

Quality of earnings: A key factor in financial planning

This paper presents the results of an empirical study based on the premise that, among companies with the same nominal earnings, those with higher quality of earnings will be more highly valued by investors. The price-earnings ratio should be higher for companies with better quality of earnings and lower for companies with poorer quality of earnings. The test is performed by estimating regression equations relating the price-earnings ratio to quality of earnings factors. The study should prove to be of significant value to financial decision-makers in formulating their long range plans.     

Theory of integer-valued data envelopment analysis under alternative returns to scale axioms

Kuosmanen and Kazemi Matin [Theory of integer valued data envelopment analysis. European Journal of Operational Research 2009;192:658–67] developed an axiomatic foundation for a data envelopment analysis (DEA) model that assumes subsets of input and output variables to be integer valued. In this paper we extend and generalize the axiomatic foundation for the integer DEA under variable, non-decreasing and non-increasing returns to scale. These model variants are achieved by introducing new axioms of natural convexity and natural augmentability. We also develop mixed integer linear programming (MILP) formulations for computing efficiency scores in these environments. An empirical example illustrates the approach.     

布莱克─肖尔斯期权定价模型在公司价值评估中的应用

公司股票、债券在本质上可看成是基于公司资产的期权,因而可用期权定价方法对其价值进行评估。本文介绍了最典型的期权定价模型─布莱克一肖尔斯期权定价模型,分析了该模型在公司证券价值评估中的应用。     

Modeling Sequential Information Acquisition Behavior in Rational Decision Making

Most real‐life decisions are made with less than perfect information and there is often some opportunity to acquire additional information to increase the quality of the decision. In this article, we define and study the sequential information acquisition process of a rational decision maker (DM) when allowed to acquire any finite amount of information from a set of products defined by vectors of characteristics. The information acquisition process of the DM depends both on the values of the characteristics observed previously and the number and potential realizations of the remaining characteristics. Each time an observation is acquired, the DM modifies the probability of improving upon the products already observed with the number of observations available. We construct two real‐valued functions whose crossing points determine the decision of how to allocate each available piece of information. We provide several numerical simulations to illustrate the information acquisition incentives defining the behavior of the DM. Applications to knowledge management and decision support systems follow immediately from our results, particularly when considering the introduction and acceptance of new technological products and when formalizing online search environments.     

Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms

Using a sample of listed Spanish companies pertaining to the IBEX35 index for the period 2007–2011, this paper examines whether those firms with higher CSR disclosure ratings are more valued by market participants. This study also complements the literature addressing the value relevance of CSR disclosure by further analyzing not only the direct effects of CSR reporting on stock prices but also its indirect effects through its interaction with main accounting variables (i.e., earnings and book value of equity). CSR reports can also affect stock price indirectly because the sustainability report may be perceived by investors to be a source of further and complementary information regarding the nature, composition and trends of the traditional value-relevant accounting variables. Finally, this study also analyzes whether CSR disclosure by firms operating in environmentally-sensitive industries is assessed differently by market participants than CSR disclosure by companies operating in other industries. By using a modified Ohlson (Contemp Account Res 1:661–687, 1995) model, it is found that CSR disclosure do have both a direct and indirect effect on stock prices by modifying the value-relevance of earnings and book value of equity. Moreover, CSR disclosure by companies operating in environmentally-sensitive industries is associated with higher market valuations than CSR disclosure by companies operating in nonsensitive industries. This may be due to the fact that CSR disclosures provide information that allow investors to make better assessments of the increased risk related to potential litigation and future environmental liabilities, thereby reducing information asymmetries and the risk of adverse selection.