激励合约线性结构的行为合约理论解释

合约理论继承了经济学传统自利偏好假设,却忽略了公平偏好等行为心理因素。为此,在借鉴行为经济学描述公平偏好的FS模型基础上,把公平偏好引入最优激励合约设计的标准框架,以行为合约理论为工具,通过建立离散产出和离散努力模型,研究设计公平偏好下的最优激励合约。分析结果发现,引入公平偏好之后的一级最优和二级最优激励合约都是线性结构的,并且其斜率会随着公平偏好增强而增大,但不会超过0.5。这不但得到了线性结构的激励合约,而且得到了与实证研究结论相一致的关于激励合约斜率性质的理论分析结果,从而为激励合约线性结构提供了一种较合理的理论解释。     

期货合约与远期合约的相互关系研究

期货合约与远期合约是金融衍生市场两个非常重要的衍生工具.它们是签约双方之间达成的要求在以后某一日期采取某种行动的合约.本文阐明了金融期货与金融远期的基本概念和风险特性,研究了它们的价格特征,建立了它们的量化关系.     

六问中国经济奇迹可否再续?

<正>1.在有很多制度与政策扭曲的状况下,中国为什么在1979-1993年的15年间取得年均9.68%增长率的傲人成绩后,还能继续维持20年年均9.82%的高速增长?对这个问题的回答,笔者主张回归到增长的本质。经济增长的本质是人均收入的不断提高,人均收入的不断提高取决于劳动生产率的不断提高,而劳动生产率的不断提高源自技术不断创新和产业不断升级。发达国家的技术和产业都处于世界前沿,     

销售商费用信息不完全下的回收合约

回收合约是一种非常流行的合约。但是,到目前为止,大多数的文献都假定合约的提出者知道供应商和销售商的费用结构。本文考虑不完全信息下的回收合约。供应商提出合约,但不知道零售商的费用结构。在这种情况下,我们研究回收合约的设计及对供应商、销售商和供应链的影响。我们的结论显示,如果合约的设计者不知道销售商的费用结构,他就不可能设计出使供应链达到合作的合约。这就说明共享销售商的费用信息是有价值的。     

物流外包的多阶段合约分析

分析了物流外包的动态特性,并建立了相应的模型,讨论物流运作在多阶段的情况下的最优合约设计.结果表明,物流外包合同是多阶段,第三方物流企业考虑到声誉,会积极执行合同,减少不合理的要求,以期下一阶段能继续合作.     

合约安排与节能服务项目的市场拓展

节能减排是全球关注的重要议题,为克服推广节能减排项目中的工作阻力,我国的节能减排工作由政府强制实施向市场自动执行转化显得十分重要.通过案例分析,发现在市场机制的基础上,不同的合约安排对节能项目的实施效果会产生显著性差异:一方面,节能服务公司在拓展市场的3种合约安排--现销、融资租赁以及合同能源管理中,合同能源管理最为有效;另一方面,节能厂商在自身资源有限的条件下,通过售后回租的合约安排,可以实现设备的无限供给.不同的合约安排,之所以会产生不同的效果,在于合约相关者是否均有剩余,只有在合约相关者均有剩余的情况下,一个项目才可能被合约各方接受,从而自动执行.研究结果对我国节能减排项目的推广具有重要的指导意义,同时,也为管理研究者挖掘管理实践中的民间智慧,构建管理理论提供了有益的启示.     

“互联经济”呼唤企业智慧转型

2012年11月16日,IBM全球企业咨询服务部在成都举办媒体研讨会,与包括本刊在内的西南片区主流媒体记者分享了其对未来市场发展趋势的最新洞察《2012年IBM全球CEO调研之中国洞察》报告(以下简称《报告》).     

Relational Contracts and the Nature of Market Interactions

We provide evidence that long‐term relationships between trading parties emerge endogenously in the absence of third party enforcement of contracts and are associated with a fundamental change in the nature of market interactions. Without third party enforcement, the vast majority of trades are initiated with private offers and the parties share the gains from trade equally. Low effort or bad quality is penalized by the termination of the relationship, wielding a powerful effect on contract enforcement. Successful long‐term relations exhibit generous rent sharing and high effort (quality) from the very beginning of the relationship. In the absence of third‐party enforcement, markets resemble a collection of bilateral trading islands rather than a competitive market. If contracts are third party enforceable, rent sharing and long‐term relations are absent and the vast majority of trades are initiated with public offers. Most trades take place in one‐shot transactions and the contracting parties are indifferent with regard to the identity of their trading partner.     

信任、承诺,关系行为与关系绩效：卖方视角

利用调查数据实证检验了B-B商业关系中的卖方对买方的信任和情感承诺对其行为的影响,以及这些行为对营销关系绩效带来的影响.实证结果表明,卖方的信任和承诺水平越高,则越具有合作性和灵活性,但承诺的作用大于信任;卖方对买方的情感承诺越高,则机会主义行为程度越低,而信任无助于降低机会主义行为;信任与承诺都不能解释卖方对不同顾客正式控制机制的差异;卖方在交换关系中表现出的合作性、灵活性都有利于提高营销关系的绩效.     

信任、承诺、关系行为与关系绩效:买方的视角

本研究通过抽样调查验证了买方对于卖方的信任和承诺对于买方行为的影响及其对买方的绩效含义。研究结果显示,买方对卖方的信任和承诺会影响买方在双方商业关系中的行为,这些行为对于买方的绩效具有积极意义。然而,信任和承诺对关系行为的影响存在不同。与假设相反,买方对卖方的信任提高了买方正式控制机制的使用,而买方对卖方的承诺则降低了买方的默许行为,这些效应有助于买方绩效。     

Valuate Outsourcing Contracts from Vendors' Perspective: A Real Options Approach

To date, most applications of real options theory (ROT) in outsourcing literature are modeled from the clients' side. Little attention has been paid to vendors' options in outsourcing. In this article, we study outsourcing from the vendors' perspective by analyzing vendors' value of waiting. The contribution of our research to the literature lies in our analysis of a model that compensates for vendors' loss of option to wait since they have to exercise outsourcing contracts at clients' given timing. Such a compensation‐oriented model yields new insights about the vendors' valuation of outsourcing opportunities, and offers important practical guidance to vendors' decision making.     

转型期中国农地最适所有权安排——一个制度经济分析视角

本文基于新制度经济学的分析体系,从农业绩效优化的角度探讨了转型期中国农地所有权的最适安排模式。研究结果表明,在中国转型期间,农地集体所有制无疑要优于私有产权和国有产权。这主要是由于市场化程度的相对落后以及国有制下多层委托—代理关系的高成本弊端等因素的限制,使得农地所有权的私有化和国有化往往是低效或是无效的;而农地集体所有制则随着排他性权利的赋予、农地市场的开放以及村民自治等方面的完善,弥补了私有制和国有制的诸多缺陷,成为一种相对较优的所有权安排模式。     

Effect of Formal Contracts,Relational Norms and Trust on Performance of Joint Research and Development Projects

This paper examines the effect of governance mechanisms – formal contracts, relational norms and trust – on the performance of exploration and exploitation joint research and development (R&D) projects. While the authors acknowledge the need for a twofold approach, transactional and relational, to understand the interfirm exchange governance, the joint action of formal contracts and relational governance has been caught between the complementary or substitutive forces involved in interorganizational relationships. Using survey data on joint exploration and exploitation R&D projects developed by the European biotechnology companies, the synergies of both mechanisms and their effects in improving project performance are investigated. The analysis suggests that contracts and relational norms and trust act as complementary mechanisms, but while contracts are more effective in exploitation projects, relational norms and trust are more powerful in improving the performance of exploration projects.     

要素品牌价值对关系绩效的影响——采购商视角的研究

针对要素品牌理论发展的不足，以要素品牌与广义B2B品牌的异同为前提，借鉴已有研究区分功能型和情感型两类要素品牌价值，将采购商依赖区分为基于利益的依赖和基于成本的依赖，构建要素品牌价值对采购商依赖和关系绩效影响的理论模型。基于234家要素采购商的调研数据，采用结构方程模型和多元回归分析对研究假设进行检验。研究结果表明，功能型要素品牌价值对两类采购商依赖均有正向影响，情感型要素品牌价值仅对基于成本的依赖有积极作用；两种类型的采购商依赖均对关系绩效有正向影响；两类要素品牌价值均对关系绩效有正向影响，但要素重要性强化功能型要素品牌价值与关系绩效的关系，弱化情感型要素品牌价值与关系绩效的关系；两类要素品牌价值的不平衡程度负向影响关系绩效。     

中国经济周期研究:1954￣2004

本文从中国的基本国情——存在大量农村剩余劳动力出发,提出了分析我国经济周期性波动的基本理论框架:基于劳动力转移的真实经济周期理论。在此基础上,分别考察了1954￣1975年、1976￣2004年两个时间段经济周期波动的典型事实,并进行了计量检验。本文的主要结论是,尽管自1954年以来我国的GDP增长率与投资增长率就表现出显著的共同周期现象,但是,1976年以后的周期与以往存在着明显的不同:劳动力转移、投资增长和经济增长三者的相互作用成为推动我国经济周期性波动的基本经济机制,经济周期因而表现为高度同步的GDP周期、投资周期和劳动力转移周期。这种现象说明,宏观经济政策应该将稳定投资、加快体制改革作为基本的出发点。     

Capital Mobilization of Skilled Migrants: A Relational Perspective

A central issue for understanding skilled migration in the management literature is human capital. This emphasis ignores other important forms of capital mobilization that skilled migrants from developing countries deploy in dealing with the barriers to their international career mobility. There is therefore a need to develop a holistic understanding of capital mobilization of skilled migrants. In order to develop a more holistic picture, we deploy a relational and multilevel perspective to explore how skilled migrants from developing countries mobilize capital in their efforts to undertake an international career. Career is a central construct in this study. Drawing on a qualitative study of skilled Lebanese in Paris, the paper offers two main contributions to the research on human resource management, in particular to the literatures on skilled migration and self‐initiated expatriation. First it extends our understanding of the strategies that skilled migrants use to relocate from a developing country to an industrialized country. Beyond the traditional human capital perspective, it offers insights about migrants' capital mobilization experiences of undertaking international mobility. Second, using Bourdieu's theory of capital, it offers a relational explanation of their capital mobilization in a way to encompass micro‐individual, meso‐organizational and macro‐contextual influences that affect their career choices.