高管持股与企业价值——基于利益趋同效应与壕沟防守效应的经验研究

本文以深交所78家民营上市公司为样本,从利益趋同效应和壕沟防守效应两方面研究了高管持股与企业价值的关系。与目前大多数相关研究不同,本文在计量高管持股比例时包括了高管人员通过间接方式持有的公司股权。本研究发现,高管持股比例不同引起的利益趋同效应和壕沟防守效应导致高管持股与企业价值之间呈显著的非线性关系。当高管持股比例在8%—25%之间,高管持股的壕沟防守效应占主导,而小于8%或大于25%时,高管持股的利益趋同效应占主导。研究结论对以激励为主要目的或以股权结构优化为主要目的的高管持股方案提供了经验证据。     

不同质量权重评分规则下的多维招标机制设计

本文主要研究包括价格变量及非价格变量(质量)的多维招标机制设计,在Che模型评分规则的基础上引入新的参数,研究了赋予质量不同权重的第一高分和第二高分招标机制的均衡情况。研究发现,不管新参数如何变化,第一高分招标和第二高分招标是等价的。在该评分规则下,买方还可以灵活根据自己的质量偏好、设定质量门槛筛选企业。如果买方和中标企业在中标后有协调机制,则能实现共赢、社会福利的最大化。     

面向B2B公共平台的第三方物流服务模式及实施策略

针对B2B电子商务公共平台的物流瓶颈问题,提出了面向B2B公共平台的第三方物流服务模式,分析了其框架结构、组成要素及其特点;并进一步结合业务流程给出了面向B2B公共平台的第三方物流服务实施策略,最后对一个案例进行了分析说明.     

Estimation and Confidence Regions for Parameter Sets in Econometric Models1

This paper develops a framework for performing estimation and inference in econometric models with partial identification, focusing particularly on models characterized by moment inequalities and equalities. Applications of this framework include the analysis of game‐theoretic models, revealed preference restrictions, regressions with missing and corrupted data, auction models, structural quantile regressions, and asset pricing models. Specifically, we provide estimators and confidence regions for the set of minimizers Θ_I of an econometric criterion function Q(θ). In applications, the criterion function embodies testable restrictions on economic models. A parameter value θthat describes an economic model satisfies these restrictions if Q(θ) attains its minimum at this value. Interest therefore focuses on the set of minimizers, called the identified set. We use the inversion of the sample analog, Q_n(θ), of the population criterion, Q(θ), to construct estimators and confidence regions for the identified set, and develop consistency, rates of convergence, and inference results for these estimators and regions. To derive these results, we develop methods for analyzing the asymptotic properties of sample criterion functions under set identification.     

带工期指派的产品服务系统订单随机调度问题研究

针对由一个制造工厂和多个区域服务中心组成的服务型制造企业,研究了考虑生产时间和服务时间均具有随机性且工期可指派的产品服务系统（PSS）订单调度问题。首先以最小化订单提前、误工和工期指派费用的期望总额为目标构建问题的优化模型,然后分析目标函数近似值的最优性条件,据此提出加权最短平均生产时间排序规则,并结合该规则与插入邻域局部搜索设计了启发式算法对问题进行求解,最后通过数值仿真验证算法的可行性和有效性。研究表明,提前费用偏差对PSS订单调度与工期指派决策的影响很小,因此企业管理者无需准确估计库存费用也能制定出比较有效的PSS订单调度策略;而工期指派费用偏差对决策结果的影响非常大,因此企业管理者在决策时必须谨慎估计该项费用。     

考虑订货协调成本与数量折扣的改良品供应链水平协调

在单个供应商与多个销售商构成的二级改良品供应链中,销售商们采用联合补货方式不仅可以分摊订货成本,而且由于订货批量的增加从而更易获得供应商提供的数量折扣合同。建立多个销售商在独立补货与联合补货中的利润水平函数,推导联合补货优于独立补货的充要条件。将销售商之间的联合补货行为转化成多人合作博弈问题,证明博弈具有的基本性质,设计基于博弈核心的利润分配方法。通过数值算例和敏感性分析验证了文中所构建模型的正确性。     

Comparison of leadership styles in Confucian Asian countries

The purpose of this study was to examine the overall impact of four leadership styles (charismatic, directive, participative, and supportive) in four Confucian Asian countries, China, Japan, South Korea, and Singapore, by reviewing recent studies conducted in those countries. By reviewing 38 studies selected from 430 studies published between 2005 and 2016, we identify the impact of the four leadership styles in the four Asian countries. We start with the research question and purpose, and then propose criteria for selecting the relevant recent studies followed by a review of cultural heritage and its influence on leadership in the four Asian countries. We summarize and review the studies and, finally, discuss the theoretical and practical contributions of this study.     

独立董事责任险、机构投资者与公司治理

独立董事责任险(独董险)强化了独立董事的独立性和信息监督动机。董事会独立性的提高有助于机构投资者提高治理效率。实证分析认为,独董险和机构投资者形成显著的共同治理效果。一方面,对于管理层代理问题,独董险与机构投资者的共同机制对管理费用率有显著的控制作用,形成对显性代理行为的有效监督;机构投资者对ROA有显著的提升能力,一定程度弥补了独立董事对隐性代理行为监督上的不足。另一方面,独董险和机构投资者对国有公司信息披露质量有提高作用。独董险可以强化对披露信息的监督动机,机构投资者有助导入国有公司缺失的独立董事外部声誉约束。在信息监督过程需要较多时间和专业知识投入的情况下,两者对独立董事的激励作用形成互补。     

How do I get my way? A meta-analytic review of research on influence tactics

Despite considerable research investigating the role of influence tactics on work-related outcomes in organizations, consensus on the effectiveness of influence tactics has been elusive. Specifically, there is a lack of integration concerning the relationships between proactive influence tactics and their outcomes. We investigate the effectiveness of 11 influence tactics from a comprehensive perspective using meta-analytic techniques. In particular, the current study focuses on relationships between each of the 11 influence tactics (i.e., rational persuasion, exchange, inspirational appeal, legitimating, apprising, pressure, collaboration, ingratiation, consultation, personal appeals, and coalition) and task- and relations-oriented outcomes. In addition, we investigate the moderating effects of the direction of influence tactics, measurement of influence tactics, singular influence tactic (versus use of a combination of influence tactics), independence of data sources, and study setting involved in the study. Regardless of task- and relations-oriented outcomes, based on 49 independent samples (N = 8987), our results show positive relationships between outcomes and rational persuasion, inspirational appeal, apprising, collaboration, ingratiation, consultation, and a negative relationship between pressure and outcomes. Rational persuasion is the only tactic which held stable positive relationships with both categories of outcomes regardless of moderating factors. Implications and directions for future research in the area of influence tactics are discussed.     

以x(1)(n)为初始条件的GM模型

自1982年灰色系统理论创立以来,关于GM模型的研究,都是以序列X(1)的第一个分量作为灰色微分模型的初始条件进行建模的,这样造成对新信息利用不够充分。根据灰色系统理论的新信息优先原理,在建模过程中赋予新信息较大的权重可以提高灰色建模的功效。因此本文在建立灰色模型时,把X(1)的第n个分量作为灰色微分模型的初始条件,对GM模型进行了改进,从而使所建模型的预测精度大为提高。最后,通过实例验证了所建模型的实用性与可靠性。