The impact of institutional changes on corporate governance mechanisms in transition economies

We examine how institutional changes affect corporate governance in transition economies. We develop a transition model that specifies three stages of the transition process including the early, intermediate, and late. We develop a framework for assessing the effectiveness of widely recognized corporate governance mechanisms (CGMs) in and across these stages. Our general proposition is that as transition economies move from early, to intermediate, to late stages, effective CGMs tend to be those that are based on state administrative control power, social networks and private orders, and market forces and formal institutions, respectively. Our study has contributions and implications regarding the transition economies and the impacts of institutions on corporate governance.     

AN ANALYSIS OF SHAREHOLDER AGREEMENTS

Shareholder agreements govern the relations among shareholders in privately held firms, such as joint ventures and venture capital‐backed companies. We provide an economic explanation for key clauses in such agreements—namely, put and call options, tag‐along and drag‐along rights, demand and piggy‐back rights, and catch‐up clauses. In a dynamic moral hazard setting, we show that these clauses can ensure that the contract parties make efficient ex ante investments in the firm. They do so by constraining renegotiation. In the absence of the clauses, ex ante investment would be distorted by unconstrained renegotiation aimed at (i) precluding value‐destroying ex post transfers, (ii) inducing value‐increasing ex post investments, or (iii) precluding hold‐out on value‐increasing sales to a trade buyer or the IPO market. (JEL: G34)     

基于复杂网络的电动汽车充电桩众筹市场信用风险建模与分析

因其经济优势及环境友好特性,电动汽车（EV）保有量持续攀升。而当前中国充电设施建设明显滞后于电动汽车的扩张速度,成为制约电动车发展潜力的主要瓶颈。由于充电设施具有高正外部性,同时投资回收期较长,难以吸引到传统融资,而基于互联网的众筹作为新型融资方式则受到了广泛关注。但由于缺乏强制性的信息披露制度及相关法律法规,众筹融资过程中的信息不对称问题相较传统融资方式更为严重,由此导致的高违约率也进一步削弱了投资者信心。本文利用复杂网络对电动汽车充电桩众筹融资市场进行建模,刻画了众筹投资者决策过程中的羊群效应,基于信息不对称使用多Agent模型对信用风险的产生、影响及针对性政策效果进行了模拟分析。结果表明,众筹投资者在决策过程中易受到社交网络中负面信息的影响,使得筹资人违约行为的不利影响进一步扩散。而严格的罚款机制可以在不影响融资市场均衡的情况下,使违约行为的恶性循环得到遏制。     

The 2003 Heat Wave in France: Dangerous Climate Change Here and Now

In an analysis of the French episode of heat wave in 2003, this article highlights how heat wave dangers result from the intricate association of natural and social factors. Unusually high temperatures, as well as socioeconomic vulnerability, along with social attenuation of hazards, in a general context where the anthropogenic contribution to climate change is becoming more plausible, led to an excess of 14,947 deaths in France, between August 4 and 18, 2003. The greatest increase in mortality was due to causes directly attributable to heat: dehydration, hyperthermia, heat stroke. In addition to age and gender, combinatorial factors included preexisting disease, medication, urban residence, isolation, poverty, and, probably, air pollution. Although diversely impacted or reported, many parts of Europe suffered human and other losses, such as farming and forestry through drought and fires. Summer 2003 was the hottest in Europe since 1500, very likely due in part to anthropogenic climate change. The French experience confirms research establishing that heat waves are a major mortal risk, number one among so-called natural hazards in postindustrial societies. Yet France had no policy in place, as if dangerous climate were restricted to a distant or uncertain future of climate change, or to preindustrial countries. We analyze the heat wave's profile as a strongly attenuated risk in the French context, as well as the causes and the effects of its sudden shift into amplification. Research and preparedness needs are highlighted.     

Upper Bounds for the SPOT 5 Daily Photograph Scheduling Problem

This paper introduces tight upper bounds for the daily photograph scheduling problem of earth observation satellites. These bounds, which were unavailable until now, allow us to assess the quality of the heuristic solutions obtained previously. These bounds are obtained with a partition-based approach following the divide and pas conquer principle. Dynamic programming and tabu search are conjointly used in this approach. We present also simplex-based linear programming relaxation and a relaxed knapsack approach for the problem.     

产业智能化与农民工就业质量的影响机理及提升路径

基于当前数字技术快速发展这一现实背景,利用2017-2019年中国家庭金融调查数据,实证检验了产业智能化对农民工就业质量的影响,并从创业、创新和互联网使用三个维度探索就业质量提升路径。研究表明：产业智能化对农民工就业质量具有“替代效应”和“智能化效应”,其中“替代效应”占主导地位,致使产业智能化通过降低农民工的工作稳定性和社会保障水平,阻碍高质量就业;异质性分析发现,第一代和外地农民工、社会资本和技能水平较低的农民工、从事常规性特征工作的农民工、处于东部以及劳动力保护较弱地区的农民工,其就业质量受产业智能化的负向影响更明显。提出促进创业、培养创新意识和提升互联网使用技能可以推进农民工把握新就业形态,从而缓解产业智能化对农民工就业质量的抑制作用、助力高质量就业。     

非政府组织参与家庭服务与支持的路径分析

非政府组织参与家庭服务与支持,可以实现弥补、协助、引领等积极功能.为了确保非政府组织参与家庭服务与支持的效果,非政府组织应从专业服务、内部治理和沟通公关三个方面加强能力建设.同时不同类别的非政府组织需要在准确定位的基础上发挥各自的优势,探索适合自身的参与家庭服务与支持的路径.     

改革化学实验教学，培养化学创新人才

本文围绕实验教学观念的更新、实验内容的精选、实验室建设的改造和学生能力培养等方面内容进行了论述。     

六朝刘宋儒学探析——以颜延之、宗炳思想为例

根据六朝刘宋儒学的发展状况,儒学衰微的原因在于自身理论的内在困境。以颜延之、宗炳为代表的思想家面对当时儒学的状况及其困境,探索解决方法,提出了自己的主张,由此而与儒学守旧者发生激烈的理论冲突。