CVA还是EVA:企业业绩评价方法的选择

探讨了最新的企业业绩评价方法——现金增加值(CVA),介绍了几个与现金增加值相关的概念,如战略投资、非战略投资等,提出了计算现金增加值的基本模型。经济增加值是现行的比较流行的企业业绩评价指标体系,但是它本身存在着许多不足。通过举例研究,对比现金增加值和经济增加值对企业业绩评价带来的不同影响,提出应该选取现金增加值评价指标体系改进现有的经济增加值方法。     

Hedonic price indices for the Paris housing market

Summary: In this paper, we calculate a transaction–based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions of the housing market in 1990:01–1999:12, which is one of the largest samples ever used in comparable studies. Low correlations of the price index with stock and bond indices (first differences) indicate diversification benefits from the inclusion of real estate in a mixed asset portfolio.*This paper has been developed at the Research Program Real Estate Finance at Goethe-University of Frankfurt/Main (Germany). We gratefully acknowledge iii Internationales Immobilien Institut, IVG Holding AG and Stiftung Rheinische Hypothekenbank for their financial support. For further information, see www.real-estate-finance.de. We thank the participants of the 8th Conference of the European Real Estate Society (ERES), the International Conference of the American Real Estate and Urban Economics Association (AREUEA), the 10th Global Finance Conference 2003 and the anonymous referees for helpful comments, which improved the paper substantially.     

海峡两岸经贸关系分析

海峡两岸的经贸交流从1979年开始,至今已经历了近30年的发展。我们可以将这近30年来海峡两岸经贸往来的历史划分为三个时期。时至今日,大陆已经稳居台湾第一大贸易伙伴、第一大出口市场以及最大贸易顺差来源地。与此同时,大陆已成为台商对外投资的最大目的地。台商投资大陆既有利于大陆经济发展,又有利于岛内经济结构调整升级和企业发展壮大,促进了两岸的互利双赢。2008年以来,在全球经济不景气的情况下,海峡两岸双边贸易额继续快速增长。当前,世界经济正面临困难,唯有中国大陆经济仍保持着稳步快速的增长,其所带来的市场前景非常广阔,因此,预计台商对大陆投资仍会持续增加。另一方面我们也应看到,两岸间稳定的经济合作机制尚未建立,两岸经贸关系呈现出间接、单向、不平衡的局面,有待于进一步正常化。在当前金融危机的背景下,两岸之间的金融合作也显得更为迫切。     

The Mirrlees Approach to Mechanism Design with Renegotiation (with Applications to Hold‐up and Risk Sharing)

The paper studies the implementation problem, first analyzed by Maskin and Moore (1999), in which two agents observe an unverifiable state of nature and may renegotiate inefficient outcomes following play of the mechanism. We develop a first‐order approach to characterizing the set of implementable utility mappings in this problem, paralleling Mirrlees's (1971) first‐order analysis of standard mechanism design problems. We use this characterization to study optimal contracting in hold‐up and risk‐sharing models. In particular, we examine when the contracting parties can optimally restrict attention to simple contracts, such as noncontingent contracts and option contracts (where only one agent sends a message).     

The ambivalent effect of complexity on firm performance: A study of the global service provider industry

Prior literature is ambivalent about whether organizational complexity has positive or negative effects on firm performance. Using rich data on global service providers, we explore this ambivalence by disentangling performance consequences of different types of organizational complexity. We show that complexity arising from the coordination of different services and operations negatively influences profit margins through increased coordination costs, whereas complexity coming from the sophistication of particular services may positively influence margins through informational advantages. We also investigate the moderating effects of process commoditization and client-specific investments. Our findings point to critical performance dilemmas facing global service providers in a highly competitive industry, and they help better differentiate performance effects of complexity at different organizational levels.     

Changing patterns in the allocation of savings,investments and debts within couple relationships

Using data from the British Household Panel Study (BHPS) from 1995 to 2005 we examine the nature of the allocation of savings, investments and debts between heterosexual couple members, how these vary by individual and household characteristics, and how these patterns vary over a ten‐year time horizon. We find savings are more commonly held in joint names than investments or debts and there is evidence of an increasing independence in financial arrangements between couple members throughout the period 1995 to 2005. Controlling for age and other factors, cohabitation reduces the likelihood of shared financial arrangements. Both partners' labour market income affects the likelihood of having any savings or investments for both men and women but as men's labour income increases, the likelihood of men having jointly held savings and investments with their female partner reduces. Psychological well‐being is improved where individuals have any savings or investments either solely or jointly held with their partner.     

交易专项投资对伙伴机会主义行为影响的实证研究

以企业交易专项投资与伙伴强形式和弱形式机会主义行为的关系为研究对象,重点探讨其随伙伴交易专项投资水平和关系持续时间的变化趋势。以制造商营销渠道负责人和分销商采购人员为调研对象,通过问卷调查获得216组家电行业制造商-分销商配对样本数据,采用多元调节回归对假设进行验证。研究结果表明,随着伙伴交易专项投资水平的增加,企业交易专项投资会从引发伙伴两类机会主义行为转变为抑制伙伴机会主义行为,特别是企业交易专项投资对伙伴强形式机会主义行为的作用变化较为显著;随着交易关系的延续,企业交易专项投资始终增强伙伴的强形式机会主义行为,并不随关系持续而发生明显改变,但企业交易专项投资会从引发转变为抑制伙伴的弱形式机会主义行为。     

Making more of alliance portfolios: The role of alliance portfolio coordination

Alliance portfolios enable firms to access and integrate multiple resources from different, simultaneous partners. We assess the extent to which alliance portfolio coordination benefits focal firms along three alliance portfolio characteristics: alliance portfolio size, the complementarity of the resources available through the portfolio, and the degree to which relation-specific investments are made across the portfolio. Based on a questionnaire completed by 444 Dutch companies, we found that the three portfolio characteristics play an important role in creating benefits for focal firms through their portfolios. Additionally, our findings suggest that alliance portfolio coordination is an important element in dealing with the challenge of managing portfolios, in that it shapes the effect of the other portfolio characteristics.     

试析兵团生产性服务业发展的影响因素

发展生产性服务业,推动兵团新型工业化健康快速发展和服务业结构优化升级具有重要的战略意义。该文根据2005—2011年间兵团主要生产性服务业发展实际数据,分析了影响兵团生产性服务业发展的相关因素。分析结果表明:物质资本投入和专业化水平呈现正向影响,经济发展水平、工业化水平和研发投入对兵团生产性服务业的发展有一定的负向影响。该文提出应大力提高经济发展水平,促进生产性服务业与制造业互动融合,重视科技研发活动和企业改革创新,提高工业化发展水平,才能进一步促进兵团生产性服务业的发展。     

试论税收与外国直接投资

税收对外国直接投资(FDI)的影响不仅取决于东道国的税收政策，还依赖于外商居住国的税制状况。文章首先从FDI所面对的实际税率和税收优惠措施的效果两方面对此加以分析阐述，然后依此分析了我国涉外税收政策中存在的问题，并相应提出了自己的建议。