我国上市公司高管持股与企业绩效关系探讨

通过对我国上市公司2004～2006年披露的年报数据进行筛选,企业绩效以企业市场价值(Tobin's Q值)和每股收益(EPS)衡量,构建多元线性模型,实证检验高管持股和企业绩效之间的关系,结果表明我国上市公司高管持股与企业绩效有弱正相关关系.这一结论对企业高层管理人员激励方案设计及提高企业绩效有重要参考价值.     

Betting on own knowledge: Experimental test of overconfidence

This paper presents a new incentive compatible method for measuring confidence in own knowledge. This method consists of two parts. First, an individual answers several general knowledge questions. Second, the individual chooses among three alternatives: (1) one question is selected at random and the individual receives a payoff if he or she has answered this question correctly; (2) the individual receives the same payoff with a probability equal to the percentage of correctly answered questions; (3) either the first or the second alternative is selected. The choice of the first (second) alternative reveals overconfidence (underconfidence). The individual is well calibrated if he or she chooses the third alternative. Experimental results show that subjects, on average, exhibit underconfidence about their own knowledge when the incentive compatible mechanism is used. Their confidence in own knowledge does not depend on their attitude towards risk/ambiguity.

GPs and Contracts: Bringing General Practice into Primary Care

This paper argues that the terms on which GPs entered the NHS, as self-employed contractors, have proved remarkably resistant to the managerial pressures which have come to dominate other sections of the National Health Service. However, this traditional mode of financing and organizing the delivery of a key element of the National Health Service has become increasingly incompatible with wider health policy objectives—the development of an integrated network of good-quality, equitable and well-coordinated primary and community health services which are responsive to local needs. Furthermore, primary health services have themselves come to play a crucially important role in securing other strategic changes in the wider health policy arena, such as securing and sustaining a shift in the traditional balance between hospital and community-based health services and controlling expenditure in a needs-led service. The paper argues that, notwithstanding the change of government, the 1997 NHS (Primary Care) Act and the White Paper "The New NHS" are both integral to the achievement of wider strategic health policy objectives, such as improving the quality and coherence of services, and increasing professional accountability for the financial consequences of clinical decisions. However, the greatest significance of these and other related measures is that they shift the emphasis of health policy from commissioning and purchasing by primary care to commissioning and contracting for primary care. They thereby extend the exposure of GP-based services to managerialist scrutiny and control.     

Extending the Reach of Collective Decision Support Systems: Provisions for Disciplining Judgment-Driven Exercises

The focus here is on analytical and instrumental requirements for those collective decision exercises that lend themselves to a judgment-driven resolution. These have not as yet received much concerted technical attention from either of the two main movements in the field. They remain somewhere beyond the purview of the objectively-predicated instruments that mainstream GDSS (Group Decision Support System) designs tend to favour. Yet neither are they so inherently ill-structured as the situations with which the GDNSS (Group Decision and Negotiation Support System) community is concerned, these usually allowing only a subjectively-predicated, compromisive or consensus-based conclusion. If the technical requirements peculiar to judgment-driven decision exercises are to be well met, it will be through the offices of analytical instruments that can help assure the rationality of the resolutions at which they arrive. The primary purpose of these pages is to offer some suggestions about the types of analytical instruments that might serve this end.     

论土地承包经营权形式上的无期限性

我国农村实行的是集体土地所有权制度,土地所有权人仅具有设立用益物权的功能,设定土地承包经营权的目的在于实现农用土地在集体农户之间的分配。为保证农用土地的正常使用和承包农户对土地的投入,必须维护土地承包经营权的连续性。土地承包经营权形式上的无期限性能够真实体现用益物权本身的价值,为土地承包经营权流转制度和抵押制度的构建与完善提供保障。     

经理才能、公司治理与契约参照点——中国上市公司高管薪酬决定因素的理论与实证分析

本文沿着中国企业激励制度市场化改革和全球公司治理趋同这两条主线,基于超越最优契约范式的市场配置视角、经理权力视角以及契约订立过程中的参照点效应,提出了关于中国上市公司高管薪酬决定因素的三组理论假设。基于502家上市公司2001至2006年平衡面板数据的实证研究显示,高管薪酬水平的上升反映了市场对经理才能日益增长的竞争性需求,但旨在约束经理权力、构架完备的公司治理机制并未发挥有效作用。此外,国际同行的薪酬基准对中国公司的高管薪酬决策具有参照点效应,这种薪酬设定过程中存在的参照点效应因薪酬委员会的存在而被放大。     

HR perceptions and the provision of workforce training in an AMT environment: An empirical study

Research literature indicates the importance of workforce development in the successful implementation of advanced manufacturing technologies (AMTs). However, the relationship between advanced technologies and workforce training is assumed to be a direct one with limited consideration provided to factors that may influence it. This study examines the impacts of environment and human resource (HR) manager perceptions on the provision of workforce development activities. A human-centered technology philosophy is proposed as a conceptual framework for examining the role of HR manager perceptions to mediate the relationship between AMTs and workforce development. Results from hierarchical regressions indicate that the perceptions of HR managers regarding technology-driven workforce need to explain a large portion of the variance for both individual and process development activities. Findings support that the managerial role of assessing workforce developmental needs from basic AMTs places HR managerial perceptions at the focal point of social–technical systems. The role of environmental uncertainty is also examined as a moderator of managerial perceptions of technology-driven needs in an AMT environment. The results suggest that environmental uncertainty did not moderate the relationship between HR perceptions as a predictor of workforce development activities. This could imply that HR managers may not consider critical external environment issues when making decisions of workforce development activities. The implications of these findings for HR perceptions in an AMT environment are discussed, and suggestions for future research are provided.     

Exponential-growth bias and overconfidence

There is increasing evidence that people underestimate the magnitude of compounding interest. However, if people were aware of their inability to make such calculations they should demand services to ameliorate the consequences of such deficiencies. In a laboratory experiment, we find that people exhibit substantial exponential-growth bias but, more importantly, that they are overconfident in their ability to answer questions that involve exponential growth. They also exhibit overconfidence in their ability to use a spreadsheet to answer these questions. This evidence explains why a market solution to exponential-growth bias has not been forthcoming. Biased individuals have suboptimally low demand for tools and services that could improve their financial decisions.     

对管理经济学教学改革的思考

随着我国社会主义市场经济体制的建立和完善,我国大部分高等院校都开设了管理经济学课程。作为一门外引课程,如何做到西为中用,如何针对课程特点和我院学生的特点确定教学内容和教学方法,提高学生分析问题、解决问题的能力,使学生能将经济学的理论应用到企业管理决策中,为国家培养出适应国际竞争能力的新型企业管理人才是需要不断研究和探讨的问题。     

Promoting financial literacy among the elderly: Consequences on confidence

Financial literacy is a crucial skill for personal wealth management and economic well-being. Hence, it is important to evaluate the impact of interventions aimed at increasing financial knowledge and confidence in the most vulnerable groups of the society. We conduct an impact evaluation of a two-hour lecture targeting the elderly population. We find that the intervention does not have a significant impact on knowledge but has a significant effect on confidence and (partly) on overconfidence.