上市公司年报披露时间影响因素研究

上市公司披露的年度报告是投资者的重要投资依据,年报披露时间直接影响到披露信息的时效性。以中国A股市场上市公司2004--2006年年报披露时间为研究对象,从投资者对信息的需求、信息披露成本、会计操作难度三个角度研究了上市公司年报披露时问的决定因素。研究结果表明：投资者对上市公司披露信息的需求强烈,独立董事比重高时,年报披露时间较早;上市公司会计操作复杂、信息披露专有性成本或者非流通股比例较高时,年报披露时间较晚;此外,我国上市公司仍然普遍存在“坏消息”晚披露的现象。这说明我国应当进一步加强对年报披露的监管工作,适当压缩年报披露期限,提高上市公司延迟披露“坏消息”的成本。     

基于投资组合和现金流的风险投资退出决策研究

本文借鉴投资组合理论,结合项目组合现金流的特点,构建了风险投资项目组合的决策模型,并设计了模型的动态规划求解方法。该模型在保证现金资源合理配置的前提下,考虑了风险投资组合退出的时机与方式,实现了全局收益的最大化。     

Retirement timing in Europe: The influence of individual work and life factors

This study considers the rational choice and life course theories to predict European retirement timing. It is relevant to compare men's and women's retirement decisions to determine whether they are influenced by work or by the interplay between work and familial, educational, and leisure life. An event history analysis of the European Community Household Panel (ECHP) suggests that work factors have a greater impact on European women's retirement timing than they do for men and that both men's and women's retirement timing is influenced by the interplay of work and life.     

Cash-Benefit Policy and Childbearing Decisions in Norway

This report analyzes Norway's childcare cash-benefit policy and its relation to fertility decision making among Norwegian women with respect to having a second child. Using information from Norwegian registers, which include information on education and birth timing, the study's focus was on the childcare cash-benefit policy introduced in 1998. Both acceptance of childcare cash benefits and subsequent fertility timing were strongly influenced by women's educational attainment. Norwegian couples chose different strategies concerning work, childcare, and childbearing. Those individuals who were associated with a home scenario, taking the maximum length of cash benefits, transitioned more quickly to a second birth than did others. In contrast, those individuals who were associated with a work scenario, taking none of the cash benefits, proceeded much later, whereas those associated with a mixed scenario, taking cash benefits for a shorter period, were less likely to have a second birth in the near-term but more likely later on. Mixed-scenario couples may have returned to work as a means to reestablish eligibility for parental leave benefits before having a second birth. Whereas the policy appears to have accelerated birth timing, it is not clear whether the policy has increased overall fertility levels.     

代理人私人收益及其对风险投资时机的影响

文章基于风险投资过程中投资人(委托人)与创业投资家(代理人)之间的信息不对称建立期权博弈模型,从投资人的角度对代理人的私人收益进行分类研究,最终为风险投资的进入设计出最优契约。在存在委托代理问题的情况下,使委托人可以通过该契约约束代理人的期权执行时刻,避免其提前或推迟投资,错过最佳进入时机,并付给代理人报酬作为激励。     

The Timing of Capacity Investment with Lead Times: When Do Firms Act in Unison?

We study competitive capacity investment for the emergence of a new market. Firms may invest either in capacity leading demand or in capacity lagging demand at different costs. We show how the lead time and other operational factors including volume flexibility, existing capacity, and demand uncertainty impact equilibrium outcomes. Our results indicate that a type of bandwagon behavior is the most likely equilibrium outcome: if both firms are going to invest, then they are most likely to act in unison. Contrary to much received wisdom, we show that leader–follower behavior is very uncommon in equilibrium where firms do not have volume flexibility, and will not occur at all if lead times are sufficiently short. On the other hand, if there is volume flexibility in production, then the likelihood of this sequential investment behavior increases. Our findings underscore the importance of operational characteristics in determining the competitive dynamics of capacity investment timing.     

白衣骑士策略下敌意并购竞价与时机研究

从目标企业往往引入白衣骑士来抵制敌意并购的实践出发,通过引入终止费协议构建白衣骑士策略下的动态竞争敌意并购模型,重点求解了均衡状态下竞价阶段的最优竞价策略,序贯博弈阶段白衣骑士的最优进入决策、目标企业的最优终止费策略和敌意并购方的初始报价策略,以及时机选择阶段敌意并购方的最优敌意并购时机。研究结果表明：(1)终止费同时降低了敌意并购方和白衣骑士的最优竞价,但并不会改变竞价结果,即并购协同系数最大的并购方获得目标企业所有权。(2)存在一个协同系数的临界值,当敌意并购方的协同系数高于该临界值时,敌意并购方进行抢占式报价,目标企业接受该报价;反之,敌意并购方不进行抢占式报价,目标企业与白衣骑士签订终止费协议,白衣骑士与敌意并购方竞争并购目标企业。(3)白衣骑士策略提高了协同系数临界值和抢占式报价,降低敌意并购方期望并购收益,推迟敌意并购时机,并在随机冲击较小时阻止具有正收益的敌意并购的发生。     

Product Life‐Cycle Management of Packaged Software

A software product becomes less valuable for its consumers over time due to technological and economic obsolescence. As a result, firms have an opportunity to introduce and sell upgrades that provide higher utility to consumers compared to an older and out‐of‐date software product. In a market that is growing and consists of homogeneous customers, we prove that the optimal upgrade intervals are monotonically increasing throughout the product's life cycle solely because of demand and cost considerations. This finding is in conformity with empirical evidence, thus validating our theoretical model. We then present comparative statics results to show that increase in the rate of obsolescence or network externalities may sometimes increase upgrade intervals for early upgrades and decrease these for later upgrades in the product's life cycle, but increase in market growth rate always decreases these intervals. Further, when successive software upgrades are forward compatible, upgrade intervals are longer than when they are not. Finally, we present three separate extensions of our model to showcase the robustness of our results. Since upgrade development costs depend on upgrade intervals, these insights help managers understand how costing for upgrades changes over the product's life cycle.     

行政公益诉讼之理论整合与制度构造

当前学界对行政公益诉讼的探讨似乎还不够系统,而如何进行具体的制度构造更是浅尝辄止。能否使损害公益的行政行为受到司法审查,取决于三个方面的要素:(1)是否具有原告资格;(2)是否属于行政诉讼受案范围;(3)是否符合起诉时机要件,所以应从三个方面综合考察、构建中国的公益诉讼制度。