家族企业职业经理人力资本产权契约治理模式创新

从股东至上治理理论、人力资本治理理论、利益相关者治理理论和核心利益相关者治理理论等治理理论的比较分析入手,提出中国家族企业职业经理人力资本产权契约治理实践应以人力资本治理理论和核心利益相关者治理理论为依据,以此为基础提出财务资本与人力资本的平衡,建立了家族企业职业经理财产权契约、控制权契约和人权契约协同治理模式,并以阿里巴巴为例进一步探寻协同治理模式的具体应用,不仅拓展了家族企业治理研究内容,又创新了中国家族企业职业经理人力资本产权契约治理模式。     

Determinants of Income Generation and Financial Performance Through Self-Help Groups

ABSTRACT

This study examines the efficacy of a microcredit-linked self-help group (SHG) program in identifying the problems faced by group members such as income generation and financial performance. To examine this, 120 members in each of three selected blocks in Birbhum District in West Bengal, India, were invited to participate. A multiple regression equation focused on identifying the contributing factors toward explaining SHG income. Results indicated that income generation for all the blocks together was significantly influenced by factors like loan amount, amount of saving, years of existence of SHG, education level of the group leader, and availability of the training facility. However, SHG-wise efficiency scores varied across the blocks that might be related to different sociocultural dimensions. Implications of the analytical findings for future research are discussed at the end of the article.     

The Model Development Dissertation

ABSTRACT

Asset-building programs, such as Individual Development Account (IDA) programs within social service agencies, assist low-income employed clients in building credit, purchasing affordable assets, and gaining wealth. This longitudinal exploratory study examines the credit outcomes of IDA programs to add to the knowledge concerning the effects of IDAs as an asset-building tool. Data were analyzed using a convenience sample of IDA participants and nonparticipants (N = 164), and the results indicated that initial credit score and history are associated with program participation. However, results also suggested that initial credit score is not a meaningful indicator of program completion, time to completion, or type of asset purchased for participants. Those who completed the IDA program within 2 years experienced the highest credit gains. Future research with larger samples is needed to further assess the impact of credit on program participation and completion and on whether credit gains are sustained.     

Exploring how workplace and social policies relate to caregivers’ financial strain

Informal caregiving is a critical component of the US long-term care system, but can have significant negative impacts on caregiver employment, finances, and well-being. An online survey of Colorado caregivers was piloted in 2016–17 to explore whether workplace and social policies such as access to paid family leave and public health insurance can buffer the negative financial impacts of caregiving and help caregivers to remain in the workforce. Using standardized measures, the survey assessed caregivers’ employment and financial status, well-being (physical and mental health, caregiver strain, benefits of caregiving), access to workplace supports, and covariates (e.g., caregiver demographics, health, social support, and service utilization). Ninety-five caregivers, recruited through community agency partners, completed the survey. Respondents were predominately female (89%), middle-aged (M = 57), non-Hispanic White (64%) or Latino/a (22%), and caring for a parent (40%) or spouse (30%) for over one year. Half (51%) reported working full- or part-time jobs, while 16.4% had stopped working because of caregiving. In multivariate regression modeling, predictors of financial strain included the care recipients’ financial strain and the caregiver’s reduction or ceasing of work. Medicare may be protective to minimize caregivers’ need to reduce or cease work. Implications for caregivers’ ability to stay engaged in the workforce and prepare for their own retirement are explored.     

Implications of the Financial Crisis for China’s Information Supervision and Curbing of Financial Corruption

美国次贷危机 (金融危机) 彰显了现有金融监管模式对于系统性风险的防范失 败。次贷危机的根源, 很大程度上可以归咎于金融信息披露严重失范滋生的金融腐 败。作为一种规制金融信息披露、通过透明度约束降低腐败的需求与供给的监管方 式, 信息监管对于遏制金融腐败具有重要作用。比较美国新的金融监管体制改革, 立 足中国实践, 重构金融监管体制, 可以以信息监管为中心, 进一步完善金融机构的信 息披露制度, 努力构建一个统合的金融信息平台, 建设有效的信息共享机制, 整合监 管资源, 形成金融反腐防腐的强大合力。

关键词: 信息监管 金融腐败 次贷危机

The US subprime crisis (financial crisis) highlights the failure of existing mechanisms of financial regulation to prevent systemic risk. Reflection shows that the fundamental causes of the subprime crisis are largely attributable to financial corruption arising from grave violations of financial information disclosure. Information supervision is an important check on financial corruption in that it serves as a means of regulating financial information disclosure and through transparency, reducing the demand for and supply of corruption. Drawing upon the recent reform of the US financial regulatory system and grounding ourselves on Chinese practice, we believe the reconstruction of the financial regulatory system should center on information supervision, with a focus on improving the system of information disclosure for financial bodies, building a unified financial information platform and an effective information-sharing mechanism, and integrating all supervisory resources into a unified and powerful force against financial corruption.     

关于集团企业财务预算管理的探讨

企业集团管理工作的核心是预算控制,要发挥预算的管控功能,保证预算的准确性是前提,采用适当的预算考核与激励机制是保障。考核激励指标及其评价方法的选择、考核激励的频率以及激励方案的设计是影响预算考核激励效果的主要因素。     

从法国兴业银行巨额损失案看金融业的经营文化融合

操作风险近年来对金融业频频造成巨大冲击,但传统理论对此类风险并无系统论述,也无专门的操作风险化解技术予以解决。操作风险在当前成为金融业,特别是大型金融机构、金融集团所面临的重大风险因素,是因为在混业经营的大背景下,各个金融子行业之间经营文化未能有效融合所致。化解操作风险的直接手段在于加强内控机制,但其根本途径在于整合金融机构的经营文化,使之统一到安全、流动和盈利性统一的原则之下。     

Capital Mobility and Asset Pricing

We present a model for the equilibrium movement of capital between asset markets that are distinguished only by the levels of capital invested in each. Investment in that market with the greatest amount of capital earns the lowest risk premium. Intermediaries optimally trade off the costs of intermediation against fees that depend on the gain they can offer to investors for moving their capital to the market with the higher mean return. The bargaining power of an investor depends on potential access to alternative intermediaries. In equilibrium, the speeds of adjustment of mean returns and of capital between the two markets are increasing in the degree to which capital is imbalanced between the two markets, and can be reduced by competition among intermediaries.     

规避通胀风险的结构性理财产品设计与定价

在资产通胀风险日益增加的背景下,如何设计出更加符合市场的结构性理财产品并给予其合理定价是目前亟待解决的问题。运用金融工程组合分解技术构建一种创新型幂式双障碍敲出期权,该期权可以作为银行结构性理财产品的内嵌期权,从而获得一种创新型幂式双障碍理财产品,运用风险中性定价理论将复平面的围道积分应用于Laplace逆变换给出期权定价模型,以中国银行HJB0903v为例,研究中国规避通胀风险的黄金挂钩双障碍理财产品定价的合理性,并分析黄金价格波动对HJB0903v触及障碍的概率和理论价格的影响。研究结果表明,产品发行价格稍高于其理论价值,隐含溢价率为0.81%;波动率的增加使触及障碍的概率增加,使理论价格先小幅增加后大幅降低,最终趋于某一稳定值。     

The Effect of Demand–Supply Mismatches on Firm Risk

A supply chain management (SCM) system comprises many subsystems, including forecasting, order management, supplier management, procurement, production planning and control, warehousing and distribution, and product development. Demand–supply mismatches (DSMs) could indicate that some or all of these subsystems are not working as expected, creating uncertainties about the overall capabilities and effectiveness of the SCM system, which can increase firm risk. This article documents the effect of DSMs on firm risk as measured by equity volatility. Our sample consists of three different types of DSMs announced by publicly traded firms: production disruptions, excess inventory, and product introduction delays. We find that all three types of DSMs result in equity volatility increases. Over a 2‐year period around the announcement date, we observe mean abnormal equity volatility increases of 5.62% for production disruptions, 11.19% for excess inventory, and 6.28% for product introduction delays. Volatility increases associated with excess inventory are significantly higher than the increases associated with production disruptions and product introduction delays. Across all three types of DSMs, volatility changes are positively correlated with changes in information asymmetry. The results provide some support that volatility changes are also correlated with changes in financial and operating leverage.