Universal equation for the relative change in profit of manufacturing company

In contemporary conditions of the company's business operations, where high dynamics of costs, sales volume and change of production programme is present, it is of crucial importance to investigate their effects on the change of profit. Starting from cost–volume–profit equation, the aim is to arrive at a universal equation that will simultaneously measure a relative change in profit for a number of products, not only under the influence of change in sales volume but also of other relevant variables, such as sales price, fixed and variable costs. The basic hypothesis is that it is possible to establish in a form of universal equation the dependence between the change in profit and change in influential variables. In this investigation, first it was observed the partial influence of some variables on the change in profit and their dependence was determined for a single product, and then for more than one product. Finally, by summing up all those effects, a universal equation of profit change was obtained. The derived universal equation for the relative change in profit along with simultaneous effects of several variables makes possible for the company management to more simply determine the profit for diverse conditions of business operations. The universal equation for the relative change in profit was applied in one company and the results obtained confirm its significance.     

Conditional payments and self-protection

Self-protection can be financed either by upfront payments or by conditional payments (or contingent fees) in which individuals pay a provider only when a favorable outcome is realized. We find that, from the vantage point of a risk-averse individual, conditional payments welfare dominate upfront payments in the state-independent framework, but upfront payments welfare dominate conditional payments in the state-dependent framework. Moreover, more risk aversion always implies more self-protection under conditional payments, for both state-independent and state-dependent frameworks. In contrast, it has been previously argued that more risk aversion does not necessarily imply more self-protection under upfront payments.

中国劳动力成本合理转变分析

为探讨中国劳动力成本合理转变面临的问题,通过分析刘易斯转折点的到来、人口红利效应的递减、劳动权益保护的落实等因素,劳动成本上升趋势已然出现,认为劳动力成本优势转变存在经济发展水平、经济体制、教育体制、市场机制发展等障碍,提出优化劳动密集型企业、改善就业环境、合理规制市场、发展职业技术教育等政策建议。     

垃圾邮件侵权责任之法经济学思考——以公民隐私权保护为中心

本文以垃圾邮件内涵的界定为切人点,以法经济学的视角深刻剖析了产生垃圾邮件的根源主要来自于网络电子邮件的发送上,私人成本不等于社会成本,大量垃圾邮件的发送者,将外部性成本,不当地转嫁给相关ISP业者及个别收件人,最后在此分析基础上提出了若干规范完善垃圾邮件的法律措施。     

浅析国库集中支付制度下的高校财务管理

实施国库集中支付制度是高校面临的一项根本性的财务变革,其推行不可逆转。文章基于分析实施国库集中支付制度带来变化的基础上,揭示高校现行财务管理在推行国库集中支付中存在财务预算方法、会计核算体系与国库集中支付不适应,财务管理观念、制度滞后和财务管理电子化、信息网络化水平不能满足国库集中支付的要求等方面问题,提出更新观念、加强预算编制管理工作、支付信息系统建设和高校财务人员的业务培训、提高会计信息化程度、高校预算水平、解决好高校会计集中核算与国库集中支付的关系、建立满足内部管理和集中支付需要的项目核算体系等对应措施,以顺利推进国库集中支付制度的实施。     

江苏省补充养老保险替代率的差异研究——基于性别差异视角

为研究未来江苏省补充养老保险替代率变化状况,在分析制度替代率的基础上,建立了测算模型,分别对江苏省2010—2030年不同性别的职工做预测。结果显示：江苏省补充养老保险替代率具有明显的性别差异,制度对不同性别参保职工退休后生活水平的影响差别悬殊,超过制度起初设计的目标。逐步提高缴费率、延长退休年龄特别是女性职工的退休年龄,是提高女性职工补充养老保险金替代率的关键。     

社会成本规避中的政策选择悖论——以济南市前屯居“旧村改造”为个案

旧村改造是城市化土地扩张的政策推进过程。由于土地、产权等相关制度建构的先天缺陷,开发主体行为能力的不足,地方政府与企业常常对改造的社会成本采取规避的态度。社会成本规避与转嫁带来了一系列的不良后果,从而形成了政策选择上的悖论。     

有摩擦多期证券市场中的无套利资产定价

产定价理论是现代金融学的核心内容,资产定价的两个基本方法是现代的无套利方法和传统的均衡方法。本文对存在买卖价差、成比例交易费和固定交易费三种摩擦的多期证券市场,用无套利方法研究资产定价理论。分别对不存在套利和不存在强套利的市场,建立了资产定价的基本定理。     

开放经济中的金融稳定与政策选择

加入WTO之后,中国经济对外开放的力度不断加大,在外资涌入规模增大的同时,外资银行也加快了进入中国银行业市场的步伐,这给我国金融稳定和宏观经济的稳定带来潜在的风险。在介绍近几年来我国经济开放格局基础上,讨论了存在于外汇管理体制、汇率制度及银行体系等方面影响金融稳定的因素,并由此提出了我国应采取的政策选择。     

Can institutional investors fix the corporate governance problem? Some Danish evidence

It has been advocated within corporate governance that institutional investors may discipline management in listed firms and thereby alleviate the free rider problem associated with dispersed ownership. This article tests this hypothesis using a sample of Danish listed firms during 1998–2001 determining, whether ownership by institutional investors impacts performance, measured by Tobin’s q. Using three stage least squares, it is shown that aggregate ownership by institutional investors does not influence firm performance. However, when decomposing the results, it is found that joint ownership by the largest two Danish institutional investors, has a significant negative impact firm performance. Ownership by banks and to a lesser extent insurance companies significantly influences firm performance positively. The results somehow challenge the conventional wisdom, arguing that the black box view of institutional investors should be abandon. Therefore it is suggested that a more careful analysis should be devoted to each institutional investors own legal environment.