公司持有现金和负债是相互替代的吗?

通过利用2001-2008年上市公司财务数据,采用GMM动态面板分析方法,研究了公司持有现金和债务比例的相互关系以及两者随现金流变动的变化规律。尽管总体样本表明,我国上市公司都存在显著的正的现金-现金流敏感性和负的债务-现金流敏感性,且现金持有和负债存在显著的替代关系。但是,在逐步考虑融资约束和对冲需求的条件下,公司持有现金和降低债务的偏好随之发生较大的差异和分化,而且,现金和债务的严格替代关系主要存在于未来现金流紧张的融资约束公司中。这些实证结果说明,我国上市公司既有与发达国家相似的持有现金与债务择机而变的现金流管理政策,同时也存在与我国资本市场不完善条件下自有的财务最优行为。     

基于复杂系统的电力市场运营状态识别研究

基于电力市场的复杂特性及其演化规律,运用协同论,构建电力市场协同演化方程,并确定影响市场运营的主要因素;基于突变论构建势函数,划分市场运营的有序状态、警戒状态和临界状态,并提出判别规则,实现对电力市场运营状态的识别和预警,用2007年至2008年中国某区域电力市场的月度运营数据进行实证分析。研究结果表明,该区域电力市场的序参量为结算电价和社会总剩余;在研究期内,电力市场出现警戒状态和有序状态,没有临界状态,且有75%的时间处于有序运营状态;结算电价和社会总剩余的综合结果偏低或偏高时,市场都处于警戒状态。结果符合实际情况,验证了该方法对电力市场运营状态识别和预警的有效性。     

Acquisition and Disclosure of Operational Information*

We study a firm's strategy for acquisition and disclosure of operational information by establishing linkages among information quality, managerial self‐interest, and production planning. We develop a multistage model in which a manager of a publicly traded firm first receives private information about the product demand and then uses it to make production and disclosure decisions. We consider two prevalent disclosure models employed in the accounting literature: all‐or‐nothing and cheap‐talk models. In the all‐or‐nothing model, it is assumed that any disclosure must be truthful, but the manager can strategically withhold information. We show that the manager commits to acquire the value‐added operational information if (i) the managerial self‐interest in the interim share price is low or (ii) the managerial self‐interest in the interim share price is high, but the fixed disclosure cost is either sufficiently low or sufficiently high. We demonstrate that the firm is better off if the production level is observable to the financial market because multidimensional signaling reduces costs. In the cheap‐talk model, we assume that the manager's disclosure may not be truthful. We show that the manager's incentive to acquire value‐added operational information increases along with the penalty cost for misleading investors. Therefore, a high penalty cost for misleading investors can encourage the manager to obtain more precise information, which in turn improves the firm's cash flow.     

调节焦点视角下工作压力对员工创造力的影响

基于调节焦点理论,本研究探讨了促进型调节焦点在挑战性工作压力和员工创造力之间、防御型调节焦点在阻碍性工作压力和员工创造力之间所起的中介作用,并根据社会信息处理理论,进一步探究了参与型领导在此过程中的调节作用。通过对202份调查问卷进行统计分析,得出以下研究结论:(1)挑战性工作压力能够诱发员工的促进型调节焦点,阻碍性工作压力能够诱发员工的防御型调节焦点;(2)促进型调节焦点在挑战性工作压力与员工创造力之间起中介作用,即挑战性工作压力通过增强促进型调节焦点继而提高员工创造力,防御型调节焦点在阻碍性工作压力与员工创造力之间的没有起到中介作用;(3)参与型领导增强了挑战性工作压力与促进型调节焦点之间的正向关系,并在这个模型中起调节作用;(4)参与型领导削弱了阻碍性工作压力与防御型调节焦点之间的正向关系,但并没有在整个模型中起到调节作用。以上研究为"如何使员工在沉重的工作压力下提高创造力"等问题提供了一个新的解释,具有重要的理论和实践意义。     

Policy Incentives for Dangerous (But Necessary) Operations

In industries where firms perform dangerous (but necessary) operations, liability costs—due to potential harm to third parties—can be significant. Firms may therefore find it optimal to exit the market, and this may lead to an inefficiently low number of incumbents. A social planner can discourage exit by offering appropriately designed subsidies. Ex ante subsidies defray the costs associated with making operations safer (e.g., funds to subsidize the purchase of safety equipment). Ex post subsidies mitigate the financial damages caused by an accident (e.g., funds to defray the cost of cleaning up a toxic spill). We consider a model where (i) firms have private information about their ability to improve reliability and (ii) reliability investments are unobservable. We demonstrate that when the social value of reliability outweighs the benefit of increased competition, it is optimal to offer ex ante subsidies alone (i.e., to subsidize the cost of making operations safer). Conversely, when the benefits of competition outweigh the benefits of reliability, a combination of ex ante and ex post subsidies is optimal (i.e., not only to subsidize safer operations, but also to share the costs of a potential accident).     

New Product Design under Channel Acceptance: Brick‐and‐Mortar,Online‐Exclusive,or Brick‐and‐Click

In recent years, an increasing number of brick‐and‐mortar retailers have entered into the new brick‐and‐click era. Within this context, when a manufacturer presents a new product offering to a retailer, the ultimate decision is often made by the retailer regarding (1) whether to carry the new product, and (2) the channel outlet the product will be carried in (i.e., in‐store only, online‐exclusive, or brick‐and‐click). In response to this trend, we examine how a manufacturer may use product design to influence a dual‐channel retailer's outlet designation decision. This is the first study to investigate a manufacturer's optimal product design strategy when a brick‐and‐mortar retailer expands online. We demonstrate that, to induce the retailer to carry a new product both offline and online, it may not always be optimal for the manufacturer to enhance product quality (compared with when the retailer only operates offline). With the online store addition, the retailer may also be incentivized to adjust his participation criterion to a level less than what is determined by his outside option.     

Reviewing Leadership Styles: Overlaps and the Need for a New ‘Full‐Range’ Theory

A central topic in leadership research concerns the impact of leadership style – the pattern of attitudes that leaders hold and behaviors they exhibit. Since the year 2000, several new leadership styles have been proposed to capture important missing aspects beyond the dominant charismatic/transformational and transactional framework. The authors review the emerging literature on these new styles – ideological leadership, pragmatic leadership, authentic leadership, ethical leadership, spiritual leadership, distributed leadership, and integrative public leadership – as well as the recent work on servant leadership. They also comment on the Ohio State studies on leadership, and then discuss the ways in which these many styles overlap with transformational leadership and each other, and issue a call to leadership researchers to collectively develop a new ‘full‐range’ model of leadership that encompasses and distills what is unique about these various styles. The authors argue that such an integrated full‐range model is necessary for research on leadership style to progress.     

低端市场中网络供应商的运作模式研究

以淘宝、天猫和京东等网络销售平台为研究背景，关注高支付意愿的消费者占比较小的低端市场为背景，研究得出: 第一，能力不足的网络供应商选择生产低质量产品，相对于直销模式，供销平台模式中的双重加价，促使网络供应商降低产品的质量水平，以及分销商降低产品的零售价格; 第二，若要提高网络供应商所生产产品的质量水平，相对于发展产品线模式，发展直销模式是较为有效的手段; 若要提高网络供应商的收益，相对于发展直销模式，发展产品线模式是较为有效的手段; 第三，随着把低质量产品误认为是高质量产品的消费者占比的增加，网络供应商的收益减少，高质量产品的质量水平保持不变，而低质量产品的质量水平提高。