建立经理股票期权制的实践意义

经理股票期权制这种在经济发达国家普遍实行的制度 ,主要具有矫正经理人的短视心理 ,使企业价值最大化成为股东和经理人的共同目标等优点。但我们必须根据自己的国情来实施这一制度 ,首先要建立规范的资本市场和职业经理人市场 ;其次要把它同经营者群体持股和职工持股等制度结合起来 ;最后 ,要坚决避免借期权制之名 ,行瓜分国有资产之实     

论货币期权交易合约关系的法律性质

货币期权交易合约是一种新型的合同类型,就其法律性质而言,国内学者至今未加以重视,本文基于对期权费的法律性质分析来探讨货币期权交易合约的法律性质,指出货币期权交易合约关系不是一个附解约定金条款的民事合同关系,而是一种新的共生型民事关系类型。     

论经理股票期权制度实施的十大障碍

经理股票期权制度是西方国家企业激励机制的主要手段之一,近几年在我国引起广泛的重视,部分企业正在试行.但是,由于我国经济体制改革以及经济发展还不完全具备这种激励机制实施的体制与市场等方面的条件,使得目前我国实施股票期权制度遇到了十个方面的障碍.只有在我国企业分配制度实施改革中及时地采取有效措施尽快解决这些障碍,才能使股票期权制度得以推广,发挥股票期权制度的激励作用.     

实物期权理论及其在企业管理中的应用

实物期权理论是一种全新的管理思想与方法,它主张给决策者根据不同的市场状况随时修正决策方案的权力,以追求企业的最大利润。目前实物期权理论主要运用于企业的投资决策、柔性制造、企业的价值评估、企业产品的研究开发等方面。     

股票期权--基于代理理论的分析

股票期权制度存在着缺陷--当股票价格受到其他非管理者控制因素的影响而产生扭曲时,固定的股票期权执行价格不一定能起到对管理者的激励作用.因此,应考虑将相对业绩的信息加入到期权的执行价格中,实行浮动的股票期权执行价格.     

实物期权方法的比较优势及在创业投资决策中的应用

创业投资面临的不确定性和潜在成长性使其投资决策具有期权特征。实物期权方法具有传统决策方法所没有的优势,同时也存在应用缺陷。基于实物期权理论和创业投资项目高风险、多阶段性的特点,有必要构建一种适于推广应用的简单实物期权模型。     

基于绩效的职业经理人激励制度研究

职业经理人制度是美国最重要经济制度之一，为美国经济持续发展提供了动力。而其激励制度又是职业经理人制度的核心内容。唐骏10亿元转会费的出现再度引发业界对职业经理人激励制度的关注。本文在介绍国外职业经理人激励模式的基础上，分析了我国职业经理人激励制度面临的问题：如薪酬分配与管理不合理；实行股权激励制度受限；激励不足等，并提出了完善我国职业经理人激励制度的建议：建立以长期激励为主体的薪酬激励制度；完善职业经理人的股权激励制度；物质激励与精神激励相结合；加大激励力度等。     

企业估值方法综述

企业价值评估在我国评估领域中是一个新兴的业务,至今没有形成一套完整的理论体系,但伴随着我国市场经济的迅速发展,价值评估理论将具有广阔的空间,企业价值评估的理论与方法将不断的创新与完善.主要对EBO模型和期权定价模型的国内外研究现状进行了述评.     

“权力期权化”的成因及对策研究

“权力期权化”是一种将期货交易的市场行为应用到政治领域的新的腐败形式,具有隐蔽深、危害大、查处难的特点。“权力期权化”最基本的原因和最实质的内容仍然是滥用权力。为此,必须通过对现职领导干部的权力使用进行严密有效的监督制约,规范党政机关领导干部离职从业行为,加强对领导干部的任期经济责任审计、离任审计和事后审计,以及加大卸任后回避制度和轮岗制度建设等对策措施,防止“权力期权化”的出现。     

基于EVA的虚拟股票期权价格模型

虚拟股票期权在我国实行可以对企业中的高层管理人员产生长期激励效果 ,但关键是如何定价问题。目前的市场价格型和内部价格型定价理论都不符合我国的实际 ,基于EVA(经济增加值 )的价格模型可适用于我国     

The death of conservative Ireland? The 2018 abortion referendum

The outcomes of two recent Irish referendums - on marriage equality in 2015 and abortion in 2018 - have placed contemporary Irish voters in sharp contrast with their long-standing conservative Catholic reputation. These referendums also stand out internationally because of an associated deliberative innovation. This paper aims to explain the watershed abortion vote drawing on theories of generational change, issue-voting, cue-taking and deliberative democracy, using data from an exit poll at the 2018 abortion referendum. We show that cleavage and age effects are key to understanding the referendum outcome. These results offer insight into how societal processes such as rapid secularisation, generational replacement and democratic innovations shape politics. Moreover, voters who were aware of the deliberative innovation were more likely to support the liberal referendum option. To increase willingness to deviate from the status quo, engaging citizens actively in the debate is a fruitful approach.     

The gradual transformation? The incremental dynamics of macroprudential regulation

This article focuses on the transformatory potential of macroprudential ideas following the financial crash of 2008, examining how they are being mediated by existing institutional contexts and how and why the task of building a new body of technical macroprudential knowledge is proceeding slowly. It is argued that the movement toward a form of macroprudential regulation has a distinctly incremental dynamic that means any macroprudential transformation will be a gradual process that is likely to span a decade or more. Using Peter Hall's framework of three orders of policy change across substantive and temporal dimensions, the article argues that the macroprudential ideational shift can be compared to third order change. In this sense, it was intellectually radical and took place rapidly in a period of around six months. However, intellectual radicalism does not automatically translate into a radical change in regulatory practice, because of a variety of countervailing political, institutional, and informational variables. In this respect, the task of developing first and second order macroprudential policy is proving to be a much more politically contested process. Furthermore, macroprudential policy is being developed by cautious technocrats who rely on the gradual accumulation of data and evidence to justify policy. The result is a distinctly incremental dynamic to macroprudential policy development that displays many of the features of a process that historical institutionalists refer to as “layering.”     

The Transparency President? The Obama Administration and Open Government

President Obama has trumpeted transparency as a major part of his agenda, promising "unprecedented" openness throughout the federal government. Although Obama benefits politically from the contrast with his predecessor's reputation for secrecy, in the long run an excessive emphasis on fishbowl governance can raise unrealistic expectations and ultimately backfire. After all, at some point transparency has its costs, such as when disclosure dampens internal deliberation or undermines privacy. The real issue, then, is how much transparency and what type. Despite its rhetoric, the Obama Administration has placed limits on transparency and will likely continue to do so. Yet members of the public and open government activists are unlikely to appreciate the need for such limits, leading to disappointment and charges of hypocrisy. It remains unclear whether Barack Obama will earn the mantle of the "transparency president"—or whether the hopes he has raised will, when unfulfilled, only reinforce public cynicism.     

The Quiet Revolution? The Labour Party and Welfare Conditionality

Labour's 2017 general election manifesto contained a pledge to ‘end the punitive sanctions regime’ in the British welfare state. Whilst the specific implications of this pledge were not elaborated, such a policy would nevertheless constitute a profound break with a welfare consensus spanning over twenty years. The depth of the suggested changes on welfare are also evident in the scale of reform proposed to disability benefits, as well as plans—confirmed in August 2018 by the Shadow Chancellor John McDonnell—to pilot universal basic income. Collectively, these policies would seemingly be deeply at odds with public opinion on the benefits system, which over the course of the last two decades has significantly hardened. Yet despite the seemingly radical and controversial nature of the policy, it received very little media or public attention during the election campaign. This article explores Labour's ‘quiet revolution’ on welfare, examining whether Labour's new welfare approach is indeed a bold attempt to reshape public opinion on welfare or, alternatively, a mostly pragmatic reaction to changing social attitudes. The argument presented is that whilst there are persuasive explanations that Labour is responding to a change in the public mood, there is also evidence of a more ambitious goal at stake: the aim of reshaping, not simply responding to, public opinion on the welfare state.     

不确定性和策略互动条件下3G投资的期权博弈模型

3G预期下的移动市场结构必定是三个寡头的竞争,在这种条件下,传统NPV和实物期权方法由于没有考虑竞争对手策略互动的影响,而不适用于3G项目投资决策分析。因此,在分析3G项目投资期权价值和博弈特征基础上,利用带跳的几何布朗运动来模拟市场不确定性和技术进步、政府规制等非市场不确定因素,从而确定领先者和追随者的价值函数及临界值,构建领先者和追随者的双寡头期权博弈模型。     

转型社会的政治决策：期权博弈与公平均衡解释

在转型社会中,政治决策是拥有主要政治权力的行政主体,与反映主要群体利益的社会主体之间的博弈均衡。现实的各种政治后果可以从考虑期权价值的延迟均衡和抢先均衡来说明,也可以表现为考虑心理动机的“公平均衡”。在如同海峡两岸博弈这样复杂的均衡组合中,作者推论存在可以称为“虚妄公平”的均衡概念。转型社会的各个主体因此必须寻求“真实公平”策略选择,才能实现真正公平的政治决策目标。