试论权益性人力资本和债务性人力资本在企业中的地位

现代企业理论认为企业是一组契约的组合,在契约关系中,物力资本和物力资本的所有者是作为委托人存在,而人力资本和人力资本的所有者是作为代理者存在的,并得出“资本雇佣劳动”的结论。本文将企业中的人力资本尝试性的界定为权益性人力资本和债务性人力资本两类。随后,对这两种人力资本的概念进行了界定,对其属性、成本和收益进行了分析和描述。在此基础上,提出了对人力资本和非人力资本在企业契约关系中的新的看法。认为,企业产权的最终逻辑结果是企业契约中的权益性要素合在一起雇佣了债务性要素。     

The Impact of Tax Revenue from Capital Gains Realizations on State Income Tax Revenue and Budget Conditions

We explore the effect of the rapid increase in capital gains realizations on state income tax revenue during the 1990s and 2000s, and the effect that this had on state fiscal decisions regarding the use of these revenue. We find wide variation in the growth of capital gains realizations across states and that the growth in capital gains had a significant effect on state income tax revenue for many states. We find that states used a sizable portion of the additional revenue from capital gains to fund reserves in the year the revenue was generated, and that capital gains revenue lead to some reductions in taxes but not to increases in expenditures. The evidence suggests that states were conservative in their use of capital gains related revenues.     

Health Care Capital Financing Agencies: The Intergovernmental Roles of Quasi-Government Authorities and the Impact on the Cost of Capital

During the decade 1983-1992, approximately $1.4 trillion of municipal bonds were sold in 87,000 in separate issues, primarily to finance capital projects for education, electric power, transportation, health care, housing, and other public and private purpose activities. Approximately two-thirds of these financings were originated by financing authorities, quasi-government agencies which are the creation of state legislature. Despite the growing role played by quasi-public authorities in capital finance, their impacts have not been studied systematically. We first describe the issuers of tax-exempt debt in the health sector and then derive measures for describing the mix of issuers between state and local levels, and between both government and quasi-government sectors. We present abbreviated test results of the impact that different mixes have on the cost of capital. First, competition is good: using a Herfindahl index analysis we show that states with less concentrated issuers have a lower cost of capital than those with a more concentrated market, including state-level finance monopolies. On the other hand, we cannot assert unequivocally that market deconcentration, in and of itself, should be a goal. For instance, there are economies of scale in the health care finance industry that allow larger (often state-level) issuers to lower the cost of capital.     

Forecasting General Fund Revenue: An Analysis of Idaho FY 1998 to FY 2011

Forecasting state general fund revenue (GFR) though business cycles means possibly confusing a cycle with an underlying long‐run trend. Relative to the actual revenue, the mean squared error of the academic, legislative, governor's, the growth path (GP), and Holt‐Winters (HW) forecasts for Idaho GFR was not significantly different than the naïve forecast's; the Combined GP‐HW forecast has significantly smaller mean square error. The GP model (ARIMA 1, 2, 1) produced a short‐run elasticity of revenue with respect to income of 1.05 (±0.05). The best GFR forecasts combined a HW two‐step‐ahead level with a GP one‐step‐ahead trend that provided a forecast of GFR with the smallest root mean square error between FY 1998 and FY 2009. A budget stabilization fund needs to be 34–40 percent of GFR for GFR to sustain growth at the state's long‐run expansion rate during a contraction.     

City Officials and General Revenue Sharing: Attitudes, Perceptions and Implications for Future Intergovernmental Policy

This article describes the 1972 State and Local Fiscal AssistanceAct(General Revenue Sharing), its perceived impact on city expenditures,its impact on the attitudes of city officials, and GRS's implicationfor future intergovernmental policy. Using data from nine yearsof an annual survey to chief executives in cities with over50,000 population, we conclude the program's most importantcontribution was in the general attitudes it fostered amonglocal officials. Our analysis indicates that GRS remains extremelypopular with urban chief executives and that its impact variesamong expenditure categories and cities. We conclude that theReagan administration may be able to develop viable policy alternativesbecause of the lack of consensus among many city officials whoalso exhibit varying degrees of support for the president'sproposed policies. In addition, the consensus which characterizedthe public interest groups in prior years may be eroding, andthis could create greater possibilities for policy change. ^* We would like to thank Tracey Gladstone and Eila Pakkanenfor their coding assist-ance. Ilese Hoyniak provided data processingassistance. We would like to thank Purdue University for providingcomputer time and other assistance.     

Issues,the Spatial Theory of Voting,and British General Elections: A Comparison of Proximity and Directional Models

Competing spatial models of voter choiceare compared in the context ofparliamentary representatives selectedthrough single-member district, pluralityelections where party platforms areemphasized over individual candidates.Respondents of the 1987, 1992, and 1997British general election surveys ratepolitical parties on a series of issuescales. Ordered logistic regressions ofparty evaluations under proximity,directional, and mixed models reveal thatthe classic spatial model and thedirectional model perform equally well.Differences center on perceptions of thestatus quo, as voters appear to evaluatethe incumbent party (here, theConservatives) slightly differently thanminority parties (Labour and the LiberalDemocrats). The proximity model worksbetter for voter evaluations of governingparties while the directional model workswell for opposition parties.     

Class, Capital and Crisis: A Return to Fundamentals

The financial crisis that currently threatens the stability of global capitalism is the latest in a long line of similar episodes stretching back some 200 years. While many orthodox economists explain the crisis in terms of the failure of the proper operation of the market mechanism, radical accounts see crisis as an aspect of the constitution of capital and of the process of the accumulation of capital itself. This article explores the extent to which Marx's understanding of accumulation and crisis can provide the basis for a general theory of capitalist crisis. It concludes that the growing and chronic separation between financial (fictitious) accumulation and productive accumulation is the key to understanding the latest crisis of capital expressed as a global credit crunch. Furthermore, Marx opens the door to the development of an overtly 'political' theory of crisis stressing the 'capitalist use of crisis' as a means for the violent reassertion of the fundamental class relation.     

Special Education Financing and ADHD Medications: A Bitter Pill to Swallow

Accurate diagnosis of attention deficit/hyperactivity disorder (ADHD) in children is difficult because the major symptoms, inattentiveness and hyperactivity, can be exhibited by any child. This study finds evidence of systematic differences in diagnosis and treatment of ADHD due to third party financial incentives. In some states, due to the financing mechanism for special education, schools face a financial incentive to facilitate the identification of children with ADHD. Using variation in special education funding policies across states, we find that children living in states with financial incentives are about 15 percent more likely to report having ADHD and are about 22 percent more likely to be taking medication for ADHD. We provide support that these findings are causal by leveraging variation from two states that implemented policy changes during the time period studied.     

城市综合竞争力：深圳与京津沪穗之比较

城市综合竞争力是指一个城市在其发展过程中所拥有的与其它城市竞争某种相同资源的全部实力 ,它具有综合性、系统性、可比性和动态性等特性。综合性表现在它包括经济、社会、基础设施、城市环境等多个因素 ;系统性表现在各因素是相互依存、相互制约的 ,孤立地强调任何一个因素都不能完整、准确地体现一个城市的综合竞争力 ;可比性体现在它可以度量和测算 ,城市之间可以比较分析综合竞争力 ;动态性表现为它是一个变量 ,随着构成要素的变化而发生改变。分析比较城市综合竞争力 ,可以客观地测量和评估城市发展的综合水平 ,认清城市发展的优势和…     

The Variety of State Capital Budgets: A Survey

In 1986 the staff of the U.S. Office of Management and Budget reviewed issues concerning the possible development of a federal capital budget. As part of this study, a survey of all 50 states was conducted concerning state capital budgets. This paper summarizes the results of the survey. According to the survey responses, 42 states have capital budgets. Of these 42, 37 generally borrow to finance some public capital and 5 generally do not. Of the 8 states that said they do not have a capital budget, 4 generally borrow to finance some public capital and 4 generally do not. The survey also found that the form of a governor's capital budget, the way legislatures enact capital spending, the coverage of the capital budget, and the method of financing capital vary widely among states, making it virtually impossible to define a state capital budget in a precise way. Large amounts of state capital spending, especially for transportation, are generally not included in state capital budgets.     

Determinants of Pay‐as‐You‐Go Financing of Capital Projects: Evidence from the States

Although states have long practiced pay‐as‐you‐go in financing their capital projects as a supplement to debt, academia has paid scarce attention to pay‐go financing. This study fills in the niche by providing empirical evidence on what determines the use of pay‐go in financing capital projects. It develops a model that considers the preferences of both voters and politicians when they make capital financing decisions in a given institutional setting. The empirical results suggest that the use of pay‐go is affected by a state's income level, its economic conditions, the presence of a divided government, as well as its budgetary institutions.     

Financing Arlington County, Virginia's Capital Programs: The Experience of the 1980s, The Outlook for the 1990s

County governments in the 1970s had few responsibilities beyond the courts and jail functions. Now, due to large suburban growth in the 1980s, county governments will find themselves immersed in capital financing issues. Arlington County, Virginia, is the setting of this article on the effects of major financings in the 1980s on a county government in the 1990s.     

Financing smallholder production: A comparison of individual and group credit schemes in Zimbabwe

Credit programmes aimed at individual smallholders in Africa have had disappointing results, particularly with regard to loan repayment. This article enquires whether group lending under terms of joint liability is a more effective approach. Data are derived from the performance of smallholder credit schemes in Zimbabwe in the period 1980–1984. The findings are as follows: (a) access to credit is easier for small farmers if they belong to voluntary agricultural associations; (b) loans issued on terms of joint liability have lower administrative costs; (c) most importantly, joint liability arrangements lead to higher repayment rates than schemes based on individual liability; (d) although joint liability is better enforced by mandatory sanction than by selective incentive, this advantage is offset by a disintegrative effect on farmer organizations. The conclusion is that a policy of group lending is generally more viable than an individual approach, but only in the context of the creation and strengthening of local farmer institutions.     

Manipulation and Single‐Peakedness: A General Result

This article considers environments in which individual preferences are single‐peaked with respect to an unspecified, but unidimensional, ordering of the alternative space. We show that in these environments, any institution that is coalitionally strategy‐proof must be dictatorial. Thus, any nondictatorial institutional environment that does not explicitly utilize an a priori ordering over alternatives in order to render a collective decision is necessarily prone to the strategic misrepresentation of preferences by an individual or a group. Moreover, we prove in this environment that for any nondictatorial institution, the truthful revelation of preferences can never be a dominant strategy equilibrium. Accordingly, an incentive to behave insincerely is inherent to the vast majority of real‐world lawmaking systems, even when the policy space is unidimensional and the core is nonempty.     

A General Empirical Law of Public Budgets: A Comparative Analysis

We examine regularities and differences in public budgeting in comparative perspective. Budgets quantify collective political decisions made in response to incoming information, the preferences of decision makers, and the institutions that structure how decisions are made. We first establish that the distribution of budget changes in many Western democracies follows a non-Gaussian distribution, the power function. This implies that budgets are highly incremental, yet occasionally are punctuated by large changes. This pattern holds regardless of the type of political system—parliamentary or presidential—and for level of government. By studying the power function's exponents we find systematic differences for budgetary increases versus decreases (the former are more punctuated) in most systems, and for levels of government (local governments are less punctuated). Finally, we show that differences among countries in the coefficients of the general budget law correspond to differences in formal institutional structures. While the general form of the law is probably dictated by the fundamental operations of human and organizational information processing, differences in the magnitudes of the law's basic parameters are country- and institution-specific .