Strategic spin-off: a new incentive contract for managing R&D researchers

Innovation is a strategic challenge for high-tech companies and as such, justifies large investments in R&D. After exploring the limits of the underlying postulates of the organizational management of innovation (the necessary specialisation of researchers, the possibility of human discontinuity of innovation and possibility of controlling researchers), the objective of this paper is to show that the relationship between managers and researchers is characterised by asymmetric information (Laffont , J. J. (1985). Economie de l’incertain et de l’information, Economica.) to the benefit of the researchers. This asymmetry supposes the setting up of management practices which incite researchers to optimise the company’s interests, but this can only be done to at the expense of management control. In R&D activities, the informational asymmetry in agency relationship can be overcome by incentive managerial practices (Jensen, M. C., & Meckling, W. H. (1976) Theory of the firm: managerial behavior, agency cost, and ownership structure. Journal of Financial Economics, 3(4), 305–360.). The relationship between the manager (principal) and the researcher (agent), can be resolved by setting up the practice of strategic spin-off. This practice which enables a researcher to create a company based on work that he himself has carried out within the R&D department of his “mother” company, constitutes both an economic incentive (through the status of shareholder) and a symbolic one (through the status of entrepreneur). The incentive is strong for the researcher both to reveal his information and to obtain financial value from his research. Implementing this incentive contract means putting into place certain managerial and organisational practices designed to accompany the researcher–entrepreneur: (training, incubator, venture-capital structure etc.). The practice of strategic spin-off is beginning to emerge in high tech enterprises. This is why we have chosen to make an in-depth case study of the French company most involved in strategic spin-off, namely France Telecom.

关于宅基地使用权的立法建议

物权法草案应规定城镇居民的宅基地使用权,对农户占有的宅基地数量不应限制,为保护农民的利益及维护物权法私权的性质,应允许宅基地的流转.     

转移支付对地方财政收入稳定效应的实证分析——基于中国省市县三级面板数据

从理论上讲,政府间转移支付可以作为稳定政策工具发挥作用。尤其自1994年以来,中央对地方的转移支付已成为地方各级政府重要的财政收入来源,然而,对于转移支付在财政收入稳定性方面发挥的作用,无论是政策制定者和学术研究者均没有注意到。为此,本文利用1993-2005年中国7个省861个县（区）的财政面板数据,把偏离趋势值变动的比率作为因变量,运用固定效应模型和Prais-Winsten模型或者Cochrane-Oreutt模型,实证分析了转移支付对省、市、县（区）财政收入稳定效应。实证结果表明转移支付对省、市、县（区）财政收入有较大的拉动作用,而且当财政收入处于下降阶段时,转移支付的稳定效应更加明显。所以,有必要重新反思政府间转移支付的目标,将其稳定作用纳入政策制订目标和实施效果的考虑范围,并考虑把转移支付作为稳定地方财政的一种政策工具。     

无形资产转让过程中的价值评估

无形资产作为一种具有收益性的经济资源,必然存在所有权和（或）使用权转让的问题。同时,无形资产又具有价值核算方式的特殊性。通过探讨合理确定无形资产转让的价值,来解决无形资产转让过程中存在的实际问题。     

从非上市公司股权转让现象透析"一级半"市场的整顿规范

非上市公司股权转让市场具有多种表现形式和运作特点,非上市公司股权转让行为具有严重的经济和社会危害性.根据非上市公司股权转让行为产生的原因,可以找到相应的整顿和规范非上市公司股权转让的对策.     

理想抑或其他？地方政府公共服务均等化研究（2001--2010）

地方政府是公共服务提供的主导者,公共服务的均等化已经成为我国在新世纪的重要战略目标。10年来,地方政府公共服务支出增长速度非常快,一个地区公共服务支出总量和经济发展水平密切相关;公共服务支出占一般预算支出的比例基本变化不大,地方政府间存在模仿性策略行为;国家的转移支付,对西部地区均等化起到很好的作用,但是对于中部和东部来说,作用不明显,甚至有“劫富济贫”的倾向;从区域分析来看,四大区域公共服务均等化进一步加强,东部与东北地区公共服务优势缩小,西部地区得到改善,中部地区一直处于不利地位。因此,迫切需要建设公共服务型政府,加大公共服务投入,优化支出结构;建立以公共服务产出为导向的转移支付制度;增强中央政府公共服务供给责任,以基本需求战略为核心,建立公共服务全国最低标准;整合市场与社会的力量,形成多元化供给的格局。     

ASP.NET 2.0数据传输机制兼容与创新研究

作者在文中论述了ASP.NET 2.0兼容与创新的数据传输方式,研究了创新的数据传输方式的兼容性,适用性、易用性、性能、高级语言特性等方面,为选择最合适的页面间数据传输方式提供理论依据。     

抓好技工技能教育应把握的六大问题

随着我国工业由传统劳动密集型向技术密集型的逐步转化，面对高级技能人才匮乏现象，有关部门应该牢固树立全球经济一体化教育观念，从研究技能教育的特点与规律等六个方面思考中国技能教育机制改革思路，并付诸实现，尽快适应中国现代化工业发展的需求。     

The Formation of the Custodian and Settlement Infrastructure of the Russian Financial Market

The functioning of institutions of the financial markets and their interaction with a view to implementation of the main objectives of the market is provided by one of the constituent elements of the market, namely, the infrastructure of the securities market. The Russian securities market is going through a crucial point and provides a central post-trading infrastructure. In this paper, the author defines the notion of custodian and settlement infrastructure of the financial market, analyzes the modern state of this sub-sector of the financial market, and formulates problems of development of the custodian and settlement institutions of the Russian financial market, in particular in connection with the entry into force of the federal law ＂On the Central Depositary＂. The author defines the place and role of the Central Depositary and its impact oh the level of development of the market in general and the formation of the machine in Russia, at the same time, it shows the world experience in building custodian and settlement systems and the integration of the Russian custodian and settlement infrastructure and global stock architecture.     

如何增强民间投资和消费愿望

扩大内需的关键在于提高有效需求。提高民间投资与消费的能力,要适当提高财政转移性支出的比重,调整税收政策,改革投融资体制,加大对农村的投资力度,以积极的货币政策引导民间消费等。