股权结构对公司绩效的影响研究——来自房地产上市公司的经验数据

关于股权结构与公司绩效之间的关系一直都是理论界和实务界所研究的热点问题,特别是我国房地产上市公司绩效相对比较高,是一个盈利性很强的行业,这会不会与我国特殊的股权结构相关？通过研究发现,股权集中有利于公司绩效的提升,而股东间的制衡却不能发挥应有的作用.     

马克思主义经典作家关于公有制及其实现形式的认识与实践

公有制与公有制实现形式既有联系又有区别，而传统的公有制理论没有界定两者的区别。马克思主义经典作家对公有制及其实现形式的认识与实践，说明马克思主义公有制理论是不断发展的。党的十五大提出的公有制理论正是这种发展的必然结果，是对传统公有制理论的重大突破。     

The Banzhaf index in complete and incomplete shareholding structures: A new algorithm

In this global world, many firms present a complex shareholding structure with indirect participation, such that it may become difficult to assess a firm’s controllers. Furthermore, if there are numerous dominant shareholders, the control can be shared between them. Determining who has the most influence is often a difficult task. To measure this influence, game theory allows the modeling of voting games and the computing of the Banzhaf index. This paper firstly offers a new algorithm to compute this index in all structures and then suggests some modelisations of the floating shareholder. Then, our model is applied to a real case study: the French group Lafarge. This exemplary case demonstrates how the float’s structure and hidden coalition can impact the power relationship between dominant shareholders.     

物权行为无因性之认识

物权行为无因性，是法律行为理论体系赋予物权行为的基本特性，存在于任何一种形式的物权行为。分析物权行为无因性，必须从法律行为、物权行为的基本概念入手。物权行为是对物之处分，揭示的是人与物的关系，与债权行为揭示人与人的关系不同。决定物权行为效力的，只能是构成物权行为的四个要件，而不可能是其他，这是依据法律行为理论得出的结论，也是物权行为无因性原则的理论依据。     

On contracts for VMI program with continuous review (r, Q) policy

Based on continuous review (r, Q) policy, this paper deals with contracts for vendor managed inventory (VMI) program in a system comprising a single vendor and a single retailer. Two business scenarios that are popular in VMI program are “vendor with ownership” and “retailer with ownership”. Taking the system performance in centralized control as benchmark, we define a contract “perfect” if the contract can enable the system to be coordinated and can guarantee the program to be trusted. A revenue sharing contract is designed for vendor with ownership, and a franchising contract is designed for retailer with ownership. Without consideration of order policy and related costs at the vendor site, it is shown that one contract can perform satisfactorily and the other one is a perfect contract. With consideration of order policy and related costs at the vendor site, it is shown that one contract can perform satisfactorily and the performance of the other one depends on system parameters.     

Evolution of bank efficiency in Brazil: A DEA approach

This paper investigates cost, technical and allocative efficiencies for Brazilian banks in the recent period (2000–2007). We use Data Envelopment Analysis (DEA) to compute efficiency scores. Brazilian banks were found to have low levels of economic (cost) efficiency compared to banks in Europe and in the US. For the period with high macroeconomic volatility (2000–2002) the economic inefficiency in Brazilian banks can be attributed mainly to technical inefficiency rather than allocative inefficiency. State-owned banks are significantly more cost efficient than foreign, private domestic and private with foreign participation. There is no evidence of differences in economic efficiency due to type of activity and bank size. These results may provide some useful guidance for financial regulators and bank managers.     

全国平均每百户居民私家车拥有量预测

为了对全国平均每百户居民私家车拥有量进行预测,建立了可分离变量微分方程的数学模型,采用最小二乘法,借助Excel作为计算工具,得到了微分方程近似解的参数值,并用微分方程的近似解估计了最大拥有量以及2010年以后某些年的拥有量．     

不同所有制企业横向经济联合中利益分配问题初探

本文就企业间,特别是不同所有制企业间横向经济联合中,如何进行利益分配,如何用税收杠杆促进联合,结合党的有关方针政策和对不同所有制企业的不同税收政策,提出了“一级法人,两制并存,三个统一,按比计利,各算财税”的方案。文中论证了方案的可行性,为当前横向经济联合中如何处理各方利益的分配这个敏感性问题,如何确定利润系数,达到合理征税,提供了一个新的解决方法。     

上市公司股权结构与公司绩效关系-基于房地产行业上市公司研究

股权结构作为公司治理结构的产权基础,影响着公司外部治理机制的运作和公司内部治理机制的构成,并通过内外部治理机制对整个公司治理的效率发生作用,从而进一步影响公司绩效。我国上市公司股权结构很特殊,它与公司绩效有怎样的相关性？弄清这一问题有助于我们发现我国治理结构中存在的问题,同时也为如何优化我国股权结构、提高公司经营绩效提供参考建议。本文以我国房地产行业上市公司为例,用理论和实证分析相结合的方法,研究了后股权分置时代上市公司股权结构和经营绩效之间的关系,并提出政策建议。     

社会主义初级阶段所有制与社会主义所有制的关系

社会主义初级阶段所有制包括公有制和非公有制,社会主义所有制仅指公有制,它们的内在属性和外在经济关系有质的不同,又与公有制互联互通。所有制结构关系整个社会发展大局,理论上必须有清醒的认识。