改革呼唤企业家人力资本市场化配置制度

企业家人力资本是生产力的第一组织力 ,资源的优化配置只有运用企业家人力资本才能实现。中国经济在 2 0多年改革之后 ,市场经济体制难以建立的根本原因在于 :缺乏一个企业家人力资本市场化配置制度。因此 ,尽快建立企业家人力资本市场化配置制度成为当务之急。

快来规范股份合作制企业

股份合作制企业作为一种新型的企业组织形式,它具有产权关系明晰、劳资合一、利益分配直接、运作机制灵活、管理民主的现代企业制度的特征。从而打破了原有集体所有制企业的政企不分、缺乏民主的落后的组织管理形式,为企业带来了生机和活力。它的确立,是经济体制改革的成果。

Why Bubble Economy Occurs and Crashes？ Repeated History of Economic Growth and Collapse

This paper shows that there are two different phases in economics. These are the primal and dual problems. In the primal problem phase, capital expenditures of private corporations grow, creating an impetus towards the maximization of profits. In this case, as Adam Smith once wrote, the ＂invisible hand of God＂ works to lead the economy to a significant growth. This paper defines the concept of economic growth, bubble economy and destruction of bubble economy. And this paper describes why bubble economy occurs and crashes. In the process, this paper shows that primal economy exists before bubble economy and dual economy exists after destruction of bubble economy.

The Financial Structure of Italian Companies

The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.

Exploring the Usefulness of Extensible Business Reporting Language （XBRL） for Reporting Intellectual Capital （IC）： Evidence From Italian Preparers

Intellectual capital disclosure （ICD） has experienced a substantial increase in recent decades and many frameworks and guidelines have been issued to provide directions with regard to what constitutes ＂good＂ ICD. Companies can use Extensible Business Reporting Language （XBRL） to ＂build＂ their own intellectual capital （IC） reports. This digital format has both technical and operating characteristics suitable for reporting non-financial information. This paper reports the findings of a survey of the views of 37 Italian preparers on the scope, the taxonomy, and the assurance of IC reporting via XBRL. It was found that respondents favor the adoption of an IC reporting framework and the standardization of IC indicators. Preferences reveal uncertainty about the level of flexibility for tagging IC information, while supporting the main benefits of XBRL and indicating a marked inclination for tagged information certified by an independent audit. Overall, despite a low awareness of XBRL, the importance placed on standardization of IC information and on the usefulness of the comparability and the speed attribute of XBRL supports the appealing features of this language for developing IC reporting.

The Long-Run Performance of IPOs in Italy： A Comparison of Venture and Non-Venture-Backed Companies

The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.

The Cause Analysis of College Student Human Capital Depreciation in China

Human capital depreciation can be divided into stock depreciation and utility depreciation, which will cause the waste of human capital investment, and let human capital value fail to fully embody, affecting social development. In the critical time of China facing population aging and economic transformation, as the new human capital of the labor market, college students play an important role to social and economic development. Therefore, preventing and mitigating their human capital depreciation is necessary. This article focus on human capital investment and configuration stage, analyze the influence of unreasonable human capital investment system and separate labor market segmentation system to college student human capital depreciation, and put forword the corresponding countermeasures.

Relational Capital and Open Innovation： Two Cases of Successful Italian Companies

Praxis and doctrine agree on the importance of innovation for the competitiveness and profitability of the firm. Innovation is considered as a leverage to start a virtuous circle that improves company performance and, consequently, reduce financial constraints for its development. Being creative is definitely the first mechanism that leads to innovation. Creativity spreads from both the individuals that work in the firm and from the social processes and contextual factors that characterize individual relationships within the company. Relational capital is the second mechanism that brings innovation. Relationships with clients, suppliers, competitors, producers of complementary products, public and private research institutions provide creative elements that, once screened, give rise to innovation. The first mechanism requires the firm to be creative on its own as innovations come directly from within the organization （＂closed innovation＂ model）. In the second, the firm must get in touch with potentially innovative idea~ coming from outside （＂open innovation＂ model）. Doctrine and praxis point out that firms, which do not stop at the first mechanism of innovation, turn out to be more innovative. The paper is structured as follows. In the first part, a theoretical framework is provided, describing the main findings, in the literature, in terms of relationships among innovation, creativity and relational capital. The second part is based on the analysis of two case studies. The first case （Coswell）, the very different degree of success （in terms of generated income） of its products seems to be tightly related on how much ＂relational capital＂ is ＂inside＂ the innovation. In the second case （Pastificio Rana） shows that innovation resulting from relational capital allows the company to excel against its far bigger and financially superior competitors.

Addressing On-board Assaults and Driver Health and Well-Being： A Voluntary Professional Association＇s Approach

This paper provides an account of how a voluntary professional association （or industry representative body） in Victoria, Australia, led a whole-of-industry response to an alarming increase in on-board assaults on bus drivers by passengers, and the resulting impact on drivers＇ health and well-being. Influenced by literature and guided by the results from two commissioned research pieces, the association developed and implemented a five pillar strategy to address these issues. A stakeholder perspective was adopted to develop the strategy in order to ensure high relevance and value by being as inclusive as possible across the entire industry, and agency theory underpinned the association＇s implementation of the strategy. It is hoped that this case study exemplar will assist increase the productivity and social capital of an industry. others in utflising theory for policy change with a view to

Research on Human Capital and Higher Education Based on the Perspective of Employment of College Students

The status of human capital should match economic development. Researching the unemployment of college students firstly needs to know about the economic development stage and economic structure in China. Employment of college students not only is the problem of unbalanced supply and demand of college students, but also has close relationship with supply-demand relationship of higher education market. Employment of college students has relationship with two markets, education market and labor market, in which higher education supply is middle. For two markets, the decision-making subject make the optimal decision according to the principle that marginal income is equal to marginal cost. Under the specific economic development stage and economic structure in China, the family has greater requirement on higher education in education market, and the supply of higher education is insufficient. For labor market, economic development is difficult to fully absorb the existing college graduates, and the supply of higher education is excess. The imbalance of two markets causes the increase of supply pressure of higher education and idle human resource.

From the Romantic Sea to the Sea as the Global Commons＂ Portrayals of the Waterbody in Longfellow, Melville, and Ian Wedde

This article discusses the representation of the sea in selected works of W. H. Longfellow, Herman Melville, and lan Wedde, tracing its transformation from a romantic icon to a global commons. Despite differences in their portrayals, all three artists find stagnation alongside vitality in the ebb and flow or the rolling of the sea. Similar to Longfellow, Melville romanticizes the sea in Moby-Dick as an ultimate sanctuary, the domain of reveries. At the same time, Melville also portrays the sea as a global commons where U.S. capitalism dominates the global order and exploits the resources. In addressing the environmental issues such as the possibility of whales＇ extinction, Melville echoes ＂the tragedy of the commons＂ lamented by Garrett Hardin. Queequeg, the ＂primitive＂ man who saves Ishmael from the wolfish industrial capitalism is thought to be modeled after a MAori from New Zealand. Today, the M^ori＇s ancestral sea-based culture is threatened by economic globalization. Wedde, a New Zealand poet, confronted the plans to construct an aluminum smelter in his country. His poem juxtaposes themes of precariousness and desolation with resilience and defiant survival, a motif mirrored in Longfellow＇s and Melville＇s portrayals of the sea.

The development of Japanese accounting system from Meiji Restoration to twenty first century

Japanese accounting system has been strongly influenced by the culture and foreign influences. The initial regulatory framework was based on German model. After Second World War, the accounting system moved to the American investor orientated approach, then later the development was the results of the own needs and satisfaction with the culture influences.

How Do Investors Evaluate Business Continuity Management （BCM） Disclosures in Emergency Situations？ Evidence From the Great East Japan Earthquake

This study examines economic effects of business continuity management （BCM） disclosures through analyzing changes in shareholder returns in the wake of the Great East Japan Earthquake. The author examined differences in the recovery of share price between disclosing and non-disclosing corporations. The results show that the cumulative average abnormal returns （CAARs） of disclosing corporations recovered faster than non-disclosing corporations. Then, the author examined differences in the recovery of share price between developing and non-developing corporations. The results show that there is no statistically significant difference in the recovery of share price between developing and non-developing corporations. Finally, the author examined the differences of BCM between disclosing and non-disclosing corporations. The results suggest that BCM or business continuity plan （BCP） disclosing corporations have a broader coverage of the BCP, more appropriate procedures for responding to emergency situations, more effective training of the BCM, and more mature BCM systems than non-disclosing ones.

遭遇快车道

我很难直面失败的结局,心里一直在思索,如果没有那50万元的贷款,我们一直经营那家联通营业厅,又将是怎样一副光景呢?

The Rise and Impact of Financial Capitalism:A Sociological Analysis of New Forms of Capitalism

Compared with Karl Polanyi’s first Great Transformation,the emergence of the even more influential financial capitalism can be called the second Great Transformation.The global expansion of financial capitalism has extended its power beyond the remit of nation-states as governments,firms,families and individuals are increasingly guided and reshaped by financial markets,producing a trend toward the financialization of social life.An important social consequence is the ever more marked separation of financial markets from society,a separation that has gradually eroded the power of the state,trade unions and civil society and aggravated the employment crises,the polarization of rich and poor and the structural inequality of developed capitalist countries.In the face of society’s erosion by financial capital,the West has taken measures of social self-protection,but these have so far had little effect.To establish a new financial and market governance structure at the global level that will effectively cope with the negative impact of financial capitalism is a long and arduous task.