由于高等教育投资是一项极其重要的人力资本投资，并且具有不可逆性、收益的不确定性和具有个人选择的自由， 因而个人有动机选择接受高等教育的时 机和方式。 本文的主要目的是讨论不确定性和不可逆性对个人选择高等教育时机 的影响。利用包含灵活性或期权价值的实物期权方法，得出了与传统人力资本投 资模型截然不同的结论。期权价值使得个人不愿意立即接受高等教育，并要求投 资的高回报。由于未来收入是不确定的，我们将其表示成一个连续的随机过程， 再由动态规划方法得出了收入的临界值。依据该临界值，个人可以做出是立即接 受还是推迟接受高等教育的决定。另外本文通过比较静态分析，得出了高风险、 高教育成本会抑制个人立即投资， 同时政府的相关政策如收入税收和教育补贴也会影响人力资本投资决策

Spatial imbalance of technology, which refers to unevenness or disproportionality in a spatial distribution of technology, is of key importance in the harmonious and balanced development of the world economy. This study is an attempt to develop a comparable map-independent analysis that measures spatial distribution, deviation angle, shift distance, direction and velocity of the gravity center (location-related spatial imbalance analysis) from an international range. Analyzing respectively on the gravity centers of different attribute values of 44 countries or regions and studying on the effects of the gravity centers of GDP, FDI and population on the technology center of gravity, it comes to the following conclusions: (1) the imbalance of spatial distribution is existing and will lasts for a long time; (2) the spatial distributions of GDP, FDI, and population don’t coincide with that of technology in longitude and latitude only except that the latitude distribution of FDI coincide with latitude and longitude distribution of technology; (3) the distributions of gravity centers of technology and population approximately record a south-east extending; (4) the distributions of gravity centers of GDP and FDI take on a loop-line movement with a clockwise rotation; (5) the gravity centers of GDP, FDI, population are positively associated with the gravity center of technology in latitude rather than in longitude. (6)Besides, the average velocity of different gravity centers is approximately 300km per year except that the gravity center of GDP shifts at an average speed of a little more than 9km per year. Combining analyses of the spatial distribution, deviation angle, shift distance, direction and velocity with the calculation of the coordinates’ correlation coefficients of the gravity centers, the hypotheses are partially supported. This study provides insight into the possible relationships between spatial distribution of technology, harmonious economic development and population spatial shift, and generates some interesting avenues for future research.

Motivated by diverse anecdotal evidences from the Chinese markets and focusing on a technologically following firm, this paper analyzes how the managerial compensation structure affects the managerial innovative incentives, the vertical differential output competition, and the evolutions of the industry structure. To this end, multiple effects of quality improvements are identified. The managerial conservatism in taking risky product innovations, which is resulted from the obliteration of the cost-adjusting effect by trivial incentive weight, is aggravated by foregone conservatisms. This leads to the widening of the quality gaps between it and the leading firm, and the deterioration of its market performances. After fulfilling an innovation, however, the firm becomes complacent. Driven by these two tendencies, the percentage of the industries in which the following firms abandon their R&D activities forever is decreasing in their incentive weights and increasing in time. The extensions of the process innovation, the managerial innovative agressiveness, and the interactions between product innovation and process innovation are also examined, as well as the implications of the compensation structure of the leading firm and the spillovers.

This paper examines the relationship between private benefits and the discount of private equity offerings. Measuring private benefits in terms of both control rights and cash flow, we find that private benefits are primarily attributed to control right rather than ownership. By using a measure, the Banzhaf power index, that could better reflects the largest shareholder’s relative influence over the firm. We find that the largest shareholder’s control power decreases, even though her ownership increases after private placement. It indicates that the largest shareholder is willing to give up some control power in private placement. In addition, we find that motivation and the type of investors in private placements significantly influences price discount.

Based on the brief analysis of the theory, we analyze the governance effect of the dynamic allocation of control rights and contingent transfer mechanism through an experiment and show that the dynamic allocation of control rights and contingent transfer mechanism are benefit for limiting the manager’s private benefits and protecting the investors’ return. While, the more the control transfers, the less effort the manager spends in private benefits and the more in the firm’s value. We also show that given more perfect external information revealed and monitoring mechanism, the governance effect of the dynamic allocation of control rights and contingent transfer mechanism will be improved more notable.

劳动生产率是影响汇率的重要因素是巴拉萨—萨缪尔森效应的结论。传统巴萨效应似乎难以解释我国的实际情况。国内外学者对中国的研究都有所不足。本文从巴萨效应的理论模型推导出发，比较不同模型形式采用最优计量模型。基于1978年～2004年的时间序列统计数据为例，建立VAR模型，运用协整分析、误差修正模型、脉冲响应、方差分解等方法分析人民币兑美元实际汇率与中美两国两部门生产率之间的关系。检验结果表明巴萨假说理论也能解释我国实际汇率走势变化的情况。服务业生产率对实际汇率的贡献更大。提高服务业份额和加快服务业生产率有利于缓解我国汇率的升值压力。

本文重新考察了Elbadawi（1994）模型中吸收率的决定因素，认为Elbadawi（1994）模型只是从需求角度对吸收率的决定因素进行了论证。因此，本文从供给角度运用Balassa-Samulson模型对Elbadawi（1994）模型作了改进，引入了生产率因素，解决了吸收率的内生决定机制。在此基础上，根据均衡分析的思路，本文得出了均衡吸收率的决定因素，从而证明了相对生产率与Elbadawi（1994）的相容性，为均衡汇率的测算提供了理论基础。同时，本文基于BEER通过1980-2007年的季度数据对人民币均衡实际汇率进行了测算，证实了扩展的Elbadawi（1994）相对于其它模型的优越性。

当出口在一国经济中占重要地位时，汇率调整就会对就业产生重要影响，在此过程中其传导渠道备受关注。文章构建测算传导渠道的模型，发现：人民币汇率变动通过出口需求、资源配置和效率渠道对就业产生影响，其中出口需求渠道的作用最强，效率渠道的作用次之，资源配置渠道的效应最弱。但资源配置渠道的影响效应为正，即汇率升值通过资源配置能带动就业；而出口需求和效率渠道的影响效应为负，即汇率升值将通过出口需求和效率变动减少就业。文章据此提出在当前金融危机冲击下，我国应采取何措施缓解实际汇率变动对我国就业的影响。

汇率和物价是开放经济中最为核心的经济变量，同时二者之间又存在密切的联系。本文采用2001年1月—2009年1月的相关数据，针对汇率波动对进口价格指数、工业品出厂价格指数及消费价格指数的传导效应进行实证检验。研究结果表明：人民币汇率波动对于价格的传导是不完全，其中进口价格对于汇率的波动反应较为敏感，而工业品出厂价格与消费价格对于汇率的波动反应则相对缓慢，特别是无论从长短期的传导效果来看，汇率波动对于消费价格的影响都较为微弱。

本文基于1994～2005年人民币外汇市场制度特征，构建了一个央行频繁干预情形下的人民币汇率决定的市场微观结构模型。该模型发现：即使宏观基本面没有出现变化，汇率也依然会发生波动，指令流的变动是短期汇率波动的根本推动力。指令流通过交易商层面的短暂性资产组合效应和市场层面的持久性资产组合效应对汇率波动产生影响。我国中央银行为了维护日内涨跌幅限制下外汇市场有充分的流动性，必须被动地入市干预，中央银行的干预量由汇率决定模型内生决定。本文为人民币外汇市场参与者和监管当局初步打开了人民币汇率形成的“黑匣子”。