contract-theory
【免费,国际金融与贸易】第一章第一节比较优势理论
第一章国际贸易理论学时：41．教学内容：第一节比较优势理论一、亚当﹒斯密的绝对优势贸易理论二、大卫﹒李嘉图的比较利益说三、赫克歇尔-俄林的要素禀赋说第二节比较优势的来源第三节国际贸易“新”理论第四节保护贸易理论2．教学基本要求：通过本章的学习，应当理解和掌握自由贸易的三阶段理论，即绝对成本理论、比较成本理论、要素禀赋理论；现代国际贸易理论；理解和掌握李斯特的保护贸易理论；凯恩斯主义保护贸易学说的基本内容。
3．教学重点、难点：本章重点内容涉及绝对成本理论、比较成本理论、要素禀赋理论、产业内贸易理论；同时也是本章的难点。
4．思考题：1．简述绝对成本理论。
2．简述比较成本理论。
3．赫克歇尔－俄林的要素禀赋学说的主要内容是什么？它与李嘉图比较成本学说的联系与区别有哪些？4．“里昂惕夫反论”是指什么？怎样解释？5．现代国际贸易理论是如何发展的？6．说明产业内贸易理论。
7．李斯特保护幼稚工业论的主要内容是什么？8．凯恩斯主义保护贸易学说的基本内容是什么？9．对外贸易乘数论的主要内容是什么？10．战略性贸易政策的主要内容是什么？实施条件有哪些？国际贸易理论研究三方面的问题：为什么开展交换——贸易原因；如何交换——贸易结构；交换结果——贸易利益。
以下主要探讨第一方面：第一节比较优势理论这一理论体系按其发展过程及深度分为三个理论：绝对优势说、比较优势说、要素禀赋说。
一、亚当·斯密的绝对优势贸易理论（绝对成本说）亚当·斯密(1723～1790)：被公认为是现代经济学的创始人。
英国资产阶级政治经济学的主要代表人物，以《国民财富的性质和原因的研究》（简称《国富论》，严复最早译为《原富》）一书蜚声于世。
1723年生于苏格兰的柯科迪，出生几个月后丧父。
1737年（14岁）考入格拉斯哥大学，学习数学和哲学。
1740年转赴牛津大学学习。
1746年回故乡。
1748～1750年冬在爱丁堡公开讲学，内容有修辞学、历史和经济学。
第11讲 契约理论初步 (选讲)
第11讲契约理论初步(选讲)1. 契约和契约理论的基本问题——契约契约(contract)有时被定义为当事各方自愿达成的一种协议，保证其中任何一方都对于其他各方之中至少一方具有某种法律义务。
(契约一词还可以有许多其它的定义，每种定义的角度有所不同，在此不作过多介绍)契约的基本构成要素是(具有法律义务承担能力的) 所有当事人都必须既向其他一方或多方提供义务，又接受其他一方或多方提供的义务。
也就是，有权亦有责。
广义地说，契约是对于人类一切社会性活动的约束，这样一个大的契约概念甚至可以将法律包含在内。
对于契约的经济学分析，常常以对于人们经济活动提供约束为例，并且，又常以对于生产性活动(而非分配、交易或者消费活动) 提供约束为例。
对于契约的经济学分析的另一特点是，一般假设契约的订立是建立在所有当事人的某种自愿的基础上的，也就是说与不订立一项契约的情况相比，订立契约使得受到该契约影响的当事人福利发生Pareto改进。
显然，在现实的世界里，有时这并非事实。
最后，契约显然针对在长期具有联系的当事人，或者说为约束未来行为和规范长期关系。
讨论契约问题，必须要回答两个问题：(i) 契约的作用问题，也就是为什么要签订契约的问题；(ii) 契约的局限问题，也就是契约签订到哪里为止的问题。
因此，这两个问题是任何一种契约理论都必须要回答的问题。
这两个问题实际上可以合为一个问题，那就是最佳契约问题(也可以称为最佳契约限度问题)。
——企业的边界：建立企业，还是签订契约？最佳契约问题，实质是契约的边界问题。
如果认为组织经济活动只能通过两种方式，自由的交易(市场) 和通过某种“权威”，前者称为“签订契约”的方式，后者称为“建立企业”的方式，那么契约的边界问题就等价于企业的边界问题。
因此，“契约理论(contract theory)”有时也被称为“企业理论(firm theory)”。
企业理论之中一个最基本的问题——“自制还是外购(make or buy)”，有时也叫做“一体化还是外包(integration or out-sourcing)”——既是企业的边界问题，也是契约的边界问题。
新凯恩斯主义理论
新凯恩斯主义理论一、新凯恩斯主义学派的劳动市场论凯恩斯主义理论有个特点和致命弱点：考察工资粘性和失业等问题时几乎不讨论劳动市场。
这就使得凯恩斯主义宏观经济学理论缺乏微观基础。
为了弥补这一缺陷，新凯恩斯主义提出了劳动市场理论，不仅在微观经济学基础上阐明了劳动市场失灵、高通货膨胀和高失业率并存等问题，而且在经济人追求自身利益最大化和理性预期假设基础上，解释了劳动市场失灵的原因，较好地说明了经济停滞和通货膨胀并发现象，从而丰富和发展了微观经济学的劳动理论。
新凯恩斯主义劳动市场理论的关键性假设是工资粘性。
工资粘性是指工资不能随着需求的变动而迅速地调整，工资上升容易下降难。
新凯恩斯主义区分了名义工资粘性和实际工资粘性。
名义工资粘性是指名义工资不随名义总需求的变化而变化。
实际工资粘性是指实际工资与需求的变化几乎没有相关性。
１.名义工资粘性（１）交错调整工资论该理论认为，在短期内，不论通过合同机制还是理性预期机制来稳定工资水平，都会导致通货膨胀和失业并存。
交错调整工资是指劳资双方通过雇用合同调整工资。
由于合同签订的时间不同，工资调整就会交错进行，形成一个交错的序列。
交错调整工资使得工资总水平具有了惯性。
工资不仅与以前的工资水平有关，而且与今后的工资期望值有关，而工资的期望值又与总需求的变动有关。
不过，合同一旦签订，总需求的变动就对未到期的工资合同没有影响，只会影响到期合同的工资调整。
所以，总工资水平有惯性。
这种惯性会影响产出和就业，使工资的稳定性和产出稳定性之间有替代关系。
总工资的稳定性和产出稳定性之间的替代关系可以这样理解。
当中央银行发行的货币量与总工资的增长相适应时，货币政策能使总工资水平保持较高的稳定性，其代价是通货膨胀率提高。
当工资水平稳定时，货币投放量的变动会引起经济中超额需求较大的波动，总产量和就业率也会发生相应的较大波动。
总产量和就业的稳定性就差。
总工资水平越稳定，产出和就业就越不稳定。
反之，总工资水平越不稳定，产出和就业就越稳定。
契约法理论的历史嬗迭与现代发展上
契约法理论的历史嬗迭与现代发展（上）——以英美契约法为核心的考察刘承韪中国政法大学副教授2012-03-18 21:59:15 来源：中外法学 2011年第4期关键词:古典契约法理论新古典契约法理论关系契约理论中国契约法治现代化内容提要:近代以来的契约法依次经历了以下三个紧密相连的理论阶段：古典契约法理论、新古典契约法理论和现代契约法理论。
古典契约法理论是西方契约理论的建构期，首次型塑了契约法的完整体系结构和契约自由的精神理念；新古典契约法理论是旨在移除古典契约法弊端的契约理论改良阶段，它以《统一商法典》第二编和《第二次合同法重述》为经典文本代表，是西方现今主流的契约法理论；关系契约理论契约法社会化浪潮的理论成果，是古典契约法“死亡”后有关市场交换之法理建构中最有前途的理论选择。
西方契约法理论的历史和现实可为中国契约法治现代化提供了有益的借鉴和参考，对于中国契约法治现代化建设有着极其重要的理念价值和制度价值。
近代以来的契约法理论可以划分为古典契约法理论、新古典契约法理论和关系契约理论三个阶段，[1]每个阶段契约理论的内涵、取向和规则设置都有很大的不同。
包含在《法国民法典》和《德国民法典》中的大陆契约法是古典契约法理论的开创名篇，此种由“法国民法典之父”波蒂埃和德国“近代民法学之父”萨维尼等大师合奏的民法理论交响也代表着古典契约法理论的最高峰。
古典契约法理论建构了近代契约法的体系结构和精神特质，为现代契约法的发展起到了奠基的作用；其后，古典契约法规则和理论逐渐丧失了对不断变化的社会经济的应对能力，社会要求对契约法进行调整与改良，美国《统一商法典》第二编和《第二次合同法重述》即其著例；再后来，随着法律社会化浪潮的出现，以外在视角观察研读契约法的方法兴起。
关系性契约难题和契约法社会化浪潮因此引发了更多的全新契约理论创造，其中关系契约理论被认为是关于市场交换法理建构中最有前途的理论选择。
值得关注和思考的是，作为大陆法系精髓的法典编纂模式却意味着法律发展的结束，[2]或者至少是法律理论繁荣的终结。
契约理论——精选推荐
1、，参考相关资料，总结形成自己对该问题的理解。
2、学习思路为：首先界定名词术语；其次进行理论综述；第三，评价理论观点；第四，提出自己的理解；第五，对相关实践问题的解决提出对策性建议。
第一章契约理论（2）代理成本理论，委托——代理理论（道德风险防范与委托权安排）实践问题：职业经理人激励与约束机制的建立，员工工资与企业收益分享的制度安排。
2010补充：契约理论的分类，发展沿革、理论运用领域如企业融资等；。
一、契约理论契约也叫做合同、合约或协约。
在现代法律经济学的角度看，契约就是资源流转方式的一种制度安排，它规定了交易当事人之间的各种关系，或限定了当事人各方的权利与义务。
它是指至少两个人或至少两方面之间达成的某种协议。
契约安排是市场交易的前提，是现代契约理论最基本的原则。
契约理论是一个不断发展的过程, 由完全契约理论发展到不完全契约理论, 引入了不完全理性假设, 这个过程中不断和实际生活相符合。
在科斯的经典文章《企业的本质》问世之前, 理论研究中一直认为企业交易是无摩擦和无成本的, 科斯在他的理论中将企业理解为一种不同于标准的市场交易的契约, 从而开创了契约理论研究的先河。
在科斯之后人们对契约理论的研究按两个方向发展。
第一个方向是“完全契约理论”, 其核心是设计出一套有效的机制来激励代理人“说真话”和“不偷懒”。
这个机制认为可以将所有的可以预见到的或然事件都涵盖在其中, 是一个不需要再谈判的完全合同,这一理论的代表人物为阿尔钦、莫里斯、格罗斯曼和张五常等。
第二个方向是威廉姆森和哈特等人提出的“不完全契约理论”。
完全契约理论是以人的完全理性、完全信息为基础，在完全竞争的市场中签订合约，不存在外部性，不需要交易费用，所有信息都可以通过市场的价格反应出来。
然而，这样的假设条件在现实经济中难以成立，因为契约人是有限理性的，信息是不对称的，且信息的获得也是有成本的。
放松完全信息的假设条件，这就是不对称条件下的契约理论。
财务管理专业英语词汇表
a profit and loss statement accelerated methodsaccounts payableaccounts payable turnover ratio accounts receivableaccounts receivableaccounts receivable turnover ratios accrrual accountingaccrued expenseaccumulated depreciation accumulated retained earnings acquireaffiliateagency costagency problemagency relationshipaging scheduleallocateallocationally efficient markets amortizationannuityannuity dueanomalyappreciatearbitrage pricing theory(APT)Asian currency optionasset management ratiosasset turnover ratioauthorized sharesautonomyaverage age of accounts receivable avreage rate currency optionbad debt loss ratiobalance sheetbalance sheetbank debtbankers'acceptancebankruptcybasic earnings per shareBaumol cash management model behavioral financebeta coefficientbond indenturebonding costbook valuebottom-up approachbreak-even analysiabrokerage feebusinessbusiness riskcapital asset pricing model(CAPM) capital asset pricing model(CAPM) capital budgetcapital budgetingcapital expenditurecapital leasecapital marketcapital rationingcapital structurecapital surpluscash conversion cyclecash dividendcash dividendscash Flow Coverage Ratiocash flow from financingcash flow from investingcash flow from operationscash offercash ratiocentralize payableschairpersoncheckchief executive officer(CEO)chief financial officer(CFO) chronologicalclaimclearing time floatclosely held corporation coefficientcollateralcommercial papercommon stockcommon stockcommon stockholder or shareholder company-specific factor compensating balancecomplex capital structure compound interestcompoundingconcentration bankingconstant dividend payout ratioconstant growth model consumer creditcontingent value rights controllerconversion premiumconversion ratioconvertible bondconvertible debtconvertible debtconvertible preferred stock convertible securities corporate annual reports correlation coefficientcost of capitalcost of capitalcovariancecreative accountingcredit and collectiong policy credit cardcredit periodcredit salecredit termcreditorcross-currency pooling system cross-currency quote cumulative votingcurrency forward contract currency futures contract currency optioncurrency riskcurrency swapcurrent assetcurrent liabilitycurrent liabilitycurrent market valuecurrent ratiocurrent yielddebt holderdebt instrumentdebt management ratiosdebt ratiodebt-to-equity ratiodebt-to-total-capital decision-makingdeclaration datedefault riskdeferred annuitydeferred taxdepreciatedepreciationdesired or target capital structure diluted earnings per sharedilution of controldilution of ownershipdilutivedirect methoddirect quotationdisbursementdiscount perioddiscount ratediscount ratediscounted cash flow(DCF)discounted payback perioddiscountingdiversifiable riskdiversifydividend discount modeldividend irrelevane theorydividend payoutdividend payout ratiodividend policydividend yielddividend-payout ratiodo-it-yourself dividenddufault riskDuPont Analysis of ROEearnings before interest and taxes (EBI earnings before interest and taxes(EBIT earnings per shareearnings per shareeconomic order quantity(EOQ)efficient market hypothesis（EMH) employee stock option program(ESOP) equity multiplierEuropean Economic AreaEuropean Economic CommunityEuropean unionexchange rateexchange-rate riskex-dividend dateexecutive directorexotic optionexpansion projectexpected returnexpected utility theoryexternal financingface valueFinancial Accounting Standards Board(FA financial analystfinancial distressfinancial distressfinancial economistfinancial flexibilityfinancial leveragefinancial managementfinancial marketfinancial ratiofinancial riskfinancial riskfinancial standardsfinancial statementfinancing cash flowsfinancing mixfinancing mixfinancing mixfirst-in ,first out (FIFO)Fitch Investor Servicesfixed exchange rate systemfloatfloatationfloatation costfloating exchange rate systemFortune 500forward discountforward marketforward premiumforward rateforward tradefree cash flow hypothesisfree tradefree-riding problemfuture contractfuture value(FV)general partnerGenerally Accepted Accounting Principle general-purpose assetsgo publicgoing concernGoldman Sachsgross profit margingrowth perpetuityhedginghistorical costhoard of directorshomemade dividendshurdle ratehurdle ratehybird securityhybridincentive stock optionincome statementincremental cash flows independent auditorindependent projectindirect methodindirect quotationinformation asymmetry informationally efficient markets initial public offering(IPO)initial public offering(IPO)initial public offerings institutional investorinstitutional investorintangible fixed assetsinterest coverage ratiointerest deductioninterest rate parityinterest rate riskinternal financinginternal rate of return(IRR) Internal Revenue Service(IRS) international corporation international financial management international Monetary Fund intrinsic valueinventoryinventoryinventory processing period inventory turnover ratioinvesting cash flowsinvestment bankinvestment bankerinvestor rationlityJanuary effectjeopardizejoint venturejust-in-time(JIT)systemlast-in ,first-out (LIFO)law of one pricelearning curveleaseleaselesseelessorleverage ratioslevered firmliabilitylimited partnerlimited partnershipline of creditliquidating dividendliquidationliquidity ratiolock box systemlong-term debt to total capital ratios long-term liabilitylong-term ratiolookback currency optionlow regular plus specially designated d mail floatmanagenment buyoutmanipulatemarket conversion valuemarket imperfectionmarket riskmarket shareMarketabilitymarketable securitiesmarketable securitiesmarketable securitymarketable securitymarket-to-book value ratioMaster of AccountingMaster of Business Administration(MBA) Master of Financial Managementmaterial requirement planning (MRP)syst maturitymean-variance frontiermean-variance worldMerrill LynchMiller-orr cash management modelmix of debt and equitymoderate approachModigliani and Miller(M&M)theorem Monday effectmoney marketmoney ordermonitoring costsMoody’s and Standard & Poor’sMoody's Investors Service,Inc.(Moody's) Morgan Stanley Dean Wittermortgagemultinational corporationmutual fundmutually exclusive projectnegotiable certificates of deposit(CDs) negotiate offernet incomenet present value(NPV)net present value(NPV)net profit marginnet working capticalNew York Stock Exchange(NYSE)New York Stork Exchangenewly listed companynon-executive directornormal distributionnormality assumptionnote payableoffering priceopen marketoperating cash flowsoperating incomeoperating income(loss)operating leaseoperating leverageoperating profit marginoperating profit marginoperationally efficient markets opportunity costopportunity costoptimal capital structureoption contractoption exchangeoption-like securityordinary annuityoutstandingoutstanding sharesoverheadover-the-counter marketowner’s equityP/E ratiopartnerpartnershippatentpayback period(PP)payment datepecking order theoryperfect capital marketperpetual inventory systemperpetuitypivotalportfolio theorypost-auditpost-earnings announcement drift precautionary motivepreemptive rightpreemptive rightpreferred stockpreferred stockpreferred stockholder or shareholder present value(PV)price takerprimary marketprincipalprincipal-agent or agency relationship private corporationprivate placementprivately held corporationprivileged subscriptionpro rataprobabilityprobability distributionprobability distribution function processing floatprocrastinationprofitprofitabilityprofitability index(PI)profitability ratioproperty dividendproperty,plant,and equipment(PPE)pros and consprospect theoryprotfoliopublic offerpublicly held companypublicly traded corporations publicly traded firmpurchasing power parityput optionput pricequick ratiorandom variablerate of returnrational behaviorreal assetsreal estaterecord dateregular dividendrelaxed or conservative approach replacement projectrepurchaserepurchaserepurchase agreementrequired rate of returnreserve borrowing capacityresidual claimresidual dividend policyresidual valuerestricted or aggressive approach restrictive covenanatsretail incestorretail investorreturnreturn on asset (ROA)return on common equity (ROCE) return on total equity (ROTE) return on total equity ratio (ROE) revenueright to proxyright to transfer ownershipright to voterights offerrisk aversionSalomon Smith Barneysaturation pointscenario analysisseasoned issuesecondary marketSecurities and Exchange Commission(SEC) semi-strong formsensitivity analysissensitivity analysisseparation of ownership and control share repurchaseshareholderside effectsimple capital structuresimple interstsimulationslowing disbursementsocial goodsole proprietorshipsolvencysource of cashspecial-purpose assetsspeculative motivespin-offsspot ratespot tradestable dollar dividend policy stakeholder theorystand-alone riskStandard & Poor's Corporation(S&P) standard deviationstatement of cash flowstatement of change in shareholders' eq statement of retained earningsstock buybackstock dividendsstock offeringstock offeringstock optionstock price appreciationstock repurchasestock splitstockholderstockholders'equitystraight or majority votingstraight-line depreciationstrong formsunk costswapsyndicate of underwritertakeovertangible fixed assetstarget capital structuretax exempt instrumenttax shieldteminal valuetender offertender offer(=takeover bid)term loantime value of moneytotal asset turnover ratiotrade credittrademarktradeofftradeoff theorytransaction costtransaction motivetreasurertreasury notestreasury sharetreasury stockunbiased forward rateunderlying common stockunderpricingunderpricingunderwriterunderwritingunlevered firmunseasoned issueUS Treasury Billuse of cashvalue effectvalue(wealth)maximizationvariable-rate debtvarianceventure capitalventure capitalistviabilityvice president of financevolatilityvolatilityvoting rightwarrantwarrantweak formweighted average cost of capital(WACC) well-beingwindow dressingwithdrawalworking capital management working captical management world Trade Organization yield to maturity (YTM) zero balance account(ZBA)加速折旧法应付账款应付账款周转率应收账款应收账款应收账款周转率应计制会计应计费用累计折旧累计留存收益获得，取得（在财务中有时指购买；名词形式是acquisition，意为收购）分支机构代理成本代理问题代理关系账龄表（资源，权利等)配置（名词形式是allocation，如capital allocation，意为资本配置）配置有效市场摊销年金先付年金异常（人或事物）升值套利定价理论亚式期权资产管理比率资产周转比率授权股自主权，自治应收账款平均账龄均价期权坏账损失率资产负债表资产负债表银行借款银行承兑汇票破产基本每股收益鲍莫尔现金管理模型行为财务贝塔系数债券契约契约成本账面价值盈亏平衡点分析经纪费企业，商务，业务经营风险资本资产定价模型资本资产定价模型资本预算资本预算资本支出融资性租赁资本市场资本限额资本结构资本盈余现金周转期现金股利现金股利现金流量保障比率筹资活动现金流投资活动现金流经营活动现金流现金收购现金比率集中支付主席（chairmanor chairwoman)支票首席执行官首席财务官按时间顺序排列的（根据权力提出）要求，要求权，主张，要求而得到的东西清算浮游量控股公司系数抵押商业票据普通股普通股普通股股东（也可以是ordinary stockholder or shareholder公司特有风险补偿性余额复杂资本结构复利复利计算集中银行法固定股利支付率政策固定增长率模型消费者信用或有价值权会计长转换溢价转换比率可转换债券可转债可转债可转换优先股可转换证券公司年报相关系数资本成本资本成本协方差创造性会计，寻机性会计信用与收款政策信用卡信用期限赊销信用条件债权人外汇交叉组合系统交叉标价累积投票制远期外汇合约货币期货合约货币期权外汇风险货币互换流动资产流动负债流动负债现行市场价值流动比率现行收益债权人（也可以是debtor,creditor)债务工具债务管理比率债务比率债务与权益比率债务与全部资本比率决策，决策的股利宣布日违约风险递延年金递延税款贬值折旧目标资本结构稀释的每股收益控制权稀释所有权稀释（公司股票）冲减每股收益的直接法直接标价支出、支付折扣期限折扣率折现率折现现金流折现回收期折现计算可分散风险多样化股利折现模型股利无关论股利支付率股利支付比率股利政策股利收益率股利支付比率自制股利违约风险权益报酬率的杜邦分析体系息税前盈余息税前盈余每股收益（盈余）每股盈余经济订货量有效市场假设员工股票期权计划权益乘数欧洲经济区协定欧洲经济共同体欧盟汇率汇率风险除息日执行董事特种期权扩充项目期望收益期望效用理论外部融资面值（美国）会计准则委员会财务分析师财务困境财务困境财务经济学家财务灵活性财务杠杆财务管理金融市场财务比率财务风险财务风险（有时也指金融风险）财务准则财务报表筹资现金流融资比率融资结构融资组合（指负债与所有者权益的比例关系）先进先出惠誉国际公司固定汇率制度浮游量、浮差发行证券；挂牌上市上市成本浮动汇率制度财富500指数远期贴水远期市场远期升水远期汇率远期交易自由现金流假说自由贸易搭便车问题期货合约未来值，终值一般合伙人公认会计原则一般目的资产公开上市持续的高盛公司毛利增长年金避险 套期保值历史成本董事会自制股利门坎利率，最低报酬率门槛利率，最低报酬率混合证券混合金融工具激励性股票期权利润表增量现金流量独立审计师独立项目间接法间接标价信息不对称信息有效市场首次公开发行股票首发股票首发股票机构投资者机构投资者无形固定资产利率保障比率利息抵减利率平价利息率风险内部融资内部收益率，内含报酬率美国国内税务署跨国公司国际财务管理国际货币基金组织内在价值存货存货存活周转期存货周转率投资现金流投资银行投资银行家投资者的理性一月效应危害合资企业即时制后进先出单一价格法则学习曲线租赁租赁承租人出租人杠杠比率杠杆企业负债有限责任合伙人有限合伙制企业贷款额度股利清算清算流动性比率锁箱系统长期债务与全部资本比率长期负债长期比率回顾试货币期权低正常股利加额外股利政策邮寄浮游量管理层收购操纵市场转换价值市场不完备性市场风险市场份额可销售性短期证券有价证券短期有价证券流动性证券，有价证券市场价值与账面价值的比率会计学硕士工商管理硕士财务管理专业硕士物料需求计划系统（债券、票据等）到期均值-方差有效边界均值-方差世界美林公司米勒-欧尔现金管理模型负债与股票的组合适中策略MM定理星期一效应拨款单，汇款单，汇票监督成本穆迪和标准普尔穆迪公司摩根士丹利-添惠公司抵押跨国公司共同基金互不相容项目大额可转让存单议价收购净利润净现值净现值净利润净营运资本纽约证券交易市场纽约股票交易所新上市公司非执行董事正态分布正态假设应付票据发行价格公开市场经营现金流经营收益经营收益（损失）经营性租赁经营杠杆经营利润市场价值比率运营有效市场机会成本机会成本最优资本结构期权合约期权交易类期权证券普通年金（证券等）发行在外的发行股制造费用场外交易市场所有者权益市盈率合伙制企业专利回收期股利支付日排序理论完美资本市场（存货）永续盘存制永续年金关键的，枢纽的组合理论期后审计期后盈余披露预防动机优先权优先认购权优先股优先股优先股股东（英国人用preference stockholder or shareholder)现值价格接受者一级市场本金委托-代理关系（代理关系）私募公司，未上市公司私募私人控股公司有特权的认购按比例，成比例概率概率分布概率分布函数内部处理浮游量延迟利润盈利能力现值指数盈利比率财产股利土地、厂房与设备正反两方面期望理论组合公开发行公众控股公司公开上市公司，公众公司，上市公司（其他的表达法如，listed corporation，public corporation，etc）公开上市公司购买力平价卖出期权卖出价格速动比率随机变量收益率理性行为实务资产房地产（有时也用real property,或者就用property表示）股权登记日正常股利稳健策略更新项目回购回购回购协议要求的报酬率保留借款能力剩余索取权剩余股利政策残余价值激进策略限制性条款散户投资者（为自己买卖证券而不是为任何公司或机构进行投资的个人投资者）个人投资者.散户投资者回报资产收益率普通权益报酬率全部权益报酬率权益报酬率收入代理权所有权转移权投票权认股权发行风险规避所罗门美邦投资公司饱和点情况分析适时发行、增发（seasoned是指新股稳定发行。
自由贸易理论
环节。因为初级产品旳需求弹性小，加上初
级产品旳国际价格下滑，发展中国家旳贸易
条件恶化，甚至是贫困化增长现象旳出现就
不可防止了。
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❖ 第二种类型是制成品比较优势陷阱。因为初 级产品出口旳形势恶化，发展中国家开始以 制成品来替代初级产品旳出口，利用技术进 步来增进产业升级。但因为本身基础单薄， 主要经过大量引进、模仿先进技术或接受技 术外溢和改善型技术等作为手段来改善在国 际分工中旳地位，并有可能进入高附加值环 节。但是这种改良型旳比较优势战略因为过 分旳依赖技术引进，使自主创新能力长久得 不到提升，无法发挥后发优势，只能依赖发 达国家旳技术进步。
又因为该理论尤其强调不同国家拥有不同旳生产要 素百分比，故人们又将之称为要素百分比理论（The Theory of Factor Proportions）。
WHY-02 自由贸易理论
26
❖ 一国应该出口丰裕要素密集型商品，进口稀 缺要素密集型产品，从而取得贸易利益。
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WHY-02 自由贸易理论
WHY-02 自由贸易理论
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1.比较优势理论旳产生
❖ 比较优势理论旳产生与“谷物法”有关 ❖ 1823年英国政府为了维护地主贵族阶级旳利
益颁布了《谷物法》。
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（二）比较优势理论旳主要内容
❖ 在两国都能生产两种产品旳条件下，一国在 两种产品旳生产上都处于优势地位，而另一 国都处于劣势地位，则处于优势地位旳国家 应专门生产相对优势最大旳那种产品，处于 劣势势地位旳国家应专门生产相对劣势最小 旳那种产品，然后参加国际贸易，双方均能 够取得利益。
Hart and Holmstrom(1987) The Theory of Contracts
Theory of contracts
73
economic implications [see, e.g., Fischer (1977) and Taylor (1980)l. Unlike most contract analysis this literature has taken the form of contracts as given, typically with nominal wage and price rigidities. This is not as satisfactory as working from first principles, but it has made policy analysis quite tractable. Financial markets offer another arena of substantial potential for contract theoretic studies that is beginning to be recognized. The importance of limited contracting for the emergence of financial services and institutions has been suggested by D. Diamond (1984), Gale and Hellwig (1985), and Townsend (1980). This line of research also offers prospects for a careful modeling of the role of money and the conduct of monetary policy [see Townsend, Chapter 11 this volume, and D. Diamond (1985)l. As the field is progressing, it becomes harder to place models in specific categories. Initially, models of organizational design ignored market forces, or at least treated them in a very primitive fashion. In contrast, the theory of labor contracts started out without consideration for organizational incentives. More recent models, however, treat both incentive and market issues concurrently. Such crossbreeding is fruitful, but it makes the task of organizing this chapter much harder. Since we have been unable to come up with a natural classification that would avoid this problem, we will employ an outline that follows the historical progress rather closely. We begin in Section 1 with agency theory as a representative paradigm for the organization-theoretic aspects of contracting. From there we go on to labor contracting (Section 2). Finally, we turn to incomplete contracts and the aforementioned lock-in effects (Section 3). This work, representing more recent methodological trends in contract research, has not advanced very far yet, and our discussion will be correspondingly more tentative in nature. Needless to say, we will not attempt a comprehensive survey of the large number of contractual models that have appeared to date. Some subjects (e.g., models relating contracts to macroeconomic policy) are left out entirely. So are models of financial contracting. Our intention has been to be selective and critical rather than comprehensive. Although we allow ourselves a rather opinionated tone, we trust this chapter still gives a good idea of the general nature of the ongoing research and a reasonably fair assessment of its main contributions. Despite our selective approach, the chapter has grown very long. In order that it may be more readily digestible, we have written it so that the three parts can be read essentially independently; each part has a concluding section that sums up its major points.
ContractTheory2005_solutions(博尔顿)
Denote Pi(x, T, ε) = W0 + x(θi + ε) + T, then we can find FB solving the problem: UI → max ,
{ x ,T }
IRi :
∫u
E
( Pi ( xi , Ti , ε ))dFε ≥ ∫ u E (W0 + θ i + ε )dFε , i ∈ {L, H}.
c c { q ( c ), P ( c )}
qL* = qLFB,
qH* < qHFB.
IC:
IR:
) ) P(c ) − cq(c )) , ∀ c ∈ [c, c ]; P(c) – cq(c) = max( )
c
P(c) – cq(c) ≥ 0, ∀ c ∈ [c, c ].
The hazard rate for the uniform distribution is non-decreasing, so we can use Mirrlees approach. Firm of type c welfare ) ) P(c ) − cq(c )) . W(c) = max( )
c c c
c
c
From IC: P(c) – cq(c) = W(c) => P(c) = W(c) + cq(c) = cq(c) − ∫ q ( x)dx .
c
Substituting into EUG we get EUG = ∫ [ B (q (c)) − (cq (c) − ∫ q( x) dx)]dF (c) =
c). θ ∼ U [0, 1] . Monopoly problem: П = ∫ ( P(θ ) − s(θ ) 2 )dF (θ ) → max
公共治理与公共政策[资料]
![公共治理与公共政策[资料]](https://img.taocdn.com/s3/m/269aa7f8afaad1f34693daef5ef7ba0d4a736d31.png)
公共部门改革和治理是公共管理学研究的永恒主题 。虽然致力于研究该主题的学者们采 用的研究视角 、方法和途径各有不同 ,但他们追求的目标却相同 ,就是期望构建一种理想 、完美 的政府治理模式 。在这种模式下 :政府能够持续 、良性 、有效地运作 ,不断提高自身管理社会和 有效配置公共资源的能力 ;能够对社会公众日益分散和特殊的需求迅速作出反应 ,为社会和公 众提供高质量 、低成本的公共物品和服务 ,以便有效解决社会问题 ,避免形成潜在的执政危机 。 20世纪 80年代 ,随着公共部门管理所处政治与政策环境的变化 ,公共部门不得不对“某些相 互关联的紧迫问题 ”①作出反应 :以英国为代表的西方各国政府掀起了一场以追求“三 E”( e2 conomy, efficiency and effectivenes, 即经济 、效率和效益 )为主旨的新公共管理浪潮 。“为促进 政府管理方式以及管理方法 、技术与手段的创新 ,”各国在大规模的政府改革运动中 ,不断“引 入市场化工具 、工商管理技术和社会化手段 ,”逐渐形成了一种新的公共治理模式 ———“合约 制政府 ”。本文将对合约制政府的理论与实践作出评述 。
随着在新公共管理运动中合约主义理论对传统的政治控制理论的替代 ,一种更为高超的 管理和控制模式逐渐形成 ,即以委托代理关系为基本框架 ,以合约制为治理机制 ,以提高公共 产品和服务供给效率为主要目标的合约制政府模式 。简 ·莱恩所构建的新公共管理的基本框 架体现了合约制政府模式的基本框架 。
在传统公共治理过程中 ,政府往往同时承担着公共物品和服务的安排者 、生产者和提供者 多重角色 ,政府既要完成掌舵的任务又要完成划桨的工作 。然而 ,随着社会和经济发展的日益 复杂 ,政府面临着越来越多的诸如技术革命 、全球范围的经济竞争 、市场的日益分化等不易解 决的问题 ,政府的“掌舵 ”任务日趋繁重 ;与此同时 ,公众对公共产品和服务的种类需求日益增 多和细化 ,对公共产品和服务品质需求不断提高 。但是 ,由于政府能力的有限性 ,以及交易成 本的现实存在 ,致使政治家们陷入只能将有限的精力集中在“掌舵 ”任务上 ,而无法集中在既 不容忽视又无法包揽的“划桨 ”工作上的困境之中 。因此 ,政府必须建立一个有效的协调和运 作机制使自身摆脱此种困境 。
contract theory详解
contract theory详解
契约理论（Contract Theory）是经济学中一种有关如何合理分配资源、安排利益关系、建立可接受的协商结果的学科。
其旨在解答在不同收益、风险得失下，双方是否可以找到共同满意的协议，以及如何设计和使用合约来达到这一目的。
把两个或更多的当事人之间的利益协调放到合同中，把双方给出的权利和义务划清界限定义规则，以达到共同的目的，这就是契约理论的核心。
契约理论的内容包括自然契约、官方契约、社会契约等，它们其实是双方实现有利可图的个体利益，以及社会利益协调机制，比如：可以重新解决社会冲突，促进工作效率，增强社会合作，确保建立有效的关系，共同发展的机制。
第四章 契约理论
契约理论
第一节 新制度经济学中的契约 第二节 完全契约理论 第三节 不完全契约理论
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1
人类社会可以视为契约的网络。可以说，人们的 交易行为都是契约选择的结果，市场的过程就是 契约化的过程，市场发育程度越高，契约化就越 普遍。
稀缺－竞争（分工基础上的交易）－约束（产权 制度、契约安排）－治理结构。 对契约的研究形成了契约经济学。契约理论是近 30年来迅速发展的经济学分支之一。这个经济学 分支关注协作问题、监督问题、度量问题、委托 －代理、道德风险、激励和约束问题等。
2012-7-22
第三章——第二节
完全契约理论
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二、委托—代理问题
由于代理方与委托方各自的利益不一致，代理方会 凭借其信息优势，损伤委托人的利益。为了减少乃 至消除代理人的“机会主义”倾向，就需要签订一 份契约。
“激励—约束问题”。在信息不对称条件下，委托 人会通过相关契约努力约束代理人的机会主义倾向， 激励代理人最大限度的为委托人的利益而工作。
2012-7-22
第三章——第一节
新制度经济学中的契约
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一、契约的涵义
或者说是交易相关各方达成的承诺。其中一方可 以是完全出让财产所有权（出售），也可以是出 让在一段有限的时间内拥有或使用财产的权利 （如贷房或出租）；而另一方则是按常规支付一 定数量的货币，得到交易标的物的全部或部分产 权。 现代经济学中的契约概念，实际上是将所有的市 场交易都看作是一种契约关系，并以此为分析基 础。契约是一种产权界定方式。
第三章——第一节 新制度经济学中的契约
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2012-7-22
五、交易、契约与治理结构的匹配
社会契约论（Socialcontracttheory）
社会契约论（Social contract theory）Rousseau believed that an ideal society was founded on the contractual relationship between man and man and not man and government. Like John Rock, Rousseau believed that the power of the government came from the approval of the governed. Rousseau claimed that a perfect society is for the people of the "public will" (public) control, although he does not define how to achieve this goal, but he suggested that consists of groups of citizens representative bodies as legislators, through discussion to generate public will.The main expression of the theory of social contract is to explore the existence of legitimate political authority. "Human beings are born free, but they are in chains."." The political authority he says does not exist in our natural state, so we need a social contract. In the social contract, everyone give up natural freedom, and obtain the freedom of contract; in the process of political participation, only everyone equally abandon all natural freedom, transferred to the collective, human beings can get equal freedom of contract.Although Rousseau liked him better than any other form of government, he was vague about it. He really makes clear the government must be divided into three parts: the sovereign representative of the public will, this will be beneficial to the whole society; administrative officials authorized by the sovereign to achieve this will; finally, there must be the will of the citizens group. He believes that the country should stay on a smaller scale and leave more rights to the people and make the government more efficient.The people should play an active role in the government. The people vote according to their will to produce a common will. The opposite to the public if the sovereign will, that social contract would be destroyed; people have the right to decide and change the form of government and ruling power, including the overthrow of breach of contract by means of the uprising rulers.Content summaryVolume 1The theory of social contract is divided into four volumes. The first volume deals with the social structure and social contract. Social order is a sacred right that provides the foundation for all other rights. Order does not come from nature. The family is the oldest and natural form of society, but it is necessary to maintain a series of agreements between parents and children who are able to support themselves. Some philosophers think that people are enslaved and dominated is natural, but they confused the reasons and results; if some people are born into slavery, it must be because slavery against nature exists for the first. Social order should not be based on strength, because the strongest can not always maintain a strong hegemony unless he transforms power into power and turns obedience into duty. In that case, the right and the strength have to be swapped. If it is necessary to use force to make obedience, people do not have to obey it; therefore, as long as they are no longer forced to obey, they no longer have the duty to obey.The Convention is the foundation of all lawful authority. This thesis, based on the theory of Grotius is the people's rights, transfer their freedom. The transfer is to give or sell. But a himself as a slave to another man who does not give himself, he is betrayed himself, for his life. A man gives himself gratuitously, is absurd and unbelievable. Such an act is illegal and invalid. Even if a man can transfer himself, he can not transfer his children; the children are born free; their liberty belongs to them, and no one else has the right to dispose of them. In order to justify slavery, Grotios preached that the conqueror had the right to kill the conqueror, or to take his liberty, and to forgive him for his life. But the war is not a relationship between man and man, but a relationship between country and country; the purpose of war is to destroy the enemy, people have the right to kill each other defenders, as long as they have weapons; but once they surrender their weapons, is no longer an enemy or enemy tool when they become a simple person, while others of them will no longer have the power of life and death. No one has the right to enslave others, slavery and rights, these two terms are contradictory.Social order comes from a common original and simple promise. When in the natural state, the survival barrier is more than the individual can withstand, the human is forced to change the life style. Human beings can not produce new forces, but can only assemble and form the sum of forces to overcome the resistance of existence. "To find a combination of form, so that it can all unite together to guard and protect each combination of personal and wealth, and because of the combination of the phase of each joint and all individuals and are only subject to their own, and still like a kind of freedom in the past."The solution is to form a convention that allows everyone to put their abilities under the guidance of "sovereign". A sovereign is a moral and collective community that, at the very least, contains the largest number of members of society.The conventions in the community are equal to every member. The community has acquired its unity, its great self, its life, and its will with this same act. A community can be called a state or a political body, and a union is called a people; individually, as a participant in a sovereign authority, it is called a citizen, and a subject of state law is called a subject. With this contract, man moves from the state of nature into the state of society, from the instinctual to the moral and the righteous. Humans lost due to the social contract is a natural free and unlimited rights to everything he tried to get; and he had received, but social freedom as well as he enjoyed the ownership of everything.Second volumesThe second volume deals with sovereignty and its rights. Sovereignty is the general will use, may not be transferred, can not be separated. Sovereignty is determined and bound by common interests and acted on the law. The law is the general will take the public interest oriented behavior. Although the general will is always right, but it is not always able to make informed judgments, so do not always find common interests, so the existence of legislators is necessary. Legislators, however, have no power of their own. They are merely guides. They drafted and legal advice, only the people themselves (or sovereign, the public will have the right to set up the law).Third volumesThe third volume deals with the government and its forms of operation. For the government, only legislation is not enough, and the enforcement of the law is also necessary. Although the sovereign body has legislative power, it can not give itself the right to enforce laws. It needs a number between the sovereign and the national mediation, law enforcement in general will under the direction of. This is the role of government. The government is the executor of the sovereign, not the sovereign itself. The government's rulers are entrusted with the exercise of administrative power; they are sovereign officials; their function is not the result of the contract, but the exercise of entrusted power in the name of the sovereign. They receive orders from sovereign and pass them to the people. The sovereign may restrict, alter, or recover the executive power on his own will.The world there are mainly three kinds of forms of Government: democracy, in which all or most people governance; aristocracy, governed by a few people; the monarch system, governance by one person.Democracy: in the strict sense, true democracy has never been, and never will. Democracy requires too many presuppositions and virtues, and it is very difficult to realize democracy for all. "If there is a people of God, they can govern with democracy.". But such a perfect government is unfit for human beings."Aristocracy: can be natural, electoral, and hereditary. Thefirst is only for simplicity; the third is the worst of all governments. The second is the best; it is strictly the aristocracy. In addition to having the advantage of distinguishing the two powers, the second kinds of aristocracy have the advantage of choosing their own members. In this way, is honest, wise, experience and other forms of attention and respect reason, just become a new guarantee of political stability.The monarch system: no more dynamic than the monarch system of government; but the government also has great danger; if the direction is not public welfare into damage to the country. Monarchs tend to pursue absolute power, but ministers are merely conspirators.A single structure of government is the best; in fact, the government is mixed and more or less drawn from other forms. Not a government is applicable to all countries, but the government of a country must adapt to the characteristics of its people, not a way by immigrants, not by naturalization, not by the colonial government, and in the reproduction and growth under the maximum number of its citizens, it is undoubtedly the best the government. In order to prevent the minority from usurp the power of the state, the people must be regularly guaranteed by law to stop all the existing administrative power and return the power to the people. At the rally, the people had to solve two problems, and the first was: "will the sovereign be willing to preserve the existing form of government?"" The second is: "will the people be willing to let those who are actually in charge of the administration continue to rule?"" A power between the sovereign and the government is a member ofParliament, but sovereignty is not negotiable, so members cannot represent the people, they are merely clerks of the people, and they can not make any affirmative decisions. Laws that have not been ratified by the people are invalid. The creation of the executive power of government is not a contract, but a law. The government administrator is not the master of the people; he can not establish contracts, but abide by the existing contracts.Fourth volumesThe fourth volume deals with several social organizations.The general will is indestructible, expressed by vote. Different organizations have different election mode, for example: the people's Congress, an officer, dictatorship, inspector, the history of the Republic of ancient Rome, ancient Greece, especially Sparta, taught us in the form of value. Religion is the foundation of the country and plays a major role in the lives of citizens at all times. The Christian spirit of rule is incompatible with his system. Christianity is a pure spiritual religion; the Christian homeland does not belong to this world. Christians with a deep, never care about their own success and failure, gain and loss mood in their responsibility. Every citizen should have a religion, which can make them love their responsibilities, but it is very important to the country. This kind of religious dogma, but only when it comes to the moral and responsibility -- and this is the responsibility of morality and advocating such religious people that they must perform to others - when was related to the country and its members. The doctrine of civil religion should be simple, withfew terms, precise words, no need for commentary or commentary. Now that there is no longer a state religion, but there is no exclusive, so we should be tolerant of all religions is to forgive him, as long as they do not violate the doctrine of the obligations of citizens. But if anyone dares to say, "there is no salvation outside the church, he should be expelled from the state unless the state is the church, and the king is the leader.". Such a doctrine is good only under the theocratic government, and is poisoned in all other governments.Other viewsThe simplest form of the theory of the origin of the state and the existing state of the state, states that the state originated in a contract". That is to say, each member of society gives up his natural rights in return for the new rights under the law. In most cases the social contract for the history of state formation are not applicable, making it applies to the new constitution, such as the United States enacted the constitution of 1787 is that, at least in part of the constitution is formulated in under the guidance of the theory of social contract. "The social contract" is not directly as a theory or social explanation theory appears, its historical role is as a kind of ethics or theory of logic, to evaluate the moral or transformation of the existing system, and provide a theoretical basis for the revolution.。
契约理论——精选推荐
契约理论契约理论是近30年来迅速发展的经济学分支之一，也因为如此，契约理论一直处于不停的整合过程之中，中国部分学者在介绍该理论时，将代理理论列为传统理论，但这种归类可能产生一些误导，使人感到代理理论是一种过时的理论，已被不完全契约理论所替代。
契约理论 契约理论是研究在特定交易环境下来分析不同合同人之间的经济行为与结果，往往需要通过假定条件在一定程度上简化交易属性，建立模型来分析并得出理论观点。
而现实交易的复杂性，很难由统一的模型来概括，从而形成从不同的侧重点来分析特定交易的契约理论学派。
分类 首先必须明确，契约理论究竟包括了哪些理论流派。
按照Brousseau &Glachant（2002）的观点，契约理论应包括：激励理论(incentive theory）、不完全契约理论（incomplete contract theory）和新制度交易成本理论(the new institutional transaction costs theory）。
Williamson（1991,2002）指出，契约的经济学研究方法主要包括公共选择、产权理论、代理理论与交易成本理论四种。
激励理论是在委托代理理论（完全契约理论）基础发展起来的，而布坎南提出的用契约研究公共财政的公共选择方法主要用来分析“公共秩序”（public ordering,Williamson,2002）。
契约理论主要包括委托代理理论、不完全契约理论以及交易成本理论三个理论分支，这三个分支都是解释公司治理的重要理论工具，它们之间不存在相互取代的关系，而是相互补充的关系。
契约理论主要分支的争论 不完全契约理论对完全契约理论与交易成本理论的批评。
批评 Hart（1991）从代理理论的道德风险和逆向选择导致契约方冲突的观点开始着手批判，他指出，按照这个观点，由于信息不对称的引入导致所有权与签订完全的（comprehensive)契约无关，因为它使得Arrow-Debreu状态依存契约产生偏离，契约随之成为次优状态，进而无效率将成为信息不对称函数的因素，这种函数关系取代了所有权，因此在一个交易成本巨大且契约不完全的世界中，代理理论显然不能提供一个关于企业所有权概念的合理解释。
北大博士毕业论文格式
北大博士毕业论文格式为了规范学生在写论文写作，提高论文质量，论文格式是必不可少的。
这是店铺为大家整理的北大博士毕业论文格式，仅供参考!北大博士毕业论文格式一、论文装订论文一律用A4纸打印，不得小于或大于此规格，字迹清晰。
论文一律在左边装订成册。
装订顺序为： (1)封面 (2)论文评定页(3)目录 (4)论文提要 (5)论文正文 (6)参考文献 (7)个人声明请使用统一提供的封面，不得使用封面的复印件，并将封面上的有关信息填写准确、完整、清晰。
论文提要单独使用一张A4纸。
一般在300-600字。
论文提要下有本文章的“关键词”。
关键词一般3-5个。
格式举例如下：论文提要(黑体四号字)中国经济发展XXXXXX,XXXXXXXXXXXXXXXXXXXX (宋体小四号字)关键词(黑体小四号字)：经济发展、公平与效率、收入分配(宋体小四号字)“个人声明”单独使用一张A4纸。
上面书写：个人声明(黑体四号字)在论文导师的指导下，本文确为本人独立完成，并愿意承担因违反学术规范而应该承担的全部责任。
签字：年月日 (宋体小四号字)二、正文格式示例论文标题(黑体小三号字)一级标题使用黑体四号字，居中。
注释使用宋体5号字。
其它均使用宋体小四号字。
1，基本版式正文内容以Word 文档、A4纸、宋体小四号字(论文标题、一级标题和注释除外)打印。
2，标题序号(1)文章中标题序号按照“一”、“(一)”、“1”、“第一”顺序排列。
根据文章的叙述层次，不需要全使用时，可以适当减少。
(2)“一”、“1”后面加“、”号，“(一)”后面不加任何标点，“第一”后面加“，”号。
3，图表(1)论文中含有数学公式、表格、曲线图以及其它图表，请使用计算机制作相关内容，保证其中的符号、数字、文字、图线清晰、规范。
(2)表格序号用表1、表2等表示，表格标题置于表格上方。
(3)图序号用图1、图2等表示，图标题置于图上方。
4，当页脚注(1) 脚注以“①，②，③……”表示,仅在当页连续排序。
关于人本性的英语作文高中
In the realm of philosophical discourse, the nature of humanity has been a subject of intense debate for centuries. The question of whether humans are inherently good or evil has been explored by various thinkers, each offering a unique perspective on this complex issue.The Innate Goodness of HumansOne perspective is that humans are born with an innate goodness. This view is often associated with the Chinese philosopher Mencius, who believed that people are born with a moral compass and a natural inclination towards benevolence. According to this philosophy, the environment and upbringing play a crucial role in nurturing or corrupting this inherent goodness. It suggests that with proper guidance and education, individuals can cultivate their virtuous nature and contribute positively to society.The Tabula Rasa TheoryContrasting with the idea of innate goodness is the concept of tabula rasa, which posits that humans are born as blank slates. This theory, most famously articulated by John Locke, suggests that all knowledge and traits are acquired through experience and learning. From this standpoint, human nature is not inherently good or evil but is shaped by the experiences and influences encountered throughout life.The Influence of Social Contract TheoryAnother influential perspective comes from social contract theorists like Thomas Hobbes and JeanJacques Rousseau. Hobbes argued that in a state of nature, humans are driven by selfinterest and are in a constant struggle for survival, which he described as a war of all against all. Conversely, Rousseau believed that humans are inherently good but are corrupted by the institutions of society.The Role of Environment and GeneticsModern psychology and neuroscience have also contributed to the discussion on human nature. Some researchers argue that both genetic predispositions and environmental factors significantly influence an individuals behavior and moral compass. This perspective acknowledges the complexity of human nature and the interplay between biology and environment in shaping our personalities and actions.The Importance of Moral EducationRegardless of ones stance on the inherent nature of humans, the consensus among many philosophers and educators is the importance of moral education. By instilling values such as empathy, respect, and responsibility, society can guide individuals towards making ethical choices and contributing to the common good.ConclusionThe debate on human nature is far from being resolved, and it is likely that no single theory can fully capture the complexity of what it means to be human. However, engaging with these ideas encourages us to reflect on our own values and actions, and to consider how we can foster a more compassionate and just society. Whether we are born with a predisposition towards good or evil, or as blank slates, the choices we make and the actions we take define who we are and who we can become.。
(项目管理)项目专业术语
项目范围管理基准计划（baseline）概念开发（conceptual development）配置管理（configuration management）控制系统（control system）成本控制账户（cost control accounts）成本加成合同（cost-plus contracts）可交付成果（deliverable）里程碑（milestone）组织分解结构（organization breakdown structure, OBS）项目收尾（project closeout）项目范围（project scope）责任分配矩阵（responsibility assignment matrix, RAM）范围基准计划（scope baseline）范围蔓延（scope creep）范围管理（scope management）范围报告（scope reporting）范围说明（scope statement）工作说明书（statement of work, SOW）总承包合同（turnkey contracts）工作分解结构代号（WBS codes）工作授权（work authorization）工作分解结构（work breakdown structure, WBS）工作包（work package）项目风险管理可能性和后果分析(analysis of probability and consequences)变更管理(change management)商业风险(commercial risk)应急储备金(contingency reserves)合约/法律风险(contractual/legal risk)控制和文档化(control and documentation)交叉培训(cross-training)执行风险(execution risk)财务风险(financial risk)固定总价合同(fixed-price contract)违约赔偿金(liquidated damage)管理应急金(managerial contingency)指导(mentoring)项目风险(project risk)项目风险分析和管理(project risk analysis and management, PRAM) 风险识别(risk identification)风险管理(risk management)风险缓解策略(risk mitigation strategies)任务应急金(task contingency)技术风险(technical risk)项目团队的建设、冲突和谈判可接近性（accessibility）中止（adjourning）管理上的冲突(administrative conflict)凝聚力(cohesiveness)冲突(conflict)跨职能合作(cross-functional cooperation) 差异化(differentiation)成立阶段(forming stage)挫败(frustration)基于目标的冲突(goal-oriented conflict)互动(interaction)相互依赖(interdependencies)个人之间的冲突(interpersonal conflict)谈判(negotiation)规范化阶段(norming stage)目标(orientation)结果(outcome)实施阶段(performing stage)物理位置上的接近(physical proximity)原则性谈判(principled negotiation)社会心理结果(psychosocial outcomes)中断平衡(punctuated equilibrium)冲突风暴(storming)最高目标(superordinate goals)任务结果(task outcomes)团队建设(team building)信任(trust)虚拟团队(virtual teams)成本估算和预算基于活动的估算（ABC, activity-based costing）自下而上的预算(bottom-up budgeting)应急费用预算(budget contingency)成本估算(cost estimation)赶工(crashing)最终估算(definitive estimates)直接成本(direct costs)加速成本(expedited costs)可行性估算(feasibility estimates)固定成本(fixed costs)间接成本(indirect costs)学习曲线(learning curve)一次性成本(nonrecurring costs)正常成本(normal costs)参数估算(parametric estimation)项目预算(project budget)经常性成本(recurring costs)分阶段预算(time-phased budget)自上而下的预算(top-down budgeting)变动成本(variable costs)项目进度计划：网络、历时估计和关键路径活动，也称任务(activity, or task)双代号网络图法(activity-on-arrow)单代号网络图法(activity-on-node)箭线(Arrow)逆推法(backward pass)β分布(beta distribution)发散活动(burst activity)并行活动(concurrent activities)置信区间(confidence interval)赶工(crashing)关键路径(critical path)关键路径法critical path method ()历时估计(duration estimation)最早开始时间(early start date, ES)事件(event)浮动时差(float, or slack)正推法(forward pass)集合活动(hammock activities)阶梯化活动(laddering activities)最晚开始时间(late start date)汇聚活动(merge activities)网络图(network diagram)节点(node)排好序的活动(ordered activities)路径(path)前置活动(predecessors)计划评审技术(program evaluation and review technique) 项目网络图(project network diagram, PND)项目计划编制(project planning)有限资源进度计划(resource-limited schedule)范围(scope)串行活动(serial activities)后续活动(successors)任务(task)工作分解结构(work breakdown structure)工作包(work package)项目进度计划：滞后、赶工和活动网络活动（也称任务）（activity,也称task）双代号网络图（activity-on-arrow, AOA）单代号网络图（activity-on-node, AON）箭线(Arrow)逆推法(backward pass)赶工(crashing)关键路径（critical path）虚活动（dummy activities）最早开始时间(early start date, ES)事件（event）浮动时差(float, or slack)正推法(forward pass)甘特图（Gantt chart）滞后（lag）最晚开始时间(late start date)汇聚（merge）节点（node）计划评审技术（Program Evaluation and Review Technique, PERT）串行活动（serial activities）后续活动（successors）任务（task,见activity）关键链项目进度计划能力约束缓冲（capacity constraint buffer, CCB）中心极限理论（central limits theorem）普通原因偏差（common cause variation）关键链（critical chain）关键链项目管理（critical chain project management, CCPM）鼓点（drum）鼓点缓冲（drum buffers）多任务处理（multitasking）消极偏差（negative variation）积极偏差（positive variation）特殊原因偏差（special cause variation）学生综合症（student syndrome）约束理论（theory of constraints, TOC）资源管理平衡试探法（leveling heuristics）混合约束型项目（mixed-constraint project）物质约束（physical constraints）资源约束型项目（resource- constrained project）资源约束（resource constraints）资源平衡（resource leveling）资源负载（resource loading）资源负载图（resource-loading charts）资源负载表（resource-loading table）平滑（smoothing）分割活动（splitting activities）时间约束型项目（time-constrained project）项目评估和控制已完成工作实际成本（actual cost of work performed, AC）完工预算（budgeted cost at completion, BAC）控制循环（control cycle）成本绩效指数（cost performance index, CPI）挣值（earned value, EV）挣值管理（earned value management, EVM）里程碑（milestone）计划值（planned value, PV）项目基准计划（project baseline）项目控制（project control）项目S曲线（project S-curve）进度绩效指数（schedule performance index, SPI）进度偏差（schedule variance）跟踪甘特图（tracking Gantt charts）项目收尾和中止仲裁（arbitration）建造－经营－转让（build, operate, transfer, BOT）建造－拥有－经营－转让（build, own, operate, transfer, BOOT）默认索赔（default claims）争议（disputes）提前终止（early termination）特惠索赔（ex-gratia claims）经验教训（lessons learned）自然终止（natural termination）私人主动融资（private finance initiatives, PFIs）项目终止（project termination）附加式终止（termination by addition）绝对式终止（termination by extinction）集成式终止（termination by integration）自灭式终止（termination by starvation）非自然终止（unnatural termination）。
公司法英文词汇
公司法英文词汇1.公司corporation; company2.合伙partnership3.合股公司 joint-stock company4.特许公司 chartered corporation5.注册公司 registered corporation6.法定公司 statutory corporation7.无限公司 unlimited corporation8.有限责任公司 limited corporation; company with limited liability9.股份有限公司 company limited by shares10.母公司 parent corporation11.子公司 subsidiaries12.总公司 Headquarter; Main Branch13.分公司 branch14.国有独资公司wholly state-owned company15.上市公司 quoted corporation; listed company16.公司集团 groups of companies17.保证公司 limited by guarantee18.慈善公司 charitable corporation19.控股公司 holding corporation; holding company20.公开公司publicly held corporation21.闭锁公司closely held corporation22.公公司 pub1ic company23.私公司 private company24.一人公司one-person company25.一人有限责任公司 one-person company with limited liability26.外国公司的分支机构 branches of foreign company27.公司设立 incorporation28.组织机构 organizational structure29.股权转让 equity transfer30.股份发行 issue of shares31.股份转让 transfer of shares32.股东大会 shareholders general assembly33.公司债券 corporate bonds34.财务 financial affairs35.会计 accounting36.公司合并 merger of companies37.公司分立 division of companies38.增资 increase of capital39.减资 reduction of capital40.公司解散和清算 dissolution and liquidation of company41.企业法人 an enterprise legal person42.名称 name43.住所 domicile44.注册资本 registered capital45.实收资本 actually received capital46.换发营业执照 renew business license47.符合法律规定的条件 meet the conditions provided for by law48.债权 the rights of credit49.债务 the debts50.主要办事机构 main administrative organization51.对……有约束力 have binding force on52.法人资格 the status of a legal person53.公司治理corporation governance54.公司人格corporation personality55.契约contract56.公司法人格否认Disregard of Corporate Personality57.刺破公司面纱Piercing the Corporate Veil58.揭开公司面纱Lifting the veil of the Corporation59.普通合伙general partnership60.有限合伙Limited partnerships61.合伙人partner62.有限责任limited liability63.公司章程articles of association64.注册证书certificate of incorporation articles of incorporation65.发起人的受托义务promoter’s fiduciary obligation66.认购协议 subscription agreement67.既成事实公司de facto corporation68.法律上的公司de jure corporation69.公司设立瑕疵defective incorporation70.受托人义务fiduciary obligation71.结论性证据conclusive evidence72.股份share73.股息dividends74.关联第三方connected third parties75.出资（投资）invest76.股东shareholder77.小股东 minority shareholder78.单个股东individual shareholder79.消极股东passive shareholder80.积极股东active shareholder81.逆向合并 reverse merger82.正向合并forward merger83.股权收购share acquisition84.收购公司acquiring company85.(收购)目标公司target company86.资产收购asset acquisition87.公司责任liability of corporation88.公司结构（组织）corporation structure89.董事director90.高级职员officer91.股东权powers of shareholder92.选任elect93.解任remove94.年会（常会）annual meeting95.兼并merger96.解散dissolution97.自愿解散 voluntary dissolution98.强制解散 involuntary dissolution99.法院解散 judicial dissolution100.清算 liquidation101.董事会 board of directors102.经理 manager103.监事会 board of supervisors104.累计投票权cumulative voting right105.任期term106.董事的延期holdover director107.董事的解除removal of director108.董事会会议directors’ meeting109.公告notice110.法定人数quorum111.少数lower number112.绝对多数super majority113.自己表决present at vote114.多数higher number115.委员会committee116.细则bylaw117.董事长president; the chairman of the board of directors118.执行董事 the executive director119.公司秘书secretary120.股东诉讼shareholders ’action121.股东的信息获取权shareholders’ informational right122.股东的帐簿与记录检查权shareholders’ inspection of books and records 123.公司融资corporation finance124.财务报告financial report125.损益表 income statement126.资产负债表balance sheet127.年度报告annual report128.季度报告quarterly report129.掺水股票watered stock130.许可authorization131.发起人promoter132.营业执照 trade charter; business license133.经营范围business scope134.优先购买权pre-emptive right135.库藏股treasury shares136.受托责任fiduciary duty137.有价证券security138.权益证券equity security139.债务证券debt security140.债券bond141.普通股 common stock142.优先股 preferred stock143.资本capital144.授权且己发行资本authorized and issued capital145.授权资本（名义资本）authorized capital; nominal capital146.己发行资本issued capital147.已缴资本paid—up capital148.待缴资本uncalled capital149.催缴股本 called-up capital150.保留资本reserve capital151.股权资本 equity capital152.借贷资本 loan capital153.声明股本stated capital154.票面价值 par value,缩写为 PV155.无票面价值 no par value 缩写NPV156.法定资本制 legal capital system157.授权资本制 system authorized Capital158.转投资 reinvestment159.资本确定原则prinzipdes festen grund capitals; doctrine of capital determination 160.资本维持原则doctrine of capital maintenance161.资本不变原则Prinzipder Bestandingkedes Grund kapitals; doctrine of unchanging capital162.重组re-classified163.股票再分割sub-divide164.注销cancel165.未发行的股份Unissued capital stock166.注册资本the registered capital167.分配 distribution168.公司登记官the Registrar169.合并股份consolidate170.分割股份divide171.库存股treasure stock172.减资决议a resolution for reducing share capital173.红利股bonus shares174.雇员持股制度an employees’share system175.设立报告incorporators＇report176.资本不足inadequate capitalization177.最低资本额制度grundsatz des mindestgrund kapitals178.商业登记官the commercial Register179.授权资本额the amount of the authorized capital180.创立主义konstruktionsprinzip、Incorporation181.净资产net assets; net worth182.资本盈余 capital surplus183.缴付盈余 paid-in surplus184.减资盈余reduction surplus185.泡沫法案the bubble act186.合股公司法The joint-stock companies Act187.泡沫废止法The Bubble Act Repeal Act188.代理理论Principal-agent Theory189.契约的集合nexus of contracts190.越权行为 ultra vires act191.特许公司中chartered corporation192.优先债权人senior creditor193.次位债权subordinated creditor194.公司治理 corporate governance195.股东之公平对待the equitable treatment of shareholders196.股东之权利the rights of shareholders197.信息揭露及透明性disclosure and transparency198.董事会的责任the responsibilities of the board199.股权代理人proxy200.董事与公司间之交易self-dealing201.动机不纯之公司行为corporate action with mixed motives202.挪用公司或股东财产the taking of corporate or shareholder property 203.代表诉讼 derivative suit204.少数股东权 derivative action205.董事义务与责任 shareholder' right and liability206.买回 repurchase207.交叉持股 cross ownership208.重整 corporate reorganization209.股东会 shareholder meeting210.董事会 board of directors211.独立董事 Independent Director212.内部董事inside director213.公司经理人officer214.外部监察人 outside supervisor215.执行委员会executive committee216.监察委员会audit committee217.报酬委员会remuneration committee218.提名委员会nominating committee219.经营判断原则The Business Judgment Rule220.关系人交易 conflict of interest221.股份收买请求权 appraisal right222.资本不足under capitalization223.未遵守公司形式failure to follow corporate formalities224.公司财务报表、功能、或人员之重叠overlap of corporate records, function or personnel225.资产混淆commingling of assets226.股东之支配能力shareholder domination227.不实陈述misrepresentation228.诈欺fraud229.具有支配权之股东 dominant shareholder230.公司机会corporate opportunity231.无表决权股non-voting share232.多数表决权股 multiple-voting share233.表决权信托voting trust234.认股选择权制度stock option235.新股认购权warrant236.章程(组织)[英]memorandum of association; articles of association[美]articles;bylaws237.公司分割corporate division238.资本收益capital gain239.公司分立spin-off、split-off 及split-up240.模范公司法model business corporation act241.注意义务duty of care242.了解公司业务之义务duty to become informed243.询问义务duty of inquiry244.了解后为决定之义务duty of informed judgment245.监督义务duty of attention246.忠诚义务duty of loyalty247.与公司为合理交易之义务duty of fair dealing248.公司债debenture249.公司债所有者bondholder250.营业执照business license251.承担连带责任assume joint and several liability252.企业改制structural reform253.劳动保护occupational protection254.职业教育和岗位培训vocational education and on-the-job training255.非货币财产non-currency property256.按期足额on schedule and in full257.验资证明capital verification certificates258.出资证明书investment certificates259.关联关系affiliated relations260.资本公积金capital surplus fund261.法定公积金statutory surplus fund262.任意公积金discretionary surplus fund263.记名股票registered shares264.无记名股票bearer shares265.招股说明书prospectus266.认股书subscription form267.国有资产监督管理机构State-owned assets regulatory institution 268.抽逃出资secretly withdraw capital contributions269.经营方针operational policy。
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BusinessWeek “The rocket fuel that sent the financial sector soaring into the stratosphere [where it ultimately exploded ] was excessive executive compensation, which rewarded the churning of paper and risk-taking rather than the creation of sustained economic value and risk-management.” (Jan. 7, 2009, Principles for reforming executive pay)
2
Efficiency wage (Levin 2003, Fuchs 2007)
The Principal pays a fixed wage. But the Agent only receives part of the wage with the balance destroyed when evaluation is bad.
Contract
1/19
nly 1–5% of US workers receive performance pay in the form of piece rate and commissions (McLeod and Parent 1999) More common are incentives (e.g., bonus, promotion and termination) that are based on subjective evaluations and embedded in a long-term relationship.
The Principal pays a bonus when he thinks performance is good.
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
The Principal pays a bonus when he thinks performance is good. The Agent harms the Principal when the Agent thinks the performance is good but the Principal does not pay a bonus.
2
Efficiency wage (Levin 2003, Fuchs 2007)
The Principal pays a fixed wage. But the Agent only receives part of the wage with the balance destroyed when evaluation is bad. Efficiency loss occurs when the Principal receives a bad evaluation.
Optimal efficiency-wage contracts with subjective evaluation
August 11, 2009
Introduction
1
Only 1–5% of US workers receive performance pay in the form of piece rate and commissions (McLeod and Parent 1999)
Contract
2/19
Lessons from the financial crisis
BusinessWeek “The rocket fuel that sent the financial sector soaring into the stratosphere [where it ultimately exploded ] was excessive executive compensation, which rewarded the churning of paper and risk-taking rather than the creation of sustained economic value and risk-management.” (Jan. 7, 2009, Principles for reforming executive pay) UBS has started to use more sensible payment schemes designed to tie awards more closely to long term performance recently. (The Economist, Nov.22, 2008, Finance and Economics: Payback; compensation in finance )
2
Efficiency wage (Levin 2003, Fuchs 2007)
The Principal pays a fixed wage.
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
The Principal pays a bonus when he thinks performance is good. The Agent harms the Principal when the Agent thinks the performance is good but the Principal does not pay a bonus. Efficiency loss occurs when the Principal and Agent disagree on performance.
Contract
3/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
2
Efficiency wage (Levin 2003, Fuchs 2007)
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
The Principal pays a bonus when he thinks performance is good. The Agent harms the Principal when the Agent thinks the performance is good but the Principal does not pay a bonus. Efficiency loss occurs when the Principal and Agent disagree on performance.
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
The Principal pays a bonus when he thinks performance is good. The Agent harms the Principal when the Agent thinks the performance is good but the Principal does not pay a bonus. Efficiency loss occurs when the Principal and Agent disagree on performance.
2
Contract
1/19
Why subjective evaluation
1 2
Hard to separate individual contribution Dysfunctional incentive: rewarding A while hoping for B (Kerr 1975, AMJ)
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
The Principal pays a bonus when he thinks performance is good. The Agent harms the Principal when the Agent thinks the performance is good but the Principal does not pay a bonus. Efficiency loss occurs when the Principal and Agent disagree on performance.
Contract
4/19
Handling the incentive problems
1
Bonus + Sabotage (MacLeod 2003)
The Principal pays a bonus when he thinks performance is good. The Agent harms the Principal when the Agent thinks the performance is good but the Principal does not pay a bonus. Efficiency loss occurs when the Principal and Agent disagree on performance.