Local Government Incentive in China——Based on Moral Hazard Model with Multiple Task

现有的研究较多地关注经济增长方面地方政府组织的协调和激励,较少注意政府组织的多任务性质产生的激励问题。本文基于多任务道德风险模型,分析了中央部委与地方政府权责分配问题。研究发现,若地方政府承担的各项职能存在较大冲突,应该分离其中的职能由中央政府垂直管理;反之,则可以由地方政府承担多项职能。政府机构改革不能仅停留在理清事权、精简机构的层面,要根据各种职能之间的关系来进行权责分配。The existing literature pay more attention to coordination and incentive of local government on economic growth than the nature of the multiple tasks.Based on moral hazard model with multiple tasks,we analyzed the allocation of responsibilities between central ministries and local government.We found that the separation of the tasks between central and local government is more efficient when local government undertake serious conflicting task.Undertaking multitasks by local government is efficient when there are weak conflicting among tasks.The reform of government organization should not only stay on streamline the agency level,it is more important to determine responsibilities based on the relation of multiple tasks.辽宁大学亚洲研究中心的研究资助;国家自然科学基金资助项目“适应主体功能区规划实施的财政转移支付制度设计”(编号:70873099)的阶段性成果之

Toward Performance Evaluation and Bureaucrat Incentives

我国是实行分权治理的国家,地方政府除了承担中央政府授予的计划生育、教育文化和社会稳定职能外,还被授予极大的经济管理权限。分权在中央与地方之间产生了委托代理关系,由于中央政府与地方政府之间目标的不一致以及信息不对称,中央政府要设计激励机制来规范地方政府官员的行为。本文从机制设计的角度,一方面考察了当政绩考核为单一的经济增长指标时,中央政府所采取的激励机制的结果;另一方面,分析了当政绩考核由单一的增长指标变为综合性指标,并且其中一些指标不易准确测量时,政府官员行为的激励扭曲。基于此,得出了地方政府官员激励机制设计的一些原则。China is a decentralized country,where the local governments have widespread economic decision power except for those functions as family planning,education,and social stability.Decentralization results in a principal-agent relationship between the central and local governments.With inconsistent objectives and asymmetric information,the central government needs to design motivation mechanism to regulate local bureaucrats.This article investigates the motivation outcomes where performance is evaluated only by economic growth,and the motivation problems for local bureaucrats where performance is evaluated by comprehensive indicators.We thus obtain some principles for the design of motivation mechanism.国家自然科学基金项目(项目批准号:70873099

Participants, Purposes and Timing Behavior of Private Placements

孙健,中央财经大学会计学院副教授;吕璠,北京经济社会可持续发展基地研究助理;佟岩,北京理工大学管理与经济学院教授,北京经济社会可持续发展研究基地成员。【中文摘要】定向增发已成为我国资本市场中股权再融资的主流方式,定向增发预案公告的时机选择对参与定向增发的各利益方有着深远的意义。通过考察2006——2015年成功实施定向增发的A股上市公司预案公告择时行为,研究发现:(1)以项目融资为目的的定向增发倾向于选择较低预案价格;以整体上市为目的的定向增发没有显著的择时行为。(2)大股东参与以项目融资为目的的定向增发,预案公告的择时行为更加明显。(3)以项目融资为目的的定向增发,大股东认购比例越大,择时动机越弱。(4)大股东以现金方式认购新股时,更倾向于降低预案价格。研究表明定向增发预案公告择时行为受定向增发对象和目的的影响,这为上市公司、监管层以及投资者更好地评估定向增发行为提供了经验证据。 【Abstract】 We examine the relationship between participants, purposes and timing behavior of private placements in the period of 2006——2015. The results show that there is (1) more timing behavior and lower prices in private placements aiming at project financing; (2) more timing behavior in private placements when controlling shareholders take part in the placements; (3) less timing behavior when controlling shareholders subscribed more new stock in private placements; and (4) more timing behavior when controlling shareholders subscribed with cash. The results confirm that the participants and purpose of private placements indeed have impacts on timing behavior, which provide empirical evidence for the management, regulators and investors to better assess the private placement behavior.国家自然科学基金面上项目“反向收购整体上市的动机、路径与经济后果”(71372015);国家自然科学基金面上项目“创新驱动型并购的影响因素与经济后果研究”(71672007);国家自然科学基金面上项目“预算管理程序公平:决定因素与影响后果”(71672208);全国会计领军(后备)人才(学术类)培养项目

LIF: A new Kriging based learning function and its application to structural reliability analysis

The main task of structural reliability analysis is to estimate failure probability of a studied structure taking randomness of input variables into account. To consider structural behavior practically, numerical models become more and more complicated and time-consuming, which increases the difficulty of reliability analysis. Therefore, sequential strategies of design of experiment (DoE) are raised. In this research, a new learning function, named least improvement function (LIF), is proposed to update DoE of Kriging based reliability analysis method. LIF values how much the accuracy of estimated failure probability will be improved if adding a given point into DoE. It takes both statistical information provided by the Kriging model and the joint probability density function of input variables into account, which is the most important difference from the existing learning functions. Maximum point of LIF is approximately determined with Markov Chain Monte Carlo(MCMC) simulation. A new reliability analysis method is developed based on the Kriging model, in which LIF, MCMC and Monte Carlo(MC) simulation are employed. Three examples are analyzed. Results show that LIF and the new method proposed in this research are very efficient when dealing with nonlinear performance function, small probability, complicated limit state and engineering problems with high dimension. (C) 2016 Elsevier Ltd. All rights reserved.</p

27-Hydroxycholesterol suppresses lipid accumulation by down-regulating lipogenic and adipogenic gene expression in 3T3-L1 cells

Cholesterol oxidation products (oxycholesterols) are produced from cholesterol by automatic and/or enzymatic oxidation of the steroidal backbone and side-chain. Oxycholesterols are present in plasma and serum, suggesting that oxycholesterols are related to the development and progression of various diseases. However, limited information is available about the absolute amounts of oxycholesterols in organs and tissues, and the physiological significance of oxycholesterols in the body. In the present study, we quantified the levels of 13 oxycholesterols in white adipose tissue (WAT) of mice and then evaluated correlations between each oxycholesterol level and WAT weight. The sum of the levels of 13 oxycholesterols in WAT (white adipose tissue) was 15.9 ± 3.4 μg/g of WAT weight and approximately 1 % of cholesterol level. Among oxycholesterols, the levels of 27-hydroxycholesterol (27-OH), an endogenous oxycholesterol produced by enzymatic oxidation, and the relative WAT weights were significantly negatively correlated. Next, we evaluated the effects of 27-OH on lipogenesis and adipogenesis in 3T3-L1 cells. TO901317 (TO), a potent and selective agonist for LXRα, significantly increased intracellular TAG contents, while 27-OH significantly reduced the contents to half when compared with control (DMSO) and completely abolished the effect of TO. In addition, 27-OH significantly reduced the mRNA levels of lipogenic (LXRα and FAS) and adipogenic genes (PPARγ and aP2) during adipocyte maturation of 3T3-L1 cells. In conclusion, our results indicate that 27-OH suppresses lipid accumulation by down-regulating lipogenic and adipogenic gene expression in 3T3-L1 cells