none

This paper investigates the role of foreign competition and regional unemployment in influencing privatization policy for domestic firms. With a general model specifying the existence of foreign competition and regional unemployment, we find a negative relationship between presence of foreign competition and state ownership of the domestic firm within the same sector. We also find a positive relationship between unemployment rate in a region and state ownership of the domestic firm in the same region. Econometric analysis for China supports the theoretical findings.

No description available.

none

This dissertation explores the issues of mixed oligopoly, restructuring, and M&A that occurs in turn on the stages of policy set-up, preparation, and performing when the government attempt to privatize the state-owned enterprises (SOEs). On the policy set-up stage, private firms in domestic market are not necessary confined to originate at home country. Foreign private firms may establish an oversea subsidiary and create a mixed oligopoly market structure at home country. In addition, those foreign private firms may not passively accept all the trade policies that came from the government decision of home country. Mixed oligopoly competition between one domestic public firm and one subsidiary of foreign private firm is been formulated to investigate the following questions: (1) how the agents compete under the cases that home country government adopts policies such as corporate tax rate, repatriation tax rate, and partial offering public stocks; and the foreign private firm implements strategies such as vertical integration and transfer pricing; (2) the impact on social welfare and the decision of optimal public stock-offering ratio while home country government¡¦s policies and foreign private firm¡¦s strategies have changed. New findings include (1) Home country government can not maximize social welfare by simply adopting strategic policies; (2) For home country government, the best strategy for privatizing SOEs maybe partial privatization; (3) For home country government, ¡§mass privatization¡¨ should be avoided as the means of manipulating domestic market shares. On the preparation stage, an incentive scheme model is designed to analyze the governance mechanism for improving SOEs¡¦ situation. First, different types of SOEs are classified according to their own ability and the employees¡¦ attitude for privatization. By offering a sound device of incentive scheme, the government is able to strengthen the SOEs¡¦ ability and employees¡¦ desirability. Within a one-stage symmetric information game framwork, it proves that SOEs with high ability and their employees with high privatization desirability can implement the highest amount of public stock offering ratio. Next, it utilizes a two-stage asymmetric game model for discussing how to improve the SOEs¡¦ ability and how to encourage the employees to support privatization. By providing an incentive contract, the government not only can coerce the SOEs but also can inspire their employees to reveal their true information. The due process of public stock offering is able to strengthen the abilities of SOEs via ¡§restructuring¡¨ on the one hand, and to facilitate the issue of ¡§training subsidies¡¨ for hatching the entrepreneurship of employees on the other hand. Finally, it investigates the impact on public stock offering ratio for the amount of specific grants, and found that the more generosity of incentive contract, the higher the public stock offering ratio. On the performing stage, it adopts the incentive theorem to analyze the outcome of SOEs¡¦ privatization by inviting a named firm. The named firm takes over the SOEs through M&A for the purpose of long-term operation. In order to encourage the employees of the privatized company working more aggressively, the named firm comes up incentive schemes including bonus-sharing and Employees Stock Ownership Plan, ESOP. It found that whether there exists information asymmetry or not between the named firm and the employees of the privatized company will affect the following decision-makings: the level of the employees¡¦ effort, the willingness of the employees¡¦ stock-holding, and the achievement of the named firm¡¦s profit maximizing objective. In particular, it shows that the change of the contents of the incentive schemes will affect the bargaining outcomes between the named firm and the trade union of the SOEs on the issue of working conditions after privatization.

近期關於組織目標的研究指出，傳統以營利為目的的公司，隨著政府與大眾對於社會議題的日益關注而開始履行企業社會責任；另一方面，傳統以解決社會問題為目的的非營利組織，為了處理資金問題而開始從事營利行為。因為營利與非營利組織的分界開始模糊，各種混合型態的組織跟著出現，構成了一個組織目標的光譜。然而，這個概念上的目標光譜並不容易呈現，目前針對社會價值的創造(Social Value Creation，簡稱SVC)在量化上的分析成果亦有限。本研究從產業經濟學的混合寡占理論出發，提出一個「SVC投資市場」以衡量組織對於社會價值的重視程度，並使用觀察到的資料描繪出SVC投資市場中的需求。再透過組織目標函數的設定以及在市場中競爭的結果，推估組織考量社會價值的比重，找出組織在目標光譜中的位置。本研究針對台灣上市公司的企業社會責任報告書資料以及財報資料進行分析後發現，目前台灣上市公司的消費者並不太重視公司的SVC活動。政府若欲提升公司對於SVC的重視程度，可以嘗試藉由改變消費者的購買決策來影響公司的目標決策。

本論文為關於營利與非營利機構之營運管理策略之兩篇理論性質的文章。 第一篇文章旨在探討營利機構之實質盈餘管理策略。本研究檢驗在產品市場競爭下，公司如何透過實質盈餘管理策略來滿足盈餘目標之要求以及公司之實質盈餘管理動機會如何影響市場競爭對手之行為。本文考慮一個兩期非合作之R&D競爭寡占模型。本文假設存在資訊不對稱；具有私人資訊的廠商為追求獲利最大亦或追求盈餘目標達成兩種類型。本文透過完美貝氏均衡 (perfect Bayesian equilibrium) 解出分離均衡 (separating equilibrium) 與混和均衡 (hybrid equilibrium)。 本研究指出追求獲利最大類型之廠商可以藉由影響競爭對手之猜測來進一步左右追求盈餘目標達成類型之目標達成之可能性。在分離均衡中，當外在成本衝擊未超過預期時，追求獲利最大類型之廠商無誘因藉由R&D 投資水準之提升來規避負向成本衝擊以影響市場對手猜測並且進一步提升其產品市場競爭力。因此，追求盈餘目標達成類型之盈餘目標無法達成。 在混和均衡中，當外在成本衝擊超過預期時，追求獲利最大類型之廠商有誘因採取混合策略以誤導市場對手之猜測;該類型之廠商可以藉由部分模仿盈餘目標達成類型之R&D 投資策略以混淆競爭對手之信念並且提升其產品產出、獲利水準。在此，追求盈餘目標達成類型之盈餘目標能夠達成。本研究之結果有別於傳統R&D盈餘管理實證文獻中，公司內部當局有誘因透過R&D支出的減少用以滿足公司短期之盈餘目標 (Barber et. al., 1991; Bushee, 1998; Graham, 2005) 。本研究指出公司可以藉由R&D 投資水準之提升，以創造“cookie jar” 並且有助於公司獲利提升與盈餘目標之達成。此外，本研究與盈餘奇異現象之實證研究 (earnings kinky) 結論一致: 公司可以藉由盈餘管理策略來達成盈餘目標，但是盈餘目標之達成不盡然是透過盈餘管理策略 (Dechow, Richardson and Tuna, 2003)。 第二篇文章旨在探討非營利機構提供非獲利性質服務之策略性之影響。本研究指出非獲利性質服務之提供不僅有助於非營利機構於獲利性質服務之競爭優勢的提升，相對於營利機構。當所有權與經營權分離時，若市場需求彈性為不具彈性時，非獲利性質服務之提供對非營利機構之經理人而言，可以做為一個策略工具藉以促使該機構之所有人提供一個於獲利部分過分補償之薪酬水準。此外，隨著非獲利性質服務之外生價格的提升，當非營利性質服務之外生價格的提升對於非營利機構之所有人與經理人利益衝突影響之間接效果大於對獲利性質服務價格影響之直接效果時，非營利機構之所有人仍然會提供一個獲利部分過分補償之薪酬水準。這會有助於非營利機構於獲利性質服務之競爭優勢的提升。 / This dissertation consists of two theoretical studies on the operation strategies of for-profit and non-profit firms. Chapter 1 addresses how firms use real earnings management to meet or beat their earnings targets, and how this influences sequential product market competition. We study this issue in a two-period non-cooperative R&D competition with one-sided asymmetric information in which the informed firm could be either the maximizing type or the target-meeting type (or target-beating). We show that the maximizing type of the informed firm’s R&D investment level could influence rival firm’s conjecture about the informed firm’s type which in term affects the success of meeting or beating the target for the target-meeting type of the informed firm. We find that the privately informed firm can increase its R&D investment in the first period to meet or beat the earnings target. This can help the firm increase profits in a sequential product market competition. More precisely, once the cost uncertainty realized is realized to exceed expectations, the maximizing type of the informed firm could hide its identity by adopting a mixed strategy and setting its R&D investment and output level higher than in the separating equilibrium. Contrary to popular claims that meeting or beating short earnings targets induces an R&D investment reduction (Barber et. al., 1991; Bushee, 1998; Graham, 2005), we show that R&D overinvestment can give an opportunity to create some reserves, i.e., a cookie jar, to be used later to earn a higher profit and reach later targets. Our result is also supporting the observation of firms meeting or beating the earnings target, but not necessarily using earnings management (Dechow, Richardson and Tuna, 2003). Chapter 2 shows that the provision of not-for profit service would not only give not-for-profit organizations a competitive advantage over for-profit organizations. Under the separation of control and ownership, we illustrate that once market demand is inelastic, the provision of not-for-profit service serves as a strategic device for the manager of a not-for-profit organization and thus induces the owner of a not-for-profit organization to overcompensate his manager regarding the margin of profit. Moreover, as the regulated price of not-for-profit service increases, a not-for-profit organization could still over-compensate his manager in regard to profit, when the indirect effect on increasing preference difference between the owner and manager of the not-for-profit organization dominates the direct effect on market price. Thus, a not-for-profit organization could charge more in for-profit service.