1. Title: Social Capital, Law Protection of Minority Investors and IPO Underpricing
Author(s): Shaojun Xu Xuejun Jin
Abstract:This paper drew two variables as law’s enforcement and social capital into the analysis of the relationship between law protection of minority investors and IPO underpricing. And the results showed that there was a negative relationship between law and IPO underpricing, while after controlling other variables, there was no significant influence, while law’s enforcement and social capital had showed robust results as their negative influence on IPO underpricing. So this paper suggests that we should not only realize the importance of law, but also its enforcement and other informal governance mechanisms such as social capital, which may be more important in China.
Key words: IPO Underpricing Social Capital Law Protection of Minority Investors
JEL Classifications:G320 K220 Z100
2.Title: Senior Employeesc Salary, Enterprise performance, and Equilibrium of Manager's Market
Author(s):Wenge Liu Fangzhao Zhou
Abstract:Manager's reward has not only the effect stimulating a manager to work hard , fairly but also promote manager marketplace balance. That is , the manager with high capability should be payed highly. On the base, we design a simple model. But our conclusion is got under being condition simplifying considerably, is that state-owned enterprise can cost less reward being able to gain the director of high ability right. In other words, we can not say that the capability of the manager in state-owned enterprises is higher than the capability in private enterprises. We analysize the others payoff effect on the managers after researching the performance of enterprise. If the messages that the enterprises asset the ability of managers are right, then the rewards of the managers should be a function of the degree of performence sensitivity and the others benefit of enterprise.
Keywords:manager's reward；manager's ability；enterprise performance
JEL Classifications: M10 M12 M52
3.Title: The Entrepreneurial process in Perspective of Comparative Institutional Dynamics
Abstract：Entrepreneurial process has been the focus for new venture research. Different schools research entrepreneurial process in different perspectives. However many findings have backgrounds of mature market economy. In this paper, on the basis of comparative institutional methods and hypothesis of institutional dynamics, we analysis the impact of different institutional arrangement on entrepreneurs. We also try to describe the strategic role of entrepreneurs on the basis of their reacticity to outsider influences. Finally, the paper set up normative framework about institutional dynamics and venture creations to draw the outline of entrepreneurial theory in transition economy.
Key Words：Comparative institution； institutional dynamics；entrepreneurial process；strategic role
JELClassifications：D02，O17，M21
4．Title:An Integration of Contract Theory and Capabilities Theory：A Quest for the Nature of the Firm
Abstract: This article examines the relevant problems of the nature of the firm based on the integration of contract theory and capability theory. And the research believes that the nature of the firm lies in the unity of productivity and contractility, and the firm, as the intermediate organization between market and society, through the social function supported by contractility ---internal organization and reallocation of economic fruits,
