知识经济与企业经营策略(1)

1知识经济与企业经营策略主講人:薛琦院長台灣金融研訓院中華民國八十九年九月六日2TheNewEconomyOutline•Theneweconomy-theU.S.model•Theenginesofgrowth-capital,labor,technology•Thecapitalmarket•Thelabormarket•Technology3•Morethan20millionnewjobscreatedsinceJanuary1993•Lowestunemploymentratesince1969•Lowestcoreinflationratesince1965•Lowestpovertyratesince1979•Risingproductivity•Significantgainsallacrosstheincomedistribution•Federalbudgetinsurplusfor2yearsinarowafternearlythreedecadesofdeficitsTheNewEconomy:Record-BreakingExpansionintheU.S.45CouncilofEconomicAdvisors,2000EconomicReporttothePresident.6TheEnginesofGrowthOutputQ=f(K,L,T)•Pro-investmentpolicies•Education,skills,andworkincentives•Informationandothertechnology•Competitionandtrade7NewLaborMarket:SharedCapitalistModelofWorkandWelfarePrincipleFeatures•Linkingpaytocompanyperformance•Linkingsocialbenefitstowork•Individualizes/privatizesrightsandbenefits8NewlaborMarket:StrengthsImprovesefficiency•Greaterincentivetoworkandworkefficiently•Alignsemployeeandemployerfinancialinterest•Decentralizesenforcementoflaborlaws(disputeresolutionthroughprivatearbitratorsorindividualcourts)•Helpsextendfullemployment(lowerunemploymentrateandwageinflation)9NewLaborMarket:WeaknessLessinsuranceagainstrisk•Shiftssomeriskfromcapitaltolabor•Workers’financialwell-beingmoredependentontheindividualfirmandlessonoverallmarketconditionswiderdispersionofpayandconditionsofwork•Lowersocialsafetynetfortheunemployed•Lesssupportforworkersinarecession10Newv.s.OldWorkArrangementsOldNewWagesFixedhourly/monthlypayVariablecompensationrelatedtoprofits/stockownershipRegulationsStatecommand/controlAlternativedisputeresolutionsystemsDecisionsHierarchicalbossEmployeeinvolvement/teams11Newv.s.OldWelfareArrangementsOldNewWelfareStatesafetynetforjoblessBenefitstiedtoworkRetirementSocialsecurity/privatedefinedbenefitsDefinedcontributionEducationStateprovidedschoolingLoans;Vouchers12SharedCompensationSystem-LinkingPaytoGrouporCompanyPerformance1.STOCKOWNERSHIPPROGRAMofprivatenonagriculturalworkforce25%EmployeeStockOwnershipPlans(ESOP)8%AllEmployeeStockOptionPlans8%Opportunitytobuycompanystockatdiscount10%2.PROFIT-GAINSHARING25%3.DEFINEDCONTRIBUTIONPLANSWithsizableamountincompanystock11%ANYCOMPENSATIONSTRUCTURENationalcomposite45%WRPS54%13BenefitsunderDifferentWorkScenariosHealthInsurancePaidbyGovernment(1996US$)Medicare1986SingleParent,NoWork8,459YesSingleParent,Work*10,464No1997SingleParent,NoWork7,501YesSingleParent,Work*14,630Childrenunder15*Singleparentworksfull-timeatminimumwage.14…moderneconomicgrowthcouldbestbeviewedasaprocessbasedonachangewhichraisesgreatlythestockoftechnologicalandsocialknowledge…Whenthe…knowledgeisused,itbecomesthesourceof..increaseinoutputandstructuralshiftsthatcharacterizemoderneconomies.SimonKuznetsModernEconomicGrowth-Rate,StructureandSpread,19961516•CapitaldeepeningCapitaldeepeningaccountsfor1.53percentagepointsofannuallaborproductivitygrowthduringthe1995-99period.•RoleoftechnologyProductivitygrowthintheproductionofcomputerscontributesdirectlytooverallproductivity.WhathasContributedtoLaborProductivityGrowth17181920