创业型企业的成长:基于企业家团队资本的实证研究

本文基于企业家团队资本构建了一个创业型企业成长模型,即"企业家团队资本—组织能力—经济环境—创业企业成长",并以我国402家IPO上市企业为研究对象,从企业家团队资本、组织能力的单因素、综合因素以及它们的相互作用3个方面,进行了实证分析,检验结果表明:(1)企业家团队的抱负水平与创业企业的成长存在正相关关系,尤其是年龄和在位时间的影响非常显著;(2)企业家团队的决策能力促进了创业型企业的成长,尤其是企业家教育水平的积极作用非常明显;(3)企业家团队的异质性对创业企业的影响作用并不大,但团队成员之间持股的差异性将有助于改进企业绩效;(4)企业家团队资本的综合指标ETC与创业企业成长存在显著的稳健的正相关关系,并且ETC与创业型企业的组织能力之间存在显著的互补关系,即在组织能力较强的制度环境下,企业家团队资本所发挥的功能更加明显。     

创新水平差异对融资方式选择影响——基于风险资本与银行债务资本的比较研究

本文通过构建一个模型分析了在存在双重道德风险的情况下,项目的创新水平对企业家选择融资方式的影响,研究认为在较低的创新水平下企业家将会选择银行债务融资;较高的创新水平企业家将会选择风险资本融资。模型进一步分析了创新水平对风险资本融资融资契约中风险资本家股权份额分配的影响,研究认为创新水平的增加将会引起风险资本家股权份额的增加。     

企业人力资本定价的博弈论与系统动力学分析

人力资本定价是人力资本理论的核心问题,在一系列假设的基础上,运用系统动力学原理构建人力资本定价对企业合约牢固度的影响模型,运用博弈论对该模型进行静态和动态的分析.结果表明,当人力资本定价使人力资本与非人力资本对各自的投资回报率均满意时,企业合约才是牢固的;当双方只有一方满意时,随着博弈次数的增加,双方会趋向均满意或均不满意.对假设进行了修正分析,得到人力资本合理定价应当遵循的三大原则,即双赢原则和间接、多次、动态原则以及鼓励再投资原则.     

基于控制权利益的企业并购支付合约选择模型

构建了企业并购支付合约选择理论模型,从并购方控股股东角度出发考察在有控制权利益的情形下,企业对不同支付合约的偏好,包括现金、股票和现金加股票3种合约形式.研究发现,控制权利益的存在可以获得一个现金加股票的最优合约均衡解.在此基础上,模型分析了并购方控股股东持股比例、股权制衡度、目标方股权集中度、相对交易规模和行业关联度对并购企业合约选择偏好产生的影响:一方面,并购方控股股东出于对当前控制权利益的保护,对现金支付合约有明显偏好;另一方面,并购方出于对未来风险的规避,对股票支付合约有明显偏好.模型结论弥补了仅从实证角度研究的不足.     

高新技术—创业资本系统的创生过程分析——毁损解策略情形

从系统论角度研究高新技术产业与创业资本产业的相互依赖、相互制约、相互促进的互动关系是十分必要的。从微观视角来看,可以把由高新技术创业企业(企业家)、创业资本家和创业资本组成的系统称为高新技术—创业资本系统。而创生是高新技术—创业资本(HTVC)系统演化的始点,实际上就是企业家与创业资本家互相寻找的过程。在模型假设条件下,尽管企业家采取对抗解策略,但是若至少存在一创业资本家采取毁损解策略,那么HTVC系统肯定不能创生。     

产品服务升级下的契约设计与战略库存策略研究

零售企业进行升级产品服务的一个重要策略就是打造自有品牌。在考虑零售商拥有自有品牌以及具有战略库存能力的基础上,构建了两阶段博弈模型,得到了零售商和制造商在动态定价合约和价格承诺合约下的最优决策,探讨了自有品牌引入下供应链的最优契约设计。研究结果表明：当且仅当制造商的库存持有成本和自有品牌质量较低时,零售商才会在动态定价合约下持有战略库存。自有品牌对零售商的战略库存行为产生了抑制作用,自有品牌质量越高,战略库存水平越低。制造商更倾向于采用动态定价合约而零售商偏好价格承诺合约则仅出现在自有品牌的质量相对较低且库存持有成本处于中等水平的情况下;整体供应链对合约的倾向受到库存持有成本和自有品牌质量的双重影响;当零售商可选择最优的定价合约时,提高自有品牌质量不一定对制造商有害。     

基于Stackelberg博弈的风险项目投资水平分析

在风险项目以债权-股权相结合的融资工具的假定上,引入融资合约中常用的"激励因子",分别建立风险投资家和企业家的支付函数,从而构建了斯坦克尔伯格(Stackelberg)博弈模型;然后用逆向归纳法分析Stackelberg模型,讨论了作为领导者的企业家的自有资本和"激励因子"对作为跟随者的风险投资家的总投资水平及资本结构的影响;并在此基础上分析了企业家的均衡投资决策,进而给出了企业家为激励风险投资家而需提供自有资本水平的必要条件,从而解决了企业家对风险投资家的激励问题.通过研究发现:风险投资家的总投资水平由债权"激励因子"和其边际投资机会成本决定,而股权投资水平由其绝对风险厌恶因子、主观收益率的参数以及"激励因子"决定.尽管假定风险投资家较企业家风险厌恶,但是后者可以通过激励前者,使前者对于风险项目前景较后者乐观.     

基于创业团队先前经验的新技术企业市场进入战略选择研究

基于社会认知和战略选择等理论知识,探讨创业团队先前经验构成特征与进入战略创新性的逻辑关系,并探索技术独享性和环境宽松性对团队决策的影响。基于随机抽样的问卷调研方法,利用150份新技术企业样本进行实证分析。研究结果表明,新技术企业初始战略来源于创业团队基于先前经验而达成的集体认知决策,技术导向型团队倾向于通过产品或服务的创新进入市场,而市场导向型的团队则会竭力从交易结构的创新入手,兼顾技术和市场导向的团队,虽然拥有多元化的认知模式,却没能迸发出应有的创造力。技术独享性在创业团队经验构成与进入战略创新性之间发挥正向调节作用,但没有改变团队成员固有认知模式;环境宽松性改变了创业团队在选择市场进入战略时的关注点,当环境较为宽松时,技术导向型和市场导向型的创业团队都呈现出对产品或服务创新的忽视,而加大了在交易结构上谋求创新的力度。     

运营滞后与信用担保互换下的项目投资决策模型

在项目投资面临运营滞后以及债务融资约束的情形下,基于实物期权框架构建了企业家签订信用担保互换契约的两阶段投资决策模型。运用动态规划以及均衡定价方法,给出了企业家股权及期权价值的显示表达,得到了两个阶段担保成本满足的代数方程,并进一步分析了运营滞后和信用担保下企业家的最优投资决策问题。数值结果表明：外部运营时滞会提高杠杆率,导致企业家提前投资,同时会提高企业家第一阶段债务融资的担保成本,但会降低第二阶段债务融资的担保成本;随第一阶段投资额度逐渐增大,企业家的最优投资水平呈U型变化,第一阶段债务融资时的担保成本单调递减,而第二段债务融资时的担保成本呈现倒U型;企业家两个阶段的融资缺口对项目最优投资水平、最优破产水平以及担保成本有显著影响。     

高管团队要素对公司企业家精神的影响机制研究——基于长三角民营中小高科技企业的实证分析*

公司企业家精神越来越多地被认为是企业在动荡不确定环境下取得竞争优势的重要因素.虽然很多学者认为高管团队对公司企业家精神有重要影响,但很少有实证研究针对高管团队哪些具体特征及这些特征如何影响公司企业家精神给出结果,在转型经济中类似研.究更是缺乏.本文基于Hambrick高管团队五要素的框架,以长三角七个国家级高新技术开发区220家民营中小高科技企业为被试对象,对高管团队各要素以及要素组合对公司企业家精神的作用机制进行实证研究.结果表明,高管团队首席执行官变革型领导行为、高管团队冒险倾向、行为整合、长期激励报酬以及责任分散都对公司企业家精神有显著的促进作用;而且高管团队长期激励报酬还与冒险倾向和行为整合有交互作用.     

Power,authority and legitimacy

Management, human resources, organization, control, leadership, etc., all seem to be just so many euphemisms for power, and this suggests a discourse of management and organization that calls things by their proper name. This paper on the contrary stresses the need to resolve the concept of ‘power’ itself into more differentiated notions, and proposes that clarification may be derived from distinctions once explicit in the vocabulary of Classical antiquity, but lost in modern European languages. It argues that nothing but confusion in thinking about organizations, management and legitimation can result from the failure to recognize that the phenomena this vocabulary identifies and distinguishes are irreducibly different.     

Criteria for selecting a production control philosophy

Logistic objectives constitute a compromise between having short leadtimes and a low volume of work in progress on the one hand and a high resource loading and due date obligation on the other. Miscellaneous production planning approaches offered today provide different combinations of logistic objectives for satisfying a manufacturing strategy. To combine the strength of the various approaches into a unified system, a new approach based on a dynamic and distributed production planning methodology is proposed. To customize the approach, various analyses and specifications have to be made and for that reason some important characteristics and criteria for analysing production control philosophies will be given.     

The social construction of the meaning of acute stressors: a qualitative study of the personal accounts of police officers using a stress counselling service

The police profession is one in which acute stressors are encountered more frequently than in other occupations. Using the personal accounts of 35 police officers attending an in-house stress counselling clinic, the aim of the present study was to provide a qualitative examination of how the institutional context of policing influenced the ways in which acute stressors signified to individual police officers experiencing felt distress. Using the framework of Rational Emotive Behaviour Therapy as an analytical tool, it is argued that beliefs contributing to the experience of felt distress are related to the way in which policing as both an identity and an activity is constructed through the police organizational culture. Not only do these constructions influence the ways in which officers perceive themselves and their environments, but they also operate at the collective level to 'normalize' some emotional responses and to 'pathologize' others which, it is argued, could impact upon the outcomes of interventions such as stress counselling.     

The moderating role of social support in Karasek's job strain model

This paper examines whether social support is a boundary-determining criterion in the job strain model of Karasek (1979). The particular focus is the extent to which different sources of social support, work overload and task control influence job satisfaction, depersonalization and supervisor assessments of work performance. Hypotheses are tested using prospective survey data from 80 clerical staff in a university setting. Results revealed 3-way interactions among levels of support (supervisor, co-worker, non-work), perceived task control and work overload on levels of work performance and employee adjustment (self-report). After controlling for levels of negative affect in all analyses, there was evidence that high levels of supervisor support mitigated against the negative effects of high strain jobs on levels of job satisfaction and reduced reported levels of depersonalization. Moreover, high levels of non-work support and co-worker support also mitigated against the negative effects of high strain jobs on levels of work performance. The results are discussed in terms of the importance of social support networks both at, and beyond, the work context.     

Job insecurity, coping resources and personality dispositions in occupational strain

This paper presents research on the relationships between the work-related stressor of perceived job insecurity and various indicators of occupational strain, taking into account employees' personality dispositions (trait negative and positive affectivity) and coping resources. Respondents were 222 Australian public servants surveyed during organizational restructuring that involved downsizing and threat to job certainty. The research was formulated within an adaptation of Osipow, Doty, and Spokane's (1985) framework of stress-strain-coping that included the possible direct as well as moderating effects of personality dispositions in reporting occupational strain (Parkes, 1990). Findings from hierarchical regression analyses indicate consistent significant independent effects of personality dispositions, coping resources and perceived job insecurity on various indicators of strain. There was also support for the moderating roles of negative affectivity and self-care in the relation between perceived job insecurity and physical strain. Implications for the role of dispositional factors, especially negative affectivity, and the utility of various coping resources in accounting for occupational strain in times of threatened job security are discussed.     

Job stress, job strain, and psychological withdrawal among Dutch university staff: towards a dualprocess model for the effects of occupational stress

This study examined the antecedents of job strain (emotional exhaustion, health complaints) and withdrawal behaviour (e.g. lowered organizational commitment) among a cross-sectional sample of 131 academic staff members of the law department of a large Dutch university. Conservation of resources theory (Hobfoll, 1989) provided the theoretical background for this study. Strains and withdrawal behaviours were expected to be most prominent among those who reported having few resources and/or who reported high job demands. Structural equation modelling revealed that this was indeed the case. As predicted, differential patterns of effects emerged for job demands and job resources. Analysis of the effects of four job-specific stressors revealed that especially the structural aspects of a staff member's teaching task (e.g. the number of students in their classes) contributed strongly to perceived job demands. Theoretical and practical implications of the study are discussed.     

Dermal Uptake of 18 Dilute Aqueous Chemicals: In Vivo Disappearance‐Method Measures Greatly Exceed In Vitro‐Based Predictions

Average rates of total dermal uptake (K_up) from short‐term (e.g., bathing) contact with dilute aqueous organic chemicals (DAOCs) are typically estimated from steady‐state in vitro diffusion‐cell measures of chemical permeability (K_p) through skin into receptor solution. Widely used (“PCR‐vitro”) methods estimate K_up by applying diffusion theory to increase K_p predictions made by a physico‐chemical regression (PCR) model that was fit to a large set of K_p measures. Here, K_up predictions for 18 DAOCs made by three PCR‐vitro models (EPA, NIOSH, and MH) were compared to previous in vivo measures obtained by methods unlikely to underestimate K_up. A new PCR model fit to all 18 measures is accurate to within approximately threefold (r = 0.91, p < 10^?5), but the PCR‐vitro predictions (r > 0.63) all tend to underestimate the K_up measures by mean factors (UF, and p value for testing UF = 1) of 10 (EPA, p < 10^?6), 11 (NIOSH, p < 10^?8), and 6.2 (MH, p = 0.018). For all three PCR‐vitro models, log(UF) correlates negatively with molecular weight (r² = 0.31 to 0.84, p = 0.017 to < 10^?6) but not with log(vapor pressure) as an additional predictor (p > 0.05), so vapor pressure appears not to explain the significant in vivo/PCR‐vitro discrepancy. Until this discrepancy is explained, careful in vivo measures of K_up should be obtained for more chemicals, the expanded in vivo database should be compared to in vitro‐based predictions, and in vivo data should be considered in assessing aqueous dermal exposure and its uncertainty.     

Systems Resilience for Multihazard Environments: Definition,Metrics, and Valuation for Decision Making

The United Nations Office for Disaster Risk Reduction reported that the 2011 natural disasters, including the earthquake and tsunami that struck Japan, resulted in $366 billion in direct damages and 29,782 fatalities worldwide. Storms and floods accounted for up to 70% of the 302 natural disasters worldwide in 2011, with earthquakes producing the greatest number of fatalities. Average annual losses in the United States amount to about $55 billion. Enhancing community and system resilience could lead to massive savings through risk reduction and expeditious recovery. The rational management of such reduction and recovery is facilitated by an appropriate definition of resilience and associated metrics. In this article, a resilience definition is provided that meets a set of requirements with clear relationships to the metrics of the relevant abstract notions of reliability and risk. Those metrics also meet logically consistent requirements drawn from measure theory, and provide a sound basis for the development of effective decision‐making tools for multihazard environments. Improving the resiliency of a system to meet target levels requires the examination of system enhancement alternatives in economic terms, within a decision‐making framework. Relevant decision analysis methods would typically require the examination of resilience based on its valuation by society at large. The article provides methods for valuation and benefit‐cost analysis based on concepts from risk analysis and management.     

UNIX系统性能监控简述及shell系统资源统计程序

本文简要阐述了unix系统中(主要以IBM的AIX为例)进行系统性能管理的几种命令行工具,并通过编写shell实例程序,运用其中提到的工具实现系统资源利用率的统计程序,为做好unix系统管理和调优提供参考.