The triggers of local and distant search: Relative magnitude and persistence in explaining acquisition relatedness

Research on problemistic search has assumed negative attainment discrepancy to be the trigger of both local and distant search. Extending this research, we present and compare two additional triggers: (1) relative attainment discrepancy, which reflects how much a firm's attainment discrepancy deviates from its past negative attainment discrepancies; and (2) persistent attainment discrepancy, which reflects how often the firm experiences below-aspirations performance. Our triggers for distant search model a behavioral explanation for the timing and relatedness of acquisitions. We find support for baseline arguments of problemistic search whereby firms increase both industry- and skill-related acquisitions when they perform below aspirations. When they persistently perform below aspirations, however, this likelihood is reduced and firms engage in acquisitions that are more unrelated, thereby providing support for the notion of expanding search boundaries from local to distant search. Of the two triggers of distant search proposed, relative attainment discrepancy does not induce firms to expand search boundaries. Our results indicate that persistent attainment discrepancy is a key construct to consider when studying the expansion of search boundaries.     

生而全球化公司的全球市场进入战略

近年一种新的中小型企业形式———“生而全球化的公司”出现了。这类企业针对多国市场或全球市场。生而全球化的公司有着自身重要特征。生而全球化的公司在海外国家销售产品的主要原因是其客户或竞争对手是全球化的(特别在高科技)抑或其分销方法是全球化的,比如直销或因特网销售。综合理论阐述结合案例分析生而全球化的公司的全球市场进入战略。生而全球化公司必须是思维全球化,行为当地化。必须对当地市场的变化保持灵活性的同时整合不同国家的市场策略。     

开发区类企业的企业化博弈演进分析

基于我国开发区发展瓶颈现象和一个动态博弈模型，指出开发区类企业所具有的特殊的企业形态．该类企业在开发区初创阶段，以完成政府的效用为其义务．政府在开发区发展的各个阶段，其效用函数是不同的．当政府的期望效用基本完成之后，就应当逐渐退出其行政控制．由于政府的政绩诉求和权威惯性，其行政控制的退出往往比较迟缓．通过开发区类企业与政府的利益博弈，开发区类企业逐步完成其纯企业化的过程．这种博弈引发的交易成本可能使得开发区类企业的纯企业化过程时间过长，从而导致整个过程的非效率性．     

合伙律师事务所的管理模式创新——结合贝克·麦肯思律师事务所的实证分析

合伙律师事务所是一个复杂且特殊的组织,其管理水平超过对企业的管理水平,因此更需要创新管理,以真正实现现代化、国际化、规模化和品牌化。本文从比较我国合伙律师事务所管理模式的发展阶段着手,分析了不同阶段和不同管理模式的优缺点;继而提出构建杠铃管理的新模式,对合伙律师事务所进行有效管理,即重点抓好品牌管理和人本管理,结合贝克.麦肯思律师事务所的成功管理经验进行实证分析。     

商业保险公司的合约性质

传统观念认为,保险公司是一种特殊的组织,它凭借大数定律把被保险人组织起来,产生自救行为。但是这并不能解释保险公司的投资行为,也不能解释一些保险公司的投资收益占总收益的比率相当大,更不能解释一些保险公司在本原业务的经营出现问题时依靠投资收益走出困境。采用静态分析方法是这一理论的主要局限性。本文拟创造性地综合运用企业理论、金融工程、微观经济学和保险理论的分析方法从一个新的视角──保险企业的合约性质──对保险公司的性质作出分析,并进一步对保险公司为什么需要投资作出新的理论解释。     

论企业的联合产权制度性质

企业是一个以资源、能力与知识为基础的由要素所有者联合与劳动所有者联合相结合以创造、控制、分配 合作剩余的专业化生产性组织。联合产权制度是现代企业制度的普遍形式,也是现代企业制度的根本性质。     

The ecosystem blueprint: How firms shape the design of an ecosystem according to the surrounding conditions

Ecosystems are formed by organisations that jointly create a value proposition that a single firm could not create in isolation. To deliver this value proposition, the partners need a focal firm, the orchestrator, to be align them towards the joint value proposition. Thus, how orchestrators design the alignment structure of an ecosystem is at the very heart of the ecosystem concept – yet it has not been sufficiently addressed by extant research. This is all the more true for the question of how the design of an ecosystem is shaped depending on surrounding conditions. This paper applies a qualitative study with ten cases and, based on the attention-based view of the firm, contributes to research on ecosystems in several ways. First, it explains which ecosystem designs are beneficial under which conditions. Second, it elucidates the structure and activities within ecosystems and shows that start-ups can be just as good ecosystem orchestrators as incumbents. Third, it explains the circumstances under which single vs. multi orchestrator ecosystems occur. Fourth, it presents the conditions when incumbents or start-ups make better orchestrators. Finally, it is among the first studies to apply the attention-based view to business ecosystems, and shows that doing so yields intriguing insights into this emerging field of research.     

融资约束下金融科技对投资和公司价值的影响

融资约束与非效率投资限制了公司价值的增长。针对这一问题,以地区金融科技的发展对融资约束企业的投资行为和公司价值的影响为切入点,通过构造PVAR模型研究变量之间的动态关系。选取2011-2020年中国沪深交易所上市公司的数据进行了融资约束划分后,最终确定362家上市公司作为研究对象。SGMM回归结果表明,金融科技的发展在短期内能够缓解企业的融资约束程度,促进投资的发生,缓解投资不足的现象,进一步提升公司价值。通过脉冲响应函数分析可知,金融科技的发展对企业价值的影响是动态变化的,从长期的影响来看这可能是一把双刃剑;金融科技会通过缩短融资约束企业的投资滞后期数,促进企业投资效率和公司价值的提升。     

Corporate Management,Industry Competition and the Sustainability of Firm Abnormal Profitability

This paper models the sustainability of firmabnormal profitability and uses theeffectiveness of corporate managementcapabilities as a test to examine its impact onthe sustainability of firm abnormalprofitability. The role of industry competitionas a moderator between the effectiveness ofcorporate management capabilities and thesustainability of firm abnormal profitabilityis also examined. Consistent with theresource-based view of the firm, we found thatthe effectiveness of corporate managementcapabilities positively influence thesustainability of firm abnormal profitability.This implies that corporate managementcapabilities are important contributors to theentire bundle of firm-specific resources andcapabilities which enable some firms togenerate competitive advantages that aresustainable. The effectiveness of corporatemanagement capabilities has a larger influenceon the sustainability of firm abnormalprofitability for firms in lowly competitive ormonopolistic industries than firms in highlycompetitive industries. The findings supportthe notion that not only do firm capabilitiesyield sustainable competitive advantages andabnormal profitability, but also industrycompetition reinforces the impact of firmcapabilities in yielding sustainable abnormalprofitability.