流动性与有效信息控制机制——二板市场成功之要义

流动性是二板市场成功运作的关键.主要从信息控制论角度出发, 区分了二板市场上存在的严重信息不对称的类别,探讨了二板与主板市场的区别和不加信息传递控制的危害.结合NASDAQ的成功案例,指出必须建立有效的信息传递机制和与其相应的多元、多层次市场体系,并对中国二板市场的运作提出了政策建议.     

国际现行创业板市场成功经验分析

从美国1971年建立纳斯达克证券市场开始，到九十年代创业版市场的蓬勃发展，创业版市场越来越成为金融体系中传统证券交易所大厅之外的活跃因子。这些二板市场为中小企业融资创造了巨大便利，也将自身造就成金融界的一个个神话。本文将重点介绍几个可能对我国创业板市场有所帮助的境外二板市场，为我国创业板的发展提供经验参考。     

给二板市场泼点冷水——著名经济学家林毅夫访谈录

二板市场是一种企业股权融资的新方式。企业融资以何种股权或是债务方式为优,二板市场在我国发展将拥有什么样的前景?近日,本刊记者就此话题采访了北京大学中国经济研究中心主任、著名经济学家林毅夫教授。     

对我国创建证券二板市场的构想

近年来,高科技企业在欧美经济成长过程中的巨大带动作用受到世界各国政府及企业的关注,面临结构调整的中国经济将越来越依赖高科技企业的发展和现有产业科技含量的增加。国内外经验告诉我们,资金支持是实现科学技术产业化的关键因素,证券二板市场又是高科技企业获得资金支持最为有效的渠道,因此扶持高科技企业的需要已向我们提出创建证券二板市场的迫切要求。本文借鉴国外证券二板市场运作的经验,提出创建我国证券二板市场的一些设想。高科技企业的发展呼唤证券二板市场证券二板市场（Ｓｅｃｏｎｄ－ＴｉｅｒＭａｒｋｅｔ）又称中小…     

中国设立二板市场的意义与制度选择

近日 ,从有关部门获悉 ,众人瞩目的中国二板市场设立方案近期已通过国务院正式批准。第二板市场是主板股票市场以外的市场 ,即“创业板”市场 ,主要是为高新技术领域中运作良好 ,成长性强的中小企业提供融资场所。美国、英国、法国、德国、日本、新加坡等许多国家都在主板市场以外设立了第二板市场 ,其上市条件比主板市场低 ,为高成长型中小企业募集创业资金创造了条件。１９９９年１２月２５日 ,中国香港联交所创业板市场已正式开市运作。所以 ,随着中国内地高新技术产业的迅猛发展 ,中国大陆自己的二板市场的建立迫在眉睫。一、创业投资机…     

知识特性、大学资源禀赋与衍生企业的创生机会

大学衍生企业的创生机会来源于大学创造的知识,而知识本身的复杂性和多样性决定了大学在知识商业化的决策过程中经历了对知识的筛选和过滤,从而产生了2种不同的知识溢出途径——内部商业化或向产业转移。将大学知识的内部商业化看作是衍生企业的创生机会,并测度了知识特性对这类创生机会的影响,大学资源禀赋和政策支持则作为调节变量。实证结果显示,知识的创新程度和市场耦合程度是构成大学衍生企业创生机会的关键要素,同时也表明衍生企业的形成对大学资源禀赋存在依赖性,而政策支持在这一过程中具有调节效应。     

企业员工自愿流失损益分析与计量

在严酷的竞争环境下,人力资源管理愈来愈受到学者们和管理者的关注,但是却少有人研究从成本/收益角度研究人力资源活动和员工的组织行为。本文从企业员工自愿流失度量化地分析了员工流失给企业带来的损益,以帮助企业管理者正确地评价员工流动对企业的影响,科学地作出决策。     

城市品牌经济与市场环境的耦合状态评价——以广东城市为例的灰色关联分析

使用灰色关联分析方法,刻画城市品牌经济与市场环境的解释模型,并建立有关评价指标体系,展开耦合状态的评价。然后,选择广东省珠三角地区的广州、深圳、佛山、东莞、中山、珠海和惠州7个城市作为样本,并采集数据进行实证研究。研究结果表明,在影响深圳、佛山、东莞和中山的环境因素中排位第1的是企业环境,次之的分别是开放环境、人才环境、科学技术环境和制度环境。在影响广州城市品牌经济的环境因素中排位第1的是文化环境,次之的分别为企业环境和资本环境。由此证明,城市品牌经济与市场环境耦合状态的实证分析方法,能够很好地揭示城市品牌经济发展的环境作用,有益于推动城市品牌经济与市场环境协调发展的战略决策。     

文化产品创新设计模式研究

本文运用产品创新设计原理，在对以内容创生为核心的文化产品创新设计可行性分析的基础上，通过分析影响创新设计的因子，构建文化产品创新设计宏观与微观模式，并应用AHP法提出了评价标准。     

基于BP神经网络的供应商评价选择问题的研究

随着经济全球化,市场上的供应链已经形成,供应链环境趋于完善.越来越多的企业开始重视供应商,考虑构建一个供应商评价系统来实现供应商的选择并加强与供应商的交流合作.但是目前缺乏有效的能够应用于开发系统的供应商评价方案,难以满足实际的需求.供应商评价模型设计是开发供应商评价系统的基础.通过对供应链环境下的供应商评价和BP神经网络的研究,以汽车制造行业为例构建了供应商评价模型以方便供应商评价系统的实现.     

行情公告牌信息对交易者行为的影响——基于自回归交易持续期模型(ACD)的分析

本文研究的内容是分析证券市场行情公告牌上提供的信息(存量信息)含量和委托指令流提供的信息(流量信息)含量,并采用ACD模型来检验研究这些信息如何影响我国投资者的行为。从本文研究的结论来看,我国在证券交易所信息披露的建设方面应有所侧重,在保持目前存量信息披露的程度下,笔者认为应进一步加强对流量信息的披露,如指令流动的来源和市场参与者的身分等相关信息。     

The impact of corporate governance on auditor choice: evidence from Germany

Statutory audits are only beneficial if the appropriate audit quality is both provided and perceived by the users of audited financial statements. On the one hand, Big 4 audit firms are commonly viewed as producing high quality audits. On the other hand, regulators complain about the high market share of Big 4 audit firms. In this context, it is of interest to examine the drivers of a Big 4 audit firm selection. Despite extensive prior research, there is still a lack of findings form Continental European countries and on the impact of corporate governance on auditor choice. This paper on hand is intended to fill the related research gap. Thus, our study identifies variables that determine the auditor choice of large German listed companies. Based on a sample of 432 firm-year observations for the period 2010–2014, our logistic regression analysis suggests that the corporate governance structure influences auditor choice significantly. Notably, the annual meeting frequency of the audit committee and the size of the supervisory board are positively associated with the engagement of a Big 4 audit firm. However, the meeting frequency of the supervisory board and the compliance to the German corporate governance code are negatively related to the choice of a Big 4 auditor. Additionally, the proportion of female supervisory board members does not exert a significant impact. The results remain stable when the DAX30 observations, for which statutory audits are exclusively performed by Big 4 audit firms, are excluded. The main contribution of our paper is, that it sheds light on the impact of corporate governance variables not analyzed by prior research, like supervisory board characteristics, deviations from a corporate governance code, or the female quota, in a Continental European setting, and that it mainly indicates a complementary relationship. Despite the peculiarities of the German setting, the two-tier corporate governance system and the low level of investor protection, the findings of our study are not only relevant for Germany, since many other Continental European countries are characterized by a similar environment. The study’s findings are of particular interest for regulators when addressing audit market structure problems.     

“We open doors others do not!”: Position and power of foreign institutional networks

Foreign institutional actors (INAs) can act as a liaison between firms and authorities and other power players to navigate bureaucratic structures, both as resource and legitimacy providers in the host market. Building on institutional theory, this study draws from broader organizational sociological literature, to explore the structural position of INAs in a host country context, and engages with fundamental questions of legitimacy, status, and power. It responds to repeated calls that more studies in international business research are needed on the impact of institutional differences, how to obtain legitimacy, and enhance the home country support networks. To understand INAs' position, specifically within the social structure of a bureaucratic host environment, our study uses in-depth interviews with elite actors from the support networks. Japan is chosen for this study as a host market, because it is the European Union's second largest trading partner in Asia, has a strong central bureaucracy, and historically and currently remains a challenging market for Westerners due to complex market entry barriers. The findings provide a new theoretically derived empirical model demonstrating the positional leverage of these INAs, to “open-doors” into a complex environment and offer a nuanced understanding of their formal and informal structural positions of power. The findings also demonstrate a significant overlap between organizational legitimacy and the exemplary status of these INAs in the bureaucratic environment, which enhances and empowers their leverage to reach authorities, press, and other important actors in the market.     

Labor market integration of refugees: An institutional country-comparative perspective

To examine variations in refugee labor market integration from country to country we first conceptualize integration success as an attribute and outcome of a two-way process involving multiple actors whose roles and activities are enabled and restricted by the institutional environment in the host country. We then develop a framework that specifies macro factors influencing successful refugee labor market integration. In particular, our framework elucidates how regulative, cognitive, and normative aspects of the national institutional environment in the host country create different conditions for refugee employment, thereby shaping three stages of the integration process: (1) arrival and asylum procedure; (2) finding employment; and (3) workplace inclusion. Finally, we discuss theoretical and practical implications of this research.     

A Portfolio Approach to Procurement Contracts

The purpose of this paper is to develop a general framework for supply contracts in which portfolios of contracts can be analyzed and optimized. We focus on a multi‐period environment with convex contract, spot market, and inventory holding costs. We specialize the model to the case of a portfolio consisting of option contracts. We characterize the optimal replenishment policy and show that it has a simple structure. Namely, the use of every different option contract and the spot market is dictated by a modified base‐stock policy. In addition, we derive conditions to determine when an option is relatively attractive compared to other options or the spot market. Finally, we present our computational study, where we report the sensitivity of the results to the parameters of the model. Our experiments indicate that portfolio contracts not only increase the manufacturer's expected profit, but can also reduce its financial risk.     

Does the capital of social capital matter? Relational resources of the board and the performance of Brazilian companies

Based on theories of social capital, in this study, we seek to assess the impact of a board’s social capital on the market value of companies listed on the Brazilian stock exchange. As our indicator of social capital, we use the relational resources identified in the direct, indirect and heterogeneous ties of the board. Employing panel data from 508 observations, our results indicate that heterogeneous relational resources have a stronger and more significant influence than the resources available from board members’ direct relationships. Additionally, as the effects of board interlock are endogenously determined by several factors related to the firm level, we seek to mitigate the endogeneity problem using models of instrumental variables and simultaneous equations. Our hypotheses were consistent after controlling for endogeneity. We also check whether the board’s social capital could present a U-inverted effect on the market value. This relationship was only plausible in social capital by indirect ties. Finally, we isolate the effect of relational resources within and between industries on Tobin’s Q. There was no significant effect through interlocks within the same industry. However, ties with companies in several other industries were significant.     

The unfriendly board: Antecedents and consequences of board dissent

This study examines the antecedents and consequences of board dissent. Drawing from agency theory and the information-processing perspective, we propose that the level of earnings management is negatively associated with the likelihood of board dissent, and that this relationship is moderated by environmental complexity. We also contend that board dissent may improve firm performance, but it may prompt managers to use more deviant strategies. Using a sample of public firms in China, we find support for our hypotheses. Our findings contribute to the literatures on board effectiveness and corporate governance.     

Corporate Reputation and Women on the Board

In this paper, we investigate the determinants of corporate reputation, derived from the assessments of managers and market analysts, of a sample of large UK firms. Along with the influences of a variety of firm attributes, we find a reputational effect associated with a female presence at board level. This effect varies across sectors and demonstrates the influence of a firm's stakeholder environment in determining whether a female presence on the board enhances or harms the reputation of the firm. The pattern that emerges indicates that the presence of women on the board is favourably viewed in only those sectors that operate close to final consumers. We argue that the nature of this effect reflects an imperative for equality of representation that highlights the need to reflect gender diversity among customers.