Venture Capital Syndication: Synthesis and future directions

This paper reviews and synthesizes the extant literature on venture capital syndication. By considering the questions of how, why and when syndication affects the performance of venture capitalist (VC) firms and their portfolio ventures, a schematic structure of the syndication literature is formed and areas for further research are identified. The results of the review show that, while the venture‐level aspects are relatively well understood, the current literature lacks an understanding of how and why syndication affects the performance of VC firms. This suggests that more attention should be directed towards syndication as a component of the overall strategy of VC firms.     

信息资源集成管理理论与信息技术生产率悖论问题

本文在分析了传统经济学理论对信息技术生产率悖论问题解释局限性的基础上,分析了企业在其信息化建设过程中,如何利用信息资源集成管理理论的思想,提高企业的信息技术投资的经济绩效水平.     

Corporate Control of Information: Business and the Freedom of Expression

Control over information is essential to business. This has become increasingly true in an era in which technological advances have enabled the rapid globalization of business. This article explores the implications of this control of information for freedom of speech and information. Four different situations are considered: censorship of the Internet by search engines albeit at the direction of a government; restrictions on Internet content by Internet Services Providers acting on their own; decisions by retail businesses not to sell various DVDs, CDs, etc. to their customers; and legal suits brought against individuals and groups by businesses seeking to prevent the further spread of information they deem injurious to their products or activities. The paper seeks to sort out the various rights and values involved in these cases, when a business may be justifiably said to be violating individuals' rights to freedom of information, and when customers and citizens do not have justified complaints against business decisions not to provide them with certain information products.     

集团财务公司效率与企业创新

企业集团是发展中国家普遍存在的企业形式,内部资本市场运作对企业创新的影响有待实证证据的检验。集团财务公司是企业集团的内部银行,是集团内部资本市场的中枢和运作平台,对实现资金优化配置、缓解集团成员企业融资约束具有重要的战略意义。并且集团财务公司服务对象主要是集团成员企业,是集团内部资本市场运作的集中体现。 基于融资约束视角,研究集团财务公司效率对企业创新产出的影响。选取2007年至2013年中国制造业上市公司和集团财务公司的相关数据,采用随机前沿分析测量集团财务公司效率,运用多元线性回归检验集团财务公司效率、金融环境与企业创新产出间的内在联系。 研究结果表明,集团财务公司效率与企业创新产出之间显著正相关,主要通过缓解融资约束促进企业创新产出;集团财务公司效率能降低集团成员企业的信息不对称程度,在货币趋紧时能够帮助集团成员企业避免可能的财务冲击,促进企业创新产出;集团财务公司效率与地区金融发展水平在一定程度上存在替代效应,验证了内部资本市场对外部资本市场存在替代作用。 通过理论分析和实证检验将集团财务公司效率的经济后果拓展到企业创新活动领域,从集团财务公司的角度分析并证明其运营效率对企业创新活动的正向影响,为企业创新活动的研究提供了一个新的研究视角。设立集团财务公司是制造业企业集团产融结合的手段之一,研究结论为企业集团设立集团财务公司的必要性、提高运营效率提供了经验证据,丰富了产融结合领域的研究。     

分工与企业组织创新

分工包括企业之间的社会分工和企业内部分工,企业之间的分工通过市场机制进行协调,为了协调企业内部分工产生了等级组织.20世纪90年代以来,企业组织遇到了新的问题,福特模式--丰田模式--戴尔模式的发展历史表明,企业组织创新的基本趋势是整合.为适应新的竞争条件,企业组织创新应包括价值链上企业组织间联系方式的创新、企业内部组织结构创新以及企业组织内外部运行机制的创新.     

Corporate Governance and the Governance of Innovation: The Case of Pharmaceutical Industry

The paper focuses on some organizationaldynamics that have characterized the pharmaceuticalindustry in the last thirty years, whenbiotechnology and the development of lifesciences have defined a new technologicalparadigm, reshaping many aspects of theindustry, especially the organization ofinnovative activity. We suggest an original interpretation of someorganizational settings, as the increasedimportance of skilled scientists within firmsand the development of inter-organizationalalliances for the division of scientific labor.Following recent theorizing on corporategovernance issues, which points out theintrinsic organizational and relationaldimensions of the resource allocation processesand strategic decision-making, we propose a roleof the organizational practices mentioned aboveon corporate governance, and, in turn, aninfluence of different governance arrangementson innovative activity. We recall moretraditional approaches to the analysis ofcorporate governance, and give a broaderinterpretation to the relevant variablesproposed. Further, relying on more recenttheories and on literature on firm's boundariesand sectoral systems of innovation, we proposeindustry-specific variables forpharmaceuticals, including internal settings aswell as relations with external actors.Preliminary empirical support is given to ourhypotheses, concerning a panel of large USpharmaceutical companies.     

IT治理及其思路:“信息技术生产率佯谬”的治理

“信息技术生产率佯谬”是困扰企业信息化进程的核心问题。本文在介绍“信息技术生产率佯谬”现象基础上，分析了当前把“信息技术生产率佯谬”归因为技术原因与管理原因的不足，指出IT治理的缺失是导致“信息技术生产率佯谬”产生的核心原因，最后提出“信息技术生产率佯谬”IT治理的思路；同时，针对我国财政部2007年3月颁布的《企业内部控制规范——基本规范》及《企业内部控制具体规范第××号——计算机信息系统》提出看法。     

Management Information Systems and Corporate Planning

If we accept the correlation between MIS and computer based systems then the corporate planner has to consider the impact on his own company of a major new function. In so far as computers and the associated highly paid staff are concerned, the planner is certainly threatened with a major cost growth area that develops a momentum of its own. He may need all his energy to contain this growth in highly expensive resources to a scale that matches the company's overall operations. On the other hand an emphasis on management information and redesigned systems may lead to radical redesign and improvement in profitability of a company's operations. These two aspects are different sides of the same coin and in the future the corporate planner will play a dominant part in determining whether a company enjoys the benefits as well as incurs the costs of a sophisticated MIS.     

公司治理结构信息披露:若干发现

本文以 “ 公司治理结构 ” 定性信息披露为观察对象,通过认真阅读 2001 年度 1160 家上市公司的公司治理结构信息披露的文本,我们发现上市公司治理结构信息披露总体上存在 “ 表述操纵 ” 的特征主要表现为:华而不实、 文字游戏、避重就轻、虚假披露等现象。     

企业治理结构中监督方式的比较和创新

对内部人控制问题持内部诱因进行了分析,并在此基础上比较了几种监督方式的利弊,提出了一种新的监督方式。     

迷雾中的抉择:创新背景下企业管理者悖论应对策略与路径研究

随着企业创新活动的不断深入,管理者如何感知和应对悖论,从而进行有效的探索式创新与利用式创新的问题一直悬而未决。本文从意义建构视角出发,以公安部第三研究所作为案例研究对象,通过扎根理论分析建构出管理者悖论应对策略选择的具体过程。研究发现:(1)当管理者进行矛盾处理时,可以采取整合型和分离型两种应对策略。(2)管理者对于竞争需求的注意力配置影响其悖论应对策略选择。当管理者对竞争需求的注意力配置不平衡,将采取分离式悖论应对策略;当对竞争需求的注意力配置平衡时,管理者的悖论应对策略选择受到资源冗余程度的影响。(3)当注意力配置均衡时,管理者受资源冗余或匮乏两类情形影响会呈现出两种不同应对策略。当组织资源冗余时,管理者对于组织悖论感知较弱,会形成分离型悖论应对策略;而资源匮乏时,管理者对组织悖论的感知较强,但所采取的悖论应对策略受悖论思维的影响。(4)当管理者悖论的感知较强时,若管理者具有悖论思维,并产生积极型应对倾向,将采取整合型应对策略;若管理者不具有悖论思维,将产生防御型悖论应对倾向,采取分离型应对策略。本文研究成果丰富了领导行为相关理论,同时对管理者应对组织悖论具有指导意义。     

环境规制、技术创新与企业经营绩效

"波特假说"理论认为,环境规制的加强能够促进企业的RD投入,因为企业试图通过RD投入来提高企业治理污染的能力以及产品的科技含量,进而抵消环境规制给企业经营绩效所带来的不利影响。以2008-2013年的深沪A股上市的重污染行业的公司为研究样本,实证检验了环境规制对RD投入的影响、RD投入对企业经营绩效的影响。研究结果表明:环境规制对中国重污染行业的RD投入有一定的促进作用,但企业的RD投入对经营绩效的影响存在一定的滞后效应。研究结论不仅验证完善了"波特假说"的理论,同时对企业在环境规制下开展技术创新,提高经营绩效具有指导意义。     

CEO Incentives,Takeover Protection and Corporate Innovation

This study examines the effects of CEO equity‐based compensation and anti‐takeover provisions on corporate innovation. Using a large sample of US firms over the period 1996–2014, we find that long‐term incentives have a stronger influence on innovation when combined with takeover threats. We also show that equity‐based compensation is more likely to spur innovation for small firms and firms in industries with high product market competition and innovation pressure. However, this effect is somewhat weaker in the presence of anti‐takeover provisions, suggesting that takeover protection encourages managerial shirking even when external competition is high. Finally, in addition to the existing evidence on the valuation effect of CEO equity‐based compensation, we identify innovation as an important channel through which managerial incentives can enhance firm value. Our results have potential implications for shareholders, managers and policymakers.     

Online Corporate Environmental Reporting: Improvements and Innovation to Enhance Stakeholder Value

Corporate environmental/sustainability reporting is a growing trend among top global companies. In many cases, these reports have been made available online. Although the internet has provided reporting companies with a new channel to convey environmental information to the public, effective use of this media requires careful thought.Usability is a primary consideration that is not being addressed in many online corporate environmental/sustainability reports (CER). Often, these reports are difficult for users to locate from the corporate homepage, the search option does not render the correct page, some are only available in PDF format, and navigation within the report can be difficult. Current online reporting can also be ineffective if the technology is not oriented towards a framework of maximizing stakeholder value.If approached properly, internet technology allows for interactivity between a company and its stakeholders, provision of real-time updates of information and specialized information retrieval depending on the needs of users. This paper focuses on the current state of online CER reporting and suggests methods and practices for enhancing stakeholder value.     

Syndication and Foreignness: Venture Capital Investments in Emerging and Developed Markets

This paper aims to understand when foreign and domestic firms have different likelihoods of syndication in venture capital investments. Although current theory may imply that foreign firms face the liability of foreignness that constrain their syndication opportunities, empirical studies provide quite mixed evidence. To address this issue, this study emphasizes the contingency roles of settings, experience, and reputation. In particular, I argue that foreign firms are more likely to syndicate, compared with domestic ones, when focal investments are less mature, or when local markets are colder and less capitalized. However, the difference in syndication between foreign and domestic firms decreases when they accumulate more experience or when they acquire higher reputation. I find empirical evidence from a sample of venture capital investments in China, UK, and the Netherlands. Theoretical and practical implications are discussed at the end.     

终极所有权、层级结构与信息泄露——来自控制权转让市场的经验证据

本文探讨了控制权转让市场中收购方终极所有权、层级与信息泄露之间的关系。研究发现收购方的终极所有权属性与信息泄露严重程度有着显著的相关关系。当收购人为民营企业时,非公开收购信息进入股价的速度要明显的慢于国有企业收购人;当地方国有企业为收购人时,其非公开收购信息进入股价的速度又明显的快于其他两类企业。表明民营企业维护收购信息的机密性的动机最强,而地方国有企业收购信息则最容易被市场察觉。与预期不一致的是,公司的层级结构与信息泄露速度没有显著的关系,这一发现意味着收购等重大事件的决策权集中在控制链最上层控制人手中,下层企业只是执行这些决策的工具。     

电子信息产业创新体系研究——基于产业创新视角的分析

在对技术创新和国家创新理论进行梳理的基础上,提出了产业创新的概念。从技术利益驱动、市场竞争驱动、区位竞争驱动、应用需求驱动、产业政策驱动5个方面探讨了信息产业创新的创新驱动,并从技术创新、产业链创新、产业集群创新、应用创新、政策创新5个方面构建了信息产业创新的创新体系。     

中文表达者的“沟通模式偏爱悖论”与“下情上达评价悖论”

文字概率表征是指用可能、也许、不一定等词汇或短语来表示事件发生的可能程度。研究者发现,英语表达者在接受信息时偏爱数字概率表征,在传递信息时反而偏爱文字概率表征,这种现象被称之为沟通模式偏爱悖论(Communication Mode Preference Paradox,CMPP)。本研究调查了说中文的大学生(N=356)和管理者(N=108)在一般情境和天气预报情境下的概率沟通偏好;并对下情上达情境下的四类管理者(两类传声筒型管理者:听取下级的文字概率信息并向上级汇报文字概率信息;听取下级的数字概率信息并向上级汇报数字概率信息。以及两类信息转化型管理者:听取下级的文字概率信息却向上级汇报数字概率信息;听取下级的数字概率信息却向上级汇报文字概率信息)作了评判。其结果发现:(1)在一般情境和天气预报情境下,说中文的被调查者不仅也普遍存在CMPP现象,而且发生该现象的比例显著地高于说英语的被调查者;(2)另一类沟通悖论:同样面对忠实的传声筒型管理者,被调查者认同数字概率传声筒、而不认同文字概率传声筒;同样面对权变的信息转化型管理者,被调查者认同将数字转化成文字概率的管理者、而不认同将文字转化成数字概率的管理者;(3...     

Corporate Diversification,Information Asymmetry and Insider Trading

The literature suggests that corporate diversification destroys firm value. This value destruction is usually considered to be a consequence of managers' pursuing diversification strategies to benefit themselves rather than to increase firm value. This paper provides evidence that casts doubt on this agency theory‐based explanation for corporate diversification. Evidence based on insider trading suggests that managers themselves consider their diversification strategies to be value‐increasing. Specifically, it is documented that corporate insiders (directors) purchase more of their firms' shares in the open market when corporate diversification is high. Moreover, insiders purchase more when the level of diversification discount is high, suggesting that they disagree with outside investors' undervaluation due to diversification. It is also found that the market reaction to insiders' purchases is positively related to corporate diversification. This result suggests that outsiders consider the amount of favourable information contained in insiders' purchases to increase with the extent of corporate diversification.     

宽松货币政策、资产配置与企业创新

本文通过构建包括财富异质性的家庭部门和创新异质性的企业部门的动态随机一般均衡模型分析得出:宽松货币政策冲击房产资本及金融资本的价格和收益率上升,冲击生产资本的收益率降低,资金多流向传统企业用于房产和金融资产投资,对生产性投资和创新投资形成一定的挤出效应.高收入家庭的资产配置需求为宽松货币政策下的房产和金融资产提供了有力的需求支撑.在此过程中,部分应当被市场淘汰的传统企业未能被市场及时清算、创新企业未能得到宽松的资金支持,从而延缓了创新企业的发展速度、延长了经济低迷时间.货币政策从数量型向价格型转型,这一效应仍不会改善.