城市人力资本外部性的识别——基于工业企业生产率视角的研究

人力资本外部性的存在具有重要的现实意义,它是政府进行教育投资和人力资本投资的重要决策依据.文章从工业企业生产率视角识别城市人力资本外部性,基于中国工业企业微观数据、人口普查分县资料和地级市统计数据,考虑城市人力资本变量的内生性后,采用两阶段最小二乘法,实证研究城市人力资本对工业企业生产率的影响.研究发现:在控制企业自身的人力资本后,城市大专以上学历人口占比越高,工业企业的产出越高,人力资本的溢出效应显著,且人力资本正外部性主要存在于人口规模300万以上的大城市.从工业内部看,行业内人力资本正外部性随城市规模扩大逐渐增强,而行业外人力资本正外部性随城市规模扩大逐渐减弱.从企业异质性看,高新技术企业、非国有企业和大企业从城市人力资本提高中获得的正向溢出效应更大.此外,城市外商直接投资和地方政府财政支出越高,地理区位距离港口越远,越不利于工业企业产出的提高.文章的研究结论表明增加人力资本投资,促进人力资本结构升级,发挥大城市人力资本溢出效应对新时期经济可持续增长尤为重要.     

Strategic corporate sustainability performance of Chinese state-owned listed firms: A meta-frontier generalized directional distance function approach

Although sustainability recently became a key factor in social science, little progress has been made toward improving the measurement of sustainability performance. This paper proposes composite corporate sustainability performance indicators using a meta-frontier generalized directional distance function. This advanced approach can measure the efficiency of corporate social responsibility activities by benchmarking, while simultaneously considering industrial heterogeneities, using the meta-frontier approach. First, we propose the concept of a meta-frontier generalized directional distance function. Second, several standardized composite indicators related to corporate sustainability performance are developed. The meta-frontier directional distance function is estimated by solving a series of data envelopment analysis models. Chinese state-owned listed enterprises are then empirically examined using the proposed model. We find significant group heterogeneities in terms of corporate sustainability performance. We also derive some policy implications using the empirical results.     

Compliance Strategies and Regulatory Effectiveness of Performance-Based Regulation of Chemical Accident Risks

This paper investigates the role that performance-based regulations can play in linking a firm's environmental, health, and safety concerns with their corporate strategy. The specific focus is on the performance standards required by the Clean Air Act Amendments (CAAA) which require firms that store or use certain chemicals to develop a Risk Management Plan (RMP) for reducing the likelihood and impact of accidents at their plants. Data from a series of case studies and interviews of executives in chemical firms reveal that proactive companies integrated many of the requirements of the CAAA into their management systems prior to the regulatory requirements. Most of these firms tend to be large ones. Small firms often lack the resources to implement these regulations and hence have tended to have a more difficult time with compliance.     

强烈的互惠主义:一种关于企业内合作行为的新解释

除了对自身利益和交易结果的关注外,对他人以及对产生经济结果的过程的关注(有时称为伦理准则)也是个人行为的重要来源;并且,行为常常是随具体环境而定的。个人偏好的演进观,把人类行为看做是个人遵循那些已证明是成功的、从而被复制并在人群中广泛扩散的行为规则的结果。企业内不同要素所有者之间持续的、面对面的相互作用,可能有助于每一方都形成关于另一方行为的互惠主义倾向的信念。从而,即使在缺乏外部权益保障的情况下,每一方都能理性地选择合作性地行事,而不是趁机采取侵占对方利益的机会主义行为。     

影响上市公司董事会构成的因素分析——基于中国民营上市公司的实证分析

董事会作为公司治理的一种基本制度安排,其构成并不是外生给定的,而是受到公司特征、行业环境、制度背景等诸多因素的影响。故结合中国新兴加转轨的特殊经济背景,利用2004—2008年间196家中国上市公司的平衡面板数据检验了公司经营复杂性、监督成本、私人收益、CEO影响力、股权结构、制度环境六个因素对中国公司董事会构成的影响。研究发现：公司经营复杂性、监督成本、私人收益、CEO影响力四个因素对中国民营上市公司董事会构成的影响同国外已有结论存在很大差异;股权结构和制度环境是影响中国民营上市公司董事会构成的重要因素。     

Menu Costs,Multiproduct Firms,and Aggregate Fluctuations

Golosov and Lucas recently argued that a menu‐cost model, when made consistent with salient features of the microdata, predicts approximate monetary neutrality. I argue here that their model misses, in fact, two important features of the data. First, the distribution of the size of price changes in the data is very dispersed. Second, in the data many price changes are temporary. I study an extension of the simple menu‐cost model to a multiproduct setting in which firms face economies of scope in adjusting posted and regular prices. The model, because of its ability to replicate this additional set of microeconomic facts, predicts real effects of monetary policy shocks that are much greater than those in Golosov and Lucas and nearly as large as those in the Calvo model. Although episodes of sales account for roughly 40% of all goods sold in retail stores, the model predicts that these episodes do not contribute much to the flexibility of the aggregate price level.     

新兴经济国家高技术企业创投持股与创新绩效关系研究

创业投资机构作为一种创新中介机构,能够扩大企业创新搜索空间并降低创新搜索成本,因而对于新兴经济国家高技术企业创新具有战略意义.本文基于创新搜索理论,选取中国高技术企业作为研究对象,利用149家高技术企业调研数据对创投持股与企业创新绩效之间的关系机制进行了探索.研究发现,创投持股对企业创新绩效具有显著正向影响;当企业管理者感知的产业增长较高时,为国外企业代理销售产品和服务时,以及企业向国外出口产品或服务时,创投持股对企业创新绩效的影响会降低.     

家族企业职业经理人力资本产权契约治理模式创新

从股东至上治理理论、人力资本治理理论、利益相关者治理理论和核心利益相关者治理理论等治理理论的比较分析入手,提出中国家族企业职业经理人力资本产权契约治理实践应以人力资本治理理论和核心利益相关者治理理论为依据,以此为基础提出财务资本与人力资本的平衡,建立了家族企业职业经理财产权契约、控制权契约和人权契约协同治理模式,并以阿里巴巴为例进一步探寻协同治理模式的具体应用,不仅拓展了家族企业治理研究内容,又创新了中国家族企业职业经理人力资本产权契约治理模式。     

企业集团成长模式与上市国有企业多元化行为研究

鉴于我国企业集团历史背景的特殊性,主要以企业资源依存理论为基础,以集团公司为研究核心,选取2007～2009年在沪、深上市的国有企业以及国有企业集团作为研究样本,运用二项回归与多元回归分析等多种方法,对我国企业集团的集团公司成长模式与上市国有企业的多元化行为进行了理论与实证分析。研究结果表明,企业集团是我国国有企业的一种快速成长模式,其成长与企业多元化行为高度正相关;国家资源调配的政策导向对国有企业集团的战略导向和组织结构设计有重要影响,但企业集团的产品多元化程度与企业绩效不相关。