实物期权视角下政治关联与民营企业的成长价值

利用实物期权理论,利用867个民营上市公司样本,实证分析了民营企业先天"出生"和后天"红顶"这2种政治关联形式对企业成长的作用,其中,前者指民营企业家和高管是否拥有政府工作经历,后者指是否拥有人大政协的政治身份。实证结果发现,政府经历型关联提高了企业增长期权价值,但是政治身份型关联却降低了企业增长期权价值。民营企业的政治关联并非必定带来绝对收益,而是具有"得到与付出"双重效应。在经济转型过程中民营企业的战略意图逐渐向市场化倾斜。     

Monopolistic Competition: Beyond the Constant Elasticity of Substitution

We propose a model of monopolistic competition with additive preferences and variable marginal costs. Using the concept of “relative love for variety,” we provide a full characterization of the free‐entry equilibrium. When the relative love for variety increases with individual consumption, the market generates pro‐competitive effects. When it decreases, the market mimics anti‐competitive behavior. The constant elasticity of substitution is the only case in which all competitive effects are washed out. We also show that our results hold true when the economy involves several sectors, firms are heterogeneous, and preferences are given by the quadratic utility and the translog.     

The impact of autonomy on information systems planning effectiveness

Autonomy for information systems planning may have an impact on the effectiveness of that planning. Theory Y suggests that when managers have more autonomy, they have greater feelings of ownership, commitment, and responsibility, and thus perform better. A postal survey of 131 chief information officers of US subsidiaries of multinational firms collected data to test hypotheses based on the theory. Data analysis revealed that autonomy for IS planning in general and the strategy selection planning activity in particular significantly predicted IS planning effectiveness. These findings thus extend the theory to a new domain, namely IS planning in multinational firms, and thereby facilitate a better understanding of the management of IS planning. They further suggest that parent managers consider delegating greater autonomy to the managers of their foreign subsidiaries.     

审计委员会治理：防范校企合作创新中逆向选择风险的作用

本文运用博弈论基本原理和模型,描述了校企合作创新中技术交易行为的整个博弈均衡过程.指明和阐释了逆向选择现象的形成机理,进而探讨如何发挥审计委员会等的监督和治理作用,以降低和防范逆向选择行为的发生.     

Developing new innovation models: Shifts in the innovation landscapes in emerging economies and implications for global R&D management

Over the past two decades, there has been a substantial shift in the global innovation landscape. Multinationals from developed economies are increasingly globalizing their R&D activities and are developing an “open innovation” model to source innovations from outside the firm, including from emerging economies such as those in Asia. In addition, emerging economy firms, which traditionally have played a secondary role in the global innovation landscape, have now begun to catch up in developing their own innovative capabilities. This study explores the implications of this new innovation landscape for CEOs of multinationals and emerging economy firms, as well as for international management scholars and educators. While the multinationals might appropriate rents from their existing capabilities and source new ones in emerging economies, they may be threatened by weak intellectual property rights regimes and unintended knowledge spillovers to local firms, creating potential competitors. Firms in the emerging economies can learn from and catch up with investing multinationals, but to do so they need to develop their own innovative capabilities and move from a process to a product focus and from imitation to innovation.     

制度距离对中国海外投资企业社会责任影响研究——基于国际经验的调节作用

随着我国"走出去"战略的全面实施,中国海外投资企业社会责任行为引起了国际社会以及中国政府的关注。在梳理相关理论和文献的基础上,以2010—2016年中国A股上市公司的海外投资企业为研究对象,实证分析了母国与东道国之间的制度距离对企业社会责任的影响,并进一步探究企业国际经验的调节作用。研究发现,法律制度距离、经济制度距离和文化制度距离对海外投资企业社会责任履行均有促进作用。并且,东道国发达程度不同,经济制度距离对企业社会责任的影响呈现"非对称性"。进一步地,企业海外投资经验可以减少"外来者劣势",对企业社会责任履行产生正向调节作用。研究结论意味着:一方面,海外投资企业要充分考虑东道国制度环境差异,积攒海外投资经验,积极履行社会责任;另一方面政府也应借鉴发达国家社会责任相关规范,进一步促进我国企业社会责任的发展。     

Ownership Structure and Firm Performance: Evidence from Israel

The study examines the effect of ownership structure on firm performance. We distinguish between family firms, firms controlled by partnerships of individuals, concern controlled firms, and firms where blockholders have less than 50% of the vote. The empirical work analyzes data on 280 Israeli firms and employs the technique of Data Envelopment Analysis. It is found that owner-manager firms are less efficient in generating net income than firms managed by a professional (non-owner) manager, and that family firms run by their owners perform (relatively) the worst. This evidence suggests that the modern form of business organization, namely the open corporation with disperse ownership and non-owner managers, promotes firm performance.     

论我国证券公司经纪人的法律地位

《中华人民共和国证券法》规定 ,从事经纪业务的证券公司是证券经纪人 ,其法律地位为代理人 ,似欠妥当。考察英美法系和大陆法系国家对证券公司经纪人的法律地位的规定及其成因 ,对我国民法相关范畴进行比较分析 ,立足国情 ,在民法范畴的基础上 ,将证券公司经纪人界定为行纪人或居间人较为科学。这样有利于明确证券公司的权利义务 ,保护投资者的利益 ,实现资本资源的最优化配置 ,维护证券交易市场的稳定     

企业知识产权能力与绩效相关性及其影响因素研究——以四川IT企业的经验数据为例

基于对75个四川IT企业调查问卷数据的挖掘,运用多元统计分析和结构方程模型等方法,分析了IT企业的知识产权能力与绩效的相关关系及其影响因素。研究表明：IT企业的知识产权能力与绩效的相关系数为0.65,即IT企业的知识产权能力对绩效具有显著的贡献,同时,企业规模和竞争力的来源对两者的相关关系产生了重大的影响。