世代效应:民营企业家群体的阶层地位变迁研究

阶层地位感知是影响民营企业家经营决策的重要因素,然而当前仍缺乏对其阶层地位感知形成机制的解释。从市场化转型历史背景出发,本文认为民营企业家阶层地位感知受其创业时特定历史情境的影响,并会通过世代效应长期共享、强化这一认知模式。基于五次中国私营企业抽样调查数据,具体考察1992年前后两个不同时期创业的民营企业家群体地位感知差异来检验世代效应。结果表明:与市场经济体制确立之前(1992年前)创业的民营企业家群体相比,市场经济体制确立之后(1992年后)创业的民营企业家群体地位感知相对较高。同时,进一步异质性检验发现,对于无体制内经历和经济力量较强的民营企业家群体,市场化转型对其阶层地位感知的提升作用更强。通过聚焦于中国市场化转型的历史变迁进程,本文为深化民营企业家阶层地位感知的认识提供了宏观历史视角解释。     

The relationship between start-up motive and earnings over the course of the entrepreneur’s business tenure

We investigate whether the start-up motive is related to the entrepreneur’s earnings, and whether the relationship between the entrepreneur’s business tenure (i.e., the time the entrepreneur is running the business) and his earnings depends on the start-up motive. We employ a unique longitudinal data base providing information on start-up motive and earnings for 7902 entrepreneurs in the EU-15 countries, where 12 different start-up motives are distinguished. We classify these 12 motives in three broad categories of opportunity, necessity and other start-up motives. Our analysis shows that, first, earnings of necessity entrepreneurs are significantly lower than those of opportunity entrepreneurs, irrespective of the type of necessity motive. Second, these differences remain rather stable over the course of the entrepreneur’s business tenure, i.e., these differences are of a permanent nature. Third, we do not find evidence for earnings differences within the broad category of necessity entrepreneurs (i.e., between the different types of necessity motives).     

Entrepreneurial talent, occupational choice, and trickle up policies

We study market inefficiencies and policy remedies when agents choose their occupations, and entrepreneurial talent is subject to private information. Untalented entrepreneurs depress the returns to entrepreneurship because of adverse selection. The severity of this problem depends on the outside option of entrepreneurs, which is working for wages. This links credit, product and labor markets. A rise in wages reduces the adverse selection problem. These multimarket interactions amplify productivity shocks and may generate multiple equilibria. If it is impossible to screen entrepreneurs then all agents unanimously support a tax on entrepreneurs that drives out the less talented ones. However, if screening is possible, e.g., if wealthy entrepreneurs can provide collateral for their loans, then wealthy entrepreneurs do not support surplus enhancing taxes.     

Directing the wisdom of the crowd: the importance of social interaction among founders and the crowd during crowdfunding campaigns

Crowdfunding plays an important role as an alternative funding source for technology ventures. No earlier studies particularly investigated the importance of social interactions during such crowdfunding campaigns. Hence, we particularly take the interaction between the project owner and the community as well as among community members into account. We empirically investigated potential success factors for crowdfunding projects of entrepreneurs on the base of 430 projects from the German crowdfunding platform Visionbakery. Our results show that social interaction during a crowdfunding campaign indeed increases the likelihood of its success. As comments from crowd members on particular projects might be positive or negative and can also provide additional argumentation or raise questions, comments can cause a dialog among crowd members. This shows that herding might not only be related to the number of contributors but also to their shared attributes and perceptions. Our discussion of theoretical and managerial implications closes with recommendations for future research on this evolving topic.     

中国女性企业家的现状与发展前景

中国加入WTO后,产业结构调整为女性企业家的成功提供了更多的机会,但在经济全球化的背景下,金融危机也不可避免地影响着我国经济发展和企业运行,使女企业家的企业遇到了前所未有的考验.本文从我国女企业家生存发展现状入手,分析新经济形式下女性发展的机遇和可能遇到的障碍,提出女企业家应注意解决的几个问题,并指出广大女企业家要刻苦学习市场经济知识、企业管理知识、现代科技知识、WTO知识、法律知识,使自己真正具有现代企业家的战略眼光、改革意识和创新思维能力,同时,更要抓好本企业全体成员的集体学习和群体智力的开发,努力建设学习型企业,实现企业的更好更快发展,并展望了女性企业家的发展前景.     

International migration of entrepreneurs and the emergence of economic development traps

This paper examines the link between the emigration of entrepreneurs and the emergence of economic development traps, which has not received much attention in the existing literature. We develop a theoretical model, where the economy is divided into a traditional and a modern sector. Entrepreneurs establish firms in the modern sector to produce varieties of differentiated goods. Positive spillover effects exist in the modern sector. We show that the emigration of entrepreneurs can cause economic development traps, where the productivity of the modern sector remains low, and more importantly, the economy is stuck in the traditional structure. In the typical case, the development traps exhibit strong history dependence. Under certain conditions, regardless of the initial endowment of entrepreneurs, economic development traps are unavoidable. By examining the effect of government policy intervention to correct the market failure arising from spillover effects, our study also provides a theoretical foundation for government policies used by some developed countries to attract foreign entrepreneurs.     

委托人风险与企业家行为

随着中国经济改革的深化,企业家的行为成为关注的焦点.企业的兴衰在很大程度上取决于企业家,一个国家的经济发展取决于整个企业家群体的发展.委托人对待风险的态度是影响企业家发展的重要因素,风险规避的委托人和风险中性的委托人会给企业家带来不同的影响结果.委托人风险规避由风险中性转变,可以影响到激励合同的设计,从而实现"激励相容".     

货币政策、企业家信心与上市公司投资效率*

企业、企业家等微观主体对货币政策的反应，在较大程度上影响货币政策的效果。货币政策可通过对企业家信心的影响，进而对公司投资效率产生作用。基于中国2007—2016年40个季度A股上市公司样本的实证研究表明：企业家信心在货币政策传导过程中有不可忽视的作用。企业家信心增强或者货币政策宽松时会加剧过度投资，减轻投资不足；企业家信心减弱或者货币政策紧缩时可以有效抑制过度投资，但会加剧投资不足。其中，国有企业对企业家信心和货币政策松紧的敏感性更强。进一步，货币政策对企业投资效率的影响，也会通过货币政策和企业家信心的交互作用而发挥作用。这种作用在国有企业和非国有企业之间无显著差异。     

Wage-vacancy contracts and coordination frictions

We consider a directed search model with risk-averse workers and risk-neutral entrepreneurs who can set up firms that post wage-vacancy contracts, i.e., contracts where firms can make payments to more than one applicant, and where the payments can be different for each applicant and be contingent on the number of applicants. We establish that the type of contracts the literature focuses on are not offered if firms can post wage-vacancy contracts. We show that there exists an equilibrium satisfying a Monotonic Expected Utility property which is efficient. Furthermore, we investigate the role of wage-vacancy contracts on welfare and competition.     

A simple model of foreign brand penetration under monopolistic competition

The main purpose of this study is to illustrate, with a simple monopolistic competition trade model, how trade liberalization (i.e., a decline in trade costs) can affect domestic entrepreneurs’ decision between providing domestic or foreign brands, and thus the degree of foreign brand penetration. It is shown that, as trade costs decrease, more entrepreneurs choose to provide foreign brands. Furthermore, the shift to foreign brands is shown to magnify the negative impact of trade liberalization on the profits of firms selling domestic brands.     

企业家社会资本与企业并购的关系研究

随着市场体制的不断完善,中国企业并购的潜力被释放,由于企业家是并购决策的主要发起者与领导者,企业家社会网络对并购也会产生影响,这在转型经济的中国尤为突出.基于627家中国上市公司研究企业家社会资本与企业并购之间的关系.结果显示:行业内、外的企业家社会资本分别与行业内并购、多元化并购正相关的假设得到部分支持.企业家与地方政府的政治关联对于企业的省内并购、企业家与中央政府的政治关联对省外并购均具有正向影响.     

How do business startup modes affect economic growth?

This paper examines researchers’ choices between either collaborating with venture capitalists or going independent when investing in research (e.g., labs, scientists, equipment, perishable materials, etc.) and how their interaction affects long‐run growth in an economy characterized by incomplete contracts and financial market imperfections. We find that venture capital is more likely to be selected by entrepreneurs when startup risks are median to high. A ranking of the welfares associated with each startup mode under different legal and financial environments shows that economic policy and research incentives may not always align as entrepreneurs may not select the mode that provides the highest welfare level.     

企业家技术进步路径选择与经济增长

发达国家的知识和技术进步速度越快,发展中国家越是能收到技术模仿的好处,从而带来较高的经济增长率。越是接近技术前沿的发达国家,创新型企业家的作用越大,离技术前沿越远的发展中国家,模仿型企业家的作用往往更明显。发展中国家的企业家通过知识过滤、吸收、模仿、"干中学",不断积累人力资本和物质资本,为自主创新积蓄力量,最终能实现模仿式创新和自主创新的良性互动。     

Who gains from non-collusive corruption?

Non-collusive corruption, i.e., corruption that imposes an additional burden on business activity, is particularly widespread in low-income countries. We build a macroeconomic model with credit market imperfections and heterogeneous agents to explore the roots and consequences of this type of corruption. We find that credit market imperfections, by generating rents for the incumbent entrepreneurs, create strong incentives for corrupt behavior by state officials. However, non-collusive corruption not only redistributes income from non-officials towards officials but also within the group of potential entrepreneurs. If borrowing is limited, bribes prevent poorer but talented individuals from starting a business. But this is likely to benefit those who may enter anyway; the cost of capital is lower and there is less competition on the goods markets.     

Building entrepreneurs’ innovativeness through knowledge management: the mediating effect of entrepreneurial alertness

This paper explores the possible relationship between sources of knowledge acquisition and entrepreneurs’ innovativeness from the perspective of knowledge management. Specifically, it employs the partial least squares structure equation model to study the entrepreneurs’ innovativeness through knowledge acquisition. It has been found that knowledge acquisition through social networks with suppliers, manufacturers and distributors and management practices has a positive effect on entrepreneurial alertness to business ideas. Moreover, entrepreneurial alertness plays a mediating role between sources of knowledge acquisition and entrepreneurs’ innovativeness. In addition, entrepreneurial alertness plays a completely mediating role between core social network knowledge and entrepreneurs’ innovativeness, and a partial mediating role between sources of knowledge acquisition and entrepreneurs’ innovativeness. This finding has both theoretical and practical implications for entrepreneurial learning in general.     

中国传统文化与企业家创新精神

文化对一个国家的企业家创新精神具有重要的影响，本文分析了中国传统文化的特征，构建了文化影响企业家创新精神的钻石模型，并通过比较中西方文化对企业家创新精神的不同含义，揭示了中国传统文化对企业家创新精神的作用机理，最后，从宏观和微观两个层次提出了提升我国企业家创新精神的文化策略。     

List randomization for sensitive behavior: An application for measuring use of loan proceeds

Policymakers and microfinance institutions (MFIs) often claim to target poor entrepreneurs who then invest loan proceeds in their businesses. Typically in non-research settings these claims are assessed using readily available but unverified self-reports from client loan applications. Alternatively, independent surveyors could directly elicit how borrowers spent their loan proceeds. That too, however, could suffer from deliberate misreporting. We use data from the Peru and the Philippines in which independent surveyors elicited loan use both directly (i.e., by asking how individuals spent their loan proceeds) and indirectly (i.e., through a list-randomization technique that allows individuals to hide their answer from the surveyor). We find that direct elicitation under-reports the non-enterprise uses of loan proceeds.     

创业者社会资本与新企业融资工具选择

以社会资本理论为基础,构建模型分析在存在双重道德风险的情况下,创业者社会资本对债务融资与风险资本股权融资两种融资工具选择的影响。研究发现,当创业者有能力选择债务融资或者风险资本两种融资工具时,同时当创业者的社会资本拥有度较高或者较低时,创业者倾向于选择债务融资;而当创业者社会资本拥有度在中等水平时,倾向于选择风险资本股权融资。研究的主要贡献在于,将创业者社会资本纳入到新企业融资工具选择的研究框架之中,深化了新企业融资的研究成果。     

民营企业家群体的素质及提升途径

民营企业家是民营企业的核心人物,其群体素质的高低直接影响社会经济效益.对民营企业制度创新或制度变迁的路径及民营企业家群体素质模型分析表明,应从基础素质、核心素质和企业家自律等方面培养和提高民营企业家素质.