亚太地区炼油工业及油品贸易现状与未来

截至2011年底,亚太地区原油一次加工能力达到3047万桶/日,其中中国的炼油能力达到1186万桶/日,居于榜首.一些规模巨大、现代化程度高、技术复杂的炼油项目正在世界新兴市场地区建设,亚洲正在成为未来全球的炼油中心,中国和印度引领亚太炼油能力的扩大.2012年,苏伊士以东地区的炼油能力的增加略大于需求,炼油毛利和2011年相比将有所回落,但幅度可能不大;2013年和2014年炼油毛利将面临下降压力;从2015年开始,随着大量新增炼油能力进入市场,炼油毛利将出现较大下滑.在产能扩张的同时,亚太炼油工业还在进行着产业结构调整和持续升级.2012-2015年,除中国地方炼油厂外,预计亚太地区将关闭78.2万桶/日的产能,另有31.6万桶/日的产能可能被关闭.2020年之前,亚太地区将继续是交通燃料(汽油、柴油和航空燃油)的净出口地区,以及液化石油气、石脑油、燃料油和沥青、石油焦、润滑油等石油产品的净进口地区.     

The Internationalization Process of Singapore Government-Linked Companies: A Contextual View

Western management theories on internationalization do not fully explain the evolution of Asian MNCs. In East Asia, state policy has been an important intervening variable in the growth and development of the local MNCs. However, the patterns of firm growth differ from country to country and the strategic frames are embedded in the local political and cultural context. The internationalization strategies adopted by firms in East Asia are best understood if viewed from a contextual perspective.Singapore has been held as model of economic development for developing countries. This paper attempts to capture the dynamics of the internationalization process from a contextual perspective. It describes the evolution of two government-linked companies in Singapore and reviews their internationalization strategy. The cases are set within the framework of Singapore's political economy and its development policy. We identify the themes in the internationalization process of these firms and contrast their experiences with traditional theories.     

Asia Pacific telecommunity

The problems of development and improvement of telecommunication services in the Asia Pacific region are vast and complex. Nearly 60% of the world population lives in this region which offers many contrasts in geographical, climatic and socioeconomic conditions. Telecommunication services in the developing countries of the region lag far behind the world average.     

Strategic Innovation and the Administrative Heritage of East Asian Family Business Groups

Using the case of Chinese Family Business Groups (FBGs) in East Asia, this paper examines the relationship between the strategic behaviour exhibited by an organisational form and it's administrative heritage. To do so, we trace the origins of the strategic behaviour that scholars commonly attribute to FBGs to the environmental conditions prevailing during their emergence in the turbulent post-Colonial era of East Asia. We explain how fundamental changes brought about by shifts in the post-Cold war environment of East Asia have confronted FBGs with new opportunities and organising imperatives which their administrative heritages have left them ill-equipped to deal with. In concluding, we explain how the lack of fit between a dominant organisational form and contemporaneous environmental conditions may have significant implications for the organisations themselves and the economies whose landscapes they dominate.     

Fourteen Years of Research in the Asia Pacific Journal of Management

The Asia Pacific Journal of Management (APJM) has been an outlet for the publication of research on the Asia Pacific for 14 years. This paper seeks to track the range of papers that have been published in this time to identify research trends and issues. This is done to provide a broad overview of research done in the region, serve as a reference for APJM's editors and potential contributors for future research, and also traces the evolution of management scholarship in the region.     

企业债务期限结构与自由现金流的门限关系研究

文章创新性地运用了微观企业数据,通过构建面板门限模型考察了企业债务期限结构与企业自由现金流的非线性关系,并进一步揭示了宏观经济波动对企业债务期限结构与自由现金流关系的影响。研究发现：第一,企业债务期限结构与企业现金流的关系因为债务利息的不同呈现出双重门限效应。主要表现为当企业债务利息处于较低水平时,企业自由现金流与债务期限结构呈反向相关关系;当企业债务利息处于较高水平时,企业债务期限结构与债务期限结构呈正向相关关系;第二,宏观经济波动影响企业债务期限结构与自由现金流关系的敏感性。最后,从提高自由现金流的利用率、完善多层次资本市场建设以及降低融资杠杆等方面提出对策建议。     

Business and management in China: A review of empirical research in leading international journals

Asia Pacific Journal of Management - China’s growing economic importance has led to a significant increase in the volume of empirical research about business and management in this country...     

THE ROLE OF MAJOR OIL COMPANIES IN LONG DISTANCE GAS PIPELINE PROJECTS

For several years now, BP has been trying to identify new opportunities to supply gas into North East Asia, including the rapidly expanding Chinese market. It expects gas demand to continue to increase faster in the Asia Pacific region than elsewhere in the world,and its analysis suggests gas demand there will grow to around 470 bcm by 2010 or by almost 6% per year. Since oil majors have rich escperience of managing large     

The real threat to GM crops in poor countries: consumer and policy resistance to GM foods in rich countries

In most poor countries today, farmers still plant no GM food or feed crops at all. Some are now planting GM cotton, but GM food and feed crops have not yet been grown commercially anywhere in developing Asia or the Middle East, and in only one African country (South Africa). Government authorities in most of these countries have not yet given farmers official permission to plant any GM food or feed crops—superficially in most cases because of precautionary concerns about biological safety. The more fundamental reason is now a fear that consumers in high-income importing regions, such as Europe and Japan, will shun imports from any country that begins planting GM varieties. The new EU regulation calling for strict labelling and traceability on all GM-derived foods and feeds (requiring a costly physical segregation of GM from non-GM all the way up the marketing chain) will further discourage the planting of GM crops in poor countries.     

Benchmarking telecoms regulation - The Telecommunications Regulatory Governance Index (TRGI)

In this study an index of the effectiveness of the institutional design of telecommunication regulators for 142 countries that belong to the International Telecommunications Union is produced. This index - the Telecommunications Regulatory Governance Index (TRGI) - ranks these countries regionally (The Americas, The EU27, Other Europe, Asia Pacific, Middle East and Northern Africa and Africa) as well as globally. Data from Transparency International are used to measure general political governance for these same 142 countries and show the correspondence or lack thereof between the TRGI and political transparency. Strong empirical evidence is found that countries with better institutions have telecommunication regulators that consistently score higher in the TRGI.     

Family ostracism and proactive customer service performance: An explanation from conservation of resources theory

Asia Pacific Journal of Management - Despite the burgeoning interest in work-family conflict, little is known about how family stressors influences employees’ attitudes and behaviors in the...     

Performance of U.S. FDI in Different World Regions

This study analyzes the risk-return performance of U.S. firms that emphasize investments in developing regions versus others that invest in their home market or other developed countries. The test results indicate that U.S. firms active in the Asia-Pacific region are likely to perform better than U.S. firms active in other world regions in both profitability and risk. This implies that Asia and the Pacific provide greater opportunities for U.S. firms to achieve a better risk-return performance when their ownership advantages are well integrated into a conducive environment     

Pricing the default option of international sovereign borrowers

When a country in debt encounters serious difficulties servicing that debt, the option to default begins to look attractive. Yet, barring major political upheavals, default has rarely occurred in the post-war era. The reason is that countries in trouble are able to capture (through renegotiations) some of the value of their option to default. We model this process in a manner which allows us to estimate the value of the default option which lenders issue to sovereign borrowers.We wish to thank our discussant, Malick Ousmane Sy, and the chair of our session, Lester W. Johnson, for their helpful comments.     

Corporate governance and Asian companies

While prominent differences in corporate governance exist across the Asia Pacific region, there are common concerns about controlling shareholders expropriating wealth from minority shareholders at the expense of overall wealth creation, as well as about the roles and qualifications of managers in Asian companies. The contributors to this Special Issue of the Asia Pacific Journal of Management address these concerns and provide new evidence on their empirical relevance, as well as the factors conditioning that relevance. They also provide cautionary insight into the merits of specific proposals to reform Asian corporate governance. An important theme emerging from this Special Issue is that one needs to understand the institutional framework in which organizations operate in order to understand the rationale for and consequences of specific corporate governance models, as well as the likelihood that specific governance reforms will be adopted and prove effective. In this context, informal institutions are often more important than formal institutions. In addition to advancing our understanding and appreciation of the linkages between formal and informal institutions, corporate behavior, and performance, as well as the prospects for corporate governance reform, the papers in this Special Issue also suggest challenging and potentially fruitful areas for future research.     

A conceptual review of human resource management research and practice in Taiwan with comparison to select economies in East Asia

Human resources are increasingly crucial to the growing economies of East Asia, which are striving to diversify economically toward higher value-added product-markets to continue their growth. Human resource management (HRM) in Taiwan, based on Confucianism and influenced by Western management research and practice, has been experiencing a major paradigm shift of sorts in recent years. With Taiwan’s rapid economic growth followed by its industrial and institutional transformation, HRM in the region has been developing to cope with the increasingly competitive and fast-changing business world. As such, this study reviews HRM’s development in Taiwan over the recent decades. The reviewed studies were gathered from work published from 1990 to 2016 appearing in the Social Sciences Citation Index or Taiwan Social Sciences Citation Index Chinese journals. A detailed discussion of HRM development in Taiwan is made, along with a summarizing scheme and some comparison to HRM in other select economies in East Asia, including those of Mainland China and Hong Kong which share the same cultural lineage and values.     

东亚货币一体化可行性研究：基于层次设权方法的分析

由次贷危机引发的全球性金融危机再次引发了人们时区域经济协调和货币一体化的讨论,文章应用层次设权方法（AHP）计算了东亚十个国家和地区的经济特征指数和区域经济一体化指数,并与20世纪60年代欧共体成立时的情形进行了比较。结论表明,尽管亚洲最优货币区的建立尚存在大量障碍需要克服,但东亚地区已经初步具备经济一体化的基础。     

Supplying vegetables to Asian cities: is there a case for peri-urban production?

In this paper, we analyse the dynamic interplay between peri-urban vegetable producers and their changing production and marketing environments in Asia, using examples from urban conglomerates in South, Southeast and East Asia. We discuss income generation, labour use, management of land and water resources, use of urban and market waste materials and health and food safety aspects. We conclude that peri-urban vegetable production, even though currently economically viable, is unlikely to be able to compete in the long run for scarce land and labour resources, unless alternative production technologies become available and the positive externalities generated by peri-urban agriculture become internalised. There is thus an urgent need for interdisciplinary research aimed at developing such technologies as well as for integrated economic and environmental analyses that take explicit account of interactions between peri-urban producers, the urban waste management sector, municipal planners and consumers.     

The Integration of Mortgage Markets and Capital Markets

In this paper, we develop a model to predict the impact of deregulation in the form of relaxing interest rate control on the integration between the mortgage credit market and the general credit market. The model is tested through the examination of the long-term Granger-like equilibrium relationship between mortgage interest rates and general interest rates in the pre-1980 regulated vs. the post-1980 deregulated periods. It is shown that the level of regulation, in the form of targeting general interest rate levels, contributes to the segmentation of the mortgage market from the capital market. To test this model, we compare the relationship between mortgage interest rates and general interest rates around 1980 where major control on interest rate levels in capital markets was lifted. Using Engle and Granger's procedure to overcome the estimation problem from nonstationarity in the interest rate series, we are able to find that the two interest rates were cointegrated after 1980 but not before. More importantly, it appears that the two markets were already integrated before the full development of the secondary mortgage markets between 1984 and 1987. Therefore, we conclude that the bulk of the integration between the mortgage and capital markets was completed as a result of the removal of interest rate controls around 1980, in contrast with previous studies that find integration occurred during the mid-1980s primarily as a result of the rapid development of the secondary mortgage markets.     

The Resource Dependence, Service and Control Functions of Boards of Directors in Hong Kong and Taiwanese Firms

Since the Asian financial crisis of the late 1990's, there have been numerous calls for the reform of East Asian corporate governance. Without reform, fears abound that the crisis will return. However, a baseline understanding of corporate governance in East Asia needs to be established before reform efforts can begin. In the West, three major functions of boards are commonly recognized: resource dependence, service, and control. These functions have yet to be examined in the context of boards of directors of Overseas Chinese firms in East Asia. In this exploratory study, we examine the extent to which these functions are performed, primarily by outside board members, in Overseas Chinese firms in Hong Kong and Taiwan. We find that the service and control functions are less pronounced for East Asian boards than what would be expected in the West, while the resource dependence function is more pronounced. We also findthat the governance of the region is being moved closer to international practices by a new generation of leaders that have been exposed to Western influences and intense global competition. The implications of our findings for managers, educators, and researchers are discussed.     

期望落差下的组织搜索:长期债务融资及其价值再造

企业在何种状态下采取长期负债经营策略以及这种策略将对企业未来的发展产生何种影响,是一个重要的理论问题。本文将企业的长期债务融资视为组织搜索行为,构建了一个绩效反馈的权变模型,探讨期望落差与长期债务融资之间的理论关系及制约因素。本文基于2007—2018年中国上市企业数据的检验结果表明:期望落差将对企业长期债务融资产生直接影响。在企业管理者搜索动机与搜索成本的共同作用下,企业的长期债务融资与期望落差程度呈非线性关系,即在临近期望值的状态下企业管理者表现出局部搜索动机,倾向于通过增加债务来解决企业的期望落差问题;而在远离期望值的状态下表现出非局部搜索动机,倾向于减少长期债务融资。环境不确定性是制约期望落差下企业长期债务融资策略的重要因素,市场与政策环境的不确定性越高,则越有可能导致处于落差状态下的企业减少长期债务融资。期望落差状态下的长期债务融资与企业价值再造能力之间存在着先升后降的“倒U型”关系,即落差状态下适度的长期债务融资提高了企业的价值能力,但超过临界点后将对价值再造起到遏制作用。本文在一定程度上丰富了期望落差下组织搜索的过程机制,为深入理解企业长期负债经营的前因提供了新的视角。