产权性质、审计师选择与融资约束——基于中国A股上市公司的经验证据

文章以2008~2015年A股上市公司为研究样本,利用现金——现金流敏感度融资约束模型进行实证研究,探讨了产权性质、审计师选择对上市公司融资约束的影响.研究发现:对比"非十大","十大"审计过的上市公司融资约束更低,这验证了我国审计市场中的声誉机制已经在发挥作用;不同产权性质下,审计师声誉对融资约束的影响程度不同,具体表现为对比国有企业,非国有企业中,审计师声誉对融资约束的缓解作用更强,而且国有产权与融资约束负相关,对融资约束具有一定的缓解作用,这验证了我国资本市场上存在着"声誉替代"现象,国有产权"隐性担保"作用部分的替代了大规模审计事务所的声誉作用.     

逆向选择与中国电子商务市场声誉机制的本土性研究——以淘宝网为例

目前关于电子商务市场下声誉问题的研究更多地停留在对一般网络市场声誉评价机制设计以及声誉评价系统的效率研究上,对于网络环境下逆向选择问题对声誉机制的影响还缺乏系统的分析。文章以淘宝网香水市场交易数据为样本,对逆向选择环境下网络市场声誉机制的作用进行了实证分析,结果显示：具有本土性特征的淘宝网声誉机制能够有效抵消网络市场逆向选择问题,但是,电子商务市场逆向选择仍然在一定程度上影响到了声誉评价系统作用的发挥。文章还基于声誉机制模型在解决逆向选择时的缺陷,提出了声誉机制的改进模型,试图能有效地激励卖家与买家以诚实的交易来获取声誉度。     

中国市场企业声誉影响因素实证研究

三鹿乳业、丰田汽车等国内外知名企业的重大声誉危机事件使企业声誉成为世界范围广泛关注的显要问题.文章对企业声誉与财务指标之间的关系进行了回归分析.实证结果显示;市场业绩、会计盈利及风险、多元化经营等财务指标对企业声誉的评估存在显著影响.分析结果证明了以财务指标表征企业声誉影响因素具备一定的合理性.     

基于网站营销的声誉系统的分析

本文分析网站销售的热点问题"声誉系统建设"。针对VC疯狂投资B2C现象,借鉴S-Curve成长曲线原理,提出电子商务建设"声誉维护"问题,并列举实证方案,探讨了销售网站如何通过建立信誉维护系统,渡过产品营销最危险推广期的关键问题,即通过诚信建设,逐渐建立起自己的信誉平台,以最大程度地获得客户的认可和支持,为企业持续发展营造健壮的源动力。     

中国电子商务市场“柠檬”问题与抵消机制——基于淘宝网的数据

当网络摆脱了时空的限制,造就了网络交易的虚拟性时,由网上交易中的质量信息非对称性所引起的"柠檬"问题却因为这样的外在原因而有恶化的趋势,它会阻碍正常的、有益的市场交易.文章在回顾了已有研究成果的基础上,以淘宝网作为案例.实证性地探讨了信用评价系统、声誉与质量中介等机制在抵消"柠檬"现象时的作用,并对存在的问题进行了分析.     

电子商务市场中信任战略的建立与实施——基于案例的分析

缺乏信任是影响电子商务潜力发挥的主要障碍之一。本文分析了日本AUCNET株式会社在电子商务市场实施信任战略取得成功的经验。本文认为,系统信任、制度信任、人际关系信任以及对信任的动态管理是实现网络信任战略的核心要素。而技术的可行性能否转化为制度性的现实是取得竞争优势的关键。最后,本文探讨了该案例对发展我国电子商务市场的借鉴作用。     

电子商务市场质量中介运行模式分析

虽然互联网的出现有利于消除消费者的信息劣势,但电子商务市场的"柠檬"问题却因为网络的虚拟性实际上被强化了,它可能会降低人们对网络交易的信任感。基于"柠檬"原理,本文从网络产品质量信息不对称性的角度,构建了电子商务市场中质量中介运行模型并进行了讨论,并分析日本AUCNET公司运行模式,就发展电子商务市场质量中介的提出了建议。     

基于“柠檬”理论的电子商务信任机制建立对策研究

本文把"柠檬市场"理论作为出发点,得出我国电子商务环境下的信任影响因素。把传统商务和网络电商进行了比较,从法律、道德、企业信誉等方面构建了电子商务的信任机制,并给出了对政府、企业、消费者应采取的具体对策。     

论企业声誉管理

近年来,随着康师傅"水源门"、三鹿奶粉"结石门"、东航"返航门"等一系列危机事件的发生,企业的声誉管理再一次吸引了人们关注的眼球。经过这一系列的事件之后,人们不禁会问:企业的道德与社会责任在哪里?企业到底还有没有声誉?作为企业的一项重要无形资产,企业声誉建设的路在何方?针对这些问题,就企业声誉的内涵、作用、建立与维护方面进行一些研究,以为企业的声誉管理提供一些参考。     

职业声誉、信息质量与信息吸收效率

中国的审计市场正处于发展阶段,存在大量声誉差异较大的审计事务所,这为研究声誉机制如何为企业带来价值提供了特殊的制度环境。从证券分析师视角出发,以"四大"作为高职业声誉事务所的代表,研究结果发现:聘用"四大"审计的企业,分析师预测精确度较高,预测分歧度较低。这表明聘用高职业声誉的事务所能够提供更高质量的信息,降低了投资者对企业内部价值相关信息的分歧,提高了市场对信息的吸收效率。上述结果为研究声誉在证券市场中的作用机制提供了新的证据。     

基于Hotelling模型的医药零售业选址策略研究

应用Hotelling模型解释医药零售企业选址问题,将商誉变量引入Hotelling模型来分析两家医药零售企业在同一线性市场的选址竞争策略。模型分析表明,当两家药店商誉相同时,同时进入线性市场的两家药店将选址于线性市场的两端;当两家药店商誉不同时,商誉较高一方将选址与线性市场的中央,而商誉较低一方则将选址于线性市场的两端。     

股权激励下双重声誉的国企经营者博弈合同分析

由于所有权与经营权的分离,国有企业委托人和代理人之间存在利益冲突。如何设计一个合理的激励合同来消除两者之间的利益冲突,是委托代理理论遇到的一个重要理论问题。本文结合国有企业经营者双重身份的特点,在经营者市场声誉和政治声誉的双重声誉下,以股权激励报酬为例对委托人与代理人之间的最优合同进行研究,认为最优激励程度与经理人风险规避系数、企业业绩波动性及各种努力的成本系数成反比,与努力之间的相关性成正比;随着短期努力对当期业绩的贡献系数和长期业绩对当期业绩的负效应系数的增大,最优激励水平不断弱化。     

Reputation and new venture performance in online markets: The moderating role of market crowding

Reputation represents an important driver of new venture performance. This article shows that the performance benefits of reputation are substantially contingent on ventures' market conditions. My study of 797,087 sales transactions by 5760 new ventures in 119 platform-mediated online markets provides strong evidence that market crowding attenuates the reputation–performance relationship. Ventures benefit 38% to 42% more from a favorable reputation when they compete in an uncrowded (versus crowded) market. By disentangling the underlying mechanisms of reputation, my study allows for more accurate predictions about why, when, and how ventures benefit from reputation.     

Reputation Building: Small Business Strategies for Successful Venture Development

A positive corporate reputation can be crucial to successful venture development. Making use of the Strategic Reference Point theory, four reputation strategies were conceptualized: 1) dynamic exploitation of existing assets; 2) development of core competencies; 3) image management; and 4) strategic alliances. In a comprehensive investigation of three software enterprises in Israel, companies were found to differ in policies that possibly could lead to a good reputation. One company emphasized the long–term establishment of core competencies and remained a fairly unknown enterprise. A second company accentuated the short–term exploitation of assets and had a middling success in reputation building. A third enterprise invested in a broad spectrum of reputation building strategies and quickly developed a reputation for excellence in the field. In conclusion, corporate success often depends on the extent to which managers develop an integrated package of policies for systematically building the intangible asset of corporate reputation.     

我国民营企业信誉缺失的博弈分析

民营经济已经成为我国经济发展的重要生力军,但目前仍然有许多因素制约着民营企业健康发展,其中最主要的一个因素是信誉缺失问题。根据民营企业信誉缺失的表现,利用博弈分析方法,概括了民营企业信誉缺失的原因,从根本上提出一些建设性意见。     

社会责任履行与企业信誉资本生成——基于问卷调查的实证分析

信誉是企业利益相关者对企业的一种综合评价,社会责任影响利益相关者行为,因此对企业信誉可能产生积极的影响。通过问卷调查的实证分析,发现顾客责任、环境责任和慈善责任对企业信誉有显著的正向影响,而政府责任和员工责任对企业信誉影响不明显。     

不完全信息条件下基于产品质量的出口政策选择

在产品质量信息不完全性普遍存在的情况下,企业产品质量选择与国家产品质量声誉相互影响。提高国家产品质量声誉可以提高企业期望收益和国家福利,但由于产品质量外部性的存在以及国家产品质量声誉的"公共产品"性质,企业的自主产品质量选择行为并不会必然导致较高的国家产品质量声誉,从而存在国家干预的必要性。在一般情况下,实施"税收—补贴"组合政策是较优的政策选择。     

The Use of Quality and Reputation Indicators by Consumers: The Case of Bordeaux Wine

The absolute and relative impact of current quality and reputation variables on consumer decisions are examined using data from the market for Bordeaux wine. The estimates indicate that a model of consumer decision making which incorporates information on reputation (past quality) and collective reputation (average group quality) rejects alternative models that include current quality. The results also indicate that reputation has a large impact on the willingness to pay of consumers, that long term reputation is considerably more important than short term quality movements, and that consumers react slowly to changes in product quality. Collective reputation is shown to have an impact on consumer willingness to pay that is as large as that of individual firm reputation. If reputation and collective reputation effects are ignored, the estimated impact of current quality and short term changes in quality on consumer behaviour are overstated.     

The Conceptualization and Measurement of Suppliers' Reputation Display in Asymmetric Marketing Relationships

In asymmetric buyer-supplier relationships, suppliers typically possess more information about the object of an exchange. To ameliorate customers' evaluation problems, suppliers use signals to promise the delivery of a certain quality level to the market. A commonly used supplier signal in asymmetric markets is the manner in which reputation is displayed to buyers. While the marketing literature recognizes the role of reputation in structuring such asymmetric buyer-supplier relationships, relatively little research effort has been directed at the conceptualization and measurement of suppliers' reputation display. To address this gap, I adopt an interdisciplinary perspective and conceptualize suppliers' reputation display as a multi-dimensional construct. Specifically, I argue that suppliers' reputation display represents a latent consisting of three distinct dimensions; (i) specific investments, (ii) advertising intensity, and (iii) certification. The preceding conceptualization implies that reputation display signals a suppliers' past and future conduct to the marketplace. For example, by displaying certification, suppliers expect the market to infer certain firm attributes based on past actions. Likewise, suppliers' investments in advertising and specific assets may provide a signal of future honest behavior to the marketplace. I empirically validate this three factor conceptualization of reputation display by utilizing the technique of Latent Variable Structural Equations Modeling (LVSE). Empirical tests conducted on data obtained from 287 automotive service managers via mail survey support the three factor model of reputation display.