Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors

Research summary: We examine how human‐capital‐intensive firms deploy their human assets and how firm‐specific human capital interacts with incentives to influence this deployment. Our empirical context is the UK M&A legal market, where micro‐data enable us to observe the allocation of lawyers to M&A mandates under different incentive regimes. We find that law firms actively equalize the workload among their lawyers to seek efficiency gains, while “stretching” lawyers with high firm‐specific capital to a greater extent. However, lawyers with high firm‐specific capital also appear to influence the staffing process in their favor, leading to unbalanced allocations and less sharing of projects and clients. Paradoxically, law firms may adopt a seniority‐based rent‐sharing system that weakens individual incentives to mitigate the impact of incentive conflicts on resource deployment. Managerial summary: The study highlights the dilemmas when professional service firms allocate their key individuals to incoming projects, and the role that monetary incentives play in aggravating or alleviating these dilemmas. In the context of UK M&A law firms, we find that partners have a tendency to be attached to too many projects and not to share enough work, which is exacerbated when individual monetary incentives are stronger. Firms adopting a seniority based incentive system (lockstep system) are able to alleviate this effect. This implies that there is a trade‐off between rewarding personal performance versus balancing workloads and fostering collaboration among professionals. Copyright © 2015 John Wiley & Sons, Ltd.     

基于系统理论的企业创新能力实证研究

不同行业的企业创新能力会呈现出不同的特征和规律,有针对性地研究不同行业的企业创新能力可以丰富企业创新能力研究体系,并更有效地提出对策和建议。本研究从系统理论的视角分析了企业创新活动,构建基于系统理论的企业创新能力指标体系,以江浙沪中小LED照明企业为实证研究对象,通过问卷调查法了解目前该区域内中小LED照明企业的创新能力现状。论文运用多元线性回归分析发现中小LED企业创新投入能力、创新反馈能力对创新产出能力产生的显著的正向影响,企业创新反馈能力对创新协调能力产生显著正向影响。论文还运用逐步回归分析确定了具体变量间的关系,发现在中小LED企业中,企业战略支持程度和研发设备投资额对企业专利数呈现出显著的正向影响,企业研发设备投资额与激励对企业新产品销售额呈现出显著的正向影响。论文最后有针对性提出中小LED照明企业创新能力提升应以市场创新为动力、以人才战略为基础、以科研设备投入为重点。     

创新顾客需求和产品设计开发管理的探讨

顾客需求和设计开发,决定产品定位和产品的质量。阐述了顾客需求和设计开发管理中存在的问题,说明了进行顾客需求和设计开发创新管理的必要性,并通过故障模式及影响分析的案例来说明创新管理的重要性。     

控股股东性质、利益输送与盈余管理幅度——来自中国A股公司首次亏损年度的经验证据

本文研究了大股东从公司向自身"输送利益"与公司预期获取大股东"利益输送"的机会,对公司首次亏损年度负向盈余管理幅度的影响。证据表明,大股东资金占用的规模越大,公司可运用于改善经营管理的财务资源越少,公司进行负向盈余管理的幅度越大;当第一大股东为非经营性股东,公司流通股比例越大时,其获取大股东利益输送的机会越少,公司进行负向盈余管理的幅度越大。     

人- 组织匹配对创新行为的内在影响机制研究

员工是企业创新活动的主要实施者,其创新行为决定了创新的成败,但现有研究对员工创新行为的内在影响机制仍缺乏清晰刻画。本文基于社会认知理论,从心理因素的视角出发,探索人 - 组织匹配对创新行为的内在影响机制。通过收集数据,应用层次回归分析验证所提出的理论假设。结果表明,人-组织匹配不仅能对创新行为产生直接影响,还能够通过内部动机对创新行为产生间接影响。本文从理论上丰富了创新行为的相关研究,实践上为提升员工创新行为提出了对策建议。     

商务模型与民营企业绩效

目前，国内关于影响企业绩效因素的研究大多选取局部分析方法，难以得出整体性结论。新兴的商务模型理论为全面分析影响企业绩效的因素提供了理论架构。本文首次运用该理论对民营企业绩效开展了计量研究。结果提示，提高民营企业绩效可以从多侧面的商务模型改良入手，这也初步验证了商务模型方法的有效性。     

项目活动资源需求与项目时间管理

除了虚活动以外,项目网络中每项活动都需要耗费或占用一定的时间和资源。确定时间与资源的关系是有效进行项目时间管理、项目成本管理必须面对的问题。需要从项目活动资源数最、质量（能力）、需求节奏和资源类型这4个方面入手。具体分析项目活动资源需求与项目时间管理的关系。     

创新型城市建设的研究成果与不足分析

文章就目前国内外对创新型城市的研究成果进行了探讨,主要包括了创新型城市的内涵、内容、评价指标体系和路径等方面,并在此基础上指出了目前研究中的不足之处。     

Determinants of alliance partner choice: Network distance,managerial incentives,and board monitoring

Research Summary: We ask if managerial opportunism is a significant problem in alliance partner choice and examine the role of corporate governance mechanisms in explaining this choice. Using a sample of 313 alliances of U.S. firms from the pharmaceutical and biotechnology industries from 1992 to 2010, we find that managerial incentives lead to managerial preference for relationally risky distant partners over existing and new close partners. Further, board monitoring encourages managers to pursue existing and distant partners over new close ones, choices aligned with shareholder interests. In addition, we find that board monitoring substitutes for managerial incentives in alliance partner choice. We contribute to the literature on alliance partner choice to identify an important, and hitherto, unexplored perspective. Managerial Summary: This article examines whether managers and shareholders view alliance‐related risks differently, and how the divergent interests between managers and shareholders affect alliance partner choice. We argue that managers’ concern about their loss of employment and compensation from alliance failure impedes the choice of relationally risky alliance partners that may increase shareholder value. We also argue that managerial stock ownership and board monitoring mitigate this managerial propensity. Our findings suggest that stock ownership owned by managers and strong board monitoring are effective governance mechanisms to align managers’ interests with those of shareholders. Our study offers a novel perspective to understand alliance partner choice by viewing the firm as an entity comprised of fragmented interests.     

关于俄美两国创新经济的对比研究

美国是当今世界最具创新能力的国家,其GDP自1900年超过欧洲各国之后,连续100多年雄踞世界第一,至今没人能够超越。是什么力量支撑美国经济经久不衰?又是什么养料滋养这棵大树长青永驻?毋庸置疑,是这个国家的创新体制和民族创新精神。美国以不到世界5%的人口,创造出占世界24%的财富和40%的创新产品,从而成为世界上独一无二的超级大国。相反,自然资源富甲一方的俄罗斯,坐拥世界总资源财富的21%和强大的人力资本优势,却在新世纪初始的经济危机中深陷泥沼而不能自拔。本文力图通过对俄美两国在创新经济方面的对比,说明俄罗斯在从传统地租型经济向创新型经济过度过程中应当借鉴美国之经验,植入美国创新元素,从而缩短同发达国家的差距。     

The impacts of performance relative to analyst forecasts and analyst coverage on firm R&D intensity

Taking an agency theory perspective of managers as risk averse and self‐interest seeking and focusing on externally generated analyst forecasts as the performance target, we propose that managers tend to cut R&D expenses when they are under pressure to meet analyst forecasts, especially when they face an increase in employment risk after missing the forecasts. We further argue that analyst coverage can serve as an external monitoring mechanism to help contain this agency problem. We test these arguments with data from a sample of U.S. manufacturing firms during the period of 1979 to 2005. Copyright © 2012 John Wiley & Sons, Ltd.     

Equity‐based incentives and collaboration in the modern multibusiness firm

Research summary : This paper examines the role of equity‐based incentives in fostering cross‐business‐unit collaboration in multibusiness firms. We develop a formal agency model in which headquarters offers equity and profit incentives to business‐unit managers with the objective of maximizing total expected firm returns. The resulting compensation contract provides a rich mechanism for aggregating value from collaborative interactions across business units, aligning managers' efforts with the firm's growth prospects and organization structure and managing the dual risks in profits and firm market value. The inclusion of equity incentives elicits higher levels of own‐unit and collaborative efforts over the profits‐only contract. Our results suggest that equity‐based incentives are most beneficial when profitability is uncertain relative to long‐term growth prospects, in firms pursuing related diversification strategies, and in periods of rising equity markets. Managerial summary : Equity‐based compensation such as restricted stock grants and options are increasingly common, not only for CEOs and other top executives, but also for business unit managers and other non‐C‐suite employees. The paper studies the role of such “global” incentives in enabling multibusiness firms to benefit from cross‐unit collaboration. Results from our model show that managerial contracts that include appropriate levels of equity incentives, in addition to profit‐based incentives, generate higher own‐unit and collaborative efforts. We also find that equity incentives are likely to be most beneficial for large firms in high‐growth sectors, for firms pursuing a related diversification strategy, and in periods of rising stock markets. The model can also provide useful guidance on designing return‐maximizing compensation contracts for business unit managers in different firm, organizational, and industry contexts. Copyright © 2015 John Wiley & Sons, Ltd.     

创新型领导的运行机制及其实现途径

个体、组织、关系与文化四个层面共同构成了创新型领导运行机制的有机整体。创新型领导的实现主要有四个途径：领导者创新特质培养与创新能力训练;共同远景下的员工自我控制与自主创新;学习型组织及其制度协同;路径依赖的突破与文化创新。     

中国建筑业技术创新面临的问题与创新战略

通过对中国建筑业技术进步的研究,发现建筑业研发投入不足且缺乏战略性、成果转化能力薄弱、创新阻力较大、企业创新能力较弱、合作创新网络未普遍形成、缺乏国际化的技术标准与技术扩散战略指导等,是我国建筑业技术创新面临的主要问题;明确了未来5年我国建筑业科技投入与产出、重点发展的技术领域、建设创新型建筑业等战略目标;提出了实现战略目标的总体思路和建议,包括构建中国建筑业科技政策研究的科学路径、改进和完善建筑业科技与创新政策、增进创新体系中相关方的合作伙伴关系、营造健康的创新文化与创新环境、开展自下而上的制度创新和建筑技术标准国际化活动等。     

创新药物研发产业链与专业化分工

本文在分析创新药物研发产业链的基础上,分析了我国创新药物研发能力薄弱的原因,探讨了专业化分工对我国创新药物研发的意义,并在此基础上提出了立足我国创新药物现状、结合国际形势的,以专业化分工为主线的创新药物研发模式。     

Market Power, Industrial Concentration and Innovative Activity

This paper discusses the paradox between the positive effect of industrial concentration on R & D spending, and its non-positive effect on the number of innovations. Also, I analyze whether concentration has different effects on small- and large-firm R & D. The analysis shows that the positive effect of industrial concentration on R & D spending is at least as strong for small firms as it is for large firms within an industry, which indicates that the possession of market power is not in itself conducive to innovative effort. In addition, high concentration appears to be attended with a loss of efficiency in R & D spending.     

发电企业基于作业成本管理的弹性预算法

就提出的一种基于作业成本管理的弹性预算法,论述了其原理、算法以及在发电企业中应用的可行性。并在最后用一个案例来说明这种方法的使用程序及其有效性和合理性。     

科技创新人才创新绩效指标体系构建与评价——基于SPSS与隶属度转换算法

本文基于科技创新人才的态度和行为,从创新意愿、创新行为、创新能力、创新支持和创新成果5个方面初步构建了科技创新人才创新绩效评价指标体系;根据指标设计问卷并以某企业为例进行分析,运用SPSS分析了问卷量表的信度和效度并确定最终评价指标体系;引入隶属度转换算法构建了科技创新人才创新绩效评价模型并验证了可行性和有效性。     

企业网络位置、间接联系与创新绩效

企业间合作创新的重要性已逐渐被学界和企业界所重视,为探讨企业在合作创新网络中的网络位置、间接联系对创新绩效的影响,本研究以深圳市IC产业为例应用社会网络分析方法和管理学相关理论进行实证分析。结果表明,占据网络中心和富含结构洞的网络位置有利于提升企业创新绩效;企业的间接联系也是提升创新绩效的重要因素;并且,间接联系对企业创新绩效的影响还依赖于企业的网络位置,位于网络中心的企业要比位于网络边缘的企业从间接联系中获得更少的创新收益,而拥有丰富结构洞的企业要比拥有较少结构洞的企业从间接联系中获得更多的创新收益。