中国企业研发国际化影响因素研究

研发国际化是企业提升技术能力的重要途径。为了深入研究企业研发国际化动因,基于中国200家计算机、通信及其它电子设备制造业上市公司的调查数据,运用多元回归分析法,从公司规模、研发能力、盈利水平、产品出口、境外股权以及高管受教育程度等方面,实证研究了我国企业研发国际化影响因素。结果表明,企业规模、研发能力、产品出口、高管受教育程度对企业研发国际化有显著正向影响,境外股权对企业研发国际化无显著影响,盈利水平对企业研发国际化有显著负向影响。该结果对于理解和指导中国企业研发国际化工作具有较高的参考价值。     

在华国际新创企业的特征及其与国内的比较分析

本文以1112家在华新创企业为样本,并结合作者调研访谈的6个国际新创企业案例,通过实证的方法比较了国际新创企业相对于国内新创企业的特征,发现在华国际新创企业比国内新创企业更加注重产品创新,内向国际化程度也更高,但在研发密度、国内市场份额和高管受教育水平方面并不存在显著差异。同时,在华国际新创企业的所有权结构也会对其特征产生影响,纯本土的私营国际新创企业在内向国际化程度、高管受教育水平、出口比例和直接出口比例方面显著低于纯外资的国际新创企业,但与合资的国际新创企业相比仅在直接出口比例上存在显著差异。     

中国企业跨境并购促进了并购企业研发国际化吗

基于2007—2020年中国工业企业上市公司跨境并购数据，实证分析跨境并购与并购企业研发国际化的关系，并整合制度观点，分析产权异质性和东道国（地区）异质性的影响。结果显示：第一，跨境并购规模和跨境并购股权对并购企业研发国际化均存在显著正向影响，跨境并购整合对并购企业研发国际化的影响不稳健；第二，基于产权异质性分组检验发现，跨境并购规模对并购企业研发国际化的正向影响仅在国有企业样本中显著；第三，基于东道国（地区）异质性分组检验发现，当东道国（地区）为发达国家（地区）时，跨境并购规模和跨境并购股权对并购企业研发国际化均存在显著正向影响，当东道国（地区）为发展中国家（地区）时，跨境并购对并购企业研发国际化的影响不显著。结论丰富了现有理论成果，对中国工业企业跨境并购实践具有一定借鉴价值。     

高管激励调节下研发投入与企业绩效关系研究

以中国上市公司为研究样本,实证分析了高管激励对研发投入与企业绩效关系的调节作用。通过对企业总样本的研究发现,研发投入对企业绩效具有显著促进作用;高管股权激励对研发投入与企业绩效具有显著正向调节作用,但薪酬激励的调节作用不显著。进一步研究发现,所有制形式是影响高管激励调节作用的重要情景要素,高管薪酬激励对国有企业和非国有企业的研发投入与绩效关系分别起着正向和负向调节作用;而高管股权激励仅对非国有企业具有显著正向调节作用。同时发现,反映公司治理和财务运营质量方面的控制变量对不同所有制企业高管激励发挥调节作用的影响程度不同。研究结论可为企业制定合理的高管激励机制,提高创新绩效提供决策参考。     

企业持续创新影响因素研究

使用持续专利时间、持续专利数量、持续发明时间和持续发明数量对企业持续创新进行测度,就公司规模、企业盈利能力、债权融资水平、股权结构和高管激励等对企业持续创新的影响进行理论分析,提出相关假设,并以国泰安“中国上市公司专利研究数据库”1985-2015年涉及的1 921家上市公司为样本进行实证检验。结果发现：公司规模与企业持续创新正相关;盈利能力和债权融资水平对企业持续创新的影响不显著;股权结构中,第一大股东持股比例与持续专利时间、持续发明时间负相关,对持续专利数量和持续发明数量的影响不显著。机构投资者持股比例与企业持续专利时间正相关,对其它持续创新变量的正向影响不显著;在高管激励中,以薪酬测度的高管短期激励与企业持续创新正相关,以持股比例测度的高管长期激励对企业持续创新的积极作用没有得到完全发挥。     

创新能力对天生国际化企业绩效的影响

创新能力是天生国际化企业生产经营活动的重要特征,根据天生国际化经典理论,结合中国企业国际化发展实际,筛选符合条件的中国创业板上市公司,获得高质量的公开数据,实证分析以研发密集度、员工教育水平、管理者海外背景和管理者行业经验表示的创新能力对天生国际化企业绩效的影响。结果发现：由于研发投入转化为生产能力提高的程度较低、研发质量不高等原因,研发密集度对企业绩效没有显著正向影响;员工受教育水平对企业绩效具有显著正向影响,这是因为以高素质员工为代表的人力资本是企业竞争力的重要源泉;管理者海外背景对企业绩效没有明显影响,管理者行业经验对企业绩效具有显著正向影响,这是因为中国创业板上市公司的创立者和领导者一般均具有所在行业多年工作或研究经验,熟悉行业国内外市场和技术情况,海外背景的管理者面对中国市场可能存在水土不服问题。     

创新能力对天生国际化企业绩效的影响——来自我国创业板上市公司的证据

创新能力是天生国际化企业生产经营活动的重要特征,根据天生国际化经典理论,结合中国企业国际化发展实际,筛选符合条件的中国创业板上市公司,获得高质量的公开数据,实证分析以研发密集度、员工教育水平、管理者海外背景和管理者行业经验表示的创新能力对天生国际化企业绩效的影响。结果发现:由于研发投入转化为生产能力提高的程度较低、研发质量不高等原因,研发密集度对企业绩效没有显著正向影响;员工受教育水平对企业绩效具有显著正向影响,这是因为以高素质员工为代表的人力资本是企业竞争力的重要源泉;管理者海外背景对企业绩效没有明显影响,管理者行业经验对企业绩效具有显著正向影响,这是因为中国创业板上市公司的创立者和领导者一般均具有所在行业多年工作或研究经验,熟悉行业国内外市场和技术情况,海外背景的管理者面对中国市场可能存在水土不服问题。     

基于公司治理视角的上市公司抗金融危机能力问题研究

本文基于公司治理的视角,研究了股权治理、董事会治理以及高管激励等因素对上市公司抗金融危机能力的影响机理,同时,基于美国金融危机期间中国697家上市公司样本数据进行了实证研究.研究表明:股权集中度、股权制衡度、高管薪酬水平及高管持股比例皆与公司抗金融危机能力之间呈显著正相关关系;国有控股对公司抗金融危机能力有明显的负面影响;董事长与总经理两职兼任有利于提高公司抗金融危机能力;董事会规模和董事会独立程度对公司抗金融危机能力没有显著影响.     

中国上市公司融资偏好内部影响因素实证研究

本文以447家上市公司为样本，应用对数单位模型对影响中国上市公司融资偏好的内部因素进行实证研究。结果表明：盈利能力、股权结构、所得税率对中国上市公司股权融资偏好有显著的正影响；非债务避税对中国上市公司股权融资偏好有显著的负影响；企业规模、成长性、业绩波动性、资本结构等因素对中国上市公司的融资偏好无显著影响。     

新能源上市公司盈利能力及其影响因素的实证研究

文章首先利用因子分析方法对新能源上市公司的盈利能力水平进行了实证研究,随后应用多元回归方法考察了新能源上市公司盈利能力的可能影响因素。研究发现,在盈利水平上,新能源上市公司普遍较高,在沪、深交易所所有劣等盈利水平公司中新能源公司为数不多,不过在最优等盈利水平公司中新能源公司所占比例也偏少。多元回归结果表明,新能源公司盈利能力与公司资产规模、股权集中度、成长性等有着显著的正相关关系,与资产营运能力存在略为显著的正相性,而与公司财务风险水平和研发能力则存在显著的负相关关系。     

Pleasure and belief in Hume's Decision Process

Abstract

The purpose of this paper is to introduce explicitly pleasure and belief in what aims at being a Humean theory of decision, like the one developed in Diaye and Lapidus (2005a). Although we support the idea that Hume was in some way a hedonist – evidently different from Bentham's or Jevons' way – we lay emphasis less on continuity than on the specific kind of hedonism encountered in Hume's writings (chiefly the Treatise, the second Enquiry, the Dissertation, or some of his Essays). Such hedonism clearly contrasts to its standard modern inheritance, expressed by the relation between preferences and utility.

The reason for such a difference with the usual approach lies in the mental process that Hume puts to the fore in order to explain the way pleasure determines desires and volition. Whereas pleasure is primarily, in Hume's words, an impression of sensation, it takes place in the birth of passions as reflecting an idea of pleasure, whose “force and vivacity” is precisely a “belief”, transferred to the direct passions of desire or volition that come immediately before action. As a result, from a Humean point of view, “belief” deals with decision under risk or uncertainty, as well as with intertemporal decision and indiscrimination problems.

The latter are explored within a formal framework, and it is shown that the relation of pleasure is transformed by belief into a non-empty class of relations of desire, among which at least one is a preorder.     

Globalization,Neoliberalism and the attack on social security

Neoliberal political movements advocate privatization of public pension systems. Globalization imposes pressure on nations to conform to neoliberal policy views with respect to the design and structure of social insurance, including public pension systems. The paper begins with an investigation of the economic, ethical and ideological dimensions of the privatization debates in the U.S.; it argues that privatization advocates may be largely moved by ideology, since the other reasons advanced appear weak or unfounded. The second part discusses the history of Social Security, the purposes for its creation, and some of its economic effects. Differences between public and private pension systems are considered. A brief international comparison of some aspects of public pension system finance and benefit structures is presented. The final section considers the ethical, macroeconomic and distributional implications of privatization, prefunding and payroll tax funding, and argues for a pay as you go system financed with income taxes. In order to promote equity, economic security, community, and social cohesion, public pension systems should be universal in coverage. In order to reduce the inequality, income insecurity, and aged poverty generated by market economies, public pension systems ought to be progressive: benefit/contribution ratios should be inversely proportional to income, and progressive income taxes should finance the system. To promote economic growth, the systems should be financed on a pay-as-you-go basis, and should not be prefunded except for an emergency reserve. The fiscal policy recommendations partially depend upon the theory developed by Abba Lerner in the 1940s, and recently advanced by Wynne Godley and Randy Wray: Lerner's “principle of functional finance.”     

Neurally reconstructing expected utility

While the concept of “expected utility” informs many theories of decision making, little is known about whether and how the human brain might compute this quantity. This article reviews a series of functional magnetic resonance imaging (FMRI) experiments designed to localize brain regions that respond in anticipation of increasing amounts of monetary incentives. These studies collectively suggest that anticipation of increasing monetary gains activates a subcortical region of the ventral striatum in a magnitude-proportional manner. This ventral striatal activation is not evident during anticipation of losses. Actual gain outcomes instead activate a region of the mesial prefrontal cortex. During anticipation of gain, ventral striatal activation is accompanied by feelings characterized by increasing arousal and positive valence. These findings affirm the role of emotion in the anticipation of incentives, and may provide an initial step towards a neural reconstruction of expected utility.     

Duplication, Growth and ‘Total Return Economics’

Maintenance consumption is an expense recovered in product prices, yet also a source of taste satisfaction which must be exhausted, rather than reinvested, from the capital affording it. This riddle is solved in the duplication rules: the cost of maintenance consumption is recovered in pay and prices, but an equal flow is exhausted from the human capital of the worker earning the pay. The rules impact tradition in several ways. If output is defined in principle as value added, then it cannot also be described as consumption plus net investment without double-counting the maintenance consumption recovered in prices. Also rate of return in the stationary state is not zero, but is the rate sufficient to offset the exhaustion of individual human capital. The rules lead to new insights into economic return, and support an argument that all growth at the scale of closure is due to productivity gain rather than to thrift.     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

Forecasting the price of gold

This article seeks to evaluate the appropriateness of a variety of existing forecasting techniques (17 methods) at providing accurate and statistically significant forecasts for gold price. We report the results from the nine most competitive techniques. Special consideration is given to the ability of these techniques to provide forecasts which outperforms the random walk (RW) as we noticed that certain multivariate models (which included prices of silver, platinum, palladium and rhodium, besides gold) were also unable to outperform the RW in this case. Interestingly, the results show that none of the forecasting techniques are able to outperform the RW at horizons of 1 and 9 steps ahead, and on average, the exponential smoothing model is seen providing the best forecasts in terms of the lowest root mean squared error over the 24-month forecasting horizons. Moreover, we find that the univariate models used in this article are able to outperform the Bayesian autoregression and Bayesian vector autoregressive models, with exponential smoothing reporting statistically significant results in comparison with the former models, and classical autoregressive and the vector autoregressive models in most cases.     

Simulating the Effect of Regulatory Systems in a Fishery, An Application to the French Driftnet Albacore Fleet

With a thin economic component, most bio-economic models of fisheries failto assess the effects of the regulation systems on firms. In order to analysethe short term consequences of different management schemes, a simulationmodel is applied to the French driftnet albacore fleet: licence allocation withdriftnet regulation, individual quotas, and individual transferable quotaswithout any input control. Vessel technology is estimated by using the datacollected, and groups of vessels are distinguished according to criteria ofperformance. We present the adjustment within firms and between groupsunder different scenarios (limited entry with and without driftnetregulation, individual quotas and individual transferable quotas allocation),and we compare their results in terms of quasi-rent value and otherindicators such as hake harvests or dolphin by-catches.     

Knowledge as a Path-Dependence Process

By following a new approach proposed by Cognitive and Neuroeconomics, this paper presents and extends that part of Hayek's theory concerning knowledge in path-dependent terms, and shows that this is a fertile theory, opening new lines of inquiry for contemporary economics. In his theory of knowledge Hayek shows that the dynamics of economic change is path-dependent, in a different and more profound way than in the rest of the path-dependent literature. This literature deals with an important controversy, which will be also discussed and its specific and original meaning will be highlighted. As it will emerge, knowledge as a path-dependent process is consistent with cognitive theories of perception and learning and it plays a more important role than is traditionally assumed. Path-dependence is in fact always present in the cognitive dimension of perception and in individual decision-making processes, as well as in the processes of organizational innovation, and even in the macro-dimension of institutional change. This revised version was published online in July 2006 with corrections to the Cover Date.     

Interest on reserves and inflation

The payment of interest on reserves has been a common practice in inflationary economies. This policy may seem paradoxical since it involves returning part of the seigniorage, generated by the inflation process, with the intention to finance the fiscal deficit. This paper argues that the motivation for this policy can be captured by the discretionary regime, where the policymaker pays interest on reserves because he is concerned with the erosion of real liquidity by inflation, which is in part beyond his control. However, this policy is an unlikely outcome in the commitment regime, where the policymaker is in full control of inflation.