乡镇企业人力资本产权的制度安排

人力资本产权地位的提出,确立及相应的制度安排是乡镇企业产权改革得以顺利推进的突破口。然而,目前乡镇企业产权制度改革往往只重物质资本产权而忽视人力资本产权,对人力资本的价值从体制上给予应有的重视,从制度安排上给予有效地激励和保障,是乡镇企业壮大人力资本队伍并保障其稳定性的必要举措     

The Eclectic Paradigm in the Global Economy

Economic globalisation and the subsequent growth of global and alliance capitalism have fundamentally affected the way in which MNC activities are undertaken and organised. The various contributions to this special issue have evaluated the eclectic paradigm in the global economy, and its validity as a theoretical basis to understand these developments. This paper places these contributions into context. We highlight that globalisation has increased the interactive dynamics between and among 'O', 'L' and 'I' characteristics at firm, industry and country level, in at least two ways. First, a knowledge-based society has meant that the efficient exploitation of MNCs' ownership advantages and the continual need to augment and sustain their competitive advantages is ever more crucial, leading to a complex interdependence between ownership and location advantages. Second, globalisation has affected how MNCs seek to organise their cross-border activities coherently in response to changing boundaries of the firm. We find that the paradigm continues to provide a framework which facilitates how best to synthesise relevant complementary theories, or how to choose between potentially competing theories, and helps to operationalise them.     

Institutional Ownership and Corporate Investment Performance

This paper examines the role of institutional investors in improving firm performance through the channel of corporate investment decisions. We find that the interaction effect between institutional ownership and capital expenditures is significantly related to firm performance. We examine this relationship for different types of institutional investors, and find that investment advisors are most effective monitors in improving firm performance through corporate investment. Moreover, we find that the monitoring role of institutional investors becomes more important when internal governance is weak. Institutional ownership and other forms of corporate governance mechanisms (including CEO incentive compensation and control, shareholder right provisions, and board of director monitoring) operate as substitutes, rather than complements, in improving capital expenditure decisions. Copyright © 2012 ASAC. Published by John Wiley & Sons, Ltd.     

The Asian economic recession and retail change: the implications for retailer strategies in Asia

For almost three years the Asian Economic Crisis has been one of the most talked about influences on the retail sector in the region. This paper argues that the economic crisis has hidden or diverted attention away from the underlying changes in retailing that have been proceeding for much longer.A more dynamic and proactive retail sector appears to be evolving, one which is now less of a 'taker' of the strategies of manufacturers and more of a 'setter' of trends in product development and logistics. European and American retailers often appear to be major catalysts in this process, but this is not to say that the Asian retail sector will not develop in its own way, matched to local needs. What does now appear to be clear is that as economies in the region recover, most of their retail sectors will not go back to 'business as usual'.     

Parental Choice of Primary School: An Application of Q-Methodology

After rapid growth in off-centre retailing in the late 1980s and early 1990s, the UK Government is now determined to concentrate future retailing within urban areas and, wherever possible, close to existing town and city centres. By their very nature, however, major retail developments are extensive users of land. This makes suitable sites hard to acquire within cities, especially as large urban sites normally have to be assembled from several ownerships, while those of the periphery can often be purchased from a single owner. Within this context, this article examines how the availability of large redevelopment sites for future retailing within or close to the centres of four British cities was significantly constrained by multiple land ownership. It contends that, while tighter planning restrictions on retail development in off-centre locations may well be effective in thwarting development considered unacceptable in policy terms, such restrictions by themselves will not serve to re-direct retail development pressure to central areas, unless multiple land ownership can be readily resolved. Without such action, retail planning policy will increasingly frustrate retail competition and ultimately to become self-defeating.     

How Owners Matter? An Examination of Ownership Type in Corporate Disaster Relief Giving

Little research has investigated the effect of ownership identity (or type) and corporate philanthropy experience on giving. In this research, relying on legitimacy theory, we first assess the effect of ownership identity on corporate philanthropy (CP) in the context of the 2008 earthquake in China. Then we explore moderation effects of firms' prior CP experience and size as proxies for perceived legitimacy on owners' efforts at increasing giving and legitimacy. We find that state and CEO ownership are deterrents, while non‐SOE and institutional ownership enhances giving probability and amount. In addition, there is evidence that firm size and prior CP weaken the effects of institutional ownership on CP. This study provides a complete assessment of owner behaviour. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Microenterprise,Multinational Business Support,and Poverty Alleviation in South Africa's Informal Economy

The authors examine corporate programs that support microenterprise development in Africa. Specifically, the analysis assesses the extent to which local income and sales are affected by Coca-Cola's initiatives to assist South Africa's microenterprise in the retail trade sector. To quantify the impact, questionnaires were obtained from owners of small-scale retail establishments in the country's vast informal economy. Regression analysis is performed on key variables from the survey, testing hypotheses advanced to explain the size of an owner's income and sales. In addition to business development support, the explanatory variables include startup capital, size, and male/female ownership. It appears that business development support has a positive effect on lifting income and reducing poverty for microenterprise owners, after controlling for other influences.     

Gatekeepers to consumer markets: the role of retailers in international trade

This study explores how recent developments in the retail sector affect trade in consumer goods. It focuses on three developments in the retail sector: (i) internationalization; (ii) market structure; and (iii) the growing market share of retailers' private labels. Using gravity model estimation techniques it is found that the foreign operations of a retailer are positively related to imports from the host to the home country of the retailer. Imports are negatively related to ownership concentration, while the market share of private labels is negatively related to imports of food and positively related to imports of non-food consumer goods. For both product categories private labels shift sourcing towards poor countries. The trade response to trade liberalization is higher both at the extensive and intensive margin in countries with lower retail concentration.     

Institutional Interest,Ownership Type,and Environmental Capital Expenditures: Evidence from the Most Polluting Chinese Listed Firms

This study empirically examines whether firms’ environmental capital expenditures impact institutional investors’ investment decisions in the Chinese market. We particularly examine the impact of ownership type on the relationship of environmental capital expenditures and the behavior of different types of institutional investors by classifying institutional investors into two categories, short-term and long-term investors. In addition, this study further investigates whether environmental capital expenditures related to ownership type increase firm value. We find that long-term institutional investors tend to invest in state-owned firms (SOEs) making environmental capital expenditures. Results also indicate that, with governmental backing and encouragement, the market value of SOEs making more environmental capital expenditures is likely to increase. However, no similar results are found for non-SOEs.     

Intellectual Property Securitization and Growth Capital in Retail Franchising

A retail franchisor needs growth capital so that the brand continues to grow and franchisor–franchisee relations remain strong. However, access to corporate liquidity to fund such franchise growth options is not unlimited. A method of raising finance particularly suited to retail franchisors is intellectual property (IP) securitization that allows companies to account for intangible assets such as intellectual property, royalty and brands and realize their full value. In recent years, a number of large restaurant franchisors have securitized their brands to raise funds, including Dunkin Brands and Domino's Pizza (Domino's). We use property rights approach to show that IP securitization provides mechanisms that explicitly define ownership of intangible assets within the securitization structure and thus enables a company to raise funds against these assets. Using a case study example of a retail franchise IP securitization transaction, we also provide evidence that these mechanisms are not overly restrictive and can be used more widely to help fund retail franchise growth and expansion.     

“逆全球化”探源:基于双边投资协定深度决定因素的研究

近年来全球化进程受阻,“逆全球化”根源有待进一步探讨。本文首次利用贸发会议“IIA绘图”数据,构建涵盖101项关键条款的双边投资协定(BITs)深度评价体系,测算了全球2539份BITs深度数据。通过理论和实证研究发现,东道国区位优势和母国所有权优势是决定BITs深度的重要因素。具体来看,东道国劳动力和自然资源禀赋的区位优势对BITs深度具有显著抑制作用,母国资本、技术和制度质量的所有权优势对BITs深度具有显著促进作用,同时母国资本和技术水平对BITs深度的影响存在异质性。进一步研究表明,2008年金融危机后,东道国劳动力资源对BITs深度的抑制作用增强,母国资本和技术水平的促进作用减弱,导致世界经济呈现“逆全球化”趋势,提高母国制度质量是实现经济全球化发展的有效途径。     

知识经济时代企业产权关系与会计权益理论的新发展

知识经济带来了企业产权关系的重大变化,使产权关系的重心逐步从物质资本向人力资本转移。企业产权关系理论的发展为会计权益理论的发展奠定了坚实的基础。知识经济时代,应该突出人力资本所有者在企业产权关系中的地位以及人力资本所有者应该享有的所有者权益。     

Unpacking Institutional Distance: Addressing Human Capital Development and Emerging‐Market Firms’ Ownership Strategy in an Advanced Economy

As latecomers to global business competition, emerging‐market multinational companies (EMNCs) utilize cross‐border mergers and acquisitions (M&As) to quickly acquire strategic assets, resulting in an improved competitive position. Advanced markets with well‐established firms and well‐developed market‐supporting institutions become particularly important destinations for EMNCs’ foreign operations. Institutional distance, which represents conflicting legitimacy requirements between the host and home institutional environments, is expected to be negatively associated with the foreign acquirer's ownership position. The current study examines a sample of EMNCs’ cross‐border M&As in the United States between 2005 and 2011 and reveals the unique nature of EMNCs’ ownership strategies. Taking both formal and informal institutions into consideration, our findings suggest that EMNCs originating in countries with lower levels of human capital development may have more urgency in seeking ownership control in advanced markets and are less influenced by the negative association of institutional distance in their ownership strategy. © 2016 Wiley Periodicals, Inc.     

The ‘online high street’ or the high street online? The implications for the urban retail hierarchy

The U.K. has the greatest proportion of online sales in Europe. This study seeks to explore the differential effects of online retailing on the (evolving) hierarchy of shopping centres by examining current trends and underlying forces. The overall objectives of the paper are to qualify and explore the influence of online retailing in the decision-making processes of leading retailers today; and to assess how virtual influences become manifest in the tangible built environment and have impacted the retail hierarchy? It differentiates online retail trends by sector and retailer size, and examines the consequences for different types of shopping centres. The empirical research is based on the changing location of stores of a major fashion retailer and interviews with three of Britain’s leading retailers that have seen the more substantial increase in online turnover in recent years. Major retailers are found to have integrated online offerings, such as click and collect, into a ‘multi-channel’ retailing approach. Online retailing has therefore become an inherent and central element within large retailers’ business and therefore real estate strategies, with considerations such as online marketplace penetration and possible ‘cannibalisation’ coming to the fore in decision-making about store location. Online retail sales are, to a degree, drawing sales away from shopping centres but its impact on the existing shopping hierarchy is largely to reinforce established long-term trends driven by the motor age and the shift to out of town retailing. This is symbolised by the largest ‘high street’ fashion retailer now having more branches in retail parks than town centres. Out of town shopping centres for example are benefitting because of the ease of goods collection offered by these locations.     

The Internationalisation of Retailing in the Czechand Slovak Republics

Czech and Slovak retailing has, in the past, had low amounts of selling space, inconvenient retail structures and the consumerin an inferior role. Afrer the fall of the communist regime, a period of fundamental economic transition began. Privatisation hasentirely changed the ownership structure and the retail network has become very fragmented. Now a reconcentrationprocess has been started. These developments go hand in hand with changes in the quality of retail supply, and are supportedby the influx of foreign retail chains.     

The more,the merrier? An exploratory study into managing channels in UK financial services

Abstract

Following the emergence of retail parks in the late 1970s in Britain, they have grown in number, scale and degree of retail specialisation. Some continue to form concentrations offering primarily ‘bulky goods’ shopping, while others have diversified to offer traditional ‘high street’ functions from stores indistinguishable from their town and city centre equivalents. Consequently, in some cases the emergence of new ‘high streets’ in the suburbs can be posited. In view of the potential impact such developments might have on traditional shopping centres, this study reviews the development of retail parks in Britain in recent years, and examines the commercial impact of a retail park in the process of transition towards a suburban ‘high street’. Evidence from surveys in 2003 and 2004 of the Fforestfach Retail Park in the greater Swansea area indicates that the transition towards a suburban ‘high street’ is beginning to impact significantly on traditional shopping centres of all types. It was evident that even small additions of ‘high street’ functions between the two recent survey dates elicited a statistically significant strengthening of their trading impact. Consequently, it is suggested that upgraded retail parks are likely to become stronger competitive threats to the full range of district, town and city centres if ‘high street’ functions continue to be added to retail parks.     

Impact of institutional quality on the capital structure of firms in developing countries

This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional level, based on the panel data for 2187 firms from Asian countries and 1091 firms from Latin American and Eastern European countries, institutional quality has a significantly positive effect on capital structure. However, for the 613 firms from African countries, institutional quality is mostly insignificant. Additional analysis reveals positive effects of legal enforcement on capital structure.     

资本结构与股权结构:公司融资的制度决定

本文调查了756家上市公司的2003年的横截面数据,考察了股权结构对资本结构的制度影响。本文的经验结果显示,国家股比例较高的公司伴随着显著较低的负债率,更倾向于权益融资;法人股比例和流通股比例较高的公司则更倾向于债务融资(其中流通股比例较高的公司倾向性最强)。本文还发现,公司融资行为还受企业规模、资产结构、盈利能力和成长性的显著影响。     

股权流动性分裂的八大危害--中国资本市场为什么必须进行全流通变革

从结构和功能上看,中国资本市场长期以来都处在不正常状态.这种不正常状态最根本的制度性原因是股权的流动性分裂.从现实看,股权流动性分裂为中国资本市场带来了八大危害,从而严重损害了中国资本市场风险与收益之间的匹配机制,客观上使流通股股东与非流通股股东处在不平等的状态.为此,要使中国资本市场有一个坚实、平等的制度基础,要使中国资本市场有一个蓬勃发展的未来,惟一的出路是必须进行股权的流动性变革,以形成一个利益机制一致的股权结构.     

Gender and Property Rights: Capital,Kin, and Owner Influence in Nineteenth- and Twentieth-Century Sweden

Historically an important dimension of the separation of management from ownership has been gendered property rights. During the formative years of industrial capitalism, men had privileged property rights. By marrying they acquired capital of their own, as well as the control of the wife's assets. In Sweden unmarried women were gradually given economic rights, but for married women coverture continued for another 50 years, until 1921. This seemingly illogical development could partly be explained by a transaction cost approach. Thus, while the introduction of full property rights for unmarried women must certainly have lowered transaction costs, the extension of such rights to married women would probably have increased these costs. As women formally gained equal rights to dispose of their capital, ownership did not in practice necessarily mean control. Today in Sweden both top management and boards are almost exclusively male, while women have gained some access to middle management. The immediate mechanisms behind this informal reproduction of men's privileged access to economic power should probably be sought in strategies such as gendered social closure, male networks and bonding.