我国制造业的信息技术投资效果——结合行业影响因素的分析

实证分析结果表明,信息技术投资有利于提高制造企业的绩效,同时,行业资本密集度在信息技术与企业绩效之间的关系中起反向的调节作用,而行业增长率在信息技术与企业绩效之间的关系中则发挥正向调节作用。     

Information technology investment strategies: a review and synthesis of the literature

In spite of high importance of information technology (IT) investments, managers do not have sufficient guidelines to formulate IT investment strategy of a firm. In this paper, we review the literature to determine the factors that influence the IT investment strategy. The concept of IT investment strategy so far considered two domains: intensity and proactiveness; we enhance this concept by adding the domain of investment focus. Through this review, we made an attempt to answer three strategic questions related to IT investments: (i) level of investment that a firm should make in IT, that is, investment intensity; (ii) areas of firm where these investments should be more focused, that is, investment focus; and (iii) timing of investment, that is, whether to be an early mover in adopting IT or whether to invest relatively late compared to competitors.     

What are good R&D investment strategies for leaders and followers?

Research and development (R&D) investment affects the growth of firms in the same industry differently according to their technological positions. This study empirically investigates differences in how R&D investment influences firm growth between technological leaders and followers. Additionally, this study investigates the moderating effects of complementary assets and market competition on the relationship between R&D investment and firm growth. Using a sample of 2322 observations from 492 firms in the U.S. chemical and allied products industry for the period 2000–2009, we show that an increase in R&D investment leads to greater firm growth for technological followers than for technological leaders. We also find that the moderating effects of complementary assets and market competition vary depending on whether a firm is a technological leader or follower.     

Incentives to invest and to give access to non-regulated new technologies

We analyze the incentives of a vertically integrated firm, which is a regulated monopolist in the wholesale market and competes with an entrant in the retail market, to invest and to give access to a new wholesale technology. The new technology represents a non-drastic innovation that produces retail services of a higher quality than the old technology, and is left unregulated. We show that for intermediate values of the access price for the old technology, the vertically integrated firm may decide not to invest. When investment occurs, the vertically integrated firm may be induced to give access to the entrant for a low access price for the old technology. Furthermore, when both firms can invest, investment occurs under a larger set of circumstances, and it is the entrant the firm that invests in more cases. We also discuss the implications for the regulation of the old technology.     

Information Technology As A Factor Of Production: The Role Of Differences Among Firms

Despite evidence that information technology (IT) has recently become a productive investment for a large cross-section of firms, a number of questions remain. Some of these issues can be addressed by extending the basic production function approach that was applied in earlier work. Specifically, in this short paper we: 1) control for individual firm differences in productivity by employing a ‘firm effects’ specification, 2) consider the more flexible translog specification instead of only the Cobb-Douglas specification, and 3) allow all parameters to vary between various subsectors of the economy.

We find that while ‘firm effects’ may account for as much as half of the productivity benefits imputed to IT in earlier studies, the elasticity of IT remains positive and statistically significant. We also find that the estimates of IT elasticity and marginal product are little-changed when the less restrictive translog production function is employed. Finally, we find only limited evidence of differences in IT's marginal product between manufacturing and services and between the ‘measurable’ and ‘unmeasurable’ sectors of the economy. Surprisingly, we find that the marginal product of IT is at least as high in firms that did not grow during 1988–1992 sample period as it is in firms that grew.     

The impact of IT investment on firm performance in China: An empirical investigation of the Chinese electronics industry

Over the past three decades, the impact of information technology (IT) investments on firm performance has been the subject of active research. Although many studies have shown positive and significant benefits derived from IT investment, the findings of almost all these studies are based on data collected in developed countries. Few studies have been conducted to validate these results and to determine whether or not they are still applicable in developing countries. This study tries to investigate the effects of IT investment on firm financial performance in the electronics industry of China, still classified as a developing country, and compare it with the United States. Findings show that IT investment has a positive impact on firm performance in China. Moreover, the impact in China is not different from what occurred in the United States in terms of direction and the size against the assertion of previous studies and expectations.     

R&D投资、IT投资与企业业绩间的相关性实证研究——来自电子信息百强企业的经验证据

结构资本包括创新资本和流程资本,前者主要源于R&D投资,后者主要源于IT投资。通过电子信息百强企业的R&D投资、IT投资与企业业绩之间的相关性实证研究发现:①R&D投资对企业业绩具有非线性效应,最优R&D投资点为5.48%;②IT投资对企业业绩的非线性效应不显著;③R&D投资与IT投资之间的协同效应没有发挥出来,且各种滞后效应均不存在。     

Natural Disasters and Firms in Vietnam

We investigate the consequences of natural disasters on operating firms in Vietnam, and find evidence of adverse effects of disasters on retail sales accompanied by increases in firm investment of very similar magnitude. There are important spatial differences, with the post‐disaster increase in investment unique to the largest cities and provinces with large urban concentrations. We find that more remote rural areas, especially in the North, experience declines in firm sales without the mitigating boost to investment in the disasters’ aftermath. The decline in firms’ sales does not appear to be associated with declines in household incomes in those regions.     

Corporate Investment and Information Technologies: The Case of the Greek Refining Industry

The need to improve competitiveness and the enforcement of stringent environmental regulations created the need for the technological modernization of the Greek oil refining industry. The emphasis in this paper is on the pattern of investment decisions, the linkages between the acquisition of production processes and supporting IT applications and on the influence exercised by new technological investment projects on the availability of endogenous resources required to facilitate the adoption of technical change at the firm level. The Greek experience suggests that the role of IT application is becoming increasingly important in large-scale investment projects. The successful implementation of these projects depends, to a large extent, on the learning processes and the accumulation of knowledge at the firm level. These learning processes are directly linked to the specific requirements of the production process and our evidence support that there is a lack of positive feedback between administrative applications and the successful introduction of new manufacturing technologies.     

Corporate Investment and Information Technologies: The Case of the Greek Refining Industry

The need to improve competitiveness and the enforcement of stringent environmental regulations created the need for the technological modernization of the Greek oil refining industry. The emphasis in this paper is on the pattern of investment decisions, the linkages between the acquisition of production processes and supporting IT applications and on the influence exercised by new technological investment projects on the availability of endogenous resources required to facilitate the adoption of technical change at the firm level. The Greek experience suggests that the role of IT application is becoming increasingly important in large-scale investment projects. The successful implementation of these projects depends, to a large extent, on the learning processes and the accumulation of knowledge at the firm level. These learning processes are directly linked to the specific requirements of the production process and our evidence support that there is a lack of positive feedback between administrative applications and the successful introduction of new manufacturing technologies.     

Information Technology and Productivity Growth in the 2000s

Abstract. US productivity growth experienced continued productivity growth after 2000 even as investment, particularly in information technology (IT), slowed. This paper uses industry-level data to examine the link between average labor productivity (ALP) growth and IT in the post-2000 period. We use difference-in-difference and cross-sectional regressions to show that the link between ALP growth and IT-intensity is weaker after 2000 than before. These results are robust to alternative measures of IT-intensity such as the IT share of capital services, the level of IT capital depth, and the share of IT capital services in total output. We conclude that the post-2000 productivity gains in the United States do not appear to have been driven directly by IT.     

Information Technology and the World Economy*

This paper addresses the impact of investment in information technology (IT) on the recent resurgence of world economic growth. We describe the growth of the world economy, seven regions and 14 major economies during the period 1989–2003. We allocate the growth of world output between input growth and productivity and find, surprisingly, that input growth greatly predominates! The contributions of IT investment have increased in all regions, but especially in industrialized economies and Developing Asia. Differences in per capita output are explained by differences in per capita input, rather than by variations in productivity.     

大股东的所有权与企业的投资行为研究

Jensen和Meckling早在1976年就指出股权结构影响企业价值,而这一过程是通过影响投资实现的,但是一直缺乏有说服力的经验结果的支持。本文以2004～2007年1039家上市公司共4156个观察值为研究样本,从第一大股东股权的视角出发,研究了股权结构与公司投资水平之间的关系。研究发现,中国上市公司第一大股东的持股比例与公司的投资支出之间存在“下降-上升-下降”的“倒N”型的非线性关系;进一步研究后发现,持股比例在10％～20％的区间投资水平达到最小值,在60％～70％的区间达到最大值。但是这种“倒N”型的非线性关系只存在于非国家控股的公司,当第一大股东为国家股时,这种非线性关系会变得不显著。本文的研究为治理当前我国企业普遍存在的非效率投资、提升企业价值提供了经验证据。     

Information Technology and the World Growth Resurgence

Abstract. This paper analyzes the impact of investment in information technology (IT) on the recent resurgence of world economic growth. We describe the growth of the world economy, seven regions, and 14 major economies during the period 1989–2004. We allocate the growth of world output between input growth and productivity and find, surprisingly, that input growth greatly predominates! Moreover, differences in per capita output levels are explained by differences in per capita input, rather than variations in productivity. The contributions of IT investment have increased in all regions, but especially in industrialized economies and Developing Asia.     

信息需求与IT投资的商业价值：组织资本视角的审视

我国企业对信息技术（简称IT）的投资巨大，已成为世界各大IT厂商的主要市场之一，但国内学术界和企业对IT投资对企业绩效的作用机理研究甚少。本文认为，IT投资是为了满足企业的信息需求，而企业的信息需求充分体现在组织资本的信息本质中，因此，IT投资的商业价值在于它促进了组织资本的形成和积累，并通过组织资本对组织的价值创造和价值增长产生有力的促进作用。本文力图帮助企业理解IT投资对企业绩效的作用机理，从而能够采取合理的IT投资策略以最大化IT投资的商业价值。     

IT INVESTMENT AND INTANGIBLES: EVIDENCE FROM BANKS

This paper models the investment behavior of a multi‐asset firm with market power that accumulates valuable intangible assets to complement the IT capital. The investment model is estimated using data from Spanish banks on assets of different nature: material (branches, financial), immaterial (advertising and IT), and intangible (training of workers). The paper estimates that the representative bank spends five additional Euros per Euro invested in IT‐related assets in complementary intangible assets or, equivalently, intangibles amount to approximately 10 percent of the economic value of the representative bank. The remaining economic value is distributed between 28 percent from rents attributed to market power, and 62 percent to the cost of market‐purchased assets.     

British SMEs’ e-commerce technological investments and firm performance: an RBV perspective

Despite the heated debate on the Information Technology (IT) investment–performance paradox, the resource-based view (RBV) has received relatively little attention as an approach to explain such phenomena, particularly in the small and medium enterprise (SME) and e-commerce context. This study draws on the RBV perspective to empirically examine the association between SME e-commerce investments and firm performance. We collected firm-level data from 430 British SMEs across 16 industry sectors. Results demonstrate that RBV provides strong theoretical support, that is, business resources, human resources, and external resources (i.e. e-commerce readiness) strongly contribute to enhanced firm performance. The sophistication of SMEs' e-commerce websites contribute to firm performance, but those firms' capital investments in IT and e-commerce training per se are not significant performance drivers. Our findings suggest that UK SMEs can and do differentiate themselves on the basis of their e-commerce capability, which is created by the synergistic combination of e-commerce resources with other organisational resources and capabilities.     

Does financial liberalization improve the allocation of investment?: Micro-evidence from developing countries

Using firm level panel data from 12 developing countries we explore whether financial liberalization improves the efficiency with which investment funds are allocated. A summary index of the efficiency of investment allocation that measures whether investment funds are going to firms with a higher marginal return to capital is developed. We examine the relationship between this and various measures of financial liberalization and find that liberalization increases the efficiency with which investment funds are allocated. This holds after various robustness checks and is consistent with firm level evidence of a stronger association between investment and fundamentals after financial liberalization.     

软件信息业研发投入、研发费用加计扣除与企业绩效实证研发

选取上海、深圳证券市场软件信息业171家高新技术企业2012-2015年的相关数据,针对研发投入、研发费用加计扣除与企业绩效三者间的关系进行研究。结果表明,研发费用加计扣除与研发投入和企业绩效显著正相关,加计扣除政策实施效果较好,政府应给予企业更多的加计扣除优惠;根据面板数据模型估计结果,研发投入与企业绩效存在非线性关系,研发投入对当期绩效的抑制作用不明显,对滞后一期绩效有显著抑制作用,对滞后两期绩效正向作用不明显。研发投入经济效益回收存在一定的滞后性,根据分位数回归结果,处于50%分位点的企业研发投入对企业绩效的正向作用最大;分组回归结果显示,研发费用加计扣除优惠对研发投入与企业绩效的关系具有正向调节作用。     

Complementarities of human capital and information technology: small businesses,emerging economy context and the strategic role of firm resources

How information technology (IT) may complement other key firm resources such as human capital is a question that has drawn increasing attention from scholars and practitioners. Answers to this question are crucial for small businesses in today’s environment. These businesses face a growing demand for IT usage at the same time that they typically can count only on limited resources. This has become a common situation that is particularly critical for small businesses operating in developing countries with emerging economies. We develop propositions and test them with a dataset of service small businesses in an emerging economy. We find that the use of IT services is positively related to firm productivity and that this relationship is positively moderated by entrepreneurs’ management education. Our findings indicate that firm productivity is associated with a combination of human and technology resources.