企业集团协同效应创造机制与战略并购经济条件研究

基于知识、能力、资源的三维视角,从静态协同效应、动态协同效应两个层次,剖析了企业集团战略并购协同效应的产生机理和协同价值的创造过程。在此基础上,对企业集团战略并购的经济条件进行了分析,为企业集团战略并购提供了科学的决策依据和系统的分析框架。     

商务模式与企业战略差异问题研究

商务模式与战略犹如企业的两个侧面,两者之间存在着密切的联系.为此,本文首次从理论视野、环境认知、价值创造、价值分享和价值获取等层面对两者之间的差异性作了深入探讨,以期人们进一步认识商务模式与战略之间的关系,进而指导企业进行商务模式的创新等方面有所裨益.     

购并价值创造评价方法比较与适用性研究

企业购并价值创造问题是购并研究的基本问题之一。本文基于方法论的角度,对购并价值创造各种实证研究方法的利弊和适用性进行比较分析。论文从评价购并活动绩效各种实证方法在考察结果上的矛盾差异性出发,对各种实证方法的前提假设和适用环境进行研究,并对各种实证方法考察购并绩效结果的差异性原因给出了进一步的解释;同时指出中国企业购并动因具有特殊性,其协同效应存在多层次性、广泛性,最重要的是我们购并价值创造内涵尚缺乏明晰的认识。从而得出以下结论:只有综合运用各种研究方法才能真正深刻认识购并中的价值创造问题。     

基于价值创造的企业能力形成及演进机理研究——以快递物流企业为例的分析

文章依托能力理论,从客户价值创造的角度,阐释了基于价值创造的企业能力形成及演进的机理,认为基于客户价值创新的战略变革是促使企业资源变化的直接动因,而企业资源的变化与价值创造活动相匹配导致了企业能力的提升与演进。因此能力演进正是企业战略演进的结果。     

大企业集团:问题与出路

从世界发达国家产业组织演进规律看,市场机制调节下形成的“寡头主导,大、中、小共生”的竞争动态演进型产业组织应该是我国产业组织演进的目标状态,其中大企业、企业集团的生成与发展是一个核心问题。本文从多方面分析目前我国大企业、企业集团发展中存在的问题,并提出了相应的对策。     

基于价值创造的专业房地产企业集团管控模式及其演进

基于价值创造理论,并结合企业实践,可以将专业房地产企业集团管控模式划分为全流程型、关键环节型、价值定位型和资本运作型四种类型,它们在总部目标、管控侧重点、集权程度等方面存在显著差异,并且随着行业逻辑、成长阶段和空间拓展的推进呈现出规律性的演进序列.然而,在现实中,专业房地产企业不能简单照搬这些模式,需要在此基础上结合自身实际,不断创新和完善集团管控模式.     

服务业、制造业中间品贸易自由化的协同效应——基于出口产品质量的视角

以出口产品质量为切入点,分别以进口关税降低和FDI管制放松表示制造业和服务业中间投入品开放,探讨制造业中间品和服务业中间品贸易自由化对企业出口产品质量提升的协同效应.通过构建包含制造业和服务业中间投入的出口产品质量内生选择模型阐述了协同效应的发生机制,在此基础上实证验证了协同效应的存在.异质性分析还表明:除交通运输业外,金融、电信和批发零售业均与制造业中间投入关税降低存在协同效应;股权限制、审查核准和其他限制的FDI中间投入管制放松与制造业中间投入关税降低存在协同效应,而关键人员限制放松的协同效应则不显著.此外,还发现这种协同效应在生产率较低的企业中更为显著,而在外资企业和加工贸易企业中表现较弱.     

创新型城市试点建设的企业出口产品质量效应

创新型城市试点建设是推动城市创新的重大举措.本文从国家创新型城市试点政策角度出发,考察创新型城市试点建设对企业出口产品质量的影响.以国家创新型城市试点政策为"准自然实验",设立双重差分模型,利用2007-2013年的中国工业企业和海关出口匹配数据,实证检验了试点政策对属地企业出口产品质量的影响.研究发现:试点政策显著提升了试点城市属地企业出口产品质量,且这一影响在企业层面、行业层面和城市层面均存在显著的异质性.进一步的检验表明,"政策效应"和"创新溢出效应"是试点政策影响企业出口产品质量的重要传导机制.     

基于财务协同的企业集团控制机制探讨

在我国社会主义市场经济快速发展的今天,企业集团的地位和作用越来越重要,基于财务协同的企业集团控制机制问题一直受到理论界的广泛关注。多数研究者虽然从不同角度对企业集团的协同效应、治理控制问题进行了研究,但基于财务协同视角的研究成果尚需深入。论文以财务协同为基础,分析了基于财务协同的企业集团控制关系、动因和能力,探讨了基于财务协同的企业集团控制系统的层次结构,研究了系统的协同耦合机理,并建立了系统的耦合度模型,研究结果有助于企业集团的协同管理和价值创造。     

企业开放式创新社区创意采纳影响因素研究——价值共创视角

从价值共创视角出发，基于信号传递理论，整合消费者使用企业产品创造价值、消费者与消费者互动创造价值、企业与消费者互动创造价值3个层面，探讨开放式创新社区中创意采纳影响因素。通过对小米MIUI社区创意的文本挖掘与实证分析发现，消费者使用企业产品创造价值层面，创意信息熵和情感强度正向影响创意采纳，创意长度负向影响创意采纳；消费者互动创造价值层面，支持量正向影响创意采纳，浏览量和评论量负向影响创意采纳；企业与消费者互动创造价值层面，企业回复信息熵和回复情感强度与创意采纳呈正相关，企业回复长度与创意采纳呈负相关。由此，建议企业规范消费者创意提出形式，注重需求一致性与异质性带来的市场需求信号，通过有效回复策略提升消费者创意质量，从而形成促进价值共创的良性循环。     

IS THERE A CURSE OF RELOCATION? ANALYSING THE CAUSAL LINK BETWEEN OFFSHORING AND THE INNOVATION PERFORMANCE OF (SMALL) FIRMS

We analyse the empirical link between offshoring activities and different dimensions of innovation performance at the firm‐level. In order to identify causal effects running from offshoring to innovation, we use a quasi‐experimental comparison group approach by means of (conditional) difference‐in‐difference estimations applied to German establishment‐level data for firms that conducted offshoring activities in the period 2007–13. We find that the international relocation of business functions has a negative impact on the firms’ propensity to be innovative in terms of product and process innovations as well as product improvements. While for larger firms the reduction in process innovations is most striking, potentially due to a lack of resources, stagnation in expertise and a reduction in intra‐organizational learning‐by‐doing associated with the relocation of some business activities, for small and medium‐sized enterprises we particularly observe a reduction in product innovations after the offshoring activity has taken place. When interpreting this ‘pessimistic’ picture on the link between offshoring and the innovation performance of firms, the reader should note that our findings for German establishments have to be assessed through the lens of a global economy in economic recession after 2008, which may have intensified the negative impact of offshoring on the firms’ innovation performance.     

Is Business Performance Related to the Adoption of Quality and Environmental-Related Standards?

We investigate the relationship between French firms’ business performance and registration of quality (QS) and environmental-related standards (ES). Using a propensity score matching method, we found that QS/ES registered firms report higher sales. However, registration is not significantly related to firms’ profits and EBITDA. Our findings also point out the possible synergy between ES and QS, that is, when implemented together, quality and environmental-related standards are more likely to be related to higher sales, profits and EBITDA than when only one of these standards is implemented.     

Does ownership affect firms’ efficiency? Panel data evidence on Italy

This paper provides empirical evidence on the relation between the identity of ultimate owners and technical (in)efficiency by estimating stochastic production frontiers on Italian firm level panel data for twelve manufacturing industries over the 1978–93 period. Privately-owned independent firms are used as reference group and their efficiency is assessed against three alternative forms of ownership: subsidiaries of (privately owned) national business groups, subsidiaries of foreign multinationals, and state owned firms. Even if cross-industry differences obviously exist a common pattern can however be identified. Overall, subsidiaries of foreign multinationals (state owned firms) are found to be more (less) efficient than the reference group. On the contrary, no systematic difference is found between independent firms and subsidiaries of national business groups.First version received: July 2002/Final version received: September 2003We wish to thank the Editor Robert Kunst, a very constructive Referee, Luigi Benfratello, Maurizio Conti, Almas Heshmati, Giovanna Nicodano and the participants at the EARIE conference in Lausanne for helpful comments on a previous draft.     

跨国并购整合中的协同与创新：整合动机与整合度的匹配

成功完成并购整合对于并购创新意图的实现至关重要，然而现有研究尚未揭示并购整合决策作用于创新绩效的内在机理。基于并购协同视角实证研究运营协同和财务协同两种整合动机对创新绩效的影响，同时检验整合程度、整合速度与整合动机的匹配效应。研究发现，运营协同、财务协同均对创新绩效具有正向影响，而并购整合动机也须与整合度相匹配。对致力于实现运营协同的并购企业，在整合过程中应采取深度整合、缓慢整合策略；对旨在实现财务协同的企业而言，在整合过程中应采取低程度整合、快速整合策略。研究结论对于跨国并购整合理论与实践具有启示意义。     

跨国并购整合中的协同与创新：整合动机与整合度的匹配

成功完成并购整合对于并购创新意图的实现至关重要，然而现有研究尚未揭示并购整合决策作用于创新绩效的内在机理。基于并购协同视角实证研究运营协同和财务协同两种整合动机对创新绩效的影响，同时检验整合程度、整合速度与整合动机的匹配效应。研究发现，运营协同、财务协同均对创新绩效具有正向影响，而并购整合动机也须与整合度相匹配。对致力于实现运营协同的并购企业，在整合过程中应采取深度整合、缓慢整合策略；对旨在实现财务协同的企业而言，在整合过程中应采取低程度整合、快速整合策略。研究结论对于跨国并购整合理论与实践具有启示意义。     

小企业融资理论及实证研究综述

本综述主要围绕小企业融资需求、信贷配给及宏观经济政策冲击三方面的内容展开。严重的信息不对称以及所有者个人与企业的高度融合决定了小企业融资需求与传统理论之间存在着相当的差距 ,信贷配给问题在小企业当中表现突出。但也有观点认为 ,引入决定企业存活的真正因素———人力资本之后 ,新建企业并不存在信贷配给 ,这为相关政策的制定开启了新的思路。最后 ,由于小企业受宏观政策变化的影响较大 ,也需要引起有关部门的足够重视 ,以达到不同规模企业协调发展的目的     

Are small employers more cyclically sensitive? Evidence from Brazil

An important issue facing policymakers is the degree to which fluctuations in economic activity affect employment in large and small businesses across sectors and regions. This issue is particularly relevant for developing countries as it matters for the understanding of the labour market dynamics, and for devising national, sectoral, and regional labour policies that aim at dampening employment fluctuations, particularly during recessions. Using a unique monthly dataset of 27 states and eight industries from 2000:1 to 2009:7, this paper evaluates the sensitivity of businesses of different sizes to business cycle conditions in Brazil. The behaviour of the difference in employment growth rates between large and small firms is counter-cyclical and suggests that small firms are more sensitive to business cycle conditions. In addition, the SVAR impulse response analysis suggests the existence of the effect of small firms hiring cheaply from unemployment proportionally more than large ones. On the other hand, credit constraints seem to hit small firms harder and help to explain the empirical regularity that small firms are more cyclically sensitive than large ones for the Brazilian case.     

绿色新创企业NPD组织环境对变革型领导与绿色产品创新的中介关系研究

为了探索实施绿色创业战略时变革型领导在利用式绿色产品创新和探索式绿色产品创新中的作用，将新产品开发（NPD）组织环境作为变革型领导与绿色产品创新间的中介变量，将NPD组织环境划分为兼容性与重要性和资源综效，构建了变革型领导-新产品开发组织环境-绿色产品创新的连锁关系模型，并以国内4个城市218家企业为样本进行实证分析。研究发现：变革型领导可以通过对新产品开发组织环境的掌控间接控制利用式绿色产品创新和探索式绿色产品创新两类创新，当组织需要开发探索式绿色产品时，变革型领导可以通过加强和突显新产品开发组织环境的兼容性与重要性，促进探索式绿色产品创新；当组织需要开发利用式绿色产品时，变革型领导可以通过加强和突显新产品开发组织环境的资源综效，促进利用式绿色产品创新。     

Business groups in a market economy

The purpose of this paper is to examine the nature and significance of the interfirm relationship called the business group. First, the nature of the Japanese business group is discussed. It is then pointed out that the business group is not a phenomenon unique to Japan, and an effort is made to explain the significance of the business group in the context of a market economy, using the Williamsonian approach to questions of internal organization and the market. Finally, the relationship between the input-output relationship of the firms and their group affiliation is tested.     

商业模式创新与技术创新匹配性对后发企业绩效的影响——来自年报文本分析的实证研究

以2014—2019年沪深A股成长期上市公司作为后发企业代表，借助Word2Vec的文本分析方法，基于公司年度财务数据度量后发企业商业模式创新水平，实证研究后发企业追赶过程中商业模式创新、技术创新以及二者匹配性与企业绩效间的作用机理。结果发现：商业模式创新对后发企业绩效具有显著正向影响；技术创新对后发企业绩效具有显著正向影响；商业模式创新和技术创新的平衡性与后发企业绩效正相关；商业模式创新和技术创新的组合性与后发企业绩效正相关。结果表明，对于后发企业而言，商业模式创新与技术创新为互补关系，而非互替关系，二者间的匹配性对后发企业绩效提升具有增强型交互作用。