创业导向有助于激发员工创新行为吗——创新意愿的中介作用

创新创业浪潮下,组织创业导向与员工创新问题已成为学术界探讨的前沿论题,是提升组织创新能力的关键环节.基于以往文献回顾,从社会认知视角,探讨组织创业导向对员工创新行为的作用机理,并分析个体创新意愿在作用过程中的调节效应.通过问卷调查获取湖南省9家企业264份有效问卷,采用SPSS21.0和 AMOS17.0对数据进行处理,验证假设.结果显示:创业导向与员工创新行为存在显著正向影响,与员工创新意愿具有正向关系;员工创新意愿与创新行为显著正相关;员工创新意愿在创业导向与创新行为关系间发挥中介作用.     

研发开放度与企业创新绩效的关系研究：组织学习的中介作用

研发活动的开放水平与企业从外部环境中获取异质性知识的可能性密切相关。对知识进行系统的组织学习决定企业能否有效利用知识以获得创新产出。构建包含组织学习中介效应的企业研发活动开放度与创新绩效关系模型。考量基于湖南、广东和浙江等地312家企业数据的实证调查表明,企业提升研发活动开放程度和增强组织学习对创新绩效都产生了显著的积极作用,并且组织的探索式学习在研发开放度与企业创新绩效之间起中介作用。     

数字金融对创业板上市公司成长的影响——基于地区经济发展水平和研发创新双视角

基于2011～2020年创业板上市公司的相关数据,研究了数字金融对创业板上市公司成长的影响,又引入地区经济发展水平和研发创新作为中介变量,进一步实证检验了数字金融与创业板上市公司成长之间的关系。研究结果表明,数字金融可以提升地区经济发展水平和研发创新,进而促进创业板上市公司的成长,地区经济发展水平和研发创新在数字金融对创业板上市公司成长关系作用中发挥了部分中介效应。研究结论对认识数字金融的实际价值、推动数字金融发展进而提高创业板上市公司成长具有一定的理论意义。     

数字普惠金融、政府补助与中小企业创新

在国家以创新驱动发展为战略导向，谋求经济高质量发展的背景下，研究数字普惠金融对中小企业创新作用效果及作用机制具有重要意义。本文以2014-2020年在中小板与创业板上市公司的数据与省级数字普惠金融指数为研究对象，实证分析数字普惠金融对中小企业创新的激励效用及政府补助在其中所起的中介作用。研究表明，数字普惠金融的发展可以增加中小企业对创新的投入，且相比较而言在高科技行业、非国有企业以及东中部地区促进效果更明显。机制分析表明，政府补助在数字普惠金融与中小企业创新之间发挥了中介作用，但只在国有企业、高科技企业中发挥中介作用，在非国有企业、非高科技企业中，政府补助的中介效应不显著。     

生物医药企业资本结构、创新投资和经营绩效关系的实证研究

国内学者较少的分行业研究企业资本结构和经营绩效之间的关系,且鲜有将创新投资作为影响两者关系的中介变量.本文选取238家A股上市生物医药公司作为研究对象,对样本公司2015年财务数据进行研究,实证的分析了我国生物医药公司资本结构、创新和经营绩效之间的关系,希望能对我国生物医药企业在资本结构和融资顺序的决策上给予指导。本文研究结果显示:生物医药上市公司的资产负债率对其创新投资活动有着显著的制约作用,且对在主板上市的生物医药公司的制约作用更大;创新投资活动显著地提高了主板生物医药公司的经营绩效,但会降低创业板生物医药公司的盈利能力;生物医药公司资本结构显著地负向影响其经营绩效,创新在两者之间起着中介变量的作用,保持较低的资产负债率有利于公司提高其盈利能力,不同市场上市的生物医药公司之间没有显著地差异。     

数字技术应用与企业创新：机制识别与约束条件

数字经济时代，企业能否利用数字技术驱动企业创新，是其增强竞争优势和重塑核心价值的关键。基于中国沪深A股上市公司年度数据，采用双向固定效应模型考察了数字技术应用对企业创新的影响及其内在机理。研究发现，数字技术应用显著提升了企业研发投入与创新产出，该结论在双重差分、工具变量等多重稳健性策略下依然成立。机制分析表明，数字技术应用通过降低企业成本，缓解市场垄断程度促进企业研发投入与创新产出，并通过提高产品多元化促进企业创新产出。进一步分析发现，数字技术应用驱动企业实质性创新，而非策略性创新。异质性分析表明，数字技术应用显著提升了非国有企业、高科技企业的研发投入和创新产出，对国有企业、非高科技企业的影响不显著，对成熟期企业创新的促进作用最大，其次为成长期企业。此外，有力的高学历人才支撑和有效的金融支持是数字技术应用驱动企业创新的重要内外部条件。研究揭示了数字技术应用驱动企业创新的影响效果、作用机制、效应差异及其约束条件，对企业如何有效利用数字技术促进企业创新，推动企业转型升级具有重要的启示意义。     

科技人才政策对上市公司创新绩效的影响研究——基于企业所有权性质和企业规模的异质性分析

以2006～2019年沪深两市A股上市公司为研究样本，对科技人才政策与企业创新绩效的关系进行实证分析，探讨企业研发支出的中介作用以及企业所有权性质和规模的异质性作用。结果表明，科技人才政策对于高技术企业创新绩效具有显著正向影响，企业研发支出起到了部分中介作用，科技人才政策对国有企业和中小型企业的创新激励作用更为显著。从政策制定角度看，不仅要注重政策的总体实施效果，还要根据实施对象的差异性因“才”施政。     

政治关联、研发投入与企业价值

立足于企业研发投入,以创业板上市公司为研究对象,本文对政治关联影响企业价值的具体途径进行了探讨.研究发现,政治关联会显著地降低企业价值.同时,研发投入是政治关联影响企业价值的途径,政治关联带来的资源优势会造成企业的短视行为,降低对创新方面的投入,从而减少企业价值.进一步地,基于不同的视角将政治关联进行分类之后的回归结果表明,研发投入只在政府委员类和地方级别类政治关联中才对企业价值有着中介作用,即更优渥的政治资源对企业价值的"诅咒"效应更明显.本文的研究结论,从侧面反映了我国政企关系的现状及其对企业创新的影响.     

碳减排、企业价值与企业广告投资 ——来自中国高污染行业的经验证据

以碳减排信息披露与企业价值间关系为研究主体,在媒体关注、碳信息披露和企业价值的中介模型基础上,引入广告投入这一新调节变量,检验该中介模型的显著性是否会受到广告投入的影响.并采用北京市高污染行业的上市企业为样本,运用逐步回归以及Bootstrap方法验证变量间的中介调节关系,证明广告投入能够显著增强媒体关注对碳减排披露和企业价值的中介作用,降低企业获得绿色投资的成本.最后,根据研究结果提出相关建议.     

网络嵌入性、商业模式创新与企业竞争优势关系研究

基于商业模式创新中介效应,依据全国314家企业问卷调查的样本数据,运用多元线性回归方法,考量网络嵌入性、商业模式创新和企业竞争优势之间关系,结果发现:关系嵌入性、结构嵌入性与竞争优势均有显著的正向关系;商业模式创新在关系嵌入性、结构嵌入性与企业竞争优势的关系中起着中介作用.鉴此,企业应注重构建不同形式的网络嵌入,推动商业模式的调整与变革,以提高企业竞争优势.     

A Reexamination of the Tradeoff between the Future Benefit and Riskiness of R&D Increases

Many previous studies document a positive relation between research and development (R&D) and equity value. Though R&D can increase equity value by increasing firm value, it can also increase equity value at the expense of bondholder wealth through an increase in firm risk because equity is analogous to a call option on the underlying firm value. Shi [2003] tests this hypothesis by examining the relation between a firm's R&D intensity and its bond ratings and risk premiums at issuance. His results show that the net effect of R&D is negative for bondholders. We reexamine Shi's [2003] findings and in so doing make three contributions to the literature. First, we find that Shi's [2003] results are sensitive to the method of measuring R&D intensity. When we use what we argue is a better measure of R&D intensity, we find that the net effect of R&D is positive for bondholders. Second, when we use tests that Shi [2003] recognizes are even better than the ones that he uses, we find even stronger evidence of the positive effect of R&D on bondholders. Third, we examine cross‐sectional differences in the effect of R&D on debtholders. Consistent with our main finding, we document a negative relation between R&D increases and default risk. The default risk reduction is also more pronounced for firms with higher initial default scores (where the debtholders have more to gain from an R&D increase) and for firms with more bank debt (where the debtholders have greater covenant protection from the possible detriments associated with R&D increases).     

企业技术并购、自主研发投资与创新效率——来自技术密集型行业的实证

以沪深两市技术密集型行业企业为样本,研究主并企业并购前自主研发投资形成的研发资本存量和对外技术并购获取技术知识两方面对其并购后创新效率产生的混合作用,再进一步检验并购双方技术重叠在主并企业并购前自主研发投资和并购后创新效率之间关系的调节作用.研究表明:企业并购前自主研发投资形成的知识储备量会促进其并购后创新效率的提升.技术并购及并购双方的技术重叠进一步放大了这种正向促进作用,说明技术并购及技术重叠会加强主并企业内部自主研发对外来创新能量的内化、吸收速度,并改善和提升内部研发投资效率.同时,在并购前持续追加研发投资的主并企业中,这种现象和作用也会更为明显.     

How does digital inclusive finance affect economic resilience: Evidence from 285 cities in China

Digital inclusive finance can provide effective financial services to consumers and enterprises that are excluded from traditional finance, thereby improving the vitality and resilience of the economy. Using panel data from 285 Chinese cities from 2011 to 2020, this study explores the mechanism of the impact of digital inclusive finance on economic resilience. We also empirically test the direct effect of digital inclusive finance on economic resilience, the moderating effect of the market environment, and the transmission path of mediating variables. The study shows that improving the level of digital inclusive finance has a positive impact on economic resilience, which mainly stems from the deepening of the coverage breadth and use depth of digital inclusive finance and gradually increases over time. In the heterogeneity analysis, we find that the enhanced effect of digital inclusive finance on economic resilience is more significant in the central and eastern regions and in cities with larger economies in China. Further mechanism analysis reveals that the better the financial market environment and business environment are, the stronger the role of digital inclusion finance in promoting economic resilience. In addition, the increase in innovative technology and the growth of the consumption level are two important mediating variables for digital inclusive finance to actively contribute to economic resilience.     

Does ownership structure affect value? A panel data analysis for the Spanish market

This paper analyzes the influence of ownership structure on firm value. We find a non-significant relationship between the ownership of large blockholders and firm value. We also find a positive effect of the degree of control with regard to firm value. Endogenous treatment of these variables then reveals a positive effect for the ownership by major shareholders on firm value, although the opposite relationship is not significant; and a positive effect of the degree of control on Tobin's Q and vice versa. A positive effect is seen when the major shareholders are individuals.     

An Analysis of the Underreported Magnitude of the Total Indirect Costs of Financial Distress

In this paper we examine 1,041 ongoing firms over the time period 1982–92. Using quarterly data for the detection and measurement of the magnitude of the indirect costs of financial distress, we find three important explanatory factors: (a) the distinctiveness of the pattern of increasing financial distress over time, (b) the degree of leverage in the capital structure and (c) the size of the firm. For those firms with a distinctive pattern of increasing financial distress over time, the average annual losses as a percentage of market value is –10.3%. The maximum loss is –76%. Even if the firm never fails, its market value can be severely impacted by the presence of the indirect costs of bankruptcy over time. This study finds a significantly positive relationship between Altman's Z-score and the firm capital investment growth rate. This relation holds after controlling for other variables such as leverage, firm size and market/book ratio. This implies that lost investment opportunities may be also an important part of the total indirect costs of financial distress, which appear now to be much larger than previously recorded.     

How to lengthen,deepen and broaden customer–firm relationships with online financial services?

This study aims to examine the influence of online relationship marketing on consolidating online customer–firm relationships. Through developing an empirical model, this research explores the links between online relationship bonds (financial, social and structural bond), online relationship satisfaction and commitment, and online relationship length, depth and breadth with the online financial services. Data from 686 online customers of a security corporation indicates that online relationship bonds influence online relationship satisfaction and commitment, except for the link between financial bond and relationship commitment. Results also identify that online relationship satisfaction influences relationship length and depth, whereas online relationship commitment has a positive impact on relationship length, depth and breadth. In sum, this study concludes that financial bond is the most important attribute in enhancing online relationship length, whereas structural bond contributes a lot to online relationship depth and breadth.     

金融发展、企业创新与经济增长

本文通过在一般均衡模型中引入银行部门,考察了金融发展对企业创新和经济增长的影响。基于模型的理论分析表明,在均衡状态下,金融发展可以提高经济中储蓄向投资转化的效率、缓解信息不对称,有效降低了研发部门的外部融资成本,从而促进企业增加研发投入,并推动经济实现更高速的增长。在此基础上,本文以中国31个省份2008—2016年的面板数据对上述结论进行了实证检验,相关结果表明:(1)金融发展对企业研发投入具有显著的促进效应;(2)在工业化程度、外商投资水平较高的地区以及政府支出水平较低、人才资源相对短缺的地区,金融发展的促进作用更加明显;(3)企业研发创新可以有效推动经济增长,且在金融支持实体经济中发挥了重要的中介作用。本文的理论和实证分析揭示了“金融发展—企业创新—经济增长”的内生性传导机理及其在中国的体现,从而为金融支持创新型经济增长的改革逻辑奠定了初步的理论和经验基础。     

Does Hedging Affect Firm Value? Evidence from the US Airline Industry

Does hedging add value to the firm, and if so, is the source of the added value consistent with hedging theory? We investigate jet fuel hedging behavior of firms in the US airline industry during 1992–2003 to examine whether such hedging is a source of value for these companies. We illustrate that the investment and financing climate in the airline industry conforms well to the theoretical framework of Froot, Scharfstein, and Stein (1993). In general, airline industry investment opportunities correlate positively with jet fuel costs, while higher fuel costs are consistent with lower cash flow. Given that jet fuel costs are hedgeable, airlines with a desire for expansion may find value in hedging future purchases of jet fuel. Our results show that jet fuel hedging is positively related to airline firm value. The coefficients on the hedging variables in our regression analysis suggest that the “hedging premium” is greater than the 5% documented in Allayannis and Weston (2001), and might be as large as 10%. We find that the positive relation between hedging and value increases in capital investment, and that most of the hedging premium is attributable to the interaction of hedging with investment. This result is consistent with the assertion that the principal benefit of jet fuel hedging by airlines comes from reduction of underinvestment costs.     

Corporate Risk Management as a Lever for Shareholder Value Creation

Firm value is influenced in many direct and indirect ways by financial risks which consist in unexpected changes of foreign exchange rates, interest rates and commodity prices. The fact that a significant number of corporations are committing resources to risk management activities, however, represents only an indication for the potential of corporate risk management to increase firm value. This paper presents a comprehensive review of positive theories and their empirical evidence regarding the contribution of corporate risk management to shareholder value. It is argued that because of realistic capital market imperfections, such as agency costs, transaction costs, taxes, and increasing costs of external financing, risk management on the firm level (as opposed to risk management by stock owners) represents a means to increase firm value to the benefit of the shareholders.