CUSTOMER POACHING AND ADVERTISING*

This paper is a first look at the dynamic effects of customer poaching in homogeneous product markets, where firms need to invest in advertising to generate awareness. When a firm is able to recognize customers with different purchasing histories, it may send them targeted advertisements with different prices. It is shown that only the firm which advertises the highest price in the first period will engage in price discrimination, a practice that clearly benefits the discriminating firm. This poaching gives rise to ‘the race for discrimination effect,’ through which price discrimination may act actually to soften price competition rather than intensify it. As a result, all firms may become better off, even when only one of them can engage in price discrimination. This paper offers a first attempt to evaluate the effects of price discrimination on the efficiency properties of advertising. In markets with low or no advertising costs, allowing firms to price discriminate leads them to provide too little advertising, which is not good for consumers and overall welfare. Only in markets with high advertising costs, might firms overadvertise. Regarding the welfare effects, price discrimination is generally bad for welfare and consumer surplus, though good for firms.     

论模块化分工

模块化分工是在价值模块化、产品模块化和组织模块化的基础上形成的一种新型分工方式,是对传统分工方式的发展和创新。模块化技术的出现和发展、模块化设计规则的形成和应用,是模块化分工形成的前提条件。模块化分工在分工经济性、组织形式、价值创造方式以及资源与能力、制度与技术、协调与整合等方面具有不同于传统分工方式的新特性。企业若以自身核心能力要素参与模块化分工,形成模块化组织,就能增强环境适应能力,获取市场竞争优势。     

某型产品交互式电子手册(IETM)的开发与实现

交互式电子手册(IETM)是近年来用户对产品在综合保障方面提出的新要求。本文对某型产品交互式电子手册系统进行了分析、设计和实现,为企业后续产品交互式电子手册的开发交付积累了经验。     

客户关系与企业研发投资决策

从企业商业关系网络视角, 探讨客户关系对企业研发投资强度的影响. 研究发现, 客户集中度与企业研发投资强度呈现倒 "U" 型关系. 进一步从企业的集团属性和地区金融发展水平研究发现, 在非集团企业样本中, 客户集中度与企业研发投资的倒"U" 型关系依然存在, 而在集团企业样本中, 客户集中度与企业研发投资则显著负相关;同样地, 在地区金融发展水平较高样本中, 客户集中度与企业研发投资的倒 "U" 型关系依然存在, 而在地区金融发展水平较低样本中, 客户集中度与企业研发投资则显著负相关. 研究表明企业的研发投资作为一种专用性资产投入, 既具有在客户集中度方面的信号传递价值, 还会在不同的融资约束情景下体现不同的投入强度, 彰显其显著的环境调节功能, 有助于企业多角度考量研发投资决策.     

Regulatory Transparency and Regulators’ Effort: Evidence from Public Release of the SEC's Review Work

Using the public release of comment letters on EDGAR to capture a regime shift toward regulatory transparency, we examine whether an increase in transparency affects regulators’ effort and work performance. We find that the SEC staff reviews more filings and more documents per filing following the disclosure regime shift. These effects are incrementally stronger for firms with comment letters that are expected to attract greater investor or public monitoring. Furthermore, under the new regime, reviews are more timely. Upon the regime switch, the likelihood of a restatement (receiving a comment letter) decreases (increases) for filings that are reviewed. After receiving a comment letter, a firm with signs of potential fraud is more likely to be investigated, and this effect becomes more pronounced under the new regime. Altogether, our findings suggest that publicly disclosing regulators’ work output can mitigate moral hazard (i.e., increase regulators’ work input), improving their work performance.     

金融发展、收入分权与地方政府债务

本文基于金融发展与收入分权的联合视角,将其与地方政府债务纳入到统一的内生经济增长理论框架之下,探究了其对地方政府债务的影响.并利用我国2000-2018年30个省市的面板数据进行实证检验,研究发现金融发展导致地方政府债务增长,而收入分权则有利于地方政府债务的减少;从联合项来看,收入分权并未缓解金融发展导致的地方政府债务问题.考虑到内生性问题,本文通过广义矩估计(GMM)的方法以及逐项增加控制变量进行稳健性检验,结果依然稳健显著.根据本文结论,分别从金融发展、收入分权两个角度提出了缓解地方政府债务的政策建议.     

南湖菱生药学研究

为了探索南湖菱的生药组织学鉴别手段,通过显微鉴定和理化鉴定,得到了南湖菱的性状、显微特征、薄层色谱、紫外线吸收光谱,具有鉴别特点.为南湖菱的鉴别、深度开发利用和质量控制提供了实验依据.     

论保险标的识别——以特殊保险合同的定性为视角

保险标的识别对认定保险合同的性质具有重要意义，其主要是针对符合一定条件的特殊保险合同而言的，此奈件包括：约定的保险金给付条件具有多重性；保险事故发生后，受损害的多个客体具有不同质性并有内在因果关联；保险人只对多个损害的其中之一进行保险赔偿等。保险标的识别标准包括：保险标的受到损害；投保人投保的目的；损害赔付条件或方式的特殊性。识别保险标的要正确认识保险标的与保险责任范围以及保险利益的关系。     

基于关键资源视角的垂直网络组织及治理机制

当企业生产所需关键资源需专属关系投资,且这些资源的可转移性又是有限的,及所需的中间投入品具有高度不确定性等特征时,产业链上经济活动的组织出现了一种不同于企业和市场的治理结构:垂直网络组织。它是由产业链上服务于既定任务的企业群体所形成的一个组织集。在垂直网络组织结构中,有一个企业扮演集成者的角色,一方面,通过关系权力对与它有直接(和或间接)的关系进行配置和组织;另一方面,通过关系租金激励其他成员进行专属关系投资,降低交易费用,提升产业链竞争力。集成者的重要功能是产品定义和设置交易关系、关系内容和空间区位等多层次治理机制来对嵌入于产业链上主体间的交易结构进行调适、控制和保护。     

农业科技企业融入地方发展获得竞争优势分析

农业生产具有地域性,农业科技企业与地方区域有着紧密联系,在促进地方农业发展中发挥着重要作用。农业科技企业融入地方实施本土化发展,汲取并聚集生产要素,能使农业科技企业获得更多竞争优势。