Bidder's Gain: Evidence from Termination Returns

In most cases, bidder's stock returns around merger announcement convey more information than the synergy created from the acquisition. To overcome the interpretation problem, I study the bidder's return from the perspective of deal termination. Using a hand‐collected dataset on terminated merger proposals, I investigate termination returns in deals canceled for reasons unrelated to the bidder's stand‐alone valuation. I find that bidder's gain varies significantly with the type of target acquired. Further evidence suggests that the liquidity need of private target significantly contributes to the positive gain to the bidder.     

我国区域农业生态文明及其协调度的时空分异研究——以典型省份为例

农业生态文明是我国生态文明建设的重要组成部分。由于我国区域自然生态条件、社会经济发展水平差异明显,农业生态文明的各项支撑要素也存在显著差异。文章在构建我国农业生态文明指数评价指标体系的基础上,基于离差系数原理构建区域农业生态文明协调度评价模型,选取黑龙江、河南、四川作为典型区域,运用2007~2013年统计数据,对3个省的农业生态文明指数及其协调度进行评价,并分析其各子系统支撑作用的演化特征。研究认为,我国开展生态文明建设以来,3个典型省农业生态文明指数及协调度均得到了显著提升,且均已先后进入"良好协调"阶段,但农业生态文明各子系统支撑作用演化的时空分异明显。因此,在推进农业生态文明建设过程中,应充分认识不同区域的发展水平、优势条件及薄弱环节,把握发展规律与特点,因地制宜、因区施策,提高农业产业发展与资源环境、社会经济条件的匹配度,改善和提升农业供给侧水平。     

论海湾河口水环境治理制度建设的理论基石

通过对经济学与管理学的相关文献与理论的梳理分析,提出海湾河口水环境治理制度建设的四块理论基石:海岸带综合管理理论、湖泊流域水环境管理理论、环境产权理论、合作型环境治理理论,以期为建立海湾河口水环境治理制度体系提供理论依据和指导。     

Opening the Black Box of Upper Echelons in China: TMT Attributes and Strategic Flexibility

Many scholars have suggested that strategic flexibility is a critical firm capability to survive in today's competitive arena. The decision to take strategic actions to make the firm more strategically flexible typically originates in the top management team (TMT). As the principal decision‐making unit of the firm, TMT members' information acquisition and processing capabilities and subsequent interpretation of environmental changes critically influence the decision to make the firm more strategically flexible to achieve a better fit with its market environment. Therefore, in order to understand how firms can adapt to environmental changes, scholars must study the sociopsychological processes of interaction among members of the TMT. This study examines the relationships between TMT's sociopsychological attributes (shared vision, social integration, and political ties) and strategic flexibility, which is decomposed into organizational flexibility and technological flexibility. The study further investigates how the level of competitive intensity can moderate the relationships. All the hypotheses are tested using structural equation models based on the survey data from 227 firms in China. The results show that organizational flexibility mediates the impact of TMT's social integration and political ties on technological flexibility. Surprisingly, a TMT's shared vision for the firm neither impedes nor facilitates the firm's effort in attaining the desired degree of organizational flexibility. However, TMT's shared vision does have a positive and direct impact on technological flexibility. Moreover, intense competition amplifies the positive impact of TMT social integration on the degree of organizational flexibility, but there is no significant moderating effect of competitive intensity on the relationship between a TMT's political ties and organizational flexibility. The results extend previous research by highlighting the importance of TMTs' sociopsychological attributes in driving technological flexibility, through the mediating impact of organizational flexibility.     

Opportunity recognition and SME performance: the mediating effect of business model innovation

Opportunity recognition is vital for small and medium-sized enterprises (SMEs), but SMEs face challenges in capturing recognized opportunities. Given that opportunity recognition does not automatically lead to higher SME performance and that SMEs need to take appropriate actions to exploit recognized opportunities to achieve better performance, it is imperative to explore the mediators that enable SMEs to translate opportunity recognition into higher performance. This study proposes that business model innovation may be a key conduit through which opportunity recognition affects SME performance. Based on a dataset of 155 SMEs, we find that the positive relationship between opportunity recognition and SME performance is mediated by business model innovation. These findings not only aid SMEs in accomplishing the performance effect of opportunity recognition, but also provide some insights into the implications of business model innovation.     

跨境电子商务背景下中非贸易发展浅析

】中非贸易对中国和非洲各国的经济发展有着重要意义。基于此，本文分析了跨境电子商务背景下中非贸易的发展现状和存在的问题，认为 非洲电子商务平台之间存在竞争愈发激烈、物流成本昂贵、贸易摩擦频发、专业人才不足的问题，提出了加强中非经贸合作和交流、建立物流风险应 急机制、培养中非跨境电子商务专业人才、帮助非洲进行基础设施建设、充分挖掘国内消费潜力、丰富产品品类，推动产品本土化的建议。     

The Chinese Stock Dividend Puzzle

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no significant price run-up before announcement. The significant announcement effect of stock dividends is robust to controlling the earnings surprise effect. We offer some discussion of the possible explanations.     

零工经济时代数字平台控制劳动力的供给行为

本文首先基于委托-代理模型构建了一个数字平台控制劳动力供给的行为经济学模型,从理论上分析了数字平台控制劳动的方式和心理机制;然后建立了一个赫克曼(Heckman)选择模型,利用Uber的大数据实证分析了网约车司机的劳动决策.研究结果表明:(1)在零工具有参考点偏好的前提下,数字平台通过高货币激励或高目标奖励使零工劳动者的参考点具有适应性,进而避免其过早地陷入“收入目标”行为;(2)数字平台利用零工劳动者的厌恶损失偏好,对其实施控制以延长工作时间;(3)网约车司机存在“收入目标”行为,且该行为呈现出动态性的特点;(4)收入激励和“峰时”溢价对网约车司机的工作概率和工作时间具有显著的正影响,且在一天的某个时间段内能够抑制网约车司机的“收入目标”行为.可见,零工经济时代到来,一方面提高了劳动力资源配置效率;另一方面,数字平台通过劳动控制变相延长了零工的劳动时间,加剧了剥削.     

加强政策事中事后评估的思考

党的十九届四中全会明确提出要强化决策执行、评估、监督,做好政策评估对优化政府职能、推动国家治理体系和能力现代化有积极作用。加强政策运行情况的评估,应从优化评估工作机制、完善和培育评估机构、强化评估结果的应用入手,不断提升评估工作质量,形成适应中国特色社会主义现代化治理体系的事中事后政策评估机制。