“互联网+”与消费品制造企业转型——基于架构创新的视角

通过研究架构理论,分析了消费品制造企业在"互联网+"背景下的架构创新。提出变换外围要素、核心要素相同的二阶中性置换可以形成两种不同的消费品制造企业架构创新模式。经过改进的双层技术接受模型检验,两种模式的结果殊途同归,预测两种模式结合的双层架构创新模式会成为未来新型消费品制造企业架构创新的主流。     

The Antecedents and Consequences of Travelers' Need for Uniqueness: An Empirical Study of Restaurant Experiences

Dining out at a restaurant is one of the most important parts of travelers' tourism experience. The purpose of this research was to examine the antecedents and consequences of travelers' need for uniqueness (CNFU) in their restaurant experiences. Based on a literature review, three theoretical antecedents (perceived firm innovativeness (PFI), perceived firm uniqueness, and brand prestige) and three theoretical consequences (utilitarian value, hedonic value, and behavioral intentions) were proposed. During this process, it was theorized that consumers' uniqueness-seeking behaviors can be strengthened and/or weakened by three psychological moderators: attention to social comparison information (ATSCI), face consciousness, and materialism. By integrating the theoretical arguments, a structural model was proposed. The proposed model was tested using data collected from 379 travelers who had dined out at a luxury restaurant in the past three months. According to the data analysis results, PFI, perceived firm uniqueness, and brand prestige were all confirmed to be important factors in enhancing CNFU. Furthermore, it was determined that CNFU bears a positive impact on behavioral intentions, an impact that is mediated by perceived value. Lastly, the moderating roles of ATSCI and materialism were found to be significant. In the latter part of this research, managerial implications derived from the data analysis results are discussed.     

Abnormal Returns from Takeover Prediction Modelling: Challenges and Suggested Investment Strategies

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully explain the below‐expected returns to target portfolios. Target prediction models’ inability to optimally time impending takeovers, by taking account of pre‐bid target underperformance and the anticipation of potential targets by other market participants, diminishes but does not eliminate the potential profitability of investing in predicted targets. Importantly, we find that target portfolios are predisposed to underperform, as targets and distressed firms share common firm characteristics, resulting in the misclassification of a disproportionately high number of distressed firms as potential targets. We show that this problem can be mitigated, and significant risk‐adjusted returns can be earned, by screening firms in target portfolios for size, leverage and liquidity.     

集群企业创新行为机制分析

在传统产业中小企业集群中,普遍存在的企业模仿为什么没有抑制企业创新?结合相关文献分析和对现实中集群发展历程及企业行为的现察,可以发现其中的内生性模仿机制和竞争性、合作性创新机制,从企业行为机制视角观察集群创新是如何启动的;在企业不同阶段和不同集群类型中,企业模仿和创新的路径也不同.由此得出了培育产业集群和升级产业集群方面的政策含义,指出政府对于传统产业集群创新升级方面大有作为.     

相对交易效率、垂直分离与企业规模变化之谜

本文通过发展一个包含中间产品迂回生产的模型解释了生产非一体化程度的决定因素,并且对19世纪后期以来企业规模变化及近30年来垂直分离发展原因给出了解释.论文指出当今世界经济增长已经不是主要依赖企业内部的规模经济,而是更多依赖于组织间资源和知识.因此创造一个便利于组织间资源流动的市场体系,尤其是高级要素交易的体系对于经济增长变得日益关键.     

企业边界变迁的产业组织演化

交易成本理论从成本角度分析企业边界形成与变迁,企业能力理论则采用比较利益的方法从收入角度分析.短期中,如果企业能力有很大的差异,交易成本降低,位于价值链中上下游的企业将趋于专业化生产;如果企业能力均匀分布,交易成本降低,对专业化生产没有影响.长期中,企业能力、交易成本、企业边界形成互动循环的演化机制,并且在竞争过程中实现自然选择,引起产业组织演化.     

Credit risk,owner liability,and bank loan maturities during the global financial crisis

We relate credit risk and owners’ personal guarantees to bank loan maturities during the global financial crisis. The findings, which remain robust to reverse causality, show that firms rated as low risk, with a strong relationship with the bank, whose owners provided personal guarantees and with large loan sizes obtained longer maturities. Banks with larger nonperforming loans provided loans with shorter maturities. Firms with low‐ and high‐risk ratings that provided owners’ personal guarantees obtained longer maturities. These findings shed additional light on the relationship between risk and loan maturities and the role of personal guarantees in reducing information asymmetries.     

家族企业多维度信任与工作绩效

信任对家族企业的工作绩效有非常重要的意义。文章从信任的多维度出发,研究了家族企业信任对工作绩效的影响。在文献研究的基础上,作者以家族企业的高管人员和企业主为调查研究对象,进行了实证分析。研究结论表明,家族企业信任对工作绩效具有一定的影响,其中：一、家族企业情感性信任对工作绩效有显著的正向影响;二、家族企业认知性信任对工作绩效有显著的正向影响;三、在家族企业中,情感性信任对工作绩效的正向影响比认知性信任对工作绩效的正向影响更大;四、在家族企业中,对于工作绩效的影响,情感性信任和认知性信任是相互替代的关系。研究结论将为我国家族企业的可持续发展提供参考决策。     

不同企业边界观评析与未来研究展望

企业边界体现了企业的独立性,区隔了企业组织与外部环境。管理实践者和研究者都十分关注企业边界的设定,威廉姆森因为在该问题上的突出贡献而获得2009年诺贝尔经济学奖,但是企业边界的设定理论目前还是一个丛林状态。本文以国外学者已有分类为基础,综述了企业边界研究的效率学派、势力学派、能力学派和身份学派的基础假设、边界的影响因素、影响的理论机制以及各自适用情景等理论核心要素,并对各学派的解释能力和关联性进行分析与比较,最后展望了企业边界未来研究的驱动因素和方向。     

制度环境、审计意见与银行贷款——来自中国上市家族企业的经验证据

以中国上市家族企业为研究样本,结合企业所处的制度环境(法制环境、金融市场化水平、政府干预程度)进行实证检验,结果显示:上市家族企业所处地区的法制环境较好,或金融市场化水平较高,标准无保留审计意见具有一定的信号显示效应,部分抵减了其披露制约效应;在政府干预的环境下,不同类型的审计意见对企业获得银行贷款没有影响,在这种条件下,审计意见不是商业银行授信时要考虑的一个重要因素;审计意见对企业获得银行贷款的影响表现在短期贷款上,对长期贷款没有影响,即商业银行在长期贷款授信时不关注借款企业的审计意见类型。