职业角色转换中多维度任职经历对技术创业企业绩效的影响

技术创业对社会高质量发展、初创企业知识和人才获取具有重要意义。多数创业者会经历技术员工到技术创业者的职业转换，完成任职组织到创业组织的流动过程。技术创业者相关研究主要关注流动后的情形，但根据高阶理论，流动前任职经历作为技术创业者的独特背景特征，势必通过个人特质影响创业企业重大战略决策和组织活动，并表现为绩效差异。鉴于此，以2009—2020年创业板上市的253家由技术员工创立的企业为样本，运用多元线性回归模型实证检验技术创业者流动前多维度任职经历对创业企业绩效的影响。结果表明：伴随流动，原结构资本消失且影响个人思维模式的国企工作经历显著负向作用于创业企业绩效；原结构资本依然有效且分别影响技术能力和眼光视野的非职务发明与海外工作研究经历显著正向作用于创业企业绩效；公司年龄负向调节非职务发明经历与绩效间关系；技术创业者创业前研发合作网络的中介中心度正向影响创业绩效。     

Fashion shopping on the go: A Dual-stage predictive-analytics SEM-ANN analysis on usage behaviour,experience response and cross-category usage

With the proliferation of mobile commerce, mobile shopping has become the buzzword in the electronic commerce industry. To examine the predictive factors that affect the usage behaviour, experience response, and cross-category usage in mobile fashion shopping, an integrated research framework, comprising of the Mobile Technology Acceptance Model and individual attributes in terms of lifestyle orientations was proposed. The quantitative data, derived from 500 qualified responses, collected through a survey questionnaire, was validated via a two-stage predictive-analytics SEM-ANN approach to identify the non-compensatory and non-linear relationship. All six of the ANN models showed consistent relationships and rankings with the SEM results. The findings imply that mobile commerce developers and designers should ensure that the functions provided can satisfy the evaluation criteria of users with different lifestyle orientations, whereby the advantages of the mobile commerce platforms should be highlighted in the marketing messages to drive first-time usage, as well as extended usage across different mobile commerce platforms (i.e., mobile sites and mobile applications) and product categories. From the theoretical perspective, the findings revealed the indirect influence of the individual attributes on the usage intention of innovative mobile technology. The research is also the first to adopt non-compensatory neural network analysis to compensate the linear SEM analysis in the study on mobile shopping of fashion products.     

中国机构投资者的学习机制研究——理性贝叶斯还是简单强化式学习

理论文献通常假设机构投资者遵循理性贝叶斯法则更新其信念,在此学习模式下,盈亏经验本身并不能直接影响机构行为。但该假设的合理性尚未得到实证研究的充分支持。中国新股发行中的抽签分配制度为检验上述命题提供了比较理想的随机实验机会。本文基于新股抽签分配数据,系统检验了随机的盈亏经验对机构投资行为的影响,结果发现:(1)机构投资者显著受制于幼稚的强化式学习机制的影响,即通过随机抽签在前期获得新股分配的机构(处置组)相对未获配机构(控制组),其下期参与新股申购的概率显著提高,并且前期收益率能够有效地强化这种盈利经历与参与概率之间的正向关系。(2)盈亏经验能够显著改变专业机构的估值信念,即前期通过随机抽签获得高收益体验的机构相对未获配机构,在后续新股询价过程中给出了显著更高的报价上调水平。(3)盈亏经验对机构行为产生影响的一种可能渠道是借助机构投资管理人的强化式学习过程,基于基金经理个人特征变量的调节机制研究表明,丰富的长期从业经验、高学历的教育水平以及多位基金经理的相互竞争都能在一定程度上缓解盈亏经历对基金行为的影响。本文基于随机实验的设计为经验与行为之间的因果关系提供了可信证据,证实了即使是被奉为理性投资者代表的专业机构也会受制于简单强化式学习的显著影响。