险资股权投资的结构性改革研究*——基于险资投资的倒U型效应分析

保险资金作为重要的机构投资者能否发挥促进公司绩效提升的作用在已有研究和监管政策制定上都存在较大争议。本文以2005-2017年A股上市公司为研究样本，发现险资持股比例对上市公司绩效以及估值影响存在显著的倒U型曲线效应，相应机制研究表明险资持股通过显著影响两类代理成本的渠道发挥治理作用。在适度持股比例以下，险资增持能够降低被投资公司管理费用率和其他应收款占比，并提高资产周转率，从而降低两类代理成本；持股超过一定比例反而造成两类代理成本上升。险资持股比例变化对保险机构调研次数的影响则从公司治理参与角度印证了以上结论。对倒U型曲线效应的深入分析既有助于深化对机构投资者影响公司绩效的多重效应和机制的认识，同时为在金融机构层面落实金融供给侧结构性改革、增强险资服务实体经济能力提供参考。     

Performance evaluation of China's high-tech innovation process: Analysis based on the innovation value chain

The Chinese high-tech industry has developed greatly since the beginning of China's “National High-tech R&D (863) Program” and “China Torch Program”. This paper introduces a conceptual model extended from the innovation value chain model to simultaneously estimate the R&D and commercialization efficiencies for the high-tech industries of 29 provincial-level regions in China. To match reality, a network DEA incorporating both shared inputs and additional intermediate inputs is constructed to open the “black box” view of decision making units used in single-stage DEA. This study is the first attempt to link the R&D and commercialization with a solid theoretical foundation and feasible mathematical methods. The empirical findings show that most of the 29 regions have low efficiency in the commercialization sub-process compared to the R&D sub-process, although there are regional differences in China's high-tech industry. Pearson correlation shows that the R&D sub-process is not closely correlated to the commercialization sub-process in terms of efficiency. Our analysis can provide information for the formulation of policies to achieve high innovation efficiency.     

Winning us with trifles: Adverse selection in the use of philanthropy as insurance

Research Summary: We study the use of corporate philanthropy as a form of reputation insurance, developing a formal model of such insurance to examine how the terms of insurance in equilibrium change under different assumptions about the firm and its stakeholders. We then test the predictions from this model in the U.S. petroleum industry and find that philanthropic donations offer insurance‐like benefits, but are also positively associated with subsequent oil spills—firms that give more, spill more—with this association being stronger for spills that are under firms’ control and in states with low civic capacity. These results are consistent with an adverse selection/moral hazard equilibrium and suggest that the use of philanthropy as reputation insurance may benefit firms at the cost of society. Managerial Summary: Firms that donate to social causes develop a reputation for being socially responsible, and are often given the benefit of doubt when negative information about them comes to light. But are philanthropic firms truly more responsible? We argue that firms that donate more may be more likely to do harm—those that expect to do harm later are likely to give more now, and those that know their reputation protects them may become less careful. Evidence from the U.S. petroleum industry is consistent with this argument, with firms that give more having more subsequent oil spills, but only the type of spills that are under the firm's control, and only in states where the firm faces weaker scrutiny.     

Interpretive structural modeling of quality factors in both medical and hospitality services in the medical tourism industry

This study aims to theoretically integrate quality factors of both medical and hospitality services in medical tourism. Medical tourism comprises both medicine and tourism. Although the core product in medical tourism is medical treatment, attractive hospitality and travel options are also essential. Despite the dual nature of medical tourism, the two aspects of this concept have not been integrated in a unique framework. This study attempts to fill this gap using interpretive structural modeling (ISM). According to ISM, although factors of medical services and hospitality services are independent from each other, these factors have vital impacts on perceived value, satisfaction, and loyalty.     

Do Boards of Directors Influence Corporate Sustainable Development? An Attention‐Based Analysis

Following the attention‐based view of the firm (ABV), boards of directors’ link to corporate sustainable development (CSD) could be dependent upon certain attention structures: valuation of environmental stimuli, rules of the game and the players. Studying a sample of large Australian firms, the findings indicate that the proposed attention‐directing structures do appear to be linked to CSD in a manner consistent with the ABV. Specifically, creating awareness through scanning efforts links boards to CSD. Stakeholder debate, as a boardroom rule, is also significantly associated with CSD. Furthermore, as a so‐called ‘player’ on the board, women directors have a moderating effect on the relationships between environmental scanning, stakeholder debate and CSD. The findings are discussed along with limitations and directions for future research. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment     

自然资源资产管理：理论逻辑与改革导向

研究目的:针对自然资源资产管理的理论诠释不清、改革导向不明、自然资源的资产属性尚未充分体现等问题,本文立足新时代党和国家机构改革背景,分析自然资源资产管理的理论逻辑,明确未来自然资源资产管理的改革方向。研究方法:文献研究法,综合分析法。研究结果:新时代自然资源资产管理应当基于"权利—价值—经营—管理"的理论逻辑体系框架,其中自然资源资产权利应当包含自然资源资产所有权、资格权、使用权和管理权等对象内涵,以完整、明晰和稳定作为权利实现要求;自然资源资产价值显化应当基于生态、经济等价值的全面认知,针对不同资产类型分类采用不同价值评估方法,完善市场培育、价值调节和公平分配机制;自然资源资产经营既要保障粮食安全、生态安全和规避可能风险,又要实现高品质利用,因而应当以底量保安全,以存量、数量、质量、差量和流量保协同,优化完善编制资产负债表;自然资源资产管理则应当打破自然资源资产管理割裂的现状,实现系统统一管理并建立全平台、全过程、全资源和全空间的综合监督机制。研究结论:自然资源资产管理应以"三维立体多权化"、"生态价值具象化"、"安全品质六量化"和"系统监管综合化"为改革导向,以期全面推进未来多维、绿色、高效、安全、品质、有序的自然资源资产管理方式的切实实现。     

One village,one product: Agro‐industrial village corporatism in contemporary China

This paper investigates the implementation of “one village, one product” (OVOP) in four peri‐urban villages in China's Yangtze River Delta. China's agricultural transformation, including the introduction of new corporate actors and the growing pressure of market discipline, has challenged the relevance of villages in the organization of agricultural production. In response, village cadres in thousands of Chinese villages have used OVOP to transform their villages into agro‐industrial firms and re‐exert their control over the agricultural surplus, echoing earlier examples of village corporatism. Rooted in agricultural specialization, OVOP encompasses a diversity of strategies for the production of locality‐based value. I disaggregate these strategies into four sociospatial dimensions that comprise locality—place, network, territory, and scale. Place‐based branding is the dominant strategy, but village cadres also pursue complementary sociospatial strategies to ensure their control over the realization of the brand's value and reconstitute their redistributive and administrative powers.     

Differences in perceptions about food delivery apps between single-person and multi-person households

The growth in mobile communications is a significant reason attributed to the O2O commerce explosion in China. Mobile applications have seized this opportunity adapting it to restaurants and food delivery services, recognized as an alternative strategy to increase sales revenue and for consumers to conveniently receive products and services. This study was designed to specifically explore five salient quality attributes representing convenience, design, trustworthiness, price, and various food choices associated with food delivery apps in consideration of their impacts upon user-perceived value, attitudes and intention to continuously use. Results determined that user trustworthiness was the most important quality attribute of the food delivery app business. Additionally, this study found that single-person households placed most importance upon quality attributes for ‘various food choices,’ ‘price’ and ‘trustworthiness.’ Comparatively, multi-person households placed most importance upon ‘design,’ ‘convenience,’ and ‘trustworthiness.’ Managerial implications, limitations and recommendations for future research are provided.     

Identifying Worldviews on Corporate Sustainability: A Content Analysis of Corporate Sustainability Reports

Companies commonly issue sustainability or corporate social responsibility (CSR) reports. This study seeks to understand worldviews of corporate sustainability, or the corporate message conveyed regarding what sustainability or CSR is and how to enact it. Content analysis of corporate sustainability reports is used to position each company report within stages of corporate sustainability. Results reveal that there are multiple coexisting worldviews of corporate sustainability, but the most dominant worldview is focused on the business case for sustainability, a position anchored in the weak sustainability paradigm. We contend that the business case and weak sustainability advanced in corporate sustainability reports and by the Global Reporting Initiative are poor representations of sustainability. Ecological embeddedness, or a locally responsive strategy that is sensitive to local ecosystems, may hold the key to improved ecological sensemaking, which in turn could lead to more mature levels of corporate sustainability worldviews that support strong sustainability and are rooted in environmental science. This must be supported by government regulation. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Are You a Chocolate Lover? An Investigation of the Repurchase Behavior of Chocolate Consumers

This study aimed to understand the factors affecting repurchase behavior of chocolate brands and, consequently, customer retention and acquisition. The study adopted a qualitative, inductive approach using in-depth interviews with 31 Australian consumers. The factors identified in the extant literature as antecedents of customers’ repurchase intention in the chocolate industry, including brand recognition, sales promotion, product price value, variety, taste, texture, size, packaging, and customer satisfaction, were confirmed. The results also indicated that functional value, product selection value, self-gratification value, socialization value, and transactional value were also considered during the consumer decision-making process. Implications for practitioners are provided.