The capital structure implications of pursuing a strategy of innovation

In this paper, we argue that consideration of firm strategy can help illuminate the choices managers make between debt and equity financing. Within an industry, the form of competition that each firm chooses will determine the strategic value to the firm of maintaining financial slack. Our empirical analysis yields strong support for the proposition that financial slack should be a particularly critical strategic imperative for firms pursuing a competitive strategy premised on innovation. We also demonstrate that firms pursuing such a strategy that fail to recognize the value of financial slack are likely to perform poorly. Copyright © 2003 John Wiley & Sons, Ltd.     

对我国风险投资组织模式选择的研究

有限合伙制以其特有的产权和责任安排而被认为是最符合风险投资行业特点和要求的组织形式。我国在对建立有限合伙制风险投资企业的认识上存在一定的分歧，本认为随着我国经济的不断向前发展，相关法律法规的完善，有限合伙制必然会成为我国风险投资企业组织模式的首选。     

A computational general equilibrium model with vintage capital

This paper presents a vintage capital model assuming putty–clay investment and perfect foresight. The model is written in discrete time and is simulated by using a second order relaxation algorithm. By computing the eigenvalues of the dynamic system, we have checked the conditions of existence and uniqueness of a solution (Blanchard and Kahn's conditions) and identified the echo effect that characterizes vintage capital models and the related dynamics of creation and destruction. By calibrating the model on French data, it has been proved useful to explain the medium-term movements in the distribution of income in France during the last three decades.     

Productivity Growth in the Chinese Economy by Industry and the Role of Foreign Capital

I. IntroductionIt is well known that China’s reform and open-up policy initiated in 1978 had an extremelylarge impact on the Chinese economy. This policy represented an about-face against thetraditional self-reconstruction strategy that China had maintained since the founding ofthe people’s Republic in 1949. Although China’s economy temporarily fell into confusionfor a few years after the Tian-an-men incident in 1989, China continued to record high GDPgrowth. Moreover, after Deng Xiao…     

论当代中国私营资本原始积累的社会功效

伴随中国私营经济而发生的私营资本原始积累,对中国的经济社会发展,对加速中国的社会主义现代化建设,是功绩卓著的。中国之所以能在20世纪末达到小康,私营资本原始积累是立下汗马功劳的。在中国今后的全面小康社会建设中私营资本原始积累必将发挥越来越大的功效。     

Leaving state sector employment in Russia

I analyse the reallocation of labour and human capital from the state sector to the non‐state sector and non‐employment in Russia. I use a nationally representative household dataset, the Russian Longitudinal Monitoring Survey, to study sectoral mobility in early transition using summary measures of mobility and multivariate discrete choice models. The results show that sectoral mobility varies between different skill groups, and in particular that those with university education, with supervisory responsibility and in white‐collar occupations are less likely to leave state jobs for both non‐state employment and non‐employment. The results suggest that in the early stages of transition in Russia mismatch of skills across state/non‐state employment was significant and that non‐state employment consisted mostly of low skill, ‘bad’ jobs.     

社会资本与农村剩余劳动力转移问题分析

社会资本是一种与物质资本、人力资本相区别的存在于社会结构中的个人资源,它对个人的发展与进步具有重要的作用。随着农村整体社会资本的下降,我国的农村剩余劳动力转移难度加大。如何提升农村劳动力的社会资本,进而推进农村剩余劳动力转移,是关系我国农村经济发展一个重要问题。     

Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

The Small Business Capital Market Behavior in Athens Stock Exchange

Financing small and medium enterprises (SMEs), especially business investments and growth, is a composite and particular complicated affair in the Greek entrepreneurial reality. This paper examines the significance of secondary capital markets, as an alternative source of financing small-medium enterprises’ new entrepreneurial plans. Cointegration technique is applied to test the relationship between the secondary capital market and the dominant sectors in Athens Stock Exchange (ASE). Causality tests are also used to provide evidence on the existence of interdependence between the cointegrated series. The results indicate that there is significant uni-directional causality between primary and secondary capital market in Greece, enhancing us to suggest valuable policy implications.      

企业家认知惰性的管理学思考

企业家作为市场机会的发现者以及企业战略决策的制订者,在很大程度上决定着企业的兴衰存亡。当企业外部环境发生改变时,企业家往往会形成认知惰性,局限于过去的成功经验而不思创新,从而为企业带来衰亡。本文主要分析了企业家认知惰性的袁现及来源,在此基础上给出可能的克服途径。