动态能力、企业规模与双元创新关系研究——基于fsQCA方法的实证分析

对186家企业问卷数据进行模糊集定性比较分析（fsQCA），探寻3种类型动态能力和企业规模等因素对双元创新的组合效应以及不同因素之间的互动关系。研究发现，分别存在两种等效路径支撑中国企业实现探索式创新和利用式创新；吸收能力作为核心条件存在，联合不同水平的机会识别、资源拼凑和企业规模，大大提高企业实现双元创新的可能性；此外，资源拼凑兼具探索性和利用性双重特征，联合机会识别促进双元创新，其中，资源丰裕的大规模企业更具优势。采用QCA构型研究方法，推动了企业创新行为选择的因果逻辑性研究，从单维视角向多维交互的整体视角转变，明确了各种类型动态能力与双元创新之间的关系以及不同能力间的依赖/替代关系。     

创业企业何以提高创新绩效——基于创业学习与商业模式创新协同联动视角的QCA方法

以150个创业企业为样本，基于创业学习和商业模式创新理论，运用模糊集定性比较分析方法（fsQCA），探究经验学习、认知学习、新颖型商业模式创新和效率型商业模式创新对创新绩效的影响路径及机制。研究发现，存在新颖型商业模式创新等4条创新绩效产出关键路径；相较于效率型商业模式创新，新颖型商业模式创新在关键路径中更容易提高创新绩效；利用QCA方法证实了影响创业企业创新绩效的组态内部各要素之间的替代性。结论丰富了创新绩效产出内部机制，可为创业企业提高创新绩效提供指导和借鉴。     

The role of accelerators in firm survival: An fsQCA analysis of Italian startups

Accelerators are a recent yet rapidly growing phenomenon within entrepreneurial ecosystems. The distinctive characteristics exhibited by accelerators, relative to previous incubation models, imply that accelerators may play a different role and have a different impact on the survival rates of participating firms. In this study, we explore the relationship between participation in an accelerator program and firm survival using fuzzy-set qualitative comparative analysis (fsQCA) with key variables related to firm survival. We analyze 38 accelerated startups from five Italian accelerators and a control group of 38 non-accelerated Italian startups. Our findings support the business accelerator literature that regards accelerators as a new and distinct generation of business incubators. Our results suggest that participation in accelerator programs on its own does not influence firm survival. However, we found a relationship between firm survival and accelerated technology-based firms that do not export and between firm survival and accelerated firms in the service sector with a small team that do not export. We conclude that factors affecting the survival of accelerated firms are different from factors affecting the survival of incubated firms, providing further evidence of the characteristics that distinguish accelerators from incubators.     

CORPORATE TAX AVOIDANCE: A LITERATURE REVIEW AND RESEARCH AGENDA

Tax avoidance can range from reduction of the corporate tax burden by legitimate use of tax rules to violation of tax laws. In this paper, we endeavor to synthesize the major findings of tax avoidance research from the accounting and finance literatures over the past ten years. We consider theoretical developments and the related empirical findings about the interconnected issues of measuring tax avoidance, and the possible causes and outcomes of corporate tax avoidance. We present some ideas for further research to examine underexplored topics regarding tax avoidance.     

Defending Gibrat’s Law as a long-run regularity

According to Gibrat’s Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the period examined. While earlier studies tended to confirm the Law, more recent research generally rejects it. This article reconciles these two streams of literature, taking into account the role of market selection and learning in reshaping a given population of firms through time. Consistently with previous studies, we find that Gibrat’s Law has to be rejected ex ante, since smaller firms tend to grow faster than their larger counterparts. However, a significant convergence toward Gibrat-like behavior can be detected ex post. This finding is an indication that market selection “cleans” the original population of firms, so that the resulting industrial “core” does not depart from a Gibrat-like pattern of growth. From a theoretical point of view, this result is consistent with those models based on passive and active learning, and can be seen as a defense of the validity of the Law in the long-run.

我国上市公司大股东与中小股东企业剩余分配不均衡的权力解读--兼论我国上市公司中小投资者利益保护机制

真实经济中存在大量的大股东利益侵占现象,本文认为,这是股东经济权力天然非对等的必然结果.本文从放松股东为同一性质主体假定和股东间非对等经济权力入手,建立企业剩余分配的博弈模型,推演出大股东侵占中小股东利益过程和实现机制,指出通过控制权实现利益侵占是市场失灵的必然结果,市场机制本身无法解决.     

Cross-border mergers and acquisitions vs. greenfield foreign direct investment: The role of firm heterogeneity

We develop a general equilibrium model with heterogeneous firms to address two sets of questions: (1) what are the characteristics of firms that choose the various modes of foreign market access (exporting, greenfield FDI, and cross-border M&A), and (2) how does the international organization of production vary across industries and country-pairs? We show that the answers to these questions depend on the nature of firm heterogeneity. Depending on whether firms differ in their mobile or immobile capabilities, cross-border mergers involve the most or the least efficient active firms. The comparative statics on industry and country characteristics display a similar dichotomy.     

零售企业扩张实践质疑威廉姆森命题

"复制和选择性干预不可能",是威廉姆森关于企业规模边界的一个颇具权威性的命题,但是本文认为,这个命题已遭到零售企业扩张实践的质疑,沃尔玛、家乐福等零售企业的扩张恰恰是由"复制和选择性干预"所支撑的.本文从零售企业"类似性活动"业务属性和"订购性生产"经营特征分析切入,对零售企业扩张中"复制和选择性干预"成为可能的深层原因进行了探讨.最后,文章认为,威廉姆森命题的遭遇与经济学的某种局限有关,这种局限的直接表现是经济学一直都将企业默认为生产企业,忽略流通企业的特殊属性,"工商合一"、"以工代商".文章对这种表象背后的原因也作了一定的分析.     

Corporate Demography and Empirical Industrial Organization: A Critical Appraisal

The emerging field of corporate demography views corporations and industries in a similar way to human or animal individuals and groups. In spite of a surprisingly large overlap of subject matter with economics, corporate demography is not well-known by, nor easily accessible to economists. An extremely useful recent book, The Demography of Corporations and Industries, by Glenn R. Carroll and Michael T. Hannan (2000) should change that. This review essay critically examines corporate demography from an economic viewpoint. The very different view of competition in corporate demography gets particular attention.     

外部融资、技术创新研发与企业成长--银行信贷与技术研发交互作用的经验研究

在当前经济转型升级的大背景下,要想保持经济长期可持续的增长,必然要求微观企业保持良好的成长态势和较高水平的生产效率。本文利用BEEPS的中国企业调查微观数据,考察了外部融资约束、银行信贷和技术研发影响企业绩效和企业成长的作用机制。研究表明：外部融资约束对企业生产效率有显著负面影响,企业技术研发对生产效率有显著的促进作用,外部融资约束通过技术研发投入途径对企业生产效率产生抑制效应;银行信贷对于企业生产效率有直接的负面影响,只有将其投入到技术研发活动中才会发挥促进企业成长的作用。