Fashionable hospitality: A natural symbiosis for Hong Kong's tourism industry?

Despite the well-accepted synergy between shopping and tourism, co-branding between hotels and retail brands has not been realized by either academia or practitioners. Considering the international recognition of retail brands, hotel and retail co-branding may be a sustainable competitive advantage, especially in shopping destinations such as Hong Kong. Using a one-shot cross-sectional design, this study investigated potential consumer reactions and preferences about likely hotel and retail co-branding in Hong Kong and mainland China. Findings indicated several opportunities as well as threats for hotels and retail brands as well as the need to understand specific markets, especially mainland Chinese before venturing into hotel and retail co-branding. Practical implications and future research suggestions are provided.     

Cooperative Goals in the Chinese Work Environment: A Hong Kong Case Study

This research seeks to develop an understanding of how cooperative teamwork among Chinese employees impacts upon the customer perception of service in the Hong Kong ship-repair industry. The research model was based on the ‘Theory of Cooperation and Competition’, a western-derived theory. The model used included the Chinese values of power distance, collectivism and conformity. The results suggested the need to explore alternative processes that Chinese people may engage in in managing their conflict. We question whether the ‘goals’ or ‘ends’ based approach to the operation of teams inherent in the Theory of Cooperation and Competition, is valid in the Chinese context where ‘process’ and ‘relationship’ are pivotal.     

Cost of Capital Under Local Constraint on Debt Financing:

A unique constraint on financing of direct foreign investment by MNCs IS a total or partial prohibition on debt financ- ing in many Islamic countries. This paper analyzes the implications of such a conslraint for an MNC's financing and investment deci- sions. The comparative investment levels under alternative financing instruments based on profit and loss sharing (PLS) contracts are examined considering the effects of market imperfections and secu- rity related differences with reference to the existing literature on capital structure. The analysis shows that when debt financing is constrained the cost of capital to a firm will be higher and the invest- ment levels lower.     

An Examination of Sales Promotion Programs in Hong Kong: What the Retailers Offer and What the Consumers Prefer

This study gives an insight into the retailer's capability of managing sales promotion by examining the sales promotion programs offered by Hong Kong cosmetic and toiletry retailers and the consumers’ preferences. The results indicate that instant-reward programs are popular among retailers and preferred by consumers. The results also show that the preferences for sales promotion programs are dependent upon consumers’ demographic and sociocultural characteristics. Implications for advertisers designing and communicating sales promotions are offered.     

论ECFA背景下大陆企业在台湾证券市场的融资机制——借鉴香港证券市场的发展经验

在ECFA背景下,大陆与台湾之间的经贸合作必将进一步深化,此时研究台湾证券市场对大陆企业的制度开放问题具有重要的现实意义。本文认为,同属于"亚洲四小龙"的香港在经济发展历程、经济发展战略上与台湾都非常相似,而资本市场从一开始就是附属于实体经济的,是为了满足实体经济资金融通需求而发展起来的,因此,香港证券市场的成功发展策略对台湾证券市场具有很好的借鉴意义。本文研究了内地与香港CE-PA协议及其附加协议中对大陆企业融资开放的规制,认为大陆与台湾可以在ECFA附加协议的框架内达成台湾证券市场对大陆企业的融资开放,并进一步研究融资开放过程中相关法律法规的协调、有效监管体系的构建等制度构建问题。     

An empirical examination of factors driving the offshore renminbi market

Following the 2010 establishment of the offshore renminbi market in Hong Kong, renminbi deposits there quickly rose above RMB 1 trillion. In this article, we examine fluctuations between the offshore value of the renminbi in Hong Kong and its onshore value in mainland China. The size of the spot market spread appears to be influenced by stock market sentiment as reflected in the spread between A-shares listed in Shanghai and H-shares listed in Hong Kong. There is also some evidence of a link between the spread and the pace of renminbi deposit growth in Hong Kong.     

“港股直通车”对两地股市影响的实证分析

本文以股权分置改革后的最新数据为研究对象,首先剖析了香港股市与内地股市的高度关联性,然后运用计量经济方法检验两地股市的相关性、以及“港股直通车”前后两地股市关系发生的变化,从而得出结论：在当前背景下,不宜推出“港股直通车”。这也证明了中央暂停港股直通车的合理性与及时性。     

Family Business Succession in Hong Kong: The Case of Yung Kee

This case study examines the succession of Chinese family business in Hong Kong, drawing upon theories of the firm. More specifically, it utilizes capabilities theories, property rights economics and Neo-Confucianism to understand management disputes and infighting among the members in a Chinese family business in Hong Kong. This paper will argue that the founder of a Chinese business firm in Hong Kong is able to lead his or her offspring to create a dynamic enterprise via charismatic leadership and family rules embedded in traditional Chinese values. However, these two strategic assets disappear following the passing away of the founder as well as the emergence of new social values. When the founder passes on the enterprise to his or her offspring using more or less the equal inheritance system, the traditional Chinese value is unable to enforce the leader’s will to consolidate the strengths of the second generation family members to maintain the founder’s business. Furthermore, when the business is owned by all family members, property rights of the firm become unclear. Without effective enforcement of traditional Chinese values and with collective ownership rights, some family members will have the incentive to capture the economic rent that is shared by all members. In other words, some family members behave opportunistically or even cheat in order to capture economic gains in the public domain. High monitoring and enforcement costs in the form of court battle and endless disputes will occur. Rent dissipation occurs in the form of deterioration of the quality of the family business. This case study is based on Yung Kee, an internationally well-known roast goose restaurant in Hong Kong as an illustration.     

沪港服务输出的比较研究

随着全球经济的快速发展,服务贸易在国际经济中的地位迅速提高,并逐渐成为衡量一国或地区国际竞争力的重要标准。沪港作为中国服务贸易发展较快的两个地区,而且又是未来东亚乃至全球经济中心的潜在竞争对手,所以两者在一定程度上具有可比性。因此,从三个方面对沪港两地的服务输出比较研究,发现它们之间存在较大的差异,并从差异原因的分析中总结出两地服务输出发展的成功经验,以期为北京、广州等地提供借鉴。两地在未来关系的发展中,应相互合作,实现共赢。     

深港共建区域知识产权贸易中心的挑战和应对策略

为了发挥香港在粤港澳大湾区高质量发展中的知识产权贸易中心地位,中共中央、国务院印发《粤港澳大湾区发展规划纲要》,特别提出支持香港成为区域知识产权贸易中心。目前,香港建设区域知识产权贸易中心面临着建设目标和路径不明晰、有效支撑不足、统计体系不完善、政策不明确等挑战,亟需将深港共建区域知识产权贸易中心明确为国家级战略,完善知识产权贸易统计体系,出台支持政策,营造良好生态,合力提升国际影响力。