Why do firms hold so much cash? An innovation explanation

Theory holds that knowledge has positive economic consequences. While US corporations defend record high level cash holdings citing the precautionary motive in response to changing firm characteristics, I find that knowledge‐based innovation can partially explain these changes. Using distance to the nearest research university as a measure of knowledge intensity, I show that knowledge‐intensive firms hold more cash, even after controlling for firm R&D. Moreover, knowledge‐intensive firms exhibit higher marginal value of cash and save more cash from cash flows than their less knowledge‐intensive counterparts. Overall, the precautionary motive appears to dominate the agency motive, with the effect of knowledge on cash holdings strengthening over time. Copyright © 2014 ASAC. Published by John Wiley & Sons, Ltd.     

现代制造业服务创新的动力影响因素及其实证分析

本文基于国内外服务创新的理论成果,从外部环境因素、外部行为者和内部动力因素三个方面对现代制造业服务创新的动力影响因素进行分析。通过对12家现代制造业企业的问卷调查,对取得的样本数据进行因子分析,将服务创新的动力影响因素归为五类,采用多元线性回归分析,考察多因子共同作用下各因子对现代制造业企业服务创新活动的影响,进而对关键动因进行识别。回归结果显示,战略管理和组织因素对现代制造业企业服务创新起着关键的推动作用。     

How important is intra-household risk sharing for savings and labor supply?

While it is recognized that the family is a risk-sharing institution, little is known about the quantitative effects of this source of insurance on savings and labor supply. In this paper, we present a model where workers (females and males) are subject to idiosyncratic employment risk and where capital markets are incomplete. A household is formed by a female and a male, who decide on consumption, savings and labor supplies. In a calibrated version of our model we find that intra-household risk sharing has its largest impact among wealth-poor households. While the wealth-rich use mainly savings to smooth consumption across unemployment spells, wealth-poor households rely on spousal labor supply. For instance, for low-wealth households, average hours worked by wives of unemployed husbands are 8% higher than those worked by wives of employed husbands. This response in wives’ hours makes up 9% of lost family income. We also study consumption losses upon an unemployment spell, precautionary savings and the crowding out effects of the public unemployment insurance program on the extent of risk sharing within the household.     

Cause-Relating Marketing: The Effects of Purchase Quantity and Firm Donation Amount on Consumer Inferences and Participation Intentions

A conceptual model for a cause-related marketing (CRM) campaign, which examines the effects of purchase quantity and firm donation amount on consumer perceptions of the firm (i.e., firm motive and corporate social responsibility) and participation intentions, is developed and tested in three separate studies. In Study 1, we find the positive effect of firm donation amount on participation intentions was fully mediated by consumer inferences about the firm and the negative effect of purchase quantity on participation intentions was only partially mediated by these inferences. In Study 2, and consistent with the persuasion knowledge model, we demonstrate that the effects of purchase quantity on firm inferences and subsequent participation intentions are moderated by consumer participation effort where higher participation requirements (e.g., mail-in proof-of-purchase) yield more negative purchase quantity effects. We extend the model in Study 3 to incorporate multiple exchange mechanisms and find that although purchase quantity does affect participation intentions by social exchange, the effects of purchase quantity are primarily the result of the economic exchange. Recommendations for the design of cause-related marketing campaigns and for future research are discussed.     

企业文化模式创新研究

在现代企业中，发展的动力取决于企业内部的活力，尤其是员工的内部潜力是否得到有效的挖掘。要深挖企业员工的潜力，我们就要创新企业文化的新模式，依靠企业文化推进思想政治工作，使二者相互作用，相互促进。通过亲情感化，企业员工能充分感觉到自身地位被认可、被尊重，员工主人翁责任感油然而生，企业员工的工作热情将得到极大的激发，企业活力进一步增强，企业发展的动力将会不断得到提升。     

会展业和旅游业合作动因——基于战略联盟视角的分析

文章从构建会展业和旅游业战略联盟视角分析其合作的动因,采用定量研究方法对合约式联盟和股权联盟动因、处于不同产业链位置的联盟动因、不同类别组织间的联盟动因的差异性进行了分析。     

大学生创业意向影响因素研究

对武汉市8所高校1 600名在校大学生的调查表明：大学生创业最突出的动机是自我实现；大学生普遍认为学校教育对其创业意向有影响，而他们对学校的创业教育并不满意；大学生创业最需要的是资金和知识技能支持，而创业者本身最需要的素质是自信、有创造力与团队合作精神等。进一步的分析表明，自身主客观条件、家庭背景、外部环境都对大学生创业意向有着显著的影响：女生总体创业意向低于男生；学校、专业、年级、籍贯对大学生创业意向有显著影响，而学历无显著影响；就业压力越大，大学生创业意向越高；家庭背景对大学生创业意向有显著影响，而对机遇的认识无显著影响。     

Remittances,social security,and the crowding-out effect: Evidence from Vietnam

In the absence of adequate social security systems, many people in developing countries, especially the poor and vulnerable, cope through migration-related remittances. However, when remittances, internal or international, provide social benefits similar to public transfers they may overlap: ‘crowding-out’ effects occur. Employing three long-sample Vietnam Household Living Standard surveys undertaken during the 2000s, this paper studies the crowding-out effects of remittances in Vietnam, a developing country that has experienced a soaring inflow of remittances since 2000. Significant crowding-out effects for both domestic and international remittances on income are found below the poverty line in Vietnam, consistent with an altruistic motive. Beyond this, transfer derivatives are positive and statistically significant in both areas, suggesting a switch of motives from altruism to exchange at the poverty line. The substituting relationship between public transfers and remittances observed for the rural poor reveals key challenges to delivering an equal and efficient social security system in the country.     

创新、经济增长与转型动力——基于山东省的实证分析

笔者运用耦合演进模型,以浙江和广东两省为参照,实证评测了山东省创新与经济增长之间的协同关系.研究结果表明,山东省的综合创新能力整体呈线性增长趋势,制度创新能力较强,但技术创新和创新环境相对较弱;同时,技术创新具有较大的发展潜力,而创新环境缺乏有效的市场竞争与激励机制.此外,山东省的综合创新能力与经济发展水平经历了从轻度失调衰退到良好协调发展的依次演进,并已开始逐步走向优质协调发展;但由于经济增速可能下滑的影响,未来协调发展将面临巨大压力.     

企业契约理论视角下的税务筹划动因分析

税收,对纳税人来说是一种负担,税务筹划正是减轻税收负担、增加税后收益的有效途径。随着现代企业制度的建立,税务筹划越来越受到企业的重视。多数企业都会对其涉税事项进行一系列的事前安排,以达到税收利益最大化。文章从契约理论的角度,分析了企业进行税务筹划的动机,发现政府的主导性地位、税收契约的不完备性、税法的空白与漏洞以及企业之间的关系都促使企业在合理的范围内进行税务筹划,以实现税收利益最大化。