Digital finance and misallocation of resources among firms: Evidence from China

The resources misallocation among firms is serious in China, our calculation shows it has resulted in the total factor productivity (hereafter, TFP) loss of over 200% and has been gradually increasing in recent years, based on the firm-level data from National Tax Survey database from 2007 to 2016. This paper further investigates empirically the impact of digital finance on resources misallocation, by measuring resources misallocation with firm’s capital deviation and labor deviation, as well as measuring digital finance with the number of searches for fintech keywords on Baidu's webpage. Results suggest that digital finance can significantly mitigate resources misallocation among firms to improve the aggregate TFP by redistributing resources from over-resourced firms to under-resourced firms, although it cannot improve the TFP within a representative firm. The findings remain robust after addressing the endogeneity and using alterative variables of digital finance and value of labor output elasticity. Moreover, digital finance can rectify the credit-market discrimination, where its mitigating effect on resources misallocation prefers to non-state-owned firms and small and medium-sized firms. However, traditional finance, as measured by the number of offline bank branches, can also optimize resources allocation, but this effect is gradually diminishing and it also fails to rectify the credit discrimination.     

Increasing customer loyalty and WOM in an age of terror: Cross-cultural development and validation of the customers’ reactions to terror scale (CRTS)

The threat of terror places customers in a vulnerable situation, giving rise to a variety of protective behaviors. The ability to employ these behaviors dictates customers' preferences for specific services. To enable a better understanding of this dynamic and its implications for positive customer outcomes, the current study developed a customers’ reactions to terror scale (CRTS) in a four-stage process. Data were collected from customers in France and Israel across two service contexts, hospitality and public transportation. Nomological examinations showed that services that enable customers to employ protective behaviors under the threat of terror can facilitate increased loyalty and word of mouth (WOM).     

The polarization and constraints of scale farming in China under the impact of rising wages

For small-peasant economy countries in Asia, scale farming, characterized by land transfer, helps achieve scale economies and improve productivity. However, the scale farming development is hindered by the increasing farm labor cost because of the rising wages. Based on a panel dataset of 458 tenant farmers in Jilin, Jiangsu, and Sichuan provinces in China, we investigate heterogeneity in the impact of rising wages on tenant farmers’ farm size and machinery investment of different initial farm sizes. Additionally, we further analyze the different constraints they face in adapting to wage increases. Our results show the antithetical impact of rising wages on tenant farmers with different farm sizes. This results in the polarization of tenant farmers’ farm size in China. Meanwhile, tenant farmers face various constraints in the adjustment process of farm size and machinery investment. Specifically, large-scale tenant farmers increase their farm size and invest in agricultural machinery given the rising wages. The extent of this adjustment depends on farming seasons and their liquidity. In contrast, small-scale tenant farmers reduce their farm size and machinery investment. Their choices are limited by the availability of off-farm employment opportunities. Therefore, the government should consider the heterogeneity of tenant farmers and help mitigate the constraints they face to promote the development of scale farming.     

技术型创业者创造力特征对企业绩效的影响

“双创”国家战略鼓励不同类型的创业者参与创新创业活动，实现中国经济的创新驱动。作为将自有创新成果商业化的创业群体，技术型创业者不仅具备一般创业者特征，还拥有显著的创造力特征。已有研究表明，创业者的技术特征对企业绩效具有重要影响，但缺少技术型创业者的创造力水平对创业企业绩效影响机制的探讨。鉴于此，以2020年深圳证券交易所创业板上市的企业为样本，研究技术型创业者创造力特征对创业企业绩效的影响。多元线性回归分析结果表明，技术型创业者创造力水平与创业企业绩效呈正相关关系；在中型企业中，技术型创业者创造力水平对创业企业绩效具有显著正向影响，而在大型企业和小微企业中，技术型创业者创造力水平对企业创业绩效的影响则不显著或较小。     

山西上市企业技术创新能力、规模和绩效

以2010至2012年山西及山西同行业其他省市上市企业为研究对象,采用多元回归等方法,对技术创新能力、规模与绩效之间关系以及山西与其他省市在技术创新能力、规模和绩效方面差距进行研究。研究表明:企业技术创新能力和规模负相关;Tobin Q与规模负相关;企业本年绩效和研发支出负相关;绩效和科技人员比重、技术资产比重正相关;山西在科技人员、高学历人员、技术资产等技术创新投入、绩效与其他省市存在差距。     

中国企业跨境并购促进了并购企业研发国际化吗

基于2007—2020年中国工业企业上市公司跨境并购数据，实证分析跨境并购与并购企业研发国际化的关系，并整合制度观点，分析产权异质性和东道国（地区）异质性的影响。结果显示：第一，跨境并购规模和跨境并购股权对并购企业研发国际化均存在显著正向影响，跨境并购整合对并购企业研发国际化的影响不稳健；第二，基于产权异质性分组检验发现，跨境并购规模对并购企业研发国际化的正向影响仅在国有企业样本中显著；第三，基于东道国（地区）异质性分组检验发现，当东道国（地区）为发达国家（地区）时，跨境并购规模和跨境并购股权对并购企业研发国际化均存在显著正向影响，当东道国（地区）为发展中国家（地区）时，跨境并购对并购企业研发国际化的影响不显著。结论丰富了现有理论成果，对中国工业企业跨境并购实践具有一定借鉴价值。     

Seamless experience in the context of omnichannel shopping： scale development and empirical validation

In recent years, delivering a superior seamless experience (SE) for customers has become one of the most crucial aspects of omnichannel marketing for omnichannel retailers. However, research lacks a common understanding of what the SE is and how customers evaluate the SE throughout their omnichannel shopping journeys, and the effects of the SE on important customer behaviors remain unexplored. Drawing on omnichannel customer experience research, following the scale development process, this research conceptualize and develop a scale to measure the SE construct. Building on the customer experience quality framework, this research further examines the effects of customers’ prior SE on repurchase intention, word of mouth (WOM), and customer influence behavior in the omnichannel shopping context. The SE scale is developed and validated by performing 15 semi-structured interviews, 62 open-ended questionnaires, and three online surveys with 884 useable respondents in total. The effects of SE are then validated via partial least squares modeling with 307 useable respondents. The findings confirm that the SE construct is a formative second-order construct composed of six reflective first-order dimensions. Our empirical findings indicate that the overall SE has a direct and significant impact on the foregoing three customer behaviors. Managers can use the SE scale as an effective omnichannel approach to design a seamless shopping journey and maintain long-term relationships with customers.     

科技成果商业规模示范：组织学习与政府政策支持的作用

商业规模示范是科技成果产业化的重要环节，当前关于如何推进商业规模示范的研究较少。研究组织学习、政府政策支持对商业规模示范的作用，选取312份企业调研数据进行实证分析。结果表明：①组织学习中的“用中学”和“互动中学”均对商业规模示范存在积极影响，且互动中学的作用更强；②政府政策支持不仅积极影响商业规模示范且正向调节互动中学与商业规模示范的关系；③不同规模、不同性质、不同地区企业商业规模示范及政府政策支持存在差异。该结论不仅有助于明晰商业规模示范中组织学习与政府政策支持的影响机制，而且揭示出企业研发、组织学习及政府政策支持并行是提升科技成果产业化质量与效率的重要途径。     

资金供给、技术能力与技术转移绩效——国家重点研发计划多群组结构方程模型分析

国家重点研发计划对全产业链的强调使得研究其技术转移尤为必要。参考资源基础理论和动态能力理论，构建“资金供给—技术积累规模—技术转移能力—技术转移绩效”国家重点研发计划技术转移模型。应用结构方程模型进行检验，使用多群组结构方程模型探讨不同研究项目各因素对技术转移绩效的不同影响。结果发现：(1)国家重点研发计划技术转移绩效总体处于较高水平；(2)技术转移能力是国家重点研发计划技术转移绩效最直接、最有力的影响因素，资金供给是技术转移绩效的重要支撑；(3)技术积累规模难以直接影响技术转移绩效，但在技术转移绩效影响机理中发挥重要传导作用，是技术转移的基础性技术资源；(4)不同项目类型影响效应存在显著差异。研究结论可为政府、项目参与单位、首席科学家和普通参与者有效促进科技项目技术转移提供参考依据。