经济政策不确定性与企业投资趋同行为

文章以2003-2017年A股非金融类上市公司为研究样本,考察经济政策不确定性对企业投资趋同行为的影响。研究发现,经济政策不确定性的升高会显著增强企业投资趋同行为,该影响效应在信息优势企业有所减弱,在资产不可逆程度较高企业有所增强。分行业检验发现,在管制性行业以及景气度较低行业中,经济政策不确定性对企业投资趋同行为的影响减弱。进一步研究发现,在经济政策不确定性不断攀升的背景下,实体投资趋同性会带来更为严重的金融化,特别是在行业实体投资总体趋于放缓的情况下,企业金融化现象更加严重。该研究为宏观经济波动下企业投资趋同行为提供了经验证据。     

组织内人际信任对员工创造力的作用：基于元分析的证据

采用元分析方法收集56项人际信任与员工创造力关系的独立实证研究样本(17482个个体样本)进行再分析,结果表明：人际信任能有效激发员工创造力,人际信任与员工创造力存在显著中等强度的正向关系(r=0.34)；感知到领导信任、同事间相互信任较信任领导对员工创造力的作用都大；当数据来源于同一个体时,得到的人际信任对员工创造力影响水平更高；人际信任对员工创造力的作用在新生代员工群体中较年长员工群体显著；东方文化背景下人际信任对员工创造力的作用强度要高于西方文化背景；发展水平低的国家中,人际信任对员工创造力的作用要大于发展水平高的国家。     

The influence of management team continuation on inefficient investment after family firms inheritance

The purpose of this study is to explore how the executive team continuation affects the successor's investment decisions. To this end, we use data of Chinese A‐share listed heritage family enterprises. The findings reveal that executive team continuation has a negative impact on inefficient investment. At the same time, the successor's control rights have a moderating effect on the relationship between the executive team continuation and the successor's investment decisions. In addition, further research shows that the heterogeneity of senior executives' tenure, the number of independent directors, and the distribution of senior executives' professional backgrounds are conducive to explaining the internal mechanism of the continuation of the management team.     

Is faster or slower trading better? An examination of order type execution speed and costs

We examine order type execution speed and costs for US equity traders. Marketable orders that execute slower exhibit lower execution costs. Those who remove liquidity faster and pay higher trading costs transact in smaller size, spread trading across more venues, take more liquidity, and are better informed. Nonmarketable limit orders that execute slower exhibit greater adverse selection; and larger, uninformed traders who concentrate their trading in fewer venues submit them. Our findings suggest that slowing down the trading process, when faster options exist, can benefit certain market participants who seek to cross the bid–ask spread.     

结构性违约、信用分层与评级机构的策略性反应——来自中国信用债市场的证据

2014年以来，以主要集中于民企的"结构性违约"宣告了中国信用债市场刚性兑付的"结构性打破"，债券市场进入了新的发展阶段。利用2013-2017年债券数据，本文深入分析了结构性违约对评级机构行为和效率的影响，主要有如下发现：首先，信用评级的市场公信力会因政府隐性担保导致的"刚性兑付"而削弱；其次，结构性违约爆发之后，信用评级的整体效率有所提升，但在不同发行主体呈现分化，对于非城投类企业，信用评级对发行利差的影响显著增大，意味着评级公信力的显著提升，而对于城投类企业，评级效率并未明显改善；进一步研究表明，出现这种情况的原因在于评级机构在违约后采取了差异化的评级策略，对于违约风险较大的非城投类债券，评级机构倾向采取"收紧评级"的策略；对于违约风险较低的城投债，评级机构倾向于采取"放宽评级"的策略。这种策略性行为是导致市场"信用分层"的重要原因，并有可能推升民营企业的融资成本。     

The Evolving Structure of Chinese R&D Funding and its Implications for the Productivity of Agricultural Biotechnology Research

China’s research and development (R&D) policy has changed considerably over recent decades, and great changes occurred in 2006 when the main programme objective of China’s R&D changed from the 863 Programme and 973 Programme to the National Science and Technology Major Project. One topic that has drawn extensive attention is whether the investment reform improved R&D productivity in China. Using a unique panel dataset from 160 universities, this paper examines the effect of the investment reform on productivity improvement in China’s agricultural biotechnology sector. We use a panel count data model with a dynamic feedback mechanism to model the knowledge production process. Strong evidence indicates that the investment reform greatly contributes to knowledge output production in China’s agricultural biotechnology sector. We also find that the input quality is more important than the absolute quantity; human research capacity exhibits the greatest contribution to the output of patents; past knowledge accumulation helps produce more patents; and entry barriers to patent production exist in China’s agricultural biotechnology sector. Moreover, the patent explosion in China may have been largely caused by improvements in the human capital input quality.     

高科技企业研发投入同群效应研究

探讨高科技企业研发投入的同群效应，特别是企业面临的市场环境不确定性，以及体现制度环境的知识产权保护对高科技企业研发投入同群效应的影响。实证分析沪深A股2009—2017年高科技上市公司数据，结果表明：①高科技企业研发投入存在显著的同群效应；②环境不确定性显著负向调节高科技企业研发投入的同群效应，即环境不确定性弱化了企业研发投入的行业趋同；③知识产权保护显著正向调节高科技企业研发投入的同群效应，即知识产权保护强化了企业研发投入的行业趋同。结论丰富了企业研发投入同群效应研究成果，为考察企业所处外部市场与制度环境对企业研发投入同群效应的影响提供了新视角。     

明清徽州土地字号的分配与使用实态

明清时代的徽州民间文书和赋役文献广泛使用土地字号。明初,土地字号的分配单元是保,万历清丈以后逐渐演变为以图为单位,显示出图甲组织在基层地籍编造管理中的作用。在图甲组织的地籍管理、民间社会的契约表述等实际使用场合,土地字号与基层单元的结合仍带有明显的都保痕迹。图甲的增减变动也对字号分配有较大影响。     

The value relevance of comprehensive income under alternative presentation formats permitted by ASU 2011-05

Review of Quantitative Finance and Accounting - Under Accounting Standards Update 2011-05, firms can present comprehensive income (CI), defined as the sum of net income (NI) and other comprehensive...     

跨界高端颠覆性创新模式研究：理论与案例验证

克里斯坦森的颠覆性创新理论旨在解释具有很强技术创新能力的企业顷刻间衰败的颠覆性现象。然而，现有颠覆性创新理论认为，颠覆性创新都是低端的，难以解释智能手机、固态硬盘等高端颠覆现象。通过研究固态硬盘对机械硬盘高端颠覆的案例发现：①导致行业领先企业市场地位更替的新技术，都应该被视为是颠覆性创新，而不应以技术是否具有低端属性作为判断依据；②现有理论认为，颠覆性技术首先来源于行业内部，忽略了技术创新的行业相对性，一个行业的既有技术可能对其它行业产生颠覆性效应；③外部行业企业通过外部技术对原有行业进行颠覆，这种颠覆往往表现为高端颠覆。