Initial coin offerings (ICOs) to finance new ventures

In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded since 2017. Despite attracting significant attention from ventures, investors, and policy makers, little is known about the dynamics of ICOs. This initial study therefore assesses the determinants of the amount raised in 423 ICOs. Drawing on signaling theory, the study explores the role of signaling ventures' technological capabilities in ICOs. The results show that technical white papers and high-quality source codes increase the amount raised, while patents are not associated with increased amounts of funding. Exploring further determinants of the amount raised, the results indicate that some of the underlying mechanisms in ICOs resemble those found in prior research into entrepreneurial finance, while others are unique to the ICO context. The study's implications are multifold and discussed in detail. Importantly, the results enable investors to more accurately understand crucial determinants of the amount raised (e.g., technical white papers, source code quality, token supply, Ethereum-standard). This reduces the considerable uncertainty that investors face when investing in ICOs and enables more informed decision-making.     

自然资源依赖对城乡收入差距的影响研究

［目的］针对全国31个省（市、区）（不含港澳台地区）、自然资源依赖度高的地区和自然资源依赖度低的地区，从整体和分区域研究自然资源依赖对城乡收入差距的影响，探究不同区域其影响程度的差异性，进而为弱化各区域城乡收入差距，解决由城乡收入差距拉大造成的各类社会矛盾具有重要的现实意义。［方法］从理论上分析了自然资源依赖对城乡收入差距的影响，并利用1999—2017年的省级面板数据，运用固定效应模型，从全国和分区域实证分析了自然资源依赖对城乡收入差距的影响。［结果］针对全国，自然资源依赖会拉大城乡收入差距； 分区域结果，针对自然资源依赖度高的地区，自然资源依赖拉大城乡收入差距； 针对自然资源依赖度低的地区，自然资源依赖对城乡收入差距影响不显著。［结论］为缩小城乡收入差距，需要降低经济体对自然资源的依赖，针对自然资源依赖度高的地区，政府通过将部分自然资源收益转化为农业创新基金和农村基础设施投入，促进自然资源收益向农村公共资本转化，完善现有的自然资源收益分配及转化制度； 鼓励资源型产业技术创新，加大研发投入，延长资源产业链； 加大农村教育投入、提升农村人力资本质量。     

Technology interdependence and entry modes of the Taiwanese technological multinational companies: moderating effects of political instability,technological uncertainty,and Confucian dynamism

This study aims to examine how technology interdependence and three environmental variables, namely political instability, technological uncertainty and Confucian dynamism, in the host country collectively influence Taiwanese technological multinational company’s (MNC) entry mode choice between joint venture (JV) and wholly owned subsidiary (WOS). Grounded on theories of transaction cost economies and organisational design, this study hypothesises a positive technology interdependence–WOS relationship that can be explained by appropriation and coordination concerns. Moreover, the aforementioned relationship can be positively moderated by technological uncertainty while negatively moderated by political instability and Confucian dynamism. These hypotheses were examined and supported using logistic regressions in the analysis of 195 foreign entries undertaken by Taiwanese information and electronic MNCs.     

协调度视角下长江流域产业转移效率研究

实现区域经济协调发展是当前我国在块集聚与点极化双重压力下面临的现实难题，长江经济带尤其是欠发达省份承接发达地区产业转移是解决该难题的必然路径选择。产业转移活动因区域主客体特征变量不同，呈现出典型的多发式转移和门槛转移特征，使得区域政策制定缺乏科学指导，陷入盲目拼政策红利的状态。结合效率模型及考虑熵权的经济社会发展协同度分析，测算了2004-2016长江经济带各省（市）年综合产业转移效率，并考察了门槛效应值及变化趋势。结果表明：在考察期内，长江经济带各省（市）产业转移效率提升较为明显，但不少省（市）存在不协调的阶段性平衡关系，且这种关系还未显露经济总量驱动下的协同发展能力。     

全球价值链下中国增加值贸易的核算及网络特征研究

基于投入产出模型和社会网络分析，利用世界投入产出表相关数据，对2000—2014年中国的增加值贸易进行核算，并分析全球增加值贸易的网络特征。研究结果显示：（1）从出口目的地来看，中国向美国、日本、德国等国家的增加值出口较大；（2）从行业来看，中国的纺织业、除汽车和摩托车之外的其他产品批发业、采矿业等行业的增加值出口较大；（3）根据网络密度的计算结果，世界范围的各国（地区）贸易联系程度在增强；（4）中国的相对点度数和点强度有上升的趋势，而日本和美国有下降的趋势，说明中国在世界增加值贸易格局中的地位在提升，不过美国仍在世界增加值贸易格局中占据主导地位；（5）核心边缘分析结果表明核心国家（地区）的数目经历了先增加后减少的过程，边缘国家（地区）数目则先减少后增加。其中，中国的核心度一直在增加，日本和美国的核心度呈现下降的趋势。因此，为了扩大增加值贸易，增强国际贸易的话语权，中国政府有必要采取调整进出口税率等政策，并重视与美国等国家的双边贸易合作，以实现双赢的结果。     

Peer effects in the diffusion of water‐saving agricultural technologies

We investigate the role of peer effects in the diffusion of an important water‐saving irrigation technology: low energy precise application (LEPA). Using detailed irrigation behavior data for growers in the High Plains Aquifer region of Kansas covering 1990–2014, we find clear evidence of peer influence in adoption of LEPA, net of environmental factors. Specifically, an additional neighboring LEPA installation within 1 km increases the probability of adoption by about 0.3 percentage points, on average, and this effect diminishes with distance. Our empirical estimates indicate that in the absence of peer effects, LEPA adoption would have been about 10% lower (1,000–1,600 fewer installations) per year. In addition, we find that growers install LEPA in response to higher energy prices.     

Do ongoing networks block out new friends? Reconciling the embeddedness constraint dilemma on new alliance partner addition

Research Summary: This study addresses a theoretical dilemma regarding how alliance network constraint (reflected by network cohesion) affects a firm’s alliance formation with new partners. Using a network pluralism approach, we separate a firm’s ego alliance network into two activity‐based networks—an exploratory network and an exploitative network—based on the primary value chain activity involved in each alliance. We argue that the cohesion of exploratory or exploitative networks has an inverted U‐shaped effect on the addition of new partners in the same activity‐based network, and a positive effect on the addition of new partners in the other network. Results based on data from the biotechnology industry largely support our predictions with one exception. Our study contributes to both scholarly understanding of network embeddedness and alliance practice. Managerial Summary: The structure of firms’ ongoing alliance networks may have paradoxical implications for their efforts to search for and form alliance with new partners. That is, when a firm’s alliance partners are tightly connected with each other, the cohesive network tends to both encourage and impede the focal firm to add new partners. We resolve this dilemma by showing that when a firm is deeply entrenched in a cohesive alliance network conducting a certain type of activities (e.g., R&D activities), it may not easily add new R&D alliance partners. However, it may still be able to escape from the cohesive R&D alliance network by seeking new partners conducting other activities (e.g., manufacturing activities).     

巢湖派河流域清水廊道技术产业推广模式的构建

派河为巢湖一级支流，水质差，针对派河流域开展了多项研究，产生了多项清水廊道技术，尚缺乏有效的产业化推广模式，基于此，构建了多层次、多元化清水廊道技术产业推广模式（“2S”VIP）。该模式包括组织机构、运行机制、推广模式平台、保障措施等。其中清水廊道技术推广模式平台包括综合技术信息平台、综合服务平台、产业化推广平台，以综合技术信息平台为支撑，以互联网+、大数据等为手段，综合服务平台为依托，产业化推广平台实现技术与市场的衔接。在政府的引导和监督下，通过一系列保障措施使各平台能顺利运行，达到产、学、研、用的有机融合。     

地理邻近与知识产权——基于中国1 331项新能源技术发明专利的实证研究

虽然远程交流技术快速发展，但现有研究表明专利发明在很大程度上仍依赖于信息的地理邻近。以中国1992-2009年的1 331个新能源发明专利为研究对象，运用Jung Wonn,Jaffe等的实验设计方法，研究了专利引证的地理邻近是否会随时间递进而增大。结果表明，个人、大学、公司及其它种类发明专利引证的地理邻近会随着时间变化而增大，而政府受到的影响较小。另外，由于区域城市分属不同省份，因此并不能证明区域专利引证的地理邻近也会随着时间变化而增大。     

智能生产与服务网络下新型产业创新平台运行模式研究

在智能生产与服务网络化背景下，传统产业创新平台技术含量低、创新积极性不高、持续升级能力弱、成果转化效率低等矛盾日益凸显。针对该问题，提出了智能生产与服务网络下的新型产业创新平台运行模式。首先从科技支撑、智能生产与服务组织、感知与信息传输、基础设施和平台规制角度研究其组织结构，并从个性化定制、模块化集成和全程价值链供给角度研究其功能结构；然后从协同创新、导向、风险和产业生态进化角度研究其保障机制；最后从市场化角度研究其运行路径。通过研究智能生产与服务网络下的新型产业创新平台运行模式，为实施传统产业高端化、推动行业进步、促进经济发展提供参考与借鉴。