资本要素市场化改革、对外直接投资与技术创新绩效

对外直接投资对母国产业的技术创新具有反哺促进效应,但同时受资本要素市场扭曲的调节作用影响。本文运用2003~2016年的面板数据,设定双因素基准模型并进行东、中、西部地区分样本回归以检验资本要素市场扭曲对OFDI的技术创新的调节作用。结果发现:OFDI通过逆向技术溢出促进了母国的企业技术创新绩效。同时,资本要素市场扭曲抑制了OFDI反哺技术创新绩效的正向作用,且资本要素市场扭曲对OFDI的技术创新的调节效应存在地区差异性。因此,深化要素市场化改革,调整对外直接投资结构和优化营商环境,是实现OFDI协调发展以推动技术创新绩效提升的有效途径。     

政府补贴促进制造业企业研发投入了吗?——基于资本结构的门槛效应研究

本文以2016~2018年沪深股市的制造业上市公司为研究样本,通过建立门槛效应模型,验证了政府补贴与企业研发投入的作用关系会随着资本结构的变化而变化。研究发现,政府补贴能够促进企业研发投入,并且在资本结构的调节作用下呈现三重门槛效应。进一步研究还发现,政府补贴对非国有企业研发投入的影响系数更高。因此,政府研发补贴政策需要综合考虑企业资金状况、企业性质,建立有效甄别机制,实施差异化补贴策略,加大对非国企补贴力度,拓宽中小企业融资渠道。     

A theory of operational cash holding,endogenous financial constraints,and credit rationing

This paper develops a theory of operational cash holding. Liquidity shocks due to delayed payments must be financed using cash or short-term debt. Debt holders provide an irrevocable credit line given a firm's expected insolvency risk, and equity holders select optimum cash holding. The model demonstrates the trade-off between cash holding and investing in fixed assets. Introducing uncertain cash flows leads to precautionary cash holding if debt holders impose financial constraints. Precautionary cash holding, in turn, reduces insolvency risk enhancing access to short-term finance. The theory shows that credit rationing can occur in the absence of market frictions. Using U.S. data from 1998 to 2012, empirical findings suggest that the decline in credit lines has contributed to the increase in cash holding in line with theoretical predictions.     

Expanding the two wings of social capital for value creation: strategic entrepreneurship of HTC, 1997–2008

This study draws on a historical, qualitative case study to explore how a leading Taiwanese high-tech mobile phone manufacturer, HTC, successfully and continuously manoeuvred the two wings of social capital – that is, structural social capital and cognitive social capital – to create value in its strategic entrepreneurial process between 1997 and 2008. Taiwan is a wide-spreading trust-based Chinese Confucian-influenced culture. The process of developing trust-based social capital for value creation consists of three central actions: identifying potential social capital, reinforcing cognitive social capital, and extending structural social capital. Our findings advance knowledge of trust-based social capital based on the perspective of strategic entrepreneurship for value creation and offer practical implications for the mobilisation of social capital. In sum, we suggest that firms could develop trust-based social capital considering business conditions to reduce possible risks or uncertainties of network management in an international arena.     

The role of relationship quality in raising organizational change acceptance: The case of the Greek hotel industry

This study examines whether the quality of an employee's relationships, within the context of the hotel industry, has an influence on their behavioral intention towards organizational change. The researchers suggest that the quality of relationships is an important element of an individual's social capital and can be evaluated using five key dimensions: the extent to which relationships are tangible, responsive and reliable, as well as the extent to which they offer empathy and assurance. Furthermore, this research examines whether organizational commitment and job satisfaction have an effect on the association between relationship quality and an individual's behavioral intention towards organizational change. The data collected from a sample of 100 hotel employees in Thessaloniki, Greece, show that relationship quality has a positive association with an individual's behavioral intention towards change. Additional results highlight the roles of job satisfaction and organizational commitment as mediating variables. Managerial implications relevant to the findings and pathways for further research are also discussed.     

HUMANITARIAN CRISES AND ADOLESCENT WELL-BEING: KNOWLEDGE,GAPS, AND PROSPECTS

Adolescence constitutes the second and final window of human growth and a period of specific vulnerabilities, such as early pregnancy, early marriage, HIV infection, suicide, violence, alcohol, and drugs. Only a limited body of research investigates the effects of humanitarian crises on the human capital and well-being of adolescents. The evidence focuses on the short-term effects of conflict and, to a lesser extent, natural disasters on education, physical health, and nutrition, but not on mental health. Most analyses examine the situations of individuals exposed in utero and young childhood, but rarely during adolescence. Typically missing are robust empirical identification strategies and estimates on heterogeneous effects across age or gender. The lack of quality data and challenges in defining adolescence, establishing causality, or ensuring ethical research explain the knowledge gaps. Possible ways to expand the evidence base include mixing georeferenced data on individual location with georeferenced data on crises, sharpening quasi-experimental analytical techniques, and reconsidering the current timing of demographic data collection, now spanning 4- or 5-year intervals. The failure to make such adjustments will end by ignoring specific vulnerabilities among adolescents and render sustainable progress in well-being globally, narrowing inequalities, and guaranteeing human rights to all more difficult to achieve.     

Resilience of sustainability‐oriented and financially‐driven organizations

To answer key questions concerning how negative and positive financial performance gaps motivate organizations to build more resilient systems, we develop a conceptual process model to reveal the process by which financially and sustainability‐driven organizations can translate these negative and positive financial performance gaps into organizational resilience. We specify the different modes of search behaviors that these organizations pursue when encountering negative and positive financial performance gaps. We then expand on group engagement model to theorize that vicarious search is likely to encourage limiting behaviors, whereas internal search is likely to foster promotion behaviors. Finally, we explain how both promoting and limiting behaviors can be helpful in improving organizational resilience. In this way, we hope to advance research that connects and integrates relatively disparate realms and, more specifically, to contribute to the sustainability, resilience, and performance feedback literatures.     

风险投资异质性与政府补贴创新效应——“锦上添花”还是“画蛇添足”?

在中国实现“创新大国”转向“创新强国”的政策背景下，增强企业创新需要政府和风险资本市场的积极支持。本文采取多元回归分析方法，以2009—2016年中国554家创业板上市公司为样本，研究政府补贴对企业创新“数量”和“质量”的影响。结果显示：政府补贴对企业创新“数量”和“质量”均有显著的促进作用；创新数量在政府补贴对创新质量的影响中起部分中介效应。进一步研究发现，风险投资异质性对政府补贴创新效应具有显著调节作用，其中风险投资的参与会减弱政府补贴对创新质量的正向影响，是“画蛇添足”的行为；国有背景风险投资的参与能显著增强政府补贴对创新质量的正向影响，是“锦上添花”的行为。本文拓展了政府补贴对企业创新影响的研究，丰富了宏观经济政策与微观企业行为的相关文献。本文的研究结论为理性认识国家创新驱动发展战略背景下政府补贴的创新效应，充分发挥风险资本市场的积极效应，实现政府和市场的双重驱动提供了经验证据。     

人民币跨境流动自由度的测算——基于资本项目名义开放指数的借鉴

长期以来,人们只看重货币国际化结果,以占全球贸易计价结算比重、外汇交易比重、国际债券比重、外汇储备比重等相关指标衡量一国货币的国际化程度,而忽视货币跨境流动放松过程,即一国货币的跨境流动自由化程度。货币国际化是一个过程又是一种结果,包含进程和结果两个层面,在货币国际化进程中,过早过快放松本币流出入会引发经济金融风险,某些情形下进程比结果更值得关注。构建人民币跨境自由度指数涉及强度赋值、项目设置和权重确定三方面内容。在梳理2019年第2季度前我国货币政策基础上,对2008年至2019年经常项目下的人民币跨境流动自由度、证券投资项目下的人民币跨境流动自由度以及资本项目下的人民币跨境流动自由度进行评估,并以美国近5年各项目下的资金流动平均占比为权重,构建了人民币跨境流动自由化指数,考察2008—2019年人民币跨境流动自由化程度,结果显示人民币国际化进展较快,跨境流动已得到很大程度放松,而且人民币流入自由程度显著高于流出自由度。我国人民币国际化进程应持续遵循先经常项目后资本项目、先流入后流出、先机构后个人、先大额后小额、先风险小项目后风险大项目的次序,提高人民币跨境流动的稳定性,降低无序流动的投机风险;严格管控证券投资、其他投资、衍生品项目下人民币跨境流动,并依据我国利率市场化程度、金融市场发达程度及审慎监管能力进行调整;大力提升经常项目的人民币结算比重,发展人民币离岸市场,提高非居民间的人民币使用频率和使用规模;充分评估各项目下人民币跨境流动和本外币兑换自由度,提高两者的协同匹配程度,降低因两者不匹配而产生的负面影响。     

地方政府债务对工业资本配置效率的非线性影响效应——基于动态面板平滑转换回归PSTR模型的检验

经济新常态下,提高工业资本等要素配置效率是实现经济向高质量增长转变的必然要求。本文在政府主导、投资驱动的工业发展模式下,结合地方债务压力和金融发展差异门限变量,在非线性框架下运用动态面板平滑转换回归模型实证检验地方债务规模与工业资本配置效率的渐进演变关系。研究发现,适度的地方债务规模有助于提高资本配置效率,但随着债务压力增加,举债对资本配置的正效应逐步减弱并产生负效应。究其原因,适度举债能补齐工业基础设施短板,压低土地成本,对工业发展产生杠杆效应,从而提高资本配置效率;但过度举债推升财政风险,占用信贷资源并强化企业融资约束,造成资本配置低效率。此外,研究发现,地方信贷规模提升,能缓解举债的融资约束,促进工业行业间的资本流动;而工业金融深化程度提高,能增强市场竞争机制在要素配置中的作用,缓解举债造成投资错配,从而增强资本配置效率。以上分析结果表明,地方政府举债应更理性、适度、规范。