风险投资背景异质性与退出时机选择——基于信任视角的实证研究

退出是风险投资获得投资回报、实现投资目标的关键环节，以我国2009—2016年深圳中小板和创业板IPO公司为研究样本，分析风险投资背景异质性对其退出时机的影响，并进一步检验风险投资机构与创业企业之间的信任在其中的调节作用。研究发现：风险投资背景异质性对其退出存在显著影响，与独立风险投资相比，公司风险投资在创业企业IPO后退出企业时间更晚；无论是基于声誉的信任还是基于制度的信任，风险投资机构与创业企业之间双向的信任都会促使公司风险投资更晚退出创业企业；相对于独立风险投资，公司风险投资更晚退出企业是为了追求战略回报。研究表明创业企业可以通过提升风险投资对其信任度来维护其投资管理，而风险投资机构则可以通过提升创业企业对其信任度来加深互惠互信的合作关系。     

混合所有制改革是否有助于缓解人力资本配置扭曲

将人力资本在所有制企业间的配置扭曲（错配）理解为技术配置扭曲和规模配置扭曲两个方面，基于1998—2013年中国工业企业数据库的相关数据，探讨国有企业混合所有制改革影响人力资本配置扭曲的内生机理，结果表明：混合所有制改革鼓励非国有资本通过参股、控股和并购等方式参与到国有企业的生产决策中，这有助于完善国有企业的公司治理结构和利润分配机制，进一步缓解人力资本的技术配置扭曲和规模配置扭曲程度；相对于非行政垄断行业，行政垄断行业中国有企业混合所有制改革对于人力资本配置扭曲的缓解作用较小。     

Does democracy cause growth? A meta-analysis (of 2000 regressions)

The relationship between democracy and economic growth has been widely debated in the social sciences with contrasting results. We apply a meta-analytical framework surveying 188 studies (2047 models) covering 36 years of research in the field. We also compare the effect of democracy on growth with the effect of human capital on growth in a sub-sample of 111 studies (875 models). Our findings suggest that democracy has a positive and direct effect on economic growth beyond the reach of publication bias, albeit weaker (about one third) of that of human capital. Further, the growth effect of democracy appears to be stronger in more recent papers not surveyed in Doucouliagos and Ulubaşoğlu (2008). Finally, we show that the heterogeneity in the reported results is mainly driven by spatial and temporal differences in the samples, indicating that the democracy and growth nexus is not homogeneous across world regions and decades.     

Trade tariff,wage gap and public spending

This paper studies the interplay between wage gap and government spending in a small open economy facing a shock in trade policy. We consider a specific factor model with an export sector, which uses skilled labour, and an import-competing sector, which uses unskilled labour. We find the conditions under which there exists an inverse (direct) relation between trade liberalization (protection), which increases (decreases) the skilled-unskilled wage gap, and the level of government expenditure. We also show how either an unbalanced distribution of political bargaining power, or tariff revenue co-financing public spending may break this inverse relation. Moreover, the direct relation between tariff protection and public goods provision can be strenghtened by progressive taxation and weakened by regressive taxation.     

最低工资标准、人力资本扩张与企业成本加成*

本文以人力资本扩张为切入点，构建了最低工资、人力资本扩张影响企业成本加成的理论框架，并使用中国1998-2013年284个地级市的工业企业数据进行了经验研究。结论显示：最低工资上调会显著抑制企业成本加成的提升，削弱了企业的市场势力，但该抑制效应在人力资本扩张的背景下得以缓解。同时本文通过进一步分组回归发现，最低工资标准与人力资本扩张对企业成本加成具有明显的异质性影响。因此，适度、稳定调整最低工资标准及推动人力资本质量的整体提升有助于保持企业成本加成能力及其动态竞争力。     

Elections and Capital Flows

This paper investigates the extent to which elections affect capital flows. I find little evidence of political capital flow cycles in advanced economies. In emerging and developing countries, however, presidential elections significantly lower preelection foreign direct investment (FDI) inflows but have no effect on other types of capital flows. Furthermore, I find evidence that these cycles are not caused by economic crises related to elections or preelection manipulation of policy variables. These results suggest that uncertainty about future government policies, which should have greater impact on more irreversible forms of capital flows like FDI, may be an important factor in generating this cycle.     

Resource Dependence and Network Relations: A Test of Venture Capital Investment Termination in China

This study examines how venture capital (VC) firms terminate investments in an emerging economy context. We contend that due to the weak institutional environment, it is appropriate to draw on insights from power and social relation perspectives for a better understanding of the phenomenon. Specifically, we argue that a termination decision hinges on not only the dependence relationship between a VC firm and its portfolio companies, but also the social relationships among VC firms. Event history analyses of approximately 12,000 VC deals made in China between 2001 and 2012 reveal that when a VC firm has a greater number of investments in an industry, it is more likely to terminate investments on a portfolio company in that industry. Moreover, such effect on termination is moderated by the focal VC's embeddedness with its syndicate partners and collaboration opportunities with other VC firms outside the immediate access of the syndicate partners. Our study sheds light on research on VC decision making in emerging markets by integrating insights from resource dependence relationships and interorganizational network characteristics.     

The HRM–capital market link: Effects of securities analysts on strategic human capital

This article develops theory about an agency problem affecting the strategic human capital (SHC) of the firm. It proposes three categories of SHC‐related choices managers must make that imply a trade‐off between near‐ and long‐term performance. Dispersed shareholding, firm coverage by securities analysts, and their practice of publishing quarterly earnings forecasts are argued to entail a bias in management incentives, shifting the balance in this trade‐off toward near‐term performance. To restore the balance, securities analysts would need to distinguish transitory from recurring effects of SHC‐related choices in their valuation models (e.g., treating certain labor cost savings during cyclical downturns as transitory). Restoring the balance would also require them to anticipate long‐term effects in their long‐term earnings forecasts (e.g., long‐term positive effects of retaining employees with valuable skills during cyclical downturns). The article discusses specific transitory cost effects and long‐term effects they could potentially take into account. The skills and incentives needed by analysts to account for such effects are argued to vary across firm segments.     

上市公司营运资金管理问题探析

本文从财务分析的角度出发并在运用管理学原理的基础上,综合评价和分析了上市公司在营运资金管理中存在的四个频率较高的问题。包括不合理的营运资金结构、营运资金运营效率低、营运资金不充足、滞后的管理模式。本文通过对国外发达国家关于营运资金管理的理论分析和实践经验介绍,在充分研究当前市场环境的条件下,对发现的上市公司营运资金管理问题,推导出相应的解决方案,以供企业参考。