工业集聚与污染排放强度——基于固定效应门限回归模型的再检验

为研究工业集聚对污染排放强度的影响，本文选取2000~2015年全国30个省市（自治区）的面板数据，以工业集聚为门槛变量，利用固定效应门限回归模型，实证分析了不同工业集聚水平对污染排放强度的影响。结果发现：工业集聚对废水排放强度的影响存在显著门槛效应，在达到门槛值前，工业集聚很大程度降低了废水排放强度，在跨过门槛值后，这种作用会减弱。工业集聚与废气排放强度呈显著倒“U”型关系，在工业集聚水平小于门槛值时，工业集聚会加剧废气排放，大于门槛值后，工业集聚会降低废气排放强度。工业集聚会降低废物排放强度，但未出现显著门槛效应。     

Bidder's Gain: Evidence from Termination Returns

In most cases, bidder's stock returns around merger announcement convey more information than the synergy created from the acquisition. To overcome the interpretation problem, I study the bidder's return from the perspective of deal termination. Using a hand‐collected dataset on terminated merger proposals, I investigate termination returns in deals canceled for reasons unrelated to the bidder's stand‐alone valuation. I find that bidder's gain varies significantly with the type of target acquired. Further evidence suggests that the liquidity need of private target significantly contributes to the positive gain to the bidder.     

我国区域农业生态文明及其协调度的时空分异研究——以典型省份为例

农业生态文明是我国生态文明建设的重要组成部分。由于我国区域自然生态条件、社会经济发展水平差异明显,农业生态文明的各项支撑要素也存在显著差异。文章在构建我国农业生态文明指数评价指标体系的基础上,基于离差系数原理构建区域农业生态文明协调度评价模型,选取黑龙江、河南、四川作为典型区域,运用2007~2013年统计数据,对3个省的农业生态文明指数及其协调度进行评价,并分析其各子系统支撑作用的演化特征。研究认为,我国开展生态文明建设以来,3个典型省农业生态文明指数及协调度均得到了显著提升,且均已先后进入"良好协调"阶段,但农业生态文明各子系统支撑作用演化的时空分异明显。因此,在推进农业生态文明建设过程中,应充分认识不同区域的发展水平、优势条件及薄弱环节,把握发展规律与特点,因地制宜、因区施策,提高农业产业发展与资源环境、社会经济条件的匹配度,改善和提升农业供给侧水平。     

论海湾河口水环境治理制度建设的理论基石

通过对经济学与管理学的相关文献与理论的梳理分析,提出海湾河口水环境治理制度建设的四块理论基石:海岸带综合管理理论、湖泊流域水环境管理理论、环境产权理论、合作型环境治理理论,以期为建立海湾河口水环境治理制度体系提供理论依据和指导。     

Opening the Black Box of Upper Echelons in China: TMT Attributes and Strategic Flexibility

Many scholars have suggested that strategic flexibility is a critical firm capability to survive in today's competitive arena. The decision to take strategic actions to make the firm more strategically flexible typically originates in the top management team (TMT). As the principal decision‐making unit of the firm, TMT members' information acquisition and processing capabilities and subsequent interpretation of environmental changes critically influence the decision to make the firm more strategically flexible to achieve a better fit with its market environment. Therefore, in order to understand how firms can adapt to environmental changes, scholars must study the sociopsychological processes of interaction among members of the TMT. This study examines the relationships between TMT's sociopsychological attributes (shared vision, social integration, and political ties) and strategic flexibility, which is decomposed into organizational flexibility and technological flexibility. The study further investigates how the level of competitive intensity can moderate the relationships. All the hypotheses are tested using structural equation models based on the survey data from 227 firms in China. The results show that organizational flexibility mediates the impact of TMT's social integration and political ties on technological flexibility. Surprisingly, a TMT's shared vision for the firm neither impedes nor facilitates the firm's effort in attaining the desired degree of organizational flexibility. However, TMT's shared vision does have a positive and direct impact on technological flexibility. Moreover, intense competition amplifies the positive impact of TMT social integration on the degree of organizational flexibility, but there is no significant moderating effect of competitive intensity on the relationship between a TMT's political ties and organizational flexibility. The results extend previous research by highlighting the importance of TMTs' sociopsychological attributes in driving technological flexibility, through the mediating impact of organizational flexibility.     

Opportunity recognition and SME performance: the mediating effect of business model innovation

Opportunity recognition is vital for small and medium-sized enterprises (SMEs), but SMEs face challenges in capturing recognized opportunities. Given that opportunity recognition does not automatically lead to higher SME performance and that SMEs need to take appropriate actions to exploit recognized opportunities to achieve better performance, it is imperative to explore the mediators that enable SMEs to translate opportunity recognition into higher performance. This study proposes that business model innovation may be a key conduit through which opportunity recognition affects SME performance. Based on a dataset of 155 SMEs, we find that the positive relationship between opportunity recognition and SME performance is mediated by business model innovation. These findings not only aid SMEs in accomplishing the performance effect of opportunity recognition, but also provide some insights into the implications of business model innovation.     

产品开发中企业引入消费者参与的时机决策：一个基于消费者偏好信号传递的分析

针对“企业可以在产品开发的不同阶段引入消费者参与”的实践观察，本文构建消费者与企业之间的不完全信息动态博弈模型来研究“在何种条件下，企业选择产品开发前端（后端）引入消费者参与，从而激励消费者真实传递其偏好信息”这一问题。研究表明：存在外生参数（消费者讨价还价能力和参与净效用表征），使得前端和后端引入消费者参与均（或二者中只有一个）能够实现消费者真实传递其偏好信息的分离均衡；前端参与时，分离均衡要求企业通过新产品价格分担（攫取）消费者的负（正）参与净效用，而后端参与不需要这种分担（攫取）机制；在前端和后端参与均能实现消费者真实传递其偏好时，前者优于后者的条件是参与净效用为正。     

跨境电子商务背景下中非贸易发展浅析

】中非贸易对中国和非洲各国的经济发展有着重要意义。基于此，本文分析了跨境电子商务背景下中非贸易的发展现状和存在的问题，认为 非洲电子商务平台之间存在竞争愈发激烈、物流成本昂贵、贸易摩擦频发、专业人才不足的问题，提出了加强中非经贸合作和交流、建立物流风险应 急机制、培养中非跨境电子商务专业人才、帮助非洲进行基础设施建设、充分挖掘国内消费潜力、丰富产品品类，推动产品本土化的建议。     

地位竞争动机对个体知识共享行为的影响

知识共享行为是学术界和企业界关注的焦点，虽然以往文献从多个角度和层次研究了组织中的知识共享行为，但忽视了地位竞争动机对个体知识共享决策的内在作用机制。基于地位竞争动机差异，将个体地位动机区分为支配型和威望型，以职场排斥为中介变量、组织公平氛围为调节变量，构建地位竞争动机对知识共享行为的影响过程模型，基于13个组织630套上下级配对样本数据进行实证检验。结果显示，支配型地位竞争动机负向影响知识共享行为，威望型地位竞争动机正向影响知识共享行为，职场排斥、组织公平氛围分别发挥中介效应和调节效应。结果为知识共享领域研究提供了新的视角和框架，揭示了地位竞争动机对知识共享促进和抑制作用的两面性，对企业管理实践有一定的现实意义。     

The Chinese Stock Dividend Puzzle

In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no significant price run-up before announcement. The significant announcement effect of stock dividends is robust to controlling the earnings surprise effect. We offer some discussion of the possible explanations.