家族企业究竟是促进创新还是阻碍创新?——争论与整合

在学术界一直存在一个争论:家族涉入是促进了企业创新还是阻碍了企业创新?厘清上述争论的产生原因和影响因素,有助于解释家族企业创新研究的争论和拓展家族企业创新研究的视野。本文对近年来相关文献进行了系统地梳理,归纳出家族企业创新三个领域的研究成果:家族企业创新投入、家族企业创新产出、家族企业创新的影响因素(内部家族因素和外部环境因素),分析家族企业创新争论产生的原因,并针对现有研究存在的不足,对未来的研究提出展望。本文提出通过构建权变理论整合家族企业创新争论的研究方向,有助于丰富家族企业创新的理论研究。     

Local Government Debt,Factor Misallocation and Regional Economic Performance in China

This paper examines total factor efficiency and productivity performance by taking into account local government debt (LGD) in 31 Chinese provincial regions for the period 2000–2013. The results show that neglecting LGD may overstate economic performance in Chinese provinces. The eastern region shows better performance in single factor efficiency and total factor efficiency than the non‐eastern regions. The western region shows the worst total factor performance. The north‐eastern region is the only region that has experienced a decline in total factor performance. The state‐dominated, investment‐driven development model may help technological progress across Chinese regions but could lead to significant factor misallocation. We argue that biases towards more state‐dominated investment and land supply in less productive western, central and north‐eastern regions, at the expense of investment and land supply in more productive eastern regions, have contributed to the recent slowdown in economic growth in China. Therefore, further market‐oriented reforms in factor markets should be considered in the future.     

装备制造企业动态能力评价及其实证研究

阐释了装备制造企业动态能力的概念内涵与构成要素,设计出由市场感知、组织学习、资源获取、重构与转变、协调与控制5个动态能力一级指标和20个二级指标组成的评价指标体系,采用AHP法确定指标权重。针对指标度量的模糊性与不确定性,建立了证据推理的数据融合方法,并对江淮汽车集团动态能力进行了实证分析。     

知识型人力资本、价值链低端生产与广西全要素生产率关系研究

对广西1996-2015年的知识型人力资本、价值链低端生产及全要素生产率进行测算,运用回归分析法研究知识型人力资本、价值链低端生产对全要素生产率的影响,结果发现：广西全要素生产率呈“两阶段”跃升特征。知识型人力资本呈 “两阶梯”增长态势,并对全要素生产率具有显著的正向效应。价值链低端生产呈 “U”型走势,且对全要素生产率的影响呈倒“U”型。进一步研究发现,中国-东盟自贸区对广西全要素生产率增长具有推动作用,但不显著。最后提出了相关对策建议。     

Executive flight simulator as a learning tool in new companies’ resource planning based on the balanced scorecard

In many cases, a deficient strategic planning in new companies has led entrepreneurs to take inadequate initial decisions that, in the long term, reflect consequences in the failure of many new businesses. The objective of this article is to propose an executive flight simulator, which will help to identify and evaluate the different development strategies for resources of a new manufacturing company, under the four perspectives of the balanced scorecard, educating the user on the impact that these would have in the main performance indicators. The simulator is designed utilizing the focus of system dynamics to be used didactically in master's degree programs in administration, by entrepreneurs or in executive development programs.     

Iterated VaR or CTE measures: A false good idea?

The purpose of this paper is twofold. Firstly, we consider different risk measures in order to determine the solvency capital requirement of a pension fund. Secondly, we illustrate the impact of the time horizon of long-term guarantee products on these capital. We consider a financial market modelled by a common Black–Scholes–Merton model. We neglect the mortality and underwriting risks by assuming that the pension fund is fully hedged against these risks, which allows us to keep understandable and tractable formulæ (the longevity risk will be a part of future researches). A portfolio is built in this market according to different strategies and the pension fund offers a fixed guaranteed rate on a certain time horizon. We begin with well-known static risk measures (value at risk and conditional tail expectation measures) and then we consider their natural dynamic generalization. In order to be time consistent, we consider their iterated versions by a backward iterations scheme. Within the dynamic setting, we show that solvency capital can be expensive and that attention must be paid to the safety level considered.     

Risk–Return Profiles of Islamic Equities and Commodity Portfolios in Different Market Conditions

Motivated by the recent phenomenal growth in Islamic finance and the financialization of commodities, this study makes an initial attempt to investigate the risk–return profiles of optimized portfolios combining (a) Islamic equities with commodities and (b) conventional equities with commodities during the crises and noncrises periods. The findings tend to indicate that Islamic equity–commodity portfolios provide relatively higher diversification benefits than the conventional equity–commodity portfolios during the 1997 Asian Financial Crisis triggered by the financial sector compared to the 2008 global financial crisis triggered by the real housing sector. The findings further suggest that except for a few cases, commodities in general and gold in particular improve diversification benefits.     

The spatial and temporal variation in passenger service rate and its impact on train dwell time: A time-series clustering approach using dynamic time warping

This study aims to improve the understanding of the underlying mechanism of passenger boarding and alighting processes, as well as its potential influence on train dwell time and train operation. Empirical data collected from one of busiest metro stations in Seoul, Korea, demonstrates the spatial and temporal variation in the passenger service rate, as a result of interference between boarding, alighting, and standing passengers. This study postulates that the level of interference can be associated with the train car occupancy and the proximity of train door to entry points, as waiting passengers tend to cluster near the platform entries. A unique temporal service rate curve is derived from each door location. We introduce Dynamic Time Warping for similarity assessment and clustering. It revealed four groups of train doors showing distinct shapes of curve from each platform. The first cluster includes the train doors located closest to the platform entry points where the initial service rate is drastically impeded by severe inference among passengers. The level of interference gradually diminishes as the door is located farther away from the entry points, but the overall service rate decreases as well. A passenger service time model is derived to include the cluster variable. To test its significance, the prediction capability of the model is presented with and without the cluster variable. The results of this study may be used to guide waiting passengers along the platform to minimize interference and to avoid serious disruption during passenger service time.     

集聚、研发要素流动与产业竞争力 ——以高端服务业为例

利用新经济地理学理论构建了高端服务业集聚、研发要素流动影响高端服务业竞争力的理论模型。理论分析表明,高端服务业竞争力与高端服务业集聚度、研发要素流动、劳动力数量、工业品支出份额正相关,与产品间替代弹性负相关。继而,利用我国大陆31个省份2003-2018年数据,空间探索性分析发现中国省域间高端服务业竞争力存在明显空间正自相关性。空间面板计量模型检验结果也很好地支持了理论模型的结论。表明高端服务业聚集度、R&D人员流动量和R&D资本流动量的提升正向促进高端服务业竞争力,但三者的总效应主要是由直接溢出效应决定的。本文结论为我国进一步促进高端服务业集聚,统筹区际间研发要素流动,进而提升中国高端服务业竞争力提供政策启示。