企业数字化转型程度对融资成本的影响

近年来，大量企业基于数字化转型实现了弯道超车。选取2007—2021年A股上市公司数据，利用企业年报中数字关键词的词频来描述数字化转型程度，研究企业数字化转型程度对企业融资成本的影响。研究发现：企业数字化转型与融资成本显著负相关；检验延长时间窗口发现，在企业实施数字化转型后的一段时间内，数字化转型仍然降低了融资成本；根据异质性分析，数字化转型对非国有企业降低融资成本产生的效果更好，且东部地区企业深化数字化转型降低成本的作用更显著。     

CEO career horizon,corporate governance,and real options: The role of economic short‐termism

Research Summary: Combining studies on real options theory and economic short‐termism, we propose that, depending on CEOs’ career horizons, CEOs have heterogeneous interests in strategic flexibility, and thus, have different incentives to make real options investments. We argue that compared to CEOs with longer career horizons, CEOs with shorter career horizons will be less inclined to make real options investments because they may not fully reap the rewards during their tenure. In addition, we argue that long‐term incentives and institutional ownership will mitigate the relationship between CEOs’ career horizons and real options investments. U.S. public firms as an empirical setting produced consistent evidence for our predictions. Our study is the first to theoretically explain and empirically show that a CEO's self‐seeking behavior will impact real options investments. Managerial Summary: This article helps to explain how a CEO's self seeking‐behavior may shape a firm's real option investment, which could result in different level of strategic flexibility. We argue that CEOs with short career horizons have less time to exercise their firms’ real options, which should lower the investments in the firms’ real options portfolios relative to CEOs with long career horizons. We study a sample of U.S. public firms and find strong evidence that a CEO's expected tenure in the firm is positively related to the real options investments at the firm level. We find that this agency issue can be mitigated by adopting appropriate corporate governance mechanisms such as long‐term incentives and institutional investors.     

Transforming under deep uncertainty: A strategic perspective on risk management

Companies increasingly face the need for transformation in today’s rapidly changing business environment, characterized by major shifts in technology, regulation, and customer behavior. A lack of strategic risk insight and foresight leaves many incumbents insufficiently prepared in the face of such deep uncertainty. We argue that traditional risk management falls short because it predominantly focuses on strategy execution while leaving strategy formulation largely untouched. Moreover, an administrative-heavy risk management process can create strategic inertia and a misleading sense of control. In today’s dynamic business context, companies must not only increase the speed and impact of their strategy execution but also continuously explore the development of new strategies in response to disruptive events or emerging opportunities. Our research shows how leading companies develop a strategic risk management (SRM) capability to increase their resilience and agility in response to deep uncertainty. SRM takes a strategic, forward-looking perspective and focuses on strengthening processes, people, and practices for purposefully integrating risk into the strategy formulation process. This article offers a framework with three proven configurations of content and timing integration, risk management roles, and leading practices that enable effective SRM.     

Advance selling of new products to strategic consumers on flash sale platforms*

Flash sale (FS) is a new business model that offers discounted products in limited numbers over a short period. In this paper we discuss the impact of strategic consumers on advance selling (AS) of new products on FS platforms. We first study the impact of strategic consumers on competing retailers adopting AS to sell a homogeneous new product. And find that the retailers’ AS profits and inventory quantities decrease with the strategic customers’ valuation and valuation decreasing rate. Then we analyse whether FS can mitigate the impact of strategic customers on retailers adopting AS for new products. We consider a newsvendor model involving only one retailer adopting AS to sell a new product. We derive the results by comparing this model with two counterpart models, namely the classical newsvendor model with no strategic customers and a newsvendor model with strategic customers where the retailer does not use FS under AS.     

Local tax interaction and endogenous spatial weights based on quality of life

This paper studied the role of municipal quality of life as a driver of strategic tax interactions among local governments. A number of studies point out the existence of strategic interactions using spatial econometric models in which the spatial weights are mostly based on non-economic criteria or basic economic variables such as per capita gross domestic product (GDP). We propose the more sophisticated well-being indicator of municipal quality of life as the driver for these interactions. To deal with the potential endogeneity, we rely on instrumental variable estimators. The empirical analysis focuses on the main local tax in Spain (property) and on municipalities with more than 50,000 inhabitants, and it confirms the relevance of differentials in quality of life for the understanding of tax choices.     

From disruptively digital to proudly analog: A holistic typology of digital transformation strategies

Recently booming academic interest in digital transformation aims to provide continuous support to managers in dealing with this important issue. However, as with all new fields, the scholarly literature is characterized by increased variability and diversity of topics covered, constructs used, and the relationships between them, resulting in an unclear and blurry understanding of the whole of digital transformation. Our article closes this gap by identifying distinctive digital transformation strategies in terms of two critical dimensions: usage of digital technologies and readiness of a business model for digital operation. The result is a typology of four generic digital transformation strategies that essentially differ in the primary motivation and target of transformation, leadership style, importance of skills like creativity and entrepreneurial spirit among employees, risks and challenges faced in the process, consequences of potential failure, and available tactics for improvement. By providing heuristics and a systematic basis for comparison of different strategies, it is our belief that the proposed framework will be useful to researchers and managers responsible for and interested in digital transformation.     

资源依赖型地区产业转型的战略及对策研究

资源依赖型地区产业转型是保障国家资源安全和促进经济社会可持续发展的关键。我国资源依赖型地区数量多且分布广,现阶段此类地区开发阶段不同,所以进行产业转型的路径存在差异,其过程任重而道远。针对我国资源依赖型地区产业发展的现状进行分析并找出其问题,基于此,科学全面的探讨适合此类地区实现产业转型的五个战略,并进一步分别从地区资源开发阶段和地区利益相关主体两个维度,制定出符合资源依赖型地区产业转型的对策。     

Labor market analysis through transformations and robust multivariate models

The work presents a robust approach to labor share analysis. The estimate of labor share presents various complexities related to the nature of the data sets to be analyzed. Typically, labor share is evaluated by using discriminant analysis and linear or generalized linear models, that do not take into account the presence of possible outliers. Moreover, the variables to be considered are often characterized by a high dimensional structure. The proposed approach has the objective of improving the estimation of the model using robust multivariate regression techniques and data transformation.