银行竞争对制造业上市公司融资约束的影响研究*

本文研究了银行竞争程度的变动对制造业上市公司融资约束大小的影响。本文将我国制造业A股上市公司作为样本，建立多元回归模型验证银行竞争形势的加剧是否会影响企业所面临的融资约束。本文认为制造业A股上市公司面临显著的融资约束，而且银行竞争与企业所面临的融资约束之间呈现U型关系，即随着银行竞争的加剧，融资约束呈现先放松后收紧的趋势。     

A fast and scalable ensemble of global models with long memory and data partitioning for the M5 forecasting competition

This work presents key insights on the model development strategies used in our cross-learning-based retail demand forecast framework. The proposed framework outperforms state-of-the-art univariate models in the time series forecasting literature. It has achieved 17th position in the accuracy track of the M5 forecasting competition, which is among the top 1% of solutions.     

Price matching and product differentiation strategies considering showrooming

Showrooming, a phenomenon in which customers use brick-and-mortar stores to assess products and then purchase them from online retailers (o-retailers) for lower prices, is considered a great threat to traditional retailers (t-retailers). To combat showrooming, many t-retailers have executed price matching which enables customers to pay o-retailers' lower prices for the identical product. To avoid direct competition with t-retailers who execute price matching, many o-retailers have begun to sell differentiated products from t-retailers, which weakens the information advantage to customers from practicing showrooming. Motivated by these observations, we construct a duopoly game, where a t-retailer and an o-retailer sell products in a same category, to study the profitabilities of product differentiation and price matching in the context of showrooming. The results show that in the scenario without price matching, the o-retailer is likely to benefit from product differentiation only when the o-retailer's differentiated product is more popular with customers than the t-retailer's product. However, in the price matching scenario, the o-retailer also has the opportunity to benefit from product differentiation when the o-retailer's differentiated product is less popular with customers than the t-retailer's product, and product differentiation can be a win-win strategy for the two retailers under certain conditions. Considering the o-retailer's product differentiation decision, the t-retailer is only likely to execute price matching if the non-digital attributes of the product category sold by two retailers are not very obvious.     

粤港澳大湾区制造业集聚与区域创新

以2009—2020年粤港澳大湾区11个城市为研究对象，探讨制造业集聚与区域创新的关系。研究发现，制造业集聚显著提高区域创新水平，可通过提高企业竞争这一路径实现。进一步分析发现，金融业集聚对区域创新发展具有显著的正向关系，金融产业和制造业产融协同集聚显著提高区域创新水平。研究结果表明，制造业集聚加剧产业内部企业创新竞争，带动区域创新发展，且金融业在创新中起到积极的推动作用。指出应鼓励区域企业创新竞争，优化营商环境，为产业融合发展提供保障。     

Overcoming the “Solow paradox”: Tariff reduction and productivity growth of Chinese ICT firms

This paper examines the phenomenon of the “Solow paradox” in China using the Annual Survey of Industrial Production database and the China Customs Records dataset from 1998 to 2007. We find that China likely fell into the Solow paradox in the period 1998–2002, but the total factor productivity of information and communication technology (ICT) enterprises has achieved rapid growth since 2003. Accession to the World Trade Organization is the key reason for China to overcome the Solow paradox, that is, input tariff reduction significantly promoted the productivity of ICT firms. A series of validity and robustness checks confirmed the results. Mechanism analysis shows that input liberalization promotes the productivity of ICT firms through optimizing factor structure, importing more and high-quality inputs, and increasing research and development investment. The conclusions provide strong empirical evidence for developing countries to overcome the Solow paradox through trade liberalization.     

Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.     

Does local government competition aggravate haze pollution? A new perspective of factor market distortion

Haze pollution has become a new threat to China's sustainable development, but it may be that local government behaviour can play an important role in the prevention and control of pollutants. A dynamic spatial autoregressive (SAR) model is used to study the relationship between local government competition and haze pollution. To further explore the indirect impact of factor market distortion on haze pollution and control potential endogeneity problems, a newly developed intermediary effect model that incorporates the characteristics of the generalized method of moments (GMM) is utilized to explore how factor market distortion indirectly affects haze pollution. The research results show that regional haze pollution in China is characterized by significant spatial correlation, and local government competition has a positive impact on haze pollution; that is, local government competition exacerbates haze pollution. In general, local government competition not only directly leads to an increase in haze pollution but also further intensifies it by distorting the local factor market, and the intermediary role of factor market distortion is approximately 7.04%. The results of the regional inspection found that competition among local governments in the eastern region did not lead to haze pollution, and distortion of the factor market did not exist as an intermediary effect. However, both direct and intermediary effects are significant in the central and western regions. Therefore, an official performance appraisal system that includes ecological constraints should be established to guide the benign transformation of local government competition, and an environmental management mechanism must be developed for joint prevention and control to reduce haze pollution. In addition, the free flow of factors and marketization are equally important.     

基于SWOT-AHP模型的西塘古镇旅游产业发展策略研究

西塘古镇素有"生活着的千年古镇"之名,其旅游产业的发展存在众多优势的同时也面临严峻内外部挑战。对影响西塘古镇发展的各因素进行SWOT定性分析,并在此基础上采用AHP定量模型分析限制和促进古镇旅游业发展因素,按照AHP分析结果,从域内景点布局升级优化、区位优势挖潜、过度商业开发控制以及文化与产业融合等角度提出了对应的改进策略建议。     

Coopetition strategies for competitive intelligence practices-evidence from full-service hotels

Our study investigates how coopetition strategies can influence hotels’ competitive intelligence (CI) practices to achieve a stronger competitive advantage. In-depth interviews were conducted with 39 hoteliers from 22 hotel groups in Hong Kong. Participating hotels employed different kinds of CI activities, though they were unaware of this concept. In particular, internal customer intelligence was added to integrated intelligence to better describe CI in the service sector. Still, investing in CI can be expensive and time-consuming since it requires hoteliers to align all insights from their respective intelligence pools toward building a holistic understanding of the results. We propose coopetition as a strategic approach allowing hotels to construct collective actions around CI without losing individual competitiveness. Actual coopetition in CI was only found between sister properties. Hence, we propose a coopetition model in which hotels can collaborate and compete in CI at an inter-organizational level via focusing on sharing open-source information and knowledge.