The Benefit of Frequent Corporate Philanthropy

Applying behavioural economic theory, we argue that the frequency of philanthropic activity is important in determining corporate philanthropy's economic outcome. Using Chinese data from 2003 to 2016, we find that firms with more frequent philanthropic activities obtain more government subsidies than firms that only engage in one-off charitable donations. Firms with better corporate governance, such as higher management ownership and more independent directors, are more likely to adopt a strategy of frequent donation. Furthermore, firms are more likely to be frequent donors when management or local government officers have a long tenure. Our findings provide insight into the giving process and suggest that firms can maximize the benefit of corporate philanthropy if they strategically consider the donation frequency and donation amount simultaneously.     

Chief Audit Executive as Supervisory Board Member and Executive Compensation Contracts

This paper studies a unique phenomenon in China's corporate governance—that chief audit executives (CAEs) sit on supervisory boards (CAE duality)—and examines its effects on executive compensation contracts. Using a sample of listed firms between 2010 and 2018, we find a significant positive relation between CAE duality and pay-for-performance sensitivity, which suggests that the dual position helps integrate monitoring resources and reduces agency costs. This positive relation is more pronounced when companies face a stricter monitoring environment and in non-state-owned enterprises (non-SOEs) than in SOEs. In addition, we find that the recent reforms on compensation strengthen the role of CAE duality in SOEs. Further analysis identifies the reliability of performance information (i.e., earnings quality) and reduced executive self-interested behaviours (i.e., perquisite consumption) as the influencing mechanisms that increase the demand for performance-based compensation and thus improve pay-for-performance sensitivity.     

组织信息化环境下知识流动对组织创造力的影响

通过解析知识流动和组织信息化环境的内部构成，探究知识溢出/知识扩散、高管支持/ICT应用对组织创造力的差异性影响，以及不同组织信息化环境对知识流动与组织创造力关系的调节作用。利用信息化程度较高的企业数据，使用层级回归分析进行实证检验。结果表明：组织创造力受知识流动的正向影响，知识扩散对其的正向影响更强；组织信息化正向影响组织创造力，相比ICT应用，高管支持对组织创造力的正向影响更强；高管支持在知识溢出/知识扩散与组织创造力之间的正向调节作用显著；ICT应用对知识扩散与组织创造力的强化作用显著强于对知识溢出与组织创造力之间的调节作用。     

The optimal level of corporate social responsibility based on the duopoly model

This paper constructs a duopoly model considering corporate social responsibility (CSR) and market's sensitivity to CSR (e) and analyzes the equilibrium results, the condition of CSR implementation and the optimal CSR level (β^* ) of Model CC (two enterprises implement CSR) and Model CN (only one enterprise implements CSR). The results show that β^* is affected by competitors and e. e, marginal cost (c) and cost difference affect the equilibrium results and the comparative results. Reducing c and improving e can promote social welfare. Consumer surplus under Model CC is highest. CSR has a negative effect on social welfare under certain conditions.     

产研协同提高创新链整体效能的新探索 ——基于新型科研机构的考察

我国国家创新系统和公共研发体系在应对当前国际竞争中发挥了巨大作用,但也暴露出在基础研究—应用研究—试验开发创新链过度分工问题,使各创新主体脱节.定位于工业研究院的新型科研机构,在创新组织和成果转化中正在逐渐显露出独特的优势,成为提高创新链整体效能的重要突破口.中国科学院深圳先进技术研究院以科学技术为枢纽、以产业协同为触媒的"渡船模式",通过协同创新克服科研与产业之间的缺失环节,成为贯通创新链、提高创新链整体效能的有效路径之一.     

CEO hometown identity and firm green innovation

Drawn on the upper echelons theory, this study investigates how chief executive officer (CEO) hometown identity drives firm green innovation. We propose that CEO hometown identity has a positive impact on a firm's green innovation performance. Furthermore, we explore the moderating role of managerial discretion determined by organizational and environmental factors (i.e., institutional ownership and market complexity). We propose that institutional ownership negatively moderates the positive relationship between CEO hometown identity and green innovation, but market complexity plays a positive moderating role. Using Chinese publicly listed firms from 2002 to 2016 in heavily polluting industries, our findings support these hypotheses. Our research contributes to the upper echelons theory and corporate social responsibility literature and has substantial practical implications.     

产军协同、政府科技支持与技术创新效率研究

运用空间数据分析方法，检验产军协同、政府科技支持与技术创新效率在我国省域间的分布格局。研究表明，三者均存在显著的正向空间相关性，即正向空间溢出效应，并且在不同地区形成局部空间集聚，存在高低非均衡的“俱乐部”现象。基于空间误差模型和空间滞后模型，实证检验产军协同、政府科技支持对技术创新效率的影响。结果发现，从全国和分地区看，产军协同、政府科技支持均能够显著促进技术创新效率提升，并且二者存在显著的交互作用，能够发挥彼此间的互补效应，进一步促进技术创新效率提升；不同地区产军协同、政府科技支持对技术创新效率的影响程度存在较大差异，西部地区产军协同、政府科技支持对技术创新效率的促进作用比东部和中部地区显著。     

乡村旅游开发下农户生计适应变化与影响机理研究*——以延安市乡村旅游为例

［目的］以延安市3个典型乡村旅游地为例，结合可持续生计分析框架和适应性理论，分析农户在乡村旅游扰动下的适应策略与适应模式，定量测度不同适应模式农户的适应结果。厘清农户未来生计策略选择的影响因素及其机制，提出促进农户及乡村旅游地可持续发展的对策。［方法］通过参与性农户评估法及二元回归分析法分析影响农户未来生计策略选择的因素。［结果］（1）旅游开发造成案例地农户自然资本丧失，失地农户由务农或务工为主的单一适应方式向兼业型与非农型转变，分化为4种不同类型的农户，且各类农户在各描述指标方面差异显著。（2）农户的生计资本衡量3个社区旅游开发后的适应结果，生计资本普遍较低且内部各维度差异明显。对比4类农户适应结果可得：复合生计型>务工主导型>旅游服务型>社会保障型。（3）通过二元逻辑回归模型深入解释当下适应结果对农户未来生计策略选择的影响，物质资本、金融资本和社会资本均影响农户选择意愿，其中可借款人数是最关键的影响变量。［结论］农户在旅游开发背景下生计动态适应的影响机制为旅游开发及基于此补偿制度是农户现在生计适应活动的外部起因，按照适应类型以及收入比重，分化为4种模式农户； 现行生计适应策略使农户适应结果迥异，生计资本的储量和结构差异显著，这种差异是农户未来生计选择的直接动因； 3个社区不同类型的旅游开发模式是农户未来生计策略选择分异的推动力量。     

生计资本对黄土丘陵区贫困人口生计活动的影响及评价*——以甘肃省榆中县为例

［目的］通过深入研究黄土丘陵区贫困人口生计资本对生计活动的影响，为解决农村贫困问题，提升农户生计资本存量、实现区域可持续生计发展提供科学依据。［方法］文章以甘肃省榆中县为例，基于对榆中县农户的调查数据，采用熵值法分析了东北部山区、中部川区和西南部山区贫困人口的生计资本状况和生计活动方式，并对其生计活动进行评价。［结果］从农户的生计资本组合来看，榆中县整体自然资本和人力资本相对物质资本、金融资本、社会资本3类资本较为富裕，尤其在西南部山区和东北部山区3类资本缺乏型农户比例较高。中部川区各乡镇人口的总体生计资本状况较好，总指数最高，而西南部山区次之、东北部山区最低，两者生计资本状况总体匮乏。农户的生计活动主要以种植、养殖和外出打工为主，生计活动多样性程度偏低； 中部川区人口的生计活动多样性指数最高，西南部山区次之、东北部山区最低，且整体受教育程度偏低，加之物质资本、金融资本、社会资本缺乏进一步限制了当地农户的生计多样性。［结论］（1）针对不同生计资本水平和生计活动多样性程度偏低的贫困地区，需要进一步发挥民族文化产业扶贫优势，开启地域产业扶贫新模式，打造地域无公害特色农业产业品牌，提高农户物质资本边际贡献； （2）发展小额信贷金融服务，改善农户金融资本存量，预防村际农户金融资本二元极化； （3）实施免费教育培训技能学习，打造教育培训脱贫示范村，提高人力资本存量，缓解贫困人口生计压力等提高经济发展水平的扶贫政策措施。     

智能制造有利于增加企业技术创新投入吗——基于智能制造试点的准自然实验

智能制造是我国制造业转型升级的主攻方向,而如何准确客观评价智能制造的实施效果成为亟待解决的问题.从技术创新投入视角,将智能制造试点政策实施视为一次准自然实验,采用2011-2019年制造业上市企业面板数据,通过PSM-DID方法研究智能制造对企业技术创新投入的影响.研究结果表明,智能制造显著影响企业技术创新投入,即通过提升客户集成度、供应商集成度进而提高企业技术创新投入,且促进作用仅发生在民营企业和非高新技术行业中.该发现扩展了现有研究外延,同时,为解决当前国际困局和促进智能制造的持续推广提供了重要实践价值.