大数据能力对企业创新绩效的影响——IT-业务融合与双元环境的调节作用

基于动态能力理论和权变理论，以IT-业务融合、双元环境为调节变量，探究大数据能力与企业创新绩效间的作用关系，结果发现：大数据能力对创新绩效具有正向促进作用；IT-业务融合调节大数据能力与创新绩效的关系，IT-业务融合水平越高，大数据能力对创新绩效的正向影响就越显著；双元环境能够调节大数据能力与创新绩效间关系。其中，环境动态性在大数据能力与创新绩效关系间起正U型调节作用，而环境竞争性在大数据能力与创新绩效关系间起倒U型调节作用。从内外部情境视角解释大数据能力的创新转化，对中国企业大数据应用具有指导意义。     

债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

Are USDA reports still news to changing crop markets?

This study investigates whether major USDA reports still provide important news to changing crop markets. The news component of each report, or market “surprise,” is measured as a difference between the USDA estimate and its private expectation in corn, soybeans, and wheat markets. Changes in the relevance of USDA information are assessed by examining changes in the magnitude of market surprises and shifts in the futures price reaction to these surprises, which isolates the impact of each report. The stable size of market surprises over time suggests that competition from alternative data sources has not reduced the news component of USDA crop reports. Increasing price reaction to most reports, including those facing competition from alternative information sources, suggests that value of public information may be enhanced in uncertain markets affected by structural changes.     

Media-Based Sentiment Indices as an Alternative Measure of Consumer Confidence

In this paper, we consider the feasibility of constructing online sentiment indices, using large amounts of media data, as an alternative to the conventional survey method used to create the consumer confidence index in South Africa. A clustering framework is adopted to provide an indication of possible candidate sentiment indices constructed from a combination of different text sources and dictionaries that best mimic the traditional survey-based consumer confidence index from the South African Bureau for Economic Research (BER). The results conclude that it is possible to create an index using sentiment analysis using online editorial data that does resemble the BER’s consumer confidence index. The different media-based sentiment indices (MSI) show a significant level of correlation and co-movement with the BER’s CCI. Impulse responses and cross-correlation functions indicate that the MSI could potentially lead the survey-based method up to two quarters. Furthermore, Granger-causality tests show that the media-based indices are good predictors of future consumer confidence index values. The results provide motivation for further study on the use of sentiment-based techniques and online media data sources to track consumer confidence within an emerging market such as South Africa.     

改革理论大争论与科学改革观的创立

本文认为,对于改革理论大争论,不能做鸵鸟把头埋在沙子里,而必须面对和正视,以平和的心态看待改革理论大争论,以理性的态度揭示存在的深层次矛盾,深入探索科学改革观,促进改革全面、协调、渐进、稳定地进行。     

Decoupled earnings: An institutional perspective of the consequences of maximizing shareholder value

Recent accounting scandals have brought focus on the role of management in financial statement manipulation. This focus on micro-behavior does not capture the complexities of earnings management. Taking an institutional rather than agency theory approach, earnings management is posited as a decoupled behavior. A behavior that results from not only agency-based motivations of self-interests, but also regulative, normative, and cultural-cognitive legitimacy pressures. Conformity to the central logic of “maximizing shareholder value” found in the “US financial market” institutional field provides the context in which to explore earnings management as a decoupled behavior. Insights for earnings management include the blending of agency and institutional theory perspectives to gain a more complete understanding of the behavior and the positing of a continuum of earnings management conducive to this merger. Institutional theory benefits from exploring the nesting in multiple institutional fields.     

中国新型工业化道路探索研究——来自印度新型工业化案例的启示

经过大规模传统工业化,中国过早出现了需求不足、资源枯竭、环境污染、就业压力大等问题,这说明传统工业化和现代化的经济发展政策,不适用于当代环境和条件。中国要解决上述问题,必须改变经济增长方式,不能走西方国家发展的老路。而印度新型工业化案例告诉我们,发展中大国完全可以实施赶超型发展战略,即将发展的重点放到国际水平的高新技术产业上,利用高新技术产业的高增殖能力,积累资金和技术,引导和改造传统产业,并积极发展现代服务业,即走以高新技术产业为先导的新型工业化道路。     

Network based evidence of the financial impact of Covid-19 pandemic

How much the largest worldwide companies, belonging to different sectors of the economy, are suffering from the pandemic? Are economic relations among them changing? In this paper, we address such issues by analyzing the top 50 S&P companies by means of market and textual data. Our work proposes a network analysis model that combines such two types of information to highlight the connections among companies with the purpose of investigating the relationships before and during the pandemic crisis. In doing so, we leverage a large amount of textual data through the employment of a sentiment score which is coupled with standard market data. Our results show that the COVID-19 pandemic has largely affected the US productive system, however differently sector by sector and with more impact during the second wave compared to the first.     

大股东对上市公司掏空与支持的经济学分析

在公司的所有权安排中,大股东拥有公司的控制权,有能力为获取控制权的私人利益而侵占上市公司的资源。但是,当上市公司陷入经营困境时,大股东可能通过减少自己的侵占行为而使公司具有偿债能力,甚至会用自己的资源进行支持以防止公司破产。如果上市公司的投资回报率低于大股东的预期水平,或者预期上市公司无法继续生存下去时,大股东会以公司外部股东和债权人的利益为代价而对上市公司进行掠夺。