机会窗口、复合式战略与后发企业追赶——基于大华股份的纵向案例研究

基于中国本土化理论——复合基础观，以浙江大华技术股份有限公司（以下简称大华）为例，结合后发企业追赶需要考虑的重要情境即机会窗口，分析后发企业在追赶过程中，如何合理、灵活地采取复合式战略回应机会窗口，并利用机会窗口带来的发展机遇，实现从初始追赶到超越追赶再到行业前沿的追赶历程。研究发现，同一行业内不同机会窗口之间环环相扣、相互影响，某一机会窗口的出现也会触发其它机会窗口出现，进而引致整个行业机会窗口涌现；基于复合基础观视角，后发企业追赶路径的演变过程为：最初以技术模仿式创新为导向实现边缘赶超，继而以市场把握和扩张为导向实现商业模式创新，然后以全面协同创新为导向实现系统竞争力提升；后发企业通过实施复合式战略回应机会窗口的开启，能够帮助其更好地把握住发展机遇，实现追赶；与追赶路径演变相关联，随着企业内部资源与能力的积累，战略回应机制也相应地呈现为“被动回应—主动回应—引领拓展”的演变过程。     

我国创业投资的回报率及其影响因素

基于1999年到2003年间我国56个本土创业投资退出项目的数据,本文对我国创业投资退出项目的投资回报率及其影响因素进行了实证研究。结果表明:(1)国有创业投资机构退出项目的平均投资回报率显著低于非国有创业投资机构;(2)创业投资机构的资本规模与回报率呈显著负相关关系;(3)上海、深圳两地创业投资机构退出项目的回报率显著高于其他地区;(4)本土创业投资机构的从业时间、投资规模、投资周期、退出方式均与回报率没有显著相关关系。本文在此基础上提出了相关的政策建议。     

新兴加转轨条件下中国证券公司的风险成因及监控

证券业是一个高风险行业 ,防范和化解风险是证券公司和监管机构的永恒主题。随着我国证券市场的蓬勃发展和逐渐规范 ,证券公司风险监控已经成为一项长期的重大任务。中国目前正处于新兴加转轨过程中 ,证券公司主要面临哪些风险 ?是如何形成的 ?在特定约束条件下怎样提高监控效率 ?围绕这些问题 ,本文首先对中国证券公司的风险及其成因进行分析 ,接着从实践的角度指出风险监控的现实约束 ,最后提出内外部风险监控协调与平衡的基本架构。     

Corporate Name Change and the Market Valuation of Firms: Evidence from an Emerging Market

Investors’ responses to a firm’s name change and the determinants of their response are scantly explored areas in the field of behavioral finance. Based on a sample of 415 Indian firms from 2005 to 2014, this study suggests that investors respond positively to the announcement of firm name changes. Furthermore, the study indicates that when firms do not indicate geographical specificity in the name and have a specific rather than generic name, then the firm will experience greater abnormal returns. Also, when firm names are fluent and are associated with the owner’s family name, again, abnormal returns generated are positive. Nevertheless, as a firm ages and investors gain more information about it, then abnormal returns due to name change decrease.     

机会窗口、复合式战略与后发企业追赶——基于大华股份的纵向案例研究

基于中国本土化理论——复合基础观，以浙江大华技术股份有限公司（以下简称大华）为例，结合后发企业追赶需要考虑的重要情境即机会窗口，分析后发企业在追赶过程中，如何合理、灵活地采取复合式战略回应机会窗口，并利用机会窗口带来的发展机遇，实现从初始追赶到超越追赶再到行业前沿的追赶历程。研究发现，同一行业内不同机会窗口之间环环相扣、相互影响，某一机会窗口的出现也会触发其它机会窗口出现，进而引致整个行业机会窗口涌现；基于复合基础观视角，后发企业追赶路径的演变过程为：最初以技术模仿式创新为导向实现边缘赶超，继而以市场把握和扩张为导向实现商业模式创新，然后以全面协同创新为导向实现系统竞争力提升；后发企业通过实施复合式战略回应机会窗口的开启，能够帮助其更好地把握住发展机遇，实现追赶；与追赶路径演变相关联，随着企业内部资源与能力的积累，战略回应机制也相应地呈现为“被动回应—主动回应—引领拓展”的演变过程。     

Understanding heterogeneity in price changes and firm responses to a national unhealthy food tax in Mexico

To address the high prevalence of overweight and obesity in Mexico, an eight percent ad valorem excise tax on non-essential energy-dense foods came into effect on 1 January 2014. This paper estimates price changes after the tax implementation among the top four food categories and by leading vs. non-leading firms using purchase information from over 6000 urban households in the 2012–2015 Nielsen Mexico Consumer Panel. We create product-city-month specific prices that correct for potential biases associated with household and retailer characteristics. Using these corrected prices, we conduct before and after quasi-experimental analyses and find that price increases were larger than eight percent for cookies but were less than eight percent for ready-to-eat cereals, salty snacks, and pre-packaged sweet bread. For the latter food group, event-study analyses on the gradual price change over time suggest that price changes might be the result of an increasing price trend rather than the tax implementation. Firm-level analyses mostly show that price increases by the leading firms were larger than the overall increase at the food market level, helping explain variability in post-tax declines in food purchases as reported in other research. We also find that price changes are generally underestimated when we do not correct prices for biases associated with households and retailers. These results improve our understanding of the mechanisms behind heterogeneous changes in purchases after the tax implementation. Additionally, these results can assist policymakers when designing or improving taxes on non-essential energy-dense foods at a time when these policy options are high on the agenda in many places.     

IMPACT ON FIRMS OF THE USE OF KNOWLEDGE EXTERNAL SOURCES: A SYSTEMATIC REVIEW OF THE LITERATURE

This study summarizes the main conclusions from a systematic review of the empirical literature regarding the impact on firms of the use of knowledge external sources (universities, research institutes and knowledge intensive business services). With the aim to organize the literature, we classify the different works according to the research question addressed: (i) which firms use knowledge external sources?; (ii) Do firms using knowledge external sources achieve better results?; And (iii) which firms benefit the most from using knowledge external sources? Stylized facts are that larger, more R&D intensive and high tech firms are more likely to use knowledge external sources and that use of knowledge external sources is associated to firms higher technical results. Less attention has been paid to the third question and evidence is not conclusive. Several recommendations for future research emerge. First, to take in greater consideration methodological issues so that potential biases in the results caused by sample selection and endogeneity are handled properly. Second, to pay more attention to heterogeneous outcomes. Third, to use continuous indicators of depth and breadth of links allowing for non‐linear relationships and fourth, to extend evidence for developing countries and service industries.     

基于科学的企业内部治理问题：文献综述与研究展望

迄今为止,基于科学的企业研究已经取得重大进展。尝试对基于科学的企业内部治理研究成果进行梳理,以基于科学的企业内涵、创业者角色、科学家团队治理、董事会治理、股东治理、高管治理为逻辑框架,对基于科学的企业内部治理研究现状进行总结归纳。在此基础上,从基于科学的企业治理机制视角提出未来研究方向,包括企业权力配置、激励机制设计、人员配置等系列研究问题。提出的未来研究方向可丰富和拓展基于科学的企业治理理论框架,为理解和指导中国情境下基于科学的企业治理实践带来启示。     

Stuck outside the single market; Evidence from firms in central and eastern Europe

Border effects on firms’ performance are typically estimated following reduced barriers to trade, for instance due to new trade agreements. This paper estimates a border effect on increasing barriers for firms located outside of a new external EU border following the 2004 and 2007 EU enlargement. In a repeated cross-section of three flows of EBRD-World Bank survey data, the study encompasses 23 border regions in 10 countries, four of which bordered new EU/Schengen countries. Taking border transformations as exogenous changes to firms’ environments, and focusing on small and medium-sized enterprises near borders, the results indicate that five years after enlargement, firms in non-EU member states near a new external EU border experienced a fall in sales of 40% and exports of 70% relative to firms near borders that did not change. Firms on the EU side of the same border experienced no such negative effect. Ten years after enlargement, the negative effects effectively disappeared.     

异质性企业、结构转型与稳定出口

通过构建异质性企业、结构转型和出口增长的二元边际理论模型,本文认为转型国家出口增长主要沿集约边际实现的原因与其农业剩余劳动力有关,农业剩余劳动力越多,出口增长的集约边际越大、扩展边际越小。利用Tobit模型对1995-2009年中国出口到123个国家的HS-6位码贸易数据进行实证分析,在控制其他影响因素的前提下,我国农业剩余劳动力非农转移显著正向影响出口增长集约边际、负向影响扩展边际的效应确实存在。经济规模、贸易成本、人民币升值、区域经济一体化、外部冲击、语言的相通性、政治体制等变量对中国出口增长二元边际的影响机制不完全相同,表明要提高出口增长中的扩展边际比重,出口企业应实施市场多元化战略,将目标市场从传统高收入国家转移到发展中国家来,实现出口的稳定增长。