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。     

The long overhang of bad decisions in agro-industrial development: Sugar and tomato paste in Ghana

In theory, learning from past mistakes should result in adapted and improved development policy. However policy learning can be difficult to achieve, and the link between learning and policy change is neither direct nor immediate. In this study we look at learning in agro-industrial policy in Ghana, by tracing the interest in sugar production and tomato processing over six decades. Specifically we ask why four failed factories established in the early 1960s have continued to play central roles in both policy and public discourse. Using policy documents, academic material, and the popular press, we show that Ghana’s policy focus on sugar production and tomato processing has endured, despite the fact that the factories were misconceived, poorly sited, ill-equipped and poorly managed. Indeed, the political ideas that underpinned the establishment of these factories in the early days of independence can be seen in the current One District, One Factory policy. We suggest that it is their symbolic and political value, not their economic value, which keeps the discussion around these factories alive. Even when shut down, they are a physical manifestation of historic commitments by the state, and as such they guarantee the attention of politicians, and hold out hope of a next re-launch. Unfortunately as long as the factories continue to be incorporated into each new generation of agro-industrial policy, it is difficult for any alternatives to gain traction. This analysis highlights the very long overhang of bad decisions, particularly when they are associated with physical infrastructure. Learning from past mistakes will only happen if the short-term political cost of turning policy learning into policy action can be overcome.     

中国货币政策利率传导效率研究:2008-2017

随着利率市场化进程的不断推进以及商业银行利率定价机制的发展,中国货币政策利率的传导效率也不断提高。基于2008年1月-2017年6月的宏观时间序列数据和微观调研数据,本文检验了中国货币政策利率对银行贷款利率的传导效率。总体而言,基准利率是影响金融机构贷款加权平均利率的主要因素。分时间段看,贷款利率浮动限制放开之后,货币市场利率对金融机构贷款利率的传导效率显著提升;基准利率对金融机构贷款利率的影响略有下降,但仍然占主导。对商业银行贷款利率定价的微观机制进行探讨后,本文发现贷款利率定价机制的变化是中国利率传导效率出现变化的主要原因。进一步的分析表明,资金来源和市场利率波动均是影响货币市场利率传导效率的重要因素。最后,本文就如何提高货币政策利率传导效率提出了政策建议。本文研究对完善价格型货币政策体系以及中国货币政策框架转型具有重要的实践意义。     

环境政策工具对生态创新的影响: 研究回顾及实践意义

各种环境政策工具用来推进生态创新的开发、传播与应用，但不同政策工具对生态创新的作用效果还有待进一步挖掘。系统梳理了环境政策工具对生态创新影响的相关研究，探究不同政策工具的作用及其本质，以理解在推动生态创新开发、传播与应用情景下环境政策工具的作用及其实践意义。     

组织遗忘、组织即兴与环境动态性视角下企业原始性创新构建路径

原始性创新是企业获得核心竞争力的关键，但当前对企业如何获得原始性创新的研究严重不足。为此，以我国环渤海经济带179家高技术企业为样本，从组织遗忘和即兴角度研究原始性创新形成问题，并进一步分析环境动态性在组织遗忘和原始性创新间的作用。结果发现：组织遗忘和组织即兴对原始性创新具有积极效应；组织即兴在组织遗忘和原始性创新间发挥着部分中介作用；环境动态性对组织遗忘和原始性创新的关系具有正向调节效应。     

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。     

The valuation relevance of environmental performance revisited: The moderating role of environmental provisions

This study attempts to broaden our understanding of the value relevance of environmental performance by providing empirical evidence on the moderating role of financial environmental reporting. Previous studies find that firms' environmental performance can be both positively and negatively associated with market value. Such contradictory findings can be attributed to the fact that environmental performance is associated with future economic benefits and costs. This study suggests that firms with recognized environmental provisions on their balance sheets enable investors to disentangle these opposite effects either by signaling strong future financial performance or by enhancing the reliability of environmental performance information. Regardless of the mechanism by which this moderation effect is invoked, it is hypothesized that capital market participants place a positive and significantly higher value on the environmental performance ratings of firms with recognized environmental provisions than on the ratings of firms without environmental provisions. Utilizing a sample of 692 firm-year observations of French listed firms and employing a linear price-level model that associates the market value of a firm's equity with its environmental performance, I provide empirical evidence to corroborate this thesis. In addition to contributing to the academic debate on the market valuation implications of environmental performance, this study intends to provide useful insights from a country that can be considered a pioneer of environmental reporting legislation; hence, it provides valuable lessons for other jurisdictions that are in the process of developing their sustainability reporting regulations. Finally, the findings of this study support the calls for more integrated reporting showing that the interaction of financial and non-financial information has market valuation implications.     

经济政策不确定性与企业员工配置——来自沪深上市公司的经验证据

企业员工配置是企业内部管理的重要一环,经济政策不确定性是否会影响企业员工配置?本文以员工数量衡量企业员工配置,利用2010-2018年沪深A股上市企业数据和经济政策不确定性指数建立面板数据模型,考察经济政策不确定性对企业员工配置的影响,实证研究发现:经济政策不确定性会显著增加企业员工配置,且该影响经更换变量、调整样本容量以及内生性处理后依旧显著,该反应在还债能力较弱、盈利能力较差、股权制衡度较高、地区经济发展水平较低的企业中更为明显。文章的研究结论对于企业管理和宏观经济管控有一定的参考价值。     

A COMPREHENSIVE REVIEW FOR GREEN PRODUCT TERM: FROM DEFINITION TO EVALUATION

Nowadays, interest in corporate environmental strategies shifts from cleaner processes to the holistic nature of green products. The relevant literature argues that firms have the opportunity to pioneer through green product innovation, allowing them to differentiate and thus gain competitive advantage. Environmental burden of products during their entire life cycle is undeniable. Due to the weakness of the existing literature that inadequately addresses a commonly accepted green product definition, as well as the thereby caused inconclusive academic empirical results on firms' competitiveness, there are many cases of businesses greenwashing behavior. The overall contribution of this exploratory paper, on determining and evaluating the degree of greenness of a product, is twofold; first, starting with a systematic literature review, authors further contribute by proposing an integrative definition that addresses the so far existing terminological gap. Next, after reviewing the existing environmental assessment tools, authors based on the developed definition and in accordance to its dynamic dimension contribute to the existing methodology, as the paper reveals issues that need to be considered in the evaluation of green products.     

政策不确定性、财政扩张与区域商业银行风险——基于中国地方官员变更和银行业的证据

文章利用2007-2017年我国93家区域商业银行的面板数据，并结合省级宏观经济数据和地方官员变更数据，实证考察了中国地方官员变更引起的经济政策不确定性对区域商业银行风险的重要影响。研究结果表明：（1）地方官员变更引起的政策不确定性增大了区域商业银行风险；（2）地方官员变更引起的政策不确定性，通过提高银行的资产收益率降低了商业银行风险；而不确定性时期的财政扩张，通过降低银行资产收益率增大了商业银行风险；并且财政扩张的负面影响大于政策不确定性的正面影响；（3）各省的市委书记发生职位更替引起的政策不确定性对区域商业银行风险的影响更大。文章研究为新时代背景下的金融供给侧结构性改革、政府宏观经济政策的制定以及财政体制与金融体制之间的联系提供参考。