The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.     

自由现金流与企业过度投资——基于内外部约束视角的实证研究

在我国转型经济的制度背景下,基于公司内外部约束视角,以我国制造业2001年—2012年主板上市公司为研究对象,研究了自由现金流与企业过度投资的关系,以及公司外部负债融资和内部公司治理机制对于过度投资的约束作用。研究表明:企业留存的过量自由现金流会造成企业的过度投资现象,而企业外部的债务约束以及内部完善的公司治理机制可以较有效的约束这种过度投资现象。结论对于建立约束企业过度投资行为的机制,提高企业投资决策效率具有理论和现实意义。     

何谓精神现象学——论黑格尔在《精神现象学》导论中对此问题的解答

在《精神现象学》的导论中,黑格尔对什么是精神现象学作出了自己的多重界定。在他看来,精神现象学是对以康德批判哲学为代表的近代哲学的批判和清算,是对显现着的知识的描述,也是关于意识的经验的科学。导论的中译文在个别地方对黑格尔原文的理解值得商榷。     

课堂传播中学生主体对知识信息的需求特征及其把握

课堂传播活动中学生对知识信息的需要系统,与外在环境和社会发展处于相互作用之中,既是动态的,也是分层的;其主导需要对社会具有提醒作用,并在其群体内部引领走向;其易于受到具有流行性特征的社会文化心理的＂干扰＂,必须予以引导和纠偏。     

基于要素流动的环境规制贸易效应与政策研究--TPP《环境合作协议》的启示

文章在梳理环境规制与贸易相关文献基础上,构建两部门模型,从部门内和部门间要素流动的视角分析环境规制与产出和污染的关系,论述环境规制影响出口贸易的路径以及要素可流动下环境规制贸易效应的多面性;然后分解投入产出模型并重估能源排放系数,计算中国29个行业部门出口贸易的国内碳排放,提出我国在转变经济发展方式背景下行业碳排放规制策略;最后结合TPP贸易新标准趋势和我国投入要素变动情况,提出我国提高环境规制强度、转变高消耗经济发展方式的未来方向。     

基于SECI的企业知识闭环分析——以GD电网公司调度中心为例

在知识经济时代,知识是一种重要的智力资本.以SECI转化模型为依据,整合GD电网调度中心的各类知识,分析调度中心知识获取、知识应用、知识固化、知识共享的一般过程,构建SECI与知识闭环融合模式,考察知识在个人与调度中心内部循环转化的运行机制,为电网企业进一步开展知识管理系统创新研究项目提供依据.     

基于动态能力理论的企业知识创新研究

本文认为,核心能力决定企业的竞争优势,它来自于具有企业特性的、异质的、路径依赖的、不易为外界获取和模仿的知识体系。但由于核心能力存在“刚性”,如果不加以克服,企业就会失去原有的竞争优势。因此,企业必须具有重构内外部组织能力及资源以适应环境变化要求的动态能力。动态能力理论强调企业知识创新的重要性,面对复杂多变的环境,企业必须不断学习和创新,克服核心能力的“刚性”问题,获得持续的竞争优势。     

An empirical investigation of firm public and private knowledge

Many studies examine firm private knowledge, but purport to be generalizable to the totality of firm knowledge, both public and private. This study demonstrates that public and private firm knowledge are empirically separable constructs that have significant and yet different influences on innovative outcomes. The example of product development effectiveness within this study shows that both public and private knowledge are significantly related to product development quality; however, public knowledge is negatively related to quality lapses while private knowledge is positively related to quality lapses. Copyright © 2002 John Wiley & Sons, Ltd.     

斜流沉淀池在废水处理过程中存在问题的分析

斜流沉淀池具有占地面积小,沉淀效率高的优点,但由于存在排泥较困难,不耐冲击负荷等弱点,制约了其在废水处理中的应用,本文结合铅锌冶炼废水治理的工程实例,对造成上述问题的原因进行了分析,提出了改进的办法,取得了良好的效果。