家族企业接班与接班人选择

家族企业接班是指企业的权力代表者因自然生命周期或提高企业绩效等原因,将企业经营控制权移交给其他人的过程.家族企业接班人主要来源于家里人、企业人、外来人.目前我国家族企业接班人选择主要是子承父业的方式.     

家族企业主的政治联系、制度环境与慈善捐赠——基于全国私营企业调查的实证研究

家族企业的慈善捐赠是中国慈善事业的中坚力量,探究其影响因素对深化理解家族企业行为具有重要价值。文章基于2012年全国私营企业调查数据,采用Tobit回归模型,研究了家族企业主的政治联系、制度环境对慈善捐赠的影响。研究发现家族企业主的政治联系促进慈善捐赠行为,具有政治联系的家族企业主比没有政治联系的家族企业主更多地进行慈善捐赠,政治联系级别越高,慈善捐赠水平也越高。当企业所处地区的制度环境更完善时,政治联系对慈善捐赠的促进作用减弱。文章揭示了家族企业慈善捐赠行为的部分规律,对推动中国慈善事业的发展具有一定的政策含义。     

China's Business Cycles: Perspectives from an AD–AS Model*

The present paper represents a first attempt to study China's business cycles using a formal analytical framework; namely, a structural VAR model. It is found that (i) demand shocks were the dominant source of macroeconomic fluctuations, but supply shocks had gained more importance over time; (ii) driving forces of demand shocks were consumption and fixed investment in the first cycle of 1985–1990, but shifted to fixed investment and world demand in the second cycle of 1991–1996 and the post‐1997 deflation period; and (c) macroeconomic policies did not play an important part either in initiating or counteracting cyclical fluctuations.     

家族企业控制权继任模型实证分析

文章在借鉴国外有关家族企业控制权继任模型基础上,结合我国特有的文化、市场背景的实际情况,构建了家族企业控制权继任分析模型,并对家族企业控制权继任模型进行了实证分析,得出了有价值的结论并为中国家族企业代际传承提出了指导性建议。     

家族企业代际传承方式及其路径:152个样本

对温州家族企业的调查表明,子承父业模式已经成为家族企业代际传承的主流模式。通过二分逻辑回归模型证明传统文化观念、子女能力与表现、企业治理模式的优越性等因素与家族企业成功代际传承呈正相关。但是在探索传承路径上,传统文化观念、家族企业治理模式的优越性等因素表现得越强烈,越会促使企业主子女在家族企业外历练。在积累相应工作经验及能力之后接管家族企业。     

我国家族式企业治理机制的优化

家族式企业自产生以来始终在世界经济活动中扮演着重要的角色,家族式企业不仅在中小企业,而且在一些大型的跨国公司中也居重要的地位。通过对家族式企业的公司治理特征的分析,可以认为,与一般的企业相比家族式企业具有特殊的治理效率,同时家族治理模式也有负面作用,需要突破家族式企业发展的局限向现代企业制度过渡。     

Fund Mobilization and Investment Behavior in Thai Manufacturing Firms in the Early 1990s*

This paper investigates capital structure and investment behavior in Thailand in the early 1990s. Various features of financial markets are considered, and the possibility of applying the ‘pecking order hypothesis’ to developing countries is discussed. By estimating the determinants of the capital structure and the investment functions, three major results are obtained. First, the lower debt ratio of listed firms is realized by an increase in the capital surplus gained by initial public offering. Second, firms’ participation in the securities market accommodates agency costs both in the equity and bank‐loan markets. Third, ‘financial conglomerate’ firms are inactive investors and are dependent upon informal financial transactions, whereas foreign firms borrow less and invest more.     

中国家族企业人力资源管理创新

文章基于创新、管理创新与家族企业理论,以及中国家族企业特征的分析,提出中国家族企业人力资源管理创新的重点:继任管理规划、企业文化培育和人力资源管理制度建设.     

代际传承视角下家族企业继任者胜任力分析

家族企业继任者素质的高低成为影响企业发展的关键因素。通过质性研究方法构建家族企业继任者胜任力KAP模型并基于SPSS统计软件和AMOS结构方程分析工具对实证数据进行处理和分析。研究结果显示,除了实证结果与理论模型基本契合之外,还发现继任者与第一代创业者在胜任力要素构成上存在着差异。最后,从家族企业继任前的筹备、继任中的考验以及继任后的创新三个方面提出提升继任者胜任力水平的具体管理建议。     

社会网络视角下家族企业外部资源的获取

传统家族企业把发展重点放在企业内部资源上，对外部资源获取重视程度不够。通过家族企业领导人社会网络的构建和延伸，社会资本的开发和使用，拓展网络的可达性，提高家族企业聚集、使用资源的能力，增强家族企业的市场竞争力。     

家族企业代际传承中女性成员接班问题探讨

随着社会环境变化、家族企业发展和女性地位提高,家族企业中女性成员比以往有更多机会接触企业,她们纷纷走出家庭积极参与家族企业的经营和管理,凭借着性别优势以及独特的管理方式,在家族企业中获得了一定的地位。从“女性特质”等角度出发,对家族企业女性成员接班的优势和劣势进行详细分析,结合家族企业女性成员接班的外部障碍,从女性自身、家族企业和社会等方面提出相关对策。     

Evolution of Urban–rural Living Standards Inequality in Thailand: 1990–2006

The present study examines the developments in urban–rural living standard inequality in Thailand from 1990 to 2006 using a methodology that allows for the identification of individual contributors to changes in inequality. We also propose a method to analyze the changes over time in urban–rural living standards. We find that the urban–rural gap in living standards in Thailand has narrowed substantially since the early 1990s, both at the mean and especially for households in the upper part of the expenditure distribution; however, the narrowing of the gap at the bottom of the expenditure distribution has been negligible. The study also identifies the main individual contributors to changes over time in living standards between urban and rural areas in Thailand.     

Does Allocation of Public Spending Matter in Poverty Reduction? Evidence from Thailand*

The present paper uses a panel dataset to estimate the marginal returns to different types of government expenditure on agricultural growth and rural poverty reduction in Thailand. The study finds that additional government spending on agricultural research provides the largest return in terms of agricultural productivity and has the second largest impact on rural poverty reduction. Increased investment in rural electrification has the largest poverty reduction impact, mainly through improved nonfarm employment. Rural education has the third largest impact on both productivity and poverty reduction. Irrigation has a positive impact on agricultural productivity, but regional variation is considerable. Government spending on rural roads has no significant impact on agricultural productivity and its poverty reduction impact ranks last among all investment alternatives considered. Additional investment in the Northeast Region has a greater impact on poverty reduction than in other regions.     

融资制度变迁与我国家族企业的融资行为

通过构建家族企业融资行为函数,分别分析不同融资制度条件下,我国家族企业融资行为的变迁和制约因素,家族企业无论处于哪一个发展阶段,家族都始终掌握着最大比例的所有权,绝不会轻易放弃对企业所有权的绝对控制,表现在融资结构上家庭所占的比例为绝对优势,需要建立并不断完善资本市场的法律法规体系,降低新“一股独大”的危害;建立规范的公司法人治理结构,改变内部人控制现象等措施。     

Banking in the Shadows: A Comparative Study of China and India

In recent years there has been increasing interest in the rise of shadow banking in China and India. In this paper, we aim to get a better understanding of the differences in trends and investigate the factors leading to the increase of shadow banking in these two major emerging economies. We find that financial exclusion is a common factor leading to the growth of shadow banking in both countries. While financial reform has taken place in India, financially repressive policies still prevail in China. Although several regulatory measures have been adopted in India and China, the size of the shadow banking sector in these two countries remains underestimated. Thus, streamlining and enhancing data collection is a key priority for both nations. We argue that regulation in both countries should be more activity focused (specific field in which a shadow bank is focused on) rather than sector or entity based, and it should be at par with banks. The shadow banks provide last mile connectivity to remote, distant, and ignored segments of the population not serviced by the formal financial sector. As this enhances financial inclusion, a balanced approach is required keeping in view both costs and benefits of the shadow banking system.     

Food Processing Business and Agriculture Cooperatives in Japan: Market Power and Asymmetric Information*

Food processing businesses run by agriculture cooperatives (in this paper referred to as food processing cooperatives) are basically firms that are owned by the suppliers of raw materials. Typically, in this type of firm, corporate decision‐making is the responsibility of member farmers through the one member one–vote rule, and the surplus of the business is divided among them according to the amount of raw agricultural products they have supplied to the firm. This is in contrast to a conventional capitalistic firm, in which corporate decision‐making is ultimately made by the stockholders through the one share–one vote rule, and the profit is divided among them according to the amount of financial capital they have supplied to the firm. Based upon statistical data and case studies, the present paper considers some economic factors that might influence the establishment of food processing cooperatives.     

The Spanish Origins of Extractive Institutions in the Philippines

Why did the Spanish colonisers of the Philippines establish extractive institutions? Using an explicit rational choice framework, the article examines the demand for institutions of Spanish settlers during the conquest period. It provides a framework for analysing the incentive structure faced by individuals that lead them to demand, create, and preserve certain types of institutions. The article argues that extractive institutions were demanded and supplied to minimise the uncertainty brought by high mortality and the relatively low wealth in the Philippines.     

Ranking Locations for Japan's Manufacturing Multinationals in Asia: A Literature Survey Illustrated with Indexes*

This paper first reviews the voluminous, recent literature related to location choice by Japan's multinational corporations (MNCs) in Asian manufacturing. This review suggests that host economy size, labor costs (defined to include the influences of productivity and labor quality) and agglomeration of Japanese investors were among the most important factors influencing location choice by Japanese MNCs. However, evidence regarding a wide range of other potential determinants was more mixed. Principles underlying the literature review are then illustrated by constructing an index of investment attractiveness from 140 components used to measure the influence of 10 groups of determinants, and ranking the 11 largest Asian hosts to Japan's manufacturing MNCs in a baseline and 14 alternative scenarios. The baseline and four of the five alternative scenarios prioritizing local or export markets reveal China to be the most favorable location, usually followed by Singapore and Hong Kong. In nine alternative scenarios with lower weights on domestic and export markets but higher weights for cost factors, Singapore, followed by Hong Kong and China, were usually the most attractive locations. At the other end of the scale, India, Vietnam and the Philippines ranked lowest in the baseline and in most alternative scenarios, with Indonesia ranking slightly higher. Baseline index rankings were similar to rankings of affiliate sales for China, India, Vietnam and the Philippines, but diverged for the other seven economies.     

Corporate Cash Holding in Asia

In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.