资本结构对企业绩效的影响研究——基于企业所得税负视角

本文以2011年～2020年A股上市公司为样本,理论与实证分析企业所得税负视角下资本结构对企业绩效的影响。研究表明：资本结构与企业绩效存在显著的负相关关系,企业所得税负的增加会抑制企业绩效的提升。进一步研究企业所得税负对资本结构与企业绩效的调节作用,发现随着企业所得税负水平的提高,资本结构对企业绩效的负向调节作用会增强。因此,应持续推进企业所得税收优惠政策改革,降低企业实际税率;优化企业资本结构,合理配置股权和债权比重,促进企业治理效率和经营绩效的提升。     

FDI、技术差距与本土企业的研发投入——理论及中国的经验研究

针对FDI进入以及内外资企业间的技术差距对内资企业的研发投入行为会有怎样影响,本文分析了不同技术水平内资企业的研发策略,认为外资进入后将促进技术领先的本土企业提高创新投入,但却阻碍落后企业的创新投入。文中以通过DEA模型测算的内外资技术差距、以及技术差距与外资比重和勒纳指数的连乘项作为主要自变量,用中国制造业面板数据检验了技术差距对本土企业创新投入的影响。实证结果验证了预期假说,并且技术差距越大,外资进入对内资企业研发投入的负向作用越强,而市场势力的正向作用会有所降低。     

危机环境下股权集中和制衡、政府干预与企业绩效——基于生物医药上市公司经验数据

本文以生物医药行业上市公司为研究样本,考察了不同经济环境下股权集中和制衡对企业绩效的影响,以及政府干预在股权制衡对企业绩效影响中的调节作用。实证研究表明,相对于非危机环境来说,在危机环境下股权制衡对企业绩效的促进作用显著增强,股权集中对企业绩效的促进作用显著降低,政府干预在股权制衡对企业绩效影响中的负向调节作用显著增强。     

我国外商投资企业的资本存量分析

进入21世纪以来,我国的FDI规模呈现逐年上升的趋势,外资已经渗透到国民经济的方方面面,外资在追加内资的同时,不仅促进了东道国储蓄的增长,也带动了东道国工业部门的资本存量,进而加速出口贸易结构向资本密集转型的进程。近几年的数据证明,我国的外资存量的积累速度大于内资存量的积累速度,因此,分析FDI企业在我国工业部门的资本存量效应至关重要。     

FDI溢出效应与自主技术创新效率:一个高技术产业特征的视角

本文通过高技术产业1999-2007年15个三位码行业面板数据的实证研究表明,该产业FDI进入对不同三位码行业内资企业的自主技术创新产生了异质性溢出效应,行业特征的差异性是造成这种异质性溢出效应的主要原因。与外资企业生产率差距较小、R&D强度差距较大,具有较强消化吸收能力且规模较大的内资企业相应行业中,FDI进入对其自主技术创新效率提高具有显著的正向溢出效应。同时,行业出口导向型程度及行业集中度的上升,有助于内资企业在技术创新过程中更好地吸纳FDI的正向技术溢出效应。     

浅析FDI对我国内资企业出口的影响

传统观点认为FDI会促进一国出口贸易,有利于东道国经济发展。通过实证研究发现FDI对我国劳动密集型内资企业的出口有明显促进作用,但对我国资本密集型内资企业的出口有明显的抑制作用,而对高新技术型内资企业的出口影响不大。因此,政府和企业应区别对待FDI,采用适当的措施趋利避害,以促进我国内资企业的出口。     

企业环境绩效与财务绩效的关系——基于企业规模的调节作用研究

本文以2013年～2018年我国煤炭采选业上市公司为样本,通过面板回归分析了环境绩效对企业财务绩效的影响以及企业规模对两者关系的调节作用。研究结果表明环境绩效对企业财务绩效存在促进作用,而企业规模对二者关系存在负向调节作用。     

TMT特征及其异质性与企业绩效关系研究

本文运用多元统计回归模型研究了高层管理团队( TMT)特征及其异质性对公司绩效的影响,利用2010年沪深两市创业板企业中符合要求的样本进行实证检验,得出相关结论:TMT的平均任期、平均受教育水平和平均薪酬与企业绩效正相关;TMT的年龄异质性和任期异质性与企业绩效负相关;行业特征与TMT特征及其异质性相互作用,在企业TMT特征及异质性对企业绩效的影响中起负向调节作用.     

高管薪酬激励、研发投入与企业绩效影响研究

在沪深A股软件与信息技术服务上市企业2014-2019年的面板数据基础上,运用St at a/SE15.1软件,构建固定效应模型,以高管薪酬激励作为调节变量,实证分析研发投入对企业绩效的影响。研究表明,六年的数据显示软件与信息技术服务上市企业研发投入对企业绩效产生负向影响且显著;高管薪酬激励对企业绩效具有负向影响但不显著;高管薪酬激励对研发投入与企业绩效的关系具有负向的调节作用但不显著。     

外资银行进入对内资银行绩效影响的文献回顾及实证研究

外资银行进入对内资银行的绩效究竟将会产生怎样的影响?本文通过实证研究的分析方法,阐述了外资银行进入新兴市场经济国家,对东道国内资银行业的绩效影响。得出长期比短期更具有积极影响的结论,并进一步阐述了外资银行进入对我国银行业的影响及实证研究结论对我们的启示。     

Reconceptualizing the spillover effects of foreign direct investment: A process-dependent approach

Theory suggests that FDI spillovers are a function of the level of foreign presence. We extend this view by developing and testing the premise that variations in spillover effects are the result of differences in the process of foreign entry. Drawing from the concept of time compression diseconomies, we develop the constructs of pace and irregularity of foreign entry, and demonstrate that they negatively moderate the relationship between the level of foreign presence and the productivity of host-country firms. We also explain how and why the moderating role of the process of foreign entry is influenced by the intensity of R&D and technical knowledge in domestic industries. We find evidence that firms operating in low-tech sectors are better able to absorb fast foreign entry.     

Efficiency and Ownership Structure: The Case of Poland

We examine the effects of foreign entry on productive efficiency during the Polish investment liberalisation. The performance of foreign acquisitions is compared to foreign firms entering the market through greenfield entry, as well as domestic acquisitions of privatised firms, domestic greenfields and remaining state‐owned (non‐privatised) firms during the period 1995–2000. We find that foreign privatised firms have realised larger productivity gains than all types of domestic firms and that this is not due to higher price‐cost margins, which is consistent with the idea that foreign firms bring in firm‐specific knowledge. Foreign greenfields have the highest average labour productivity, while foreign privatisations show the largest productivity increase.     

The labor market effects of foreign owned firms

Foreign firms have a more educated workforce and pay higher wages than domestic firms even after controlling for worker quality, at a given moment in time. This does not imply that foreign ownership improves the labor market outcomes of the workers since foreign investment may be guided by unobservable firm and worker characteristics correlated with schooling or wages. This paper asks whether foreign investors acquire firms with high human capital or wages, or whether foreign acquisition improves these outcomes. Using a matched employer-employee data set, I find that foreign acquisitions of domestic firms have small effects on the human capital and on average wages of the acquired firms. Instead, foreign investors “cherry pick” those domestic firms that are already very similar to the group of existing foreign firms.     

Does direct foreign investment affect domestic credit constraints?

Firms in developing countries cite credit constraints as one of their primary obstacles to investment. Direct foreign investment may ease credit constraints by bringing in scarce capital. Alternatively, if foreign firms borrow heavily from domestic banks, they may crowd local firms out of domestic capital markets. Using firm data from the Ivory Coast, we test whether: (1) domestic firms are more credit constrained than foreign firms, and (2) whether borrowing by foreign firms exacerbates domestic firm credit constraints. Results provide support for both hypotheses. We also find that state-owned enterprises (SOEs) are less financially constrained than other domestic enterprises.     

Do foreign mergers and acquisitions boost firm productivity?

This paper examines the causal relationship between foreign mergers and acquisitions (M&A) and the productivity of acquired firms using micro-data from the UK over the period 1999–2007. Our results suggest a significant heterogeneity in the total factor productivity (TFP) effects of foreign M&A at the industry level. Overall, we uncover a systematic pattern of post-acquisition TFP effects that is consistent with the most recent theoretical models of firm heterogeneity and cross-border mergers and acquisitions as mode of foreign entry. Furthermore, we find positive aggregate effects on labor productivity due to capital deepening but not due to changes in TFP.     

外资进入、劳动收入份额与技能工资溢价——来自2008年服务业企业普查数据的经验分析

运用2008年第二次全国经济普查服务业企业数据,文章实证检验了外资进入对服务业企业劳动收入份额和技能工资溢价的影响。结果显示外资企业存在更高的劳动收入份额,且外资进入程度对当地企业的劳动收入份额存在正向的外溢效应。文章进一步将不同所有制类型与技能劳动力占比的交互项引入工资方程,发现外资企业存在更高的技能工资溢价。我们进一步验证了外资进入对当地劳动力市场技能工资溢价的影响。结果表明,在那些外资渗透率较高、市场竞争相对激烈的地区和行业,外资企业的技能工资溢价现象会产生溢出效应,促使当地企业提高对高技能员工的薪酬待遇。因此,在合理发挥服务业外资进入对收入分配优化效应的同时,也要采取相关措施防止其进一步拉大工资差距。     

An examination of the investments in U.S. biotechnology firms by foreign and domestic corporate partners

This study examines the characteristics that make start-up biotechnology firms attractive alliance partners. We distinguish between firm specific and location-specific characteristics as well as between foreign and domestic corporate partners. We present and test a longitudinal model of alliance development based on data from 64 public biotechnology firms. The results provide evidence that foreign and domestic alliance capital inflows are driven by different factors. Firm-specific factors explain minimal variance in capital inflows from foreign alliance partners; rather, location-specific factors seem to matter more. The reverse is true for domestic alliance partners. Further, our results suggest that firm size moderates the relationship between location-specific factors and capital inflows from foreign alliance partners such that larger firms benefit more when located in technologically munificent environments.     

The quality of innovation and the extent of the market

I present a comprehensive model of international trade in technology that considers both the demand for inventions and the supply of inventions. On the demand side, domestic and foreign firms make strategic technology adoption decisions. On the supply side, inventors compete to sell licenses for their technology to domestic and foreign firms. Countries benefit from international trade in technology because they obtain the best invention from a larger pool of inventions. International trade in technology increases the extent of the market for inventions and thereby improves the quality of innovation. Technology trade lowers prices, increases outputs, and increases the volume of trade in differentiated products. When traded products are not close substitutes, international markets for technology generate gains from trade. The results of the analysis are robust to the possibility of technology transfer either through expropriation or imitation. Protection of intellectual property rights preserves incentives for entry of inventors and improves the quality of innovation.     

Foreign Entry Mode and Performance: The Moderating Effects of Environment*

As the trend toward economic globalization increases, the internationalization of small and medium‐sized enterprises (SMEs) has become an important topic. Research on the performance outcomes of foreign market entry strategies has been primarily considered from the perspective of the multinational corporations. In this paper hierarchical regression analyses were conducted on archival data of 123 publicly held manufacturing SMEs based in the United States to test a contingency model that hypothesizes more of the performance variance is explained when the foreign market entry mode is aligned strategically with domestic and foreign environmental factors. The results indicate that firms will have a higher rate of international revenue growth using no‐equity‐based (exporting) foreign market entry modes in growing domestic environments. International revenue growth is higher for equity‐based modes when foreign market risks are high. The findings should provide managers of SMEs with contextual evidence for making successful foreign market entry decisions.     

我国外资适度规模的测算:基于“双缺口模型”的实证研究

基于“双缺口”理论建立模型,实证分析了我国外资适度规模问题,结论表明:我国对外资的利用存在适度规模问题,外资实际规模与外资适度规模之间存在着较大的“缺口”;不合理的外资规模对我国经济的发展具有负效应,其原因是外资投向的产业结构和地区结构不合理,以及对国内企业的“挤出”效应所致。