中国家族企业核心竞争力识别与测评

中国家族企业核心竞争力的培育与提升,是促进中国家族企业快速发展必须解决的一重大理论和现实问题。本文试图探索一条新的识别与测评中国家族企业核心竞争力的途径。首先我们对家族企业的内涵进行了科学的界定,对中国家族企业的经营特点进行了系统的分析;然后通过采用文本信息挖掘的方法,提炼出中国成功家族企业的核心竞争力的若干要素;最后模糊综合评判网络方法构建了一个中国家族企业核心竞争力的自我判别模型,以期待帮助中国家族企业经营管理者对所属企业进行科学定位,从而达到采取有效措施提高企业治理水平,提升企业核心竞争力的目的。     

Cost and Production Duality: The Case of the Regulated Firm

This paper examines a generalization of cost-production duality for regulated firms. It derives an equivalency between the production function and conditional factor demands for the case where the firm's optimization problem is subject to a set of additional (regulatory) constraints. This procedure is extended to an optimization problem within a dynamic framework which leads to the recovery of the firm's technology.     

A patent race in a real options setting: Investment strategy, valuation, CAPM beta, and return volatility

In this paper, we study financial properties of R&D intensive firms through a continuous-time real-options patent-race model. Numerical analysis in this study shows that intense competition drives a firm to invest more aggressively, which then pushes up its cost of capital and return volatility while introducing negative return correlation with its competitor. Furthermore, we find that a firm's position in competition has important impacts on its financial properties. For instance, a firm's cost of capital is a non-monotonic function of its relative position in the race. In addition, the relationship between cash flow uncertainty and investment can be negative when a firm is far ahead or far behind, or positive when firms are close in the race.     

企业生产行为的优化方法分析

优化方法是经济学中常用的一种数学方法。在微观经济学中,企业的生产行为的目的是追求利润最大化,其生产法则是由优化方法得出的。这里分析了单一目标和多目标下的企业决策的优化方法。     

Outsourcing business services and the role of central administrative offices

In this paper, I study whether there is any evidence that the market scale surrounding a central administrative office (CAO) has any relation to a firm's cost-effectiveness in procuring business services. By linking plant-level data from the 1992 Annual Survey of Manufactures with CAO information from the Survey of Auxiliary Establishments, I examine manufacturing plants' practice of outsourcing services in relation to the size of the local service market surrounding the plant and that surrounding the plant's CAO. I found evidence which suggests that the greater the size of local market surrounding a CAO, the higher the plant's probability of relying on the CAO for outsourcing advertising, bookkeeping and accounting, and legal services.     

Innovation, Product Durability, and Market Structure

Because many durable goods industries are also industries with significant innovative activity, we analyze the relationship between an oligopolistic firm's choice of product durability and cost-reducing innovation in rental and sales markets. We demonstrate the firm's durability may be greater than, equal to, or less than a social planner's, depending upon innovation's impact on the marginal cost of durability. We also show that the firm's innovation level can be maximized for moderate levels of concentration if the output is durable. This provides theoretical support for the empirical observation that innovation is often maximized in markets of moderate concentration.     

上市公司代理成本与企业绩效关系研究——来自金融类上市公司证据

我国企业存在的代理问题主要表现为高管人员在获得高额薪酬的同时还会职务消费。本文以委托代理理论为基础,基于2001年至2007年的金融类A股上市公司数据,对高管代理成本与企业绩效的相关性进行了实证检验,结果显示:我国金融类上市公司职务消费不能对企业盈利能力、规模产生显著影响,高管薪酬激励能显著提高企业规模,但对企业盈利能力提高不显著。     

Nonparametric Dynamic Production Analysis and the Theory of Cost

While the dynamic theory of production provides little insight towards identifying a specific functional form for the firm's technology, dynamic production analysis has been explored traditionally in a parametric framework. A nonparametric dynamic dual cost approach to production analysis is developed in this article. Recovering technological information from intertemporal cost minimizing behavior is possible without imposing a parametric functional form on the firm's technology. Nonparametric tests to analyze the structure of a dynamic technology are presented from a dynamic cost minimizing perspective. The empirical implementation of these tests is illustrated for a balanced panel data set of Pennsylvania dairy operators during the time period 1986–1992.     

国有商业银行最优规模选择

我国国有商业银行资产规模的扩大并没有带来规模经济。本文从现实、理论及银行风险控制管理等角度对商业银行的最优规模问题进行了经济学分析，通过中美两国商业银行规模及布局进行比较，提出了银行规模调整的政策建议，并分析了近阶段国有商业银行规模调整的侧重点。     

影响审计质量的因素及其未来研究机会——基于会计师事务所视角的文献综述

从会计师事务所的组织形式、规模、行业专长、内部治理、业务拓展、聘用与更换、审计费用等方面综述影响审计质量的各种因素,以从会计师事务所视角寻找研究审计质量的未来研究机会。     

Corporate Reputation and Social Performance: The Importance of Fit

abstract    Utilizing data on a sample of large firms, we estimate a model of corporate reputation. We find reputation, derived from the assessments of managers and market analysts, to be determined by a firm's social performance, financial performance, market risk, the extent of long-term institutional ownership, and the nature of its business activities. Furthermore, the reputational effect of social performance is found to vary both across sectors, and within sectors across the various types of social performance. Specifically, our results demonstrate the need to achieve a 'fit' among the types of corporate social performance undertaken and the firm's stakeholder environment. For example, a strong record of environmental performance may enhance or damage reputation depending on whether the firm's activities 'fit' with environmental concerns in the eyes of stakeholders.     

Organizational Diseconomies of scale

Private information creates a cost of operating a hierarchy, which becomes larger as the hierarchical distance between the information source and the decision maker increases. When information about a firm's capabilities is dispersed among the individuals in the firm, production is inefficient even though everyone behaves rationally. Because hierarchies need rents in order to function, a firm with a long hierarchy may not be viable in a competitive industry.     

Knowledge Management as the Basis of Sustained High Performance

abstract    By deconstructing some of the key elements of the resource-based view and the knowledge-based view of the firm, we suggest that there are three components to knowledge management systems that influence firm performance: the firm's ability to produce new knowledge, its ability to build on that knowledge, and its effectiveness in capturing a high proportion of the subsequent spin-offs. Using regression analysis to analyse data from 30,022 patent records from 42 firms, we find that a firm's growth rate is positively associated with its ability to generate rare and valuable knowledge, and to build on that knowledge.     

Estimation of a non-neutral stochastic frontier production function

This article proposed a hybrid of a stochastic frontier regression. The proposed model and estimation differ from the conventional model of Aigner, Lovell, and Schmidt. The model combines a stochastic frontier regression and a truncated regression to estimate the production frontier with non-neutral shifting of the average production function. The truncated regression identifies the sources of efficiency. The article presents empirical evidence of non-neutral effects of the firm's characteristics—the age of the firms, the export ratio, and the R&D expenditure—on the frontier production function and production efficiency in the Taiwan's electronics industry.We would like to express appreciation to George E. Battese, the associate editor, and anonymous referees for various comments and suggestions. The research was partially supported by the University Research Council of Vanderbilt University, and the Sun Yat-Sen Institute for Social Sciences and Philosophy of Academia Sinica, Taiwan. Residual errors are ours alone.     

Accounting for Macroeconomic Influences on the Firm

Accounting based measures of exposure to macroeconomic shocks in exchange rates, interest rates and inflation do not capture the economic effects on the corporation of such shocks. We suggest measures that conceptually are coefficients in a multiple regression. The coefficients capture the sensitivity of a firm's real value or cash flows to unanticipated changes in each variable holding other variables constant. Information about such sensitivity coefficients would enable external stakeholders to distinguish between risk caused by firm-specific factors on the one hand and macroeconomic factors on the other. Scenario analysis is discussed as an alternative method for evaluating sensitivity coefficients. Information requirements for scenario and regression analysis are compared. Sensitivity coefficients can be used to identify a firm's functional currency or currency basket in which cash flows are independent of exchange rate changes. An example built on an actual case in Appendix demonstrates how insights can be gained from estimates of the suggested exposure measures.     

Firm interdependence in oligopolistic markets

This paper develops an econometric model capable of identifying the pattern of interdependent behavior among firms in an oligopolistic industry. The model is based on the necessary conditions for producer equilibrium which, for a firm in an oligopolistic market, include the firm's conjectural variations. The conjectural variations are unknown parameters. The production model is based on the translog production function. The domestic coffee roasting industry is analyzed. Industry and size class specific Cournot and equality hypotheses are tested. Interdependent behavior cannot be rejected.     

The effects of technological turbulence and breadth on supply chain technology acceptance and adoption

The current empirical study examines the intention to use and subsequent implementation of a supply chain technology. Specifically, the authors extend the technology acceptance model (TAM) to incorporate the state of the technology environment (technological turbulence) and the extent to which other supply chain technologies have already been adopted by the firm (technological breadth). A series of seemingly unrelated regressions (SUR) were used to analyze survey data from 195 respondents. The results show that in technologically turbulent environments, the relationships between the firm's perceived usefulness and ease of use and the firm's intention to use a supply chain technology are stronger. The study also finds that the relationship between the firm's intention to use a supply chain technology and the implementation of the technology is weaker in firms with greater technological breadth.     

Optimal investment policy of the regulated firm

The main purpose of this paper is to investigate the optimal investment behaviour of a regulated firm and to show that the Averch-Johnson effect of overcapitalization does not necessarily occur in a dynamic model under the assumption of concave revenue function. There may be three cases of undercapitalization, overcapitalization, and neutralization. As the result, whether the Averch-Johnson effect appears or not is crucially dependent on the regulated rate of return and the firm's planning horizon.     

Selective hedging with market views and risk limits: the case of Hydro-Quebec

This study presents how Hydro-Quebec manages its short-term financial risks. The quantitative hedging model is articulated over forward and volatility premia and constrained by a yearly risk limit provided by the firm's Finance Committee. The hedging solutions provide the optimal linear hedging parameters and option strike levels. The second part of the paper is devoted to a theoretical analysis of the sensitivity of the optimal solutions to changes in the premia, by means of the general implicit function theorem.