R&;D Subsidy and Self-Financed R&;D: The Case of Japanese High-Technology Start-Ups

This paper examines whether public R&D subsidies constitute a substitute or complement for private-financed R&D. The empirical analysis is based on a panel data of 223 Japanese high-technology start-ups. Our evidence is consistent with the complement hypothesis, i.e., that publicly-funded R&D does promote private R&D. The complement effects are stronger for more mature firms. This is because such firms, in the growth phase, might have greater demands for R&D funds.     

The roles of R&;D in new firm growth

Innovative start-ups are an important driver of economic growth. This article presents empirical evidence on the effects of research and development (R&D) on new product development, interfirm alliances and employment growth during the early life course of firms. We use a dataset that contains a sample of new firms that is representative of the whole population of start-ups. This dataset covers the first 6 years of the life course of firms. It is revealed that R&D plays several roles during the early life course of high-tech as well as high-growth firms. The effect of initial R&D on high-tech firm growth is through increasing levels of interfirm alliances in the first post-entry years. R&D efforts enable the exploitation of external knowledge. Initial R&D also stimulates new product development later on in the life course of high-tech firms, but this does not seem to affect firm growth. R&D does not affect the growth rate of new low-tech firms, which seem to be driven mainly by the growth ambitions of the founding entrepreneur. The results show that R&D matters for a limited but important set of new high-tech and high-growth firms, which are key in innovation and entrepreneurship policies.

The Effect of R&;D Intensity on Corporate Social Responsibility

This study examines the impact that research and development (R&D) intensity has on corporate social responsibility (CSR). We base our research on the resource-based view (RBV) theory, which contributes to our analysis of R&D intensity and CSR because this perspective explicitly recognizes the importance of intangible resources. Both R&D and CSR activities can create assets that provide firms with competitive advantage. Furthermore, the employment of such activities can improve the welfare of the community and satisfy stakeholder expectations, which might vary according to their prevailing environment. As expressions of CSR and R&D vary throughout industries, we extend our research by analysing the impact that R&D intensity has on CSR across both manufacturing and non-manufacturing industries. Our results show that R&D intensity positively affects CSR and that this relationship is significant in manufacturing industries, while a non-significant result was obtained in non-manufacturing industries.     

The importance of retail brand equity and store accessibility for store loyalty in local competition

Previous research shows that the success of a retailer depends on strong retail brands and attractive, easily accessible store locations. However, little is known about the relative importance of retail brand equity and store accessibility for store loyalty in different local competitive contexts. To provide insight into this issue, we conduct on a cross-sectional study of 4151 interviews and objective data on 30 stores of a focal retailer and its local competitors. We find that store loyalty benefits more from a strong brand than from a conveniently accessible location and that location can benefit from a strong brand. We also find that competitor’s brand equity has an especially negative influence on store loyalty towards a focal retailer and that the strength of the effects of brand equity and location accessibility on store loyalty depends on the local competitive context.     

Multilateral alliances and innovation output: The importance of equity and technological scope

The formation of R&D alliances has become an increasingly popular way to achieve improved innovation outcomes. However, R&D alliances face high failure rates due to the dual nature, cooperation and competition, of what can be a very challenging inter-firm relationship, a problem that is compounded when an alliance involves more than two partners. As such, it is important to understand the mechanisms that encourage cooperation in multilateral alliances to help firms achieve desired innovation outcomes. In this study, we hypothesize two such mechanisms: equity governance structure and multi-technology scope. We test our hypotheses using panel data from the pharmaceutical industry spanning 15 years. Our results support the idea that equity governance and having a multiple technology scope are positively related to innovation outcomes in multilateral alliances.     

Top management team characteristics,R&;D investment and capital structure in the IT industry

This paper is based on agency theory, resource-based and upper-echelons perspectives to examine the relationship between R&D investment and capital structure and the moderating effects of top management team (TMT) characteristics on the financing decisions of R&D investment in small and medium enterprises (SMEs). Using data for SMEs in Taiwan’s IT industry, we find that (1) SMEs involved in R&D activities tend to have lower debt levels and (2) TMT characteristics exert considerable influence on the R&D investment-financial leverage relationship in SMEs. One important implication of the empirical evidence is that for SMEs trying to compete on the basis of innovation, the TMT characteristics significantly influence financing decisions. As innovative activities increase, the selection and development of top executives, who are responsible for choosing an optimal capital structure that could keep financial costs low while providing sufficient financial resources for maintaining a continuous, uninterrupted rate of R&D, is crucial for SMEs.     

The determinants of cross-border equity flows

We explore a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-1996. We show that a “gravity” model explains international transactions in financial assets at least as well as goods trade transactions. Gross transaction flows depend on market size in source and destination country as well as trading costs, in which both information and the transaction technology play a role. Distance proxies some information costs, and other variables explicitly represent information transmission, an information asymmetry between domestic and foreign investors, and the efficiency of transactions. The geography of information is the main determinant of the pattern of international transactions, while there is weak support in our data for the diversification motive, once we control for the informational friction. We broaden the scope of our results by presenting some evidence linking the results on equity transactions to equity holdings.     

浅析我国农村金融的发展

文章针对我国农村金融的发展进行探讨.     

浅析我国农村金融的发展

文章针对我国农村金融的发展进行探讨     

Gender‐based perceptions of equity in China's state‐owned enterprises

Despite the emphasis on equality in China's state‐owned enterprises, analysis of data collected from 900 Chinese in 10 state‐owned enterprises indicated that statistically significant pay differences exist between male and female employees. However, differences between male and female employees' perceptions of equity in these enterprises were found to be statistically significant only among those employees with fewer years of work experience and those with lower levels of technical skills. Perceptions of equity were also found to be related to the job satisfaction of both male and female employees. These results are discussed within the context of the Maoist ideology of egalitarianism and the post‐Tiananmen movement toward the forging of links between employee compensation and performance. © 2002 Wiley Periodicals, Inc.     

房地产金融风险的控制分析

面对我国房地产业发展的现实,住房金融的经营取向宜分为短期调节目标与长期发展目标两步运行.     

我国酒店财务管理内部控制探讨

酒店业在我国竞争激烈.本文就酒店业财务内部控制的必要性,在操作中存在的问题的现状进行了阐述,提出了酒店业加强财务内部控制的几点建议.     

中国农村金融体系的制度变迁

本文对农村金融体系中的农村政策性金融、商业性金融和合作性金融这三个正规金融组织在改革开放之后各个重要发展阶段的制度性变化进行了研究。研究发现,农村政策性金融、商业性金融和合作性金融这"三驾马车"在制度变迁过程中职能逐渐明确;农村金融和农村经济之间相互依存、相互影响的关系在我国的农村制度变迁过程中表现得尤为突出。     

论企业整体资产价值观下所有者权益

所有者权益是指资产扣除负债后由所有者应享的剩余利益,即一个会计主体在一定时期所拥有或可控制的具有未来经济利益资源的净额.所有者权益是会计学最基本概念,所有者权益的定义是否准确、核算是否科学,不仅影响股东的权益,而且决定它提供的会计信息是否有用,现行的所有者权益与企业整体价值现下的定义有所不同.     

The role of channel quality in customer equity management

Maximization of customer equity is a core objective of customer–company relationship management. We present an extended model of customer equity for determining the optimal allocation of marketing resources across acquisition and retention activities. Focusing on the negative relationship between acquisition and retention, we motivate channel quality as a relevant decision variable, explicate its role in the model, and demonstrate the existence of an optimal value. In addition, rather than making concavity assumptions about acquisition and retention rate response curves, we use the flexible ADBUDG model (Little, JDC, Models and Managers: the Concept of a Decision Calculus. Manag Sci 1970; 16(8): 466–484.), which allows for both S-shaped and strictly-concave relationships, and parameterize it using decision calculus. We show how to estimate and apply the model and then provide sensitivity analyses with respect to changes in the true values of model parameters as well as inaccuracy in managerial inputs. We conclude by comparing our model with extant models and discussing the implications of our research.     

英国财长空降上海

英国财长高登·布朗2月初开始了对华经济"整体公关",连发"教育、旅游、体育、金融"合作牌.他在对当地媒体简短得不能再简短的发言中说,希望到2007年,英国对华出口会扩大到现在的2倍,2010年英国对华出口能够比现有的水平翻两番.据中国商务部统计,去年英国对中国的出口额为47.6亿美元,同时与英国在内的主要贸易伙伴国的贸易顺差也在拉大.英国希望在金融、旅游、教育、体育等服务产业上有所突破.     

Exchange-listing effects on a firm's cost of equity capital

Matched pairs (based on asset size and industry) of a sample of exchange-listed and over-the-counter (OTC) firms are utilized to test for the existence of a statistically significant difference between them with respect to their cost of equity capital. It is found that exchange-listed firm's cost of equity capital (alternatively measured by the systematic risk and the total risk associated with a firm's rate of return) is significantly less than that of comparable OTC firms.     

关于构建和谐社会的公共财政研究

公共财政是一种构建和谐社会的政策手段,反之,要构建和谐社会对公共财政的建设也提出了新的要求.因此,促进公共财政制度建设对于构建和谐社会有着重要的现实意义.     

试述企业财务的重要性

随着经济全球化,市场国际化的步伐不断加快,中国的市场环境日新月异,企业的各项决策,大部分直接或间接地依赖于财务工作.因此,企业应加强和完善财务工作,强化财务部门的管理,为企业领导决策提供真实、准确的资料.本文从企业的财务工作入手,论述了财务管理重要性并分析了当前财务管理中的不足.