近代企业与金融关系研究的回顾——以企业融资为中心

金融发展水平制约着企业的改革与发展,两者关系密切。当前我国企业与金融的发展又具有一些特殊性,而从历史的角度考察二者的互动,有助于充分认识这种特殊性的来龙去脉,对今天的企业与金融的改革大有助益。因此,很多学者对近代以来企业与金融的互动加以研究,取得丰富成果。本文将围绕近代企业的筹融资行为,对20世纪90年代以来对近代企业与金融关系的有关研究加以回顾,以期为学者们后续的研究提供些许帮助。     

Enterprise Transformation and Foreign Investment in Eastern Europe

Summary

This paper takes a closer look at enterprise transformation in Eastern Europe. It argues that the transformation from a state-owned firm into a capitalist enterprise involves more than reacting to economic incentives. Enterprises need access to capital markets to finance investment and they have to acquire new capabilities to be able to compete successfully in a capitalist economy. Furthermore, the ownership structures that emerged following mass-privatization are not necessarily favorable to radical restructuring. In these three crucial areas-investment capital, capability building and corporate governance-foreign investors can make a key contribution to economic transition.     

Adopting International Entrepreneurial Finance Education to a Local Context

ABSTRACT

The purpose of this article is to consider an approach to teaching entrepreneurial finance using proverbs. It explores a process framework with teaching strategies that provides prescribed guidelines on the key aspects that assist in teaching using this approach. This article demonstrates that teaching with proverbs creates the construct for linking prior knowledge (proverbs) to new entrepreneurial finance concepts in a meaningful way. It further highlights that entrepreneurial finance education in different regions around the world is most effective for students when it is tailored to the local culture of the region. The authors present five main entrepreneurial finance topics with two to three subheadings, each with proverbs accompanied by their related entrepreneurial finance concept. The article concludes that the use of proverbs in entrepreneurial finance instruction provides several benefits and that proverbs have the potential to become an effective teaching instrument in the fields of entrepreneurship and finance.     

Financial Information Credibility,Legal Environment,and SMEs’ Access to Finance

Abstract

There remains academic debate on the association between credible financial information and small firms’ access to diversified sources of finance. This study investigates the role of credible financial information and its interaction with a country’s legal and regulatory environment on the access of small- and medium-sized enterprises (SMEs) to diversified sources of finance in 129 developing countries. The findings indicate positive impacts of financial information quality and a country’s legal and regulatory environment on small firms’ access to diversified sources of finance. SMEs operating in a weak legal and regulatory environment benefit more from providing credible financial information. The findings are robust after controlling for the endogeneity of firms audit decision using a two-stage instrumental variable method. Our evidence suggests that firms’ credible signaling of the quality of their financial information helps reduce the adverse selection problem for finance suppliers, increasing small firms’ access to diversified sources of finance.     

Requisite expertise,firm reputation,and status in venture capital investment allocation decisions

Drawing together research in the upper echelon perspective, strategy, and organizational sociology, this paper examines (1) the relationship between the finance expertise of a venture capital (VC) firm's management team and investment selection, and (2) the moderation of this relationship by the VC firm's social position. We find that while finance expertise is associated with a lower proportion of early-stage investments, this relationship is weaker for firms with high reputation and stronger for firms with high status. We conclude with a discussion of the importance and nuances of external image considerations on investment decisions as well as insights into the importance of the requisite nature of expertise.     

Moral dividends: Freemasonry and finance capitalism in early-nineteenth-century America

Abstract

Using documents from the Grand Lodge of Free & Accepted Masons of the State of Indiana (USA), I show how the material practices and symbolic orientations of finance capitalism became transposed into Freemasonry in the early-nineteenth century. I briefly discuss why this happened and point to how these developments shaped the institutional trajectory of Freemasonry. Next, I observe that the symbolic moral standing of Freemasonry became transposed onto finance capitalism as undertaken by its members and other white men like them. After a brief explanation, I outline how these developments affected the institutionalisation of finance capitalism.     

Servant Leadership,Proactive Work Behavior,and Performance Overall Rating: Testing a Multilevel Model of Moderated Mediation

ABSTRACT

Purpose: The goal of this paper is to investigate whether salesperson proactive behavior mediates the relationship between sales manager servant leadership and salesperson overall performance rating by the sales manager. Moreover, it examines whether salesperson customer orientation and political skill moderate the sales manager servant leadership ? salesperson proactive behavior ─ salesperson overall performance. Design/methodology/approach: Empirical analysis is based on dyadic data from 181 industrial salespeople and their sales managers in a range of different industries (including both manufacturing and service industries). To analyze the multilevel moderated mediation process, this investigation uses Multilevel Structural Equation Modeling (MSEM). Findings: Sales manager servant leadership was positively related to salespeople overall performance rating through their proactive behavior except when their customer orientation was low. Moreover, this relationship between sales manager servant leadership and overall performance rating through proactive work behavior was stronger the greater the salespeople consumer orientation and political skill. Research implications: The study suggests that sales manager servant leadership is indirectly related to salesperson overall performance rating through salesperson proactive behavior. The findings also support subsequent research on salesperson values, skills, and behaviors as moderators in the servant leadership – proactive behavior – overall performance rating relationship. Understanding how these salesperson factors interact with sales management leadership to produce organizational outcomes (e.g., stress, engagement, organizational commitment) are questions that sales researchers may wish to pursue via further study. Practical implications: Sales managers should employ servant leadership to stimulate salespeople proactive work behavior. This study clearly indicates the salespeople need to adopt customer orientation and to have political skill. Hence, sales managers need to try to improve the customer orientation and the political skill of their salespeople through selection procedures or training programs. Originality/value: The relationship between sales manager servant leadership and salesperson overall performance through proactive work behavior has not been addressed and tested in the literature to date.     

中国产权制度改革与财务管理目标实现问题研究

产权制度改革是为了解决经济中的效率和效益问题,财务管理目标是一种明确的价值标准,它可以及时、清晰地对决策的成功与失败进行度量。在产权制度改革中,应以企业价值最大化作为产权交易的评价标准,从企业长期持续发展的角度进行产权方案的制定和实施,要把握和统筹企业的短期利益和长期利益、国家利益和企业利益的关系。     

Do ethics drive value co-creation on digital sharing economy platforms?

PurposeSharing economy is surging and so are the consumers’ ethical concerns regarding such platforms. The current study examines the antecedents of consumers’ intention to co-create value that include consumers’ ethical perceptions constructs (i.e. privacy, security, fulfillment/reliability, shared value, service recover, and non-deception) and relationship quality constructs (trust, satisfaction, commitment), focusing on the digital sharing economy platforms.MethodologySurvey method was applied to gather data from n=348 consumers at digital sharing economy platforms. Structural equation modelling technique through Amos version 24. was employed in order to further analyze the data.FindingsResults reveal that consumers’ ethical perceptions as a second order construct comprising of privacy, security, fulfillment/reliability, service recovery, and shared value does not influence consumers’ intention to co-create value. However, relationship quality as a second order construct including commitment trust and satisfaction influences consumers’ intention to co-create value. Furthermore, relationship quality serves as strong full mediator between consumers’ ethical perceptions and their intention to co-create value.OriginalityThe studies on drawing relationships between value co-creation and relationship quality constructs have been popular yet to the authors’ surprise; seldom any studies have been conducted in examining the role of ethical perceptions in the settings of digital sharing economy platforms. Therefore, the current study closes this gap.     

人力资本财务管理探析

通过对人力资本财务管理的目标、内容及人力资本的计量进行探析,提出人力资本作为决定企业生存发展的重要资源,在企业经营管理中,应建立企业财务与人力资源的双重管理体制,人力资本权益的财务管理目标定位应明确人力资本所有者与财务资本所有者的同等地位,企业财务管理应站在人力资本所有者和财务资本所有者的立场上进行财务决策,企业在追求所有者财富最大化的同时,还要维护其他主体利益,才能实现企业可持续发展。     

Bonding Ties,Bridging Ties,and Firm Performance: The Moderating Role of Dynamic Capabilities in Networks

ABSTRACT

Purpose: Building on the dynamic capabilities view and the configuration of network ties, this study investigates how dynamic capabilities moderate the relationships between bonding and bridging ties and firm performance, thus an area with potential to explain the divergent empirical results contained in the existing literature on the relationship between intra/extraorganizational ties and performance.

Methodology: This study employed a mail survey to senior executives. A total of 169 firms operating in an industrial district were collected. Regression analysis was employed to test the proposed model.

Findings: This study found that the combination of dynamic capabilities and bonding/bridging ties helps improve firm performance. Furthermore, this study found a positive relationship between bonding ties and firm performance, but no equivalent relationship for bridging ties.

Research Implications: Research results indicate that firm performance is significantly enhanced by bonding ties, which provide opportunities for sharing information and exchanging resources. Moreover, the empirical results reaffirm the proposition that dynamic capabilities are important transformational mechanisms for managing resources.

Practical Implications: The findings reveal that managers can improve firm performance by simultaneously building social ties and developing and implementing dynamic capabilities.

Originality/Value: This study demonstrates that the components of dynamic capabilities (i.e., sensemaking and reconfiguration) are transformational mechanisms and can moderate the positive relationship between bonding and bridging ties and firm performance, empirically supporting recent perspectives from the literature on dynamic capabilities and social networks.     

碳金融环境下商业银行促进节约型生产的博弈分析

碳金融环境下商业银行在节约型生产控制上担任着重要角色,通过博弈论(GameTheory)分析商业银行与企业贷款之间的关系,并提供了四阶段的动态博弈模型:一阶段分析表明企业在无资金限制的情况下必然会选择粗放型生产;二阶段分析表明尽管银行会要求企业进行节约型生产,但这种威胁是不可信的;三阶段分析模型经过修正后使得银行的威胁成为可信的,企业会进行节约型生产;四阶段分析表明寻租的存在会使企业能够继续从事粗放型生产,并造成了社会资源的浪费。     

物流企业仓单质押运作模式的法律分析

仓单质押业务是物流企业与银行合作开展的物流金融服务。本文从物流公司的角度介绍了仓单质押业务的运作模式,并对该业务的法律关系和法律风险进行分析,以促进物流仓单质押业务在法律框架内的良性发展,减少和避免法律风险。     

Inequality and trade: Some insights from the history of economic thought

ABSTRACT

Perceptions of income inequality and social insecurity are increasing in advanced economies of the North-Western hemisphere. They are widely associated with offshoring and related phenomena of the transnationalization of production and finance. This article examines the capacity and limits of standard trade theory in explaining the links between trade and inequality. It suggests avenues for gaining further insights by taking recourse to the larger inventory of theories and concepts in the history of economic thought.     

Stand by me: Friends,relationship banking,and financial governance in Asia

While northeastern Asian economies have grown at a stellar rate over the past 4 decades, during the same period, bank officials and financial market participants have been charged with corruption, nepotism, and government meddling and have incurred high levels of non-performing loans. The close relationships between financiers and their clients, a part of Chinese society known as guanxi, has often been criticized as a key source of corruption in Northeast Asia finance. However, the complex nature of relationships in guanxi networks brings a good side to Asian finance in that reputational risk disciplines financiers, clients, and government officials. I delve into the personal side of Asian finance using the theoretical poles of transactional and relationship banking. Transactional banking is a top-down, hard-data impersonal form of financial contracting, while relationship banking is a bottom-up interpersonal form of banking that relies on softer data. I argue that relationship banking, which naturally fits into an Asian context, could engender a shift from bad behavior to good behavior to protect wealth, reputation, and friends. Contrary to conventional wisdom, guanxi may lead to better governance in banking and other areas of Asian finance as more information becomes available through numerous media outlets and as groups outside the banking sector (e.g., insurance companies, the press, auditors, and citizens) discipline bankers and their clients through ‘private monitoring.’     

Reciprocal Cooperation and the Moderating Effect of Individualism: A Five-Country Negotiation Study

ABSTRACT

Researchers have conceptualized the problem-solving approach to include cooperation between negotiators in order to achieve mutually beneficial outcomes. The observed cooperation between parties embodies the concept of positive reciprocity where negotiators match the cooperative bargaining strategy of their counterparts. Using this premise, the current study investigates reciprocity through the relationship between negotiators’ perceptions of their counterpart's cooperative behaviors and their own reported behaviors. The mitigating effect of individualism-collectivism on the above relationship is also explored. The findings provide empirical evidence that negotiators’ perceptions of their counterpart's cooperative behaviors are positively related to their own strategy. This relationship was consistently supported across five groups of business negotiators: Canadian Anglophone, Greek, Mexican, Filipino, and American. However, this positive reciprocal relationship is negated when the negotiator comes from an individualistic-type culture.     

Different Locks Must Be Opened with Different Keys

Abstract

This paper suggests the use of Chinese proverbs in the teaching of finance to Chinese-speaking students. Familiar proverbs facilitate teaching to Chinese students by appealing to students' prior knowledge, improving retention of new material, and creating a friendlier classroom environment. Using Chinese proverbs in finance instruction also benefits North American students by promoting the understanding of Chinese culture. This paper presents thirty-six financial concepts accompanied by related Chinese proverbs. Strategies for the effective use of Chinese proverbs in the classroom are suggested as well.     

Cultural Dimensions,Risk Aversion and Corporate Dividend Policy

ABSTRACT

How does risk aversion affect corporate dividend payout? Finance theories have long suggested a relationship between risk aversion and dividends but there is little empirical evidence on the extent of this relationship. In this paper we construct measures of risk based on two cultural dimensions developed by Hofstede (1983, 1991). Using over ten years of data for firms in 14 countries, this study is the first to provide evidence that firms in countries with higher risk aversion exhibit both lower dividend ratios and lower propensity to pay dividends.     

Financial Inclusion in Rural Uganda: Testing Interaction Effect of Financial Literacy and Networks

ABSTRACT

Based on the premise that financial literacy take place in networks to influence the level of financial inclusion, the study examined whether networks moderate in the relationship between financial literacy and financial inclusion among poor households in rural Uganda. Studies have revealed that financial literacy affects the level of financial inclusion. However, these studies have failed to incorporate the moderating role of networks in the relationship between financial literacy and financial inclusion. The results showed that networks positively and significantly moderates in the relationship between financial literacy and financial inclusion with both financial literacy and networks having direct and significant effects.