全球生产与贸易新格局下企业国际化发展路径及策略选择——基于生产率异质性理论的分析方法

针对当前我国在新"走出去"战略问题上产生的政策走向与经验分歧困境,文章从全球生产与贸易新格局背景出发,以Melitz(2003)的生产率异质性方法为基础、整合了一个新的理论分析框架,并应用这一框架对中国企业在国际化发展中的路径及其策略问题进行实证分析。研究表明:(1)我国企业生产率总体水平较低,且存在垄断利润与真实生产率相离;(2)中国FDI企业在"走出去"路径上存在异质性企业行为趋同;(3)中国外向性出口企业在"国内参与国际化"路径上存在技术技能劣势效应。这一研究为明确新形势下我国企业国际化发展路径及策略选择提供了理论启示,并为更好地推进我国企业国际化、特别是中小企业实施"走出去"战略,提供一种新的分析工具和理论方法。     

基于DEA方法的企业环境行为评价指标研究

对企业进行环境信用评价是我国环境保护研究的重要内容。基于我国《企业环境信用评价办法（试行）》,针对目前企业环境评价方法过于主观的问题,创新性的运用数据包络分析（DEA）方法对企业环境行为进行了评价研究,系统构建了企业环境行为评价指标体系。并对海尔公司的相关数据进行了实证分析,得出该企业环境行为虽仍有波动但总体较好的状况,进而提出了相应的改进意见,为相关研究提供了理论依据和实践基础。     

Influence of RMB Cross‐border Settlement on the Chinese Economy

In 2014, the amount of RMB cross‐border settlement had reached RMB7.6tn. It is important to evaluate the potential influence of RMB internationalization on China's macroeconomy. In the present study, a framework that includes monetary supply and demand was created to analyze the influences of RMB cross‐border settlement on China's domestic interest rate, asset price and foreign exchange reserves. It is found that RMB settlement in different BOP items leads to very different effects on China's real economy and the financial market. Based on the analysis, we provide a framework of the policy priorities for RMB internationalization, with the RMB cross‐border settlement items divided into three groups with different priorities. Meanwhile, to support RMB internationalization, exchange rate reforms should be adopted as a priority and a prudent attitude maintained regarding capital account liberalization.     

国际化与中国企业政治策略分析

中国企业在国际化中运用政治策略消除不利政治影响、营造生存环境方面的能力还较薄弱。在分析国际化与企业政治策略基础上,剖析目前中国企业国际化中所运用的政治策略,并提出开展企业政治策略的建议。     

Renminbi in Ordinary Economies: A Demand‐side Study of Currency Globalization

Most studies of renminbi internationalization focus on the supply side, by examining China's own economic and political conditions. In contrast, this study addresses the demand side of renminbi internationalization, by providing an in‐depth analysis of renminbi use in ordinary foreign economies from both economic and political perspectives, with a particular focus on South Korea, China's next‐door neighbor. The study finds that sustainable indigenous market forces facilitating renminbi use in South Korea remain weak, despite the country's close economic ties with China. This research also shows, however, that the Korean Government has itself recently been able, through its policy measures, to generate new domestic support for greater use of the renminbi. These findings ultimately highlight the significant impact on the internationalization of a currency of the politics in the foreign countries using it.     

商业银行国际化的服务出口策略分析

国际化是商业银行未来的发展趋势。随着中国商业银行总体实力的不断增强,国际化策略实施加快,这就使得银行国际化研究具有更加重要的理论与实践意义。本文主要运用合约理论分析银行国际化进程中的服务出口策略的相关问题。结合我国目前商业银行国际化进程中服务出口策略的实施现状,将商业银行服务出口策略引入代理模型进行分析,并对我国商业银行未来的国际化策略提出建议。     

Renminbi Internationalization： Progress, Prospect and Comparison

Using principal component analyses, this paper constructs two internationalization indices for the renminbi (RMB) and 32 other major currencies. We find that the RMB's currency internationalization degree index (CIDI) is still low, and far behind the 4 most important international currencies. In 2009, it was ranked 18th among all important international currencies. However, in terms of the currency internationalization prospect index (CIPI), the RMB has remained the world's fifth highest since 2006. Although it is still far behind the US dollar and the euro, surpassing the ranking of the yen and the pound is possible in the near future. The dramatic difference in the ranking between the CIDI and the CIPI is a result of China's tight capital account control, the usage continuity of international currency due to network externalities, and the narrow foreign exchange and imperfect financial markets. Hence, to a large degree, the RMB's potential as an international currency depends on China's capital account liberalization.     

跨国公司在华研发对我国技术创新的经济效应

研发国际化作为跨国公司全球竞争新战略正逐渐显现,这种战略既给东道国带来了良好的机遇,也带来了巨大挑战。本文对跨国公司研发国际化趋势以及跨国公司在华研发现状做出总结,分析了跨国公司在华研发对我国技术创新的影响,并选取上海进行了跨国公司研发本土化对上海经济影响的实证分析,得出从长远和全局来看,跨国公司在华研发投资有利于促进本土企业提升技术水平,有利于人才市场竞争机制的形成和经济体制的完善的结论。     

Renminbi Internationalization in the New Normal: Progress,Determinants and Policy Discussions

In the present paper we explore the internationalization of the renminbi with reference to the experiences of other monetary powers, and discuss its determinants, prospects and implications for China's development in the “new normal.” Specifically, after summarizing the major progress made thus far, we conduct a regression analysis, showing that economic size and financial conditions are significant determinants of the international currency status, while inertia and other unobserved factors also play important roles. These empirical findings enable us to undertake a scenario analysis focusing on the renminbi's potential to become a global reserve currency. Based on this quantitative research, we then revisit China's policy initiatives designed to promote its currency overseas. In our view, the internationalization of the renminbi, along with financial deepening and liberalization, should be regarded as a means to achieve China's goal of reaching a more sustainable and balanced model of development.     

基于最小距离法和协整理论的投资策略研究

随着人民币国际化及A股市场的投资限制逐渐放宽，国内市场的股价波动性进一步加剧，增加了投资者的投资风险。在这种情况下，配对交易作为一种较为稳健的投资组合策略逐渐为投资者所青睐。将上证50指数中的银行成分股作为研究对象，以最小距离法对投资策略进行股票配对，并分别采用最小距离交易策略和协整理论交易策略进行交易绩效实测，对交易策略进行评估。研究发现：配对交易在国内市场可以获得良好的收益。     

科技创新企业国际化发展——以大疆为例

梳理科技创新内涵及发展特征,以科技创新企业大疆为研究对象,根据其不同的发展阶段从企业家精神、产业发展状况及市场环境背景3个方面分别分析大疆国际化战略发展进程,针对同行业中小企业国际化提出发展意见,为中小型科创企业后续国际化提供发展思路。     

中日货币国际化比较研究

作为具有价值尺度、支付手段、贮藏手段和流通手段等职能的货币,其国际化程度的高低会影响到资源配置的有效性。日本经济高速增长催生的日元国际化,其波浪式前进引人深思;人民币国际化的推进面临国际环境的不确定性。日元国际化的缘由、发展、效果对人民币国际化的推进启示深刻。     

企业成长战略前因及绩效差异分析

企业可以通过新产品开发或国际化战略,或使用二者相结合战略,实现企业成长。本研究基于企业成长理论,通过实证研究,审视企业技术能力、专有化制度对产品创新和国际化战略的影响,并将成长战略细分为国内复制者、国内创新者、国际复制者和国际创新者四类,以销售增长和盈利能力为标准分析了绩效差异。     

金融危机背景下经济国际化策略协同创新研究

金融危机的影响具有负面与正面的双重性。如何抓住其蕴含的宝贵机遇,加快推进经济国际化策略创新,将对提升我国经济国际化发展水平具有特别重要的意义。文章从经济国际化的政府策略、区域策略与企业策略等协同创新方面进行了研究。     

Internationalization speed and subsidiary survival of EMNCs: The moderating roles of CEO international experience and state ownership

In the process of internationalization, effective management of dispersed location-specific knowledge is the key to successful internationalization strategies for companies. Rapid internationalization often prevents multinational corporations (MNCs) from absorbing and internalizing internationalized knowledge in a timely manner and achieving ideal performance. Compared with MNCs in developed countries, emerging market multinationals (EMNCs) are more inclined to implement a rapid internationalization strategy to enhance their own competitive advantage. However, their internationalization process is limited by their lack of managerial resources. Why and how would internationalization speed impact the survival of EMNCs Subsidiary? Using the survival analysis method and taking the Chinese A-share listed companies as empirical setting, our results show that the internationalization speed negatively affects the survival of EMNCs Subsidiary; Both CEO international experience and state ownership weaken the negative impact of internationalization speed on the survival of EMNCs Subsidiary. We argue that rapid internationalization underestimates the Penrose effect in the process of internationalization, that is, underestimates the managerial resources required to learn and accumulate absorptive capacity, and effectively manage dispersed knowledge. Based on the dual context of dispersed knowledge management and managerial constraints, this paper expands the understanding of the impact mechanism of internationalization speed on corporate performance, and also has certain guiding significance for the selection of internationalization speed of EMNCs.     

Exploring ‘onward-journey’ ODI strategies in China's private sector businesses

Are the internationalization strategies of China's private businesses different from those of state-owned businesses? To date, little systematic empirical research addresses this question, despite the now well-established arguments that market and institutional imperfections influence the outward foreign direct investment (ODI) of China's state sector MNEs. Why is so little known about private sector foreign direct investment? One important reason is that private companies have gone to considerable lengths to conceal their activities by using offshore holding companies in tax havens. This paper, using a sample of offshore listed companies that are privately controlled, investigates what we dub ‘onward-journeying’ – foreign direct investment undertaken via tax havens. In doing so it further explores the ODI strategies of some of China's most successful private companies.     

企业国际化进程中的组织结构演化与人力资源管理

近年来,随着中国加入WTO和经济全球化的加剧,企业国际化进程中的人力资源管理问题越来越受到人们的重视。文章分析了企业国际化进程中的人力资源管理问题及影响因素,提出了企业国际化进程中的组织结构演化与人力资源管理模式。     

专利视角下我国轨道交通装备制造业pest分析

随着知识产权强国战略的实施,科技创新和专利成果在新时代扮演着的角色越来越重要。而轨道交通装备制造业作为我国制造业中璀璨的明珠,历来受到业内极大的重视。将专利分析指标引入PEST分析模型中,从P、E、S、T四个层面分析我国轨道交通装备制造业的发展现状。研究结论表明,构建的PEST模型中的各个指标主要采用定量分析,增强了客观性,可以从宏观上对我国轨道交通装备制造业的发展现状进行有效地分析。     

Resource Allocation Effects of Price Reactions to Disclosures*

Capital market participants collectively may possess information about the valuation implications of a firm's change in strategy not known by the management of the firm proposing the change. We ask whether a firm's management can exploit the capital market's information in deciding either whether to proceed with a contemplated strategy change or whether to continue with a previously initiated strategy change. In the case of a proposed strategy change, we show that managers can extract the capital market's information by announcing a potential new strategy, and then conditioning the decision to implement the new strategy on the size of the market's price reaction to the announcement. Under this arrangement, we show that a necessary condition to implement all and only positive net present value strategy changes is that managers proceed to implement some strategies that garner negative price reactions upon their announcement. In the case of deciding whether to continue with a previously implemented strategy change, we show that it may be optimal for the firm to predicate its abandonment/continuation decision on the magnitude of the costs it has already incurred. Thus, what looks like “sunk‐cost” behavior may in fact be optimal. Both demonstrations show that, in addition to performing their usual role of anticipating future cash flows generated by a manager's actions, capital market prices can also be used to direct a manager's actions. It follows that, in contrast to the usual depiction of the information flows between capital markets and firms as being one way — from firms to the capital markets — information also flows from capital markets to firms.     

浙江制造品牌的国际化路径及战略研究

随着浙江经济的不断转型发展,越来越多的浙江外向型制造业企业开始了品牌国际化的探索之路。本文首先分析了浙江制造品牌国际化发展的现状特点,指出浙江制造品牌的国际化主要受制于企业规模、技术创新能力、品牌国际化相关服务及文化差异等约束与阻碍。基于此,浙江制造业品牌国际化应从加强要素积累与相关基础设施建设开始,辅以品牌国际化的互联网+新模式和新手段,以"一带一路"国家为突破口实施品牌国际化的蓝海战略,并结合浙江经济、地理与文化特有优势,全面形成独具特色的浙江制造品牌国际化新模式,加速推进浙江制造品牌的国际化发展。