The Determinants of Firm Exit in Japanese Manufacturing Industries

This paper presents new evidence on the determinants of firm exits that occurred in Japanese manufacturing industries over the period 1981--1989. Gross-number measure is used for exits. Many structural factors have exerted a definite influence on the extent of exit; across industries, capital intensity and subcontracting relationships have an exit-promoting effect, while profits, industry growth, concentration, and R&D opportunity have a negative relationship with exit. In addition, the minimum efficient size has an inverted-U-shaped relationship. However, export opportunity has only a marginal effect. These results are likely to reflect exits of small business.     

Firm Size and Innovation in European Manufacturing

The paper investigates the differences between small, medium-sized and large firms regarding their performance in the introduction of new products and processes. After a review of the relevant literature, two models are proposed and tested in search for different business strategies and innovation inputs connected to product and process innovations. The empirical analysis uses innovation survey (CIS 2) data at the industry level for 22 manufacturing sectors, broken down in three firm size classes, for eight European countries. Special attention is devoted to tackling the issues of possible endogeneity of the regressors and of unobserved sectoral heterogeneity. The results – strengthening the findings of previous studies – show that product and process innovations, though having some complementarities, are associated to different innovative inputs and strategies pursued by firms. Systematic differences also emerge between the behaviour of large firms and SMEs.      

Firm Size and Cooperation: The Determinants of Cooperative Agreements in Information Technology Industries

This paper aims to shed light on factors that lead firms to resort to collaborative ventures. Specific attention is devoted to the role of firm size. The study relies on an extensive econometric analysis of a representative sample of firms in three Information Technology industries (semiconductor, data processing, and telecommunications). Data relating to the number and type of agreements concluded by firms, provided by the ARPA database developed at Politecnico di Milano, are correlated with firm–, industry– and country–specific variables. The findings of the econometric estimates point to the importance of firm size, scope of activity within the industries considered, diversification in related industries, and, to a less extent, degree of internationalization in explaining use of agreements. Moreover, the study provides preliminary evidence in support of a complementary relation between interfirm linkages and R&D expenditures. A positive correlation with growth rates also seems to emerge. In contrast, the s regarding the relation between internal capital expenditures and recourse to agreements are mixed.     

Cost Flexibility and Firm Size: An Application to Spanish Manufacturing

This paper examines the relationship between flexibility and the size of establishments for Spanish manufacturing industry. This relationship is examined using the Encuesta Industrial, an annual survey which provides manufacturing sectorial information for six size categories over the period 1980–92. The theoretical framework is that proposed by Mills and Schumann (1985 Mills, D.E. and Schumann, L. 1985. Industry structure with fluctuating demand. American Economic Review, 75: 758–67. [Web of Science ®] [Google Scholar]), finding in the evidence related to technological flexibility and demand fluctuations a greater capacity of small firms to adapt to environmental changes, allowing them, in addition, to resist competition based on costs, such as that stemming from scale economies. The results emerging from the estimations confirm that small establishments show greater production variability, employment variability and profit variability than large establishments. That is to say, small establishments are more flexible than large ones due to their greater capacity to absorb demand fluctuations.     

公司规模、分析师选择偏差和公司市场绩效——基于收购方公司视角的研究

在对中国2769个股权收购样本进行分析后发现,分析师跟踪和收购公告日效应(短期绩效)之间呈显著负向关系,但当控制公司规模时显著性消失;进一步研究发现,这种负向关系是由分析师偏好跟踪大规模公司造成的,从而证明了中国分析师存在选择偏差.分析师跟踪和收购方公司的长期市场绩效间存在显著的正向关系,从而为分析师的长期价值发现功能提供了证据.对于中国证券分析师的选择偏差问题,本文建议用残差分析师跟踪替代分析师跟踪的原始值来解决.随着证券市场制度创新和小型公司上市成为新常态,监管部门需要规范分析师跟踪公司的规模分布,并考虑进一步放宽机构投资者的投资标的选择范围.     

Firm Growth,Size, Age and Behavior in Japanese Manufacturing

This paper investigates the relationship between firm growth and firm size, firm age and firm behavior, such as R&D activity and subcontracting, based on the data of nearly 14,000 Japanese manufacturing firms. The stylized facts that firm size and age have a negative effect on firm growth are confirmed in the case of Japanese manufacturing firms. Also, a firms survivability rises with its size and age. R&D expenditure per employee has a significant positive effect on firm growth, which justifies the argument made by Hall (1987). Although subcontracting to only one company has no significant effect on firm growth, it has a significant positive effect on a firms survivability. In addition, subcon-tracting firms depending on only one company as a customer are subject to no significant age effects. This possibly suggests that the age effect itself has some relation to the extent of the trade network.     

中国制造业物流外包的生产率效应分析

文章利用1997、2002、2007年投入产出表对我国28个制造业行业的物流外包率进行计算,以面板数据模型对我国制造业物流外包生产率效应进行实证检验,探讨技术进步对制造业物流外包生产率增长效应及外包行为的影响.研究结果表明,物流外包对制造业生产率的总效应为负,带来的是资本节约型技术进步及中性的技术退步;劳动密集型和高技术行业的生产率受物流外包的负向影响小于资本密集型和低技术行业;制造业技术进步促进了物流外包的生产率效应,同时技术进步减少了大规模行业的物流外包,其主要是通过改变内外部成本结构,扩大了大型企业的边界.     

The organization of industry in the P.R. China

The Chinese have let it be known since the death of Mao Zedong and the purge of the “Gang of Four” that they would in future draw on credits from foreign governments as well as other sources to finance imports of technology. According to western conjectures China’s capital requirements may be between US $ 25 and 50 bn or even a good deal higher. Many observers have taken the view that the Chinese have thereby put all their former development principles behind them. The author of the following article was in the P.R. China about the middle of this year at the invitation of the National Planning Commission. His assessment is that the P.R. China is far from embarking on an entirely new course in its development policy.     

融资约束、歧视与企业规模分布——基于中国工业企业数据的分析

本文采用1998-2009年中国工业企业数据,实证考察融资约束对企业规模分布的影响.研究发现:(1)样本期内我国企业规模分布的帕累托指数呈上升趋势,表明企业规模分布越来越均匀,但仍严重偏离齐夫(Zipf)法则的均匀分布.(2)融资约束对不同规模企业的成长具有非均衡性影响,融资约束的缓解使企业规模分布更加均匀.本文在控制了核心变量的内生性问题后,计量结果依然稳健.(3)企业自身禀赋特征对企业融资约束状况具有显著影响,但是不同规模企业间融资约束差异主要还是源于融资的“规模歧视”.     

管理者背景与企业绩效:基于中国经验的实证研究

基于世界银行对中国1109家样本企业的调查数据,考察中国非上市企业管理者背景与企业绩效的相关性。研究表明,样本企业管理者的高学历背景和企业绩效有显著正相关性,并主要表现在管理者的长期任职阶段。管理者的海外教育背景、任职背景和选聘背景在总体上与企业绩效没有显著关系;但管理者在同一企业的短期和长期任职阶段,其政府选聘背景和海外教育背景分别与企业绩效有显著负相关性。     

企业生命周期、债务融资与企业绩效——来自我国制造业上市公司的经验证据

基于企业生命周期视角,利用我国制造业上市公司2007年至2012年的数据,分别研究债务总体水平、债务期限结构和债务来源结构在企业生命周期的不同阶段对企业绩效的影响。研究结果表明:债务总体水平、短期借款与长期负债对企业绩效的影响在整个生命周期都呈现负相关关系,但影响程度在不同的阶段存在差异。在企业整个生命周期内,短期借款对企业绩效的负效应都强于长期负债。另外在企业生命周期的各个阶段,银行借款均对企业绩效产生负效应,商业信用仅在衰退期对企业绩效产生了正效应,在其他两个阶段均为负效应。     

流通企业的(规模)边界

现代企业理论对企业边界为何受到限制做了详细分析,且大都将其归因于有限理性条件.但流通企业具有不同于生产企业的经济性质,其本质是交易的专业化生产者(或提供者);信息技术提高市场交易效率,推动流通产业发展,同时也提高企业管理和控制效率,使流通企业比生产企业更容易利用品牌和统一经营模式进行"复制"和"选择性干预",实现分店扩张.     

Joint ventures in the P. R. China

China is showing interest in joint ventures in the oil, coal and nonferrous metals sector, in electricity generation, steel and building materials production, in the mechanical engineering, textile and electrical industries, in the transport sector and in the hotel trade. Our article gives an outline of the problems which the future joint ventures in China will encounter.     

跨国零售商进入与中国消费品制造业绩效

基于零售商产业链地位日益增强的背景,提出有关跨国零售商对中国上游消费品制造业绩效影响的相关假说,进而利用中国省级区域消费品制造业2002-2010年的面板数据进行实证检验.结果表明,跨国零售商绩效因素对各消费品制造业产生了积极的正向溢出效应,但是其受跨国零售商数量的影响而存在差异,其中食品制造业绩效随跨国零售商数量增加而提高,但纺织品制造业绩效与跨国零售商数量呈显著负相关关系,其是遭受利益侵害风险最大的行业.     

我国开征碳税的税率问题研究——以石化塑胶行业为例

碳税在西方国家已实行多年,实践证明碳税是控制碳排放的有效经济手段.本文以碳税率为主要研究对象,采用定量分析的方法,以灰色GM(1,1)预测模型为基础,结合柯布道格拉斯函数,研究我国因开征碳税而引起的产值及CO2排放量的变化,对石化塑胶行业在不同税率下的碳排放成本进行分析.结果表明,开征碳税可以实现我国的减排目标,且应针对工业企业采取逐步提高的碳税收策略.     

辽宁省装备制造业供应链治理结构与供应链绩效关系研究

以辽宁省装备制造业为研究对象,通过对供应链治理结构与供应链绩效之间关系的分析得出:关系型和合同型两种治理结构都能对供应链绩效产生正向影响,但随着供应链合作伙伴关系进一步推进,关系型治理对供应链绩效的贡献程度更高。辽宁省装备制造企业应该根据供应链的内部特点、外部环境等积极进行相应治理,来提高供应链响应速度、顾客满意度等,最终提高供应链绩效。此外,辽宁省装备制造业应该准确识别供应链柔性程度,根据其来选择不同类型治理结构,确保能够避免过分依赖合同治理或关系治理来降低供应链合作伙伴关系中效率低下或机会主义风险。     

The Effects of Firm Size and Industry on Corporate Giving

Recent downward trends in corporate giving have renewed interest in the factors that shape corporate philanthropy. This paper examines the relationships between charitable contributions, firm size and industry. Improvements over previous studies include an IRS data base that covers a much broader range of firm sizes and industries as compared to previous studies and estimation using an instrumental variable technique that explicitly addresses potential simultaneity between charitable contributions and profitability. Important findings provide evidence of a cubic relationship between charitable giving and firm size and evidence of strong industry effects. The plus-minus-plus regression coefficient sign pattern for the cubic firm size model suggests that small and large firms give more relative to total receipts with lower giving ratios among medium size firms. One interpretation for this finding is that small firms are close to the communities they serve while high visibility creates a need for large firm philanthropy. Strong industry effects provide evidence of inter-industry differences in giving culture and/or different public relations requirements across industries. Christie H. Amato (Ph.D., University of Alabama) is professor of marketing at the Belk College of Business Administration, University of North Carolina, Charlotte. Dr. Amato's research interests lie in the area of strategic marketing, productivity, quality of life and ethics. She has published articles in top marketing journals including: Journal of Marketing Research, Journal of the Academy of Marketing Science, Journal of Retailing, Journal of Advertising and Journal of Business Research. Louis H. Amato (Ph.D., University of South Carolina) is professor of economics at the Belk College of Business Administration, University of North Carolina-Charlotte. Dr.␣Amato's research interests lie in the areas of market structure and profitability, productivity, quality of life and ethics. He has published articles in top journals including Southern Economic Journal, Review of Industrial Organization, and Quarterly Journal of Business and Economics.     

Firm Size,Source of Finance,and Growth - Evidence from China

Using a comprehensive firm-level data set from China spanning the period 1998–2005, this study investigates the relationship between firm size, financing sources, and total factor productivity growth. Controlling for the endogeneity of financing sources, we find that firm size plays an important role in the way financial structure affects the growth process. Domestic bank loans are more effective for bigger firms, while self-raised finance is more beneficial to smaller firms’ growth. We also uncover evidence that ownership mediates the relationship between firm size, finance, and growth.     

Firm Size and Efficiency in Innovation: Comment on van Dijk et al.

Van Dijk et al. found different results for some variables explaining the large/small firm innovation advantage in a number of Acs and Audretsch publications. Their own research adds to this variety. However, the differences van Dijk et al. found between the Acs and Audretsch studies can be largely attributed to specification and sample differences. The same applies to the observed differences between Acs and Audretsch and van Dijk et al.     

优化装备制造业资本结构的建议——以齐齐哈尔市装备制造业为例

当前,齐齐哈尔市装备制造业资本结构中存在的问题主要是企业资产负债率普遍偏高,内外融资不协调,企业股权结构不合理,企业资本结构缺乏弹性等。企业资本结构的优化关键在于建立一个对投资者负责的有效的监督与约束机制,同时还应采取切实措施,逐步降低资产负债率;促进股权多元化,强化财务风险管理;发挥债券市场功能,提高资本市场效率;完善公司治理结构,建立资本结构动态优化机制,从而提高企业资产的运行效率。