Cooperative R&D with product market competition

A simple model RJV is presented to examine the private and social incentives for cooperative R&D in the presence of product market competition. The key assumption to our analysis was that the spillover rate increases with cooperation in R&D and total industry profit decreases as the spillover rate increases due to intensified post-innovation competition. This leads to a negative impact of cooperative R&D, introducing a trade-off in the model. It is shown that private firms prefer a cooperative R&D to non-cooperative R&D competition when spillover rates are high and that the private incentive for cooperative R&D is less than the social incentive.     

The R&D performance in Taiwan's electronics industry: a longitudinal examination

R&D investment has been widely regarded as an important input for firms, particularly for high‐tech firms, to achieve competitive advantage within their industry. Hence, a number of high‐tech firms are now investing substantial amounts into R&D. Since R&D efforts enable firms to raise the competitive advantage, one noticeable and interesting issue expected to know is the degree to which R&D investment influences firm output performance. In Taiwan, much greater emphasis is also being placed into R&D investment in the high‐tech industries; however, R&D output performance has never been seriously examined within this sector. Since the island's electronics industry is widely regarded as the most promising industry in the ‘high‐tech sector’, and is expected to place greatest emphasis on its R&D efforts, we take the electronics firms as our analytical sample. This paper therefore sets out to estimate the impact of R&D on firm performance, in terms of productivity growth and the rate of return on investment, within the electronics industry in Taiwan, whilst also examining the Schumpeterian hypothesis, that R&D performance is an increasing function of firm size. Our examination of R&D performance is based on a panel sample of 83 large electronics firms, completely balanced over the period from 1994 to 2000, with series data of R&D capital also being constructed. Based upon the extended Cobb‐Douglas production function, a random effects model is developed with the estimations revealing that the output elasticity of R&D is around 0.19 and the average rate of return on R&D is around 22%. These findings clearly demonstrate that investment in R&D by these electronics firms has had an impact on their competitive advantage. Compared to the findings of previous studies, where the analytical unit of data was at firm level, here the rate of return on R&D is consistent with similar estimates for the US and UK, but lower than those for Japan. However, our estimations do not provide support for the hypothesis that the impact of R&D on productivity is an increasing function of firm size.     

我国第三产业发展与就业增长互动关系研究

通过构建VAR模型对我国第三产业发展与就业增长的关系进行了实证研究。协整分析表明第三产业与就业增长之间存在着长期协同互动关系。VAR模型及脉冲响应函数的动态分析表明我国第三产业发展表现为相互促进的累积过程;劳动力投入是影响第三产业发展的重要因素,就业人数的增长对第三产业发展有巨大的推动作用;第三产业具有很大的就业吸纳空间。最后根据就业吸纳弹性来阐明第三产业发展对劳动力的吸纳能力并提出相应的政策建议。     

The Internal Rate of Return Approach and the AIRR Paradigm: A Refutation and a Corroboration

This article shows that the internal rate of return (IRR) approach is unreliable and that the recently introduced average internal rate of return (AIRR) model constitutes the basis for an alternative theoretical paradigm of rate of return. To this end, we divide the paper into two parts: a pars destruens and a pars construens. In the “destructive” part, we present a compendium of 18 flaws associated with the IRR approach. In the “constructive” part, we construct the alternative approach from four (independent) economic intuitions and put the paradigm to the test by showing that it does not suffer from any of the flaws previously investigated. We also show how the IRR, as a rate of return, is absorbed into the new approach.     

The ‘close but adversarial’ model of supplier relations in the U.S. auto industry

While cooperative buyer–supplier relations are an important source of sustainable competitive advantage, noncooperative behavior persists widely. This paper tests a model incorporating noncooperative behavior within a context of formal commitment, using data from the U.S. auto industry. This ‘close, but adversarial’ model appears to be reasonably well supported by the data, suggesting that even within professed cooperative buyer–supplier relationships adversarial behavior persists. In contrast, a small but significant minority of the relationships were found to be characterized by high levels of trust as well as informal commitment. The results suggest specific strategies for developing cooperative supplier relations. © 1998 John Wiley & Sons, Ltd.     

Learning Capability,Technological Parity,and Innovation Mode Use*

The purpose of this research was to examine whether a firm's learning capability interacts with industry technological parity to predict innovation mode use. Learning capability is conceptualized in the current research as a firm's ability to develop or acquire the new knowledge‐based resources and skills needed to offer new products. Industry technological parity is conceptualized as the extent to which similarity and equality exist among the technological competencies of the firms in an industry. Three generic modes of innovation are considered: internal, cooperative, and external innovation. These modes reflect the development of new products based solely on internal resources, the collaborative development of new products (i.e., with one or more development partners), and the acquisition of fully developed products from external sources, respectively. The premises of this research are that (1) technological parity can create incentives or disincentives for innovating in a particular mode, depending upon the value of external innovative resources relative to the value of internal innovative resources and (2) firms will choose innovation modes that reflect a combination of their abilities and incentives to innovate alone, with others, or through others. Survey research and secondary sources were used to collect data from 119 high‐technology firms. Results indicate that firms exhibit greater use of internal and external innovation when high levels of industry technological parity are matched by high levels of firm learning capability. By contrast, a negative relationship between learning capability and industry technological parity is associated with greater use of the cooperative mode of innovation. Thus, a single, common internal capability—learning capability—interacts with the level of technological parity in the environment to significantly predict three distinct innovation modes—modes that are not inherently dependent upon one another. As such, a firm's internal ability to innovate, as reflected in learning capability, has relevance well beyond that firm's likely internal innovation output. It also predicts the firm's likely use of cooperative and external innovation when considered in light of the level of industry technological parity. A practical implication of these findings is that companies with modest learning capabilities are not inherently precluded from innovating. Rather, they can innovate through modes for which conditions in their current environments do not constitute significant obstacles to innovation output. In particular, modest learning capabilities are associated with higher innovative output in the internal, cooperative, and external modes when industry technological parity levels are low, high, and low, respectively. Conversely, strong learning capabilities tend to be associated with higher innovative output in the internal, cooperative, and external modes when industry technological parity levels are high, low, and high, respectively.     

Strategy and strategic choice: The case of telecommunications

This paper outlines a model of organizational strategy that takes into account both the task ambiguity and concentration of the environment. A competitive strategy, in the sense as used in classical economics, is most suitable with low task ambiguity and concentration. When task ambiguity increases a shift to an innovative strategy can be expected. When concentration is high consolidative and cooperative strategies with respectively low and high ambiguity can be expected. These latter two strategies, in particular, tend to impose institutional and regulatory constraints upon firms, an aspect that is seriously neglected in the conventional business policy and strategic management literature. This model is illustrated using the case of the British telecommunications industry which has recently been subject to considerable regulatory and technical change. Implications for management are that strategy should be matched to environmental conditions as defined by task ambiguity and concentration. However, these dimensions are not fixed but enacted by firms in a particular industry. Implications for government are that a more contingent approach to regulation and de-regulation needs to be considered.     

基于百度指数的碳交易市场波动率的实证研究

碳交易市场波动率研究主要基于成交量数据对收益率GARCH效应的解释作用。在互联网时代可以有更新更为有效的方法来衡量碳交易市场的波动性。基于“碳交易”词条的百度指数,以湖北碳交易市场中的收益率为样本,本文通过对比使用引入成交量和搜索量的IGARCH（1,1）模型,实证研究发现传统的量价方程的确没有解释力,而百度指数可以对收益率的GARCH效应做出部分合理的解释,这可以在某种程度上反映湖北碳交易市场的交易信息流。     

Cooperative strategies for the availability service of repairable aircraft components

This paper specifies cooperative strategies for the availability service of repairable aircraft components and finds out which factors contribute to the emergence of a particular cooperative strategy. The strategies ad hoc cooperation, cooperative pooling and commercial pooling were specified and compared to the alternative of acting alone, i.e. solo strategy. A simulation model based on fair assumptions of the cost structure was constructed and the cooperative strategies were tested in a game theoretic setting both from the viewpoint of total efficiency and from the perspective of each participant. Despite the explicit focus on aircraft components, the findings should be relevant to any industry using a closed-loop maintenance process with repairable spare parts.     

Joint ventures and competitive strategy

A framework for using joint ventures (and other forms of cooperative strategy) within varying competitive environments is constructed, and hypotheses are developed concerning the impact of particular industry traits upon firms' options in pursuing them. Industry examples illustrate the framework's hypotheses. In this framework, demand traits suggest what types of cooperative strategies are needed. Competitor traits suggest how firms will respond to these needs for cooperation. Since joint ventures can be inherently unstable organizational forms, it is important for managers to (1) select the right cooperative strategy option and (2) modify the autonomy from (and coordination with) sponsoring firms that ventures enjoy as their industry structures evolve. Familiarity with cooperative strategy options is important because (1) as growth slows, (2) as markets shrink or become crowded, (3) as industries become global, or (4) as technological change accelerates to speeds where individual firms cannot recover their initial investments, managers will have less margin for error. If managers do not learn how to use cooperative strategies advantageously their firms may encounter difficulties in delivering adequate value to their customers, replenishing their base of skills, and/or safeguarding their abilities to increase long-term shareholder value.     

How much does industry matter?

This study partitions the total variance in rate of return among FTC Line of Business reporting units into industry factors (whatever their nature), time factors, factors associated with the corporate parent, and business-specific factors. Whereas Schmalensee (1985) reported that industry factors were the strongest, corporate and market share effects being extremely weak, this study distinguishes between stable and fluctuating effects and reaches markedly different conclusions. The data reveal negligible corporate effects, small stable industry effects, and very large stable business-unit effects. These results imply that the most important sources of economic rents are business-specific; industry membership is a much less important source and corporate parentage is quite unimportant.     

A comparative analysis of layoff announcements and stock price reactions in the United States and Japan

Downsizing and layoffs are an important mechanism for U.S. firms to cope with their strategic and economic environment. In contrast, the Japanese tradition of lifetime employment limits the ability of firms to employ layoffs as a strategic measure, relegating its use to conditions of financial distress. This paper provides the first comparison of layoffs in Japan and the United States and examines stock price reactions to layoff announcements in each country from 1990 to 1994. Agency theory and Aoki's cooperative game theory are employed to discuss differences in the governance structures of U.S. and Japanese firms and their implication for stock price reactions. Results show that layoff announcements trigger negative returns for both U.S. and Japanese firms. Specifically, layoff announcements of U.S. firms are associated with a negative 1.78 percent abnormal return, while layoff announcements for Japanese firms are associated with a negative 0.56 percent abnormal return. To better understand the impact of layoffs, this study examines the relationships between stock price reactions and various layoff characteristics (such as whether the layoff is proactive or reactive or whether the layoff is the first in the industry). Implications of the findings are discussed. © 1997 John Wiley & Sons, Ltd.     

我国轿车工业的产业组织分析

本文以产业组织理论中哈佛学派的SCP范式为基本分析框架，考察我国轿车工业的产业组织状况，认为其市场结构是基于政府规制的寡占型结构，纵向一体化程度较高，市场行为体现为更多的合作性而非竞争性，但是，在入世后竞争有加剧的趋势，而相应的市场绩效为相对效率低下，技术进步和产品创新乏力，但是各寡头厂商仍可以维持较高的利润率，在此基础上，提出了一些产业组织政策建议。     

Cooperative behavior and information sharing in the e-commerce age

In this research, we consider a supplier-e-tailer supply chain where the e-tailer offers a full return policy (i.e., full refund) to its consumers and both the supplier and the e-tailer have their own information about the product demand of online selling. In this setting, we investigate what effective mechanism can be utilized to motivate the supplier and the e-tailer to share their information and also eliminate information distortion simultaneously, and how the e-tailer's return policy impacts the value of information sharing. Our results show that when the two-part tariff mechanism is implemented, both the supplier and the e-tailer would share their information conditionally. As a result, both the supplier and the e-tailer have their motivations to distort the shared information. However, the cooperative wholesale price with profit sharing is an effective mechanism to be utilized to motivate the supplier and the e-tailer to share their information truthfully and create a win-win solution. Furthermore, our results show that comparing to the two-part tariff mechanism, the cooperative wholesale price mechanism has a competitive advantage to help both the supplier and the e-tailer achieve higher profits. In addition, our results also indicate that both the supplier and the e-tailer have stronger motivation to implement an information sharing arrangement when a full return policy is offered to consumers.     

Profitability of Office Rental Market in Seoul: An Application of Simultaneous Structural Equations

This article is concerned with the estimation of excess rates of return on the office rental market in Seoul using a simultaneous structural equation model. The office rental market in Seoul is spatially divided into CBD and non-CBD, and the model has three behavior equations of Chonsei price, monthly rent and key deposit, with two identity equations of conversion rate and excess rate of return. This article reveals that it would be rational for the owners to ask tenants for a higher deposit with a lower monthly rent under increasing interest rates because the interest rate has a positive effect on the Chonsei deposit and the key deposit, but a negative effect on the monthly rent. Although high nominal interest rate and low economic growth reduce the excess rate of return on both submarkets, the non-CBD office rental market would be more profitable than the CBD market despite lower levels of the monthly rent and key deposit.     

Rent seeking and the allowed rate of return: A recursive model

In this paper, we estimate a three-equation recursive model of the rate-of-return phase of the regulatory hearing process. Separate equations are estimated for the firm's requested rate of return, the staff's recommended rate of return, and the commission's approved rate of return. The sample used in this estimation contains 122 observations of actual rate cases that were decided between 1980 and 1984. There are 73 electric companies and 37 states represented in this sample. The model differs from prior work in this area by (1) incorporating a separate equation to explain the commission staff's recommended rate of return, and (2) including the regulated companies' actual expenditures on the hearing process as a variable in all three equations.     

VaR约束与资产配置优化——基于中国证券市场的经验数据分析

VaR模型是一种有效的风险计量和管理工具。在假设组合收益服从正态分布的条件下,分析了引入VaR约束的均值一方差模型及有效边界;考虑在一定置信水平下。结合组合收益的实际分布,给出了满足投资者VaR约束下期望收益最大化的计量模型及投资策略选择,并利用中国证券市场数据进行了实证研究。     

Measuring the Economic Rate of Return on Assets

This paper (1) describes a procedure for correctingthe deficiencies associated with the accounting rateof return, and for capitalizing the intangible assetscreated by the firm's R & D expenditures; and (2)demonstrates the superiority of the derived measure ofrate of return in a fixed effects model testing therelative influence of firm and industry effects onreturns. Both of these influences are shown to bemuch stronger than in previous empirical work.     

我国石油石化企业合理投资回报率水平研究

我国石油石化企业在“十一五”期间资产规模基本实现翻番,但投资资本回报率与跨国石油公司相比仍存在较大差距.近些年学术研究领域提出了对我国改革开放以来资本回报率的基本判断,并探讨了总资本回报率的计算方法,但这些研究集中在社会总资本回报率方面.2010年国资委提出的经济增加值(EVA)考核办法,体现了加权平均资本成本(WACC)作为中央企业投资回报率的最低要求,但忽视了企业通过市场筹集资金所应得到的风险溢价.本文基于证券市场投资者视角,并结合石油石化企业典型项目经验等,探讨用无风险收益率加上风险收益率(风险收益率=公司风险系数×市场平均风险溢价)来衡量企业的合理投资回报率.研究认为,“十二五”期间我国石油石化企业合理投资回报率应不低于12％,这一数据可为存量资产优化和新增投入控制提供决策参考.     

基于灰色理论的纺织业与信息业协同发展研究

基于产业协同理论和1999年至2009年中国纺织产业、信息产业的生产总值和产业增加值率数据,运用灰色关联理论模型,研究两产业协同发展问题。结果说明阻碍中国纺织服装产业国际竞争力快速提升的主要原因之一就是与信息产业发展的协同程度不高,所以提高中国纺织服装产业信息化仍然是当务之急。