论家族企业的治理优势--兼与叶国灿、黄云峰同志商榷

家族企业是非常重要而有效的一种产业组织形式,也是世界上最具普遍意义的一种企业类型.然而目前学界对家族企业的治理优势存在着许多认识上的误区,作者认为中国家族企业具有巨大的比较优势和竞争优势,家族企业的家族治理与现代企业制度并无本质的区别,是治理企业的手段而不是目的,应该积极鼓励和扶持家族企业的发展,为家族企业的可持续发展创造一切可能的条件.     

企业战略联盟的竞争优势研究——基于价值链的视角

战略联盟作为—种组织创新,已经成为现代企业强化其竞争优势的重要手段.企业可以通过优化与协调内部活动获得竞争优势,也可以通过价值链的整合、合用,扩展企业的有效范围,实现低成本或差异化的战略目标.企业缔结联盟之前,应先对其内部价值链进行深入分析,了解自身的优势与薄弱环节.在此基础上,需对企业所处产业的价值链有一个充分认识,使内部价值链适合于更广泛的产业价值链,以此提高联盟整体的竞争优势.     

现金持有对家族企业市场竞争力的影响——基于CEO来源的视角

当前我国家族企业已陆续进入代际传承的重要阶段,企业CEO也出现了由一代、二代或外部经理人这三种不同来源的安排。不同来源的CEO从现金持有的交易动机、预防动机和代理动机出发,会选择不同的现金持有战略,从而影响企业的市场竞争力。文章以2010-2014年沪深两市A股上市家族企业为研究对象,研究现金持有水平与企业市场竞争力之间的一般关系,并根据家族企业的特殊性和差异性,推断家族企业现金持有是否同样具有竞争优势,还进一步研究家族企业不同CEO来源对现金持有竞争优势的影响。研究发现,家族企业的现金持有能够增强企业的市场竞争力,即家族企业存在现金持有的竞争优势。而且家族企业CEO的不同来源会对企业现金持有的竞争优势产生较大影响,具体说,家族创始人CEO由于维护社会情感财富和代际传承等原因,可能会损害企业现金持有的竞争优势,降低家族企业现金持有价值;家族二代CEO出于二次创业的动力,反而会加强企业现金持有的竞争优势;外部经理人担任CEO为了个人声誉和薪酬,也会显著加强企业现金持有的竞争优势。文章从家族企业这一特殊样本出发,丰富了家族企业现金持有竞争优势的研究,并从家族企业代际传承的视角,独特地研究了不同CEO来源对家族企业现金持有竞争优势的重要影响,同时也扩展了代际传承经济后果的研究。     

基于资源观视角的家族涉入与家族企业竞争优势探讨

家族涉入是家族企业的基本特征,也是家族企业竞争优势的来源。过去对家族企业竞争优势的讨论局限于静态的视角,本文从资源观的视角分析了家族涉入给家族企业带来的资源贡献和造成的潜在问题,指出资源的价值是随着企业的需求动态变化的,并且提出适当的资源管理是家族企业发挥资源效能,争取竞争优势的必要条件。     

家族企业成长中的控制权代际传承

家族企业成长过程中人力资本和非人力资本的扩充必然导致企业中各方讨价还价实力的变化，这种变化同时导致企业不同组织形态演变。本文以资本的社会化和知识的专业化不同区分了古典家族企业、准古典家族企业、现代家族企业、准现代家族企业四种类型。并进一步指出家族企业的演进必须面对企业成长与家族控制之间的两难。     

书架

《家族企业最佳实践》作者:[美]兰德尔·卡洛克、约翰·沃德出版:东方出版社定价:42.00元作者运用各种访谈、研究和个人咨询经验,撰写了来自全球各地的案例分析,展示成功的家族企业如何将家族成果转化为家族、企业及其相关方建立长期价值的竞争优势。     

略论我国家族企业的战略管理

经济全球化使得我国家族企业的成长环境、竞争范围以及竞争方式发生了前所未有的变化,在新的经济竞争环境下,家族企业为了提高自身的竞争力,必须高度重视企业的战略管理。本文以提高我国家族企业竞争力为出发点,在分析了战略管理对于企业发展的意义及我国家族企业战略管理现状的基础上,从战略制定、战略实施、战略评价三个方面探讨了未来我国家族企业战略管理。     

家族企业治理结构的合理与局限

伴随市场经济的发展与完善,中国家族企业治理问题已经成为我国家族企业持续成长的重大问题。 家族企业与非家族企业的主要区别在于企业加入了家族的要素。从治理机制看,家族企业是家族或者家庭企业管理模式在企业的翻版。家族企业主要依靠家长专制、亲情管理、利他主义、差序格局、嗣子继承等家族内部相继的一些制度安排来实现企业秩序。从契约关系看：家族企业用心理契约替代文本契约,     

家族企业产业集群区的成长机制分析

我国家族企业产业集群区发展是在市场化、国际化和工业现代化的背景下进行的。目前,其主要竞争优势是低成本,尚处于集群发展的低端道路。因此,如何保持集群优势的持久化和最大化、实现我国家族企业产业集群区的可持续发展,就成为我们必须回答的问题。文章分析了产业集群区家族企业快速成长的效应及其网络机制,同时提出推动我国产业集群区家族企业可持续发展的相关政策建议。     

家族企业成长中内部治理演进和变迁的动因分析

家族企业的成长过程是其内部治理不断演进和变迁的过程。家族企业成长中，其内部治理演进和变迁的逻辑动因可以主要从资本规模扩大、吸收社会金融资本和家族企业的代际传承性三个方面进行分析。     

Family Hardship and the Growth of Micro and Small Firms in Indonesia

I examine what happens to the total assets of micro and small firms in Indonesia when their owners experience hardship such as the death or sickness of family members, crop losses, or natural disasters. Using a representative sample of firm owners, I find that deaths of family members reduce the assets of such firms, that the adverse effects of these are long-lasting and economically large, and that the smaller the firms the greater the magnitude of these effects. There is no evidence, however, that the sickness of family members, crop losses, or natural disasters reduce firms’ assets. These results suggest that only severe family hardship impedes the growth of micro and small firms.     

好的品牌能带来更多的回报吗?——基于中国公司的经验研究

品牌是公司最为重要的无形资产,好的品牌能够为公司创造更多的价值。然而,在市场体系尚未健全、商业信用有待重整的中国,品牌能否为公司带来更多的回报是一个有待回答的实证话题。文章根据世界品牌实验室公布的中国500最具价值品牌排行榜,实证分析了品牌与公司业绩之间的关系。实证研究表明,在中国这样的新兴市场国家,高品牌能够为公司带来超额的财务回报和市场回报。     

Tax‐Adjusted q Model with Intangible Assets: Theory and Evidence from Temporary Investment Tax Incentives

We propose a tax‐adjusted q model with physical and intangible assets and estimate the effect of bonus depreciation in the United States in the early 2000s. We find that investment responds moderately to tax incentives, but allowing for heterogeneity reveals that intangible‐intensive firms respond more than physical‐intensive firms and that this difference is accentuated among large firms. Accounting for intangible assets increases the estimated total investment response from 3.7 to 14.3% of aggregate investment in 2000 among the largest 500 firms. Our results suggest that understanding the behavior of large and intangible‐intensive firms matters for investment policy.     

Organization Capital and the Cost of Equity Financing in Medium‐Sized Manufacturing Firms

We examine the effects of organization capital—evident in management quality practices—on firms’ implied cost of equity. We show that superior management practices decrease firms’ cost of equity capital. This novel finding, robust to a battery of sensitivity analyses and to endogeneity bias, highlights the importance of superior management practices in improving firms’ financing conditions. In sum, this study demonstrates that the quality of management practices maps onto firms’ financing conditions, stressing the value relevance of intangible assets.     

Domestic multinationals, foreign affiliates, and labour demand elasticities

Using information on a panel of multinational firms operating in the United Kingdom from 1996 to 2005, we find that labour demand in domestic multinationals is less sensitive to labour cost changes than in foreign multinationals. This difference in the wage elasticity of labour demand persists even when we control for the skill intensity of firms or their level of intangible assets. This is in line with an interpretation that the provision of headquarter services in domestic multinational firms protects against strong fluctuations in labour demand. Overall, our results suggest that the wage elasticity of labour demand is about 40 % lower in domestic than in foreign multinationals.     

Competition in the Chinese market: Foreign firms and markups

This study addresses the issues of whether foreign firms outperform domestic firms in markups and whether the presence of foreign firms dampens the markup of their local counterparts in the Chinese market. Analysis of a firm-level panel dataset, we find foreign-invested enterprises (FIEs), particularly those not from Hong Kong–Macau–Taiwan, charging a higher markup. Estimations on the determinants of markups highlight the important roles played by technological capability and intangible assets. The potential channels and mechanisms are also discussed. Entering the Chinese market through joint ventures helps FIEs raise markups, and this effect is notable for HMT–FIEs, which might have a relative advantage of cultural proximity than other FIEs. Sharing equality with national capital to construct political connection (guanxi) also helps facilitate markups. Crucially, foreign presence is positively related to local firms’ markups, suggesting that the spillover and linkage effects dominate the competition pressure brought about by foreign direct investment.     

基于可层级累增性的企业知识型无形资产价值管理研究

可层级累增性是无形资产尤其是知识型无形资产的重要经济学特性,并构成其巨大价值创造潜能的来源。知识经济时代,知识型无形资产在企业资产中占的比重愈来愈大,并成为企业价值创造的主要驱动因素。企业应加强对知识型无形资产的价值管理,并在知识型无形资产的价值评估、资产配置、市场化运用、资本化运营过程中充分利用可层级累增性这一特性,推动知识型无形资产巨大价值创造能力的实现。     

上市公司利用证券市场提升无形资产的价值

证券市场蕴含着丰富的无形资产,上市公司如利用得当,不但能增加无形资产的价值,还能提高公司的整体价值,并且提升公司在证券市场的形象。本文通过分析上市公司在证券市场上的无形资源,探讨提升无形资产价值的思路。     

Trade‐offs between Tax and Financial Reporting Benefits: Evidence from Purchase Price Allocations in Taxable Acquisitions

Under U.S. GAAP, firms recognize assets acquired in business combinations at fair value. Similarly, in taxable asset acquisitions firms adjust the tax basis of assets to fair value. Managers can increase the present value of future tax savings by allocating a greater portion of the purchase price to shorter‐lived assets than to goodwill or indefinite‐lived intangibles. However, this tax planning strategy imposes a financial reporting cost because it reduces book income following the acquisition; all else equal, allocations to shorter‐lived depreciable assets increase book depreciation expense, whereas allocations to goodwill and indefinite‐lived intangibles do not increase book amortization expense. We exploit the features of taxable asset acquisitions to investigate trade‐offs between tax and financial reporting incentives. We predict and find greater allocations to depreciable versus intangible assets when managers have strong tax incentives and weak financial reporting incentives. However, we also find that strong financial reporting incentives moderate the effects of strong tax incentives. These findings contribute new evidence to the literature on the importance of nontax costs in tax planning decisions     

基于企业持续竞争优势的隔离机制研究

隔离机制在企业取得竞争优势后能够形成一道屏障,使其核心能力不易被模仿和移转,从而维持企业在较长时间内的竞争优势。社会网络和制度化的环境促使企业间通过相互模仿与复制,产生异质同形性,使企业难以维持竞争优势,因此建立基于竞争优势的隔离机制变得十分重要。作为企业无形资产的知识、品牌、企业文化、管理能力因其形成过程的不可模仿性与因果模糊性,天然具有隔离机制的特性,企业必须从战略高度予以重视。