Determinants of Entry in an Emerging Economy: A Multilevel Approach

The dynamics of the world economy and global competition patterns are encouraging multinational enterprises (MNEs) to expand into emerging economies. This study validates the proposition that entry mode selection in an emerging economy is influenced by situational contingencies at four levels: nation, industry, firm, and project. Analysis of data collected from China suggests that the joint venture is preferred when perceived governmental intervention or environmental uncertainty is high or host country experience is low. The wholly-owned entry mode is preferred when intellectual property rights are not well protected, the number of firms in the industry is growing fast, the need for global integration is high, or the project is located in an open economic region. The importance of these multilevel determinants requires simultaneous and inseparable considerations of the risk, return, control, and resource effects of the entry mode decision. This necessitates a theoretical integration of multiple perspectives such as transaction cost, the eclectic paradigm, bargaining power, and organizational capability.     

Timeliness of Annual Report Releases and Market Reaction to Earnings Announcements in an Emerging Capital Market: The Case of China

This paper examines the relation between firm performance and the timing of annual report releases in an emerging capital market. Based on the population of listed Chinese firms with A-shares for 1994-1997, we find that good news firms release their annual reports earlier than bad news firms, and loss firms release their annual reports the latest. Moreover, consistent with Chambers and Penman (1984) and Begley and Fischer (1998), these firms unexpectedly accelerate the release of good news and delay the disclosure of bad news relative to their previous reporting pattern. We also observe a significant price reaction to the annual earnings announcements for both early (good news) and late (bad news) reporting firms. Similar results are found for those A-share firms which have also issued B- or H-shares to foreign investors. Our study documents a systematic timing pattern of annual report disclosures, which is useful for investors to predict future earnings, especially in anticipating bad news in China's emerging market where information about future earnings is very limited.     

The Design of Stable International Environmental Agreements: Economic Theory and Political Economy

International environmental agreements typically strive for the solution of a common property resource dilemma. Since the sovereignty of states precludes external enforcement, international environmental agreements must be self‐enforcing. Game theoretical models explain why rewards and punishments imposed through the environmental externality generally fail to enforce full cooperation. Therefore, environmental treaties incorporate provisions that enhance the incentives for participation such as transfers, sanctions and linkage to other negotiation topics in international politics. Moreover, interaction with markets and governments as well as the rules and procedures adopted in the negotiation process influence the design and the effectiveness of an international environmental agreement.     

Sources of Sectoral Growth in an Economy Wide Context: The Case of U.S. Agriculture

Growth in U.S. agriculture is linked to the non-farm economy through domestic terms of trade and factor market adjustments. With almost stable input growth, the relatively large contributions from growth in Total Factor Productivity (TFP) are passed on to intermediate and final consumers in the form of declining real prices for primary farm products. The resulting net growth in the real value of farm output (GDP) is relatively low (0.25% per annum). The decomposition of TFP suggests that public agricultural stock of knowledge and infrastructure are robustly associated with TFP growth, while spill-overs from private agricultural and economy wide research and development (R and D) are positive but, relatively small.     

房地产税收制度的国际经验及启示

征收房地产税收的目的就是遏制房价的上涨以及增加财政收入.然而,由于当前我国房地产征税效率低,对房价上涨没起到抑制作用.通过对新加坡,韩国和中国香港房地产税收状况的分析,借鉴他们有效征税和成功遏制较高的房价措施,并结合我国房地产税收实际状况,提出来一系列房地产税征收政策及改进措施来不断完善我国房地产税制.希望这些措施 能...     

低碳经济：国际发展动向与中国的行动

进入21世纪后,低碳经济作为一种以低能耗、低污染、低排放为基础的新经济模式日益受到世界各国的青睐。英国成为全球低碳经济的积极倡导者和先行者,低碳经济或为欧盟的就业出路,美国拟通过立法巨资投入低碳经济,日本强化低碳经济旨在实现低碳社会;作为世界上最大的发展中国家,中国也已成为发展低碳经济的主要践行者。     

新创企业国际化：国际商务理论研究的新领域

新创企业国际化作为国际化经营中的新现象,伴随着创业型经济的兴起和经济全球化的深入发展日趋频繁和普遍,成为近年来国际商务理论研究的新兴领域和理论热点。本文在简要介绍新创企业国际化理论兴起与发展的基础上,围绕国际化动因、过程与战略选择以及国际化对新创企业成长和绩效的影响三个方面对新创企业国际化理论进行分析梳理和评述,以期为国内相关问题的研究提供一个清晰的研究脉络,并为我国企业国际化经营实践提供理论借鉴。     

知识经济下人力资源管理的职能拓展与管理创新

知识经济条件下 ,人力资源已成为企业发展的关键性战略资源。本文分析了知识经济条件下组织的环境变化 ,及对人力资源管理与开发的挑战。在此基础上 ,阐述了人力资源管理职能的拓展与管理创新。     

新兴市场国家的汇率波动与出口:一个经验分析

现有的中外文献已经对发达国家间的汇率波动与贸易之间的关系做了很多相关分析，但就汇率波动与贸易之间的关系没有取得一致性的结论。本文利用协整分析和误差修正模型，针对新兴市场国家的汇率波动与出口的关系进行了经验分析，结论是：汇率波动会在一定程度上抑制新兴市场国家的出口，但对某些新兴市场国家出口的影响并不明显，其影响程度随一国经济发展水平、经济规模和开放度的差异而有所区别。     

The Valuation-relevance of Earnings and Cash Flows: an International Perspective

We investigate which variable, earnings or cash flows, provides greater information for equity valuation within the United States, the United Kingdom, Canada, Germany, and Japan. We regress returns on earnings and cash flow metrics. We generally find earnings developed in three Anglo-Saxon countries—where capital is traditionally raised in public markets and reporting rules are unencumbered by taxation requirements—to have greater explanatory power for stock returns than cash flow metrics. Conversely, in two non-Anglo-Saxon countries—where capital is traditionally raised from private sources—earnings are generally not superior to cash flows for equity valuation, except in Japan, non-consolidated sample. While sensitivity analyses generally support the conclusions of our primary tests, in some of the additional analyses, earnings were superior to cash flows for samples from all countries. As expected, in all countries earnings have incremental information content over cash flows in explaining returns. Collectively, our findings provide two contributions. First, we generalize the findings of prior US research by showing that earnings are more important than cash flows for equity valuation in other Anglo-Saxon countries. Second and more importantly, our findings demonstrate that the superiority of earnings over cash flows is not universal. Rather, it depends on the national reporting regime and attendant institutional factors.     

The Economic and Environmental Consequences of Automobile Lifetime Extension and Fuel Economy Improvement: Japan's Case

The presenft paper develops a structural decomposition analysis with cumulative product lifetime distributions to estimate the effects of both product lifetime shifts and energy efficiency changes on the embodied energy consumptions. The empirical analysis focuses on automobile use (ordinary passenger vehicles, small passenger vehicles, and light passenger vehicles) in Japan during the period 1990–2000. It reveals that the lifetime extension of existing old vehicles during the study period was more beneficial to the environment than purchasing new passenger vehicles with a relatively high fuel economy, because the lifetime extension empirically contributed to reducing the embodied energy consumption at the production and end-use stages. We also found that the energy-saving impact of a one-year lifetime extension was approximately 1.3 times larger than that of the most significant technological improvement in the electric power generation sector.     

新兴政产学研协同创新的演化过程——以东方美谷为例

本研究对新兴的政产学研协同创新平台的演化过程进行研究,并以我国首个新兴的集美丽健康产业为核心的协同创新网络平台"东方美谷"为实证案例,揭示了新兴政产学研协同创新网络的演化特征有四个:自发性、动态性、共生性和自增益性.研究将新兴政产学研协同创新演化过程划分为三个阶段:孕育期、初创期和发展期,在每一个演化过程中,新兴的产业发展主要依托于协同创新网络内部的政府、企业、高校、研究院所的大力推动,协同创新网络外围的金融机构、用户、非营利组织等也对其发展演化有一定的辅助作用.     

限制商品过度包装的国际经验和趋势

文章研究了发达国家限制商品过度包装的做法和趋势,总结了主要经验,结合我国商品过度包装问题比较严重的现状,提出了解决问题的建议。     

从国外经验看我国城市群一体化组织与管理

组织机制和管理模式是推动城市群一体化发展顶层设计的基础工作,也是当前制约城市群一体化的主要障碍之一。借鉴发达国家主要城市群一体化进程中关于组织与管理模式方面的经验,对促进我国的城市一体化具有较强的现实指导意义。在辨识我国城市群演化状态及组织与管理机能的基础上,通过文献回顾和实证分析,指出行政等级、规模尺度和发展水平的差异及市场化水平不高等因素导致了我国城市群的组织与管理存在滞后状态,改革刻不容缓。通过回顾、归纳和总结西方主要发达国家城市群不同的组织与管理模式及其特征,结合国际区域管治的一些最新趋势,提出对我国城市群组织与管理的启示,以及未来研究的主要方向和内容,包括构建弹性组织架构,设计市场与政府相结合的管理模式,推动实施城市群一体化组织与管理的行动方案和制度保障等。