依托资本市场,助化工企业做大做强

<正>资本市场对企业发展有巨大的支持作用资本市场具有直接融资、价格发现、资源配置、风险管理等功能。资本市场可筹集社会资金、优化资源配置,促进经济发展方式转变和产业结构调整,引导产业发展。近年来我国国民经     

资本自由化、企业绩效与区域经济增长——来自企业层面的中国证据

本文是基于微观层面的金融发展对经济增长影响的实证研究。本文通过创建代表各地区经济发展的虚拟企业,以其应缴纳的增值税作为经济增长替代变量,并以资本自由化指数作为金融发展指标变量进行研究。本文的研究发现,资本自由化水平的提升能够有效通过促进企业业绩的增长,达到经济成长的目的。本文还发现在构成资本自由化的四个方面因素中,金融市场市场化水平对经济增长的作用最为明显。显示了金融部门的民营化和非国有企业融资壁垒的降低对经济成长的重要作用。     

区域智力资本对区域经济发展的影响——基于广东省的实证研究

本文借鉴智力资本的相关理论成果,将之运用到区域经济层面上来,通过构建指标体系来评估广东省21个地级市的区域智力资本水平,并进行相关实证分析.研究发现,广东省区域智力资本水平与经济发展存在显著正相关关系,区域智力资本的4种构成要素对经济发展的贡献有所差异,而且省内各个地区之间的区域智力资本水平很不平衡.本文进而探讨广东区域经济发展的新动力源泉和机制,并为地方政府选择未来经济发展的方向提供相关政策建议.     

企业精神资本与企业软实力:内涵及关系分析

企业精神资本是经济学中精神资本在企业层面的拓展。企业精神资本表现在3个层面:企业家、企业领导人层面,员工个体层面以及组织整体层面。不同层面的精神资本具有不同的内涵和表现。企业软实力作为企业的一种特有能力,虽然因研究视角不同,与企业精神资本的表述内容、侧重点不同,但是在彼此形成与发展机理上具有密切联系:精神资本是企业软实力的来源;精神资本不仅决定了软实力能否发生,而且还决定着它能否发展;企业软实力提升过程也是企业精神资本增加的过程;在企业实践中,二者相互依赖并相互支撑。     

正确处理相关关系 确立科学发展理念——学习新国九条的体会

<正>最近,国务院发布了《关于进一步促进资本市场健康发展的若干意见》,被业界称为新国九条,为今后资本市场的发展指明了方向,做出了部署,我们应该认真学习贯彻落实。20多年来,我国资本市场发展很快,已初步形成了涵盖股票、债券、期货的市场体系,但从总体上看仍不成熟,一些体制机制性问题仍然存在,在实际运作中还存在不少不够明确、不够清晰的相关关系,影响资本市场的健康发展。所以,新国九条的基本原则中专门提出了需要正确处理的几个关系,这些关系在实际工作中经常     

企业的社会资本对技术创新的影响

本文在阅读相关文献的基础上,从一个崭新的角度即知识创造的角度来研究企业社会资本对技术创新的影响作用,构建了企业社会资本通过正向作用于知识创造而促进技术创新能力提升的概念模型,并将企业社会资本分为企业内部社会资本与企业外部社会资本两部分,着重分析了知识创造在企业社会资本与技术创新关系中的作用。     

传承与超越：马克思虚拟资本理论的再认识

虚拟资本作为信用制度和市场经济制度的产物,在当代社会发展中仍发挥着重要的作用。文章阐明马克思虚拟资本理论的基本脉络,从本质上认识虚拟资本的新发展,进一步探讨该理论的几点当代价值：有助于资本市场理性创新;有助于健全金融风险监管机制;有助于激活虚拟经济发展基础;有助于促进我国市场经济健康发展。     

关于开展建设工程项目执法监察的意见——建设部 监察部 国家计委 国家工商行政管理局

改革开放以来,我国的投资建设和建筑业得到了很大发展,不仅建设了一大批基础设施和工业项目,促进了经济发展和人民生活水平的提高,而且还吸纳了大量农村剩余劳动力,对社会的稳定和进步起到了积极的作用。但是,由于工程建设方面的法规、规章相对滞后,对建设工程项目管理不严、建设资金控制不力、建设监理制度不落实、建设单位和施工企业缺乏有效监督等原因,建筑市场出现了一些比较严重的问题。主要表现在:一些单位违反建筑市场管理法规和工程建设程序,不报     

企业社会责任、社会资本与组织竞争优势:一个战略互动视角——基于中国转型期经验的实证研究

本文融合社会资本理论,构建了转型经济中企业社会责任影响组织竞争优势的理论框架,并运用151家中国企业的调查数据进行了实证检验。结果发现:企业社会责任与经济绩效之间不存在相关性,但与组织声誉正向相关,社会资本会明显强化企业社会责任的声誉效应。具体而言,等级制社会资本会显著促进企业社会责任与组织声誉的相关关系,而市场社会资本则限制了企业社会责任对组织声誉的贡献。本文从研究方法的跨层次风险、资源依赖的动态性和整合能力等方面进行了应用性的讨论,建议中国企业用基于社会资本的战略性社会责任超越慈善导向的社会责任,通过这种战略转型积聚组织竞争优势。     

三维社会资本与创业机会识别特质关系研究——基于“中三角”336份调查问卷的实证分析

自中国进入“L”型增长以来,“双创”已渐成为“中三角”地区突破增长瓶颈、实现经济发展转型的重要途径。基于社会资本角度分析创业机会识别特质的影响因素,对正确应用社会资本识别和开发创业机会、促进创业能起到重要作用。本文依据Nahapiet的社会资本理论,引入关系维度、结构维度和认知维度3个变量,通过SEM模型来探索社会资本对机会识别的可行性和盈利性的影响作用。结果表明社会资本的3个维度均与可行性和盈利性正相关。     

推进人力资源的系统开发

当前,推进人力资源开发,对于经济社会发展具有重要意义。从系统观点看,从我国经济社会发展的实际出发。需要着眼于人力资源开发的全过程,关注人力资源开发的全方面,增强人力资源开发的系统性。为此,需要在提升主体性过程中推进人力资源开发,在改进管理模型中推进人力资源开发,在教育培训中推进人力资源开发,在文化建设中推进人力资源开发,在人才使用中推进人力资源开发,在市场化的进程中推进人力资源开发,在提升社会资本的过程中推进人力资源开发,在完善机制过程中推进人力资源开发。     

发展中国家的电力市场化改革综述——市场模式、约束条件及路径选择

发展中国家由于社会和经济发展水平低,在电力市场化改革中遇到了很多教训。电力市场的目标模式是零售竞争型、但发展中国家受制度、资本市场、人力资源、技术的约束,难以直接实现目标模式。渐进式改革路径更适用于发展中国家的电力市场化改革。     

会计信息透明度问题产生的经济后果

会计信息透明度较低会带来严重的经济后果。文章利用博弈论、CAPM模型、统计分析等方法研究发现,会计信息透明度与股价偏离程度和波动性、资本成本、社会经济成本呈负相关关系。会计信息透明度降低到一定程度,股价波动性风险增加、融资成本增加、社会经济负担增加,依此形成恶性循环,最终将影响投资者决策,扭曲市场交易行为,降低资本市场效率,甚至导致市场失效。因此,会计信息透明度问题是资本市场亟待解决的核心问题。     

地方保护能提升公司绩效吗——来自上市公司的经验证据

本文以我国上市公司为研究样本,考察地方保护和要素市场分割对微观组织经济效率的影响。研究发现,地方保护虽提高了公司收入,但降低了要素资本(包括劳动力和原料)流动,导致微观组织经济效率降低。地方保护程度越严重,该地区企业劳动工资率越高,冗员越严重,企业主营成本越高,最终导致经济绩效越差。本文结论表明,从长远看,建立全国统一市场、打破地方保护主义和市场分割,无论对整个社会资源的优化配置,还是本地区企业的长远发展都具有重要意义。     

Technological capability, social capital and the launch strategy for innovative products

The Launch strategy for innovative products is a crucial strategic typology adopted by many high tech firms, and which has been identified in prior research focusing on new product introduction to the market. However, the nexus between launch strategies and firm resources has gained little research attention. This article therefore aims to investigate the influence of technological capability and social capital, two key resources for innovation in high tech firms, on the adoption of a launch strategy for innovative products. Furthermore, prior research has revealed that market characteristics play a moderating role on the relationship between firm resources and company strategies; thus, this study also examines the moderating effect of market characteristics. This study takes Taiwan's integrated circuit design firms as the analytical sample. Based on a sample of ninety companies, two interesting findings have been found. First, both technological capability and social capital are associated positively with the launch strategy for innovative products. Second, while the market growth rates increase, the positive relationship between technological capability and the launch strategy for innovative products becomes weaker.     

社会资本结构与民营企业成长

本文以个人关系资本与集群网络资本构成的社会资本结构为理论工具，通过两者的禀赋差异与组合，将我国经济转轨时期民营经济成长的环境分为四种类型。在实证地比较这四种环境下民营经济发展绩效的基础上，本文提出了集群网络资本有助于缺乏个人关系资本的中小企业发展的观点，并指出了伴随我国市场制度的逐步完善，个人关系资本弱化与集群网络资本强化的趋势。     

Does board social capital influence chief executive officers' investment decisions in research and development?

The findings of the chief executive officer (CEO) characteristics–research and development (R&D) investment relationship remain incomplete if previous unexamined contingencies are not considered. Very few studies in this area have invariably focused on the constraints from the external environment and overlooked the important influence of board social capital on such relationship. This study uses insights from resource dependence theory to examine how the effects of CEO characteristics on R&D investment are contingent on board social capital. The results show that board social capital mitigates/enhances the negative/positive effect of CEO tenure/CEO educational level on R&D investment, supporting the view that board social capital, as an important conduit to link firms to critical information and essential resources in the environment, may offer better counsel to CEOs and enhance their decision‐making capabilities in moving toward R&D. One important implication is that firms wishing to encourage innovation through R&D spending should consider nominating directors with rich social capital to the board because they may assist CEOs in coping with R&D complexities and acquiring requisite resources, leading to a better planning of R&D.     

Building social capital and human capital for internationalization: The role of network ties and knowledge resources

This study examines the inter-relationships between network ties as social capital and knowledge resources as human capital, in the internationalization of law firms. Using a qualitative case study methodology, this study is based on primary data collected from Australian law firms and corporate client organizations, and compares and contrasts the views of lawyers and clients on building social and human capital. Our study finds that the relative importance of strong ties diminishes as professional services globalize and weak ties become viewed as more prominent for successful internationalization. The main findings indicate three different sets of inter-relationships between social and human capital: complementary, supplementary and compensatory. We discuss the complementary and supplementary effects of strong and weak ties and three different types of knowledge resources (technical, market and client-specific knowledge). We also argue that knowledge resources of technical and market knowledge can compensate network ties in the internationalization of firms. Examining social and human capital between law firms and clients provides important theoretical and practical insights into understanding the internationalization of professional service firms.     

Managing a Portfolio of Interdependent New Product Candidates in the Pharmaceutical Industry

Highly regulated industries such as pharmaceuticals and agrochemicals face the challenge of maintaining a 0continuous stream of new products. This is difficult because of low probabilities of technical success, high development costs, uncertain market impact, a scarcity of good new product ideas, and limited human and capital resources available to develop them. The problem of evaluating and selecting which new products to develop and then of sequencing or of scheduling them is complicated further by the presence of dependencies between products both in the market place and in the development process itself. This study proposes a portfolio management approach that selects a sequence of projects, which maximizes the expected economic returns at an acceptable level of risk for a given level of resources in a new product development pipeline. A probabilistic network model of distinct activities is used to capture all the activities and resources required in the “process” of developing a new drug. A prioritization scheme suggesting sequences for developing new independent drug candidates with unlimited resources is generated with a conventional bubble chart approach. These sequences initiate a genetic algorithm (GA)‐based search for the optimal sequence in the presence of product dependencies and limited resources. By statistically evaluating the sequences generated during the GA search using a discrete event simulation model, it is possible to construct an economic reward‐risk frontier that illustrates the trade‐offs between expected rewards and risks. The model ideally is suited to answer various “what if” questions relative to changes in the resource level on pipeline performance. The methodology is illustrated with an industrially motivated case study, involving nine interdependent new product candidates targeting three diseases. The dramatic results yield a candidate sequence with an expected return 28 percent higher than the sequence suggested by the bubble chart approach at almost the same level of risk. The synergism among the candidate dependencies, pipeline resources, and economic and technical uncertainties demonstrates the necessity of a computationally intensive approach if the best development strategy is to be realized.     

积累制养老保障模式的建立与我国资本市场的作用

资本市场与养老基金之间的良性循环是实现积累制养老保障模式的前提条件和根本保证.养老保险模式个人账户后实现部分积累功能,必须充分发挥资本市场的作用.目前我国资本市场严重滞后于养老保障制度的改革,已成为我国积累制养老保障模式发展的障碍,因此,必须加快资本市场改革,为养老基金进入资本市场提供有利条件,使养老基金成为资本市场的重要力量,在两者相互促进中,实现共同发展.