企业代工动机、种类、强度与企业绩效的关系研究——基于深圳市制造业企业的研究

关于业务外包过程中代工企业的研究,多侧重于分析其利弊和实际操作方法。对企业代工与企业绩效之间的关系的研究很鲜见。本文研究了企业代工动机、种类、强度与企业绩效之间的关系。实证分析结果表明:企业提高代工强度有损于盈利能力,但却可以提升企业的公司实力;企业参与研发,可以增强公司实力与盈利能力,但是不会帮助提升销售增长率;企业进行专用资产投资,对公司实力和销售增长率会有提高,但是会损害盈利能力。     

Conjunctuur,structuur en economische groei

Summary In cross section analyses of economic growth, based on the Cobb-Douglas production function, only a minor part of the differences between the growth rates of the countries is explained by changes in the volumes of labour and capital input. In this article an effort has been made to reduce the unexplained residuals with the help of a simple growth model, containing four new elements as compared with the traditional analyses, based on the application of the Cobb-Douglas production function only. Firstly, to the concept of investment has been added a qualitative dimension, which represents its more or less traditional or “progressive” character, with which is meant the extent to which the latest technological findings have been applied in it. Secondly, the change in volume and quality of capital input has been considered as an endogenous variable. Thirdly, thefluctuation in economic growth has been introduced,via the investment equation, as an explaining variable of thepace of economic growth. The underlying philosophy is that the entrepreneurs base their quantitative and qualitative investment decisions on the pace of economic growth, corrected by the extent to which they fear set-backs in that growth. This fear is assumed to be founded on their past experience in this respect, as represented by a fluctuation-index. Finally, the sectorial structure of the economy has been introduced into the aggregate production function as an explaining variable of the autonomous trend of gross national product. The model has been tested in a cross section analysis for 17 Western European and North American countries, with the least squares method. The result was very satisfactory.

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Dit artikel vormt gedeeltelijk een weerslag van door de schrijver op het Nederlandsch Economisch Instituut onder auspici?n van N.V. Philips en Unilever N.V. verrichte groeistudies.     

Total Factor Productivity in Korean Manufacturing Industries

Abstract

In this study, parametric and non-parametric methods are employed to measure the total factor productivity (TFP) growth in the Korean manufacturing industry from 1993 to 2003. The analysis period contains both periods before and after the Asian financial crisis. The TFP growth rate is decomposed into different components. Also different elasticities are reported. By classifying the results by period and classifying a number of time invariant firm characteristics, such as sector, size, and location of firms, we observe systematic heterogeneity for each characteristic. We discuss the underlying causal factors. The results from a non-parametric approach are also compared with those of a parametric approach.     

Financial Restructuring and Economic Growth in Thailand

Abstract

After a sharp downturn in 1998, the Thai economy has up until 2003 registered a strong growth. There has also been a significant increase in exports as a percentage of the gross domestic product (GDP). While examining the performance of the Thai economy, this paper pays special attention to the factors that contributed to the Asian financial crisis of 1997–1998. Owing to increased financial rather than trade liberalization facilitated by improvements in communications technology, it is virtually impossible to eliminate the possibility of crises in the future. Through sound macro-economic management polices it is however possible to reduce the frequency of crises and their subsequent impact on the real economy. This paper suggests policies that may help to reduce the risk of similar crises in the future.     

Exports versus FDI: do firms use FDI as a mechanism to smooth demand volatility?

In this paper, we first develop a simple two-period model of oligopoly to show that, under demand uncertainty, whether a firm chooses to serve foreign markets by exports or via foreign direct investment (FDI) may depend on demand volatility along with other well-known determinants such as size of market demand and trade costs. Although fast transport such as air shipment is an option for exporting firms to smooth volatile demand in foreign markets, market volatility may systematically trigger the firms to undertake FDI. We then use a rich panel of US firms’ sales to 56 countries between 1999 and 2004 to confront this theoretical prediction and show strong evidence in support of the prediction     

De wet van Walras (II)

Summary Walras' Law occupies an important place in the discussions about some famous controversies such as the Patinkin-controversy and that between the Loanable Funds Theory and the Liquidity Preference Theory. After a brief introductory section about the contents and the basis of this theorem, the question of the traditionally attached identity predicate is discussed. In this connection it seemed useful to distinguish between: (a) equilibrium equations, (b) falsifiable identities, and (c) tautological identities. Walras' Law belongs to the class of falsifiable identities, because — given the assumption of the validity of the budget principle and the traditionally used definition of the excess demand concept — the Walrasian Theorem is valid even in disequilibrium situations, although it can be falsified in the real world. The second part of this study has been devoted to the question for which economic models this law can be said to be appropriate. In this connection the criticisms of Hansen, Rose, Archibald and Lipsey, Patinkin, Clower, and Tsiang have been thoroughly studied. The final conclusion is that the expressed criticisms cannot stand up, unless the underlying assumptions are changed,e.g., if a system of highly monopolized markets is chosen in stead of the traditional general equilibrium analysis based on perfect or monopolistic competition. Generally speaking, we may say that Walras' Law is also valid in inflationary, unemployment or non-tatonnement models, because these additional assumptions do not necessarily violate the above-mentioned underlying assumptions of the Walrasian Theorem. These basic assumptions are very useful and fairly reasonable in such a general equilibrium analysis, but they are neither necessarily inevitable nor always sufficiently realistic.

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Het eerste gedeelte van dit artikel is opgenomen in De Economist 1968, aflevering 4.     

Economie en vooruitgangsidee

Summary The object of this article is the relation between economic science and the idea of progress in western civilization. That relation can clearly be observed in classical economic theory (influenced by the Enlightment) and the modern theory of growth (Golden Age Economics). The author rejects any identification of economic progress with an unlimited increase of GNP. He proposes a link between the idea of economic progress and the divine mandate of stewardship, which implies that the inter-subjective scarcity of non-renewable resources and environmental factors should constantly be taken into account. He concludes with some remarks about economic growth as a goal of economic policy.

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Rede uitgesproken bij de aanvaarding van het ambt van gewoon hoogleraar aan de Vrije Universiteit op 10 maart 1972.     

UitDe Economist van 1894

Ohne Zusammenfassung

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Fromde Economisst in 1894

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Twee vergaderingen van voorstanders van het bimetallisme, blz. 522–532.

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translated by Richard Gigengack     

Some Methodological Issues on Estimating Foreign Exchange Exposure of US Multinational Firms: Evidence from the Asian Crisis

Abstract

This article asks whether sample specification of firm, period, and exchange rate matters in estimating foreign exchange exposure of US multinational firms. By sampling US firms that had Asian sales and assets from 1996 to 1998, we find that the firms’ returns are more likely to be significantly exposed to the Asian-oriented exchange rate changes for the Asian crisis, when the exchange rate changes were unexpectedly sizable. Also, by examining firms’ exposure in the share of Asian sales and assets, we find that the firms are more exposed as their operations are more involved in the Asian region.     

The economics of the family firm

Abstract

The paper investigates how far the study of family firms constitutes a subject in its own right. It is argued that family ownership per se does not require the development of a special theory of family firms. It is suggested that the uniqueness of the family firm resides in the strength of the dynastic motive, which may strengthen trust between family members, but discourages the recruitment of non-family members and so inhibits the growth of the firm. The strength of the dynastic motive varies across family firms. The paper summarises two recent approaches to the economic theory of family firms which attempt to formalise these insights, and demonstrates the complementarities between them.     

Does tax deduction relax financing constraints? Evidence from China's value-added tax reform

Financial constraint is a significant obstacle for firm growth, especially in developing countries where credit is scarce. This paper explores the role of tax policy in relaxing firms' financial constraints by exploiting China's value-added tax (VAT) reform that was initiated in 2004 and completed in 2009. We use a quasi-experimental method and Annual Survey of Industrial Firms (ASIF) data from 2000 to 2009 to estimate the VAT reform's policy effects on financial constraints. We show that the VAT reform significantly improves firms' external financing capacity by decreasing borrowing costs and promoting commercial credit. The findings are robust to alternative specifications but show heterogeneity across ownerships, firm sizes, regions, and between export and non-export firms. Our analysis suggests tax deduction is useful to relax firms' financial constraints.     

Financial distress and non‐executive director compensation: Evidence from state‐owned enterprises in South Africa post King III

Using a sample of South African state‐owned enterprises (SOEs), we examine the pre‐ and post‐period impact of King III on non‐executive director (NED) compensation with emphasis on financially distressed SOEs. This paper adopts a difference‐in‐differences analysis technique with repeated measures as the basis for testing the hypotheses. The revised Altman Z‐score model which incorporates features unique to emerging markets is used to measure financial distress. Our findings indicate that SOEs that adopted King III will increase NED compensation when the firm has a positive performance and will severely penalize NED when the firm faces financial distress. This study highlights the importance of well‐crafted corporate governance policies. It further sheds light on the importance of King III and how its implementation may prove vital for the success of an enterprise.     

Earnings Attribution and Information Transfers

Managers frequently attribute the news in their earnings forecasts to various economic events. Using textual analysis, we identify the economic factors underlying earnings news from press releases. We document a wide range of industry‐wide shocks and firm‐specific actions to which the earnings news in management forecasts is attributed. As expected, earnings attributions significantly affect peer firms’ price reactions to the earnings news. Specifically, earnings news attributed to industry‐wide trends or firm structural changes leads to positive information transfers but earnings news attributed to firm competitive moves triggers negative information transfers. Information transfers are much stronger when each economic factor is mentioned the first time in a given industry‐year. Further analysis reveals that the strength of information transfers varies with firm‐level rivalry within the industry (i.e., similar business strategies, market position, and level of competition).     

The Effects of Norms on Investor Reactions to Derivative Use

Prior research indicates that a firm's use of derivatives to manage business risks is viewed favorably by investors. However, these studies do not consider a potentially key factor in this setting—namely, the typical behavior (or norms) regarding derivatives by other firms in the industry or the firm itself. In this paper, we report the results of multiple experiments that test whether norms are influential in affecting investors’ evaluations of firms’ derivatives choices. Our results show that the generally favorable reactions to derivative use actually reverse and become unfavorable when firms’ derivative decisions are inconsistent with industry or firm norms. Somewhat surprisingly, though, we find that industry and firm norms are not viewed similarly by investors. These results expand our understanding of how investors respond to firm's derivative use decisions and demonstrate the role of norms as factors that influence investors’ judgments in financial reporting settings. Our results have implications for firm managers making decisions about derivative use.     

ZP-stichwort: Percentage-of-completion-methode

Ohne Zusammenfassung

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ZP-stichwort: Percentage-of-completion-methode

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Der Verfasser dankt Herrn Dipl.-Kfm. Thomas Wernicke für die konstruktiven Anregungen bei der kritischen Durchsicht des Manuskripts.     

über die Theorie des Wirtschaftlichen Wachstums und Ihre Bedeutung

Summary The study is devoted to the theory of economic growth and its relevance to pure and applied theory. It is maintained that by trying to explain the development of the factors of production the theory of growth represents an important generalization of the static theory of general equilibrium. The main conceptual categories and specific methods of growth theory are shown to be the examination of the existence and stability of growth equilibrium and of comparative dynamics. As far as applied theory is concerned the principle conclusions are the following: economic models devised to explain a country's economic development should be based on the theory of growth rather than on an entirely Keynesian business cycle approach. This does not seem to be generally realised, since the majority of macro-economic models is of basically Keynesian nature. On the other hand the theory of growth needs to be supplemented by a theory of business cycles, because the actual economic development exhibits growth as well as fluctuations. Although great stress is laid on the essential role of the growth theory in any attempt to explain a country's economic development, it is doubted whether the theory can as yet be usefully applied to practical situations. There remain a number of unsolved problems (of measurement etc.) typically connected with the theory of economic growth. While this may, for the time being, prevent the theory from being put to practical use, it in no way affects its basic validity.

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Gastcollege, gegeven aan de Faculteit de Economische Wetenschappen van de Rijksuniversiteit te Groningen op 11 mei 1967.     

Japanese Company’s Cultural Shift for Gender Equality at Work

Abstract

The article provides an overview of Japanese Prime Minister Abe’s womanomics policy for gender equality (GD), and poses a question as to why despite a large amount of GD initiatives, Japan’s GD progress has been painfully slow. It then introduces an ethnography of the GD implementation by a Japanese multinational firm (2013–2017). It analyzes the firm’s pedagogical effort to correct the unconscious cultural bias to retool the existing habitus of managers and employees. The firm’s cultural strategies parallel its human resources (HR) reforms in its attempt to change organizational norms regarding how corporate men and women should work. Deploying theoretical perspectives of cultural neuroscience, semiotics, learning theory and interpretive anthropology, the author then identifies seven strategic foci for this firm’s cultural transformation, and terms this habitus-shifting program as MRS-PARC: M?=?magical messages and messengers; R?=?rites of passage and rituals; S?=?signs and symbols; P?=?rewarding and punishing task performances; A?=?clarifying alternatives and affordance; R?=?dealing with unexpected results, resistance and rear guards; and C?=?communication, complexity and continuity. Once MRS-PARC starts, corporate social drama and critical incidents lead the observer to the nexus of symbolic resistance and representation that in turn helps clarify how to modify the existing accommodation-and-redress mechanism for reform. MRS-PARC offers an empirically derived, action-oriented, process-based, analysis for those interested in moderating the people’s referential frameworks and cognitive/emotional orientations for organizational transformation.     

Incremental Information Content of the Change in the Percent of Production Added to Inventory*

Abstract. Manufacturing firms can manipulate income by producing in excess of the quantity needed to meet current period demand, thereby allocating part of current period fixed manufacturing overhead costs from cost of goods sold to inventory. Because it is subject to manipulation, the component of earnings due to producing in excess of sales may be of lower quality than the remaining component of earnings. We investigate this possibility using a regression of security returns on unexpected income and an estimate of the change in percent of production added to inventory (CPAI). An analytical model indicates that CPAI determines the “earnings surprise” subject to manipulation by overproducing. Assuming the market recognizes this, the coefficient on CPAI should be negative because this low quality component must be deducted from the total “good news” conveyed by the change in reported earnings. Alternatively, CPAI may convey good or bad news to the market that is unrelated to the manipulation of current period earnings. Firms may increase the percent of production added to inventory in anticipation of high levels of future sales. In this case, the estimated coefficient on CPAI should be positive. Or, if the increase in the percent of production added to inventory reflects anticipation of a strike or an unexpected downturn in current sales, the estimated coefficient should be negative. Cross-sectional tests using a large sample of manufacturing firms indicate a significant positive relation between security returns and CPAI. This finding is consistent with market participants viewing CPAI as a leading indicator of firm performance. Although the results are most supportive of CPAI conveying good news, there is some evidence that CPAI is used by managers to smooth earnings and, for firms classified as smoothing earnings, there is weak evidence that the component of earnings related to CPAI is viewed by market participants to be of lower quality.     

Offshoring and firm performance: self-selection,effects on performance,or both?

This paper uses unique new data for German manufacturing enterprises from matched regular surveys and a special purpose survey to investigate the causal effect of relocation of activities to a foreign country on firm performance. Compared to non-offshoring firms, firms that relocated activities were larger and more productive, and had a higher share of exports in total sales. These differences existed the year before some firms started to relocate, and this points to self-selection of “better” firms into offshoring. To investigate the causal effects of offshoring, six different variants of a matching approach are used. Contrary to what is often argued we find no evidence for a large negative causal effect of offshoring on employment in Germany.