创新行为与企业经营绩效：微观实证

创新是企业保持长久竞争力的不竭动力,创新行为对企业经营绩效会产生重要影响。运用面板随机效应模型和分位数回归方法,以2007年、2008年及2009年共3年的微观企业数据为样本 ,就创新行为与创业板公司的经营绩效进行了实证分析,研究表明：创新投入对经营绩效有正向促进作用,但缺乏弹性,并且其对经营业绩不好与经营业绩很好的公司影响都较小,最大受益者是经营业绩一般的公司。专利与企业经营绩效正相关,但专利对公司经营绩效条件分布的影响幅度并不稳定,表现出较大的波动性,非参数BootStrap方法表明以上回归结果具有稳健性。     

技术创新资源投入对高技术企业产品创新绩效影响的实证研究

以新产品产出作为测度我国高技术企业产品创新绩效的指标,以我国2003~2008年大中型高技术企业的面板数据为样本,应用广义矩方法对包括R&D投入和非R&D投入在内的技术创新资源投入对我国高技术企业产品创新绩效的影响进行了实证分析。结果显示:包括研发经费和科技人员在内的R&D投入、非R&D投入构成要素中的技术改造、技术引进、消化吸收对提升我国高技术企业产品创新绩效具有显著的直接正向影响。同时,研究发现技术引进、国内技术购买作为调节变量,显著提升了研发经费投入对高技术企业产品创新绩效的边际贡献;消化吸收作为调节变量,显著提升了技术引进和国内技术购买对高技术企业产品创新绩效的边际贡献。根据实证研究结论,为在开放式创新环境下提升我国高技术企业的产品创新绩效,本文进一步提出了针对性的对策建议。     

企业 R&D 投入与企业绩效关联度分析——基于中美上市工业企业的实证研究

技术创新主要源自于具有导向性的研究和开发活动,是影响企业竞争力和可持续发展至关重要的因素。本文以中美范围内工业制造行业的 209家上市工业企业为样本,结合企业 2009~2015 年相关数据,实证分析了R&D投入与企业绩效的关系。研究结果表明研发支出和企业经济绩效之间具有非线性关系,可用倒U型曲线来描述,R&D 投入具有动态边际效应,研发投入为销售额的4％时,企业相应的经济效益达到最优水平。最后,本文建议企业应该加大R&D投入力度,同时注重研发投入的最佳阈值,以获得最大的产出效益,提高企业技术创新的竞争能力。     

基于DEA的企业R&D投入绩效分析

本文利用数据包络分析方法(DRA),通过对我国企业1992-2003年R&D投入绩效及其变化进行测度和分析.结果表明,我国企业R&D投入的产出绩效在20世纪90年代中期较差,但在1999年后不断提升并且其相对绩效较优.通过研究,我们认为企业还应加大对R&D的投入,这样才能创造出在国际上具有竞争力的技术.     

基于上市大数据企业的经营绩效与研发投入关系研究

通过对上市大数据企业概念的讨论,选出符合要求的部分企业,以其2011～2013的数据为研究样本,以因子分析法计算其经营绩效得分,进行经营绩效与研发投入强度的实证检验,并揭示其各个能力因子与研发投入强度的关系。结果表明,上市大数据企业的经营绩效与其当期 、前一期的研发投入强度均没有显著相关关系,成长能力与其前两期的研发投入强度存在显著正向相关性。     

能源环境与创新约束下的中国区域经济绩效:1998～2009年

本文运用SBM模型测度了能源环境与创新约束下1998~2009年中国30个省(自治区、直辖市)经济绩效水平。总体而言,能源使用和环境污染在一定程度上造成了中国经济效率损失,创新在促进区域经济绩效提升、经济发展方式转变方面具有显著推动作用。西部地区受能源环境因素的影响最为敏感,而沿海地区经济发展同能源环境的关系较为和谐,且创新因素对西部地区影响尤为显著,应进一步加大对西部地区技术创新的政策支持。     

经营绩效反馈、环境不确定性与企业广告投入

基于2012～2015年深沪两市A股上市公司样本数据,对经营绩效反馈和企业广告投入之间的关系进行了理论分析和实证检验,并进一步考察了环境不确定性的调节作用。研究结果表明：（1）当企业未实现资本市场经营预期时,随着实际绩效低于经营预期程度的增大,企业广告投入将减少;（2）当企业实现资本市场经营预期时,随着实际绩效高于经营预期程度的增大,企业广告投入将增加;（3）当企业未实现资本市场经营预期时,与低不确定性环境相比,高不确定性环境中企业经营绩效负反馈对广告投入的负向影响将增强;（4）当企业实现资本市场经营预期时,与低不确定性环境相比,高不确定性环境中企经营绩效正反馈对企业广告投入的正向影响将增强。     

非执行董事与公司绩效的实证研究

董事作为股东及其他利益相关者的信托人，其独立性是保证公司有效运作的重要基础。本文对上市公司1999年的数据进行了实证分析，结果表明非执行董事比例与公司绩效之间的正相关关系得到了检验。另外，本文还揭示出大股东（除第一大股东外）的存在有利于提高董事会的非执行董事比例，但是第一大股东持股比例与非执行董事比例是负相关的（这主要与第一大股东大多数是国家有关系）。行业对公司非执行董事比例的影响并不显著，但作为内生性的治理机制，非执行董事比例与两职状态表现出较好的一致性。     

研发投入对企业碳绩效与创新绩效的影响研究

旨在探讨研发投入是否可以产生企业创新绩效,以及碳绩效在研发投入与企业创新绩效之间是否存在中介作用。基于此,以2017—2021年煤炭制造业A股上市公司为研究样本,进行实证检验。研究发现：研发投入可显著提高企业碳绩效和创新绩效;碳绩效能够显著提高企业创新绩效;碳绩效在研发投入和企业创新绩效之间具有中介作用。文章的创新之处在于：一是将碳绩效和创新绩效具体应用到微观企业层面,探究研发投入的有效性;二是利用回归模型探讨研发投入、企业碳绩效与创新绩效三者之间的关系,丰富了碳绩效与创新绩效相关研究文献。     

制药企业环境绩效的统计测度与影响因素分析

本文首先运用 DEA-Malmquist 方法分析“十二五”期间制药业企业的环境绩效,再引入Bootstrap-DEA 方法进行纠偏并给出置信区间,并选用分位数回归对制药业企业环境绩效进行影响因素分析。得出结论：“十二五”期间制药业企业环境绩效的改善,主要是技术进步的作用。分位数回归显示企业的经济规模、企业技术成熟度、企业的环保意识及公共压力都会影响企业环境绩效的改善,且分位数回归全面展示了各因素的作用属性,所得到的结论更符合现实。     

出口行为如何影响企业环境绩效

本文首次采用中国制造业企业层面的能源消耗和产出微观数据,利用细分能源类型的二氧化碳排放因子换算得到微观企业环境绩效指标,即单位产出的二氧化碳排放量(二氧化碳排放强度),并试图以企业劳动生产率为桥梁,结合中国出口企业“生产率悖论现象”,研究中国企业出口行为对其环境绩效的影响机制。本文基于企业生产函数框架构建计量模型,实证结果表明:①出口造成中国企业二氧化碳排放强度显著增大,同时,排放强度随着企业出口密度的提高不断增长,出口并没有显著提升企业环境绩效,考虑不同生产函数形式后结论均较为稳健。②传统的“污染避难所问题”并不是造成中国出口企业二氧化碳排放强度更高的主要原因。③中国出口企业生产效率更低,进而导致更高的碳排放强度。④出口企业的低效率和低加成率(低利润率)进一步拖累了企业技术升级和环保投资,这是出口造成企业更为污染的重要原因。本文的研究弥补了贸易与中国微观企业层面环境绩效关系研究的缺口,从微观层面给予污染治理与减排策略以政策参考,证实了在国际贸易进程中不仅应制定宏观目标,还应直接着眼于微观企业,特别是促使出口企业提高自身的生产率,从而推动经济与环境的全面可持续发展。     

Innovation Field Orientation and Its Effect on Innovativeness and Firm Performance

New product development (NPD) has become a prime source for gaining a competitive edge in the market. Although a large body of research has addressed the question of how to successfully manage individual innovation projects, the management of a firm's new product portfolio has received comparably less research attention. A phenomenon that has recently emerged on the research agenda is innovation field orientation. Such orientation is understood as the deliberate setup and management of multiple thematically related NPD projects. However, the facets and effects of innovation field orientation are still unexplored. In particular, this study is interested in (1) developing a concept of innovation field orientation, (2) investigating the extent to which innovation field orientation is an established part of the corporate strategic planning practice, and (3) assessing the direct and indirect performance effects of innovation field orientation. For the empirical analysis, data were collected through a mail survey and document analyses from 122 publicly listed firms. Tobin's q was used as an objective performance metric directly related to shareholder value. The results confirm that innovation field orientation is a phenomenon that prevails in practice. In addition, all defining aspects of this orientation have either direct or indirect effects on firm performance. Hence, those firms that deliberately specify and manage innovation fields have a more innovative product portfolio and are more successful than others. Specifically, the findings underline the performance relevance of formally framing innovation fields and assigning a critical mass of resources to them. In addition, empirical support is lent to the suggestion that innovation field orientation has strong indirect performance effects mediated by the innovativeness of the firm's new product portfolio. This implies that firms that deliberately specify focus areas, assign resources to, provide organizational framing for, and stimulate synergies between related NPD projects stand a better chance to achieve a more innovative new product portfolio. This again is highly appreciated by investors and results in a superior stock market evaluation of these firms.     

Firm Size and Product Innovation

The linkage between firm size and product innovation has frequently been discussed by both researchers and other writers. John Ettlie and Albert Rubenstein report the results of a study which, by distinguishing between the incorporation of radical and incremental technology, attempts to resolve some of the controversy surrounding this issue. In particular, the authors hypothesize that up to a certain point, large firms with greater resources are more likely to commercialize radically new products successfully. Findings generally support this theory but refinements to the model are now possible. For example, firms with 1000 employees or less need not be excluded from radical product introduction if they resolve critical funding and research problems. This size-radicalness distribution is shaped like a fish hook or a claw. That is, up to about 1000 employees, there is no significant relationship between number of employees and radicalness of a new product. Between 1200 and 11,000 employees there is a significant, direct relationship. Finally, very large organizations (in excess of about 45,000 employees) are unlikely to introduce radically new products. Larger firms were significantly more likely to adopt ambitious new processing technologies in order to introduce these new products. Also, new product success was significantly predicted by the absence of funding problems in introducing the innovation and the degree to which the new product was a radical departure from existing practice.     

External Financing Constraints and Firm Innovation

We investigate the effect of individual banks affected by the recent financial crisis of 2008/2009 on the innovation activities of their business customers. Firms associated with a bank that relies strongly on the interbank market are more likely to be exposed to a credit supply shock during the financial crisis and therefore face external financing constraints. Exploiting both the extensive and the intensive margin, our difference‐in‐differences results imply that those firms which have a business relation to a bank with higher interbank market reliance reduce their innovation activities during the financial crisis to a higher degree than other firms. Tests for additional expenditures reveal that marketing expenditures show a lower or even no sensitivity to bank financing during the financial crisis.     

Firm Investment Behavior and Collective Bargaining Strategy

Using survey data on labor union coverage at the firm level, this paper examines union-nonunion differences in investment activity among 706 U.S. companies during the 1970s. Consistent with a model of union rent seeking, firm-level collective bargaining is associated with significantly lower physical capital and R&D investment, even after controlling for firm and industry characteristics. Deleterious union effects on investment are considerable throughout the 1972–80 period, but they vary across industries. Without significant changes in collective bargaining power or strategies, diminished investment activity by unionized companies is likely to exacerbate the already considerable decline in U.S. union coverage     

文化因素对企业经营绩效影响的研究

本文利用霍夫斯塔德（Hofstede）和他的同事跨文化研究的相关成果，结合新制度经济学的交易成本分析工具，对文化因素与企业经营绩效的关系进行了理论研究．并利用1995年世界最大500家公司的面板数据等．对文化因素与企业经营绩效的关系进行了计量检验，结果显示，个人主义与集体主义、权力距离和合作性三个文化因素对企业经营绩效有显著的影响。在此基础上．本文分析了文化因素对我国企业经营绩效的影响．并提出了相关的政策建议．     

知识存量、双元学习与企业绩效关系研究

知识是企业的战略性资源,是企业竞争优势提升的重要源泉,但关于知识如何影响企业绩效的内在机理尚不明晰。本文引入企业双元学习中介,探索并检验知识存量对企业绩效的作用过程。采用回归方法分析了223家科研技术类企业数据后,本文得出结论：（1）企业知识存量对企业绩效有着促进作用;（2）知识存量是通过作用于双元学习而对企业绩效产生影响;（3）企业规模在此过程中有着显著调节作用。本文研究为企业有效开展知识积累及双元学习活动提供启示。     

Alliance Concentration in Multinational Companies: Examining Alliance Portfolios,Firm Structure,and Firm Performance

Research summary: This article explores the distribution of alliances across firms' internal structure. Focusing on multinational companies, we examine the impact of alliance portfolio concentration—i.e., the extent to which alliances are concentrated within a limited number of geographic units—on focal firms' performance. Relying on Knowledge‐Based View (KBV) insights, we hypothesize that an increase in alliance portfolio concentration positively influences firm performance and that alliance portfolio size negatively moderates this relationship. Our empirical results enrich the emerging capability perspective on alliance portfolios, point to the relevance of conceptualizing focal firms in alliance portfolio research as polylithic entities instead of monolithic ones, and provide new insights into how firms create value by potentially recombining externally accessed knowledge. Managerial summary: In the setting of multinational companies, we examine whether alliance activities are concentrated in a limited number of subsidiaries or are highly dispersed across multiple subsidiaries. We find that, over time, firms exhibit different patterns in terms of alliance portfolio concentration. In addition, the results show that, for MNCs with a relatively small alliance portfolio, an increase in alliance portfolio concentration is positively related to their financial performance. However, when MNCs' alliance portfolios are relatively large, the relationship between alliance portfolio concentration and firm performance becomes negative. Jointly, these findings suggest that the distribution of alliances across firms' internal structure is an important factor in shaping potential knowledge recombination benefits from alliance portfolios. Copyright © 2017 John Wiley & Sons, Ltd.     

Interlocking Directorates, Firm Strategies, and Performance in Hong Kong: Towards a Research Agenda

Filling a gap in the interlocks literature which has been largely centered on the West, we present preliminary data on the pattern of interlocking directorates among the top 200 largest corporations in pre-1997 Hong Kong. Then we identify four separate groups of firms in Hong Kong, and suggest propositions based on the resource dependence perspective on the critical relationships among their interlocking directorates, firm strategies, and performance. These propositions have the potential to form the building block of an emerging research agenda that will shed light on the role of interlocking directorates in an increasingly important part of the world.