Foreign entry and firm R&D: evidence from Chinese manufacturing industries

By making use of firm‐level panel data from 2005 to 2007, this paper empirically examines the relationship between research and development (R&D) behaviour and the presence of foreign firms in China's four major manufacturing industries. The manufacturing industries considered are (1) car manufacturing, (2) household electrical appliances, (3) electronics and (4) communication equipment manufacturing. We find that the presence of foreign firms has resulted in a significant increase in R&D intensity of all four manufacturing industries in China. While the average R&D intensity in communication equipment manufacturing is the highest, the electronics industry, which has the highest level of foreign presence, has experienced a relatively large increase in R&D intensity. This suggests that China's electronics manufacturing sector is responding to rising competition from foreign firms located in China. Foreign presence in China's car manufacturing sector is relatively small, and this industry has experienced a relatively small increase in R&D intensity because of foreign presence.     

中国航空工业上市公司经营绩效研究

本文通过选取2011～2015年中国航空工业18家上市公司的指标数据,构建多元回归模型,分析了其股权布局、技术创新及业务管理3个层面的因素对绩效的作用情况。结果表明：国有持股比重与经营绩效的关系呈显著倒“U”型,且以营业利润率（OPR）为被解释变量回归时其临界值为56.06%,而国有股比例均值是52.03%,尚处于临界值内,由此可知目前的国有持股尚能促进公司绩效的提升,但以总资产收益率（ROA）回归时则有超出临界值（51.32%）的风险;还有股权的集中程度、研发经费的投入力度对绩效均有正面影响,但后者有1年的滞延期;而销售成本率对绩效却有明显的抑制作用。最后,根据实证结果,为我国航空工业的发展提出几点建议。     

中国芯片业熬冬

市场环境惨淡,融资环境不利,依靠单一产品打天下的大多数中国芯片企业能否摆脱兴亡轮回?"你好,这里是中纬吗?"10月20日,当记者按照宁波中纬公司网站上提供的联系电话打过去,那头一位接听电话的男士说:"现在是比亚迪!"宁波中纬因资金亏空破产,于10月6日以1.7亿元的价格拍卖给半导体产业"圈外"的企业——深圳比亚迪有限公司。     

Unraveling the mechanisms of reputation and alliance formation: A study of venture capital syndication in China

Extant research shows that resources are significant to a firm's choice of alliance formation. We focus on an important form of intangible resource—firm reputation—and examine how it affects a firm's propensity to form alliances. We propose an inverted U‐shaped relationship between a firm's reputation and its likelihood of alliance formation, resulting from the opposing mechanisms of opportunity and need. We also examine how this relationship may vary across two contingencies: (1) foreign and domestic firms; and (2) different levels of institutional development. Empirical analyses of China's venture capital (VC) industry provide support for our hypotheses. Copyright © 2013 John Wiley & Sons, Ltd.     

考虑结构突变的大宗商品价格波动对中国经济的影响分析

本文从结构突变的视角,考察国际大宗商品价格波动对中国经济的影响规律。首先,运用内生多重结构突变的Bai-Perron检验,发现从1990～2015年的国际原油价格指数、工业投入品（包括金属和农产品）价格指数、中国工业增加值增长速度、消费物价指数等4个指标均存在结构突变现象。然后,利用退势处理方法去除这4个指标的结构突变影响,并运用结构向量自回归（SVAR）模型,建立了这4个指标之间的动态关系系统。脉冲响应分析表明,国际原油价格上升,短期内会减缓我国经济增长速度,但中期内反而会对经济有小幅刺激作用,同时会逐渐拉升我国物价水平;工业投入品价格上升也会减缓我国经济增长速度,但会先拉升后降低物价水平。本文通过考虑结构突变这一重要因素,能更精确地揭示国际大宗商品价格波动对中国经济的影响情况。     

China's intellectual property protection strength and its evaluation – based on the accession to TRIPS Agreement (Agreement On Trade‐related Aspects of Intellectual Property Rights)

This paper builds China's intellectual property protection strength from the aspects of intellectual property legislation protection strength and law enforcement protection strength, and calculates by using the actual data from 1985 to 2010. The results show that China's intellectual property protection strength has always been enhanced, and Chow test shows that the structural breakpoints appeared in China's intellectual property protection strength in 2001(when China joined TRIPS Agreement). The further Granger causality test shows that the economic development level and technological innovation ability are the factors promoting China's intellectual property protection strength, which, however, has not effectively promoted economic development and technological innovation ability due to the impact of the overall economic development level.     

华赛开辟新战场

左手洽购3Com,右手又在拥抱赛门铁克,左右手同时出击的华为,在与跨国公司进行的商业游戏中显得游刃有余,华为究竟意欲何为呢?赛门铁克和3Com都是美国公司,而北美市场一直都是华为觊觎已久但又是不得门而入的"世外桃源",尽管联合贝恩资本洽购3Com未果,但是华为和赛门铁克的合作却已经拉开序幕。无论最终会与赛门铁克和3Com这两大跨国公司形成什么样的战略关系,华为始终是这场利益互换游戏中的主导者。而且,当市场不断为华为增加筹码,竞合游戏的天平自然而然就会向华为倾斜。在和跨国公司的反复竞合中,我们看到的是华为日益惊人的商业驾驭能力和市场掌控能力。     

3com命系华为

左手洽购3Com,右手又在拥抱赛门铁克,左右手同时出击的华为,在与跨国公司进行的商业游戏中显得游刃有余,华为究竟意欲何为呢?赛门铁克和3Com都是美国公司,而北美市场一直都是华为觊觎已久但又是不得门而入的"世外桃源",尽管联合贝恩资本洽购3Com未果,但是华为和赛门铁克的合作却已经拉开序幕。无论最终会与赛门铁克和3Com这两大跨国公司形成什么样的战略关系,华为始终是这场利益互换游戏中的主导者。而且,当市场不断为华为增加筹码,竞合游戏的天平自然而然就会向华为倾斜。在和跨国公司的反复竞合中,我们看到的是华为日益惊人的商业驾驭能力和市场掌控能力。     

开发区之变

1979年1月31日,一个叫袁庚的人在北京中南海请求中央领导在深圳给他划一块工业用地,中央领导在地图上大笔一勾,很爽快地给了他包括现在的宝安区到华侨城的近80平方公里的土地,袁庚没敢要这么多,最后,只要了深圳南头半岛东南部一块面积10.85     

Reaping digital dividends: Digital inclusive finance and high-quality development of enterprises in China

The digital economy is progressively emerging as a new driving force for high-quality development in China and has been paving a new avenue for enterprise development through the progress of the digital inclusive finance (DIF) system. Under this paradigm of development, this research examines whether and how DIF exerts an influence on the China's economy which is currently experiencing a transition development of enterprises (HQDE). Using a sample of China's listed companies from 2011 to 2019, the results demonstrate that DIF has a significant favorable impact on HQDE. Furthermore, our analysis finds that reducing financial leverage and alleviating financial constraints are intermediary mechanisms of the effect. Moreover, the beneficial effect of DIF varies in terms of different regions, enterprise property rights, and industrial nature—it is observed to be more pronounced in the eastern region, non-state-owned enterprises, and tertiary industry enterprises. Our results provide empirical evidence that DIF enables enterprises to achieve high-quality development.