高管激励，终极控制权性质与财务风险

基于供给侧结构性改革企业“去杠杆” 的大背景， 本文以我国煤炭等财务风险较高的行业 2013 ～ 2017 年数据为样本， 探究高管激励与财务风险之间的关系以及终极控制权性质对此关系的调节作用。研究发现： 薪酬激励与资产负债率呈“正U型” 的非线性关系， 能在一定范围内部分降低财务风险； 而股权激励与资产负债率和财务杠杆系数均呈负相关的线性关系， 能够全面降低财务风险； 国有终极控制权会弱化薪酬激励与资产负债率之间的“正U型” 关系， 非国有控制企业薪酬激励降低财务风险的效果略优于国有控制企业。     

新型薪酬制度的建立

本文通过对我国企业薪酬制度的具体分析,阐述了薪酬制度对企业的重要作用,明确指出薪酬制度是企业人力资源发展战略中极其重要的组成部分,并且指出薪酬制度作为企业激励手段的缺陷,同时提出薪酬制度应要妥善处理的几个问题。     

关于企业薪酬与激励的思考

阐述了影响企业薪酬设计的几个主要因素,提出了企业进行薪酬设计的主要方向,并就薪酬的公平问题和实现有效激励的几个方面进行了论述。     

监管向薪酬体系延伸——后金融危机时代的华尔街薪酬激励趋势

未来薪酬管理的一个重要特点是,监管机构将要求提高薪酬激励的透明度、加强信息披露,要通过薪酬监管来抑制不恰当的薪酬激励导致的业务创新与冒进的风险     

知识工作设计与知识型员工薪酬策略

从系统性、授权度与自由度三个维度讨论了知识工作设计，基于工作与薪酬的双重激励效用，利用委托代理方法分析了知识工作设计与薪酬机制间的关系．最后讨论了知识型员工的薪酬策略。研究表明，上述三个维度的工作设计可适应知识工作的复杂性、满足知识型员工的需求；增加三个维度的水平．工作的复杂性将增加．并能激励员工付出更高的努力水平，但复杂性不能超出员工的能力范围。否则工作设计将得不偿失：工作的复杂性增加时必须增加薪酬激励强度，并增加效益工资与基本工资的比值．但对于复杂性过高的工作，则应降低其比值；员工的薪酬水平决定于其工作价值。     

高技能人才薪酬激励效果的实证研究——基于薪酬激励对工作满意度和工作绩效的影响

高技能人才是人才队伍的重要组成部分,是企业的生力军.高技能人才的薪酬激励是薪酬管理的核心议题.文章研究了高技能人才的薪酬激励、工作满意度与工作绩效的影响关系.运用实证研究方法,引入与工作绩效密切相关的员工工作满意度作为中介变量,建立薪酬激励、员工工作满意度和工作绩效的关系模型并进行分析.分析结果显示企业的薪酬激励对于高技能人才工作满意度有显著的影响,并且保健性薪酬对于员工工作满意度的影响较激励性薪酬影响作用大,并且薪酬激励通过员工工作满意度对工作绩效产生作用.研究结果为企业提高高技能人才薪酬激励,改进工作绩效提供了理论依据.     

具有煤化工特色薪酬体系设计初探

本文对煤化工行业薪酬体系现状进行了分析,总结出了目前煤化工行业薪酬体系存在的三大问题,并对这些问题产生的煤化工行业人力资源管理矛盾进行了分析。针对煤化工行业特点及人力资源管理特点,提出具有煤化工特点的薪酬体系设计,以提升煤化工企业核心竞争力、激励煤化工企业员工、促进煤化工企业人力资源健康发展。     

国有煤炭企业薪酬激励与管理研究

薪酬管理已是国有煤炭企业人力资源管理中亟待研究的课题。本文通过对薪酬激励理论的综述,简要地介绍了目前的几种薪酬激励体系,对煤炭企业薪酬管理中存在的问题进行了分析,在此基础上,结合当前几种薪酬体系的特点,提出了适合国有煤炭企业的薪酬体系和激励方法。一、国有煤炭企     

个人激励与团队激励的选择

薪酬激励作为企业激励体系的重要组成部分，对员工的工作行为将产生直接的影响。文章论述了个人激励的优势与团队激励体系的发展，强调无论是选择个人激励体系还是团队激励体系，都需要企业根据自身的特点进行合理的设计与管理。     

石油企业绩效管理与薪酬激励机制研究

随着我国经济的快速发展,企业人力资源管理的工作也需要不断的进行创新。薪酬激励是提高企业内部员工积极工作的主要动力,而薪酬管理是人力资源管理的重要组成部分,企业要持续的发展就必须高度关注薪酬激励的制定。由于我国的石油企业虽然取得了很大进步,但是其现代管理制度仍然不健全。许多员工都希望企业对绩效管理进行改革,应该将企业的绩效管理与薪酬激励挂钩,建立科学合理的管理制度。     

Why do venture capital firms exist: An institution-based rent-seeking perspective and Chinese evidence

This paper is a theory development to Amit, Brander, and Zott (1998, Journal of Business Venturing, 13: 441-466) on the nature of venture capital firms. In their paper, the authors argue that venture capital firms exist because they fill a market niche by developing the ability to overcome extreme information asymmetry embedded in high-risk entrepreneurial firms. However, this theory encounters difficulties in explaining a variety of organizational and behavioral divides among venture capitalists in different contexts and over time. In this paper, we apply the institution-based view to reveal the nature of venture capital. We argue that it is the venture capitalists’ capability to capture economic rents from the institutional environment that distinguish them from other financial intermediaries. We show the connection of our perspective with the conventional view as well as the usefulness of this theory in explaining the development of the venture capital industry in China.     

How law,politics and transnational networks affect technology entrepreneurship: Explaining divergent venture capital investing strategies in China

This article identifies three distinct patterns of investment behavior by venture capital firms investing in technology sector start-ups in China. The first pattern is the service-oriented, technology-light investment behavior exhibited by the foreign venture capitalist firms not founded by ethnic Chinese. The second pattern is the technology creation investment pattern exhibited by foreign firms founded by ethnic Chinese and embedded in ethnic Chinese communities. The third pattern consists of local state-funded Chinese venture capital firms that choose either to invest in state-directed projects or opt out of investing in technology start-ups entirely. What explains the differences in behavior between the strictly foreign and the ethnic Chinese-embedded foreign firms are the different legal environments in which these firms honed their skills. The different learned experience gained from operating in different environments explains why the foreign firms avoid investing in technology-generating activities in China whereas the ethnic Chinese firms are willing to do so despite China’s notorious weak intellectual property rights regime. The political factors influencing the distribution of finance in China explain the behavior and essential failure of the local state-run venture capital firms. These findings demonstrate that several distinct, separate and non-clashing institutional arrangements are concurrently operating within China and shaping the behavior of venture capital firms there.     

The effect of governance modes and relatedness of external business development activities on innovative performance

This study examines how different governance modes for external business development activities and venture relatedness affect a firm's innovative performance. Building on research suggesting that interorganizational relationships enhance the innovative performance of firms, we propose that governance modes and venture relatedness interact in their effect on innovative performance. Analyzing a panel of the largest firms in four information and communication technology sectors, we find that degree of relatedness for corporate venture capital investments, alliances, joint ventures, and acquisitions influences their impact on innovative performance. Copyright © 2008 John Wiley & Sons, Ltd.     

Entrepreneurial beacons: The Yale endowment,run‐ups,and the growth of venture capital

Research summary : This article investigates the social context of entrepreneurship in organizational sectors. Prior research suggests that firm foundings are driven by collective patterns of activity—such as patterns of prior foundings in a given sector. Building on research on social salience and signals, we consider the influence of singular sector‐level triggers, which we call entrepreneurial beacons. We argue that the actions or outcomes of single, salient organizations attract and motivate entrepreneurs, thus increasing the rate of foundings. We test this logic by examining the impact of the Y ale U niversity endowment's investment choices and of venture‐capital‐backed IPO run‐ups on venture‐capital foundings between 1984 and 2011. We find support for the existence and influence of beacons and outline boundary conditions for their effects . Managerial summary : What leads entrepreneurs to found new companies in nascent sectors? In contrast to prior research, which emphasizes patterns of activity, we argue that entrepreneurial activity can sometimes be driven by the actions of a singular trigger—what we call an entrepreneurial beacon. We examine the influence of two such beacons, Y ale U niversity's endowment investments and exceptional venture‐capital‐backed IPO run‐ups, on the founding of new venture‐capital firms over a 28‐year period. We find that Y ale's increased allocations to the venture‐capital asset‐class has a significant influence on the founding of new venture‐capital firms, while exceptional venture‐capital‐backed IPO run‐ups only influence venture‐capital foundings under certain conditions. Overall, we offer an explanation for heretofore anecdotal accounts of certain organizations or events that appear to have an outsized influence on entrepreneurial activity . Copyright © 2016 John Wiley & Sons, Ltd.     

信息技术企业与风险资本的空间共生研究

信息技术企业与风险资本的空间共存至关重要。课题以1994～2014年获得风险资本融资的IT企业为样本,运用空间滞后模型,研究距离IT企业一定空间范围内风险投资机构数量、同行数量对IT企业风险资本融资金额的影响。研究发现,IT企业周围100公里以内、100～200公里、200～300公里、300～400公里范围内的风险投资机构数量均正向影响其融资金额,边际效应最大的是200～300公里范围,最小的是300～400公里范围。IT企业周围100～200公里以内和200～300公里范围内的同行数量正向影响其融资额,100公里以内和300～400公里范围内的同行数量则反向影响其风险资本融资额,尤其是100公里范围内同行的增加使其风险资本融资额大幅减少。研究结论为政府支持本地风险投资的发展提供了证据,同时也为IT企业的选址有借鉴意义。     

Calls on high-technology: Japanese exploration of venture capital investments in the United States

The strategic logic of Japanese high-technology venture capital investment reveals the existence of an implicit call option, or ‘shadow option’, on new technology. This option is exercised by further investment in product development, manufacturing and distribution. The process is described with reference to a comparative study of Japanese and U.S. venture capital firms. Similarities and differences between the two groups are reported, and a conceptual model of Japanese option strategy is formulated. The implications for our understanding of Japanese strategy and for strategic management theory are discussed.     

An examination of the effects of venture capitalists on the alliance formation activity of entrepreneurial firms

Research Summary : Alliances offer benefits such as access to capital, knowledge, and markets. Yet, due to their lack of legitimacy, entrepreneurial firms find it challenging to engage in alliances. Thus, it is important to examine which factors may drive alliance formation for entrepreneurial firms. We examine whether the presence of venture capitalists (VCs) is such a factor. Whereas current research suffers from endogeneity concerns that make the comparison of VC- and non-VC-backed firms problematic, our empirical design reduces this problem. Overall, we find that the presence of a VC and a VC's experience with taking firms public are positively associated with entrepreneurial firms’ alliance formation, and that VCs are more active in forming an alliance when the exit outcome is an acquisition, rather than going public. Managerial Summary : Alliances can be of fundamental importance to the growth of entrepreneurial firms. However, because entrepreneurial firms hold limited resources, their access to alliances may be limited. We study whether entrepreneurial firms backed by venture capitalists (VCs) are more likely to enter into alliances than firms without VC backing. A major problem with this sort of analysis is that VCs may cherry pick the best firms, which in turn are more likely to engage in alliances to begin with, irrespective of VCs. Accordingly, we control for the quality of funded firms, and therefore, isolate the VCs’ contribution to alliance formation. In doing so, we find support for the importance of the role VCs play in entrepreneurial firms’ alliance formations.     

The impact of liability of foreignness on international venture capital firms in Singapore

This empirical study explores the impact of the liability of foreignness on international venture capital (VC) firms in Singapore as well as the response. In the stage of VC deal assessment, international VC firms are found to originate fewer unsolicited deals from networks compared to domestic ones due to the liability of foreignness. In response to such liability, international VC firms primarily use their homegrown advantages, and originate more solicited deals from networks.     

Managerial determinants of decision speed in new ventures

This study helps to explain why some new ventures make strategic decisions more quickly than others. Drawing on life course theory and human capital theory, I develop a model of how entrepreneurs' individual characteristics affect new venture decision speed. I test the model using survey data from 98 Internet startups and their founder/managers. Results show that firms made faster decisions when they were managed by older entrepreneurs and by those with prior entrepreneurial experience. In addition, exploratory analyses indicating that fast decision‐making firms were more likely to close may indicate that prevailing theory in this area is contextually limited. Copyright © 2005 John Wiley & Sons, Ltd.     

Signaling valuable human capital: Advocacy group work experience and its effect on employee pay in innovative firms

Research Summary: The ability of innovative firms to create and capture value depends on innovations that are quickly and widely adopted. Yet, stakeholder concerns can establish important barriers to diffusion. We study the human capital aspect of this challenge and investigate whether innovative firms pay salary premiums to new hires with work experience from advocacy groups like Transparency International. We integrate strategic human capital with stakeholder theory and suggest that advocacy group experience creates signals for valuable human capital in terms of stakeholder knowledge and legitimacy transfers to innovative firms. Using matched data for 3,562 employees in Denmark, we find that new hires with advocacy group experience enjoy larger salary premiums at technologically leading firms, in occupations with direct stakeholder interaction, and for advocacy group top management. Managerial Summary: Innovation research is increasingly aware of the non-technological factors behind successful innovations. Users, regulators, or public opinion can be benevolent supporters or stingy opponents of innovations. Employees with an understanding of the needs and sensitivities of societal stakeholders should therefore be valuable to innovative firms. We find this to be the case when innovative firms hire employees from advocacy groups representing such stakeholders (e.g., Transparency International). Such employees receive higher salaries than an otherwise comparable reference group. These findings indicate that recruiting needs of innovative firms reward stakeholder experience, not merely technological expertise. They demonstrate how firms can create value in the pursuit of the public interest. Further, advocacy groups emerge as an important career stage allowing individuals to develop credible signals for stakeholder expertise.