电信业发展趋势和铁通未来展望

文章简要地分析了世界电信业和中国电信业的现状与未来发展趋势,并结合管理学中的SWOT理论具体分析了铁通公司在电信行业中具有的优势和劣势,最后提出了对铁通公司发展的一些建议。     

Digital highways and firm turnover

We study the impact of ultra-broadband (UBB) internet connections on firm entry and exit dynamics. These connections are based on optical fiber cables that link telecommunication operators to final users, allowing a significantly higher performance compared with traditional copper-line networks. We leverage on a unique comprehensive dataset collecting municipality-level information on broadband diffusion and firm turnover in Italy for the period of 2012–2019. Our empirical strategy exploits the staggered roll-out of UBB, starting from 2015. Our identification strategy is based on an instrumental variable approach that exploits plausibly exogenous variation in the physical and geographical peculiarities of the telecommunication infrastructure. Results suggest that UBB increases firm exit, particularly for small firms. On the contrary, firm entry rises only in digital intensive sectors and in the most developed geographical areas. Our findings have important implications for the ongoing debate around the massive investments in high-speed digital infrastructures, as they argue against the conventional idea that business activities equally benefit from last-generation broadband technologies.     

Overeducation, wages and promotions within the firm

We analyse data from personnel records of a large firm producing energy and telecommunication and test for the effect of deviations between required and attained education of workers. Required education is measured as hiring standards set by the firm. We find the usual effects of over- and undereducation in a wage regression, thus rejecting the argument that such effects are exclusively due to firm fixed effects. Distinguishing, within the firm, between a sheltered internal labour market and an exposed external labour market, we find that at the internal labour market over- and undereducation significantly affect career development, in particular at younger ages, but that such effects are mostly absent at the firm's external labour market.     

Real options signaling game models for dynamic acquisition under information asymmetry

We construct a real options signaling game model to analyze the impact of asymmetric information on the dynamic acquisition decision made by the aggressive acquirer firm and passive target firm in the takeover terms and timing. The target firm is assumed to have partial information on the synergy factor of the acquirer firm in generating the surplus value. Our dynamic acquisition game models are based on the market valuation of the surplus value of the acquirer and target firms, where the restructuring opportunities are modeled as exchange options. We analyze the various forms of equilibrium strategies on the deal and timing of takeover in the acquisition game and provide the mathematical characterization of the pooling and separating strategies adopted by the acquirer firm. We also determine the terms of takeover in the signaling game under varying levels of information asymmetry and synergy.     

Technical efficiency and firm heterogeneity in stochastic frontier models: application to smallholder maize farms in Ethiopia

This study estimates the technical efficiency measures of maize producing farm households in Ethiopia using stochastic frontier (SF) panel models that take different approaches to model firm heterogeneity. The efficiency measures are found to vary depending on how the estimation model treats both unobserved and observed firm heterogeneity. Estimates from the ‘true’ random effects (TRE) models that treat firm effects as heterogeneity are found to be identical to those from pooled SF models. Those results differ from the ones generated from the basic random effects (RE) models that treat firm effects as part of overall technical inefficiency. The more flexible generalised ‘true’ random effects (GTRE) model that splits the error term into firm effects, persistent inefficiency, transient inefficiency, and a random noise component indicates the presence of higher levels of persistent inefficiency than transient inefficiency. The basic truncated-normal RE model and heteroscedastic RE model yields similar efficiency estimates. The GTRE model predict persistent efficiency measures similar to those from the basic RE and flexible RE model with environmental variables incorporated in the variance function as well as in the deterministic production frontier. These results imply that the RE and GTRE panel models provide reliable efficiency estimates for our data compared to the TRE models. All the estimated SF models generate comparable production function parameters in terms of magnitude and sign. Overall, the results underscore the importance of scrutinising stochastic frontier models for their reliability of analytical results before drawing policy inferences.

     

Promotions in the Spanish Labour Market: Differences by Gender

In this paper we compare the professional careers of women and men in the Spanish labour market. We use a sample from the Encuesta de Estructura, Conciencia y Biografia de Clase (1991) to estimate count data models (negative binomial models) to explain the number of promotions received in the firm, for males and females separately. Then, using the estimated coefficients from these models, we apply a variant of Oaxaca's decomposition approach to divide the gap in average promotions by gender into two parts: one of them due to differences in endowments and the other is associated with differences in the 'return' of such as endowments in terms of opportunities of upward mobility. The findings indicate that women receive fewer promotions than men with the same qualifications due to differential treatment in the market.     

Distressed exchange,bargaining power,and prior capital structure

Financially troubled companies often make Distressed Exchange (DE) offers to its creditors, to postpone costly bankruptcy reorganization. We derive the optimal terms and timing of a DE offer consisting of debt reduction and an equity stake in the restructured firm. The DE terms and timing are affected by shareholder bargaining power, with greater shareholder bargaining power resulting in earlier DE offer, smaller debt reduction and smaller equity stake. The impact of shareholder bargaining power is greater when bankruptcy cost is larger and tax rate is higher. We also show that renegotiability of debt increases ex-ante firm value and results in a higher optimal leverage ratio. Both firm value and optimal leverage ratio are decreasing functions of shareholder bargaining power.     

Replicating Walrasian equilibria using markets for membership in labor-managed firms

In standard models of the labor-managed firm, labor is misallocated in the short run. This problem can be eliminated by introducing a market for membership in each firm. These markets substitute for the capitalist labor market and support equilibria isomorphic to Walrasian equilibria. Such LMFs resemble familiar Ward-Domar-Vanek LMFs by ensuring that firm sizes are optimal for ex post members, but they also have the property that firm sizes are optimal for workers endowed with ex ante membership rights.     

财务契约理论文献综述

本文回顾了财务契约理论的演变过程,重点分析了财务约束、重新协商、控制权配置和索取权多样化等主要模型。认为保护投资者权益的根本机制是财务约束,即投资者要求企业给以足够的投资回报,否则就夺取企业的控制权从而使当前的控制人失去控制权利益。债务在公司治理中的作用一是迫使管理者支出自由现金,减少在职消费和低效投资;二是作为一种控制权转移机制,在股东和债权人之间转移企业的控制权,以实现最高经济效率。     

Olley and Pakes‐style Production Function Estimators with Firm Fixed Effects

We show that control function estimators (CFEs) of the firm production function, such as Olley–Pakes, may be biased when productivity evolves with a firm‐specific intercept, in which case the correctly specified control function will contain a firm‐specific term, omitted in the standard CFEs. We develop an estimator that is free from this bias by introducing firm fixed effects in the control function. Applying our estimator to the data, we find that it outperforms the existing CFEs in terms of capturing persistent unobserved heterogeneity in firm productivity. Our estimator involves minimal modification to the standard CFE procedures and can be easily implemented using common statistical software.     

Optimal advertising for selling a product with a nondifferentiable demand function

We consider a firm which seeks the maximum profit by selling a product and assume that the firm can advertise its product in order to improve the firm goodwill and affect the product demand positively. In particular the good demand is zero when the goodwill is less than a fixed threshold. The problem is formulated in terms of optimal control theory. We show that there exists a unique optimal solution and sketch an algorithm to determine it.     

Truly standard-essential patents? A semantics-based analysis

Standard-essential patents (SEPs) have become a key element of technical coordination via standard-setting organizations. Yet, in many cases, it remains unclear whether a declared SEP is truly standard-essential. To date, there is no automated procedure that allows for a scalable and objective assessment of SEP status. This paper introduces a semantics-based method for approximating the standard essentiality of patents. We provide details on the procedure that generates the measure of standard essentiality and present the results of several validation and robustness exercises. We illustrate the measure's usefulness in estimating the share of true SEPs in firm patent portfolios for several telecommunication standards.     

股权结构与公司绩效多模型比较与分析

目前关于股权结构与公司绩效关系的各种研究结论差异巨大，这与研究样本选取、指标选择、乃至研究方法和模型选择都有很大关系。本文选用2004年1091个A股上市公司数据，尝试了多种模型和指标进行了比较分析，结果发现：公司绩效与国有股比例、股权集中度呈显著的“U”形相关，但与“一股独大”的程度（用第一大股东持股比例与第二大股东持股比例的比值衡量）负相关。     

Public utility planning and cost efficiency in a decentralized regulation context: the case of the Italian integrated water service

The reformed Italian water and sewerage industry has several distinctive features. It is based on a decentralized structure where local authorities are entitled to define detailed long-term budget plans that claim to provide efficiency incentives to operating suppliers. Unlike previous studies, this paper analyzes the cost efficiency embedded in these budget plans to evaluate the actual capability of local regulators to adequately orientate firm performance. Several panel data cost frontier models were estimated that incorporate diverse specifications for inefficiency and unobserved heterogeneity terms. The results indicate that the decentralized planning mechanism applied in Italian water and sewerage industry regulation failed in fulfilling the declared goal and further highlights that the time-invariant terms are the prevailing source of cost differences, which may conceal a structural component attributable to persistent inefficiency.     

3G telecommunication operators’ challenges and roles: A perspective of mobile commerce value chain

In recent years, in the wake of the bottleneck facing the e-commerce development, mobile commerce is another type of service many expect to utilize and develop. In the past, influenced by the bandwidth limitation, the promotion of mobile commerce was not successful. Now, the 3G technology has broken through the limitation, allowing a higher transmission rate and more complex e-commerce interactions. The mobile commerce value chain is then formed. On this value chain, 3G telecommunication operators are the most crucial members. Moreover, mobile commerce value chain is essentially the aggregation of the conventional mobile communication value chain and Internet value chain. The business models and value chains of the conventional mobile communication and the Internet may not completely apply. Thus, a further investigation into the roles that 3G telecommunication operators play on the mobile commerce value chain is indeed necessary. As a result, based on the value chain, this study attempts to investigate the present and future challenges for 3G telecommunication operators and their advantages, to outline the roles they may play in the future development of mobile commerce.     

Business start-ups by the unemployed — an econometric analysis based on firm data

Active labour market policies to promote firm foundation from unemployment were improved considerably in Germany in August 1994, a fact which led to a sharp increase in the number of start-ups by the unemployed. The study compares firm survival and employment growth of start-ups by unemployed and others, based on firm data from 15 regions in East and West Germany. Self-selection effects are taken into account by using simultaneous models of start-up promotion and firm development. While firm survival is negatively affected by foundation from unemployment in East Germany (−6%), an influence on employment growth is not evident.     

The impact of HR configuration on firm performance in Singapore: a resource-based explanation

This study investigates how the characteristics of a firm's human resource practices and processes (HRPPs) are associated with firm performance. The results found that the extent to which HRPPs can be substituted by information technology or codified in employee manuals, made them easy to be imitated and were therefore associated with an attenuation of the firm's financial performance. On the other hand, constant positive investments into a firm's HRPPs were associated with enhanced firm performance. No significant relationships were found between the embeddedness of HRPPs with information technology or the uniqueness of the firm's HRPPs and firm performance. The results are explained in terms of the resource-based view of the firm.     

The wage policy of firms: comparative evidence for the US and Germany from personnel data

The wage policy of a German firm and a US firm is subjected to a comparative analysis, focusing on the relation between wages and hierarchies. While previous studies have examined only one particular firm, this paper investigates two plants belonging to the same owners with similar production processes but in different institutional environments. Convex wage profiles over the hierarchy levels of both plants are found. The US plant shows considerably higher intensity of intra-firm competition in terms of higher intra-level wage inequality and annual promotion rate. In contrast, wages are more distinctly attached to hierarchy levels in the German firm, as shown by wage regressions. The results are discussed in relation to previous studies.     

Linking sustainable business models and supply chains — Toward an integrated value creation framework

Extant literature on sustainable business models highlights that value creation stems from resources exchanged in relationships between a focal firm and its stakeholders. In this context, the literature has, so far, focused on direct relationships. However, despite the acknowledged relevance of sustainability issues in supply chains, this relational view of the focal company and its direct stakeholders has not been extended toward value creation for and with indirect stakeholders, such as stakeholders of suppliers. Addressing this gap, this conceptual article integrates a relational view of sustainable supply chain management into the management of sustainable business models. It extends the scope of sustainable business models from relationships between the focal firm and its direct stakeholders to indirect relationships with stakeholders of suppliers. A framework is developed that supports analysis and management of value-creating relationships between the focal firm, suppliers, and stakeholders of suppliers. By extending the conceptualization of sustainable business models to consider relationship chains beyond direct relationships, this article proposes that a focal firm has to actively manage interactions both with suppliers and with suppliers' stakeholders.     

Mafia risk perception: Evaluating the effect of organized crime on firm technical efficiency and investment proclivity

The presence of illegal organizations in economic development settings contributes to the Italian economy’s regional heterogeneity by exacerbating other inefficiencies. We aim to investigate how three indicators of awareness of criminal interest in a firm’s activities affect the latter’s efficiency, as well as examining a potential channel through which illegal activities could hinder firm performance, using a unique set of firm-level data. According to our findings, the presence of criminal network pressure in a firm’s environment reduces its technical efficiency and propensity to invest. This phenomenon is particularly strong in Italy’s underdeveloped regions, across all illicit considered and risk classes, with inefficiency doubling when the fear of crime becomes significant. A similar pattern emerges in terms of firm investment proclivity. The research findings are relevant for policymakers because they demonstrate that even the perception of a criminal threat has significant effects on a firm’s performance; consequently, enhancing legal protection could prevent significant economic and social costs.