黑龙江省文化创意产业融资模式研究

在对黑龙江省文化创意产业融资分析的基础上,发现制约黑龙江省文化创意产业融资的制约因素,具体包括政策法规支持力度不够、融资机构信任不足、融资渠道不畅、专业人才匮乏等问题。要在地方加强文化创意产业的法规建设,持续加大财政资金的投入,构建文化产业的融资平台,积极推进融资方式的创新,加快推进配套制度创新。     

Creative Problem Solving in GSS Groups: Do Creative Styles Matter?

Creative groups drive innovation and organizational change and collaborative systems can be used to pool creative team members across the globe. How individual creative preference impacts the group’s creative performance across different creative problem solving phases in a GSS environment is not well understood. The objective of this exploratory study was to understand if there are differences in group performance when groups with varying member creative styles interact solely via GSS. We conducted a quasi-experimental study that compared the performance of groups with two alternate member styles interacting only via group support systems during a creative problem solving process. Ideator and Evaluator groups were compared on their divergent and convergent phase performance. Significant differences were found between the Ideator groups and Evaluator groups on idea fluency, idea flexibility, idea novelty, idea elaboration and solution cost-effectiveness. No significant differences were found between the performance of the two groups on solution feasibility and novelty. Results indicate that member creative styles play an important role in determining the performance of technology-supported groups. These results aid researchers and practitioners by improving their understanding of the performance of creative teams interacting solely via collaborative support systems for creative problem solving tasks.     

Does the decision to issue public debt affect firm valuation? Russian evidence

This paper examines the association between firm valuation and the sources of debt financing. In particular, using a sample of 353 firms, we test whether the decision to issue bonds affects the firm's stock market performance in the emerging Russian markets. Our results indicate that public debt financing may have a negative effect on the firm's market valuation. After controlling for the differences in firm-specific characteristics and addressing potential endogeneity issues, we document that the firms which rely on public debt underperform relative to firms with other sources of debt financing in terms of stock market valuation.     

宜宾市发展文化创意产业的必然性及SWOT分析

文化创意产业是以智力创造为核心的新兴产业,呈现出高知识性、智能化、高附加值、高融合性的特征。宜宾是著名的中国历史文化名城和酒都,是长江上游开发最早、历史最悠久的城市之一,具有支撑文化创意产业发展得天独厚的资源、历史底蕴和政策条件,应该充分应用经济实力、文化资源、城市竞争力优势,区域、人才等劣势,抓住政策、市场机遇,积极克服国内外文化产业竞争和融资困难及知识产权保护乏力方面的威胁,加快发展文文化创意产业,大力促进宜宾产业结构调整和优化升级,追求更大的社会效益和经济效益,提升宜宾城市的整体形象和核心竞争力。     

Economic growth,capital movements and the international transfer of technical knowledge

The paper analyzes the role of technological transfers in an international capital movement model by assuming that these transfers depend on the extent of foreign ownership of a country's capital stock. Compared to the standard model, two differences emerge. First, a negative relationship exists between a country's indebtedness and its capital intensity. Second, changes in saving ratios can affect a country's capital intensity. We also relax the assumption of continual equality between capital's domestic marginal product and the world interest rate. It is shown that multiple equilibria and cyclical approaches to the steady state can arise in a technological transfer model.     

Cost of Capital Under Local Constraint on Debt Financing:

A unique constraint on financing of direct foreign investment by MNCs IS a total or partial prohibition on debt financ- ing in many Islamic countries. This paper analyzes the implications of such a conslraint for an MNC's financing and investment deci- sions. The comparative investment levels under alternative financing instruments based on profit and loss sharing (PLS) contracts are examined considering the effects of market imperfections and secu- rity related differences with reference to the existing literature on capital structure. The analysis shows that when debt financing is constrained the cost of capital to a firm will be higher and the invest- ment levels lower.     

Creative service business and regional performance: evidence for the European regions

The study shows the important impact that the creative service business exerts on the wealth of European regions. The study disentangles the differences between creative service business and other non-creative service business, and explores how much each type of service business contributes to the wealth of the European regions. Most importantly, the study provides robust evidence about the fact that creative service business industries present the highest impact on the wealth of the European regions. The study has important implications for scholars and policymakers, focusing specifically on the type of service business that should be promoted by regional governments.     

内外融资对企业不同阶段创新投资的异质性效应——基于中国制造业上市公司的数据

根据创新价值链理论，将企业创新活动分为研究阶段（R）与开发阶段（D），探究内外源融资方式对企业不同创新阶段投资的异质性效应，为企业选择创新活动的融资渠道和政府设计精准支持企业创新政策提供参考。基于中国制造业上市公司数据实证研究发现：内源融资对企业研究投资有显著促进效应，对开发投资未产生显著促进作用；债权融资对研究投资和开发投资的作用均不显著；股权融资对研究投资的影响不显著，但对开发投资具有显著影响。内源融资对债权融资与研究投资、债权融资与开发投资的关系不具有调节效应；内源融资对股权融资与研究投资关系具有正向显著调节效应，对股权融资与开发投资的关系具有正向调整作用但不显著。     

Financial Reform and Financing Decisions of Listed Firms in Zimbabwe

Abstract

We examine the impact of the economic reform programme on the financing choices of Zimbabwean listed companies. Using the published accounts of a sample of companies, we show that listed firms rely heavily on external finance, especially short-term bank financing. We estimate an eclectic econometric model of firms' capital structure based on key predictions from the theory of finance, augmented by variables aimed at capturing the impact of Zimbabwe's reform programme. The analysis shows that an orthodox model has little explanatory power over firms' capital structure in the pre-reform period, but in the post-reform period it does better. The differences between the pre-reform and post-reform era suggest that the reforms achieved partial success in opening up the capital markets and improving the transparency of firm financing behaviour.     

A natural science approach to investigate cross-cultural managerial creativity

As the relative effectiveness of physical resources decreases toward parity with rivals due to their fungibility, the firm's marketplace position, established by managers with a particular set of inter-culturally attuned set of personal values, may be the key antecedent in creating competitive strength in the firm. The research question addressed is how creative are culturally diverse managers; are managers from certain countries more creative than adaptive?We tested hypotheses in a cross-cultural setting based on the survey responses of 1365 managers operating in eight countries located in four culturally diverse regions of the world.Our study shows that managers are both creative and adaptive but the mixture of creative and adaptive behaviour varies depending on region and country and even within countries. Furthermore, the results confirm that creativity among managers in some countries is similar but large differences also exist between countries.     

基于顺序融资理论浅析我国上市公司的融资偏好

顺序融资理论是一种新的资本结构理论。本文通过我国和美国的上市公司融资顺序的国内外比较分析,指出我国上市公司融资偏好差异的原因,提出通过大力发展上市公司债券市场、培育健康股票市场的发展、改善我国上市公司的内源融资顺序的措施,以促进我国上市公司的完善发展。     

文化差异对文化创意产业双边贸易影响的实证研究

本文主要针对全球26个文化创意产业贸易大国探讨贸易双边文化差异对文化创意产业贸易的影响。实证结果显示,文化创意出口国的文化开放性越低、越能保持自我独特性时,其在文化创意双边贸易中的出口值越高;若就贸易双边的文化差异而言,两国的文化开放性差异与两国一般贸易往来较没有显著关系,对于文化创意双边贸易却具有重大影响:两国贸易对方国间对外来种族接受度的差异越大,双边文化创意贸易越高。这一发现,一方面凸显出在全球化的浪潮下,保留本土文化特色具有一定的正面意义与价值,另一方面也显示出文化创意贸易不同于一般贸易的独特性,不管是在改革思维上或是学术研究上,均值得给予特别的关注。     

金融集聚、融资结构与融资比重——基于省际面板数据的实证研究

随着我国金融业的不断发展,金融集聚也出现区域梯度差异。基于我国31个省区市1990-2012年的面板数据,对金融集聚与融资结构、融资方式的关系从全国和区域两个层面进行了实证分析。结果发现,从全国来看,金融集聚对融资结构有显著的负面效应。分区域来看,在东部地区为正效应但不显著,在中、西部地区则显著负相关。无论是全国还是分区域来看,金融集聚对融资比重均是正效应,且对中、西部地区的影响更为显著。本文创新点在于,阐述了金融集聚、融资结构与融资比重三者的关系,即经济发展需要相应的融资结构,而融资结构促进金融集聚,金融集聚影响融资比重。     

Role of authentic leadership and personal mastery in predicting employee creative behavior: A self-determination perspective

Personality dispositions and their role in inducing employee creative behavior are well documented in the literature. However, much is unexplored about the collective and relative contribution of personality orientations and environmental factors in explaining creative behavior. This study used a framework based on selfdetermination theory (SDT) to measure the combined and relative contribution of personal mastery orientation and authentic leadership in predicting employee creative behavior as mediated by autonomous motivation. A self-reported survey was conducted among software developers working in software houses. The results of the study show that both personal mastery and authentic leadership are significant predictors of employee creative behavior. In addition, autonomous motivation significantly mediates the relationship between personal mastery, authentic leadership, and creative behavior. The findings of the study lend support to the combined effect of personality orientation and environmental factors in predicting employee creative behavior and test the SDT framework’s efficacy in predicting creative behavior.     

寿险证券化及其借鉴

寿险证券化是指寿险公司通过发行以标的业务现金流为支撑的资产支持证券的过程。与将巨灾峰值风险转移到资本市场的产险证券化不同,寿险证券化主要是作为融资方法。寿险证券化一般可归结为三大类:(1)内含价值证券化可将无形资产转换成货币,减小资金压力,扩大承保能力;(2)责任准备金证券化可以减轻准备金压力,并满足监管准备金要求;(3)极端死亡率或长寿风险证券化可将极端死亡风险或长寿风险转移到资本市场。     

信息不对称性与风险企业相机控制权安排的关系分析

相机控制权安排是风险投资合约的中心问题之一。在风险资本融资时,存在信息不对称和逆向选择问题。创业家向风险资本家转移的控制权是显示其类型的信号,这是一个不完全信息动态博弈问题。拥有相机控制权的风险资本家会根据事后的信息决定是否对风险企业进行干预。如果进行干预,创业家得不到私人利益。因此,风险资本家拥有相机控制权,对好创业家来说,成本是很低的,对坏创业家而言,是很大的威胁,从而使好创业家得到融资的同时,减少了坏创业家进行融资的可能性。     

Fertility,intergenerational transfers and economic development

This paper develops a model of endogenous growth where agents are altruistic and value both the utilities of their parent and of their children. Individuals endogenously choose the number of their children, and arbitrate between financing education, leaving them some bequest and offering some gift to their parents. We establish the existence of three types of long run regime. Starting from a low level of human capital, an economy converges towards a stationary state associated with a constant output per worker, a high level of fertility and ascendant transfers. If the initial level of human capital is not too low, another stationary state jointly exists with a lower level of fertility and no transfer. Finally, starting from a high level of human capital, the economy experiences a steady growth of output per worker associated with a low fertility level and descendant transfers. We then assume that an economy is initially in the stationary underdevelopment regime with ascendant transfers, and we study the power of different policies to push the economy toward the growth regime. We successively consider a fertility control policy, an education subsidies policy, and the introduction of a pension system for the elderly.     

Internationalization pattern of creative-cultural events: Two cases from Canada

This paper characterizes the internationalization of creative-cultural events through in-depth, longitudinal and ethnographic case-studies of two typical events. It develops four families of propositions based on the extant theory and tests them against their corresponding aspects of the two case-studies. This comparative examination indicates varying levels of supports; and also points to significant differences from traditional patterns of internationalizations processes. This paper’s contributions are in identifying differences in such events’ internationalization pattern and suggesting theoretical explanation for them. A combination of firm-specific advantage (e.g., creative and cultural) and the event’s home location-specific advantages offer a theoretical approach as they attract both the viewers and creative service-providers from the rest of the world to the home of these events. The paper explores the implication for further theoretical research, management of such events and public policy formulations.     

中小企业融资难的银企博弈分析

目前,我国中小企业在融资过程中的主要困扰因素是：受规避风险和注重利益传承的影响,家族性与股权融资之间具有矛盾;银企之间缺乏信任,中小企业通过银行间接融资的门槛太高,银行惧怕融资风险,产生“惜贷”现象等。这种现状严重制约着中小企业的发展。通过构建博弈模型,在完全信息与不完全信息两种情况下对银行和企业的博弈进行了贝叶斯纳什均衡的重点分析,博弈结果表明：信息不对称是中小企业融资难的主要原因。要走出融资难的困境,中小企业应完善公司治理模式,改变“家族式”管理方式;政府应充分发挥宏观调控手段,扩宽中小企业融资渠道,健全中小企业担保体系。同时,建立并发展中小企业与银行之间契约关系也是解决中小企业融资难的有效途径。     

Born to be alive? The survival of innovative and non-innovative French micro-start-ups

Based on French data describing the characteristics of entrepreneurs and their projects, this article studies the differences between the determinants of survival for innovative and non-innovative micro-enterprises. We show that the survival of innovative and non-innovative enterprises is linked to personal criteria such as age, gender, belonging to a minority, professional experience and financing sources. Our results also highlight the positive effect of not being alone in the start-up design phase, whereas being involved in a business network after the start-up period has no significant influence. The survival time of innovative enterprises, which is significantly lower than that of the non-innovative ones, seems adversely influenced by the entrepreneur’s previous management experience. Finally, when considering both innovative and non-innovative start-ups, there appears to be a type of “pecking order” as bank financing has a much more positive effect on survival than a personal one, although when focusing solely on innovative ones this difference does not exist.