理论中的企业所有权:悖论性质及其超越

本文认为,无论用剩余索取权还是用剩余控制权抑或用这两种剩余权利的统一体来定义企业所有权,由于其对企业自然属性的忽视以及考察企业所有权的方法存在的问题,导致其无法规避理论上的悖论性结果。文章提出,为跨出这种理论上的悖论境地,必须寻找新的途径对企业所有权进行重新界定。在企业理论中,如果涉及到企业所有权,就简单地直接使用法律上的企业所有权概念;而研究那些"实际存在"的权利的时候,就使用产权这一概念,因为产权本来就表示一组权利。     

公司创业的合法性悖论与合法性倾向选择

目前,公司创业面临着内外部合法性要求冲突构成的"合法性悖论",合法性倾向受到新业务与原有业务相关性、以及新进入行业的成熟度共同作用的影响。在文献研究的基础上,通过构建了一个公司创业的内外部合法性选择模型,提出公司创业开展的业务与原有业务相关性越高,服从内部合法性的倾向越明显;公司创业进入的行业成熟度越高,服从外部合法性的倾向就越明显。     

控制权私利下并购成功悖论形成机制研究

并购成功悖论一直困绕着企业并购理论与实务界。本文从控制权私利视角研究了成功悖论形成机制,得到三点结论:一是无论激励为主还是自利为主的控制权私利均有利于控制权人,因而,控制人控制的企业会积极实施并购;二是在自利为主的控制权私利下,并购必然不利于中小股东利益,因而主并方并购绩效为负值;三是以激励为主的控制权私利下,并购并不必然有利于中小股东,提升大小股东共有收益,并保证中小股东得到应有收益份额才有利于改善并购绩效。主并方并购绩效多为零或负值说明制度上重新设计以保障提升共有收益更符合控制权人利益是必要的。     

The Effect of Online Shopping Platform Strategies on Search,Display, and Membership Revenues

Most online shopping platform firms generate revenue from three sources: pay-per-click search advertising, pay-per-impression display advertising, and membership fees. The strategies that influence these revenue sources typically are studied individually, rather than in a holistic fashion. In response, this study uses time-series data with 18 million buyers and sellers from 2010 to 2011 and undertakes a quasi-experiment to analyze how the distinct effects of buyer- and seller-side strategies on revenues (1) vary across all three revenue sources and (2) depend differentially on a platform’s upmarket repositioning strategy. The results show that buyers that purchase through direct traffic (e.g., typing in the site address) yield more display advertising and membership fee revenues than those gained through organic traffic (e.g., landing from a search engine). Engagement strategies that appeal to established sellers (i.e., value-added services) yield more search advertising and membership revenue than those that appeal to new sellers (i.e., social forums). An upmarket repositioning strategy (i.e., eliminating low quality sellers) enhances the revenue effects of buyer traffic generation and seller engagement strategies. Post hoc analyses suggest that a 1% increase in direct traffic generates an additional $151,506 in display advertising revenue after (vs. before) the repositioning.     

The Effect of Timeliness and Credit Ratings on the Information Content of Earnings Announcements

This paper investigates the impact of timeliness and credit ratings on the information content of the earnings announcements of Greek listed firms from 2001 to 2008. Using the classical event study methodology and regression analysis, we find that firms tend to release good news on time and are inclined to delay the release of bad news. We also provide evidence that the level of corporate risk differentiates the information content of earnings according to the credit rating category. Specifically, firms displaying high creditworthiness enjoy positive excess returns on earnings announcement dates. In contrast, firms with low creditworthiness undergo significant share price erosions on earnings announcement days. We also observe a substitution effect between timeliness and credit ratings in relation to the information content of earnings announcements. Specifically, we find that as the credit category of earnings-announcing firms improves, the informational role of timeliness is mitigated.     

The Strategies and Characteristics of Exporting SMEs:

The behaviour of exporting firms is the result of the complex interaction of many factors of the external and internal environment both at the national and international level. This paper presents the main findings from an exploratory study which assessed the characteristics and marketing strategies of small- to medium-sized exporting firms in a developing country, Peru. Statistical analysis using non-parametric methods to measure the behaviour of these firms used criteria taken from studies of firms in mostly developed countries. The observations from the analysis indicate that characteristics such as size and management perceptions and commitment, and strategies related to market concentration in developed countries taking into consideration export sales volume as a measure of performance (dependant variable) were positively associated to the success of these Peruvian firms and added to their competitiveness.     

我国绿色物流发展现状及策略之研究

绿色物流越来越成为一种适应经济、环境共生发展的新趋势。了解绿色物流的概念及特点,研究我国绿色物流的发展现状并提出相应对策,有一定的理论意义和现实借鉴意义。     

Assessing the Impact of Market-Focused and Price-Based Strategies on Performance: A Neural Network Typology

Marketing practitioners operate in a turbulent environment with increased market competition and more discerning customers, which make it a necessity for organisations to constantly re-appraise their competitive strategies. Porter's (1980) typology is one of the most widely cited by academics and practitioners, but it is debatable whether a single strategy will lead to sustainable competitive advantage (Helms, Dibrell and Wright, 1997).Using a systems perspective where the focus is on the interaction between dependent and independent variables, this study shows how SBU managers could use neural networks to help improve the strategy formulation process in the hospitality sector. Findings suggest that market-focused and price-based strategies have contrasting effects upon performance. This study extends the knowledge of strategy formulation and performance by focusing on the service industry, and provides controls for market-level influences by being restricted to the hotel sector.     

我国现代流通业影响因素及发展对策

现代流通业是国民经济的先导性产业,是现代市场经济的血脉,在促进生产、引导消费、推动经济结构调整和经济发展方式转变等方面发挥的作用日益突出,加快推动我国现代流通业发展和建立现代流通体系已经上升为国家战略。但我国现代流通业仍然存在流通企业规模偏小、组织化程度较低、现代化水平不高、市场体系不够完善等一系列问题。为更好地推动我国现代流通业发展,加快我国流通业从传统流通业向现代流通业转变的步伐,国家应出台促进流通业大发展的行动计划,树立流通业在国民经济中的先导性地位,形成完全意义上的现代流通业和现代流通业体系;大力推动我国现代流通业标准化体系与法规建设,建立专门的流通业管理部门,规范并保障流通业发展;制定全国区域流通市场协调发展规划,促进流通业区域协调发展,形成"大市场、大流通"的格局;加大现代信息技术在流通业中的普及和应用;大力培养流通业专门技术人才,重点支持和培育大型流通企业集团。     

The Effectiveness of the Escrow Model: An Experimental Framework for Dynamic Online Environments

This article investigates the mechanism of an online escrow service (OES) in online consumer-to-consumer (C2C) auctions. We develop a discrete-event driven simulation model for the dynamics of an OES adoption in electronic markets that involves four types of agents: the strategic trader, the moral trader, the OES provider, and the law-enforcement agent. By applying the Monte Carlo method in computer-based simulations, we demonstrate that the OES business model can effectively block fraud attempts and promote security in online C2C auction markets. However, our findings reveal that the prevailing OES fee rates are not necessarily set at the profit maximization level. Meanwhile, the simulation results show that the legal mechanisms in electronic markets directly impact the profit of escrow services.     

人格特征对在线品牌社群信息分享意愿的影响研究——规范激励和结构保障的调节作用

以往关于尽责性和神经质人格特征对人们分享意愿影响的研究并未达成一致的结论。文章通过两个实验探讨尽责性和神经质对在线品牌社群信息分享意愿产生的影响,并且引入两个社群技术因素（规范激励与结构保障）,进一步探讨它们对上述影响的调节作用。结果发现尽责性正向影响信息分享意愿,而神经质负向影响信息分享意愿。此外,在线品牌社群提供规范激励时,相较于低尽责性,高尽责性成员的信息分享意愿会显著提高。而在线品牌社群提供结构保障时,相较于低神经质,高神经质成员的信息分享意愿会显著提高。研究结论能够帮助企业管理者更好地了解消费者在线品牌社群信息分享意愿的差异,以便针对性地对社群进行设计,促进社群成员有更多的信息分享行为。     

The Energy Paradox Revisited: Analyzing the Role of Individual Differences and Framing Effects in Information Perception

In the ongoing debate about the “energy paradox”, a recent stream of literature highlights the importance of behavioural anomalies such as bounded rationality and self-control problems. However, the role of individual-level factors in explaining the energy paradox is still not fully understood. Combining literature on behavioural anomalies and consumer heterogeneity, the current paper analyses how individual differences influence the perception of energy-related information and susceptibility to choice-framing effects. A choice-based conjoint experiment about energy-saving home improvements was conducted with 363 homeowners in Switzerland. Results show that numeracy and energy literacy have no influence on how much attention individuals pay to energy cost savings. However, impulsivity and risk aversion are found to significantly impact homeowners’ weighting of future energy cost savings. Further, it is found that impulsive homeowners are significantly more susceptible to energy cost-framing effects. A key implication for consumer policy is that general educational programs targeted at enhancing citizens’ knowledge and cognitive abilities are unlikely to increase energy conservation investments. The findings further suggest that consumer policies and business models aimed at reducing impulsiveness and influencing risk perception might foster the uptake of energy-saving measures in the residential housing sector.     

分税制下税收征管体制改革探讨

分税制下的税收征管体制已经实行了10年之久,财政界和学术界对其运行效果十分关注,是否需要改革说法不一.本文分析了目前税收征管体制存在的问题及其原因.在此基础上,借鉴国内的经验,参考国外的情况,提出国税局和地税局应该走合并的道路,从而减少征管成本,提高征收效率.     

股权结构、董事会特征与会计信息质量关系的实证研究——来自A股上市公司的经验证据

选取2001-2005年期间被我国证券监督委员会公开处罚的财务报告舞弊的上市公司为研究样本,并选取了股权结构、董事会特征等方面的10个指标,对公司治理结构与会计信息舞弊的关系进行实证研究。研究发现:独立董事比例、审计委员会的设置与会计舞弊显著负相关,董事会规模、控制股东的性质、监事会规模与会计舞弊显著正相关。     

Influence Attempts in the Consumption Domain: Examining the Concept of a Persuade Package and the Sequencing of Influence Strategies used by Young Adults

This research examines the concept of a persuade package and the sequencing of communication strategies designed to exert influence in the consumption domain. Specific research questions examine the sequencing of influence strategies in consumption related influence attempts and the effect that sequencing has on the perceived likelihood of compliance. Both qualitative and quantitative research methods are used across two studies and results indicate that preferences exist for the specific types of influence strategies used by individuals and the order in which they are sequenced during consumption related influence attempts. Perceived likelihood of compliance is also affected to a certain extent based on how influence strategies are sequenced.     

The Impact of IFRS Convergence on the Effectiveness of Accounting Information for Share Valuation: Evidence from the Mainland of China

This study examines whether the reconciliation amounts between IFRS and PRC GAAP provide additional incremental value-relevant information. More specifically, it investigates whether firms applying IFRS experience an increase in the quality of accounting information in the post-IFRS convergence period. Results show that IFRS convergence increases the values of balance-sheet items and enlarges variation across firms. Moreover, there is no difference in the explanatory power of value relevance of accounting information under IFRS and PRC GAAP for share prices and returns of A-shares. The incremental value relevance analysis suggests that the IFRS adjustments to earnings are value relevant, whereas the adjustments to book values are not. The IFRS adjustments to change in inventory are value relevant for predicting future operating cash flows. Finally, accounting quality improved in post-convergence period. These results are robust after controlling for the unique characteristics of Chinese firms.     

The Influence of the Provision of Online Channel Functions on Exporting Channel Performance: The Moderating Effect of International Experience

ABSTRACT

The purpose of this research is to investigate the effect of the provision of two online channel functions on exporting channel performance, using international experience as a moderating variable. The study setting is Taiwan. The results confirm that the provision of online communication and transaction functions can increase exporting channel performance. Moreover, international experience can better facilitate the effect of the provision of online transaction functions on exporters’ channel performance for less-experienced firms rather than for experienced firms. However, its facilitation reverses in course of the provision of online communication functions (albeit in a different direction than hypothesized).     

企业与上下游企业的连锁董事对环境战略的影响研究

文章依据资源依赖理论,研究企业与上下游企业建立的连锁董事关系对企业环境战略产生的影响。通过对183家中国工业企业上市公司2009-2012年连续4年的面板数据进行实证检验。研究结果发现：连锁董事对企业采纳环境战略具有显著的正向影响;企业所在地区的制度环境越差,连锁董事对于环境战略的正向影响越强。文章的结论为资源依赖理论提供了实证证据,连锁董事的降低企业资源获取不确定性的功能可能会对企业采取战略产生一定的约束作用。企业对连锁董事的依赖影响企业的环境战略,而且,地区制度环境影响企业对连锁董事的依赖性。     

The Effectiveness of Telescopic Ads Delivered Via Interactive Digital Television: The Impact of the Amount of Information and the Level of Interactivity on Brand Responses

This experimental study examines two aspects that influence the effectiveness of a telescopic ad (dedicated advertising location, or DAL) on interactive digital television: the amount of information and the level of interactivity. Two hundred eighty-two respondents were allowed to interact with the DAL as long as they wanted. The results demonstrate that both the amount of information and the level of interactivity have a positive influence on time spent in the DAL. Furthermore, a higher level of interactivity has a positive effect on time spent in the DAL, brand recall, and attitude toward the brand when the amount of information is low but not when the amount of information is high. The amount of information in and of itself has no effect on brand recall and attitude toward the brand.     

The Color of Choice: The Influence of Presenting Product Information in Color on the Compromise Effect

Consumers often find themselves challenged by the conflicting desires to seek uniqueness versus conformity, and thus seek some degree of balance. In a series of six studies we show that presenting each options’ product-related information in a unique color, as opposed to all product-related information presented in black-on-white, partially satiates the desire for uniqueness, thus amplifying the compromise effect. Consumers facing color presentation formats choose the middle, conforming option more often, yet perceive their choice as more unique. This color effect is not realized if each option's attributes are presented in different colors, but all options use a consistent color scheme, as is often the case in on-line retailing sites such as Amazon.com. Having to justify one's choice moderates the color effect. The practical take-away is that consumers’ choices can be influenced by using unique colors to present option-related product information, a variable that is entirely independent of the options’ performance characteristics. Two field studies confirm this finding, one using a plain background versus a colored background in a product display and the other using product containers that are either in plain white or wrapped in unique colors.