基于企业生命周期理论的现金股利分配实证研究

本文在回顾西方股利政策理论的基础上,基于生命周期理论对股利政策的影响因素进行实证分析。我们以留存收益资产比作为企业生命周期的代理变量,选取沪市528家A股上市公司作为样本,采用2000—2008年间的数据,运用Logit模型、Tobit模型分别考察留存收益资产比和一些控制变量对上市公司是否支付现金股利、股利支付率的影响。研究发现,我国上市公司是否支付现金股利呈现生命周期特征,而现金股利支付率则不具有生命周期特征;在选取的控制变量中,增长率变量与股利发放显著负相关,从增长率这一角度看,暗合生命周期特征,资产收益率和公司规模变量与股利发放显著正相关。根据研究结论,本文建议证监会分行业制定公司的现金股利分配政策。     

中国上市公司股权融资与债权融资成本实证研究

本文对中国上市公司IPO后的股权与债权的融资成本进行了实证研究。影响企业市场价值变化的主要因素是行业因素以及企业的初始市值，于是我们选取了家庭耐用消费品行业以及纺织和服装行业的上市公司，对同行业问各组匹配公司进行直接比较，从而发现：站在上市公司股东利益的角度考虑，债权融资成本低于股权融资成本。这主要是股权融资的软约束造成的企业经营业绩下滑，进而导致企业进行多次股权融资行为后市场价值下跌。     

论企业理财目标与企业生命周期的关系

目前，人们普遍认为，企业的理财目标是企业价值最大化。但对于一般的企业而言，其生命周期有阶段之分。本文认为，在不同的阶段，不宜都采用价值最大化作为理财目标。企业处在不同生命周期阶段，应当采取不同的理财目标，这样才有利于企业可持续发展。     

上市公司并购绩效的影响因素的实证研究

本文以中国2004～2008年发生并购行为的上市公司为研究样本,对上市公司并购绩效的影响因素进行了实证分析.研究发现,主并企业的高管人员在并购前一年的绩效、是否为关联方交易、行业的生命周期、企业性质、支付方式以及自由现金流量等因素对企业的盈利能力、现金流量能力、偿债能力、股东获利能力、营运能力以及发展能力有着不同程度的影响.     

关于企业生命周期的探讨

企业既然可以作为能动的有机体看待,那末它就必然有一个诞生、成长、壮大和衰退的过程。也就是说,企业是有生命周期的。 研究企业的生命周期可以使人们了解企业自身发展的规律,正确认识企业发展过程中出现的各种复杂的经济现象。这样,不仅有利于企业家对企业的发展保持清醒的头脑,在企业不同的生命期采取不同的发展战略和经营管理办法,而且有利于政府对处于不同生命周期的企业采取不同的经济政策,使企业健康发展。     

推动控股公司的组织变革

供电控股公司企业组织与其它生命体一样,有其生命周期,有产生、成长、成熟和衰亡的过程。为了延长组织的生命周期,增强组织发展的生命力,就需要不断地对控股供电公司组织进行调整和变革,以适应企业外部环境的变化和内部条件的改变。要有效地改变现状,一定要考虑影响控股公司变革的原因有哪些,变革后将来要达到什么目标。     

品牌应有文化含量

当今的市场竞争越来越表现为品牌的竞争、名牌的竞争。创立品牌，发展名牌，已经成为众多企业追求的首要目标和重要战略措施。但是，不少企业在创建品牌的过程中，往往只注重有形的投入，而忽视了文化的投入。这是一个值得关注的现象。因为，在今天，商品的文化内涵如何，对于品牌的创立和发展至关重要。     

基于生命周期视角下社会责任与企业价值关系的实证研究

本文通过介绍企业社会责任和企业价值的概念、内涵以及检索2000年～2009年这10年间发表在国内外各管理学及财经刊物上的有关论文,概括了企业社会责任与企业价值间关系的研究现状,并依据主题基于企业生命周期视角对这些论文进行归类和分析,分析结果表明:处于成长期和成熟期的上市公司会根据其所处的生命周期阶段来调整履行社会责任的侧重点,进而不同程度地影响企业价值;当不考虑生命周期时,社会责任与企业价值仍是显著正相关的,即履行社会责任会提高企业价值。     

刘积仁：治理成就价值

作为中国最大的、第一家上市的软件企业，我们东软集团在创立之初即十分重视公司治理，深知优秀的公司治理是上市公司规范运作的基础，是成就价值的基本保障。为此，公司长期致力于法人治理结构的构建和持续完善，建立了议事规则、权限规则等多项规范文件，明确了公司重大事项的决策权限和程序，保障决策的科学性和合理性。     

科技型企业生命周期及其特征分析

本文从科技型企业定义的界定和特征出发，通过比较典型企业的生命周期及其特点，提出了科技型企业生命周期的划分：种子期、创业期、成长发展期、成熟蜕变期，并系统分析了每个阶段的特征。     

Technology—An increasingly dominant factor in corporate strategy

The paper considers the implications for future corporate strategy of the probability that the capitalist world is in the down-phase of a 50-year long-wave Kondratieff' economic cycle. Without commitment to a universal theory of long-wave generation the author proposes a lifecycle model of a whole industry or dominant technology. He deduces from this the likelihood confirmed by some historical data that major industries will at best survive one cycle and will almost inevitably decline after the next. Individual firms within such sectors will go down with the industry unless they face the need early enough in the decline phase to embrace a new technology in the next up-phase. The author provides a framework for diagnosing the phase of the lifecycle occupied by an industry or firm. He suggests that by combining this with an existing model of corporate strategy a company can plan a course of action that will improve its chances of survival.     

Technology—An increasingly dominant factor in corporate strategy

The paper considers the implications for future corporate strategy of the probability that the capitalist world is in the down-phase of a 50-year long-wave Kondratieff' economic cycle. Without commitment to a universal theory of long-wave generation the author proposes a lifecycle model of a whole industry or dominant technology. He deduces from this the likelihood confirmed by some historical data that major industries will at best survive one cycle and will almost inevitably decline after the next. Individual firms within such sectors will go down with the industry unless they face the need early enough in the decline phase to embrace a new technology in the next up-phase. The author provides a framework for diagnosing the phase of the lifecycle occupied by an industry or firm. He suggests that by combining this with an existing model of corporate strategy a company can plan a course of action that will improve its chances of survival.     

A new perspective on a fundamental debate: a multilevel approach to industry,corporate, and business unit effects

We utilized a multilevel approach to both estimate the relative importance of industry, corporate, and business segment effects on firm performance, as well as to demonstrate how it enables the investigation of specific strategic factors within each class of effects. Our results confirmed previous findings suggesting that although business segment effects carry the most relative importance, industry and corporate effects are also important. Among the findings regarding specific factors, we found that industry concentration and munificence, as well as the resource environment provided by corporate parents, impact performance. These findings suggest that investigators should consider both industry and corporate environments when examining performance. Copyright © 2006 John Wiley & Sons, Ltd.     

Design principles for corporate venture transition processes in established technology firms

Corporate venturing has become a well‐known approach toward new business development and strategic renewal for established technology firms. However, without an effectively designed process for aligning and integrating a corporate venture in the established business, the firm increases the risk of venture failure. This paper provides a process perspective on corporate venture transition. Based on the results of an empirical study of six corporate venture transition processes, we present suitable actions for each of the different phases of the venture transition process. In addition, we indicate the proper timing for venture transition, which is one of the long‐standing difficulties in this area. Finally, we integrate the results of the empirical study with knowledge from extant literature in a set of design principles. These design principles provide practical guidelines to improve corporate venture transition processes.     

进入权理论:能否成为公司治理的理论基础

本文认为，进入权理论为公司治理研究提供了一个新的视角，它使得我们对公司治理的理解更贴近于管理实践，但是．进入权自身的机会性使得进入权的配置机制中充满不确定。以至于它无法像设计的那样有效塑造当事人事后的讨价还价能力。不确定来自于：①关键资源的特征。关键资源应该是一束可分割的权利集，即使是一束虚拟的权利集：②对人力资本专用性投资的计量，包括对入力资本专用性投资程度的计量和对人力资本专用性投资绩效的计量。如果不能克服进入权的机会性所引致的不确定．它很可能只是一种可用于指导公司治理实践的思维方式，而不能成为公司治理的理论基础．至少现阶段如此。     

Exploring how regulators face platform business issues in the lifecycle stages: Evidence of iranian ride-hailing platform business

The emergence of Platform Businesses (PBs) has caused a conflict between the traditional and new economic actors. Furthermore, it has escalated to government bodies with different beliefs and formed diverse coalitions, including among government bodies. Therefore, governments, given their regulatory and supportive roles, should be able to intervene at the right time with practical tools and trade off their internal conflicts. This paper uses an exploratory-abductive approach to identify the challenges of the regulation during the lifecycle of PBs, explores the conflicts of interest among economic actors, examines the government intervention in the economy, and explains the regulatory and supportive roles of the government. Data was collected through semi-structured interviews with PB experts, who have active roles in the regulatory process, and with well-known academics on the subject. Reviewing the pathways of PBs in Iran between 2014 and 2018, the paper suggests five propositions using regulation economics and advocacy coalition framework to develop the regulatory roles of government. The results demonstrate that PBs’ lifecycle, shifting from one-sided to two-sided market, moving from ownership to accessibility, and timing of intervention significantly support the development of Cognitive Tools, Regulation Frameworks, and Regulation Tools.     

Adoption and policy implications of Japan’s new corporate governance practices after the reform

In this paper we explain the process and policy implications of Japanese firms’ adoption of recently reformed corporate governance practices. We use a selective adaptation framework in doing so. We present some qualitative predictions about the possible outcome of their adoption process. One advantage of our approach is that we can describe various aspects of the evolutionary process of Japan’s corporate governance reform as a system in a consistent manner, rather than as independent pieces. Our predictions provide policy implications and are empirically testable. Japan’s post-bubble corporate governance reform has been extensive and involves the enactment and revisions of many relevant laws and affected institutions. Japan’s aim has been to install US-like practices (the de facto global standard), with these practices replacing the now tarnished bank-centered practices, and to facilitate Japanese industry in regaining global competitiveness. However, we show that Japanese businesses’ adoption of US practices has been selective and efficiency and other policy implications of such behavior are potentially dysfunctional.     

Towards an integrated framework for managing the process of innovation

Innovation has become a major driving force for business growth and success. However, successful and sustained innovation represents challenges rooted in technological uncertainties, ambiguous market signals and embryonic competitive structures. Notably, in the management of innovation, many challenges still remain in both theory and practice, which demand improved managerial approaches. In this context, the development of a practical and explicit management framework for the process of innovation could be beneficial. This research sets out to develop the concept of ‘Innovation Readiness Levels’ (IRL), an explicit model for managing the process of incremental innovation. Basically, IRL is a framework depicting the development of an innovation over its lifecycle. Within the emerging framework proposed in this paper, five key aspects that determine the effective implementation of innovation are identified. The lifecycle of innovation is then divided into six phases, and for each phase, associated assessment aspects and criteria are identified. By providing better monitoring and control, IRL is intended to help implement innovation over the lifecycle more effectively. It is also expected to apply as a management tool, for which guidance of use is suggested.     

Business innovation in the UK

It is argued that a viable and durable solution to corporate maturity is new business development (NBD). An idealised process for NBD is outlined. The results of an in-depth study of fourteen UK firms' experience in NBD, including a case study of one NBD, illustrate the problems with this approach, and some suggestions for overcoming these are advanced.     

Corporate-level influences on internal capital allocation: The role of financial analyst performance projections

Research contends that internal capital should be allocated in proportion to divisional performance, but scholars are often puzzled to find that managers do not adhere to this winner-picking approach. We argue this is because scholarship has not incorporated corporate-level factors that influence how corporate managers structure holistic capital allocation strategies. In this study, we build on the behavioral theory of the firm to focus on analyst performance projections for multidivisional corporations and how they inform corporate managers' allocation strategies. Specifically, we theorize corporate managers deviate from the winner-picking allocation approach owing to search-related behaviors stemming from projected performance below or above expectations. We further theorize about conditions that offer corporate managers opportunities to deviate from winner-picking, focusing particularly on multidivisional relatedness and asset durability.