现金持有对家族企业市场竞争力的影响——基于CEO来源的视角

当前我国家族企业已陆续进入代际传承的重要阶段,企业CEO也出现了由一代、二代或外部经理人这三种不同来源的安排。不同来源的CEO从现金持有的交易动机、预防动机和代理动机出发,会选择不同的现金持有战略,从而影响企业的市场竞争力。文章以2010-2014年沪深两市A股上市家族企业为研究对象,研究现金持有水平与企业市场竞争力之间的一般关系,并根据家族企业的特殊性和差异性,推断家族企业现金持有是否同样具有竞争优势,还进一步研究家族企业不同CEO来源对现金持有竞争优势的影响。研究发现,家族企业的现金持有能够增强企业的市场竞争力,即家族企业存在现金持有的竞争优势。而且家族企业CEO的不同来源会对企业现金持有的竞争优势产生较大影响,具体说,家族创始人CEO由于维护社会情感财富和代际传承等原因,可能会损害企业现金持有的竞争优势,降低家族企业现金持有价值;家族二代CEO出于二次创业的动力,反而会加强企业现金持有的竞争优势;外部经理人担任CEO为了个人声誉和薪酬,也会显著加强企业现金持有的竞争优势。文章从家族企业这一特殊样本出发,丰富了家族企业现金持有竞争优势的研究,并从家族企业代际传承的视角,独特地研究了不同CEO来源对家族企业现金持有竞争优势的重要影响,同时也扩展了代际传承经济后果的研究。     

企业竞争优势理论的渊源与演变

竞争优势理论研究在范围上可分为企业、产业和地区、国家三个层面或三种视角;在内容上包括内涵和来源两大核心问题.文章通过文献研究的内容分析方法,对企业竞争优势理论进行回顾和归纳,以期概括该领域的研究脉络并讨论今后可能的发展方向.     

Do siblings take your food away? Using China's one-child policy to test for child quantity-quality trade-offs

We test for the existence of a trade-off between child quantity and child quality in Chinese families. We use changes over time and space in the local stringency of the one-child policy as a source of exogenous variation in family size. Investment in child quality is measured by intake of three nutrients, using seven waves of data from the China Health and Nutrition Survey. For all three nutrients a quantity-quality trade-off is apparent, which persists for fats if child-specific effects are introduced. The trade-off would be less apparent if exogenous sources of variation in family size were ignored.     

Privatization and Technical Efficiency: Evidence from the Manufacturing Sector in Malawi

This study evaluates the impact of privatization on the technical efficiency of six privatized enterprises, three state‐owned enterprises and six private enterprises competing in three oligopolistic manufacturing industries in which privatization took place between 1984 and 1991 using panel data between 1970 and 1997. Technical efficiency scores are computed using Data Envelopment Analysis (DEA) based on the ‘intertemporal frontier’ approach for panel data. The results show that privatization in Malawi is associated with high mean technical efficiency in privatized enterprises and competing state‐owned enterprises and private enterprises. If we account for other sources of technical efficiency, in the full sample we find evidence that the competitive process is more important than privatization in increasing the technical efficiency of all enterprises competing in the same industries. However, the results of the subsample of privatized enterprises show that privatization significantly increases the technical efficiency of privatized enterprises, although we cannot ignore the role of domestic competition, capital intensity, multinationality and structural adjustment programmes as sources of technical efficiency.     

The myths,facts, and theories of ethnic,small-scale enterprise financing

This article combines the results of three financial studies that examine capital issues affecting minority business development. The results are presented so as to explain or refute conventional wisdom regarding capital availability, cost of capital, credit market discrimination, sources of capital and differences in firm capital composition. Generally, Asian and Hispanic businesses more approximate nonminority businesses in the sources of capital, the cost of capital, total capital investment, and access to capital. Black firms, on the other hand, face credit discrimination from all sources of capital, which limits their access to capital, increases its cost, and affects firm profitability. Consequently, black firms have a smaller capital composition at startup and during operations. The only deviation from this pattern occurs where minority and nonminority financial institutions vie for black business patronage by reducing the cost of borrowing and increasing the availability of funds.     

专业化管理的家族企业——新加坡的华人企业

通过考察大量口迷历史记录、个人访谈、文献研究及有关新加坡经济、社会的评论，研究了亚洲金融危机（以下简称危机）前后新加坡华人企业变化及其发展的持续性，表明危机前，这些大型企业由家族制管理变为专业化管理；危机后，其变化趋势有两种，一种由于面临着西方企业日益激烈的竞争，在政府密切关注下，同时也因缺乏有能力、有管理家族企业意愿的后代，家族制度已松散；另一种由于没有政府的直接管制，在危机后消极的市场形势下，为谋求生存，任用有能力的家族后代充分发挥优势，维持着传统的家族制。本文分别从市场、制度（包括文化和政府）及一些主要大公司的领导者行为分析，推导一个路径清晰、条脉分明的管理变化模式，同时提出进一步的研究方向——专业化管理家族企业的结构及政府的角色。     

The rural labour market in the early nineteenth century: women's and children's employment, family income, and the 1834 Poor Law Report

This article revisits a familiar source–the 1834 Poor Law Report–to provide a fresh overview of the regional map of female and child labour in the early nineteenth–century countryside. Patterns of employment in domestic industry and agricultural labour (particularly haymaking, weeding, and harvesting) are investigated alongside labourers’ contributions to the annual family income. The results indicate that orthodox accounts of rural employment and wage patterns should not be accepted uncritically. Adopting an empirical approach to the qualitative evidence contained in the report offers a blueprint for future analysis of similar contemporary printed sources.     

专业化管理的家族企业——新加坡的华人企业

通过考察大量口述历史记录、个人访谈、文献研究及有关新加坡经济、社会的评论,研究了亚洲金融危机(以下简称危机)前后新加坡华人企业变化及其发展的持续性,表明危机前,这些大型企业由家族制管理变为专业化管理;危机后,其变化趋势有两种,一种由于面临着西方企业日益激烈的竞争,在政府密切关注下,同时也因缺乏有能力、有管理家族企业意愿的后代,家族制度已松散;另一种由于没有政府的直接管制,在危机后消极的市场形势下,为谋求生存,任用有能力的家族后代充分发挥优势,维持着传统的家族制.本文分别从市场、制度(包括文化和政府)及一些主要大公司的领导者行为分析,推导一个路径清晰、条脉分明的管理变化模式,同时提出进一步的研究方向--专业化管理家族企业的结构及政府的角色.     

Income diversification,wealth, education and well-being in rural south-western Madagascar: Results from the Mahafaly region

Rural households in the Mahafaly region of south-western Madagascar have to contend with low economic development and a risky natural environment. A survey of 665 households in the region was designed to address three research questions: what is the relationship between diversification of income sources and household wealth; how does education influence access to non-farm income sources and diversification; and how does household wealth and diversification affect well-being? The results show that the overwhelming majority of households follow a diversification strategy. Household wealth is associated with larger fields, greater crop diversity and higher diversification of income source categories. Education enhances access to high-return, non-farm income sources. Self-reported well-being is positively affected by both wealth and diversification. Better education and measures to improve inhabitants’ existing strategies for compensation of yield losses in farming are crucial for securing local livelihoods in the face of decreasing precipitation due to climate change.     

Family size,labor supply,and job prestige: Evidence from three decennial censuses in China

This study investigates the relationship between family size and parents’ labor market performance, measured by labor supply and occupational prestige scores, based on three census waves in 1990, 2000, and 2010. To address the endogeneity problem of family size, we use the indicator of twins at first birth as an instrumental variable. Our results suggest that in nuclear households, family size affects the labor market performance only of mothers, not of fathers, with the negative effects fading and gradually disappearing over time. More specifically, an increase in family size decreases female labor supply in the 1990 wave, leads to lower prestige scores among working mothers in the 2000 wave, and has no impact on labor supply or occupational prestige scores in the 2010 wave. Our subsample analysis indicates that the negative effects of family size are more severe for parents of households with all children under seven years old and for husbands or wives with lower education level than that of their partners. In addition, we find that the negative effects of family size on parental labor market outcomes are not observed in extended households, especially when no grandparents are aged 65 years or older.     

The political economy of post-war Finland, 1945–19521

Abstract

The paper is primarily concerned with the Finnish government's management of the Finnish economic situation after the Second World War. Overall, post-war policies were dominated by three main goals, first, how to deal with the war reparation payments required under the harsh political terms of the 1944 Armistice Treaty; secondly, to ensure the settlement of the Karelian refugees and demobilised veterans; and thirdly, the raising of production and the standard of living, including the easing of the rationing system. The focus is especially in analysing how this was financed externally and by the state economy without hyperinflation and considerable indebtedness of the state. From the point of view of the government finances, the financing of the war was transformed to the financing of the war reparations, the compensations due to the war and the settlement of the homeless people. The paper has drawn on the findings of the Studies of the Economic Growth of Finland and other sources and can be seen as a sequel to a previous article on the Finnish war economy between 1939-1945.²     

基于组织内部特征的家族企业成长障碍分析及解决对策

企业成长理论认为,企业竞争优势并非来自企业外部环境和有形资产,而来自企业内部的无形资产。因此,解决家族企业成长问题需从组织微观层面着手。我国家族企业内部关系复杂、差序式管理、家长式领导以及企业主能力缺陷等内部特征影响其对无形资产的学习和整合,阻碍了企业成长。组织认同是企业整合内部资源的有效手段,可成为家族企业打造竞争优势、实现持续成长的有效工具。     

Preference Heterogeneity,Power, and Intrahousehold Decision-Making in Rural Malaysia

This paper examines conjugal household responsibilities/roles, preference heterogeneity and intrahousehold power relations in rural Malay families. Its three major contributions are to: provide an effective initial indicator of separate spheres within the family; develop and implement a method for measuring the extent of conjugal preference heterogeneity; and, illustrate the value of combining this direct measure of preference heterogeneity with a measure of power in estimating household expenditure patterns for three major items, food, schooling, and housing improvement. These three measurement innovations applied to the rural Malaysia context demonstrate the potential for more direct efforts to model and measure intrahousehold decisions.     

福建农村人力资本水平与农民收入

采用国家统计局福建农村住户调查数据,实证分析了农户家庭人力资本水平与家庭收入之间的关系,结果表明:户主的文化程度越高,农户家庭的总收入越高,家庭收入中来自稳定的收入越多,收入来源越多样化,家庭的生活水平越稳定。随着家庭平均教育水平的提高,农户家庭的收入也不断提高,教育投资的收入弹性呈递增趋势,随着时间的推进,教育对收入的效应逐渐加大。从培训来看,接受培训的农户家庭,其收入明显高于未接受者培训的家庭的人均纯收入,而且随着家庭劳动力接受培训次数的增加,家庭收入也不断增加。     

科技投入的国际比较与启示

通过对大量经验数据的分析,从科技投入总量、科技投入经费来源、科技投入结构三方面具体阐述我国科技投入的现状,并且和其他一些国家科技投入状况进行比较分析,最后得出相关的启示。     

Migrants,urban poverty and the changing nature of urban–rural linkages in Kenya

In the literature on rural–urban linkages in sub-Saharan Africa the focus has so far been predominantly on the urban dwellers contributing to the livelihood of the rural ones, usually through remittances from family members living in the city. Although acknowledged in the last two decades, the reverse flow, i.e. the extent to which town dwellers realise part of their livelihood from rural sources, remains poorly understood. Based on recent research in Nakuru town, Kenya, this paper demonstrates that urban–rural linkages are not only important for the rural households, but are becoming an important element of the livelihood (or survival) strategies of poor urban households.     

The global markets of renewable energy sources and the national interests of Russia

The current state and the prospects of the use of renewable energy sources (RES) in the world, their total and technical potential and fields of application, and their advantages and disadvantages in comparison with fossil kinds of fuel are considered. Special attention is given to nonconventional RES. The reasons why Russia is lagging behind in the use of these sources are analyzed.     

家族性资源战略传承:从适应性到选择性组合创业——一个纵向案例研究

家族企业的跨代持续成长是其获取长效竞争优势的关键，以创业作为传承路径逐步获得认可，然而创业对家族企业传承的系统机制分析尚未形成。基于此，本研究从关注家族企业传承什么和如何传承转向创业对家族性资源战略传承以及对家族企业获得可持续发展的微观作用机制的研究。文章基于资源观视角，以兼具创业和传承特征的宁波夏厦齿轮有限公司为研究对象，采用单案例纵向研究，剖析在不同组合创业阶段家族性资源的代际传递和生成机制以及相关传承的策略性要素。研究发现：组合创业是家族性资源传承的有效途径，初次的适应性组合创业具有实验性质，是家族提供给继承者特有的试错和经验积累的过程，与后续的选择性组合创业形成一个创业深化体系；一代家族性资源为二代组合创业提供了得天独厚的资源，传承的策略性要素（家族信任、战略性教育和家族愿景认同）推动二代从适应性组合创业到选择性组合创业到一代+二代选择性组合创业的转化，促使二代家族性资源不断生成和内化并进一步驱动家族代际资源的融合和升华；最后文章构建了基于家族性资源传承的跨代组合创业理论模型。为家族企业传承和跨代持续成长提供启迪和借鉴，为后续创业行为研究和传承战略研究提供参考。     

The limiting factor: energy,growth, and divergence, 1820–1913

On the basis of a new series on the consumption of traditional and modern sources of energy between 1820 and 1913, this article addresses the start of modern growth and the great divergence on the world scale. Since the beginning of the nineteenth century, the greater availability of modern energy sources expanded working capacity well beyond the potential of previous agricultural civilizations. Growth of energy consumption rose primarily in western Europe, northern America, and Oceania. As a result, labour productivity rose, leading to an increase in real wages, which was an incentive to replace labour with mechanical engines. The higher energy consumption in these three macro-areas led to global inequality in productive capacity and technology which peaked on the eve of the First World War.     

固定资产投资对我国三大产业就业影响的变动分析

固定资产投资是社会扩大再生产的基本手段,能够直接和间接地带动就业。文章主要从固定资产投资的主要来源,即国家预算内资金、国内贷款、利用外资与自筹资金和其他这四种资金形式出发,应用典型相关分析法分析固定资产投资对我国三大产业就业的影响。得到自筹资金和其他对第三产业就业带动效应显著,国内贷款对第二产业带动效应显著。并在对计量结果进行分析后提出政策建议。