外资企业、港澳台企业与内资企业的进入偏好与产业集聚——基于进入选择的实证研究

本文对外资企业、港澳台企业及内资企业的进入选择进行了实证研究,比较了这三类企业进入选择偏好,发现GDP和制造业基础对它们进入的影响是相似的,都表现出正向关系。但工资水平和累计基础建设投资的影响却不同,本文也对造成这种差异的原因进行了分析。     

分配制度与转型企业

本文通过一个合作博弈框架下的企业模型,在国有企业转型的背景中。初步讨论了企业内部分配制度对企业行为的影响。文章认为经济转型阶段的部分国：有企业的一个特征是企业内部的分配制度与市场型企业相比受到了更多的限制。这一特征会导致追求利润最大化的转型企业的行为产生一定的扭曲。在转型企业和市场型企业共存的混合经济中,一个转型企业向市场型企业转变将使得所有企业获利,但将损害劳动者的整体福利。如果对劳动力的流动存在着一定的限制,转型企业的行为扭曲会被强化。     

Auditor Fees and Fraud Firms

The issue of whether auditor fees affect auditor independence has been extensively debated by regulators, investors, investment professionals, auditors, and researchers. The revised Securities and Exchange Commission (SEC) requirements that resulted from the implementation of the Sarbanes‐Oxley Act (2002) limit nonaudit services (NAS) and mandate NAS fee disclosure. The SEC's requirements are based on the argument that auditor independence could be impaired—and hence audit quality may be reduced—when auditors become economically dependent on their clients or audit their own work. Economic bonding leads to reduced independence, which can lead to reduced audit quality. We study a sample of firms sanctioned by the SEC for fraudulent financial reporting in Accounting and Auditing Enforcement Releases (SEC‐sanctioned fraud firms) and examine whether there is a relationship between auditor fee variables and the likelihood of being sanctioned by the SEC for fraud. We use SEC sanction as a measure of audit quality that has not previously been used in the auditor fee literature and is more precise than some of the other proxies used for flawed financial/auditor reporting. We find, in univariate tests, that fraud firms paid significantly higher (total, audit, and NAS) fees. However, in multivariate tests, when controlling for other fraud determinants and endogeneity among the fraud, NAS, and audit fee variables, we find that while NAS fees and total fees are positively and significantly related to the likelihood of being sanctioned by the SEC for fraud, audit fees are not. These findings suggest that higher NAS fees may cause economic bonding, thereby leading to reduced audit quality. Our findings of significantly higher NAS fees and total fees in fraud firms hold after controlling for latent size effects and other rigorous testing. These results contribute to the literature that examines the SEC's concerns regarding NAS and can be used by policy makers for additional consideration.     

Firms under expansion

Abstract

In order to describe overall systems, totalities, it is necessary to view them from above and outside. In order to understand how they function, the perspective must be changed: they must be looked at from below and inside. The observation is a general one. It applies whether one wants to understand how a motorcar is propelled or why an economy grows. In the former case it is primarily the engine that is studied. In the latter the firm is of strategic interest.     

企业成长与并购

从现代公司的成长来看，通过并购来实现企业的成长是一种重要而且普遍的方式，并购与企业成长阶段，企业的生命周期存在着很强的相关性。并购动机直接影响企业成长的绩效。进行并购时，要充分考虑并购的形式。目标企业的选择。并购竞价等因素。     

Multiplant Firms and Innovation Adoption and Diffusion

A new theoretical explanation is provided for the empirical observation that large firms usually adopt sooner, although there are notable exceptions. The analysis focuses on the adoption of an innovation of uncertain profitability by a large firm with two plants and a small firm with one. Marginal production costs are increasing in each plant, and economies of multiplant operation are possible. These have conflicting effects on the incentive to adopt. The large firm benefits more from adopting a success. However, if an adopter must shut down a plant to learn about the innovation, the loss of multiplant economies reduces the large firm's incentive to adopt. Absent multiplant economies, the large firm is more likely to lead a diffusion because its greater return from a success dominates. However, the small firm is more likely to lead a diffusion if there are multiplant economies and the large firm's learning cost disadvantage dominates.     

中国企业对外直接投资的异质性检验——以服装、纺织和鞋帽类企业为例

本文以中国服装、纺织和鞋帽类企业为例研究了企业对外直接投资决策与其生产率之间的关系。通过检验有如下发现:第一,生产率越高的企业越有可能对外投资;第二,投资高收入国家的企业其生产率不一定比投资中低收入国家的企业高;第三,就市场寻求而言,当地生产类投资的企业要比商贸服务类投资的企业生产率高;第四,投资目的国多的企业不一定比投资目的国少的企业生产率高。因此通过本文的研究更深层展现了中国企业的对外投资特征。     

为企业节税支招

税收，对于企业来说，和其它各种费用一样，都是企业的一种支出。一个精明的经营者应该在公司设立前就考虑好如何节约税收的问题。不止一位税务专家说，国内个人节税的空间相对有限.中国以企业税为课税重点，因而企业节税空间较大。利用国家相关的优惠政策，我们就可以达到节税的目的。     

基于网络嵌入性的企业间知识共享及其实现机理研究

知识共享是企业获取外部战略性资源的重要途径。信息不完全情况下,企业间的单次博弈中并不会引起知识的共享,知识共享过程存在着内在的矛盾。而通过网络嵌入的协调机制,降低由信息不完全带来的不确定性,可以改变企业间知识共享博弈的收益矩阵,促进企业间知识共享。本文认为,结构嵌入决定了企业可获得知识资源的范围和深度,而关系嵌入则决定了知识资源得以开发和利用的程度。     

基于完全信息静态博弈模型的最优排污费确定

针对我国当前排污费标准偏低的问题,构建政府、污染企业和环保企业的三方完全信息静态博弈模型,分析影响参与方行为策略均衡形成的关键变量,找出最优排污费生成的内部作用机制。结论认为,其他条件一定的情况下,单一排污费标准对处在不同市场结构的企业的利润的影响不同。排污费标准不是越高就越利于环境保护,也不是越低就越利于经济发展。排污费标准的制定应视污染企业和环保企业的市场结构情况而定。     

地区制度发展的动态变化与企业对外直接投资:来自中国上市公司的经验证据

母国制度环境对于新兴经济体企业的国际化战略与行为具有重要影响。以往的文献多关注于制度发展的水平,而忽视了制度发展的动态特征,即基于制度理论和信号理论,文章探讨和分析了中国各地区制度发展的三个特征,即速度、节奏和同步性对于企业对外直接投资的作用机制,并利用2003~2014年中国上市公司的微观数据进行了检验。研究结果显示,制度发展的速度越慢、越不规律、越不同步,企业越倾向于进行对外直接投资,开展国际化经营。同时,业绩压力和模仿同构压力调节了制度变化特征与对外直接投资之间的关系,并存在双重强化效应。进一步的分析表明,在预期面临制度约束时,非国有企业进行对外投资的意愿更强,企业也更倾向于进入制度环境相对优良的国家和地区。文章的研究深化了对制度构成及其维度的理解,进一步丰富了制度理论和新兴经济体跨国公司理论,对加强中国的制度建设具有启示意义。     

Earnings Manipulation in Failing Firms

Prior literature and anecdotal evidence, most recently provided by allegations relative to Enron, Global Crossing, and WorldCom, suggest that failing firms (defined here as prebankruptcy firms) may be motivated to engage in fraudulent financial reporting to conceal their distress. I examine two research questions: (1) Are failing firms' prebankruptcy financial statements more likely to exhibit signs of material income increasing earnings manipulation than those of nonfailing firms? (2) Do auditors detect the overstatements in firms that they perceive to be failing? I predict and find that as (ex post) bankrupt firms that do not (ex ante) appear to be distressed approach bankruptcy, their financial statements reflect significantly greater material income‐increasing accrual magnitudes in nongoing‐concern years than do control firms. The accrual behavior of these firms resembles that of bankrupt firms that the Securities and Exchange Commission (SEC) has sanctioned for fraud. Like sanctioned firms, the nonstressed bankrupt firms display significantly greater (material) increases in receivables; inventory; property, plant, and equipment; sales; net working capital, current, and discretionary accruals in prebankruptcy nongoing‐concern years than do control firms. They also display significantly more negative changes in cash flows from operations and net cash and a greater disparity between accrual‐based net income and operating cash flows than do control firms, consistent with Lee, Ingram, and Howard 1999. Finally, I predict and find that these firms' going‐concern years reflect evidence consistent with auditor‐prompted reversal of previous overstatements. These results are based on parametric and nonparametric tests for various subsample combinations drawn from a sample of 293 bankrupt firms representing approximately 2,500 observations.     

中国企业剑指全球采购

二十世纪九十年代以来，商品、资源和包括资本在内的生产要素在全球范围内自由流动，使人们切实感受到世界经济已进入到一个崭新的全球化时代。区域之间、国别之间的经济交往越来越频繁、密切，而相互之间的经济互补性也日益彰显。在此背景下，全球采购作为一种市场交易手段和交易平台，也变得越来越引人注目。     

酒企困惑出路

困惑竞争的困惑由于酒行业集中成度、进入障碍、模仿难度低等特点,这种分散性行业的市场结构总是在完全竞争与垄断竞争两种倾向中徘徊,要想牢牢把握市场竞争的主动权,企业惟有坚持把属于自己的阵地做到极致,然后复制,冲出重围,但通过什么方法把自己的阵地做得固若金汤,这又是一个难点。     

酒企困惑出路

竞争的困惑由于酒行业集中成度．进入障碍、模仿难度低等特点，这种分散性行业的市场结构总是在完全竞争与垄断竞争两种倾向中徘徊．要想牢牢把握市场竞争的主动权．企业惟有坚持把属于自己的阵地做到极致，然后复制，冲出重围，但通过什么方法把自己的阵地做得固若金汤．这又是一个难点。     

施工企业经营风险控制

当前，建筑市场竞争激烈，施工企业面临着日益增大的经营风险。树立风险意识，建立和完善防范风险机制，已成为施工企业强化经营管理，提高经济效益。进一步增强市场竞争能力的重要课题。     

如何识别“宽护城河”公司

问题的关键是：投资是定量分析与定性分析的结合