资源枯竭型国有企业退出障碍与退出途径分析

中国资源枯竭型国有企业数目众多，较多企业同时面临资源枯竭和体制转换双重困难。这类企业的顺利退出是世界性的难题，也是中国经济发展和社会稳定的关键。本文根据产业经济学的基本框架，并结合阜新矿业集团等企业的实践，系统分析了资源枯竭型国有企业退出障碍的种类和退出途径的选择，试图理清逻辑思路，为各级政府和相关企业提供政策建议和决策参考。     

Empirical studies of entry and exit: A survey of the evidence

Over 70 empirical studies of entry and exit patterns covering eleven different countries generally support the expectation that entry is more frequent in more profitable, rapidly growing industries, and slower where the absolute costs of capital required to build a minimum efficient scale plant are imposing. Scale economies, excess capacity, and limit pricing receive little empirical support as entry impediments. The evidence concerning the effects of advertising and R&D intensity is confusing.Exit is faster where profits are lower, and slower where durable specific (sunk) capital costs are more important. Exit and entry are strongly correlated, probably due to displacement (of incumbents by more efficient entrants) and vacuum effects (in which entrants are enticed by the prospects of selling to uncommitted customers abandoned by a recent exit).     

环境规制与企业自主创新--基于波特假设的企业竞争优势构建

传统的假设认为,环境规制必然会导致企业的成本增加。本文在Robert模型中引入了技术系数,模型表明环境规制在给一些企业带来直接费用的同时,也会激发一些创新,可以部分或全部地抵消这些费用成本。这暗合了迈克尔.波特的观点——环境规制能使受规制的企业受益。企业内生的技术变化会使波特假设变得可行,而外生的环境政策如果产生与波特假设一致的效果,则该政策不一定最佳。海尔通过自主创新,实现了从遵守标准到制定标准,其产品成功地进入了欧美市场,表明全球经济一体化背景下,发展中国家的企业要应对发达国家实施的技术壁垒,只有通过自主创新,才能实现竞争优势。     

Corporate distinctive competence,strategy, industry and performance

Corporate distinctive competencies may facilitate effective management of interdependencies among multiple units. Relationships between corporate distinctive competencies and firm performance were examined in 185 industrial firms. Results suggested that distinctive competencies associated with performance vary according to the grand strategy used and the firm's principal industry. Specific distinctive competencies were identified for each strategy and industry type.     

策略群组与企业盈利水平的差异

企业之间的盈利水平存在着一定的差异，。这是各个产业中常见的现象。不同领域的学者对此解释不同，比较有影响的解释有产业组织理论的SCP范式，企业战略管理的RBV理论。事实上，盈利水平差异并不仅仅是产业层面或企业层面的因素所决定的，还有一种更为重要的层面－策略群组起着非常重要的作用。因此，企业为了提高自身的盈利能力，必须不断地调整自己在整个策略群组中的地位，或者在不同策略群组之间进行流动。     

Firm size, web site content, and financial performance in the transportation industry

The transportation industry has been revolutionized by the World Wide Web with the Internet rapidly emerging as the optimal medium for the exchange of information between shippers and carriers throughout the supply chain. Despite this, many motor carrier firms may still not be placing enough emphasis on the Internet. Recent empirical research studies suggest that Internet utilization in the supply chain is significantly influenced by firm size. This study analyzes the informational and interactive content of the Top 100 U.S. motor carrier firms' web sites to examine the relationship between firm size and Internet utilization. In addition, as there is little research that assesses the payoff in terms of benefits for firms that place more emphasis on the Internet for commercial activity, secondary financial data are used to evaluate the association between Internet utilization and firm financial performance in the transportation industry.     

Firm and environmental influences on the mode and sequence of foreign research and development activities

This paper develops an explanation for the mode and sequence of entry that firms select for their international research and development activities. The hypotheses are based on the internalization and evolutionary theory perspectives. I first hypothesize that there is a sequence to the mode of foreign research and development activities initiated. I then discuss two firm capabilities and alternatives which might cause firms to omit parts of the sequence. The context of the study is the foreign research and development activities of incumbents and recent entrants to the Japanese pharmaceutical industry. The results indicate intriguing differences between the motivations of established firms and new entrants in establishing foreign research and development activities. © 1998 John Wiley & Sons, Ltd.     

Firm and industry as determinants of executive perceptions of the environment

This study examines variation in top executives' environmental perceptions within firms and within industries. More specifically, we investigate how industry and organizational membership affect top executives' perceptions of five environmental attributes. Results indicate that significant homogeneity of perceptions exists within firms and also within industries. Approximately 40 percent of the variance in individual top-level executives' perceptions of aspects of their respective organization's environment is explained by their organizational and industry membership. Implications of the findings for strategic management and organization theory and for future research are presented. © 1998 John Wiley & Sons, Ltd.     

Environment,strategy, organization structure and performance: Patterns in one industry

This paper reports the findings of an empirical field study of savings and loan associations. The investigation centres upon whether combinations of environment, strategy, and organization structure of “high”-performance firms differ from combinations associated with “low”-performance firms. Results show that such combinations differ, both statistically and with respect to their basic character. There is also evidence that norms held by managers of competing institutions and the nature of relationships between organizations and populations served to influence the vigour and form of interfirm rivalries and, in turn, organizational performance.     

Firm survival through a crisis: The influence of market orientation,marketing innovation and business strategy

As an outcome of the economic crisis, the global manufacturing sector is collapsing. Focusing on Chinese manufacturing small and medium enterprises (SMEs), this study investigates whether marketing innovation, defined as improvements in the marketing mix, can assist in withstanding the challenges of operating under the current economic conditions. A conceptual model linking market orientation, marketing innovation, competitive advantage and firm survival is tested using structural equation modelling. Three key findings are derived. First, the examined Chinese manufacturing SMEs had a greater perceived likelihood of survival had they developed and sustained a competitive advantage. Second, marketing innovation assisted in developing and sustaining competitive advantages based on differentiation and cost leadership strategies. Third, marketing innovation capabilities improved when the examined manufacturing SMEs were competitor oriented and had good inter-functional capabilities.     

Barriers to Mobility in Europe's Civil Aviation Markets: Theory and New Evidence

A questionnaire-based survey is applied to investigate the perception of mobilitybarriers by European airline managers. Whilst the liberalisation of Europe's airline markets removed regulatory mobility barriers, we find that mobility impediments still appear to exist. Potential entrants moreover, perceive some mobility barriers as significantly more effective than others. The perceived effectiveness of a particular mobility barrier varies considerably among airline managers. We also provide an overview of previous studies on the contestability hypothesis and the effectiveness of endogenous (strategic) mobility barriers. Our results support earlier findings for the U.S. to the effect that barriers to mobility are perceived to exist and matter. Whilst our results are clearly subjective, as they are based on the perceptions of managers, we believe such perceptions matter as they inform managerial actions. In this sensewe believe our results are of value.     

转型期中国宏观产权制度的形成机理

中国地方政府围绕资本形成展开竞争,导致产权改革的非均衡推进,从而演进出政府对各生产要素利益保护不一致的宏观产权制度,这种宏观产权制度在过去的30年里是极具效率的。但随着资本日益丰富以至于不再稀缺,我们有必要在进一步产权改革的基础上建立政府适度退出机制,以使政府对各生产要素的利益保护都趋于正常值水平。     

Business strategy,market structure and risk-return relationships: A structural approach

A structural model is proposed which integrates and extends previous findings on the interrelations between risk—return outcomes, market share, firm conduct attributes, and inter-firm rivalry. It is argued that the relative impact of market share and firm conduct attributes on risk—return outcomes depends on the intensity of rivalry. The empirical setting is commerical banking in Indiana (1975–79). Latent variable path analysis (partial least-squares) is used to estimate the model. The effect of market share is found to be quite important, even when possible ‘spurious’ effects due to differences in individual firm attributes are controlled for. Given consistent indications of oligopolistic coordination found in various parts of the model, it is inferred that the measured effect of market share reflects the exercise of market power.     

Consensus on strategy formulation and organizational performance: Competitors in a fragmented industry

This paper examines the relationship between organizational performance and consensus (or agreement) within top management teams on company objectives and competitive methods for a sample of nineteen firms competing within a highly fragmented industry—paints and allied products (SIC 2851). It was hypothesized that intense competitive pressures and the resultant low industry profitability would constrain organizational resources and augment the need for consensus on both objectives and methods. However, findings indicate that consensus on either objectives or methods is positively related to organizational performance.     

产品兼容、网络效应与企业竞争力

在网络效应较强的产业中，技术设置的兼容性是左右企业成长的关键因素。随着技术进步、新兴产业的发展和市场竞争的加剧，产品兼容、网络效应对企业竞争力具有越来越重要的意义。在计算机、电信、银行、旅游、媒体、软件等产业中，用户在购买时十分注重产品或服务的兼容性和网络效应。本文以差异产品竞争模型为基础，考察了产品兼容、网络效应对企业竞争力的影响，就在位企业和新进入企业如何利用这两个产品差异变量增强其竞争力进行了分析。     

Microeconomic and Macroeconomic Influences on Entry and Exit of Firms

We examine the entry and exit process in the Finnish manufacturing industry using a six year panel of three-digit industries. The results show that scale economies form a significant entry barrier, but the evidence on their role as an exit barrier is weaker. Industry growth has a positive influence on entry and a negative influence on exit, but also variables describing the general economic climate have an influence on the entry-exit process. The variables describing the monetary transmission mechanism have an expected influence on entry. However, the role of macroeconomic influences on exit is inconclusive. Both entry and exit have almost unit elasticity with respect to industry size, measured by the number of firms in the previous period. Entry and exit rates are therefore practically independent of industry size.     

产权、管理与企业绩效

20世纪90年代中期以来，关于企业困境问题，社会上流行着管理论和产权论两种对立的观点。本文评价了两者的观点及其改革主张后，指出双方的偏颇，认为产权与管理是密切相关的，而非对立的，并从产权安排与管理制度以及产权运行与管理活动两个层次论述了产权与管理的关系。产权安排决定管理制度，体现为管理制度；管理制度则服从和依赖于产权安排，但体现产权安排；产权运行即为管理活动。在此基础上，本文提出一个关于产权、管理与企业绩效的分析框架。     

关联担保、隧道效应与公司价值

本文以1998—2004年765家对外提供关联担保的上市公司为样本,考察了关联担保程度与企业价值的关系。同时截取2004年的225个样本公司,采用Logistic回归,检验了非正常关联担保发生概率与股权结构、自由现金流以及上市公司所在地区信贷分配市场化程度的关系。最后,根据关联担保对象,以1998—2004年仅发生一种类型关联担保的390家公司为样本,研究了不同类型关联担保对企业价值的影响差异。我们发现,①关联担保程度与企业价值显著负相关,关联担保程度越大,对企业的价值侵害程度越高。②企业财务杠杆和自由现金流量水平越高,发生非正常关联担保的相对概率越大,而最终股东持股比例越高,上市公司所在地区信贷分配的市场化指数越大,发生非正常关联担保的相对概率则越小。③不同类型的关联担保对企业价值的影响程度是有差异的,上市公司向控股股东提供关联担保对企业价值的损害程度最大。     

退出成本、经理行为与国有企业改革

本文在现有理论的基础上将退出成本引入对经理行为的分析。分析表明,退出成本的存在会使经理采取积极行动以避免退出,经理的努力水平会随着退出成本的增加而提高;通过提高经理的退出成本,所有者以较少的剩余索取权激励使经理提供相同的努力水平。本文认为,退出成本过低是导致当前国有企业效率低下的重要原因之一。国有企业改革应该多管齐下,在当前推行产权改革、治理结构优化和剥离政策性负担、引入竞争机制等一系列改革措施的同时,政府还应该采取措施以提高国有企业经理的退出成本,以避免其他改革措施事倍功半。