The impact of retail format diversification on retailers’ financial performance

For retailers, format portfolio management is a core marketing operation, but has received little attention in the marketing literature. This study analyzes the relationship between format diversification and retailer performance in a global setting, where retailers as part of their geographic expansion process often employ format diversification. The dual strategies of geographic diversification and format diversification substantially complicate the diversification-performance relationship. Using a six year panel data set for leading global retailers, we find a positive impact for geographic diversification, a negative impact for format diversification and a negative interaction for the dual strategies, supporting a single focus diversification strategy. We further show the consistency of our findings using a series of model robustness checks.     

Exploring the impact of advertising and R&;D expenditures on corporate brand value and firm-level financial performance

A parsimonious framework linking advertising expenditures and research and development expenditures to brand value, and brand value in turn to firm-level financial performance, was proposed and empirically investigated under four data conditions: data form, brand type, financial performance metric, and lag structure. Using pooled data from 125 firms (848 firm-year observations) over the period 1991–2007, 108 path analyses were conducted to compute five path model output metrics. Data on these metrics were then compared for each of the data conditions by means of analysis of variance. Although significant relationships were generally observed among framework variables, study results differed considerably across three of the four data conditions. The principal take-away from the study is that the impact of marketing activities on firm-level financial performance is likely to be in large part a function of the specific research purpose and methodology employed. As such, the take-away has implications when interpreting value-relevance findings, when constructing theories involving market-based assets, and when designing studies to investigate relationships between marketing and financial performance.     

The impact of market conditions on the organizational structure and effectiveness of firms operating in Italy

In the past decade, several organization theorists have begun to examine the organization—environmental interface in the functioning of complex organizations and have argued that an organization's internal structural arrangement is contingent upon the demands of the external environment. The purpose of this article is to further examine the validity of the findings of these theorists with reference to firms operating in Italy. The variables studied consisted of: a) Market conditions—which was divided into the two categories of high and low competition. b) Decentralization of decision-making, and c) Organization effectiveness. To investigate the impact of decentralization on the organization effectiveness of firms under differing market conditions the statistical techniques of a Mann-Whitney U Test and Kendall's Tau Measure of Correlation were used to compute the scores. The resulting computations provide some support for the contingency theory of organization, but also indicates areas of disagreement.     

中小型会计师事务所审计收费问题研究

目前我国中小型会计师事务所数量众多,它们的生存状况影响行业的健康发展和社会经济的稳定。本文从分析我国中小型会计师事务所面临的审计收费现状出发,指出过低的收费对中小型事务所生存发展的危害,并提出了相应的规范措施。     

金融科技对商业银行风险承担的影响——基于商业银行信贷结构的视角

通过构建金融科技发展指数,并基于2013~2019年上市银行面板数据进行实证分析,探讨金融科技与商业银行融合发展之间的关系。研究结果表明：（1）金融科技与商业银行融合发展有利于降低商业银行风险承担。（2）不同商业银行应用金融科技效果存在显著差异,与国有商业银行相比,其他股份制商业银行应用金融科技缓释风险承担的效果更明显。（3）金融科技应用于不同信贷结构,对商业银行风险承担的影响和偏好具有显著差异性,国有商业银行偏好借助金融科技调整贷款担保结构缓释风险承担,而其他商业银行偏好借助金融科技调整贷款期限结构缓释风险承担。研究结论对金融科技与商业银行深度融合、优化信贷结构、缓释风险承担提供了重要启示。     

中小企业发展中的财务管理问题及解决之道

目前,我国的中小企业已超过1000万家,占我国企业总数的90%,提供了75%的城镇就业机会,实现工业总产值占全国的60%,对我国经济增长和社会发展起着举足轻重的作用。然而,我国一些中小企业一方面忽视了财务管理的核心地位,使企业管理局限于生产经营型管理格局之中,企业财务管理的作用没有得到充分发挥。另一方面,由于受宏观经济环境变化和体制的影响,中小企业在加强财务管理方面遇到了阻碍。通过剖析中小企业财务管理方面的问题,提出加以解决的可能之策。     

The impact of product market strategy-organizational culture fit on business performance

Drawing on the organization theory literature concerning configuration theory, competing values theory, and fit assessment methodologies, we examine the existence and performance impact of product market strategy–organization culture fit. Specifically, we assess the relationship among three important elements of a firm’s product market strategy and the four cultural orientations that comprise the competing values theory of organizational culture using primary and secondary data from the US trucking industry. Using two different conceptualizations and operationalizations of fit, our results provide the first empirical support for the existence of interrelationships among product market strategy decisions and organizational culture orientations consistent with configuration theory conceptualizations of product market strategy–organizational culture fit. We also find support for theorized but previously untested relationships between product market strategy–organizational culture fit and firms’ customer satisfaction and cash-flow return on assets (CFROA) performance. Since product market strategy is heavily reliant on the input of marketers, and organizational culture has long been recognized as having an important impact on marketing-related decision making, these findings have important implications for marketing strategy research and practice.     

金融资产配置对企业经营绩效的影响研究

为探究企业金融资产配置的逐利性动机,本文从金融资产异质性视角研究了金融资产配置对实体企业经营绩效的影响。研究发现:金融资产配置能促进企业提升经营绩效。短期性金融资产配置对企业经营绩效具有促进作用,长期性金融资产配置对企业经营绩效具有抑制作用。两种作用中短期性金融资产的促进作用居主导地位。进一步的影响机制分析发现,短期性金融资产配置通过缓解融资约束和提升投资收益率途径促进企业经营绩效的提升,长期性金融资产配置通过挤出实体投资抑制企业经营绩效的提升。     

金融危机对北京商业企业的影响及对策研究

由美国次贷危机引发的金融危机对全球金融市场、实体经济以及商业发展产生了深远影响.其中,对北京市商业企业的收入和利润、竞争格局、业态发展、营销模式和人才更新进程产生了影响.北京市商业企业应该从解决资金困难、资本运营、调整产品结构和细化服务、探索经营模式和组建优秀商业团队等方面采取措施积极应对金融危机带来的机遇和挑战.     

Capabilities and financial performance: the moderating effect of strategic type

The Miles–Snow (M–S) strategic typology has continued to receive attention in the academic business press, even though it has been criticized for not making explicit the relationships between strategic type and ultimate profit performance. Using the market orientation and Resource-Based View literature, we develop hypotheses regarding relationships between M–S strategic type and four firm capabilities (technology, information technology, market-linking, and marketing capabilities), relationship between the four capabilities and performance, and the moderating role of M–S strategic type. An empirical test involves multiple data collections from 216 firms. The study results suggest that there are significant relationships between capabilities and performance if one does not account for the moderating role of strategic type. When strategic type is used as a moderating variable, we find that only certain capabilities had significant effects on profitability. For example, technology and information technology capabilities increase financial performance for prospector organizations, while a different set of capabilities (market-linking and marketing) are positively related to financial performance for defender organizations. We discuss how our findings are consistent with the expectations of the Resource-Based View of the firm. We conclude with a discussion of theoretical and managerial implications.

实体企业金融投资收益对中国宏观经济波动的影响分析

实体企业热衷于从金融市场获取投资收益,个别企业甚至出现了过度金融化的倾向,成为经济新常态大背景下的一种独特的经济现象。对2009~2018年我国宏观经济的发展动向及实体企业金融化的具体数据展开研究,并以同期沪深两市3567个有效面板数据为研究对象,建立一种多元回归统计分析模型,研究实体企业金融投资收益对宏观经济波动所产生的影响。实证分析结果表明,实体企业投资金融收益与宏观经济波动显著相关,这种过度金融投资行为增加了金融市场的不稳定性,给宏观经济的平稳发展带来了新的阻力。     

金融危机背景下影响中国金融控制的因素分析

全球金融危机的全面爆发,给中国金融业的发展带来了深远的影响。中国金融将如何应付危机带来的新问题,值得关注。为此就影响中国金融控制的因素进行了分析,并就中国所采用的金融控制政策的效果进行了评析。     

业务多元化对商业银行的业绩影响——基于风险承担的中介效应

从收入多元化和资产多元化两个维度选取商业银行业务多元化的代理变量,以2006~2019年我国A股上市的28家商业银行为研究样本,通过建立动态面板数据模型,研究我国商业银行业务多元化对业绩和风险承担的影响机理,并实证检验风险承担在银行业务多元化和业绩影响中发挥的中介作用。研究结果表明,无论从收入多元化还是从资产多元化角度,业务多元化与我国商业银行业绩均呈负相关,与风险承担正相关,但其作用效果因所有权结构而异,在业务多元化对银行业绩的作用中,风险承担部分或完全地发挥中介效应。     

The impact of the centralized structuring of logistics activities on span of control,formalization and performance

The centralized structuring (or consolidation) of logistics activities within the firm is shown to have a major impact on (1) the total number of activities that are the direct responsibility of logistics, (2) formalization, and (3) the capability of the logistics system to accommodate certain channel activities. In particular, centralized structuring enhances the accommodation of product introduction, phaseout and recall in functional firms, and the customization of service levels to specific segments or customers in divisional firms.     

金融危机背景下协调金融创新与金融监管冲突的法治对策

金融创新与金融监管的对立统一关系,是金融领域永恒的话题。在金融危机的特殊背景下,两者的冲突关系更加凸显,协调两者之间的冲突,可从法治的视角提出了一些具体对策。     

MBO公司的财务特征研究

文章考察中国上市公司管理层收购(MBO)中目标公司的财务特征问题。研究发现,这些公司在总资产、净资产、员工人数和财务杠杆等一般财务特征方面与行业平均水平没有明显差异,但是它们在经营效率、获利能力和成长性等方面都明显地优于行业平均水平。Logit回归的结果也支持这一结论。这些实证结果为监管当局采取相应的政策措施来防止国有资产流失以及加强对中小股东的利益保护提供了有力的数据支持。     

公司财务危机预警系统研究

公司一旦发生财务危机,将会使投资者、金融机构蒙受较大损失,甚至会发生金融危机,由于财务危机不是在一朝一夕内形成,而具有较长的潜伏期,从而使财务危机预警成为可能。而成功地进行财务危机预警,可以为各方赢得时间,采取相应措施来控制风险,减少损失。笔者认为过度负债等六种情况是财务危机发生的深层次原因,在此基础上,提出构建财务危机预警系统的基本思路,主要包括监测范围与定性分析、预警指标选择、相应阀值和发生概率等四个子项目。     

论企业会计对财政收入的影响

企业会计对国家财政收入的影响既有积极的一面，也有消极的一面。当企业会计依照协调的财税和会计法规制度真实核算，就能为国家组织财政收入提供科学依据；反之，则会干扰国家财政收入的实现。国有企业和非国有企业因为产权和利益的出发点不同而有不同的表现。     

会计师事务所组织形式之变迁

本文分析了不同组织形式的会计师事务所的优缺点以及我国会计师事务所的发展历程,指出特殊普通合伙制是中国的会计师事务所做大做强做精的必由之路。     

财务管理目标的重新选择

财务管理目标是财务管理理论体系中的核心问题,目前,理论界对其争论较大.通过对影响财务管理目标的各因素分析,揭示出"利润最大化"和"股东财富最大化"目标的局限性,从而提出"企业价值最大化"是我国现阶段财务管理目标的最佳选择,并对"企业价值最大化"目标的意义进行了较详细的分析,以期能对财务管理的理论与实践有所补益.