Can Female Directors Enhance the Value of Private Firms? Evidence from China’s Listed Companies

Female directors have become common in private companies. Using data from private listed companies in China’s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS (two-stage least squares) and LEVOP (lag the explanatory variables one period) to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.     

Do Internal Governance Mechanisms Impact on Firm Performance? Empirical Evidence from the Financial Sector in China

The financial sector plays an important intermediary role in the Chinese economy. However, there has been very limited research concerning improvement in corporate governance within this sector. Using an unbalanced data set of 139 firm-year observations covering 1999 to 2009, this study examines the impact of internal governance mechanisms on the performance of Chinese listed financial institutions. Findings suggest that state ownership, legal person ownership, board size, and supervisory board meetings are negatively related to the profitability of these institutions, whereas factors including ownership concentration, foreign ownership, independent directors, board meetings, and supervisory board size have no impacts.     

Does FDI Spur Productivity,Knowledge Sourcing and Innovation by Incumbent Firms? Evidence from Manufacturing Industry in Estonia

Does FDI affect knowledge sourcing activities, innovation and productivity growth of domestic firms? This study employs firm‐level panel data from Estonia’s manufacturing sector to investigate different channels through which FDI affects domestic firms. Based on instrumental variables approach, I find no evidence of an effect of FDI entry on local incumbents’ short‐term productivity growth. However, there is positive association between the entry of FDI and the more direct measures of spillovers. FDI inflow to a sector is associated with more knowledge flows to domestic firms and increase in their innovation activities.     

中国出口企业技术创新行业差异性研究——来自上市公司的经验证据

技术创新是出口企业提高国际竞争力的重要战略,而技术创新的关键在于对其特性和形成原因的科学把握。本文利用高技术制造业、非高技术制造业、采掘业和建筑业出口上市企业数据,在出口企业技术创新理论分析的基础上,运用多元统计和面板数据模型,研究了中国出口企业技术创新差异性。研究发现,中国出口企业技术创新具有明显的行业差异性;研发资本投入、研发人力投入、企业冗余资源、技术装备程度、国有股权比例、股权集中度和企业出口额对出口企业技术创新产出的作用也具有行业差异性。本文的研究结果可为中国出口企业针对本行业特性科学地做出技术创新决策提供参考。     

China＇s import ＆ Export： 17.8%↑ in 2008

According to preliminarily statistics of Customs, China＇s total import and export in January through December in 2008 amounted to US$2561.63 billion, up by 17.8 percent on a year-on-year basis. Of which export was US$1428.55 billion and import US$1133.09 billion, up by 17.2 percent and 18.5 percent respectively. In December, total import and export in the nation reached US$183.33 billion, down by 11.1 percent. Of which export was US$111.16 billion and import US$72.18 billion, down by 2.8 percent and 21.3 percent respectively.     

Cultural Industry Import and Export in China——Great Potential for Future Gold Mining

One of the hottest paradigms in cultural studies today is ＂cultural economy＂ - thinking culture into the economy and examining it as an industry rather than as a discourse. Commercialized sectors are considered less sensitive to national culture and information security. The main body or kernel industry includes culture ＆ entertainment, news ＆ publish, broadcast ＆ movie, video, network, computer, tour, and education; the foreland part includes tradition literature, drama ,music, art, photograph, dancing, creation of movie ＆ TV, even more industry ＆ architecture design and museum, library; and has application successfully at advertising and consulting service. More emerging forms of culture industry are online game, new media industry, as well as crafts and design sector. They are open to domestic collective and social capital as well as foreign capital.     

How Is the Financial Crisis Affecting China＇s Export Enterprises？ —— CCPIT＇s Inspection of Export Enterprises in Zhejiang Province

Being down-to-earth as always, China Council for the Promotion of International Trade （CCPIT） has carried out its work based on the macroeconomic environment since the outbreak of the financial crisis. From October 24 to 26 in 2008, officials from CCPIT went to Zhejiang province and inspected about 30 private export enterprises in Wenzhou and Taizhou, covering textile, garment, footwear, valve, water pump, sewing machine, auto parts, motorcycle, pneumatic tools, sanitary wares, furniture and other industries. Through doing interviews, holding seminars and conducting field investigation, which were participated by private business owners, representatives from local industry associations as well as officials from financial institutions and government departments concerning foreign trade,     

Does Final Market Demand Elasticity Influence the Location of Export Processing? Evidence from Multinational Decisions in China

Given the importance many developing countries attach to attracting foreign investors engaged in export‐processing activities, surprisingly little is known about the sensitivity of these investors to local wage differences and the role played by final product market conditions. Using data on 2,884 foreign‐invested manufacturing projects in China, we estimate the importance of host province wages to firm’s location choice and investigate how this sensitivity varies with demand conditions facing the industry in China’s largest export market, the United States. We use the profit function to show theoretically that firms’ ability to pass wage costs through to final markets matters for location choice and we test the implications of the theory using a control‐function technique for conditional logit developed by Petrin and Train . As predicted, we find that investors facing more elastic demand in the US market are more sensitive to wages across export‐processing locations. Taking both the factor intensity of the activity and final market demand elasticity into account, we find that investors producing homogenous goods, such as metals, chemicals, and food processing, are more likely to be attracted by relatively low wages than those producing differentiated goods. We also find that while OECD investors are more responsive to wage differences than are investors from Hong Kong, Taiwan and Macau, they are less likely to choose a location that has received a large share of prior foreign investment.     

中国软件：不能仅仅Made in China

瑞星的杀毒软件登陆日本,这在2002年的中国IT行业,无疑是一件大事。因为这不仅意味着中国通用类软件从此结束了自我封闭的局面,开始走向国际化市场,更预示着中国软件行业终于开始借助企业品牌的力量,试图形成在国际市场上代表自己利益的声音。 由此不难看出,一些善于技术创新的中国软件企业,已经不再把自己的企业发展目标局限在中国这个区域市场,而开始对全球各个区域市场予以更大的关注。相对于经常沦为低层次竞争的国内软件市场,国际大市场中存在着更多     

Large Shareholder Tunneling and Risk of Stock Price Crash： Evidence from China

Although several studies have examined the economic consequences of large shareholders＇ tunneling behavior, little attention has been paid to the negative effects of tunneling on firms＇ extreme events. In this article, we investigate how tunneling behavior affects firm-level stock price crashes. The findings indicate that the probability of stock price crashes is positively associated with the extent of tunneling behavior by large shareholders. The positive relationship is more pronounced after the split of share structure reform and is moderated by the firm＇s financial conditions. This study contributes to the emerging body of literature focusing on the economic consequences of tunneling and stock price crashes. The conclusions drawn from the study also provide a frame of reference for investor protection and investment portfolios based on large shareholders＇ tunneling behavior in China.     

Entrepreneurial Orientation and Performance of Chinese High-Tech Firms： The Mediating Role of Organizational Learning and Moderating Role of Firm Life Cycle

The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by extending empirical work to the largely underexplored context of Chinese high-tech industries. Results from a survey of 252 Chinese high-tech firms demonstrate： （1） entrepreneurial orientation is positively related to firm performance; （2） organizational learning is also positively related to firm performance; （3） organizational learning partly mediates the positive impact of entrepreneurial orientation on firm performance; and （4） high-tech companies in the start-up and growth stage are likely to demonstrate stronger linkages in the EO-OL-performance relationship than in mature stage, which shows that the EO-OL-performance relationship is moderated by firms＇ life cycle.     

Counter-measures of China＇s Export Enterprises under the Status of Anti-dumping--Reflection on the Sino-U.S tire Special Protection Case

The global recession has spread; Chinese foreign trade enterprises have encountered more frequent disputes overseas. China＇s unique weight in today＇s international trade patterns, as well as its competitive exports, make China a major target of dispute litigations under various names. Some of these eases go beyond the terms of WTO rules and the scope of relief provisions. The resurgence of trade protectionism trend seems to be making a comeback.     

Determinants of Successful IT-Enabled Business Innovation： A Case Study from the Perspective of Institutional Entrepreneurship Theory

As the role of information technology （IT） in business innovation becomes increasingly important, an increasing number of organizations have started to consider how to promote IT-enabled business innovation. Although extant studies have identified organization, environment, and innovation＇s characteristics as substantial determinants of IT innovation, they do not emphasize the accompanying innovation in processes, products or services, which distinguish IT-enabled business innovation from general IT innovation. Therefore, the reason why few companies succeed in realizing IT-enabled business innovation remains obscure. Anchored on the institutional entrepreneurship theory, this paper examines determinants of the success of IT-enabled business innovation in a fast-growing company using the case study approach. Our findings indicate that IT-business coordination competency, degree of institutionalization, participation of business managers, top management team＇s （TMT） attitude towards the innovation, and the innovation＇s relative strength, have significant impacts on the success of IT-enabled business innovation. Our findings also contribute to IT innovation research by identifying special determinants of IT-enabled business innovation and redirecting research ranging from innovation in IT itself to IT-enabled innovation in business processes, products or services.     

Overseas Development of Chinese Industry：Enterprises ＋ Projects --The Second Session of＂China Overseas Investment Seminar＂ is Scheduled to be Held in Beijing November This Year

The second session of＂China Overseas Investment Seminar＂ will be held on November 2 to 3, 2010 in Beijing＇s China World Trade Centre. The seminar is organized by China Industrial Overseas Development and Planning Association.