企业战略联盟的市场绩效分析

从产业经济学的角度看,任何一种正式或非正式的经济组织,其市场绩效都存在一定的差异,导致市场绩效降低的企业行为或组织形式必然受到政府的管制。例如,垄断和串谋在市场经济国家都被视为不正当的竞争行为,政府将用法律手段对其进行规制。企业战略联盟作为一种企业间合作组织,它与垄断和串谋究竟有何本质区别?政府是否应该用法律手段进行规制?要回答这些问题,则必须从市场绩效的角度对其进行评价。     

The moderating role of power asymmetry on the relationships between alliance and innovative performance in the high-tech industry

This study outlines a model of why and how the respective influence of alliance learning and alliance experience on innovative performance is likely to be moderated by the level of power asymmetry. The results are based on a sample of 316 high technology firms' alliances. By testing our model using hierarchical regression, the results generally support the proposed hypotheses, in that power asymmetry has a significant negative moderating effect on the impact of alliance learning on innovative performance. In contrast, we find that power asymmetry has a significant positive moderating effect on the impact of alliance experience on innovative performance. Implications for management theory and practice are discussed.     

Estimating the elasticity of intertemporal substitution accounting for stockholder-specific portfolios

This article estimates the elasticity of intertemporal substitution using stockholder actual return experience. The approach is motivated by numerous data sources indicating that the median US stockholder has a portfolio composed of only three or four individual stocks, rather than a well-diversified portfolio as suggested by portfolio theory. Therefore, representing an individual stockholder portfolio by a proxy financial index (the common approach taken in the literature) may be too rough an approximation of investor behaviour and lead to biased results about risk aversion and intertemporal substitution. Eschewing the financial index methodology, our results support the standard representative agent assumption that there is a high degree of homogeneity in the elasticity of intertemporal substitution across stockholders with different wealth levels. Our findings have implications for models that assess the comovement between consumption and return on stocks.     

Risk aversion,innovation and performance in family firms

An analysis of the effect of family governance on the relationships among risk aversion, innovation and performance is the purpose of this study. Beyond the level of risk and innovation, we are interested in analysing the relationship between them and their influence on performance in family firms. Traditionally, risk-seeking has been associated with innovation and performance. Our results confirm both components to be independent and, furthermore, show relationships with opposite signs as expected in the literature. In a sample of 500 firms, the results confirm an idiosyncratic behaviour in family firms; innovation contributes to performance to a higher extent in family firms, and at the same time, risk aversion is positively associated with performance only in non-family firms.     

联盟对航空公司产品影响研究

近几年,航空业竞争日益激烈,随之航空联盟的大潮愈演愈烈,航空公司纷纷选择加入联盟。通过对联盟竞争给航空公司产品带来的影响和出现的问题进行分析,提出航空公司如何利用联盟资源改善产品,来增强自身竞争力,以及应对联盟带来的一系列问题可采取的措施,为航空公司利用联盟,优化产品提供决策支持。     

Vertical integration,escalating commitment and technological performance: evidence from firms in the US computer industry

We set out in this study to analyse the impact on the technological performance of firms arising from their vertical integration, along with their escalating commitment to capital investment. Our findings reveal a positive relationship between vertical integration and the technological performance of such firms. A positive correlation is also found to exist between vertical integration and escalating commitment to capital investment; in other words, a firm's rising commitment to its capital investment may well strengthen the positive effects of vertical integration on the technological performance of the firm. More importantly, the interactive effects on technological performance will tend to differ, largely dependent on the type of vertical integration. The findings of this study also indicate that vertical integration can effectively neutralise the threat to exit barriers resulting from a firm's escalating commitment to its prior investment.     

Some effects of business environment on retail firms

This paper empirically tests how formal retail entrepreneurs’ perception about the business environment in Cameroon affects the performance of the retail sector. I use business owners’ responses from the 2009 Enterprise Survey to estimate an econometric model that corrects for heteroscedasticity. The results show that regulation costs, corruption, credit constraints, and lack of infrastructure negatively affect the gross margins of firms. In contrast, the competition of the informal sector – perceived by many formal entrepreneurs as a major constraint – is positively associated with the gross margins of formal firms. Policy implications are discussed.     

Impact of different patent cooperation network models on innovation performance of technology-based SMEs

ABSTRACT

Patent cooperation network, an important way for technology-based SMEs to enhance innovation performance, has become a research hotspot in recent years. Different types of patent cooperation network models and different degree of SMEs embedding them will lead to different effects on enterprise innovation performance improvement. This research selected the ICT industry and the pharmaceutical industry technology-based SMEs with rich patent output as research objects. Based on binary structure perspective of network breadth and depth, the patent cooperation networks are divided into four types: ‘strong exploration’, ‘weak exploration’, ‘strong utilisation’ and ‘weak utilisation’. Through the multi-selection model and the negative binomial regression model, the general factors in the selection of patent cooperation network models and the impact of different models on enterprise innovation performance are analysed. This research provides path breakthroughs and development proposals for technology-based SMEs to access innovative resources and enhance their innovation capabilities on patent cooperation networks.     

Exact arbitrage, well-diversified portfolios and asset pricing in large markets

For a market with an atomless continuum of assets, we formulate the intuitive idea of a “well-diversified” portfolio, and present a notion of “exact arbitrage”, strictly weaker than the more conventional notion of “asymptotic arbitrage”, and necessary and sufficient for the validity of an APT pricing formula. Our formula involves “essential” risk, one based on a specific index portfolio constructed from factors and factor loadings that are endogenously extracted to satisfy an optimality property involving a finite number of factors. We illustrate how our results can be translated to markets with a large but finite number of assets.     

Technology transfer and innovation performance: Evidence from Chinese firms

This paper explores the relationship between technology transfer activities and innovation performance with special reference to Chinese industrial firms. It is based on a recent nationwide survey covering 2334 Chinese industrial firms. The impact of technology transfer on their innovative performance was analyzed for all the responded firms and similar analyses also addressed the issue from perspectives of general industrial firms versus high-tech firms, and large firms versus small and medium firms. Several critical types of technology transfer activities were identified and both positive and negative impacts were discussed along with the Pearson correlation analysis and stepwise regression analysis. The study revealed that the innovation activities in Chinese manufacturing firms could not be boosted substantially merely through the acquisition of key equipment and apparatus from abroad. The findings also suggested that Chinese firms should develop their technological absorptive capacity and transformative capacity, and foster technology transfer and communications among trading partners. Moreover, it would be crucial for Chinese firms to stress the nurturing of indigenous innovation capabilities so as to sustain their performance improvement.     

Vertical educational diversity and innovation performance

This paper uses panel data of Swiss firms to analyse the impact of education-level diversity in the workforce on innovation performance, addressing endogeneity by exploiting within-firm variation as well as variation in labour supply across regions. We find that vertical educational diversity increases the extensive margin of R&D and product innovation, particularly new product innovation. However, the relationship with process innovation, R&D intensity, and product innovation intensity is insignificant. These results are in line with the idea that vertical educational diversity enhances the creative moment of the invention phase, while it has no effect on the commercialization phase due to the relevance of coordination and communication costs relative to the gains in creativity.     

Impact of coopetition in the alliance portfolio and coopetition experience on firm innovation

This paper examines two interrelated questions: to what extent does coopetition in a firm's alliance portfolio impact the firm's innovation performance? And to what extent does a firm's coopetition experience influence the relationship between coopetition in the alliance portfolio and innovation performance? Conceptually, we advance the concepts of balanced coopetition in a firm's alliance portfolio and coopetition experience and suggest that both balanced coopetition and coopetition experience contribute to firm's innovation outcomes. Results based on a longitudinal data of firms from the semiconductor industry show that moderate to high levels of balanced-strong coopetition in a firm's alliance portfolio positively impact the firm's coopetition-based innovation performance. Further, coopetition experience contributes to innovation performance and positively moderates the relationship between balanced-strong coopetition and innovation performance.     

Innovation in the medical device sector: an open business model approach for high-tech small firms

Innovation in the medical device industry is progressing rapidly with many technologies heralded as major breakthroughs. The public are often well informed about these matters, which results in a patient pull for innovations that are years from market. HTSFs operating in this environment face huge challenges in terms of realising the latent economic potential from new innovations. Open innovation offers the prospect of lower costs for innovation, faster times to market, and the chance to share risks. By developing open business models medical device companies can capture the multifaceted ideas of scientists, engineers, clinicians and indeed patients; thus allowing beneficial technologies to reach the market more quickly in a way that is evidence focused. This study uses a qualitative approach to investigate the explicit and implicit business models within HTSFs in the health care sector and provides a useful contribution to understand the challenges and identify solutions in this multi-stakeholder environment.     

Patent portfolios and knowledge flow(s) of photovoltaic companies

The current trend towards green energy is encouraging manufacturers to invest in photovoltaic technologies. In order to guarantee R&D and optimal operational performance, operators should be able to identify the technological advantages of their competitors for the conduct R&D and to ensure adequate technological knowledge intake. Therefore, from the perspective of patent portfolios and knowledge flow(s) of photovoltaic companies, this study adopted two approaches namely, patent counts and patent citations, to discuss the technical capability of R&D portfolios and the technological knowledge flow. Three patent indices were utilised for the integration of R&D portfolios which include: technology attractiveness, relative patent position, and revealed patent advantage. Technological knowledge flow allows construction of a patent citation network through backward citation of patents. Sources and movement directions of technological knowledge are measured by calculating the relative citation propensity. R&D portfolios and knowledge flow are complementary perspectives of each photovoltaic company.     

Entrepreneurs as decisive human resources and business performance for the Lao SMEs

Resource-based view （RBV） has been a very important theory to explain performance in the past decades. Among several types of resources, human resources are known as a critical factor for business success. The present paper has sought to link the human resources and performance based on the concept of RBV focusing on entrepreneurs as decisive human resources. This paper uses a sample of 378 Lao small and medium enterprises （SMEs）. Overall, the findings suggest that the significant factors in explaining performance in Lao SMEs are the education of entrepreneurs, business development services for entrepreneurs and experience of entrepreneurs. Whereas training at starting business and training for entrepreneurs were not supported.     

Political connections, financing and firm performance: Evidence from Chinese private firms

This paper examines the role of affiliation with the ruling Communist Party in the operation of private enterprises in China. Using a nationwide survey of private firms, we find that the Party membership of private entrepreneurs has a positive effect on the performance of their firms when human capital and other relevant variables are controlled. We further find that Party membership helps private entrepreneurs to obtain loans from banks or other state institutions, and affords them more confidence in the legal system. Finally, we find Party membership to be more important to firm performance in regions with weaker market institutions and weaker legal protection.     

市场结构、流通能力与我国农产品流通企业扩张绩效

通过对企业扩张影响因素全面的理论梳理,构建一个新的企业扩张行为分析模型,可以认为企业扩张行为并非是外部因素决定的,企业扩张行为绩效的决定是内部性的.在这一企业扩张新假设条件下,企业在竞争中的能力的积累是流通企业扩张行为取得绩效的根本来源.运用这个模型对中国农产品企业扩张问题进行实证研究,从而对我国农产品流通企业扩张的合理化提出相关建议.     

FDI对中国零售市场与企业绩效的影响及对策

零售业作为国民经济的终端产业,在一国经济格局中具有十分特殊的地位。入世后我国零售业面临着外商直接投资(FDI)的冲击,因此有必要系统而又具体地研究零售业开放对我国零售市场乃至整个产业链系统的影响。本文运用产业组织和微观经济学的相关理论,结合计量分析方法,对中国零售业进行了考察,通过对比内、外资进入零售业绩效的差异,以及外资进入制造与零售两个不同行业领域绩效的差异,得出外资企业过度进入我国零售业市场,挤占内资份额和制造业利润,影响我国产业安全,降低消费者福利等结论,并在此基础上提出解决问题的对策建议。     

Financial diversification before modern portfolio theory: UK financial advice documents in the late nineteenth and the beginning of the twentieth century

Abstract

The paper offers textual evidence from a series of financial advice documents in the late nineteenth century and the early twentieth century of how UK investors perceived of and managed risk. In the world's largest financial centre of the time, UK investors were familiar with the concept of correlation and financial advisers’ suggestions were consistent with the recommendations of modern portfolio theory in relation to portfolio selection strategies. From the 1870s, there was an increased awareness of the benefits of financial diversification – primarily putting equal amounts into a number of different securities – with much of the emphasis being on geographical rather than sectoral diversification and some discussion of avoiding highly correlated investments. Investors in the past were not so naïve as mainstream financial discussions suggest today.     

The evolution and strategic management of new technology-based sectors: the case of computerized business systems

Accepted paradigms of strategic management can be expected to be adapted for new technology where inter alia, the pace of technological change is rapid, uncertainty intense, and product life cycles short. It is argued that there are generic drivers of the euolutzon of such new technology sectors, and that the early identification of anticipation of and adaptatzon to these general forces can in theory provide businesses with a strategic advantage. Businesses, however, are often possessed of considerable inertia whilst the managerial perception of such sector trends can be affected by inter alia earlier commit-ments and experiences. This paper analyses such issues of strategic management with reference to the computerized business systems sector i n which the authors have conducted extensive empirical research over a two-year period.