Does partner type matter in R&D collaboration for product innovation?

Most firms tend to utilise various types of R&D collaboration partners simultaneously and partnerships between different types of partners show different properties. Thus, the effect of R&D collaboration may vary depending on partner types. This study considers four partner types: competitors, customers, suppliers and universities. It empirically examines the effect of R&D collaboration with each type of partner on product innovation, employing the Korean Innovation Survey data. Results show that R&D collaborations with customers and universities have a positive effect on product innovation, whereas R&D collaborations with suppliers and competitors have an inverted-U shape relationship with product innovation. This result can provide an explanation to the chaotic results of previous research and assist managers in selecting appropriate R&D partner.     

创新引领城市高质量发展:创新原理、思路与要领的探讨

紧紧抓住创新的"第一动力"和乘数放大效应,引领超常规、可持续发展,是中国优化城市与区域发展战略的重点和内在要求.本文从创新的意义与相关学理剖析入手,从新供给经济学的分析视角切入,提出经济发展供给侧创新作用原理的理论模型与量化表达,形成以"守正出奇""守正创新"支持高质量发展潜力释放思路要领的框架性认识.结合中国当下发展新形势,以创新引领城市高质量发展这一命题,指出需以制度创新、科技创新和管理创新相结合,以供给侧结构性改革为主线,针对中国新型城镇化战略的客观要求,从国土开发顶层设计入手,动态优化各地定制化解决方案,并把握高质量发展的共性要求,以宜居宜业改善民生为核心优化公共服务供给,把握好制造业的提质增效升级发展,优化收入分配推进城乡一体共赢.此外,要抓住已涌现的"一带一路"建设与"新老基建"等发展机遇,注重新型城镇化中的有效投融资,西部城市需在应对挑战中把握后发优势,以"有效市场+有为、有限政府"组合打开活力潜力空间,推进中国经济社会实现弥合"二元经济"的新型城镇化和城乡一体化之现代化愿景.     

四行储蓄会研究

四行储蓄会是北四行联营事业的附属储蓄机构,也是中国近代最大的储蓄银行。该储蓄会实行会员制的经营方式,所有客户均为会员,利息之外另以会员名义向客户支付红利,吸收了大量个人存款。在资金运用方面,该会主要办理存单质押放款和公债券投资业务。因经营灵活,四行储蓄会社会声望迅速提高,至20世纪30年代,甚至有超过北四行之势,社会上有"四行一会"之称,其独具特色的经营方式与成功经验值得研究。     

Hyperbolic Discounting,Borrowing Aversion and Debt Holding

Analysis of an original Internet‐based survey reveals that debt holding is related to time discounting through: (i) present bias, measured by the degree of declining impatience in the generalized hyperbolic discount function; (ii) borrowing aversion, captured by a sign effect in that future losses are discounted at lower rates than future gains; and (iii) impatience, measured by the overall discount rate. Hyperbolic respondents are classified naïve if their answers reveal them to be time‐inconsistent procrastinators, and otherwise sophisticated. Naïve respondents with more steeply declining impatience are more likely to be debtors. The sign effect relates negatively to borrowing. Survey responses indicative of high or declining impatience are associated with credit card borrowing and other overborrowing indicators.     

Profiting from innovations: the role of new game strategies in the case of Lipitor of the US pharmaceutical industry

In exploring why innovators often do not profit from their innovations, researchers concentrate on innovators versus imitators and the extent to which owners of complementary assets capture profits from innovations. The literature provides scant attention to factors that sap profits from innovations. This paper argues that an innovator's positioning vis‐à‐vis customers, suppliers, complementors, and other co‐opetitors plays a critical role in the innovator's profitability. The article explores how an innovator can use new game strategies to better positioning, thus capturing rents from innovations and enabling further innovations in the future. The study examines the case of Lipitor, one of the world's best‐selling drug, to illustrate how positioning can play in a firm's ability to profit from its innovations.     

改革现行会计委派制 建立会计代理制

对于国有企业(及国家机关部门和事业单位)来说,建立“外派”会计制度是内在的要求,应该坚持做好。“外派”会计是财务监督会计,与企业内部管理会计并行不悖。不过,现行的会计委派制确实增加了企业经理人员和委派会计人员或财务总监之间产生对立或合谋的可能性,某种意义上成为政府干预企业的新机制、新形式,这影响到会计委派制的实际效果。而由会计师事务所等中介服务机构来充当企业的财务总监的会计代理制却能较好地隔离政府与企业,并在两者之间形成适当的平衡。     

Capitalizing Research & Development: Signaling or Earnings Management?

This paper analyzes the capitalization of Research & Development (R&D) expenditures under International Financial Reporting Standards (IFRS). Discretionary R&D capitalization can be exercised by managers to signal private information on future economic benefits to the market. It can, however, also serve as opportunistic earnings management. We analyze a unique, hand-collected sample of highly R&D intensive German IFRS firms during 1998–2012. We find that market values are not associated with capitalized R&D for the overall sample, indicating that earnings management may be a concern. We identify firm-years for which R&D capitalization is possibly used for pushing their earnings above a specific threshold (e.g. analysts' forecasted earnings, prior year's earnings). Our results show that both the decision to capitalize and how much to capitalize are strongly associated with benchmark beating. Consistently, we find that market values are negatively associated with capitalized R&D for firms who are likely to use capitalization for benchmark beating (about one third of the overall sample). On the other hand, the market values R&D capitalization positively for well-performing firms, for which capitalizing does not matter to beat an earnings benchmark (about half of the overall sample). This finding is robust to controls for endogeneity, various deflators, and different measures for earnings management.     

西部地区县域经济“要素失衡与缺失陷阱”的破解路径

"要素失衡与缺失陷阱"是我国西部地区县域经济现状的真实写照。自然资源外流、产业结构失衡、资金外流、人才缺失、技术缺失、信息滞后、政府制度供给匮乏都是"要素失衡与缺失陷阱"的典型表现。因此,修缮和填补这些"陷阱"已成为发展西部地区县域经济的当务之急。而找到正确的方法,才能让"陷阱"填平,不再出现坍塌的危险。大力推进西部地区县域体制机制改革;大力推进"三化"联动发展;构建完备的县域经济发展软硬件体系;树开放胸怀,提高决策者、执行者、普通大众的意识水平,则是西部地区县域经济"要素失衡与缺失陷阱"破解路径。