Financial markets,financial dependence,and the allocation of capital

We explore one specific channel through which finance promotes growth: the allocation of capital. Using international industrial data, we find that countries with developed financial markets invest more in growing industries, and pull out more funds of declining ones. Most interestingly, this pattern is more eminent for those industries more dependent on external financing. Various robustness checks show that the results are not driven by reverse causality, omitted variables, specific countries or industries.     

情感型领导对员工工匠精神的跨层影响——基本心理需求满足和未来工作自我清晰度的作用

工匠精神作为企业实现提质增效、构建竞争优势等目标的关键推手,如何有效培育组织成员工匠精神成为学界和业界共同探讨的话题。基于自我决定理论,构建了一个包括情感型领导、基本心理需求满足、未来工作自我清晰度和员工工匠精神的跨层次有调节的中介作用模型。通过双时点方式收集数据并进行实证分析,结果表明：情感型领导对员工工匠精神培育具有积极影响;情感型领导通过基本心理需求满足间接影响员工工匠精神;未来工作自我清晰度不仅正向调节情感型领导、基本心理需求满足与员工工匠精神间关系,而且正向调节基本心理需求满足的中介作用。本文厘清了情感型领导与员工工匠精神间的内在机理,也为组织有效培育员工工匠精神提供了指导。     

供应链企业间战略共识如何影响技术创新绩效——知识共享与供应链协同的作用

在动态复杂的市场环境中,企业不仅要重视内部创新力量,同时需要依托外部力量,充分发挥外部知识资源在创新过程中的作用。基于认知行为理论,采用多元层次回归和Bootstrap方法,分析供应链企业间战略共识、知识共享和供应链协同对企业技术创新绩效的作用。结果发现：供应链企业间战略共识对知识共享和企业技术创新绩效具有促进作用;知识共享在供应链企业间战略共识与技术创新绩效间起中介作用;供应链协同正向调节供应链企业间战略共识与知识共享的关系,并正向调节知识共享的中介作用。     

论企业文化建设与人力资源管理

企业文化建设与人力资源管理作为一种新兴管理模式,在新时期的企业发展中占据重要地位。二者相互交融、相互促进,在思想观念、研究对象、任务目标和功能发展等方面密切联系。在以人为本的原则指导下,人力资源管理和企业文化刚柔相济、合二为一才能产生最好的效果,企业的成功依赖于两者的有效结合。     

我国寿险公司市场价值评估体系刍议

市场价值评估方法作为一种衡量现代企业整体价值的新型手段逐渐被寿险公司采用,但是在市场价值评估的过程中仍存在一些问题,需要进行改善。本文在借鉴相关文献研究成果的基础上,结合自己的理解和实践,对市场价值评估体系应用以及存在的问题做了进一步的探析。     

基于风险投资的国家竞争力指标创新

当今世界的发展日新月异,国家之间的竞争日趋激烈。国家竞争力主要表现在经济表现、政府效率、商业效率以及基础设施4个方面,每个方面又可以分为5个子因素。基于IMD《世界竞争力年鉴》的竞争力排名对国家竞争力进行了分析,说明中国提高国家竞争力的关键在于提高商业效率。通过对传统指标与加入风险投资因素指标的国家竞争力进行比较分析,发现较高的风险投资可以明显提升国家竞争力。     

Dynamic risk management in petroleum project investment based on a variable precision rough set model

In this paper, an adaptive algorithm is designed for dynamic risk management in petroleum project investment based on a variable precision rough set (VPRS) model. In risk management, at each stage of decision-making, experts are invited to identify risk indices and support the decision-maker in evaluating the risk exposure (RE) of individual projects. The VPRS model is used to mine risk rules and determine the significance of risk indices from RE decision tables. Considering that there are multiple risks involved in any petroleum project investment, we use multi-objective programming to obtain the optimal selection of projects with minimum RE, where the significance of risk indices is assigned to each of the corresponding multi-objective functions as a weight. Moreover, we develop a risk ranking model to measure the degree of risk for individual projects in a portfolio. Finally, a numerical example based on a Chinese petroleum company's investments in overseas projects is presented to illustrate the proposed approach, and then conclusions are drawn.     

高新技术企业融资方式、治理结构与技术创新能力关系研究

高新技术产业的发展对全球经济产生了重要的推动作用,但对于高新技术企业而言,制约其发展的一个重要障碍就是融资问题。风险投资是一种特殊的投资形式,与传统的债务融资对比,风险投资不仅为企业提供必要资金,还会参与企业的内部管理,对企业的治理结构产生影响,进而影响企业的技术创新能力。     

Financial factors and company investment decisions in transitional China

We investigate the propensity of Chinese publicly listed firms to invest in response to financial factors, according to the a priori degree of a firm's information problems: industry sector, ownership structure and firm size. The firms in primary and tertiary industries are found to be liquidity‐constrained in their investment decisions. The investment‐cash flow sensitivity of the firms in secondary industry indicates that they lost privileged access to credit in the course of China's market transition. However, we find no evidence that financial liberalization resulted in an easing of financing constraints for small‐ and medium‐sized firms. Our result indicates that agency problems, stemming from a state‐controlling pyramidal ownership structure, are responsible for the misallocation of internal funds. The importance of bankruptcy and agency costs in relation to debt finance for certain types of borrowers reflects the transitional nature of the financial environment facing Chinese firms. Copyright © 2008 John Wiley & Sons, Ltd.     

基于模糊优选法的核电厂址选择外部人为事件的评价方法

出于安全考虑,核电厂在选址阶段要充分考虑厂址周围的外部人为事件。为此,我国出台了《HAF0105核电厂厂址选择的外部人为事件》,对外部人为事件进行了界定,并提出相应的勘查和评价策略。根据《事件》提出的飞机坠毁、爆炸、危险液体释放的分类,进行定量化评价,然后利用模糊优选法建立模型,将多个厂址进行比对,得到待选厂址在外部人为事件方面的优劣排序。