两权偏离、终极股东属性与公司绩效基于文献综述的视角

终极股东控制问题已成为当前公司治理研究的焦点,控制权与现金流权的偏离和终极股东属性是对此展开系列研究的逻辑起点,具有较高的理论价值.本文基于已有的研究成果,全面系统地对两权偏离、终极股东属性与公司绩效间的关系进行了文献回顾和介绍,并对其作简要评论,指出相关研究的局限和后续研究的方向.     

多元交互式高职高专旅游管理专业实训指导教师队伍建设探索

文章总结分析了高职高专旅游管理专业现行实训教师队伍建设存在问题与薄弱环节,借鉴国内外职业教师队伍建设的成功经验,探索基于校企深度合作的＂师资结构多元、培养方式多样、工学交替互动、教做能力齐抓＂的多元化、交互式培养的高职高专旅游管理专业实训指导教师队伍建设创新之路。     

科技企业孵化器、风险投资、在孵企业三方合作网络演化过程的系统动力学分析

采用系统动力学对三方合作网络的演化过程进行了研究,意图探讨关键变量对合作绩效与网络优化的影响。研究得出,首先,风险投资机构、在孵企业通过合作参与者的满意度、信任关系直接影响合作绩效,孵化器对在孵企业的投入强度是吸引风投合作的重要因素;其次,网络协调水平依赖于网络中节点的组织能力,它可以促进社会资本的流动、提高网络的集聚程度;第三,节点淘汰率是孵化器可以主动控制的重要调节变量,对保证孵化器的孵化质量、控制网络规模和管理成本具有显著意义。     

互联网金融助解“长尾”小微企业融资难问题研究

本文基于安德森提出的“长尾”理论,对互联网金融解决小微企业融资的可行性进行了分析。小微企业是金融需求的“长尾”,互联网技术可以促进“长尾”小微企业的需求甄别,而对于小微企业融资需求市场来说,互联网金融具有外部经济、规模经济和范围经济三重效应。在传统金融市场中,存在 “超常态”的信贷配给,小微企业往往被排斥在正规金融体系之外,金融供给曲线呈现“臂弯”状态,互联网金融的加入,从一定程度上改变了“臂弯”曲线的位置,弥补了适量的供给缺口,减轻了信贷配给程度,促进了金融资源的合理配置,这也为解决小微企业融资困境提供了新的视角。基于此,本文还提出了下一步互联网金融发展过程中应关注的问题及相关建议。     

知识网络演进视角下企业技术创新能力进化及政策建议

企业技术创新能力具有类生物进化的属性,基于该思想,以知识网络演进为背景,研究了知识网络对企业技术创新能力进化的作用,探讨了企业技术创新能力进化过程,进一步构建了企业创新能力进化的逻辑模型。研究发现,知识网络的循环演进通过知识获取、知识处理、知识共享和知识整合,促进企业技术创新能力不断进化。最后,分别从政策制定者角度和微观创新者角度,提出了促进企业技术创新能力进化的建议。     

Effect of Energy Prices on Economic Growth in the ECOWAS Sub-Region: Investigating the Channels Using Panel Data

The article empirically examines the effect of energy prices on economic growth within the Economic Community of West African States sub-region by acknowledging that the effect of energy prices on growth is quintessentially indirect and hence can be tracked through some channels. Exploiting the System Generalized Methods of Moments estimation technique for the period spanning 2002–2015, the results indicate that the overall effect of energy prices on economic growth is significantly negative. This effect propagates mainly through government consumption expenditure and investment, albeit its effect through real interest rate is positive. However, its negative effects on government consumption, investment, and exchange rate significantly overwhelm the positive effect from real interest rate.     

A comprehensive study on smart beta strategies in the A-share market

In this article, we explore how smart beta strategies are applied in the Chinese A-share market. Specifically, we empirically examine several popular smart beta strategies, including mean-variance optimization, minimum-variance portfolio, equal weighting, risk parity strategy, and fundamental indexation, and we do so using the Shanghai Stock Exchange (SSE) 50 index and SSE sector indices as our comparison benchmarks. We find that all smart beta strategies outperform these benchmarks from year 2006 to year 2015, and that all smart beta strategies outperform the SSE 50 index by an average of 2.57% per year. In turn, these strategies improve the Sharpe Ratio by 46.2% on average.     

Capital flows and economic growth revisited: evidence from five Sub-Saharan African countries

The study examines the differential effects of capital flows on economic growth in five Sub-Saharan African (SSA) countries over the period 1970–2014. Using the autoregressive distributed lag methodology, the findings show that in the long-run capital flows (i.e. foreign direct investment (FDI), aid, external debt, and remittances) have different effects on economic growth. FDI has a significant positive effect in Burkina Faso and negative effects in Gabon and Niger whereas the impact of debt is negative in all countries. Aid, however, promotes growth in Niger and Gabon whiles it deters growth in Ghana. Remittances, on the other hand, have a significant positive effect in Senegal. Finally, gross capital formation is significant in most of the countries and the impact of trade is mixed. These results suggest that the benefits of capital flows in SSA have been overemphasized.     

制度创新视角下3D打印专利技术产业化政策与对策分析

制度创新对于推动技术创新具有重要意义。基于产业政策分析理论与方法,将政策流变理论与ROCCIPI模型应用于3D打印专利技术产业化问题研究,提出3D打印产业技术创新与制度创新协同驱动机制构架。研究发现, 3D打印产业的科技政策具有由柔性到刚性的流变趋势,揭示了产业化制度性因素由实然向应然发展的内在规律。应用ROCCIPI模型从7个维度提出3D打印产业发展的制度性要素驱动对策,为3D打印产业发展明确了指向。     

工艺创新会抑制就业吗？

以中国制造行业159家上市公司2001-2012年的面板数据为样本,从专利数据中分离出工艺专利,实证研究中国制造企业工艺创新对就业的影响。结果显示,工艺创新在整体上具有积极的就业效应,对技术人员数量的促进作用高于对生产人员的促进作用,从而证实了工艺创新有助于扩大企业需求,促进就业。