全覆盖债券的发行模式研究及借鉴

全覆盖债券在欧洲是一个古老而又年轻的金融工具,因其资产抵押和发行人的双重信用担保而具有较高的信用等级和较低的发行成本,故而广受投资人欢迎。该文比较了全覆盖债券与具有相似结构安排的资产支持证券的本质区别,介绍了欧洲全覆盖债券的法律框架及其主要发行模式,并从进一步完善法律环境等角度对我国引入全覆盖债券的相关问题进行了探讨。     

Perceptions of the relationship between scenario planning and firm performance: A qualitative study

This paper presents research findings from the application of scenario planning in multinational firms that operate in competitive industries. We use exclusive and not publicly available data to investigate the link between scenario planning and firm performance from a qualitative perspective. The focus was primarily on firms that had real-life experiences with this strategic tool. Our research suggests that scenario planning is interwoven in how strategy is formulated and that it has a major influence on decisions taken by management. We also found that none of the firms reported formal efforts of assessing the success rate of scenario planning. Participants report that this is due to difficulties in measuring qualitative and quantitative outcomes and because standardized assessment tools are not readily available for this kind of strategic intervention. Overall, participants generally regarded scenario planning as an effective intervention with a positive contribution to the firms’ performance. When pressed for more detail, participants revealed that scenario planning techniques were useful in exploring the business environment and future risks, isolating trends, understanding interdependent forces, and considering the implications of strategic decision-making.     

Why David sometimes defeats Goliath: The power of actors in disprivileged land-use policy networks

Since the 19th century, Danish policies regarding land use in the wider countryside have been strongly influenced by two competing policy networks. In the period 1866–1970, a strong ‘land reclamation network’ was privileged at the expense of a weak ‘nature protection network’. In contrast, during the last couple of decades, the situation has been turned on its head. Here, a strong nature protection network has been privileged at the expense of a weaker ‘land reclamation network’. In each of the above stable periods, however, a detailed case study of decision-making regarding a rejected project shows that sometimes the weaker network is able to defeat a stronger network in relation to concrete project decisions regarding the use of water bodies. Why is it that even very strong policy communities cannot expect to have all projects they support implemented? Adding the concepts of policy venue and policy image [Baumgartner, F.R., Jones, B.D., 1993. Agendas and Instability in American Politics. The University of Chicago Press, Chicago and London] to the rather static policy network approach provides an explanation—a theoretical framework which, for example, can be applied to decisions/non-decisions regarding nature restoration projects in those countries who during recent years have been trying to move beyond water body protection to restoration of water bodies to their natural state.     

Development and return on execution of product innovation capabilities: The role of organizational structure

This paper conceptualizes and tests an integrated model that combines the dual-core and ambidextrous models of product innovation. The integrated model distinguishes the development and return on execution of radical and incremental product innovation capabilities. The authors argue that organizational structure plays an important dual role as an (a) antecedent to the development of radical and incremental product innovation capabilities and (b) as a moderator in determining the new product performance returns from executing such capabilities. Using a sample of high-tech firms, the study finds that organizational structure is more consistent in predicting the execution of product innovation capabilities into new product performance than in predicting the development of such capabilities. For example, the effect of radical product innovation capability on new product performance is negative but nonsignificant under a formal structure, while the same effect is positive under an informal structure. Conversely, the effect of incremental product innovation capability on new product performance is positive under a formal structure, while the same effect is negative under an informal structure. The implications for managing different types of product innovation capabilities under formal versus informal structures and their effects on new product performance are discussed.     

An Agency Theory perspective on the purchase of marketing services

The purchase of business services has become an important part of organizations' acquisition of external resources, and is therefore receiving growing scholarly attention. The supply management function is increasingly supporting more complex service purchases, including a wide range of marketing services. The trend to involve supply management in the purchase of these complex business services is partially being driven by increasing awareness of the value of applying standard purchasing techniques to the purchase of these non-standard items. The purchase of such services has historically been managed by content experts, with limited involvement of supply management. However, the involvement of supply management in these purchases is driving the content experts to adopt a more facilitating relationship in which both areas interact with the supplier. This research uses Agency Theory as a lens to look at the Agency Triad among supply management, marketing, and suppliers. Elaborating on prior seminal work, the basic tenets of Agency Theory and its assumptions regarding human behavior are combined with the results of a focus group and case studies to develop propositions on the design of contractual arrangements between two Principals (marketing and supply management) and a single Agent who provides marketing services.     

Managing supplier-retailer relationships: From institutional and task environment perspectives

This study develops an integrated model of managing channel relationships that involves task and institutional environment perspectives. Using survey data from automobile dealers in China, the authors provide empirical evidence to demonstrate the utility of the legitimacy-based institutional environment perspective in clarifying channel relationship issues, which have been considered mostly only from an economic efficiency-based task environment approach. As the institutional environment perspective's factors, imposition asymmetry and bypassing have indirect impacts on trust in supplier and the level of conflict in a channel relationship. As the task environment standpoint's factors, explicit contracts and supplier's transaction-specific investments (TSIs) are posited to have direct effects on trust in supplier and the level of conflict, however, the hypothesized relationship between supplier's TSIs and the level of conflict is not supported. The results also indicate both building a retailer's trust in its supplier and lowering the level of conflict lead to improved relationship performance.     

The moderating effect of innovative capacity on the relationship between real options and strategic flexibility

In dynamic sectors, organizations should be capable of adapting to unpredictable environmental conditions. Strategic flexibility grants organizations the capacity to respond to the changes in their environment in the direction required, renewing their strategies and making the required organizational changes. The goal of this study is to analyze how the use of real options relates to strategic flexibility from a managerial capacity perspective. Through an empirical study performed on European firms, we confirm that innovative capacity exercises a moderating role between real options and strategic flexibility. The fact that a firm's management has foreseen and contemplated real options does not necessarily lead to their execution; they must also be accompanied by some innovative capacity.     

Outsourcing reverse logistics of high-tech manufacturing firms by using a systematic decision-making approach: TFT-LCD sector in Taiwan

Reverse logistics are increasingly crucial for the supply chain strategy of global high-tech manufacturing firms. As reverse logistics operations are significantly more complex than traditional manufacturing supply chains, many high-tech manufacturers are examining the feasibility of outsourcing reverse logistics activities to third party logistics providers (3PLs) from a strategic planning perspective. Internal resources and capabilities are thus examined from a resource-based perspective to identify which reverse logistics service requirements could be fulfilled in-house or outsourced. Therefore, this work presents a systematic approach using the analytical network process (ANP) not only to investigate the relative importance of reverse logistics service requirements, but also to select an appropriate 3PL. Empirical results based on the case of the TFT-LCD sector in Taiwan indicate that information technology management is of priority concern in reverse logistics services. In addition to providing a valuable reference for manufacturers concerned with service requirements for outsourcing, results of this study significantly contribute to the efforts of 3PLs in evaluating whether they comply with potential customer requirements based on their service capabilities.