失败学习对企业绩效的影响机制研究

已有文献认为失败学习对企业绩效具有重要作用，但失败学习通过何种途径促进企业绩效提升的研究并不完善。基于失败学习理论，引入资源拼凑和机会识别作为中介变量，构建失败学习影响企业绩效的多路径模型，探索失败学习对企业绩效的驱动路径及内在机理。实证结果表明：失败学习对企业绩效具有显著积极作用，资源拼凑和机会识别分别在失败学习与企业绩效之间起中介作用，资源拼凑和机会识别在失败学习对企业绩效驱动过程中存在链式中介作用，战略柔性能够强化资源拼凑与企业绩效之间的关系，并正向调节资源拼凑的中介作用。研究结论拓展了失败学习对企业绩效的影响路径，对企业复苏和成长具有重要启示。     

Structural estimation of behavioral heterogeneity

We develop a behavioral asset pricing model in which agents trade in a market with information friction. Profit‐maximizing agents switch between trading strategies in response to dynamic market conditions. Owing to noisy private information about the fundamental value, the agents form different evaluations about heterogeneous strategies. We exploit a thin set—a small sub‐population—to point identify this nonlinear model, and estimate the structural parameters using extended method of moments. Based on the estimated parameters, the model produces return time series that emulate the moments of the real data. These results are robust across different sample periods and estimation methods.     

富水砂层盾构接收技术

针对富水砂层盾构接收易发生渗漏、涌砂、安全风险大等问题。在大量工程实践基础上,总结出以控制地下水为重点、坚持预防为主的施工理念,形成端头加固、止水帷幕、环箍注浆及止水装置的富水地层盾构接收技术,牢筑三道止水防线。技术成果在多项依托工程中成功应用,确保了该类地层盾构接收安全和风险可控。     

企业上市、专利突击与经营绩效——基于创业板上市公司的经验证据

以2009-2018年中国创业板公司为样本,考察公司上市前的专利突击现象,检验专利突击行为对专利质量和经营业绩的影响.研究发现:第一,创业板上市公司IPO前存在明显的专利突击现象,具体表现为专利申请数量在上市前激增,在上市后增长停滞;第二,创业板公司专利突击行为降低了专利质量和上市后的长期经营业绩;第三,相较于发明专利,非发明专利的上市前突击现象更明显;第四,2014年证监会关于创业板上市公司在招股说明书中对专利信息披露的有关规定改变了公司专利申请策略,申请时间前移,上市前已申请但未授权的专利占比降低.最后,企业突击申请专利会使投资者高估公司价值,从而损害投资者利益.研究结论有利于理解我国"专利泡沫"现象的制度诱因,对完善创业板制度和实现注册制转型具有借鉴意义.     

The Moderating Effects of Status-Consumption Motive and Age in the Relationship between CSR Advertising Appeal Type and Purchase Intentions

The primary purpose of this study was to examine factors that influence the effectiveness of benefit appeal types (i.e., help-other vs. help-self) in Corporate Social Responsibility advertising. To that end, we designed and administered a between-subjects experiment where participants viewed one of the two CSR advertisements crafted with help-self and help-other benefit appeals. Results provided evidence supporting the moderating effects of status-consumption motives and age on purchasing intentions. Additional analysis suggested consumers younger than 48 years old were more likely to be persuaded by a help-other ad appeal when they didn't have strong desires for status consumption. Results were discussed in light of the self-concept theory and value-expressive framework in CSR advertising.     

Further Mining the Predictability of Moving Averages: Evidence from the US Stock Market

Most studies on the predictability of moving average (MA) technical analysis use the discrete (buy/sell) trading recommendations. However, it is possibly incomplete or unreliable to explore the predictability of MA by only employing its generated trading signals. To further explore the forecastability of MA, we study its measurable impact on the stock market returns by using a conventional predictive regression framework. Our empirical study on the US stock market with respect to more detailed price information finds, (i) that the proposed predictor, MADP (MA based on daily prices) shows significant predictability in‐ and out‐of‐sample, and significantly outperforms the historical average (HA) benchmark as well as the MA based on monthly prices, (ii) that the predictability of MADP centers on the short‐term lags (within the most recent 10 days) and disappears when lags are beyond 20 days, and (iii) that the economic evaluation of the portfolios based on trading strategies confirms the superior performance of MADP with short‐term lags against the benchmark even though considering transaction costs.     

浅谈我国中小企业信用担保体系的问题及对策

以信用担保为中介的中小企业信用担保机构主要发展和成熟于欧美、日本等国家。20世纪90年代以来,我国各地迅速涌现各有特色的中小企业信用担保机构,创造了一定效益,但由于多种原因,也制约着其本身的进一步发展。究其原因,主要是我国信用担保体系建设尚不完善,还存在着这样那样的问题。本文从我国中小企业信用担保体系发展的现状入手,全面分析在建设信用担保体系中出现的各种问题,具体地指出完善我国中小企业信用担保体系建设措施,以此促进我国中小企业信用担保体系的不断完善与健康发展。     

关于网络环境下工业工程应用研究的思考

分析传统IE应用现状 ,探讨国内企业与发达国家企业相比在传统IE应用方面存在差距的原因 ,提出缩小差距的解决方略 ,阐明网络环境下IE应用研究重点等。     

A MODEL OF BUREAUCRACY AND CORRUPTION*

We analyze bureaucracy and corruption in a market with decentralized exchange and “lemons.” Exchange is modeled as a sequence of bilateral, random matches. Agents have private information about the quality of goods they produce and can supplement trade with socially inefficient bribes. Bureaucracy is modeled as a group of agents who enjoy centralized production and consumption. Transaction patterns between the bureaucracy and the private sector are fully endogenous. Centralized production and consumption in the bureaucracy give rise to low power incentives for the individual bureaucrats. As a result, private agents might bribe bureaucrats, whereas they do not bribe each other. An equilibrium with corruption and an equilibrium without corruption can coexist. We discuss some welfare implications of the model.     

论当代中国私营资本原始积累的社会功效

伴随中国私营经济而发生的私营资本原始积累,对中国的经济社会发展,对加速中国的社会主义现代化建设,是功绩卓著的。中国之所以能在20世纪末达到小康,私营资本原始积累是立下汗马功劳的。在中国今后的全面小康社会建设中私营资本原始积累必将发挥越来越大的功效。