规模、路径与动因:发展中国家企业的FDI行为探析

发展中国家的企业不仅关心如何通过FDI将利润最大化,也关心提高一般性经营资源的收益。本文应用二阶段理论,综合考虑两个市场、两个阶段和两种状态等因素,对优势企业和弱势企业的决策背景进行了比较,分析了制度学习效应、资源转移效应和国内市场竞争效应等发展中国家企业FDI动因,建立了弱势企业FDI规模的决策模型,该模型也可以用于发展中国家企业FDI行为的路径选择。     

The causal relationship between natural gas consumption and economic growth: evidence from the G7 countries

This article re-examines the nature of the causality between natural gas consumption and economic growth in G7 countries over the period from 1965 to 2011. We employ the Granger causality procedure proposed by Emirmahmutoglu and Kose (2011) which takes into account cross-sectional dependency and heterogeneity across countries. Our overall empirical results support the neutrality hypothesis for the panel while the individual country results confirm the same result with the exception of the case of UK, where the conservation hypothesis is confirmed, showing that GDP causes natural gas consumption in the country. These results make policies that promote the consumption of natural gas risk-free with regard to their effects to the economic growth and development levels.     

Teacher Training and Teacher Optimism about the American Economic System

The amount and type of economic-education training teachers receive have predictable effects on the teachers' optimism about the future of the American economic system.     

The Determinants and Effects of Clients Following Audit Partners Who Switch Audit Firms

Abstract

We examine the determinants of clients’ decision to follow departing partners to new audit firms and the effect of this decision on the likelihood of financial restatements. Using Taiwanese audit partner turnover data from 1984 to 2010, we find that clients are more likely to follow departing partners when the partners have more clients, longer tenure, and when both lead and concurring partners leave simultaneously. By contrast, clients are more likely to stay with their incumbent audit firms when the firms are one of the Big Four or when only the concurring partners leave. The extended partner tenure due to clients following departing partners, however, does not enhance audit quality. In fact, clients that stay at the incumbent firm experience a significant decrease in the probability of financial restatements in the first year after the audit partners leave, but clients that follow do not.     

The relationship between business diversification and productivity: considering the impact of process innovation at different corporate life cycles

This paper investigates the link between a firm's process innovation (PI) and its segment productivity at different life cycles. The results show that business diversification is negatively associated with a firm's productivity, and further reveal that a firm's PI moderates the above relationship. In addition, the corporate life cycle literature builds blocks for this study to explain that the involvement of administrative costs varies across life cycles when diversified firms get mature and bigger. Our empirical evidence indicates that the potential costs of a complex organisational structure contingent on business diversification at a firm's mature life cycle could be alleviated by the conduct of process innovation. As process innovation at different life cycles may alter managerial incentive that leads to different firm performance, the managerial implication is that diversified firms should appropriately engage in process innovation to prevent unfavourable liability from the development of their businesses.     

企业集团边界的演变趋势研究

提出母子公司体制下的企业集团,其基于控制权的治理边界,超越了企业法人边界,使得其边界非平面性,而是三维立体的边界。还进一步从动机、有效范围、演变趋势等方面对企业集团三维边界作了分析,提出现实生活中企业集团整合边界范围帕累托最优是比较困难的,尤其是大型国有企业集团在战略重组中往往只能在不优的整体边界范围内创造局部有效的边界范围。最后,运用所提出的理论观点对我国企业集团成长中的规模、结构、管控等问题进行了解释。     

非政府市场化治理在环境认证领域的应用:政策原理与启示

全球经济一体化和民主化背景下,非政府市场化治理在全球认证管理中兴起。文章以非政府市场化治理机制为研究对象,阐述其政策原理与三个主要特征。以中国和美国的有机认证体系为案例,分析政府管理对非政府市场化机制的复杂影响。提出政府管理需与非政府市场化治理的机制相适应,特别是要尊重公开、透明、民主的特征,促成市场机制和政府机制的有效叠加。当前,应特别注意政府部门因袭不透明的管理方式,滥用法律和行政权威,享有过于集中的控制权或参与权,破坏治理的社会基础,造成市场失灵与政府失灵的恶性叠加。     

Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

适应铁路集装箱加快发展形势 全面实施人才队伍建设工程

在阐述铁路集装箱加快发展对人才队伍需求大幅增长新形势的基础上,分析当前全路集装箱人才队伍现状及队伍建设方面存在的问题,对加强铁路集装箱人才队伍建设提出建议：着力推进专业人才队伍建设工程,重点建立经营管理人才队伍培训体系,强力推进领导干部队伍素质建设工程,建立和完善人才培养、使用、激励有效衔接的闭合管理系统。