人力资本、财务资本与资本结构：理论和实证

当今社会已经从工业经济迈进知识经济时代，现有以财务资本为研究对象的资本结构理论在解释咨询、高新技术等人力资本较为密集的公司时难免会捉襟见肘。视企业为财务资本与人力资本共同的投资组合是现代资本结构理论研究刻不容缓的任务。本文以现有财务资本结构的研究为基础，通过引入人力资本变量拓宽现代资本结构的内涵，构造债务、股权和人力资本三者之间相互关系和作用的数理模型，结合对我国计算机应用服务业的实证分析，得出结论和启示。     

A note on how to measure hubbing practices in airline networks

Benefits and costs associated to hubbing practices of airlines are still subject to much debate. In the previous literature, some standard spatial concentration indices have been proposed to measure it. However, we show that these indices are “ill-defined” because they do not take into account the salient characteristic of hubbing: connecting passengers. The purpose of this research is to present a new methodology which avoids the pitfalls of other methods. Our new methodology also analyzes the level of concentration of the connecting passengers studying two different dimensions: hub airports and routes. Finally, we apply our methodology to some US carriers.     

高职学生外语学习焦虑调查分析

外语学习焦虑是影响学生外语学习水平的主要因素之一,学生的焦虑程度与其外语水平呈明显负相关,高职院校学生亦然。英语教师在教学过程中应关注学生的外语学习焦虑情况,并采取有效措施来帮助学生降低焦虑程度。     

Entrepreneurial cognition and internationalization speed: towards a potential moderating effect of experiential and rational information processing

This study explores the influence that entrepreneurial cognition, in terms of the dichotomy in human information processing, has on the earliness of internationalization and post-entry speed. Entrepreneurial cognition is investigated through the lens of the dual-process theory, which posits that human information processing is formed of two systems, the experiential cognitive system (System 1) and the rational and analytical cognitive system (System 2). The speed of the entire internationalization process is analyzed in terms of earliness (how soon after inception a company enters its first international market) and post-entry speed (how fast it enters new markets after the first internationalization). Drawing on ten cases, we find that companies that internationalized earlier and faster were managed by entrepreneurs with higher levels of the experiential cognitive system. In contrast, companies that internationalized later and more gradually were managed by entrepreneurs with higher levels of the rational cognitive system. Thus, our study reveals that the speed of the entire process of internationalization is governed, at least partially, by the entrepreneur’s cognition. On the basis of our findings, we introduce three propositions on the moderation that the entrepreneur’s cognition exerts on the well-established relations between environmental signals and both earliness of internationalization and post-internationalization speed.

     

基于企业资源观的我国便利店关键资源识别与培育

企业资源观指出,获取、培育关键资源是企业战略发展的关键,是企业形成可持续竞争优势的基石。本文以其代表人物科利斯和蒙哥马利的成果为理论依据,通过构建资源识别坐标,指出我国便利店企业关键资源所在及培育途径。     

美国专利法域外适用制度:流变、适用与启示

专利权被认为是最具有领土性的权利,长期以来,专利保护的国内立法和国际条约均未突破专利权的地域性.随着专利跨国保护重要性与专利权地域性的矛盾日益突出,在美国专利权人的游说下,美国国会不断修订专利法,赋予部分规则域外效力以规制境外组装、境外制造等境外行为;同时,美国法院在司法实践中对这些规则的界限和范围表现出不确定性.但总体而言,这些规则的实践进一步实现了美国专利权人维权与竞争的双重功能,起到促进美国专利创新与维护国家利益的作用.中国处于从专利引进大国向创造大国转变的特殊时期,立法上应未雨绸缪确立适度的符合中国现实的专利权保护域外规则,同时应注意积极调动私人能动作用和发挥法院的积极作用.     

辽宁省城市发展质量分析

城市化的推进及城市化内涵的延伸促使城市研究的侧重点逐步从速度、规模等方面转向了质量方面。无论是整体宏观的城市化质量研究还是具体到某个方面的例如人居生活环境的质量研究,学者们都将城市与质量进行了对接。现代化是城市发展质量的本质与核心,因此从城市现代化方面对辽宁省城市发展质量进行评价研究并对其水平进行定位,突出城市现代化不同方面之间的平衡程度即现代化内部结构对城市发展质量的影响无疑具有一定的现实意义。     

Using clustering ensemble to identify banking business models

The business models of banks are often seen as the result of a variety of simultaneously determined managerial choices, such as those regarding the types of activities, funding sources, level of diversification, and size. Moreover, owing to the fuzziness of data and the possibility that some banks may combine features of different business models, the use of hard clustering methods has often led to poorly identified business models. In this paper we propose a framework to deal with these challenges based on an ensemble of three unsupervised clustering methods to identify banking business models: fuzzy c‐means (which allows us to handle fuzzy clustering), self‐organizing maps (which yield intuitive visual representations of the clusters), and partitioning around medoids (which circumvents the presence of data outliers). We set up our analysis in the context of the European banking sector, which has seen its regulators increasingly focused on examining the business models of supervised entities in the aftermath of the twin financial crises. In our empirical application, we find evidence of four distinct banking business models and further distinguish between banks with a clearly defined business model (core banks) and others (non‐core banks), as well as banks with a stable business model over time (persistent banks) and others (non‐persistent banks). Our proposed framework performs well under several robustness checks related with the sample, clustering methods, and variables used.     

The Impact of Liberalizing Trade in Services on Trade in Goods: An Empirical Investigation

In this paper we use a large dataset to explore whether the liberalization of trade in services is beneficial for the international trade in goods. We find empirical evidence supporting this notion. We investigate which types of trade in services are more important for the international trade in goods and find that trade in transportation and communication services generate the largest impacts on trade in goods. We also investigate which types of trade in goods are likely to benefit from the liberalization of trade in services and find that, under the 2‐digit ISTC classification, all the categories are likely to exhibit a positive impact.