Corporate R&D and firm efficiency: evidence from Europe’s top R&D investors

The main objective of this study is to investigate the impact of corporate research and development (R&D) activities on firm performance, measured by labour productivity. To this end, the stochastic frontier technique is used on a unique unbalanced longitudinal dataset comprising top European R&D investors over the period 2000–2005. In this framework, this study quantifies technical inefficiency of individual firms. From a policy perspective, the results of this study suggest that if the aim is to leverage firms’ productivity, the emphasis should be put on supporting corporate R&D in high-tech sectors and, to some extent, in medium-tech sectors. On the other hand, corporate R&D in the low-tech sector is found to have a minor effect in explaining productivity. Instead, encouraging investment in fixed assets appears important for the productivity of low-tech industries. Hence, the allocation of support for corporate R&D seems to be as important as its overall increase and an ‘erga omnes’ approach across all sectors appears inappropriate. However, with regard to technical efficiency, R&D intensity is found to be a pivotal factor in explaining firm efficiency and this turns out to be true for all industries.     

基于CFaR模型与Logistic回归的财务困境预警研究

从现金流风险角度出发,对企业财务困境进行预警研究：首先构建一个基于企业内部环境、宏观经济政策、货币政策及财政政策等因素的CFaR模型,识别出期望现金流及风险现金流;然后以这两个指标作为预警变量,构建一个二元Logistic财务困境预警模型;最后选取27家中国证券市场中代表陷入财务困境的ST公司及配对的财务良好的非ST公司作为样本进行实证研究。结果表明,所构建的CFaR模型能较好地度量两类上市公司的现金流状况,且两类公司的期望现金流和风险现金流水平存在显著的差异;二元Logistic预警模型能较好地实现对上市公司财务风险的预警,对两类公司的预警正确率分别达到85.2%和81.5%。     

房地产企业土地增值税的纳税筹划

我国房价过高的原因很复杂,其中税费比重大是一个重要原因。土地增值税从1994年1月1日开始实施以来,一直被业内看作是对房地产企业收益影响最大的税种之一。对土地增值税进行事前、事中、事后筹划与控制,对降低房地产企业成本、提高盈利能力,具有重大的现实意义。本文首先介绍了土地增值税的计算方法,然后从实务操作的角度,重点阐述了最常用的五种纳税筹划方法,并指出纳税筹划中应注意的问题,旨在为房地产开发企业的纳税筹划工作提供一些参考。     

试论大众文化对晚报的影响——以《大庆晚报》“新闻报纸剧”为例

大众文化作为一种特殊的文化形态,主要依赖大众传媒进行传播。晚报作为大众传媒中的一支重要力量,目前已成为大众文化的重要载体,自身也不可避免地受到大众文化的影响。本文以《大庆晚报》的“新闻报纸剧”为例,通过分析这一新颖的新闻报道方式,概括了大众文化对晚报的影响。     

Social learning in a changing world

Summary. In the social learning model of Banerjee [1] and Bikhchandani, Hirshleifer and Welch [2] individuals take actions sequentially after observing the history of actions taken by the predecessors and an informative private signal. If the state of the world is changing stochastically over time during the learning process, only temporary informational cascades – situations where socially valuable information is wasted – can arise. Furthermore, no cascade ever arises when the environment changes in a sufficiently unpredictable way. Received: December 5, 1996; revised version: February 11, 1997     

The Changing Competitiveness of Taiwan's Manufacturing SMEs

Taiwan's manufacturing SMEs have played an important role in promoting trade, creating jobs, and developing certain industries. Yet, they might not have performed uniformly over time, nor always looked alike. This paper explores the changing position and the source of changes of Taiwan's SMEs during the last three decades. We have found, first, that the industrial development in the 1960s was attributable more to larger firms than SMEs. It was in the 1970s and after that SMEs gained competitiveness consistently. Second, among SMEs, the smallest firms employing fewer than 10 persons became progressively less important in Taiwan's manufacturing sector until the last sub-period between 1986 and 1991. Medium-sized firms, employing 10 to 99 persons, performed very well over time. As the survival principle suggests, keen competition assures efficiency among SMEs. Then, a quick response to market signals is also vital for survival. An industrial policy not against SMEs may be the best that SMEs can expect. A stable macroeconomic environment combined with an open market having low entry barriers and low transaction costs provides the best opportunity for SMEs to grow. The Changing Competitiveness of Taiwan's Manufacturing SMEs to grow.     

上市公司业绩与股利分配方式关系研究——基于沪市100家上市公司的分析

上市公司股利政策是其财务政策的核心内容之一,本文以沪市100家上市公司为例,着重探讨上市公司的业绩状况和股利分配方式之间的关系。研究表明,上市公司的股利分配方式与其业绩状况存在着显著关系,提高上市公司的盈利能力是规范其股利分配行为的基础。     

东北地区景观树移植的技术要点

移植成活、树木生长势良好和达到最佳景现效果是景观树移栽的目的；阐述东北地区景现树移植应注意的主要技术要点：景观树的选择、土坨的确定、移植过程中及移植后养护管理。等；强调了土坨保温、根系的杀菌、密封处理、促进根系生长、快速营养复壮以及养护管理过程中采取的各项技术措施。     

再论农业产业化经营的理论与实践

农业产业化经营问题，在目前的中国尚处于起步和发展时期。技术、资金、管理以及市场等方面所遇到的困难是可想而知的。本在论述我国农业发展特点的基础上，重申农业产业化经营的内涵和经济意义，并着重对农业产业化经营的实践作了大胆的尝试和探索，这在我国农业结构进行调整的今天将具有普遍的指导意义和现实意义。     

Where do firms incorporate? Deregulation and the cost of entry

We study how deregulation of corporate law affects the decision of entrepreneurs of where to incorporate. Recent rulings by the European Court of Justice (ECJ) have enabled entrepreneurs to select their country of incorporation independently of their real seat. We analyze foreign incorporations in the U.K., where incorporations of limited liability companies can be arranged at low cost. Using data for over 2 million companies from around the world incorporating in the U.K., we find a large increase in cross-country incorporations from E.U. Member States following the ECJ rulings. In line with regulatory cost theories, incorporations are primarily driven by minimum capital requirements and setup costs in home countries. We record widespread use of special incorporation agents to facilitate legal mobility across countries.