Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry

Although prior research has examined the effect of patent citations on Tobin's Q in a variety of environments, in this study we examine whether the parameters are affected by stage of a company in the value chain. Unlike other national semiconductor firms, Taiwanese semiconductor firms typically specialize in one of the value-added activities, namely, either design or manufacturing or packaging and testing. Our finding is that the effect of patent citation on Tobin's Q is accentuated when the firm is at the front end of the value chain and diminishes as we proceed to the back end. This finding is novel in the literature. We also find that frequency of patent citations and R&D spillover are positive and significant in relation to Tobin's Q. In addition, the effect of R&D spillover on Tobin's Q is more pronounced for firms in the design sector relative to other sectors. JEL Classification: M41, O3 Authors are grateful for insightful comments and suggestions from an anonymous reviewer. Picheng Lee also gratefully acknowledges a research grant from Lubin School of Business at Pace University     

以人为本,进一步完善社会主义市场经济体制

我国从明确提出到初步建立社会主义市场经济体制框架,经历了10年多的时间.这10年中,有两个方面的改革比较突出:一是由市场配置资源的基础性改革取得重大进展;二是以公有制为主体、多种所有制经济共同发展的基本经济制度得到了较快的发展,尤其是民营经济的发展同10年前比,有相当大的突破.这就为社会主义市场经济体制框架的形成,奠定了重要的基础.     

中国直销业发放牌照“免死金牌”还是“紧箍咒”

曾经在中国市场折戟沉沙的直销模式，因为去年颁布的直销条例而重获新生，然而当业界还在为中国直销市场到底有多大份额而莫衷一是时，不管是本士商家还是海外劲旅，都对有望在今年3月份由商务部发放的直销牌照垂涎三尺。虽然现在要判定鹿死谁手还为时尚早，但毫无疑问，中国直销牌照的发放将完全改变全球美日韩直销三强的既定市场格局。     

现代流通组织发展现状研究

流通组织是商品流通企业市场关系的集合体,本文从流通组织与形式出发,分析了我国流通产业组织现状与存在的问题,通过借鉴国外流通组织的形式,提出了加快流通组织发展的途径。     

延迟策略在冷链物流中的应用研究

近年来随着低温产品的逐渐普及,冷链物流引起广泛关注。本文从冷链物流的概念出发,结合冷链物流的特点,着重分析了如何将延迟策略应用于较一般常温物流系统更加复杂的冷链物流系统中,并提出了延迟策略在冷链物流中的具体实现方式。在冷链物流中应用延迟策略既可以降低物流成本、缩短提前期,又能更好地满足顾客的差别化需求,降低不确定性,从而提高整个冷链物流的竞争力。研究表明当前我国冷链物流采用延迟策略是切实可行的。     

基于内容服务的网络出版营销策略创新

随着信息技术、互联网技术的高速发展,内容服务的发展日新月异,改变着人类社会的信息环境。作为内容产业之一的网络出版,它彻底改变了传统出版的载体、概念和商业模式,网络出版营销策略创新对于网络出版的发展至关重要。     

商业模式创新构念化研究回顾与理论构建：基于组合模型视角

诸多学者强调应加强商业模式创新概念研究，但真正意义上的概念解构研究却很少，使得理论界对于将商业模式创新视为构念依然存在颇多质疑。通过比较分析不同测量模型用于解构商业模式创新概念的适用程度，确立组合模型的高适用性地位，同时从理论层面详细探讨该模型视角下商业模式创新的定义、维度和类型。进一步地，综合考虑商业模式双重属性特征，以及商业模式与其它学科领域的内容交叉性，分析组合模型视角下商业模式创新测量指标构建方向。最后，构建组合模型视角下商业模式创新的构念化路径。具体来说，采用“经营方式创新+创造独特顾客价值”形式定义概念，以创造独特顾客价值为标准区分维度，进而综合经营框架与价值逻辑两种属性研究的测量指标开发量表；明确降低购买价格和提升支付意愿维度的内涵，广泛借鉴战略、营销及生产运营等领域知识，开发两个维度的测量量表。     

Optimal Reinsurance Design: A Mean-Variance Approach

In this article, we study an optimal reinsurance model from the perspective of an insurer who has a general mean-variance preference. In order to reduce ex post moral hazard, we assume that both parties in a reinsurance contract are obligated to pay more for a larger realization of loss. We further assume that the reinsurance premium is calculated only based on the mean and variance of the indemnity. This class of premium principles is quite general in the sense that it includes many widely used premium principles such as expected value, mean value, variance, and standard deviation principles. Moreover, to protect the insurer's profit, a lower bound is imposed on its expected return. We show that any admissible reinsurance policy is dominated by a change-loss reinsurance or a dual change-loss reinsurance, depending upon the coefficient of variation of the ceded loss. Further, the change-loss reinsurance is shown to be optimal if the premium loading increases in the actuarial value of the coverage; while it becomes decreasing, the optimal reinsurance policy is in the form of dual change loss. As a result, the quota-share reinsurance is always optimal for any variance-related reinsurance premium principle. Finally, some numerical examples are applied to illustrate the applicability of the theoretical results.     

Managerial legal liability and Big 4 auditor choice

This study investigates the effect of directors' and officers' (hereafter D&O) liability insurance coverage on auditor choice. Based on a sample of 671 Taiwanese listed firms with D&O legal liability insurance data, our evidence shows that companies with excess D&O liability insurance coverage are less likely to appoint Big 4 auditors. Furthermore, we find that Big 4 auditors are more likely to issue unclean opinions and to constrain the abnormal accruals and ‘beating or meeting’ earnings benchmarks for their clients with excess D&O liability insurance coverage. The findings document that a higher level of D&O liability insurance coverage increases Big 4 auditors' concerns about the credibility of financial statements. Given this, Big 4 auditors have incentive to require more conservative accounting choices for these clients in order to minimize possible litigation risk and reputation damage.     

新形势下企业危险废物管理的思考

随着危险废物规范化管理的进一步加强,如何提高企业危险废物的管理水平成为企业管理者、环保主管部门的关注点。论文提出通过完善后评价及排污许可证制度、加强危险废物分类管理、规范危险废物全过程管理、引入环保管家等措施,推动企业危险废物管理能力的提升。