风险资本能改善风险投资企业治理效率吗?——一个盈余管理视角

从风险资本积极投资者的角度研究了风险资本投资企业的公司治理结构对风险投资企业创业板上市时盈余管理的影响。实证结果表明,风险投资企业公司治理结构中仅有董事会规模对公司盈余管理有抑制作用;独立董事比例、风险资本董事比例、监事会规模和外部监事比例对公司盈余管理都没有显著影响。同时,董事会、监事会持股比例,CEO持股比例对公司上市时盈余管理也没有显著影响。创业板上市风险投资企业的盈余管理程度主要受公司规模、财务杠杆比例以及公司行业特征影响。     

技术外溢、企业成长与产业升级——由“山寨”制造引发的思考

文章基于技术外溢效果和社会经济效率的视角,构建了一个简单的动态南北模型,为＂山寨＂制造的存在性及合理性提供理论支持,同时,得到了以下颇具现实意义的结论：＂山寨＂企业和传统品牌企业意识到单边技术外溢效果存在的情况下,都有诱因采取不同研发和竞争策略实现最大化利润;＂山寨＂制造客观上了提高整个行业技术效率和社会福利水平,推动了产业结构升级。     

Chinese Private Firms’ Outward Foreign Direct Investment: Does Firm Ownership and Size Matter?

This article investigates and explains the behaviors, motives, and characteristics of Chinese privately owned enterprises’ (POEs’) outward foreign direct investment (OFDI), and compares this with the behaviors, motives, and characteristics of Chinese state‐owned enterprises (SOEs), using the institutional perspective and resources‐based view. Through in‐depth interviews with senior managers and an extensive secondary data analysis of Chinese POEs’ OFDI, we found that Chinese POEs are increasingly active in committing both market‐ and strategic asset–seeking OFDI due to the unfavorable institutional environment they face in China and the different types of resources possessed. POEs cluster with their business partners or domestic peers for international market expansion and adopt several approaches to acquire strategic assets. © 2014 Wiley Periodicals, Inc.     

基于余弦相似度(CS)和最小生成树(MST)的基金市场复杂网络研究

以中国基金市场中123家基金公司持有的投资组合为样本,综合运用余弦相似度(CS)和最小生成树(MST)方法,考量基金市场复杂网络。结果显示：各家基金公司持有股票组合的相似程度比持有债券组合的相似程度更高,表明他们持有的债券组合较之股票组合更加多元化,基金公司持有的股票相对集中于市值大、成长性高的公司。同时,全部资产投资组合、股票投资组合和债券投资组合等三类基金MST网络的节点度均服从幂律分布,表明大多数基金公司以少数强影响力基金公司为中心聚集起来,彼此之间具有较强的业务关联。此种网络结构特征可能导致市场风险向基金聚集团体集中,其抵御系统性风险的能力偏弱,也不利于满足投资者的理财多元化需求。     

房地产企业债务期限结构及其优化研究——以沪深A股市场上市公司为例

基于债务融资成本理论,以沪深证券市场A股房地产上市公司为研究样本,实证考察债务融资期限结构对企业价值的影响,进而探讨债务期限结构的优化以实现企业价值的提升。通过逐步回归模型的实证分析结果表明,房地产企业债务期限结构与企业价值之间呈倒U型关系,行业最优债务期限结构比例均值为36.4929%,且抽样分析检验给出的最优长期债务比例区间为34%~38%。     

重大社会环境事件与人口健康的实证分析和思考——“事件人口学”在我国的创建和完善发展

社会发展进程中,自然和社会环境的重大改变会对人口数量和结构产生近期和远期效果,其对人口健康的影响效应则有更多证据。对重大社会环境事件的定义、基于重大社会环境事件的人口与健康研究的主要发现和存在问题进行了系统的梳理分析,并概要介绍了相关的研究,发现重大社会环境事件作为一种外生冲击和自然实验,为开展人口与健康的因果关系和相关关系等都提供了独特的研究机会和范式,有效弥补了已有人口与健康研究方法学的不足,也使得我们可以更加理性看待重大社会环境事件对人口与健康影响的"双面效应"。在全球化视角下加强基于重大社会环境事件的人口与健康研究,将为制定促进人口健康与社会政策提供重要参考,并以此为线索,可进一步拓展重大社会环境事件与人口数量、结构、分布、变动等人口效应的影响,进而建立事件人口学的研究体系、方法和内容。     

The Doctrine of the Mean: Workplace Relationships and Turnover Intention

The present study examines the curvilinear relationships between LMX/TMX and team members' turnover intention simultaneously. That is, members with high LMX, TMX, or both are more likely to have turnover intention. Hypotheses were tested with a sample of 452 nurses, and we adopted the response surface methodology and polynomial regression to test our theoretical model. The hierarchical regression analysis showed that TMX has a U‐shaped relationship with turnover intention but not with LMX. In addition, the results indicate that both the congruence and incongruence of LMX and TMX result in higher turnover intention, but moderate levels of LMX and TMX have the lowest turnover intention. Strengths, limitations, practical implications, and directions for future research are discussed. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Mobile Commerce Website Success: Antecedents of Consumer Satisfaction and Purchase Intention

With the rapid development of apparel mobile commerce in the United States, more companies view mobile commerce as a new source of competitive advantage. Despite the importance of apparel mobile website quality and its effect on consumer satisfaction and future purchase stimulus, extant research has paid little attention to these topics. This study proposes a website quality–consumer satisfaction–purchase intention research model based on the self-regulatory process theory. Six dimensions of apparel mobile website quality—website visual appeal, apparel visual appeal, brand trust, website information quality, website response time, and website security—were investigated. In all, 293 eligible responses were collected via an online survey. Multiple regression analysis was utilized to test the proposed relationships. Results reveal that website information quality, website visual appeal, apparel visual appeal, and website security positively affect consumer satisfaction toward apparel mobile commerce websites, while website response time and brand trust show insignificant impacts on consumer satisfaction. With higher satisfaction on an apparel mobile commerce website, consumers are more likely to purchase apparel through the website.     

Strategic HRM in China: Configurations and competitive advantage

The strategic HR literature suggests that a firm will perform better through internal appropriate fit among HRM practices (the configuration fit) and through external appropriate fit between a firm's HRM practices and business strategy. The present study adopts a configuration approach to identify unique patterns of HR practices and business strategy that are posited to be maximally effective. The proposed relationships were empirically tested by surveying with a sample of 241 business firms in Guangzhou, South China, to find out the extent that four HR configurations could be successfully adopted in the Chinese context. The results revealed that HR configurations are significantly related to effect in predicting overall outcome performance and turnover, but not significantly related to effect on sales growth and profit growth rates. Research findings showed not only competitive strategies are significantly related to effect on HR configurations. The results also showed significant interaction effects between HR configurations and business strategy in their effect on profit and sales growth. These results further extended support for a contingency perspective in strategic HRM to the Chinese context, with significant practical implications for managing HRM in China. © 2008 Wiley Periodicals, Inc.     

文化消费质量：内涵刻画、描述性评价与现状测度

文化消费质量问题正日益受到关注,但梳理相关文献可以发现,关于文化消费质量的已有研究严重欠缺.论文尝试从人均文化消费水平、文化消费占总消费支出的比重、文化消费与收入的匹配度、文化消费的内部结构、文化消费的差异以及文化消费的成本与消费效果等六个维度对文化消费质量的科学内涵进行刻画,藉此构建文化消费质量的描述性评价指标体系,并基于该指标体系对2001～2013年我国居民文化消费质量状况进行了测度,从而得出结论和建议.