Board Gender Diversity,Auditor Fees,and Auditor Choice

We examine whether the presence of female directors and female audit committee members affect audit quality in terms of audit effort and auditor choice by using observations from a sample of U.S. firms, spanning the years 2001–2011. We find, after controlling for endogeneity and other board, firm, and industry characteristics, that firms with gender‐diverse boards (audit committees) pay 6 percent (8 percent) higher audit fees and are 6 percent (7 percent) more likely to choose specialist auditors compared to all‐male boards (audit committees). Our findings suggest that boards (audit committees) with female directors (members) are likely to demand higher audit quality, ceteris paribus.     

供给侧改革视角下绿色建筑推进机制研究

面对供给侧改革新常态,为解决绿色建筑推进难问题,以绿色建筑供给侧为切入点,通过构建演化博弈模型,探究绿色建筑产业链供需双方的创新关系,探讨政府与供给端动态演化过程的目标策略选择。通过对绿色建筑供给侧动态博弈模型与需求侧进行比较分析,将绿色建筑推进阶段分为起步、发展、成熟3个阶段并提出政策建议。研究表明：在绿色建筑推进的起步阶段,政府应对绿色建筑开发商给予补贴,对传统房地产商实行高税收政策,迫使传统房地产商转型升级;在发展阶段,政府对房地产商进行减税以化解过剩库存;在成熟阶段,发挥市场在资源配置中的决定性作用,以实现绿色建筑可持续发展。     

金融创新、资本配置与企业技术创新

当前,金融创新在企业技术创新过程中的作用日益凸显。金融创新一方面能够为企业技术创新提供更多融资方式和工具;另一方面可通过优化企业资本配置,间接促进企业技术创新。基于内生金融发展理论和内部资本市场有效理论,构建理论分析框架,从微观层面研究金融创新对企业技术创新的影响路径。以2011-2015年343家战略性新兴产业A股上市企业数据为研究样本,实证分析金融创新、资本配置与技术创新之间的关系。结果发现,金融创新能够通过提高企业资本配置效率正向促进战略性新兴产业上市企业技术创新。结论可为战略性新兴产业合理运用金融创新、提升企业资本配置效率进而促进技术创新提供理论参考。     

福建经济可持续发展能力模型研究

本文根据近10年来福建经济发展的特点,利用统计年鉴等资料,建立了福建经济可持续发展能力评价指标体系,并应用主成分分析和回归分析建立了福建省1998-2007年经济可持续发展能力趋势模型,为进一步研究福建经济可持续发展与支撑经济可持续发展的其他支撑能力的相互关系奠定了基础。     

世界汽车零部件产业的发展趋势

近年来,汽车零部件产业的全球化进程进一步加快,呈现出一些较为明显的发展趋势,主要表现在六个方面：汽车零部件企业走向独立化、规模化发展道路;系统化开发、模块化制造、集成化供贷成为发展方向：国际产业转移的层次越来越高;并购重组更趋活跃;集群化发展特征明显;汽车零部件新技术发展迅猛。把握世界汽车零部件产业发展的新特征和新趋势,对促进我国汽车零部件产业的健康发展具有重要意义。     

服务企业运作管理理论框架研究

本文通过概括国内外服务运作管理理论研究的现状,提出了服务运作管理研究的理论框架,并展望了未来的研究方向。     

Outsourcing of innovation

This paper looks at the outsourcing of research and development (R&D) activities. We consider cost reducing R&D and allow manufacturing firms to decide whether to outsource the project to research subcontractors or carry out the research in-house. We use a principal-agent framework and consider fixed and revenue-sharing contracts. We solve for the optimal contract under these constraints. We find that allowing for revenue-sharing contracts increases the chance of outsourcing and improves economic efficiency. However, the principal may still find it optimal to choose a contract that allows the leakage to occur—a second-best outcome when leakage cannot be monitored or verified. Stronger protection of trade secrets can induce more R&D outsourcing without inhibiting technology diffusion and increase economic efficiency, as long as it does not significantly lengthen the product cycle. We have benefitted from comments from Andy Daughety, Bob Becker, Rick Bond, Kenneth Chan, Kenji Fujiwara, Shingo Ishiguro, Ron Jones, Seiichi Katayama, Pravin Krishna, Stephanie Lau, Jennifer Reinganum, Koji Shimomura, Eden Yu, two anonymous referees, an editor, and seminar participants at Arizona State, Indiana, Kobe, Osaka, Purdue, Michigan State, UC-Irvine, Vanderbilt, the American Economic Association Meeting in Philadelphia, the Midwest Economic Theory and International Trade Meetings at Indianapolis, the Public Economic Theory Conference in Beijing (China), the WTO and Globalization Conference at Hitotsubashi (Japan), the ETSG meeting in Nottingham (UK), and the CES-IFO Conference in Munich (Germany). We also thank Marketa Sonkova for research assistance. Financial support by the Research Grants Council of Hong Kong SAR, China (Project No. CityU1476/05H) and the Department of Economics and Finance of City University of Hong Kong is acknowledged. The usual disclaimer applies.     

How outside directors’ human and social capital create value for corporate international investments

Grounded in theories of resource dependence, vicarious and superstitious learning, information processing, and board group literature, this study examines how outside directors’ human and social capital affect the value of corporate foreign direct investments. We employ the event study approach to examine 1210 international investment cases of 836 US firms over a 13-year period. We find significant but distinct non-linear impacts of board members’ human capital (U-shaped effect) and social capital (inverted U-shaped effect). The quality of board capital is also influential, as demonstrated by the effect of directors’ prior foreign investment performance in addition to size and degree of internationalization of interlocked companies. The performance measures of both abnormal announcement returns and operating ROA yield similar results. Our findings highlight the importance of incorporating factors related to board human and social capital for a more comprehensive analysis of the contribution of outside directors to a firm’s international success.     

基于知识资本化的产业集群发展与创业人才培养协同进化研究

运用共生理论的协同进化研究方法作为指导,率先从进化的角度系统分析和研究了创业者与所在产业集群的互动作用。基于此,构建了基于知识资本化的产业集群发展与创业者学习的旋转互动模型,深入探讨了创业者在创业活动中将专利技术转化为生产过程与新产品,并结合"模仿"与"创新"两种手段来实现集群整体技术效率改善与技术前沿移动的事实。论证了创业活动是影响知识资本化和推动经济增长的一个必要条件,但仅仅有科研投入和知识开发是不够的,提供知识溢出的渠道和知识商业化的途径对促进经济增长的作用同样是至关重要的。由此,在推动经济的同时应该加大对科研知识学习与开发的投入力度,鼓励大学与培训机构对知识的开发与创新,同时加强企业之间的联系,从而更好地带动知识溢出与集体学习行为。     

Hospital efficiency under global budgeting: evidence from Taiwan

Global budgeting sets a predetermined cap to restrain health expenditure, but the fixed budget for medical providers could result in less efficient services. This paper measures hospital efficiency under global budgeting using simultaneous stochastic frontier analysis, stressing that physicians and dentists within a hospital were under separate budgets in Taiwan. Empirical results show that hospital efficiency was not improved after global budgeting, and physicians were found to be less efficient than dentists. The physicians and dentists within the same hospital were also found to be less integrated after global budgeting. Empirical results show that a joint analysis improves the estimation efficiency from separate analysis and suggest that the aggregate inefficiency came mostly from physicians in hospitals that were small, public, non-teaching, located in small markets and had a low market share. Except for public hospitals, physicians and dentists in the above hospitals were also found to be less integrated.