中国上市公司并购非上市公司合作博弈分析--基于非传统并购动因的解释

国外传统的企业并购理论无法合理地解释中国上市公司并购同属辖地的非上 市公司的现象。国家控股的所有权模式、剥离非核心资产的改制方式以及“审批制”和“额度 制”相结合的股票发行制度造就了上市公司与地方政府之间的紧密联系。地方政府主导下的这 种并购实质是三方之间的一种两阶段合作博弈,并购的重心并不在于各方如何决策,而是如何分 配其合作剩余。     

基于结构平衡原理的服装工业推板

本文从如何推出具有平衡效果的结构图入手,深刻剖析影响推板的两个因素,即不能完全遵循纯数学的原理和制板公式。本文从结构平衡的角度出发力求探讨一种最简便、最快捷的推板方法,能够保持款式的稳定性。     

CEO career horizon,corporate governance,and real options: The role of economic short‐termism

Research Summary: Combining studies on real options theory and economic short‐termism, we propose that, depending on CEOs’ career horizons, CEOs have heterogeneous interests in strategic flexibility, and thus, have different incentives to make real options investments. We argue that compared to CEOs with longer career horizons, CEOs with shorter career horizons will be less inclined to make real options investments because they may not fully reap the rewards during their tenure. In addition, we argue that long‐term incentives and institutional ownership will mitigate the relationship between CEOs’ career horizons and real options investments. U.S. public firms as an empirical setting produced consistent evidence for our predictions. Our study is the first to theoretically explain and empirically show that a CEO's self‐seeking behavior will impact real options investments. Managerial Summary: This article helps to explain how a CEO's self seeking‐behavior may shape a firm's real option investment, which could result in different level of strategic flexibility. We argue that CEOs with short career horizons have less time to exercise their firms’ real options, which should lower the investments in the firms’ real options portfolios relative to CEOs with long career horizons. We study a sample of U.S. public firms and find strong evidence that a CEO's expected tenure in the firm is positively related to the real options investments at the firm level. We find that this agency issue can be mitigated by adopting appropriate corporate governance mechanisms such as long‐term incentives and institutional investors.     

从OECD国家发展历程看我国2020年能源电力消费

详细分析了OECD 10个主要国家在工业化进程中的能源和电力消费趋势。分析结果表明：在工业化和现代化的进程中,电力消费的增长速度始终快于一次能源消费;后发工业化国家的能源和电力消费增速远快于先行工业化国家,各国电力消费比重都在不断攀升。因此,在21世纪中叶我国全面实现工业化、基本实现现代化之前,无论是能源电力消费的总量还是人均指标,我国的一次能源和电力消费都将伴随着工业化进程继续快速增长,而目前我国接近发达国家的电力消费比重还将继续上升。情景分析表明,2020年,我国人均能源消费将达3.18～4.95tce,能源消费总量将达44.2亿～68.8亿tce;人均用电量增至5240～8090kW·h,全社会用电量达到7.3万亿～11.2万亿kW·h,需要15.8亿～24.4亿kW发电装机容量,人均装机约1.137～1.755kW。     

Does ICT investment widen the growth gap?

This paper builds a model of cumulative growth to examine the dynamic interdependent relationship between Information and Communication Technology (ICT) investment and economic growth for a sample of 29 countries in the 1990s. We confirm the following facts: First, there is a positive correlation between ICT investment and economic growth. Second, non-ICT investment has as much influence on the growth gap as ICT investment. Third, those countries with a solid economic infrastructure and open trade regime experience more active ICT investments. Fourth, those countries with a comparatively lower productivity level can reduce the gap using knowledge spillovers from more advanced countries. Fifth, reinforcement of patent rights has a positive influence on economic growth by stimulating the accumulation of ICT capital. Finally, ICT investment does not have a strong interdependent relationship with economic growth, while non-ICT investment has a cumulative causal relationship with economic growth and plays a key role in the process of widening the growth gap.     

How does the partner type in R&D alliances impact technological innovation performance? A study on the Korean biotechnology industry

The number of strategic alliances for R&D activities in the biotechnology industry is sharply increasing. Some studies show that each alliance partner type has different alliance motives, resources and capabilities, organizational structures and cultures, and degrees of competition with partners, which can lead to different performances of strategic alliances. In this regard, this study conducts an empirical analysis of the different impact of each type of alliance partner on technological innovation performance and finds the moderating effect of absorptive capacity and potential competition by categorizing strategic alliances for R&D activities in the biotechnology industry into three types: vertical-downstream alliances, vertical-upstream alliances, and horizontal alliances. This study analyzed 206 Korean biotechnology firms and their strategic alliances for a total of 292 R&D activities. The results of the analysis showed that vertical alliances have a positive impact on technological innovation performance, while horizontal alliances have an inverted U-shaped relationship with technological innovation performance caused by the effect of competition. Additionally, it was confirmed that the R&D intensity of biotechnology firms has a moderating effect of increasing the impact of vertical-upstream alliances on technological innovation performance.     

Efficient estimation for error component seemingly unrelated nonparametric regression models

Multivariate panel data provides a unique opportunity in studying the joint evolution of multiple response variables over time. In this paper, we propose an error component seemingly unrelated nonparametric regression model to fit the multivariate panel data, which is more flexible than the traditional error component seemingly unrelated parametric regression. By applying the undersmoothing technique and taking both of the correlations within and among responses into account, we propose an efficient two-stage local polynomial estimation for the unknown functions. It is shown that the resulting estimators are asymptotically normal, and have the same biases as the standard local polynomial estimators, which are only based on the individual response, and smaller asymptotic variances. The performance of the proposed procedure is evaluated through a simulation study and a real data set.     

Foreign direct investment and global sourcing choices of firms in the US

This paper investigates factors affecting the global sourcing choices of firms in the US: (1) US investment abroad; (2) foreign direct investment in the US; (3) wage–productivity ratio; and (4) transaction cost. I found that there is a statistically significant association between the country of sourcing choices and foreign direct investment. Both the wage–productivity ratios and transaction costs are not statistically significant at the conventional significance level, but their regression coefficients show proper signs. The paper also examines the patterns of foreign direct investment among countries and compares transaction costs by income group. Copyright © 2000 John Wiley & Sons, Ltd.     

天津景观水体富营养化综合评价

2009年9月对津河设置了13个取样点,进行采样,根据水体理化指标对津河水质状况进行了生物学评价,并依据总磷(TP)、总氮(TN)、透明度(SD)、高锰酸盐指数(CODMn)、叶绿素a(chla)综合评价水体的营养状态。结果表明,目前津河总氮、总磷、化学需氧量等主要指标均超标,整体处于重度富营养化状态。分析了津河富营养化的主要成因,并提出了保护津河水质的相关措施及建议。