Incentive Mechanisms,Entrepreneurial Orientation,and Technology Commercialization: Evidence from China's Transitional Economy*

Scholars view entrepreneurial orientation as an essential element of high‐performing firms. The extant research has focused extensively on the construct development related to and performance implications of entrepreneurial orientation. Prior research has also identified the significant positive impact of entrepreneurial orientation on technology commercialization. The research community has, however, yet to examine critical antecedents of entrepreneurial orientation and to investigate relevant antecedents and consequences of entrepreneurial orientation in transitional settings such as that of China. Most Chinese firms are embracing significant changes in governance incentive mechanisms as China deepens the economic reform. The extant literature provides limited insight as to how incentive mechanisms such as chief executive officer (CEO) ownership and turnover may affect firm entrepreneurial orientation in China's transitional setting. Furthermore, given the significant changes and uncertainty in the market place, China provides an ideal laboratory to examine the influence of technological turbulence on the relationship between entrepreneurial orientation and technology commercialization. Aimed at filling in these glaring gaps, this study develops a conceptual model, with institutional theory as its underpinning, to examine the relationships among governance incentive mechanisms, entrepreneurial orientation, technological turbulence, and technology commercialization. The empirical results from a sample of 607 Chinese firms reveal several important findings. The CEO ownership has a significant positive effect on entrepreneurial orientation, and CEO turnover frequency has an inverse U curvilinear impact on entrepreneurial orientation. Furthermore, entrepreneurial orientation positively affects technology commercialization, with technological turbulence positively moderating this relationship. This study makes several important contributions. First, the present article brings into sharper focus the differing impacts of CEO ownership and CEO turnover on entrepreneurial orientation. The theoretical deliberation and empirical testing offer useful insights into the formation process of entrepreneurial orientation. Second, the examination of the moderating effect of technological turbulence provides additional richness to the extant literature. In addition, different from prior studies, this study was conducted under China's transitional economy context. By integrating unique institutional arrangements and the turbulent technological environment, two key characteristics of China's transitional economy setting, the study broadened and deepened understanding of key antecedents and consequences of entrepreneurial orientation. The article also discusses managerial implications of the findings and suggests directions for future research.     

高炉干油集中润滑系统分析与改进

对安钢2200m3高炉,炉顶双线式干油集中润滑系统运行中出现的故障原因进行分析,提出改进方案,如:除去压力开关.     

Relationship stability, trust and relational risk in marketing channels: Evidence from China

This paper provides an integrated framework for examining effects of relationship stability and trust on relational risk and for exploring the moderating effects of guanxi on the relationships between trust and relational risk in marketing channels. The framework is tested with 225 dyads of questionnaires about buyer-supplier relationships in the Chinese household appliances sector. The results indicate that relationship length and dyadic solidarity can reduce the relational risk perceived by buyers through goodwill trust in their suppliers, but can increase the perceived relational risk through trust in their competence. Guanxi helps to weaken the positive relationship between a buyer's trust in suppliers' competence and its perceived relational risk, and dyadic solidarity can directly lower relational risk. This paper makes clear that buyers locked in a stable relationship will face relational risk, and it further identifies the specific variables which impact on the relational risk and the paths from which relational risk comes.     

中美内部控制发展的比较与评价——基于ERM框架的最新发展

<正>一、美国内部控制的发展历程及特点美国内部控制理论是随着企业内部控制实践经验的丰富而逐渐发展起来的,大致经历了内部牵制、内部控制系统、内部控制结构、内部控制整体框架和风险管理整体框架5个理论阶段。应该说,内部控制理论和规范的不断完善是社会各个方面对公司财务     

股权结构对股权代理成本的影响——来自中国上市公司的实证检验

股权代理成本可细分为两种:一是股东与经营者之间的利益矛盾而引起第一类股权代理成本;二是控股股东与中小股东之间的利益冲突而引起的第二类股权代理成本。在理论分析和研究假设基础之上,本文建立了两个回归模型来分别检验我国上市公司的股权结构对两类股权代理成本的影响,并提出通过调整和完善上市公司的股权结构来降低其股权代理成本的建议。     

国外国际研发研究述评

本文沿着国外国际研发研究的主线,述评了在国外重要学术期刊上发表的有关国际研发的研究成果,着重揭示既有研究的主题及内容,并指出未来可能的一些研究方向,包括探索影响跨国企业国际研发动机差异的制度因素、建立选址决策的整合模型、研究知识流动的测度问题、分析自治控制中的关联关系、加强中国背景下的国际研发活动研究等。     

一种基于可转换债权的创业投资模式设计

本文基于可转换债权所具有的激励与约束的双重作用,建立了有条件免偿可转股债权投资模式,解决了创业初期风险投资者和创业企业家因对创业企业家的无形资产评估定价难以达成一致而无法及时达成投资协议的问题,提供了一种在创业初期具体的、可操作的投资模式。研究结果表明,有条件免偿可转股债权投资模式不仅有助于风险投资者和创业企业家达成投资协议,而且能保证风险投资者和创业企业家的投资项目取得成功。     

欧元区经济形势分析及未来走势

上半年,欧元区经济明显衰退,失业率不断上升,工业生产下降,外贸萎缩,物价有下行趋势,贸易保护加强,银行流动性仍不足。从长期看欧元区经济发展仍具有优势,对外资仍具吸引力;从近期看信心开始回升。预计今年下半年经济下滑势头趋缓,全年经济衰退幅度在4％以上。欧元区经济衰退不利于我国出口,但对我国引进先进技术和设备、实施走出去战略提供了较为有利的条件。     

食品质量安全源头管理再探

食品安全是近些年来人们特别关注的焦点问题之一,由于我国食品工业生产力总体水平还不高,质量问题较为突出。目前必须切实从源头上采取措施,严格治理,将质量安全隐患遏止在萌芽状态,实现"事前预防",而不做"事后诸葛",才能从根本上解决问题,保证百姓健康。     

基于VAR模型实证分析云南省教育投入与经济增长的关系

采用向量自回归模型（VAR）,通过协整检验、格兰杰因果检验、脉冲响应函数对云南省教育投入与经济增长的关系进行实证分析,结果表明云南省教育投入与经济增长之间存在着互为因果的长期均衡关系,教育投入对经济增长的贡献率为24．3％。