创业投资业:从技术创新到制度创新

技术创新是我国经济结构调整的重要推动力,而创业投资是推动技术创新的重要手段,良好的创业投资制度安排则是促进科学技术转化为生产力的有力保障.本文从分析我国当前经济问题的角度入手,论证了创业投资在推动技术创新中的作用,以及制度创新与创业投资业发展之间相辅相成的关系,并在此基础上,提出了创业投资运作机制的设想.     

Industry aspects of takeovers and divestitures: Evidence from the UK

This paper examines takeover and divestiture activity at the industry level for the population of UK firms over the period 1986–2000. Consistent with US research, takeovers in the UK cluster both across industries and over time. The evidence for divestitures indicates clustering across industries only. The paper further investigates whether broad and specific industry shocks (e.g., growth, free cash flow, concentration, deregulation, foreign competition, technology, stock market performance) explain takeover and divestiture clustering at the industry level. The results suggest that broad shocks increase (decrease) the likelihood of takeovers (divestitures), although not significantly for takeovers. Specific industry shocks that increase the likelihood of takeover activity include low growth, the threat of foreign competition and high stock market performance. For divestitures, high industry concentration and deregulation increase activity. Little evidence is found for deregulation as a significant factor in explaining takeover activity.     

Sales technology within the salesperson's relationships: A research agenda

The average cost of a sales call has declined approximately 15% over the past decade, while average salesperson compensation has doubled. These statistics illustrate an important benefit of technology: salespeople are more productive. To better understand the impact technology has played on sales and sales management, this paper examines the impact of sales technology from four perspectives: the salesperson, the field sales manager, the sales executive, and the customer. Noting that the needs and evaluations of technology vary, depending upon the functional position and viewpoint, a research agenda is offered that reflects these various perspectives.     

The adoption of information technology in the sales force

The purpose of this article is to explain why salespeople adopt information technology. The results from a cross-sectional study of 229 salespeople indicate that putting sales technology to use strongly depends on salespeople's perceptions about the technology enhancing their performance, their personal innovativeness and organizational efforts in terms of user training. Throughout the adoption process companies also need to target sales line managers-next to end users-because salespeople clearly comply with the expectations of their supervisors. Finally, the threat from competing sales professionals or peers who use similar sales technology seems to be of secondary importance for individual sales technology adoption.     

Moving beyond the direct effect of SFA adoption on salesperson performance: training and support as key moderating factors

To our knowledge, this research is the first to focus on the critical moderating role that user training and support play on the relationship between the use of sales force automation tools and salesperson performance (i.e., effectiveness: percent-to-quota and efficiency: average number of calls per day). Hypotheses are tested using survey data from a sample of 108 salespeople in a business-to-business context and archival sales performance information. Moderated regression analysis results indicate that the use of sales force automation tools only enhances salesperson efficiency and effectiveness under conditions of adequate user support and training. In fact, under low levels of user training and support, the use of sales force automation tools was found to reduce salesperson efficiency and effectiveness. These findings have important implications for IT and sales managers since the results show that only under certain conditions will companies realize a return on their investment in SFA tools. Limitations and future directions for research are then discussed.     

金融行业对实体行业的尾部风险传导研究——基于实体企业金融化视角

本文基于我国金融资本超额回报率的事实,在市场套利分析框架下实证检验了实 体企业金融化是抑制还是加剧了尾部金融风险溢出。数值模拟结果表明：从杠杆率来看,实体 企业金融化对杠杆率具有“双刃剑”效应,然而,实证结果发现,从长期经济后果来看,实体 企业金融化却显著提高了杠杆率,基于Altman-Z值的风险分析进一步发现企业破产风险显著 上升,从而加剧了尾部金融风险溢出。文章的研究结论有利于全面观察实体企业金融化带来的 的实际效果,也揭示了金融行业对实体行业的风险传导过程中的一个风险源,对于实体经济和 金融领域关于企业金融化效应的研究具有参考价值。     

Incentives for cattle producers to adopt an E. Coli vaccine: An application of best–worst scaling

E. coli O157:H7 is an important source of foodborne disease. The E. coli pathogen occurs naturally within the rumen of livestock (including cattle) and does not affect the health of the cattle, however, can be a source of cross-contamination during food processing or environmental contamination of drinking and irrigation water supplies. A vaccine to reduce the risk of cattle shedding E. coli is licensed for use in Canada and the US, however, adoption of the vaccine by cattle producers has been extremely low. Using data from a survey of cow–calf producers in western Canada, the influence of a set of thirteen incentives to encourage adoption of the vaccine is examined using Best–Worst Scaling. Incentives include policy interventions, market/supply chain incentives, production protocol incentives, and producer reputation incentives. Heterogeneity in producer responses to the incentives is evident and is further explored with a Latent Class Cluster analysis. Results suggest that a ‘one size fits all’ policy to encourage adoption of an E. coli vaccine by cattle producers may be challenging.     

Cross-border spillover effects of unconventional monetary policies on Swiss asset prices

Unconventional monetary policies (UMPs) announced by the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan exert important spillover effects on asset prices in Switzerland. Using a broad UMP event set and a long-term bond-futures based measure of market anticipation, we show that surprisingly expansionary UMPs lower Swiss government and corporate bond yields, induce the Swiss franc to appreciate, and dampen Swiss equity prices. Four extensions provide further insights. First, the estimated effects are strongest for announcements by the ECB. Second, the impact on government bonds is largest for bonds with residual maturities of 7–10 years. Third, the impact of foreign UMP shocks on exchange rates and Swiss bond yields is less pronounced after the introduction of the minimum rate of 1.20 Swiss franc per Euro by the Swiss National Bank on September 6, 2011, indicating that domestic monetary policy action partially affects the impact of external monetary shocks on domestic financial markets. Fourth, the sign of spillover effects differs for positive and negative UMP surprises, but their strength does not.     

外资进入和我国企业的生产率：“溢出”抑或“挤出”效应

我国改革和开放是同时推进的，引进了众多外资企业来推动我国经济发展。那么，外资企业的进入是否有助于我国内资企业的成长？本文分析我国工业企业超大样本数据，探讨外资进入的影响，研究我国内资企业的生产率能否向效率前沿收敛。结果发现，我国不同类型的内资企业均存在效率前沿的收敛趋势，内外资企业生产率差距不断缩小。外资进入对我国内资企业的短期影响主要表现为溢出效应，但是对于同行业的其他外资企业呈现挤出效应，特别是其他独资外企。我们进一步发现外资进入的长期影响是挤出效应，但是对于国有企业和民营企业的影响却不尽相同。     

The potential for technology and knowledge transfers between foreign and local firms: A study of the construction industry in Ghana

Multinational corporations (MNCs) and other foreign firms can be conduits for technology and knowledge (T&K) transfer to host countries in the developing world. Most of the existing research focuses on T&K transfers through FDI and are drawn from Asia not Sub-Saharan Africa (SSA), although SSA is increasingly receiving foreign investment. There is a paucity of research that gives insights into project-level T&K transfer issues in SSA countries. Using the Ghanaian construction industry as an empirical focus, this article explores T&K transfer potential. The findings reveal significant weaknesses in T&K transfer across industry subsectors and between foreign and local firms. This arises from the potentially complementary but dissimilar resource and knowledge bases. The weaknesses are compounded by the absence of coherent government T&K development policies.