股权结构与公司绩效实证研究的发现及其评价

对中国国有企业改革的研究,主要有“委托—代理”“、法定产权与事实产权不一致”“、产业定位与产权特性相对称”等三个理论框架。对股权结构与公司绩效的实证研究,为这三个理论框架的逻辑分析提供了有力的经验证据,也为深化国有企业改革提供了明确的、有益的指导。     

公司治理的均衡分析

治理公司的目的在于实现治理收益的最大化。笔者结合对内、外治理机制的分析,提供一个关于公司治理收益最大化的均衡模型,并指出实现这一收益最大化的可能途径。通过对国际上有代表性的公司治理模式及其运营效率的比较,以及对日本和德国公司治理最新动向的考察,我们认为,公司外部治理及其机制非常重要。     

Celso Furtado: Culture and Creativity Matter

This article deals with the relationship between development, creativity, and culture. It is based on the works of Celso Furtado — a Brazilian economist, a member of ECLAC’s first generation of scholars (along with Raul Prebisch), and a notable intellectual of sub-development and development in Brazil and Latin America. For Furtado, economic development is an endogenous social process that leads to human ingenuity and creativity. However, Furtado argued that creativity does not occur haphazardly. It is conditioned by cultural structures that can take two forms: material (means) or immaterial (ends). The former steers creativity toward serving material accumulation and consumption, while the latter guides it toward individuals’ existential way of life. Furtado’s central claim is that, in the “industrial civilization,” such values as rationality and efficiency bring human creativity into the production process.     

The relationship between business diversification and productivity: considering the impact of process innovation at different corporate life cycles

This paper investigates the link between a firm's process innovation (PI) and its segment productivity at different life cycles. The results show that business diversification is negatively associated with a firm's productivity, and further reveal that a firm's PI moderates the above relationship. In addition, the corporate life cycle literature builds blocks for this study to explain that the involvement of administrative costs varies across life cycles when diversified firms get mature and bigger. Our empirical evidence indicates that the potential costs of a complex organisational structure contingent on business diversification at a firm's mature life cycle could be alleviated by the conduct of process innovation. As process innovation at different life cycles may alter managerial incentive that leads to different firm performance, the managerial implication is that diversified firms should appropriately engage in process innovation to prevent unfavourable liability from the development of their businesses.     

Foreign direct investment: the role of institutional and cultural determinants

Using panel data for 29 source and 65 host countries in the period 1995–2009, we examine the determinants of bilateral FDI stocks, focusing on institutional and cultural factors. The results reveal that institutional and cultural distance is important and that FDI has a predominantly regional aspect. FDI to developing countries is positively affected by better institutions in the host country, while foreign investors prefer to invest in developed countries that are more corrupt and politically unstable compared to home. The results indicate that foreign investors prefer to invest in countries with less diverse societies than their own.     

Does corporate governance still affect firm performance after controlling the distress factor?

We explore the impact of corporate governance on firm performance. We first identify whether corporate governance can still be an influential factor or has been largely captured by the traditional Fama-French three-factor model. More importantly, our study adds a financial distress factor to the Fama-French three-factor model to form a four-factor pricing model (labelled as the ‘financial distress four-factor model’). We find that for the US Russell 1000 firms, the financial distress four-factor model is the better model of the two models considered. We further find that the financial distress four-factor model has a higher explanatory power in capturing the return variation. We find that the differences between the return of firms with good (weak) corporate governance and the expected return are insignificantly different from zero for most portfolios in all the two models. The financial distress four-factor model, however, has the fewer portfolios with return difference being significantly different from zero, implying that corporate governance has been better priced in the financial distress factor.     

中国上市公司债权对公司绩效影响的实证研究

关于债权的治理效应，代理成本理论和控制权理论都认为，企业资本结构中一定的负债有利于公司治理效率的提高。本文以2002～2004年度沪市上市公司为样本（样本总量为2284组数据），对我国上市公司的债权治理效率进行了实证分析。结果表明，我国上市公司负债对其绩效有重要影响：债权比例与公司绩效在统计上呈显著的负相关关系，即上市公司的负债比例越大，其绩效也会越差，公司绩效与负债还存在着显著的二次关系，当资产负债率（DAR）为21．79％时，若其他条件不变时，债权对公司绩效促进作用最大，超过这一比例，债权与公司绩效呈负相关。本文对这一结果进行了原因分析，并提出了政策建议。     

公司创业理论的演化背景及其理论综述

20世纪90年代以来，在国际化和强调创新的新竞争环境中，公司创业理论已经成为战略管理研究和创业学研究的前沿课题之一，也是公司实践中的热点话题。但众多复杂的原因使公司创业理论的研究形成了异常庞杂的体系、流派、甚至相互冲突的观点，这往往使涉足该领域的研究者们望而却步。本文分析总结了公司创业理论的演化背景，从公司创业的研究范畴、定义、研究内容、研究范式等方面梳理、总结了公司创业理论的发展脉络与最新研究现状，以期有助于我国公司创业理论的研究。     

酒店的跨文化管理——以广东东莞喜来登酒店为例

随着企业的国际化发展,跨文化管理问题也应运而生。文章在分析东莞喜来登酒店文化差异(中美文化差异)现象的基础上,探讨了该酒店跨文化管理存在的问题并提出了管理的建议。     

科学发展观与社会主义先进文化建设

科学发展观明确回答了发展的内涵、本质和要求,是人类社会关于发展问题认识的最新成果,对社会主义先进文化的建设,具有重大的理论和实践指导意义。