Entry mode choice in China's regional distribution markets: Institution vs. transaction costs perspectives

In this paper, we investigate the entry mode choice of a leading Taiwanese food company in setting up regional distributors in China's 312 sales districts. Our study shows that, in entry mode decisions, the institutional factors are more important than transaction cost considerations. Both formal and informal institutions are considered. Formal institutions refer to government prescribed institutions (laws and regulations), while informal institutions refer to rules prescribed by the industry and the society. Both institutions are shown to affect the entry mode choices but one important type of institution, professional norms, is conspicuously missing in China. Professional norms exert peer pressures on the practitioners in the same profession, forcing their behaviors to conform to a common pattern. In the absence of professional norms, the roles of network ties and mimetic behaviors are heightened and they become a proxy for professional norms. As a foreign enterprise operating in China's local markets, the Taiwanese food company attained legitimacy by forming alliances with local wholesalers and by following its predecessors in selecting organization forms.     

Inconvenience cost of mobile communication failure: The case of South Korea

Mobile communication failure can occur when mobile traffic exceeds the manageable level. This depends on frequency bandwidth. Mobile communication failure causes inconveniences in a user's daily life that lead to social and economic damage. To address this issue, mobile telecommunications companies deploy additional bandwidths and develop new technologies, but these are costly strategies. This study applies a spike model based on a contingent valuation method (CVM) to measure the inconvenience cost resulting from mobile communication failure. The mean monthly willingness-to-pay (WTP) to avoid communication failure per user is estimated to be KRW 898.14 (USD 0.80) over a period of five years in our study. The inconvenience cost borne by the population is estimated to be KRW 2.97 trillion (USD 2.61 billion). Users experiencing greater frequency of communication failure are found to be willing to pay more to avoid the inconvenience. When excluding respondents citing zero-WTP, the mean WTP per user was calculated to be KRW 3426.41 (USD 3.01). Data traffic usage and frequency at which communication failure is experienced are variables that exhibit statistically significant effects on WTP to avoid mobile communication failure. Overall, estimation results show that a price discrimination based on data traffic usage or quality can be considered by mobile telecommunications companies and regulators to address the issue of data traffic inducing mobile communication failure.     

技术学习成本的分担方式与企业创新绩效关系的实证研究

本文选取2009～2013年中国医药行业上市公司作为研究样本,分别对技术学习的企业内部投入成本与社会外部投入成本对企业创新绩效的影响进行了实证分析,同时探讨了技术学习的两种承担方式之间的关系。研究结果表明,技术学习过程中的企业投入与社会投入均对企业创新绩效产生显著正向影响,技术学习的投入越大,企业创新绩效越好。但政府以税收优惠与财政补贴等政策方式分担企业技术学习成本的效果并不显著。     

对房地产开发项目成本控制的思考

房地产开发项目成本控制是房地产开发企业永恒的主题。它涉及到开发项目前期策划、规划、设计、施工、销售等环节。文章分析了房地产开发项目各阶段的成本费用的特点,结合本公司具体实例,提出了针对不同时期具体成本费用的控制措施。     

基于交易成本理论的工程合同类型与交易成本探讨

工程合同类型选择问题在工程实践中研究较为广泛,然而对于该问题的更深层次的探讨,特别是在经济学领域的探索却相对较少。在经济学理论影响社会显著发展的当今,应用经济学理论探讨社会经济问题是十分必要的。论文以新制度经济学中交易成本理论研究成果为基础,通过对交易成本的重新理解,分析其与不同合同类型问的联系,得到具有一定指导性的结论,有助于进一步研究和探索。     

油气输送钢管制造企业质量成本管理理论与应用

目前,随着石油天然气需求量的增加,对油气输送铜管质量的要求也越来越高,为此,企业必须为社会提供与之相适应的质量高、价格廉、适销对路的产品和服务,以获得企业自身更多的赢利。因此,作为会计核算的重要组成部分,成本就成为企业关注的焦点,而质量成本作为企业成本的一部分,对现代企业的经营发展起着极其重要的作用,为此,研究与探讨油气输送钢管制造企业质量成本控制的措施和效果等就有非常重要的意义。     

Information Complementarities and the Dynamics of Transparency Shock Spillovers

We show that information complementarities play an important role in the spillover of transparency shocks. We exploit the revelation of financial misconduct by S&P 500 firms, and in a “Stacked Difference-in-Differences” design, find that the implied cost of capital increases for “close” industry peers of the fraudulent firms relative to “distant” industry peers. The spillover effect is particularly strong when the close peers and the fraudulent firm share common analyst coverage and common institutional ownership, which have been shown to be powerful proxies for fundamental linkages and information complementarities. We provide evidence that increase in the cost of capital of peer firms is due, at least in part, to “beta shocks.” Disclosure by close peers—especially those with co-coverage and co-ownership links—also increases following fraud revelation. Although disclosure remains high in the following years, the cost of equity starts to decrease.     

Secured Loans and Risky Assets in a Monetary Economy

We study the implication of secured credit with a default option for monetary equilibrium. The intermediary structure has the feature of costly state verification, with the monitoring cost interpreted as the cost of foreclosing assets once a default occurs. Without monitoring costs, uncertainty in asset payoffs does not matter for allocation. The asset price can exhibit a liquidity premium because more assets as collateral raises the borrower's credit limit. When there are monitoring costs, the asset's liquidity premium is strictly positive because pledging more assets reduces the default probability and thus the chance to incur monitoring costs. Under some circumstances, increased risk to dividends of the pledged asset may decrease the marginal borrowing cost to such an extent that bank lending rises, and higher default rates are accompanied by larger aggregate liquidity.     

一起突发性地表水环境污染监测案例的分析与思考

针对发生在石家庄灵寿县境内的一起突发性地表水环境污染事件,介绍了石家庄市环境监测中心采取的现场勘查、监测、采样和处置等应急处理措施,就建立科学的应急监测管理机制提出建议:1)加强河流跨界交汇断面的监测;2)提高地表水生物监测技术水平;3)组建一支专业的污染事件应急监测队伍。     

顾客集中与管理层治理——基于薪酬契约和代理成本的视角

本文以创业板上市公司为研究样本,从薪酬契约和代理成本的视角,检验了顾客集中与管理层治理的关系。实证分析结果显示,顾客集中度与高管薪酬和代理成本存在显著负相关关系。结果表明：顾客集中显著影响公司薪酬契约,顾客集中降低了高管薪酬;顾客集中降低代理成本,减轻管理层代理冲突问题。这些研究结论丰富了公司治理的理论内容,同时对于缓解公司代理冲突、改善公司治理矛盾具有重要的现实意义。