低碳偏好下三级供应链协调策略研究

以一个零售商为领导者、一个制造商和一个供应商为追随者组成的三级低碳供应链为研究对象,应用微分对策理论,考虑低碳偏好和产品商誉下研究下游零售商低碳宣传、上游制造商和供应商联合减排的低碳供应链优化与协调问题。研究发现,零售商、制造商和供应商选择何种博弈策略与三者的边际收益率有关;当供应链上三个主体的边际收益率满足一定条件时,成本分担契约可以促进零售商、制造商、供应商以及供应链系统整体的Pareto改进,使各自的最优利润得到改善,改善的程度等于成本分担的比例,而成本分担的比例取决于双方的边际收益率。最后,通过算例对模型进行了分析。     

The architecture of R&D joint projects: the social network analysis approach

This paper examines the effect of network properties on the performance R&D joint projects. In particular, we examine the impact of network cohesion, diversity and shape on the performance of these of exploration and exploitation R&D projects. We test these measures using data on projects from European R&D networks developed under the framework of Eureka projects. The empirical results indicated some network properties enhance the project’s performance and these differ depending on the kind of technological project developed. Our results suggest a lower heterogeneity, greater cohesion and network centralisation in exploitation than in exploration projects. Our findings show different types of structures depending on the aim of the joint project and that there exist different degrees of cohesion between the partners that comprise the core and the peripheral nodes.     

Cooperation vs. competition in R&D: The role of stability of equilibrium

We consider a model in which firms first choose process R&D expenditures and then compete in an output market. We show the symmetric equilibrium under R&D competition is sometimes unstable, in which case two asymmetric equilibria must also exist. For the latter, we find, in contrast to the literature that total profits are sometimes higher with R&D competition than with research joint venture cartelization (due to the cost asymmetry of the resulting duopoly in the noncooperative case). Furthermore, these equilibria provide another instance of R&D-induced firm heterogeneity.     

The Stock Market Reaction to Investment Announcements: The Case of Individual Capital Expenditure Projects

In this paper we provide novel evidence about the market reaction to capital expenditure announcements in the UK using a sample of nearly 500 disclosures made between 1989 and 1991. First, we show that the market reaction to joint venture announcements is significantly positive, whilst similar announcements from individual companies do not elicit any response. Second, we find that the market reaction to single company investments is positively related to the size of the expenditure, but only for projects which immediately generate cash. Finally, we report that the variability in the market response to announcements which follow large cash inflows is significantly lower than the variability in investors' reactions to announcements which are not preceded by such inflows.     

Option to acquire or divest a joint venture

This paper develops a model for assessing options in joint ventures. The model is used specifically to examine the option to acquire or divest a joint venture, both in the case where the acquisition/divestiture price is specified ex ante in the initial contract and in the case where the price is to be negotiated ex post. The results derived from the model show how the value of the option and each partner's pay‐off from the venture vary with the structure of the option and how the presence of the option may affect the structuring of the joint venture. The main theoretical insights are stated in 12 potentially testable propositions, and possible ways to operationalize some of the propositions for empirical testing are also explored. Copyright © 2000 John Wiley & Sons, Ltd.     

AGENCY COSTS AND THE PERFORMANCE IMPLICATIONS OF INTERNATIONAL JOINT VENTURE INTERNALIZATION

Recent studies have examined the determinants of international joint venture (IJV) formations and stock market reactions to such investments. Less is known, however, about the evolution of IJVs and the attendant performance implications for parent firms. This paper examines one specific type of IJV evolution, IJV internalization, whereby one firm acquires the IJV by buying out its partner(s). Standard agency theory variables are hypothesized to influence parent firm valuation effects. The results indicate that parent firm valuation effects are positively related to the parent firm equity owned by insiders and the interaction of debt financing and free cash flow. © 1997 by John Wiley & Sons, Ltd.     

THE CHOICE BETWEEN MERGERS/ACQUISITIONS AND JOINT VENTURES: THE CASE OF JAPANESE INVESTORS IN THE UNITED STATES

This paper investigates the determinants of the choice between two alternative methods of pooling similar and complementary assets: the merger/acquisition and the greenfield equity joint venture. Two theories of the determinants of that choice are tested on a sample of Japanese investments in the United States. The results show that equity joint ventures are preferred over acquisitions when the desired assets are linked to nondesired assets because the U.S. firm owning them is large and not divisionalized, when the Japanese investor has little previous experience of the American market and hence seeks to avoid postmerger integration problems, when the Japanese investor and the U.S. partner manufacture the same product, and when the industry entered is growing neither very rapidly nor very slowly. © 1997 by John Wiley & Sons, Ltd.     

深港共建区域知识产权贸易中心的挑战和应对策略

为了发挥香港在粤港澳大湾区高质量发展中的知识产权贸易中心地位,中共中央、国务院印发《粤港澳大湾区发展规划纲要》,特别提出支持香港成为区域知识产权贸易中心。目前,香港建设区域知识产权贸易中心面临着建设目标和路径不明晰、有效支撑不足、统计体系不完善、政策不明确等挑战,亟需将深港共建区域知识产权贸易中心明确为国家级战略,完善知识产权贸易统计体系,出台支持政策,营造良好生态,合力提升国际影响力。     

我国上市公司资本结构的产权制度分析

国家主导下的基本产权制度变迁过程中,各产权主体争夺共同财产的博弈决定着我国上市公司资本结构的演进和现状,而这种资本结构造成了：宏观上整个社会产权配置错位,国家控制了过多的社会经济资源,社会经济效益下降;微观上企业内外产权配置错位,企业价值下降。随着经济转轨的深入,国家由优化资本结构的发动者变成了优化资本结构的阻碍。因此,国家控制权是优化上市公司资本结构的关键之一,不放弃控制权的国有股减持是没有意义的。     

银行业联合授信制度制约企业的非效率投资了吗——基于沪深A股公司的分析

中国银保监会出台联合授信管理制度旨在抑制企业过度融资行为,提高资金使用效率。为检验该制度是否达到预期效果,采用2014—2018年沪深A股上市公司样本,运用非平衡面板数据回归实证考察联合授信机制对企业非效率投资的影响,发现联合授信对企业的非效率投资（包含投资不足和投资过度）呈现显著抑制效应,其中联合授信对投资过度的抑制效应最大。进一步研究发现,相较于国有、大规模、低负债、高盈利等异质属性的企业,联合授信对非国有、小规模、高负债、低盈利等属性企业的非效率投资（尤其是投资过度）抑制效应更为显著。