制度环境视角下社会资本对区域创新能力的门槛效应检验

基于2001-2012年中国内地30个省市自治区的面板数据,利用门槛面板回归模型检验了制度环境视角下社会资本对区域创新能力的门槛效应。结果表明,社会资本对区域创新能力的影响存在显著的门槛效应：在中低市场化进程和中等法制水平下,社会资本对专利申请授权数有显著正向影响,且强政府干预下社会资本对专利申请授权数的正向影响要强于弱政府干预下的影响;在高市场化进程和中强程度政府干预下,社会资本对新产品销售收入有显著正向影响,在低法制水平下,社会资本与新产品销售收入之间显著负相关。     

出口对我国企业融资约束影响的异质性分析

文章以中国工业企业数据库2001-2007年的企业数据为基础,运用基于倍差法的倾向得分匹配估计,实证分析了出口对我国企业融资约束影响的因果效应。结果表明,出口能够显著缓解不同融资方式下企业的融资约束程度,但是,出口的这种融资约束缓解效果在不同地区,不同规模、不同性质的企业上表现出差异性,对东部地区大中型外资和民营企业的作用更加明显。尽管出口是缓解企业融资约束的有效途径,但过高的出口贸易依存度易遭受国际市场波动的冲击,要真正解决我国企业特别是中西部地区小微企业的融资约束问题还需要立足国内政策。     

信息、政策冲击和中国股票、债券及外汇市场一体化——基于AG-DCC模型的金融市场动态相关性分析

本文运用Cappiello et al．（2006）提出的AG—DCC模型对中国金融市场的研究发现,中国股票、债券和外汇市场间存在明显的动态相关性 ,虽然“正向冲击”和“负向冲击”对金融市场波动并不产生明显的非对称效应,但对市场间动态相关性有着显著的影响,而且信息和政策冲击反映在动态相关性的结构变化上。最后,用平均动态相关性作为一体化指标对中国金融市场的考察发现,相对于欧盟市场间,中国股票市场一体化程度相当高,但股票和债券、股票和外汇以及债券和外汇市场间的一体化程度有待提高。     

网络效应新产品的启动战略研究

有效的启动战略是新产品成功的重要因素,对传统新产品有效的启动战略不适合基于信息和通信技术的创新产品,因为这些产品具有的网络效应改变了消费者响应模式和市场竞争模式。网络效应新产品启动的目标不是短期利润最大化,而是尽快扩大安装基础获得长期竞争优势。提出了有助于网络效应新产品快速成功启动的大众市场定位战略、渗透定价战略、捆绑战略、预期管理战略和锁定战略。     

Creativity in buyer–seller relationships: The role of governance

This research proposes a framework for relating governance mechanisms (power, contracts, and trust) to the generation of creative approaches to business activities in buyer–seller relationships. The framework is tested with a survey of 262 purchasing agents. The results indicate that trust and contract affect the three facilitators of inter-organizational creativity: (1) knowledge-sharing routines (resources), (2) learning orientation (motivation), and (3) managerial support and open-mindedness (managerial practices). Also, the effects of trust and contract on the creativity in buyer–seller relationships are fully mediated by the above three facilitators. In particular, trust plays a more influential role in stimulating creativity. While power is not significantly associated with any of the facilitators, its overall effect on creativity is negative.     

Forecasting stock returns: Do less powerful predictors help?

This paper proposes a simple but efficient way to improve the predictability of stock returns. Instead of torturously constructing new powerful predictors, we readily select existing predictors that have low correlations and thus provide complementary information. Our forecasting strategy is to use the selected predictors based on a multivariate regression model. In our forecasting strategy, less powerful predictors are also useful for forecasting stock returns if they could provide complementary information. The empirical results show that our forecasting strategy outperforms not only the univariate regression models that use each predictor's information separately but also combination approaches that use all predictors jointly. We also document that our strategy extracts significantly more useful information from the complementary predictors than the competing models. In addition, from an asset allocation perspective, a mean-variance investor realizes substantial economic gains. Furthermore, the evidence based on Monte Carlo simulations supports the feasibility of our forecasting strategy.     

技术信息获取、政府科技资助影响企业创新能力吗

技术和资金是企业创新活动的关键要素,采用2014-2017年中国内地31个省级行政区数据,对技术信息获取、政府科技资助是否影响企业创新能力进行理论假设和实证检验。结果表明：技术信息获取对企业创新能力有显著积极影响;政府科技资助对企业创新活动有明显“抑制效应”;技术信息获取与政府科技资助协同作用对企业创新能力有显著负向影响。结论对厘清政府科技资助对企业创新能力是“扶持效应”抑或“抑制效应”,及如何建设技术信息网络等基础设施、制定政府科技资助政策有一定借鉴意义。     

颠覆性技术与商业模式共演过程研究

以浙江绿源电动自行车为案例研究对象,采用纵向案例研究方法,探索了颠覆性技术与商业模式共演过程,归纳了各阶段颠覆性技术与商业模式的渐次演化规律,即颠覆性技术经历了技术集成—技术调整—技术升级的演变,商业模式经历了生存导向—低盈利导向—品牌导向的演变,继而分析了各阶段颠覆性技术与商业模式的静态适配及动态协同演化关系,发现两者动态匹配是实现可持续颠覆性效果的重要模式,对后发企业获取竞争优势具有重要启示。     

Styles of background music and consumption in a bar: An empirical evaluation

The effects of background music have been widely studied in the literature but few studies have tested effects of music in commercial settings. An experiment was carried out in a bar to test influence of three different styles of music on patrons. According to a random assignment, patrons were exposed to Top 40 music, which was usually played in the bar, cartoon music or drinking songs. Results showed that drinking songs appeared to increase the length of time customers stayed in the bar and the average amount spent. A congruency hypothesis is used to explain these findings.     

自由贸易协定原产地规则调整的经济效应评估——以《美墨加协定》汽车原产地规则为例

本文使用2011—2019年美国汽车市场数据,测度了1354款车型的需求价格弹性和替代弹性,在识别了原产地规则限制度对合规车型售价影响的基础上,反事实模拟测算了《美墨加协定》汽车原产地规则调整的经济效应。研究发现:(1)美国汽车市场上各款车型的需求价格弹性和替代弹性是异质性的;(2)以北美区域价值含量为代理变量的原产地规则与美国汽车市场上合规车型售价呈正向相关关系,与不合规车型售价呈U型关系;(3)《美墨加协定》汽车原产地规则限制度的提升,会对需要调整采购决策以继续合规的车型销量产生负向冲击,其他车型受市场替代效应的影响,其销量有所增加;(4)原产地规则调整降低了对北美自由贸易区外汽车中间品的需求,提升了对区内汽车中间品的需求。