Making sense of the impact of the internet of things on Purchasing and Supply Management:A tension perspective

The Internet of Things (IoT) is transforming how industries operate. It impacts on firms’ supply networks, business processes and business models. This article describes how the IoT influences the Purchasing and Supply Management (PSM) function. Our findings based on interviews and workshop with more than 200 senior European purchasing managers from large corporations suggest that PSM has opportunities to support the development of IoT solutions within firms which are required to work with dynamic and complex markets. At the same time, the IoT supports the development of a more capable and efficient PSM organisation. As part of this early stage theory building effort, we outline scenarios for the future of the PSM function. This leads us to reflect on how PSM leaders manage IoT-related tensions by means of differentiation and integration tactics.     

风险投资介入与企业创新：基于PSM模型的经验证据

“大众创业、万众创新”背景下,研究风险投资介入对企业创新绩效的影响具有重要理论与现实意义。以2010-2017年创业板公司为样本,采用倾向得分匹配法（PSM）模型,实证分析风险投资介入对企业创新绩效的影响,发现风险投资介入显著促进专利申请量,且对发明专利申请量和实用新型专利申请量有显著正向作用,而对外观设计专利影响并不显著。进一步考察不同背景和投资策略的风险投资对创新绩效的潜在影响,结果显示：与单独投资相比,联合投资对专利总申请量和发明专利申请量增加的促进作用更显著;与私营风险投资和外资风险投资相比,国有风险投资具有更强的发明取向和更长的投资时间,能显著促进发明专利等创新绩效提升,而私营和外资风险投资对公司创新绩效的影响不显著。     

政府水污染防治对重点流域企业投资的影响——基于PSM-DID方法的实证分析

基于2010—2017年间我国中部六省上市公司固定资产投资数据,运用双重差分方法检验了《重点流域水污染防治项目管理暂行办法》对相关企业投资的影响,研究发现:该《办法》实施后对中部六省重污染行业的固定资产投资具有显著的抑制效应,且表现出较好的持续性;通过对中部六省三大产业进行横向对比分析发现,其对固定资产投资的抑制作用仅在包含重污染企业的第二产业内显著存在,而对第一产业内企业投资的抑制作用存在明显的滞后现象,同时对第三产业内的企业投资不存在显著影响;结合倾向得分匹配法以及排除预期效应和测量误差后,其对重污染企业投资抑制作用的直接效应和持续效应依旧存在,说明研究结论是稳健的。     

国家级孵化器能否提升科技企业研发效率

作为各国政府的“政策工具箱”,科技企业孵化器在提升企业创业成功率、提供就业机会、促进地区经济增长等方面发挥着重要作用。然而,从孵化企业视角来看,我国科技企业孵化器是否提升了科技企业研发效率有待验证。与已有基于孵化器视角的研究文献不同,从孵化企业视角出发,在整理我国新三板2014年2 301家科技企业相关数据的基础上,使用倾向得分匹配法和扩展的柯布道格拉斯生产函数对该问题进行了验证。结果表明,国家级孵化器能够提升科技企业研发效率。在控制选择性偏差后,孵化器内外企业研发弹性差异显著,孵化器外企业研发弹性为0.083%,孵化器内企业研发弹性为0.095%,经孵化器“孵化”后科技企业研发效率提升了14.4%。该结论对于我国科技企业孵化器产业发展及新常态下区域经济增长策略制定具有重要意义。     

Validating the Construct of Public Service Motivation in For-profit Organizations: A preliminary study

Delineating the theoretical link between individuals’ discretion and motivations in the private sector and their public service behaviours in Chinese society, this study explored public service motivation (PSM) in for-profit organizations. A survey of 348 employees from three engineering consulting organizations in China validated the construct of PSM in for-profit organizations. Besides the positive correlation between conscientiousness and PSM, the current study demonstrated that a positive correlation exists between PSM and community citizenship behaviour (CCB) with love of money (LOM) as a marginal moderator: the positive relationship between PSM and CCB is marginally stronger when LOM is higher, vice versa.     

Migrant remittances,agriculture investment and cropping patterns

We investigate how the receipt and amount of domestic or international transfers influences household decisions regarding farm investment and the selection of capital and labour-intensive crops. We argue that, even though recipient households may use additional income to increase agricultural investment, investment can fall in the short run if labour constraints arising from the migrant member's absence are binding and capital accumulation is suboptimal. Employing a set of endogenous treatment estimates, we test this hypothesis on data from 5636 rural households in Pakistan. Our findings show a substantial difference between recipient and non-recipient households in terms of their economic behaviour. Recipient households make 100% less agricultural investment and generate 82% less production compared to non-recipient households. The estimates are found to be robust when tested with alternate empirical techniques (Heckman Selection and matching). The impact is stronger in the case of households that receive domestic transfers, with 100% less farm investment and 77% less production than non-recipient households. Remittances result in a decrease in production of both capital- and labour-intensive crops, reflecting a decline in overall farm activity. Similar farm investment and cropping patterns are observed relative to the amount of remittances received. The results are robust to different model specifications and estimation procedures.     

生产者补贴政策、区域定位差异及大豆种植户行为响应——来自吉林省、山东省6市12县的证据

目的 中国大豆政策几经更迭,截止大豆生产者补贴政策制定实施之前的支持政策均未达成理想的政策目标,而大豆生产者补贴政策已初见成效。为深入探究大豆生产者补贴政策在试点地区与非试点地区、同一地区内区域定位差异对农户大豆种植行为响应的异质性,由此实现对后续大豆生产者补贴政策的完善提供实践参考。方法 农户是政策施行的微观行为主体。文章基于吉林省和山东省农户调研数据,利用倾向得分匹配模型和混合回归模型进行实证分析,借助更换变量法对模型结果进行稳健性检验。结果 大豆生产者补贴政策的实施促进了农户种植行为响应,政策试点地区农户相较于非政策试点地区农户大豆种植行为响应更为积极,且政策试点地区内因资源禀赋差异,不同区域间农户的大豆种植行为存在异质性。结论 政策区与非政策区农户、政策区内因资源禀赋形成的区域差异下的农户对大豆生产者补贴政策行为响应存在异质性。未来政府针对大豆相关政策的修订应着重于政策的精准化实施、调整大豆与同等替代作物比价关系、总结经验并适时推广。     

国有企业改制对就业的影响——来自11个城市的证据

在20世纪90年代中后期,中国工业企业的就业规模大幅度下降,许多人认为,企业改制是其主要原因。本文通过对11个城市386家企业从1995年到2001年的面板数据的研究,评估了企业改制对就业的影响。我们的面板数据回归结果显示,和一般印象相反,改制显著地减缓了就业的下降趋势。我们还发现,改制对企业的就业增长有持续的和递增的积极作用。即使在控制了企业的绩效、就业条件、资产结构以及改制前就业历史之后,我们仍然得到相同的结论。另外,我们还使用了倾向分值匹配基础上的差分内差分方法对我们的结果进行了验证,也得到了相似的结论。     

Incentive‐compatible contracts in merger negotiations: The role of acquirer idiosyncratic stock return volatility

We show that the acquiring firm's idiosyncratic stock return volatility (sigma) is an important determinant of the selection and perceived valuation effects of earnouts in Mergers and Acquisitions (M&As). Earnout‐based M&As are more often announced by high‐sigma acquirers (nearly 40% of all earnout‐based M&As), yet the documented higher risk‐adjusted returns accrued to acquirers in earnout‐based M&As, relative to M&As settled in cash, stock or mixed payments (the earnout effect), appear in deals announced by low‐sigma acquirers (nearly 20% of all earnout‐based M&As). High‐sigma acquirers employing earnouts appear to break even, or even experience losses, relative to their counterparts employing single up‐front payments. These results are confirmed based on a quasi‐experimental design through which the earnout effect is measured in isolation. We argue that in M&As announced by high‐sigma acquirers, the earnout effect is potentially elusive due to the presence of an acquirer‐specific information revelation effect, resulting from the heightened extent of information asymmetry between (small) acquirers’ managers and outside investors. On the contrary, the use of earnouts in M&As announced by low‐sigma (large) acquirers, whereby the acquirer‐specific information revelation effect is likely negligible, sends a strong signal for value creation that also prevents investors from inducing a size‐related discount.     

“一带一路”倡议促进了沿线国家产业结构升级吗？

本文旨在考察“一带一路”倡议对“一带一路”沿线国家产业结构升级的影响,在构建“一带一路”倡议影响沿线国家产业结构升级作用机制框架的基础上,基于49个沿线国家和65个非沿线国家2006—2018年的面板数据,采用倾向得分匹配与双重差分相结合的方法对“一带一路”倡议影响沿线国家产业结构升级的政策效应进行评估。实证结果表明,“一带一路”倡议在总体上能够显著促进沿线国家产业结构朝着高级化和合理化的方向发展。进一步分析表明“一带一路”倡议的政策效果具有“滞后”特征,随着时间推移,其影响程度和效果有增大趋势,并且“一带一路”倡议对不同收入水平以及不同区域位置沿线国家的产业结构升级效应存在显著异质性;在“一带一路”倡议下,通过扩大双边贸易往来、加强双边产能合作、积极推进沿线国家基础设施互联互通等途径,可以促进沿线国家产业结构优化升级,相比较而言,通过双边产能合作渠道对沿线国家产业结构升级的促进效果最大,贸易往来渠道次之,基础设施互联互通渠道最小。本文据此提出相应政策建议,以期为推动“一带一路”建设高质量发展和行稳致远提供一定参考。