世界国防科技工业综合实力评价

为客观准确地评价世界国防科技工业综合实力,构建了基于AHP-CRITIC-CTWF的国防科技工业综合实力评价指标体系和测算方法,利用层次分析法和CRITIC法进行主客观加权组合赋权,运用中心点混合三角白化权函数进行聚类分析。对20个代表性国家的国防科技工业综合实力进行了实证分析,结果表明：整体来看,各国国防科技工业综合实力四层次的分布格局较为明确;从准则层看,大部分国家国防科技工业各层面建设与综合实力水平有较大差别,有的国家综合实力排名靠前,但层面建设不足,限制了国防科技工业的发展,如俄罗斯;有的国家综合实力排名虽然不高,但在某些层面处于领先地位,成为其国防科技工业发展的重点和优势,如韩国。     

利率、魏克赛尔累积过程与资产价格

通货膨胀目标制的理论基础直接来源于魏克赛尔的累积过程理论。央行的利率政策不但会影响一般价格的上涨,而且会导致资产价格出现泡沫。现时的房产价格与未来的产出和通货膨胀关系密切,应该在CPI中给予一定的权重。低利率、低通胀和资产价格膨胀共存并不意味着累积过程理论失效,而是因为其反馈机制和通胀度量出现了问题。     

家族企业接班人社会嵌入与跨代创业

当前经济社会形势下,家族企业接班人肩负着带领企业跨代创业的使命。然而,“人在江湖,身不由己”,接班人跨代创业的行为动机受到高管团队约束。基于此,根据社会嵌入理论,从认知、关系、结构三维度构建接班人嵌入到高管团队对经营多元化影响的分析模型,并对其中的作用机制进行探讨。实证研究表明,接班人和高管团队在认知嵌入上的教育背景同质性、在关系嵌入上的亲密度以及在结构嵌入上的中心化均与经营多元化呈正相关;信任在接班人和高管团队嵌入性与经营多元化关系中发挥部分中介作用。进一步分析发现,父代保守战略嵌入到高管团队中一定意义上不利于企业转型。结论表明,家族企业接班人跨代创业的行为动机受到社会嵌入的影响。     

环境不确定下企业孵化网络治理机制对治理绩效影响研究

从企业孵化网络本身以及环境视角分析了企业孵化网络治理绩效的影响因素,通过企业孵化网络治理机制对治理绩效关系的实证分析,验证了环境不确定下企业孵化网络的契约治理机制、管理治理机制对治理绩效的影响。结果表明:企业孵化网络治理机制中的契约治理机制、关系治理机制对治理绩效具有正向调节作用;环境不确定性会扩大或缩小治理机制对治理绩效的作用强度。企业孵化网络在高市场不确定性环境下,采用关系治理机制的绩效较好;在高技术不确定性环境下,采用契约治理机制的绩效较好。     

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.     

Coordinating China's economic growth strategy via its government-controlled association for private firms

Scholars in economics and political science argue that one major function of government is to overcome coordination failure in economic development, especially during times of rapid environmental changes. But, how and through what means does the state coordinate firms to follow the changing directions of its economic objectives? This paper focuses on the case of a government-controlled business association, namely the All-China Federation of Industry and Commerce (ACFIC), and shows that the ACFIC may be serving, at least partially, as a means of avoiding the kind of coordination failures that are often associated with policy reform programs in authoritarian regimes like China when the government deems it necessary to radically and suddenly change its policy objectives. It does so by comparing the activities of firms that are members of ACFIC with non-members before and after the world financial crisis of 2008–09 which induced a significant change in government objectives. Before that crisis when priority in government objectives was “outward” (to stave off balance of payments crises that had befallen many other developing countries), ACFIC member firms were able to engage in exports and foreign investment to a greater extent than non-member firms, and even than those whose owners are members of the Congresses or Chinese Communist Party. After viewing the crises in international markets, and government objectives had turned more “inward”, ACFIC members were more likely to focus on domestic sales and investments.     

参加异地商会能抑制企业避税吗？

异地商会作为构建多元共治的社会治理新格局的重要主体,是推进国家治理体系和治理能力现代化的重要力量。本文以2010—2022年沪深A股上市公司为样本,考察了异地商会对企业避税的治理效应。研究发现：参加异地商会可以有效抑制企业的避税行为;机制检验结果表明,异地商会主要发挥服务会员和服务社会职能,通过缓解外源融资约束和强化社会责任意识两条路径削弱会员企业的避税动机,进而降低企业避税程度。进一步的研究发现：异地商会对于企业避税的抑制效果主要体现在税收征管力度较强、机构投资者持股比例较大和分析师关注度较高的企业中,这说明在治理企业避税方面,参加异地商会与税务部门征管、机构投资者监督和分析师跟踪存在叠加效应,即异地商会能否发挥税收治理效应取决于政府和市场机制是否有效。本文从企业避税视角丰富了异地商会的治理效应研究,从社会组织视角拓展了企业避税的影响因素文献,为促进异地商会健康有序发展、推动社会组织参与社会治理实践、健全共建共治共享的社会治理制度提供经验参考。     

Policies to support ethnic minority enterprise: the English experience

Using Global Entrepreneurship Monitor data for 29 countries this study investigates the (differential) impact of several factors on female and male entrepreneurship at the country level. These factors are derived from three streams of literature, including that on entrepreneurship in general, on female labour force participation and on female entrepreneurship. The paper deals with the methodological aspects of investigating (female) entrepreneurship by distinguishing between two measures of female entrepreneurship: the number of female entrepreneurs and the share of women in the total number of entrepreneurs. The first measure is used to investigate whether variables have an impact on entrepreneurship in general (influencing both the number of female and male entrepreneurs). The second measure is used to investigate whether factors have a differential relative impact on female and male entrepreneurship, i.e. whether they influence the diversity or gender composition of entrepreneurship. Findings indicate that – by and large – female and male entrepreneurial activity rates are influenced by the same factors and in the same direction. However, for some factors (e.g. unemployment, life satisfaction) we find a differential impact on female and male entrepreneurship. The present study also shows that the factors influencing the number of female entrepreneurs may be different from those influencing the share of female entrepreneurs. In this light it is important that governments are aware of what they want to accomplish (i.e. do they want to stimulate the number of female entrepreneurs or the gender composition of entrepreneurship) to be able to select appropriate policy measures.     

Developing globally responsible leaders: What role for business schools in the future?

This paper reports on a collaborative research process to explore the future role of business schools in the development of globally responsible leaders. Swinburne University of Technology held a collaboratory workshop of academics across disciplines and a range of business leaders to explore firstly what a globally responsible leader would look like and secondly how these capabilities would be developed. In taking forwards actions from the workshop, the Business School was noticeably absent which raised the specific question regarding the on-going role for business schools in the future development of leaders, and how they would need to change in order to maintain a future role in this sphere. The paper reflects on the transformative process necessary within business schools if they are to meet this future agenda.     

Growth uncertainty,generalized disappointment aversion and production-based asset pricing

We study a production economy with regime switching in the conditional mean and volatility of productivity growth. The representative agent has generalized disappointment aversion (GDA) preferences. We show that volatility risk in productivity growth carries a positive and sizable risk premium in levered equity. Our model can endogenously generate long-run risks in the volatility of consumption growth observed in the data. We show that introducing leverage with a procyclical dividend process consistent with the data is critical for the GDA preferences to have a large impact on equity returns.