A two-sector model with target-return pricing in a stock-flow consistent framework

In this paper, we build a generalized two-sector Kaleckian growth model and explore the dynamics towards long-run positions. The model incorporates conflicting claims of labour and firms over income distribution and endogenous labour-saving technical progress. Adopting a stock-flow consistent framework, our simulation experiments yield the following results. First, the ‘paradox of thrift’ and the ‘paradox of costs’ hold, meaning that lower saving rates generate higher growth rates while higher real wages generate higher profit rates, but the magnitude of the impact depends on the initial status of income distribution and monetary policy. Second, changes in autonomous labour-saving innovations might explain the phenomenon of the ‘New Economy’ of the second half of the 1990s within an alternative framework. Our simulations with a two-sector model retrieve the analytical results achieved with a one-sector Kaleckian model, with the addition of path dependence.     

微观金融健康可以提高企业的生存率吗?——“新常态”背景下经济持续健康发展的微观视角解读

本文选取2003~2007年中国制造业771434家样本企业建立微观面板数据,采用生存分析中的互补双对数模型,深入考察企业微观金融健康对企业生存的潜在决定性影响;同时又根据中国企业出口高参与度这一典型特征事实,进一步考虑了企业的国际化成长在上述影响中的调节作用;最后又根据中国企业所有制特点考察了不同所有制类型企业的这种作用关系的差异。结果表明,企业的微观金融健康状况对其存活率有着显著的正面影响。进一步细分所有制类型的分类分析表明,国有和非国有两类企业各自的国际化成长,通过不同的微观金融健康指标进一步显著降低了企业经营失败的概率。在此基础上,针对当前"新常态"背景下如何提高中国企业的市场生存能力、实现企业的可持续健康发展,提出了有针对性的政策建议。     

Lateral hiring and the performance of professional service firms: the moderating effects of leverage ratio

We theorized and tested the performance implications of the lateral hiring by professional service firms (i.e. law firms). Using a longitudinal dataset of lateral partner hires in 148 US law firms between the years of 2004 and 2008, the results indicated that the size of lateral hiring had a reversed U-shape relationship with the financial performance of a firm. In addition, the leverage ratio (i.e. the ratio between associate lawyers and partners) significantly moderated the reversed U-shape relationship between lateral hiring and firm performance, such that the placement of the bend in the curvilinear relationship, that is, the threshold, occurred more quickly at a low than at a high leverage ratio. This study contributes to the literature on strategic human resource management in professional service firms by providing empirical evidence on the effect of lateral hires and by emphasizing that lateral partner hiring should be considered with other important HR issues to fully capitalize lateral partners.     

国际原油价格对我国新能源行业股票价格的波动溢出效应研究

在大气污染日益严峻的情况下,新能源行业受政府大力支持和投资者青睐。新能源与原油一定程度上互为替代品,理论上国际原油价格必然对我国新能源行业股票价格有显著的波动溢出效应,但有些学者却持反对态度,认为我国股票市场对外还没有完全开放,新能源行业发展又很不成熟,所以该溢出效应很难显著。文章运用VAR- Asymmetric- BEKK模型进行比较研究得出：在未去除我国整体股市行情因素时,国际原油价格波动对我国新能源行业股票价格波动溢出效应不显著;而在去除我国整体股行情因素时,国际原油价格波动对我国新能源行业股票价格波动溢出效应在1%显著性水平下显著。表明存在从国际原油价格向我国新能源行业股票价格的波动溢出效应,只是该溢出效应被我国股市总体行情掩盖了。     

区域科技型小微企业政策环境评价研究——基于京津沪渝四市的分析

我国从中央到地方制定了一系列促进科技型小微企业发展的政策。利用因子分析法构建了区域科技型小微企业政策环境评价模型,基于政策文本内容对省级行政区政策环境指数进行测度,从供给型、需求型和环境型政策三个维度分析比较京津沪渝四市科技型小微企业政策环境指数,根据不同维度政策的差别影响,提出优化区域科技型小微企业政策环境的建议。     

Invisible commuters: assessing a university’s eco-friendly transportation policies and commuting behaviours

To assess the efficacy of a private university’s environmentally friendly transportation policies, we administered a transportation and energy-use phone survey to a random sample of faculty, non-professional staff, and off-campus students. Statistical findings confirm that our sample population exhibits the Environmental Attitudes & Behaviours (A-B) and Behaviours & Behaviours (B-B) Splits observed in past studies. Those most likely to report environmentally friendly attitudes/behaviours are also the most likely to commute longer distances and in larger cars. Moreover, the least-compensated university sub-population, non-professional staff (i.e., office support, grounds keepers), is significantly more likely to contribute to a dramatically larger per-capita percentage of the university’s carbon footprint from commuting. University pro-environment transportation alternatives at the time of this study did not consider directly this commuter sub-group’s structural disadvantages. This incongruence in goals and execution reflects an institutional variant of the A-B Split explained by the New Institutionalism perspective.     

论罗伯特·欧文的企业社会责任观

罗伯特·欧文不仅是著名的空想社会主义者，也是卓越的企业管理者，他在新拉纳克所进行的30年试验证明了自己是企业社会责任的先驱和典范。从欧文关于新拉纳克试验的论述可以提炼出他的企业社会责任观，主要涉及三个方面问题：目的、可行性以及局限性。从目的来看，欧文认为企业履行社会责任只能是在以获取利润为根本的前提下实现企业与相关利益者的共赢；从可行性来看，欧文认为企业主与雇佣劳动者的利益是一致的，照顾好雇佣劳动者不但不会损害企业主的利益，反而会扩展商品销路和提升管理效率；从局限性来看，欧文认为企业履行社会责任所能产生的效果必然要受到资本主义生产方式的制约。发掘欧文的企业社会责任观所得到的启示是，通过企业社会责任建设来应对我国当前企业与社会之间的矛盾是可行的选择，但也只是治标之策。     

On competition and endogenous firm efficiency

Summary. Conventional wisdom holds that product market competition disciplines firms into efficiency of operation. However, in a well known paper, Martin (1993) has shown that in a linear Cournot setting (with costs determined first and product market competition taking place in a second stage) the exact opposite obtains – a larger number of firms competing in the market implies lower firm efficiency. The note clarifies further the links between market structure and efficiency. Specifically, it argues why (and how) the result derived by Martin (1993) depends upon the assumptions made regarding the structure of demand and nature of conjectures held by firms as to their rivals' behavior. An illustrative counter-example (with Bertrand behavior and non-linear demand) in which entry increases efficiency is provided as well. Received: March 2, 2000; revised version: September 19, 2000     

Large established firms entry into franchising: an exploratory investigation of strategic and operational issues

Although franchising is traditionally associated with newly emerging businesses which need to finance growth, this marketing technique is being increasingly utilized by large established firms as a method of business development. This article analyses the business objectives which led a sample of such firms in the UK to introduce franchising as a means of channel management. The modes of franchising-including the master franchise-selected by these firms as well as their operational and organizational experiences are investigated. In particular, there is an examination of the major managerial/cultural issues which these firms encountered in trying to reconcile the decentralized organization and operating methods implicit in the franchising concept with the centralized decision making and organization of a corporate concern. The implications for management of this dichotomy are explored.     

新西兰重振经济过程中科技管理体制调整

近年来，新西兰政府对于科技体制的调整值得关注。重点对2012年7月成立的商业、创新与就业部的职能进行了介绍，并分析其成立的背景及科技投入情况。新机构的职能是支持新西兰人才、创新和企业发展；为企业提供更好的发展环境和前景；改善政府与企业的关系。此外，简要介绍了新西兰皇家研究所与新西兰风险投资基金的企业化运作情况，以及政府统筹创新链上中下游的一个典型案例。新西兰重振经济对科技管理体制的调整经验、皇家研究所的企业化运作模式以及组建先进技术研究院的做法，对我国科技体制改革有一定借鉴意义。