母子公司间高管纵向兼任与上市公司资本配置效率

已有研究主要基于母公司或控股股东等委托方利益视角,形成了对纵向高管兼任治理效应的认识。但这种假定忽视了兼任高管作为独立利益主体的利益诉求与私利动机对治理效应的影响。本文基于兼任高管所代表不同利益主体的视角,分析并检验母子公司间高管纵向兼任对上市公司资本配置效率的影响。研究表明,当母子公司间兼任高管代表母公司利益时,母子公司间高管兼任会通过降低子公司代理成本发挥监督效应,进而提升上市公司的资本配置效率;但是当兼任高管代表子公司利益时,母子公司间高管兼任并未发挥治理效应,甚至存在母子公司间高管兼任的上市公司中,代表子公司利益的高管兼任会将争取超额资金异化为寻租渠道,进而降低上市公司资本配置效率。本文将扩展对高管纵向兼任治理效应的理论解释,丰富上市公司资本配置效率决定机理的研究,对完善母子公司结构下的治理机制具有一定的启示意义。     

创业生态系统对海归创业人才效能的影响——以江苏省为例

基于创业生态系统和人才效能理论,采用偏最小二乘线性回归方法建模,利用江苏省人才公报统计数据,探索了创业生态系统对海归创业人才效能的影响。结果表明:资金、区域人力资本、创业平台、创新氛围和生活环境等方面的因素对海归创业人才效能有正向影响,其中创业平台和创新氛围两方面的因素起关键作用。最后,从建设创新创业平台建设、创新融资方式、提高区域整体人才素质三个方面,针对江苏省的海归创业人才管理工作提出了建议。     

制造业服务化对企业投资效率的影响——基于组织效能视角的研究

“发展服务型制造新模式,推动制造业高质量发展”是党中央、国务院做出的重要部署。以2011-2021年中国制造业上市公司为研究样本,实证检验了制造业服务化对企业投资效率的影响。研究发现,制造业服务化能够显著提高企业投资效率,主要的机制在于服务化有助于公司组织效能的提升,缓解了过度投资,提高了投资效率。减少组织冗余和提高资产管理效率是提高投资效率的重要路径。且公司治理水平高的企业以及处于关系国家安全和国民经济命脉的重要行业和关键领域的企业,服务化对投资效率的促进效应更加显著。本文研究为制造业服务化转型的微观经济效应提供了新的经验证据和理论解释,有利于促进制造企业进一步挖掘服务化的价值潜力,推动我国制造业服务化转型升级实现高质量发展。     

互联网发展、技术市场与高技术产业技术创新效率——基于SBM-熵权-Tobit模型的实证检验

以技术市场发展指标作为中介变量,构建互联网发展对技术创新效率的面板回归模型,实证检验互联网发展对高技术产业技术创新带来的直接和间接影响效果。结果表明：(1)2009—2019年,技术创新效率在[0.1932,0.4043]内,且上升趋势明显,成果转化阶段效率明显高于知识生产阶段;(2)从理论方面推导互联网发展对于技术创新效率的直接影响,以及通过技术市场厚度和流畅度两种中介路径的间接影响,提出假设1～假设3;(3)实证结果表明,三个理论假设在研究样本中均成立。互联网快速发展不仅对高技术产业的技术创新效率具有直接的正向驱动效应,而且通过市场厚度和市场流畅度两个中介变量产生的间接效应均显著为正值。在东中西三个经济区,表现出明显的异质性。“互联网+技术市场”战略是提升高技术产业创新资源优化布局发展的重要方向。     

试析知识产权制度的基本原则

知识产权制度是为了鼓励创新而设计的一种激励机制,在知识产权的制度设计中,体现了“效率优先、兼顾公平”以及利益平衡两大基本原则。     

《水利产业政策》评估指标体系及测算方法研究

简述《水利产业政策》的内涵,论述公共政策评估模式、建立评估指标体系的方法、原则,利用层次分析法建立《水利产业政策》评估指标体系,并提出对其定量指标用功效系数法进行测算,对定性指标用模糊数学综合评判模型进行测算的方法。     

不同预算约束与公共物品政府直接供给的效率

与私人供给公共物品的问题是容易产生不足不同,政府供给公共物品的问题主要是低效率的问题。通过与萨谬尔森条件比较,发现在经济人政府假设下软预算约束时政府提供公共物品过多;在硬预算约束时政府提供公共物品过少;在效率问题上公共物品供给出现浪费或不足。     

Evaluating the efficiency change and productivity progress of the top global telecom operators since OTT's prevalence

The telecommunications industry has undergone significant evolvement from fixed to mobile substitution (FMS) to fixed mobile convergence (FMC) and now to over-the-top (OTT) services due to the huge rise in data usage. This paper explores efficiency variation during the period 2012–2017 for the top 41 global telecom operators in Forbes Global, 2000. Based on the data envelopment analysis (DEA) meta-frontier approach to reflect differences in production functions, the empirical results herein show that the number of operators achieving technical efficiency with respect to the meta-frontier fell from 13 firms in 2012 to 10 firms in 2013 to 8 firms in 2014 to 8 firms in 2015 and then to 7 firms in 2016, but then rose to 11 firms in 2017, displaying the impact from rise in OTT. For the mobile-only group, the average technical efficiency with respect to the meta-frontier is 0.841, which is superior to the fixed-mobile group's 0.774 and the fixed-only group's 0.714, and the group difference is significant among the three facilities-based groups. The meta-frontier estimation suggests that the fixed-mobile group has the highest meta-technology ratio (MTR) of 0.901 versus the mobile-only group's 0.886 and fixed-only group's 0.718. The empirical results offer policy implications for regulators to encourage telecom operators to have fixed-mobile operations. We further suggest that telecom operators cooperate with OTT service providers and invest in them in order to take advantage of people's more personalized digital life.     

Microstructures,financial reforms and informational efficiency in an emerging market

This paper investigates the effects of microstructures and financial reforms on time-varying informational efficiency in an emerging equity market setting. Our data comprises of firm level data from the Trinidad and Tobago Stock Exchange, over the period 1990–2013. Using a dynamic panel regression framework while controlling for firm size, we find that microstructures, specifically liquidity, volatility, automation and the number of shareholders have an important role in influencing the time-varying efficiency of this emerging market. The financial reforms, namely liberalisation and regulation are not found to have a notable influence. We also consider heterogeneity at the firm level, finding that the microstructures of the banking firms listed in this market have a greater impact on market efficiency, in relation to the other listed firms.     

Performance of Moving Average Trading Rules in a Volatile Stock Market: The Russian Evidence

This article examines the profitability of dual moving average crossover (DMAC) trading strategies in the Russian stock market over the 2003–12 period. It contributes to the existing technical analysis (TA) literature by testing, for the first time, the applicability of ordered weighted moving averages (OWMA) as an alternative calculation basis for determining DMACs. In addition, this article provides the first comprehensive performance comparison of DMAC trading rules in the stock market that is known as one of the most volatile markets in the world. The results show that the best trading strategies of the in-sample period can also outperform their benchmark portfolio during the subsequent out-of-sample period. Moreover, the outperformance of the best DMAC strategies is mostly attributable to their superior performance during bearish periods and, particularly, during stock market crashes.