“神雾系”控股股东股权质押：“支持”亦或“掏空”？

民营企业集团控股股东股权质押到底是“支持”还是“掏空”,选取“神雾系”作为案例研究对象,分析了“神雾系”控股股东股权质押的资金流向和经济后果,并进一步讨论了股权质押“支持”和“掏空”上市公司的条件及路径。研究发现：“神雾系”质押资金一方面用于缓解融资困境、垫付重大合同预付款、维持基本运营的需要,支持了企业发展;另一方面用于关联交易进行利益输送、违规担保,引发财务造假、债务违约、业绩对赌失败等后果,最终股价下跌、被迫退市。可见,民营企业集团股权质押行为会同时表现出“支持”和“掏空”两种动机,在企业积极创新、专注主业、行业发展前景良好的情况下会利用质押资金“支持”企业发展;在产权结构不明晰、筹资渠道单一、治理结构不稳定、质押状态的交易笔数异常、行业发展受限的情况下会“掏空”上市公司,损害中小股东利益。     

外商直接投资对零售业的溢出效应研究——基于省际面板数据的实证检验

运用2006—2018年省际面板数据分析对外直接投资(FDI)对中国零售业的溢出效应.结果显示,FDI对中国内资零售业的溢出效应和挤出效应并存:FDI的参与度会对中国内资零售业的技术进步产生负面影响,不利于FDI集聚性行业内溢出效应的产生;而外资零售企业的劳动生产率有利于中国内资企业的技术溢出,表现为FDI效率性行业内溢出效应.此外,企业规模在中部地区的影响更显著,资本密集度对中国内资零售业的技术进步具有显著的正向影响.     

I Want to eat out,but something holding me back: Mom’s cooking stress and family dining out constraints

Restaurant visits have been declined in the past decades while preparing the meals at home has been increased. This study focuses on mother customers who are known as the leading providers of homemade meals and primary decision-makers in family dining out in the context of family dining. The purpose of the study is to examine (1) what issue related to home cooking causes mothers to dine out with family, (2) what keeps them from dining out, and (3) the relationship of their psychological influences (i.e., cooking stress, need for reward, desire to dine out, and dining out constraints) that occur within the family dining decision-making process. With a total of 644 mothers in the U.S, the findings reveal that the mother participants who are stressed out from cooking for their family seek a self-gifted reward for their daily effort and desire to dine out to escape from the burden of cooking duty, which leads them to participate in family dining. However, despite the dining desire, mothers also face the reasons to constrain dining out (i.e., interpersonal and intrapersonal constraints), and both constraints keep them from family dining out. The results of this study are expected to help family restaurants develop a healthful family dining environment and new strategies to entice mothers and family customers to visit family dining restaurants.     

The “ins” and “outs” of product and services marketing: The influence of consonant wanderings in consumer decision-making

The established preference for words featuring consonants ordered inward in the oral cavity—the in–out effect, may assist marketeers when naming new products and services. To investigate the conditions under which this effect may affect consumer preference we conducted four experiments (N = 818) examining the influence of consonant wanderings in the evaluation of different professionals and food products. While inward articulation direction selectively biased warmth judgments about workers who are perceived as relatively neutral on both warmth and competence, for professionals traditionally associated with either a warmth or a competence dimension inward-wandering usernames systematically presented a competitive advantage. In the same way, hypothetical food products with inward-wandering names were judged as more hedonic and more utilitarian. The present evidence supports the potential of the in–out effect to market products and services and highlights the relevance of exploiting this and other oral kinematics phenomena as an asset for managerial practice.