The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

区分不同收入层次,启动农村消费

目前,消费不足是制约内需扩大和经济高效增长的关键因素。而在消费中,与城镇消费相比,农村消费严重滞后,因此刺激消费的重点在于启动农村消费。制约农村消费需求增长的因素有很多,然而针对不同收入层次的农民,影响其消费的各主要因素存在明显差异。因此,应区分不同收入层次,施以不同对策措施,启动农村消费。     

Are entrepreneurial venture's innovation rates sensitive to investor complementary assets? Comparing biotech ventures backed by corporate and independent VCs

Entrepreneurial ventures are a key source of innovation. Nowadays, ventures are backed by a wide array of investors whose complementary asset profiles differ significantly. We therefore assert that entrepreneurial ventures can no longer be studied as a homogeneous group. Rather, we harness the inherent dichotomy in the profiles of independent VCs and corporate investors to study ventures' innovation outcomes. Our sample consists of 545 U.S. biotechnology ventures founded between 1990 and 2003 and backed by independent venture capitalists (VCs) or corporate VCs (CVC). We find CVCs' investees exhibit higher rates of innovation output, compared to independent VC‐backed peers. Moreover, the performance of CVC‐backed ventures is sensitive to their ability to leverage corporate assets, underscoring the role of CVC accessibility and FDA approval requirements as the mechanisms associated with CVC contribution. Copyright © 2014 John Wiley & Sons, Ltd.     

PLC在汽车启动电机测试系统中的应用

本文介绍采用PLC实现汽车启动电机测试系统,完成启动电机的推力、间隙等参数的测量,并判断启动电机是否合格。     

Performance Implications of IJV Boards: A Contingency Perspective

This study draws from the corporate governance literature to investigate the implications of board involvement for international joint ventures (IJVs). We extend recent corporate governance research on the value of board involvement by investigating unique sources of complexity related to the nature of the IJV. We argue and find that board involvement can enhance the performance of IJVs, particularly for collaborations that are complex in nature due to their broad functional scope as well the level of market overlap between IJV parents. We complement recent research on joint venture control that has focused on the antecedents and types of control, as well as studies on formal (e.g. contractual safeguards and monitoring) and informal governance mechanisms (e.g. trust) by providing empirical evidence that IJV board involvement is valuable when directors undertake their control and coordination responsibilities. We advance corporate governance research by providing evidence that joint ventures possess several unique characteristics that shape the value of board involvement, thereby showing that applications of corporate governance theory to joint ventures are useful, but should be made with care.     

中外合资经营企业转让定价实证研究——以山东省为例

中外合资经营企业作为跨国公司进入中国市场一种方式,其转让定价问题日益突出。通过利用2001～2005年的公开统计数据,对山东省中外合资经营工业企业的利润转移情况进行了定量分析,得出了比较科学的结论。     

审计理论结构逻辑起点的研究

审计理论研究起点是审计理论的逻辑起点。到目前为止,审计理论的逻辑起点还没有形成一致的定论,不同的研究学者存在着不同种观点。本文根据逻辑起点的内涵,对各个观点进行分析和总结,最后得到的结论是:把审计环境作为审计理论研究的逻辑起点,这具有优势和说服力。     

Cooperation In R&D With Spillovers And Delegation Of Sales ∗

Cooperation in several phases of the innovation process is viewed by antitrust authorities with suspicion. They face the dilemma between providing the right incentives for the appro-priability of returns to R&D and the risks of diminishing product market competition. The current legislation in the European Union and the United States gives special treatment to cooperation in R&D and the joint exploitation of results (extended cooperation).

We study several collusive regimes for a class of examples in which vertical relations are explicitly introduced. Regarding antitrust policy implications we fmd that: a) there is an ana-lytical justification to a ‘rule of reason’ treatment for extended cooperation in research joint ventures and, b) individual exemptions, though restrictive of competition, might be welfare improving.     

Strategic Flexibility in New High‐Technology Ventures

Strategic flexibility is a vital capability for new ventures to update their strategies in a timely manner. However, the role of external knowledge sources in new ventures’ endeavours to develop strategic flexibility are unclear. Drawing on the knowledge‐based and relational views, we explore the effect of two sources of external knowledge: new product development (NPD) alliances, representing tightly coupled sources, and loosely coupled sources such as industry associations. Our field study of 148 high‐tech ventures found that the extent to which firms utilize knowledge from NPD alliances has a curvilinear relationship with strategic flexibility, whereas the extent to which firms utilize loosely coupled sources has a positive linear relationship with strategic flexibility. We also found that in new ventures, decentralization of decision‐making and institutional support enhance knowledge integration, positively moderating these relationships.     

合资企业不稳定性研究的综述

本文对现有合资企业不稳定性研究文献进行了系统分析、归纳。综合分析了引起合资企业不稳定性的几种因素的结论,即合资企业所在国的经济政治体制背景、合资企业成员资产的相互依赖和竞争性、合资企业的文化冲突、合资企业的组织结构、合资企业的效益等等。根据现有的研究结论,本文提出了我国如何正确对待和利用合资企业不稳定性、调整利用外资战略的建议。