基于供应链金融的参与者决策问题研究

本文针对季节性存货质押融资业务,考虑核心企业以回购形式参与其中的模式特征及成本收益情况,建模分析了风险中性的借款企业的再订购决策,然后通过借款企业与核心企业的博弈,分析了风险中性的核心企业的最优批发价与回购率决策组合。研究结果表明:季节性产品的需求大于质押产品时,借款企业会选择供应链金融来增加自己的库存以实现预期利润最大化,核心企业的回购使借款企业预期收益增加。但是,其必须针对借款企业的再订购策略设定合理的批发价格与回购率才能使决策最优,核心企业的回购在一定程度上也增加了自己的成本。     

The latecomer strategy for global ICT standardization: Indigenous innovation and its dilemma

This article reviews China׳s changing standardization strategies amidst the standards competitions that take place both domestically in China and globally. The relevant policies in China now support indigenous innovation, particularly in the information and communication technologies (ICT) industry by using standards, encourage domestic firms to patent their standard-related technologies, and promote innovation-oriented inter-firm alliances. The three cases examined illustrate the challenges that the Chinese government faces in implementing the policies. Most of all, while the government has actively promoted indigenous innovation as a latecomer strategy for global standardization, there are possibilities of clash with the international norms for free competition and economic liberalization which China is supposed to comply with. There are also oppositions from those domestic firms that mainly export products compliant with the international standards set by advanced countries, and from local authorities that support those firms. The demands for international compliance are often strengthened by multinationals importing products compliant with the international standards. These clashes and oppositions give a dilemma to the policy makers who want to push the standardization strategy based on indigenous innovation.     

Divergent patterns of engagement in Internet standardization: Japan,Korea and China

This article analyzes the engagement of Japanese, Korean and Chinese participants in the development of Internet standards at IETF on the basis of four quantitative metrics: attendance, patenting, authorship and leadership. The results are strikingly divergent. Japanese involvement in Internet standardization began early and Japan was, for many years, second only to the U.S. in terms of IETF participation. Though Japanese participation has declined since the early 2000s, Japan remains a major contributor to IETF standardization. Korean involvement in IETF has always been significant, but below the levels of Japan and major European countries. Korean participation in IETF has also declined over the past decade, and has been dominated by one firm, Samsung. Though meaningful Chinese involvement in IETF did not begin until the mid-2000s, it has rapidly expanded in recent years. Today, China is a major player in numerous areas of Internet standardization in terms of three metrics (participation, patenting and leadership), and is rapidly gaining in terms of document authorship as well. Most of China׳s recent IETF involvement can be attributed to Huawei, though other Chinese firms have recently begun to increase their participation in the organization. Thus, contrary to some views that China׳s engagement with standardization is primarily one of indigenous innovation and “catching up”, China׳s experience with IETF demonstrates deliberate and effective engagement with a major Western standards-development organization on its own terms.     

Optimal patent length and height

Patent breadth and length have been discussed extensively in innovation literature. In this article, I analyze the optimal degree of novelty of patent protection and its tradeoff with patent length. In the context of subsequent innovations each innovation builds on the previous one. The degree of novelty necessary for a non-infringing patent is crucial for the firms’ incentive to innovate. One of the findings is that a monopolist’s optimal degree of novelty is lesser than would be socially desirable. Furthermore, there exists a finite optimal patent length. Competitors introducing an improved technology cause uncertainty which may be compensated by extending patent length.

最优专利制度、技术进步方向与工资不平等

本文把专利分类为技能密集型产业的技术专利和劳动密集型产业的技术专利,它们分别与熟练劳动力和非熟练劳动力匹配。本文的研究表明,两类专利的最优宽度都是有限的,且受到劳动力禀赋结构的影响。当非熟练劳动力多于(少于)熟练劳动力时,劳动密集型产业的技术专利宽度宽于(窄于)技能密集型产业的技术专利。本文的研究也表明,劳动力禀赋结构可以通过影响最优专利制度来影响技术进步方向,从而对熟练劳动力和非熟练劳动力之间的工资不平等产生影响。     

专利保护期限设置的技术经济分析

专利保护制度能激励企业在技术研发上进行投入，这有利于增加社会总剩余；然而，专利保护制度在提供激励的同时，也造成了潜在效率的损失。专利保护期限的设置是这二者之间权衡的结果。本文通过一个两阶段博弈的分析框架，利用动态的局部均衡权衡模型，从企业利润最大化和社会总剩余最大化的相互作用中，推导出了社会最优的专利保护期限。在我们的动态的局部均衡权衡模型中，创新者的研发投入水平是专利保护制度的内生产物。     

专利权人在不对称信息下的技术授权策略选择

过去的研究显示,在专利权人不参与市场生产的情况下,定额权利金的收益将优于单位权利金的收益。本文得出,当被授权厂商存在成本上的私人信息时,专利权人最优的授权策略,有可能变成采用单位权利金的授权方式或定额加单位权利金的混合式授权方式。     

股权质押影响分析师盈利预测吗？——基于上市公司与分析师互动行为的证据研究

基于上市公司与分析师互动的证据,从与分析师互动的频率和互动分析师的声誉两个维度出发,探索了控股股东股权质押影响分析师盈利预测质量的路径。研究发现：（1）控股股东股权质押降低了分析师盈利预测准确度,提高了盈利预测乐观度和盈利预测分歧度;（2）股权质押通过与分析师互动影响其盈利预测质量;（3）在剥离互动分析师声誉的影响后,股权质押的上市公司通过与分析师频繁地互动直接影响其盈利预测质量;（4）股权质押通过互动分析师声誉模式直接影响其盈利预测质量。异质性检验发现,股权质押控股股东持股比例高、股权质押率高、股权质押到期日临近、上市公司主动性强、基金公司重仓持股将进一步加剧股权质押对分析师盈利预测的影响。     

上海市大中型工业行业专利产出滞后机制研究

本文我们沿用Hausman，Hall和Griliches（1984）对专利产出与R＆D支出之间关系的分析框架，结合上海市大中型工业行业专利产出数据本身的特点，运用了较为适当的计量经济学分析技术——零膨胀泊松回归方法，对上海市大中型工业行业专利产出的滞后机制进行了研究。我们发现了两个有意义的结论：第一，对于上海市大中型工业企业来说，其科技活动的内部支出与专利产出的滞后机制表现为一个2～6期的滞后结构。同时这一结构还有一个不对称的倒U形内部特征，具体表现为上海市大中型工业企业科技活动经费的内部支出对专利产出贡献的滞后作用表现为先增后减，且增快减慢；第二，在这个滞后结构中，存在着一个对专利产出贡献作用最大的科技活动经费内部支出时刻，这个时刻大约出现在专利产出之前第4期的科技活动经费内部支出。     

现代物流业向金融业务的拓展

文中阐述了现代物流业向金融业拓展及目前物流金融业的运作形式,同时说明了在物流金融业发展过程中应该注意到的问题并提出了一些建议。最后对开展物流金融业务的企业进行了简要分析。