创业企业何以提高创新绩效——基于创业学习与商业模式创新协同联动视角的QCA方法

以150个创业企业为样本，基于创业学习和商业模式创新理论，运用模糊集定性比较分析方法（fsQCA），探究经验学习、认知学习、新颖型商业模式创新和效率型商业模式创新对创新绩效的影响路径及机制。研究发现，存在新颖型商业模式创新等4条创新绩效产出关键路径；相较于效率型商业模式创新，新颖型商业模式创新在关键路径中更容易提高创新绩效；利用QCA方法证实了影响创业企业创新绩效的组态内部各要素之间的替代性。结论丰富了创新绩效产出内部机制，可为创业企业提高创新绩效提供指导和借鉴。     

中国省域科技特派员制度实施绩效评估

2016年5月《国务院办公厅关于深入推行科技特派员制度的若干意见》发布实施，但其实施效果如何有待验证。构建科技特派员制度实施绩效评估指标体系，利用改进熵值法和官方统计数据，对中国省域科技特派员制度实施绩效进行实证评估，并对评估结果进行聚类分析。结果表明，中国大多数省份科技特派员制度实施绩效水平较低；根据实施科技开发项目、形成利益共同体、服务农民情况、推广服务和扶贫成效5个绩效评估维度，可以将中国内地31个省份划分为5种类型；即使是总绩效水平较高的地区，在科技特派员制度实施绩效方面也存在一些短板。     

国家级新区绿色增长能力建设影响因素分析

基于利益相关者理论，通过文献研究与实地调研，梳理了影响国家级新区绿色增长能力建设的主要因素，并应用Grey DEMATEL方法进行影响因素因果关系分析，在此基础上进一步剖析国家级新区绿色增长能力建设内在机理。研究结果表明：法律法规完善性是影响国家级新区绿色增长能力建设的根本性动力因素，同时，也是新区绿色增长能力建设内在机理的重要外在驱动力。此外，当地居民环境意识也是影响国家级新区绿色增长能力建设的重要结果性因素，而企业绿色管理实践、绿色技术进步与创新能力作为重要的关键性因素，对国家级新区绿色增长能力作用显著，是国家级新区绿色增长能力建设的重要内在驱动力。     

COMMUNICATION ABOUT FUTURE POLICY RATES IN THEORY AND PRACTICE: A SURVEY

We discuss the theoretical rationale for central bank communication about future policy rates, either as part of inflation targeting or in the form of forward guidance. We also summarize both actual central bank communication about future policy rates and empirical evidence on the effectiveness of these types of communication. We argue that there is a disconnect between the theory and practice of forward guidance, as theory assumes commitment on the part of the central bank, while in practice central banks generally do not commit. Future theoretical research on forward guidance should therefore take the absence of commitment by central banks into account.     

An examination of restaurant firm financing and the cost of borrowing

The use of debt is prevalent in the restaurant industry. While there have been numerous studies on restaurant capital structure, this study examines the relationship between firm performance and effective interest rate on debt used by restaurant firms. This study uses a sample of 56 publicly traded U.S. restaurant firms for the years 2012–2014. We examine the relationship between effective interest rates and firm performance as measured by approximate Tobin’s Q, return on assets, and return on equity. We find a significant and positive relationship between effective interest rates and return on equity.     

How can the word “NEW” evoke consumers' experiences of novelty and interest?

This paper examines the role advertising cues play in inducing subjective perceptions of product novelty and how they can evoke consumer interest toward an advertisement. Specifically, it uses behavioral and psychophysiological measures to: (1) investigate the effect of novelty cues on consumers’ subjective appraisal of novelty; (2) demonstrate that novelty cues may evoke the emotion of interest; and (3) differentiate the effect of the emotion of interest on liking and arousal. Across two experimental studies, we demonstrated that simply adding the word “new” in an advertisement increases behavioral (i.e., viewing duration) and psychophysiological responses (i.e., cardiac activity) of interest. However, the word “new” did not evoke liking and arousal. This suggests that novelty cues in an advertisement will make the consumers perceive the product to be novel and further evoke consumer interest.     

Does easing monetary policy increase financial instability?

This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policy and to the role of US monetary and regulatory policy in the run up to the Subprime mortgage crisis. There are two main results. First, interest rate rigidities in a monopolistic banking system increase the probability of a financial crisis (relative to the case of flexible interest rate) in response to contractionary shocks to the economy, while they act as automatic macro-prudential stabilizers in response to expansionary shocks. Second, when the interest rate is the only available instrument, monetary policy faces a trade-off between macroeconomic and financial stability. This trade off is both qualitative and quantitative in response to contractionary shocks, while it is only quantitative in response to positive shocks. We show that a second instrument, such as a Pigouvian tax on credit to households on the demand side of the market, is needed to restore efficiency in the economy when both frictions are at work.     

企业价值评估贴现模型的比较分析

贴现模型是企业价值评估中应用较为普遍的模型,但在我国实践中使用贴现模型存在很多问题。本文利用自由现金流量贴现法、调整现值法、经济利润贴现法三种常用的方法,探讨贴现模型不同参数指标的原理、使用原则、使用条件及在我国实践中的适应性,希望讨论能够为企业价值评估实务提供指导和帮助。     

中国的增加值率为什么会出现下降？——基于非竞争型投入产出框架的视角

中国经济在快速增长同时，新增价值在产出中比例不断下降。本文在非竞争型投入产出框架下，分别运用结构分解方法和迪氏指数分解方法，从不同的角度对中国的增加值率1987—2007年下降的现象进行研究。结果表明，在研究期间中国增加值率从1987年的0．480下降到2007年的0．323，下降幅度达到32．63％。从行业结构角度来看，中国增加值率的下降与我国产业结构的两次变迁有关，是工业化进程中不可避免的结果；从最终需求角度分析，初次投入结构变动以及生产过程中进口中间品比例增加是导致增加值率下降的主要原因。最后，本文还结合分析结果对提高中国经济增长质量提供了相关建议。