中国基金管理公司的所有权结构与绩效

本文探讨中国基金管理公司的所有权结构对其所管理基金的整体业绩的影响.我们以所有权结构与企业经营业绩的一般理论为基础,将基金管理公司作为特定的企业类型和研究对象,提出关于所有权类型和控股程度的假设,使用1999年至2010年我国基金管理公司的面板数据进行计量检验.我们发现,中外合资的基金管理公司业绩总体优于纯中资背景的基金管理公司,但是外资比例不宜过大;绝对控股的基金管理公司比相对控股和股权分散的基金管理公司业绩更优,然而控股股东的类型对业绩没有明显影响.我们根据这些发现提出了若干实践启示.     

中国旅游制度变迁机制及其理论体系构建研究——基于新博弈格局视角

回顾中国旅游业发展历程可以发现,中央政府与地方政府这一对博弈主体之间关系及行为的变化深刻地影响着我国旅游业的发展与演化历程。而现有旅游制度研究当中大多以未明晰的“政府”主体与微观主体之间的二元博弈分析则存在着理论缺陷,它忽视了我国“地方政府”作为一个客观存在的博弈主体在与“中央政府”、“微观主体”之间进行动态博弈与旅游制度设计过程中所起到的关键性作用。基于上述认识,文章以地方政府经营旅游业原动力为出发点,分析我国自改革开放以来旅游业及其制度演变历程,从时空角度动态审视中央政府与地方政府这一对利益主体博弈关系的演化过程、展示其关系的演化轨迹、逻辑内涵与实质,并基于此初步提出构建旅游地多元博弈模型与适应性管理制度理论研究体系。     

协调发展战略下地方政府合作的动力机制探析--以深汕特别合作区为例

党的十九大报告首次提出区域协调发展战略,要求各地充分发挥比较优势,加强政府间合作,着力解决区域发展不平衡不充分的问题。深汕合作区正是实施这一战略的典型代表。其中,政府的战略政策导向、经济全球化、区域一体化和非政府组织的发展是合作区得以形成的主要外部动力;区域协调发展、产业结构调整、官员升迁诉求是内部动力。但是,在合作区发展的过程中也存在一定的阻力。如地方保护主义的抬头、利益博弈、市场运作的行政化。因此,为促进地方政府间良性合作,应不断强化合作的正向激励,降低合作的阻力,保证区域府际合作的长久性。     

Local banking and local economic growth in Italy: some panel evidence

This article provides new evidence on the contribution of local banking to local economic growth (i.e. at county level – the Italian ‘province’) in Italy. A comprehensive data set is used, which includes control variables for social capital and human capital as well as indicators of the quality of local infrastructures and the production structure of the local economy. A linear within-estimator technique with fixed effects is applied to a modified version of the so-called Barro regression in order to address the well-known econometric issues of reverse causality and estimation bias resulting from unobserved district-specific influences.     

Institutional investors and international investments in emerging economy firms: A behavioral risk perspective

While the extant literature has examined the influence of controlling and non-controlling principals on the internationalization decisions of emerging market firms, heterogeneity among non-controlling principals is largely ignored. The risk characteristics of different groups of owners, shaped by their institutional environments, could contribute to the differences in their preferences for firm internationalization. In this paper, we draw insights from institutional theory and behavioral risk perspective to examine the risk propensities and risk perceptions of various non-controlling principals, such as pressure-resistant (FIIs and mutual funds) and pressure-sensitive (banks, insurance companies and lending institutions) institutional investors. Empirical results from a sample of 2364 unique Indian firms during the 2005–2014 time-period show that, after controlling for firm-level resources and capabilities identified in prior literature, the ownership share of different types of institutional investors is associated with firms’ international investments differently. While pressure-sensitive institutional investors, such as banks and insurance companies, are not supportive of foreign investments by firms, pressure-resistant institutional investors, such as FIIs and mutual funds, are supportive of this strategic decision. Furthermore, our results show that the family ownership in a firm (measured in terms of family shareholding) further lowers the preference of pressure sensitive institutional investors for internationalization, whereas family ownership positively moderates the pressure resistant investors towards internationalization.     

现金股利、股权结构和组织特征:一个Logistic分析

本文以763家上海证券交易所A股上市公司2003年的横截面数据为观察值,运用logistic回归分析分别考察了股权结构和组织特征对现金股利发放概率的实证影响。本文发现,股权结构(第一大股东持股、前二大股东持股和前三大股东持股)对现金股利发放概率具有显著的正向影响。公司各项组织特征(成长性机会、每股收益、每股留存盈余、资产规模和财务杠杆)也对现金股利发放概率具有显著的影响。本文的结论支持自由现金流假说。     

Have the Mobile Coupon Preferences of Millennials Changed?

ABSTRACT

In 2007, the authors delivered a web-based survey to a sampling frame of 18 to 30 year olds. Choice-based conjoint analysis was used to determine their local coupon preferences. The findings indicated that Millennials, in general, were resistant to receiving coupons for local businesses through their cell phones. In this article, the same survey was delivered to a sampling frame of Millennials in 2014. Choice-based conjoint analysis was again used to examine the couponing preferences of Millennials and statistical analysis was conducted to determine if these preferences have significantly changed over the last seven years.     

The Role of Ownership in Managing Interfirm Opportunism: A Dyadic Study

We extend research on transaction cost theory that shows that vertical integration enables firms to protect their investments in exchange relationships better than market mechanisms. However, extant research finds ownership to exacerbate, rather than limit, exchange partner opportunism. Hence, the purpose of this study is to investigate conditions under which ownership can be effective for constraining an exchange partner's opportunism. Using matched dyadic data for 296 hotel brands, we conduct multi-level hierarchical linear modeling and identify conditions under which common ownership limits hotel opportunism. Findings indicate that ownership can limit hotel opportunism when brand headquarters can easily monitor the hotel's activities.     

Environmental Multi‐dimensionality and Staff Localization in Multinational Enterprises: The Case of Korean Firms

The person–environment fit theory posits that the term “environment” can be defined at different levels. This study delineates two environmental dimensions (strategic and organizational) and empirically examines the potential moderating effects of two strategic factors (intra‐ and inter‐regional diversification) on the relationship between two organizational factors (subsidiary ownership and host‐country experience) and MNE subsidiary staffing composition. The results indicate that strategic and organizational dimensions have impacts on subsidiary staffing composition. This study also finds that the interaction effects between strategic and organizational factors are significant only when there is congruence between demands from different environmental dimensions.     

混合所有制改革、国有股比例与企业价值

本文选取2014～2019年我国A股国有上市公司为研究对象,探讨了混合所有制改革与国有股比例对企业价值的影响。结果表明,实行了混合所有制改革的国有企业,其企业价值会显著提高,国有股比例与企业价值之间存在倒\"U\"型关系,进行混合所有制改革的国有企业的国有股比例存在阈值效应,且阈值为28.65%。因此,政府需继续鼓励非国有资本积极参与混合所有制改革,充分遵循市场化原则,推进国有企业去行政化;国有企业需设置合理的股权结构,完善公司法人治理结构,建立有效的内部制衡机制。