How much equity capital did the Tokyo Stock Exchange really raise?

Even though the channelling of equity capital from savers to listed firms is one of the primary functions of a stock market, not much effort has been devoted to the problem of measuring the phenomenon. External equity financing, traditionally associated with the issue of new shares, depends also on the sale of already issued shares. This additional form of collection of equity capital becomes relevant when the firms of the market are connected by cross-shareholdings (as in Japan): the phenomenon of equity carve-out is a relevant example of equity financing obtained through the sale of existing shares. The paper presents a model for computing the equity capital raised by companies listed in a given stock exchange over a specified period of time, which is non trivial when firms are connected by cross-shareholdings. A numerical computation of the net amount of equity financing in the Tokyo Stock Exchange in the period 1971–1992 is reported: it shows that the net (or true) measure is significantly different and, in most cases, lower than the conventional one.     

后配额时代中国纺织企业发展战略研究

在分析中国纺织企业发展现状的基础上,依据波特提出的三种竞争战略:总成本领先战略、标歧立异战略和目标集聚战略,提出中国纺织企业在后配额时代的发展途径:产业集群、自主品牌建设和开发功能性纤维产品。     

论民营企业的品牌建设

以品牌的无形资产经营是最高级的经营。本文对我国民企品牌建设的现状进行了分析,并对民企品牌建设的途径提出了建议。     

Preference aggregation and repeat buying in households

Marketing researchers have long used brand switching analyses and Markov transition matrices to gain insights into managerial problems. Almost without exception, this work makes (inappropriate) inferences about individual consumers by analyzing household-level data. This paper presents a procedure based on the distribution of run lengths in household level panel data that allows more insights into the choice behavior of the individuals in the household. We test these procedures in a large simulation study by attempting to recover the underlying (known) structure of the process generating a string of panel data. Finally, we use the procedure to classify the purchase behavior, with respect to powdered soft drinks, of a set of households in a panel. Our results show that marketing scientists have the potential to learn and test more hypotheses about the individuals in a household by examining the distribution of run lengths.We gratefully acknowledge Professor Bari Harlam of the University of Rhode Island for providing the panel data.     

International issues in entrepreneurship

In recent decades, there has been a substantial increase in private and public investment in entrepreneurship. This trend has important managerial, financial, and public policy implications. There is also considerable interest in understanding the financial practices of early stage companies. The recent global resurgence of leveraged buyouts and the concomitant rise of “private equity” markets have also heightened interest in entrepreneurship (e.g., Cumming et al. 2007). In this essay, we provide focused summaries of the papers in this special issue, which address these issues.      

深化分配制度改革的几个理论问题

在深化分配制度改革中，有几个重要的理论问题值得探讨。首先，按劳分配在社会实践中出现理论和实践的矛盾，必须清除平均主义思想影响，结合社会主义市场经济的实际来落实按劳分配原则。其次，高级管理劳动是一种稀缺资源，优秀管理人才应当高薪聘用。第三，资本参与分配是由生产力发展水平所决定的，社会主义的发晨过程是从允许剥削让生产力获得高度发展，从而最终达到消灭剥削的过程。第四，效率与公平存在着矛盾统一的相互关系，正确处理二关系对于理顺分配关系非常重要。     

义务教育均衡发展的教育政策走向

义务教育均衡发展是科学发展观的指导思想在义务教育发展目标上的体现，我国当前义务教育不均衡现象比较严重，要实现义务教育均衡发展，必须把解决教育机会均等放在首位，形成城乡统一的义务教育普惠制，并实现教育资源投入的公平，建构义务教育均衡发展的标准和评价体系。     

互联网股权众筹多元化退出机制的完善

互联网股权众筹经历了迅猛发展后,于2016年开始步入寒冬,而退出机制障碍是导致行业萎靡的重要原因,具体来说有途径障碍、市场障碍与规则障碍三个方面。在对境外包括美国与台湾地区的相关法律规范和实践经验进行分析的基础上,我国互联网股权众筹可以从完善现有退出途径、构建多层次场外交易市场以及制定并完善股权众筹退出规则三个方面对退出机制进行完善,以期形成进出有序的股权众筹资本市场。     

Diversification strategies and failure rates in the Texas lodging industry: Franchised versus company-operated hotels

This research examines the relationship between geographic, brand, and segment diversification and hotel failure rates based on ownership structure, i.e. franchised and company-operated hotels, in the Texas lodging industry. Literature on diversification strategies is mainly based on financial measures of performance and offers mixed results; only few studies have assessed firm failure rates directly based on distinct diversification strategies at the establishment level. The performance outcomes are significantly heterogeneous not only based on the strategies, but also on the ownership structures, which are yet to be examined. Using data from the Texas Comptroller of Public Accounts from 2000 to 2018, a semi-parametric Cox proportional hazard model is estimated, and the findings reveal that failure rates are not significantly tied to particular types of diversification and ownership structures. This research provides insights on hotel diversification strategies and their relative dominance on hotel failure rates based on franchised and company-operated hotels.     

略谈消费者行为的定性调查与定量调查

消费行为调查包括定性调查和定量调查。由于消费行为具体表现为品牌认知、使用行为、购买行为和品牌评价四个方面，从而消费行为的定性调查与定量调查也主要从这四个方面来进行。