商业模式选择与新兴资本配置研究——基于企业成长视角

在新经济环境下,技术、信息与知识已开始取代传统人、财、物要素,成为企业成长的根本动力。商业模式是连接新兴资本与企业成长的桥梁和纽带。按照所选择的核心战略资本,商业模式可分为技术主导、信息主导与知识主导3种类型。基于企业不同成长阶段,分析了商业模式选择与新兴资本的配置问题。     

Business group affiliation and SMEs’ international sales intensity and diversification: A multi-country study

This study examines the impact of business group (BG) affiliation on international sales intensity and diversification in small and medium-sized enterprises (SMEs) by using a multi-country sample of over 13,000 SMEs from 34 European countries. Drawing on the revised Uppsala internationalization model and network theory, this paper suggests that the effects of BG affiliation on international sales intensity and diversification depend on the geographical dispersion of the BG network ties, the size and the age of the firm, and the institutional support in the home country. Thus, we find that interfirm networks in the form of BGs are a double-edged sword that can have both favorable and unfavorable consequences for international sales, depending on the geographical dispersion of the BG’s ties. In addition, the results reveal that BG affiliation is more beneficial for smaller SMEs and SMEs in countries with lower institutional support that are more dependent on the network resources embedded within BG networks.     

Venture capital or private equity? The Asian experience

Venture capital in Asia has exhibited remarkable growth over the last two decades. Researchers and practitioners have, however, expressed doubts as to whether what is being reported as venture capital in Asia can really be classified as such. Authors of scholarly studies often avoid this debate and, consequently, fail to caution readers about the applicability of their research findings. Through an exploration of the history, development, and composition of venture capital in Asia, this article not only confirms significant differences between Asian and traditional venture capital, but also finds that venture capital in Asia differs little from what is commonly called private equity. As such, a need exists within the venture capital literature to recognize this peculiarity of the Asian venture capital market. Moreover, venture capitalists considering expansion into Asia must comprehend the nature of the Asian market in order to avoid disillusionment and frustrations which may result from inadequate understanding.     

The effect of experience and absorptive capacity on foreign market knowledge

Learning about foreign markets often occurs through collaboration with other firms who have this knowledge. In this paper, we focus on one aspect of foreign market knowledge, which is the knowledge a partner in a dyadic relationship, has of the other partner and of their respective business network relationships. The concept ‘absorptive capacity’ [Admin. Sci. Q. 35 (1990) 128] is used to describe the firm’s ability to use its prior related knowledge and diverse background to identify the value of new information and to develop this into something creative. We develop and empirically test a model of how depth and diversity of experience affect absorptive capacity, and how this absorptive capacity affects the way a lack of foreign market knowledge is perceived as an obstacle in carrying out the ongoing business activity.The results show that the lack of foreign market knowledge in the ongoing business is determined both by the firm’s absorptive capacity generated in dyadic relationships with foreign customers and the customer’s network. The dyadic and network absorptive capacities, however, appear to be used differently in the ongoing business. Dyadic absorptive capacity seems to decrease the lack of foreign market knowledge, whereas customer network absorptive capacity seems to increase it.     

Bayesian estimation of an open economy DSGE model with incomplete pass-through

In this paper, we develop a dynamic stochastic general equilibrium (DSGE) model for an open economy, and estimate it on Euro area data using Bayesian estimation techniques. The model incorporates several open economy features, as well as a number of nominal and real frictions that have proven to be important for the empirical fit of closed economy models. The paper offers: i) a theoretical development of the standard DSGE model into an open economy setting, ii) Bayesian estimation of the model, including assessments of the relative importance of various shocks and frictions for explaining the dynamic development of an open economy, and iii) an evaluation of the model's empirical properties using standard validation methods.     

Information acquisition and export entry decisions in small firms

Consistently low usage of export promotion programs and incentives has been observed among small firms. This has led researchers to argue that these firms operate on a limited information basis and deprive themselves of cheap export market knowledge. This study disputes these conclusions and finds that small firms discriminately use alternative sources to acquire foreign market information and assistance. Furthermore, such information acquisition, irrespective of source, is found to have a substantive and significant association with new export market entry. The implications of these findings for government export policy, small firm decision makers, and export literature are explored.     

软件商业模式与操作系统的市场结构——Windows与Linux两种模式的比较研究

本文通过将网络外部性和产品纵向差异化引入传统的豪泰林模型，比较了Linux和Windows两种软件商业模式，进而研究了操作系统市场结构的决定因素和形成机理：在操作系统市场，软件厂商采取不同的商业模式竞争，不同的商业模式内生了软件厂商不同的竞争优势，从而在不同的操作系统市场呈现出双寡头竞争和单寡头垄断两种主要的市场结构。     

前海蛇口片区“十三五”跨境电商模式比较

本文阐述了广东自贸区前海蛇口片区跨境电商的发展现状,分析了“十三五”期间发展跨境电商的目标以及发展条件,探讨了五类跨境电商发展模式,就其模式内容、运营主体、服务对象、依托资源和创新潜力等进行比较分析,梳理了该区域发展跨境电商的逻辑关系与重点方向。     

Industrial firms' new product strategies

This research examines the impact of the firm's product innovation strategy on performance results. A total of 19 strategy dimensions were uncovered, which capture the specific elements of firms innovation strategies. Three dimensions of performance, independent of each other, were also identified and were found to be closely linked to the strategy adopted. For a high-impact new product program, an aggressive strategy emphasizing sophisticated technologies, heavy R&D spending, and a focused program was found appropriate. In contrast, a conservative strategy featuring avoidance of new markets and new product classes and a close synergy with the firm's technological resources resulted in a high success rate program. Finally, a high overall performance was the outcome of a balanced strategy: technologically aggressive, market oriented, and synergistic.     

Liquidity,exchange listing,and common stock performance

The liquidity of securities—the relationship between volume of trading and changes in market price—has won increasing recognition as an element of investment strategy in recent years. Relatively high liquidity is deemed to be a desirable characteristic of a stock, especially for the institutional investor, who typically trades in large volume. Thus, firms can generally be expected to seek means of enhancing the liquidity of their shares. One of the supposed means of accomplishing this is by listing one's stock on a national securities exchange. This paper examines the relationship of common stock liquidity to both exchange listing and price behavior during major up and down movements in the market. Our conceptual and empirical analyses indicate that liquidity is linked to price behavior; and we suggest that the view held by at least some corporate officers—that exchange listing increases liquidity—may be erroneous. More specifically, it appears that when the amount of firm capitalization is taken into account, exchange listing does not result in greater stock liquidity.