移动支付与第三方支付市场业务多元化发展战略

银联和第三方支付平台围绕线上与线下的支付业务,纷纷开始涉足新的支付领域,相互渗透,展开竞争,他们都已经将多元化确定为自己未来的发展方向;而移动支付凭借其独有优势,取得了业务规模的爆发式增长,吸引银联和第三方支付平台将业务多元化发展战略推广到移动支付市场;本文对移动支付的基本情况进行了概述,并指出了移动支付自身独有的优势和移动支付市场目前存在的一些问题,提出了相应的解决对策。     

中国特色先进国防科技工业体系内涵与实现路径

中国特色先进国防科技工业体系是由“国防科技研发—武器装备生产—制度环境”三大核心要素相互耦合而成的共生系统。党的领导是中国特色先进国防科技工业的“特色”之处,“先进性”体现在国防科技工业体系开放程度高、运行高效、布局合理、结构优化等方面,并且具有军民融合、创新驱动、绿色环保、动态调整的特点。构建中国特色先进国防科技工业体系,要从现有国防科技工业体系与目标体系的差距入手,综合运用市场和政府两种手段,针对市场准入、产业结构和布局调整、军工企业改革、鼓励创新与军民融合等方面进行综合设计。     

Diversification,corporate governance and firm value in small markets: evidence from New Zealand

We find that diversified firms in New Zealand are associated with a value discount of 19–42 per cent relative to single‐segment (undiversified) firms. Although several competing explanations have been offered in the literature, we find that the strength of corporate governance explains between 15–21 per cent of this discount. Specifically, board size, busyness of directors, CEO ownership and whether or not compensation of directors includes equity‐based components collectively explain a large part of the reported discount. Our results from companies trading in New Zealand complement recent findings in the US by not only confirming the existence of a diversification discount but also emphasizing the role of poor governance in destroying shareholder wealth by pursuing a value‐destroying corporate strategy. All our results hold after controlling for potential endogeneity in the decision to diversify and the choice of corporate governance structure by employing two‐way fixed‐effects and dynamic‐panel generalized method of moments regression techniques.     

基于市场化资金渠道的普通高校筹资问题探讨

目前,教育经费的严重短缺已成为制约我国高校发展的一个关键因素,而普通高校的筹资渠道基本集中在财政拨款、学费收入和银行贷款上,高等教育的准公共产品性质、高校主体地位的变化决定了高校筹资必须走多样化道路。本文在分析普通高校多元化筹资方式的基础上,强调在筹资时应注意考虑筹资成本、优化筹资渠道、规避筹资风险以及选择最佳筹资时机,以保证我国高等教育健康、稳定的发展。     

The effects of revenue diversification and cross border banking on risk and return of banks in Africa

The paper analyses the implications of revenue diversification and cross-border banking for risk and return. We sample 320 banks across 29 African countries and employ System GMM estimator as a methodological approach to shed further light on the diversification-stability nexus by examining the complex interaction between three key variables: cross-border banking, diversification and bank stability. The results suggest that exploration risk reduces diversification as the level of capital increases when banks cross border to diversify across revenue generating activities. Our analyses further show that, banks in Africa derive absolute benefits from diversification if they cross border and diversify their revenue base concurrently. These results are robust to a range of controls including alternative variable specifications, regulatory environment that bank operate and methodology.     

The choice of tax base by local authorities: voter preferences, special interest groups, and tax base diversification

We analyze local jurisdictions’ behaviors when selecting the type of tax levied in support of local services. Our analysis focuses on taxes that must be approved by voters. Taxes differ in their incidence; thus, even when proposed revenue amounts are held constant, voting patterns and the aggregate level of voter support differ among potential revenue sources. We use a general model of political cost minimization to derive three hypotheses about local tax authorities’ behaviors. Using Ohio school district data, we find that the expected probability of passage is a highly important determinant of tax choice. Further, there is evidence that special interest groups wield influence greater than their direct impact on voting behavior, and evidence that tax authorities attempt to diversify their tax structure.     

美国国防工业“军转民”研究

美国是世界第一军工大国 ,但在“军转民”问题上却十分慎重。战后美国“军转民”经历了四个阶段 ,通常采用“经济转产”、“经济调整”和“多种经营”三种方式实施“军转民”。美国“军转民”的核心内容是推行技术再投资计划 ,发展军民两用技术 ,重视把军事高科技向民用领域转移。美国“军转民”的经验教训值得借鉴     

Bank capital regulation, diversification loss and the probability of bank failure

This paper investigates the effect of bank capital regulation on the probability of bank failure. Utilizing a two-parameter approach, it is shown that the relationship between bank capital ratio and probability of bank failure is not necessarily negative, and that capital ratio regulation may increase the probability of bank failure. This is because an increase in bank capital ratio may lead to diversification loss via a decrease in the number of borrowers to which a bank offers loans.     

Explaining business groups started by habitual entrepreneurs in the Italian manufacturing sector

The technical (plant) and legal (company) units normally used in official statistics do not take into consideration the phenomenon of business groups: i.e. sets of companies controlled by the same entrepreneur. The main aims of this paper are to assess the presence of such groups in the Italian small firm manufacturing sector and to examine the causes of their formation. Two data sets are used: the first is a representative sample of Italian manufacturing firms while the second is a small sample of groups localized in the Region of the Marches. They show that groups are widely present among small and medium-sized enterprises (SMEs). Starting from the premise that the group is the result of the expansion of activities controlled by the same entrepreneur, this paper reports a first attempt to discriminate among three alternative propositions regarding the causes of such growth and the reasons for the adoption of the group form: (1) as the result of the firm's growth policy; (2) as the result of entrepreneurial dynamics; and (3) as the result of the capital accumulation process on the part of the entrepreneur or his/her family. The empirical analysis on the whole favours the first hypothesis.     

The impact of supply-side electronic integration on customer service performance

Although information technologies have been expected to directly enhance firm performance in specific value chain activities (e.g., supplier performance or customer service performance), their advanced capabilities offer the promise of organizational integration and spill-over benefits. Enterprise systems provide firms with platforms for electronically integrating their supplier and demand chain activities. Spill-over benefits refer to the impacts that occur when IT investments in one organizational domain benefit performance in a different value chain side of the firm. Supply-side electronic integration (SEI) refers to the use of electronic means to integrate the exchange of information and transactions with suppliers through enterprise systems. In our research, we examine whether SEI generates spill-over effects on customer service performance, over and beyond firms’ direct investments in customer-side digitization. We also examine whether structural attributes of the firm (e.g., vertical integration, diversification, and centralization) moderate the effects of supply-side electronic integration on customer service performance. Our analysis of a secondary dataset of InformationWeek 500 firms shows that SEI helps firms realize cost-savings in their customer service performance, especially if they are less vertically integrated. In addition, SEI investments help diversified and centralized firms achieve cross-selling with their customers. We also find that SEI is more likely to help decentralized and diversified firms achieve customization in their customer service activities. These results suggest that SEI helps firms achieve twin goals in customer service: cost reduction and revenue expansion. Overall, our research reveals how supply-side electronic integration could generate benefits in customer service performance in firms.