Emerging versus advanced country MNEs investing in Europe: A typology of subsidiary global–local connections

This paper empirically investigates how subsidiaries of multinationals from both emerging (EMNEs) and advanced (AMNEs) economies investing in Europe learn from the local context and contribute to it as much as they benefit from it. To explore this we classify the behavior of MNE subsidiaries into different typologies on the basis of how knowledge is transferred within the multinational and on the nature of the local innovative connections. The empirical analysis relies on an entirely new, subsidiary-level dataset in the industrial machinery sector in Italy and Germany. Results show that EMNEs and AMNEs undertake different strategies for tapping into local knowledge and for transferring it within the company. We identify a new typology of EMNE subsidiary that contributes through its significant local innovative efforts to development processes in the host country. This result suggests possible win-win situations from which novel policy implications may be drawn.     

Consumer Brand Marketing through Full- and Self-Service Channels in an Emerging Economy

A unique characteristic of emerging economies is the wide variety of dominant channel formats. We evaluate the influence of a brand's marketing mix on channel partners and consumer sales in both full and self-service channels in one emerging economy (Brazil). We use monthly stock-keeping-unit (SKU) level sales, and marketing mix data from the beverage category in southeastern Brazil spanning more than four years. In this study, we specify a panel vector autoregression framework with error decomposition to account for endogeneity between sales and marketing mix, cross-sectional heterogeneity among SKUs, seasonality, and the different aggregation of marketing mix elements across the channels. The results show that structural differences in these channels cause differences in the responses to some of the manufacturers' marketing mix elements. Package size variety, price and merchandising have a greater long-term effect on sales in self-service than in full-service channels. Brands' channel relationship programs support price increases in self-service channels without a corresponding decrease in sales. Distribution gains are important in both channels. In the full-service channel, package size variety has the highest long-term effect among all of the modeled marketing mix elements. Our study highlights that marketing mix strategies popular in the self-service dominant channels of the developed economies are not as effective in the full-service formats that remain important in emerging economies.     

非线性、分形与期锌市场价格

从非线性角度研究期锌市场,运用R/S分析法对期锌市场进行分析,发现期锌市场的Hurst指数为0.6183,其价格收益率序列是分维时间序列,具有分形结构,维数为1.6174。期锌市场的平均周期长度为176天,具有强持续性和相关性。关联系数为19.47%,远远大于国外相关市场。在风险方面,期锌市场的风险比期铜市场的要小,而比股票市场的风险要大。     

关于金融支持战略性新兴产业问题的调查与思考

战略性新兴产业对提升产业水平和市场竞争力,拉动经济长期可持续增长意义重大,金融作为现代经济的核心,对战略性新兴产业做大做强更具有催化效应。通过对吉林省金融支持战略性新兴产业情况进行深入调研,我们发现：吉林省金融支持战略性新兴产业的力度在不断加大,金融产品和服务创新步伐在不断加快,但制约金融支持的内外部因素仍需多方合力予以破解。     

中国与其他新兴市场国家银行业的汇率风险比较——基于银行资产负债表构成的视角

本文分析了中国上市银行汇兑损益的影响因素,在比较中国与其他新兴市场国家银行业汇率风险后发现,二者在形成机理和方向上存在显著差异,这种差异首先源于银行资产负债表构成的不同,而储蓄率和对短期流入资本的监管等制度性因素则是造成中国与其他新兴市场国家银行业汇率风险截然不同的深层次原因。本文认为,应继续坚持银行业的对外开放,增强中国银行业的国际竞争力;适时打破人民币升值的单边预期,降低银行汇率风险,加快人民币国际化进程;考虑采取临时性资本管制措施,积极推动外汇衍生品市场的建立;适当降低中国的高储蓄率,改变传统的高投资、粗放型经济增长模式。     

2010年我国金融运行状况评析与2011年展望

2010年我国宏观经济运行态势总体良好,金融体系保持稳定.2011年,我国宏观经济平稳发展态势将会持续,货币政策将会在处理好保持经济平稳较快发展、调整经济结构和管理通胀预期关系的基础上,提高针对性和灵活性,金融体制改革将继续深化.本文从货币信贷、金融机构、金融市场三个层面描述2010年我国金融运行概貌,结合宏观经济形势,评析我国总体金融环境和金融发展状况,并在此基础上,根据相关影响因素的演化,展望2011年金融运行的基本态势.     

Evaluating innovation networks in emerging technologies

Interorganisational innovation networks are increasingly important for innovation in emerging technology fields. The performance of such networks can have a large impact on the future development of emerging technologies. A useful framework for the evaluation of innovation networks however does not yet exist. In this paper, such a framework is developed, using elements of the social network analysis literature and the resource-based view. This framework is subsequently applied to compare two policy-driven innovation networks: 1) the Center for Translational Molecular Medicine; and 2) the BioMedical Materials program. Based on this first empirical exploration of the framework implications for management and further policy development are formulated.     

银行关系、政治联系与民营企业贷款——来自中国民营上市公司的经验证据

本文以1990-2008年间非金融类民营上市公司为样本,检验银行关系和政治联系是否影响银行贷款。研究结果发现,那些聘请了现在或曾经在银行工作的人士担任总经理或董事的企业能够获得更多的银行贷款。但是,在没有银行关系的民营企业中,政治联系并不能促进企业获得更多的银行贷款。同时建立政治联系和银行关系的企业也没有能够比只建立其中一种关系的企业获得更多的银行贷款。这些结论表明,在中国基于非正式的关系确实可以给受到融资约束的民营企业带来银行贷款方面的融资便利。其中,银行关系相对于政治联系是一种更为普遍和有效的非正式关系。     

依靠人才与创新推动产业发展——浅析2010年日本九州地区科技发展状况

九州地区是日本国联系东亚国家的门户,它与中国的交往源于鉴真大师东渡日本时期。福冈是该地区的经济技术、商业服务中心,为日本的第四大城市。近年来,提出了构建知识经济都市的新成长战略,致力于引进和培养国际化人才和创新人才,发展高新技术和低碳经济,在下一代氢能源、太阳能的利用,氢燃料汽车的开发,半导体产业集群,机器人和超小型卫星研制,生物技术、环保技术等方面位居世界前列。本文简要介绍和分析了2010年九州地区的科技发展动态以及对我国科技产业发展的启示。