我国缺失国际能源定价权的原因和对策分析

贸易摩擦和能源革命正驱动国际能源市场格局悄然发生变化,能源安全再一次成为各国关注的焦点.作为能源进口大国和隐含能源净出口大国,我国由于缺失国际能源定价权经常被动接受"中国溢价"而蒙受巨大损失.研究发现,我国缺失国际能源定价权的原因主要在于能源期货市场发展滞后,能源战略储备不足,人民币国际化程度较低,行业垄断度较高.面对...     

国防工业军民融合发展国际化：路径与实现

国防工业军民融合发展国际化是发达国家国防工业发展的普遍做法。从已有研究成果看，学界尚未就国防工业军民融合发展国际化问题进行专门系统的研究。依据学界对国际化和军民融合发展的理解，界定国防工业军民融合发展国际化基本内涵，在此基础上将国防工业军民融合发展国际化基本路径区分为国防工业军民融合发展“引进来”和“走出去”，揭示军用民用产品跨国贸易、军民品跨国研制生产、军事民用领域跨国投资、军民领域跨国经济合作、军民标准运用跨国对接、军工民用企业跨国联盟等国防工业军民融合发展国际化实现形式的内涵机理。推进国防工业军民融合发展国际化，有助于更好地利用国内外军民两种资源优势、发挥国内外军民两个市场作用，从而加快国防工业军民融合深度发展,提高国防工业发展质量效应。     

New venture adaptation in international markets: A goal orientation theory perspective

This study uses goal orientation theory to investigate why managers of international new ventures make adaptations to markets served, entry modes used, and the organization. We use the case method to identify the international adaptation behaviours of six new ventures and managers’ explanations regarding those adaptations. We infer two different profiles of managerial goal orientation. The goal orientation associated with proving one’s competence is common across managers, but firms only pursue international adaptation if their managers also hold a learning goal orientation. In contrast, if managers have the goal orientation associated with avoiding failure, firm-level adaptation is not apparent.     

The Impact of the home country on internationalization

We analyze how a firm’s home country influences its internationalization. We propose two complementary types of influence. First, we conceptualize a firm’s international trade as shaped by four drivers: comparative advantage, comparative disadvantage, country-of-origin advantage, and country-of-origin liability. Second, we conceptualize the firm’s foreign direct investment as shaped by four other drivers: institutional learning, competitive learning, institutional escape, and competitive escape. Taken together, these eight drivers help pull together recent theoretical advances on topics such as emerging-market multinationals, investment in tax havens, and cross-border acquisitions of firms in advanced countries. We also highlight other home-country related issues, such as strategic responses and home-host country links, in the spirit of fostering future research on home-country effects that warrant a more nuanced understanding.     

负利率对银行净息差影响机制研究——基于欧洲主要上市银行的经验证据

净息差是反映银行经营效率的重要指标,负利率政策的实施对银行业净息差产生了显著的负面影响。基于2004—2017年欧洲负利率地区102家主要上市银行的年度非平衡面板数据,本文对负利率环境下银行净息差的调整机制进行了深入研究。研究结果表明:(1)政策利率降低(提高)会带动银行净息差下降(上升);(2)负利率环境下,银行净息差对政策利率调整,尤其是利率下调的敏感性明显增强;(3)不同特质性银行净息差对政策利率调整的敏感性存在明显差异,规模较大、国际化程度较高银行的净息差对政策利率变动的敏感性较低,以利息收入、零售业务为主银行的净息差对政策利率变动较为敏感。本文的研究丰富了负利率政策传导机制及影响领域的相关成果,探讨了负利率环境下不同特质性银行行为调整差异,为商业银行做好负利率环境下的息差管理提供了客观依据。     

To elevate or to duplicate? Experiential learning,host-country institutions,and MNE post-entry commitment increase

A multinational enterprise’s (MNE) decision to commit more resources to a host country operation is a key aspect of internationalization. MNEs can change their foreign operation mode in several ways in order to increase host-country commitment after initial entry, but existing theory on mode changes provides little guidance on what drives MNEs to increase commitment in a certain way over another. In this paper, we differentiate between mode duplication, whereby an MNE replicates an existing operation mode in a host country, and mode elevation, whereby an MNE establishes a new, different mode of operation either in lieu of or in addition to an existing one. We subsequently leverage learning theory to argue that both deeper international experience and broader international experience increase the likelihood of implementing a mode elevation rather than a mode duplication due to the higher complexity of the former. We further argue that these relationships are not uniform across different levels of host-country institutional quality. We test our hypotheses in a primary dataset of 80 Austrian MNEs implementing 527 mode changes while internationalizing into 21 countries in Central and Eastern Europe over 24 years, and find support for our theory. Overall, this study contributes to the international business literature on mode changes by offering theory and evidence regarding the drivers of whether an MNE increases foreign commitment by establishing a new operation mode or by duplicating an existing one in a host country.     

Motivation of internationalization and a moderating role of environmental conditions in the hospitality industry

As internationalization has been widely implemented throughout the tourism industry, it is important to understand what motivates a firm to internationalize its business. Thus, this study examines the motivation for internationalization based on the neoinstitutional theory. This study employs a hierarchical linear modeling (HLM) to test the proposed hypotheses, using the annual firm-level data of the tourism industry, and finds that tourism firms including casinos, hotels, and restaurants are demotivated to diversify their international expansion into different countries as their competitors increase the scope of countries in which they operate. However, if a firm perceives its competitors as speeding up the process of internationalization, that firm will also increase the pace of internationalization. In addition, this relationship between competitors and focal firms' internationalization varies according to environmental conditions (i.e., dynamism, complexity, and munificence). The findings of the study contribute to the internationalization and tourism literature.     

What and how do SMEs gain by going international? A longitudinal investigation of financial and intellectual resource growth

This study examines the accumulation of financial and intellectual resources of U.S.-based biopharmaceutical SMEs. We find that internationalized SMEs experience better financial resource growth than domestic market-focused SMEs only in the long run. While international expansion per se does not enable SMEs to accumulate more intellectual resources than via domestic expansion, it exerts a positive impact over time for SMEs with strong alliance capabilities. Moreover, we show that alliance capabilities are more important than in-house technological capabilities for key resource accumulation of internationalized SMEs over time. Our results infer that SMEs gain the benefits of resource exploration via international expansion.     

Bifurcation bias and exporting: Can foreign work experience be an answer? Insight from European family SMEs

We develop hypotheses from a “bifurcation bias” approach involving the asymmetric treatment of family and nonfamily assets, and we test them on a sample of 6893 European family SMEs. Our findings reveal two asymmetries relating to actions designed to reduce bifurcation bias. First, exporting is indeed positively associated with the presence of outside owners and managers, and from the interaction between them. However, this interaction replaces any separate positive impact from outside ownership. Second, the international work experience of managers has a positive impact on exporting, but this experience seems relevant only in the case of firms with family-managers only.     

Home country uncertainty and the internationalization-performance relationship: Building an uncertainty management capability

We analyze the impact of home country uncertainty on the internationalization-performance relationship of emerging market firms. Building on organizational learning theory and the institutional approach, we argue that internationalization has a positive impact on the performance of emerging market firms, and that this relationship is strengthened for firms based in emerging countries with higher corruption and political risk. The reason is that by being exposed to high levels of home country uncertainty in the form of political risk and corruption, firms develop an uncertainty management capability at home that helps them face the challenges of internationalization better. We also propose that this uncertainty management capability helps emerging market firms perform better outside of their home region. We test our arguments on a sample of 536 firms from Argentina, Brazil, Chile, and Peru.