创业投资机构对其支持企业IPO抑价度的影响

本文介绍了国外关于创业投资机构如何影响企业IPO抑价度的主要理论,在此基础上以我国的中小企业板上市公司为研究对象,通过比较分析发现与非创投支持企业相比创投支持企业有着更高的抑价度,进一步地研究表明该现象可用Am it et.al.[1]提出的逆向选择理论来解释。     

改革现行会计委派制 建立会计代理制

对于国有企业(及国家机关部门和事业单位)来说,建立“外派”会计制度是内在的要求,应该坚持做好。“外派”会计是财务监督会计,与企业内部管理会计并行不悖。不过,现行的会计委派制确实增加了企业经理人员和委派会计人员或财务总监之间产生对立或合谋的可能性,某种意义上成为政府干预企业的新机制、新形式,这影响到会计委派制的实际效果。而由会计师事务所等中介服务机构来充当企业的财务总监的会计代理制却能较好地隔离政府与企业,并在两者之间形成适当的平衡。     

Does Gibrat's Law hold among young,small firms?

According to Gibrat's Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the examined period. Aimed at extending this line of investigation, the present paper uses quantile regression techniques to test whether Gibrat's Law holds for new entrants in a given industry: that is for new small firms in the early stage of their life cycle. The main finding is that for some selected industries in Italian manufacturing Gibrat's Law fails to hold in the years immediately following start-up, when smaller firms have to rush in order to achieve a size large enough to enhance their likelihood of survival. Conversely, in subsequent years the patterns of growth of new smaller firms do not differ significantly from those of larger entrants, and the Law therefore cannot be rejected.JEL Classification: L11, L60Previous versions of this paper were presented at the 27th Annual EARIE Conference (Lausanne, 7-10 September 2000) and at seminars held between 2000 and 2003 at the Economics Department of Harvard University, the Catholic University of Milan, the University of Ferrara, the University of Bologna, the Bank of Italy, and Athens University of Economics & Business. We would like to thank Carlo Bianchi, Giuseppe Colangelo, Giovanni Dosi, Steven Klepper (Editor), Stephen Martin, Ariel Pakes, Aman Ullah and, in particular, Helen Louri and two anonymous referees for their valuable comments on earlier drafts. Financial support from MIUR (Year 2000; protocol #MM13038538_001; project leader: E. Santarelli) is gratefully acknowledged.Correspondence to: E. Santarelly     

Free Entry under Uncertainty

When focusing on firm’s risk-aversion in industry equilibrium, the number of firms may be either larger or smaller when comparing market equilibrium with and without price uncertainty. In this paper, we introduce risk-averse firms under cost uncertainty in a model of spatial differentiation and show that the impact of uncertainty will increase the number of firms in an industry. With increased uncertainty, the risk premium of the marginal buyer increases by more than the risk premium of the average buyer, so that the price increases by more than the risk premium. When turning to the free entry game, we find that the market generates too many firms.     

用科学发展观推进国有企业的深化改革

必须用科学发展观指导国有企业的深化改革，否则难以实现国企改革的目标。当前深化国企改革的要点有三：一是国有企业改制和产权转让的规范化问题；二是改革的配套协调问题：三是政府转型问题。     

知识资本风险预警指标体系及其评价方法研究

知识资本是知识型企业生存发展的关键核心资源,其存在不确定性和风险性.从人力资本状态、技术资本状态、管理资本状态、市场资本状态和顾客资本状态5个方面构建了知识型企业知识资本风险预警指标体系;利用模糊评价方法对指标体系进行了分析;结合具体算例说明了模糊评价方法的可应用性.     

基于科技型中小企业群的区域经济竞争力研究

面对大量的非传统区域经济理论所能解释的区域经济发展实践,以及在现代区域经济发展中区位优势内涵的转变,从产业发展、技术创新与产业结构调整等方面分析了科技型中小企业群对区域经济竞争力的提升理论与作用,并且就科技型中小企业对区域经济竞争力提升机制作了阐述。     

信息网络对企业空间组织的影响

信息网络是信息社会的主要基础设施,本文从信息网络的概念、分类和形状入手,讨论了信息网络对企业区位和劳动空间分工的影响,并举例加以说明,最后对地理学开展新的空间经济发展研究提出了思路.     

Multinational firms, international trade and international telecommunications

The study analyses the determinants of international telephone, telex, telegram and leased lines communication between the United States and 46 countries. It focusses on the role of multinational firms, international trading firms and new information technologies within the framework of the theory of transaction costs.Results of the econometric estimates suggest that: (a) technological conditions of telecommunication infrastructure, i.e., international diffusion lags of new information technologies, play an important role in the explanation of international telephone and telex telecommunication flows but not in the demand for telegraph and leased lines, (b) multinational firms use international telecommunication to reduce the coordination costs and are strong customers of leased lines and telephones, but less so of telex and telegrams, (c) international trading firms exhibit less clear preferences in the use of the different media to reduce transaction costs.     

创业型经济与中小企业管理持续创新

管理科学知识的广泛应用和市场经济体制的逐步建立,催生了我国的创业型经济;创业型经济的快速发展,客观上要求中小企业管理必须持续创新。面对竞争日趋激烈的国内外市场和日新月异的知识经济,为了生存发展,把企业做大做强,中小企业必须持续进行管理思想、管理模式、管理体系、管理内容、管理方法和管理手段的创新,逐步实现企业知识化、信息化和管理科学化、现代化,最终全面提升企业管理水平和核心竞争能力。