Why We Should Change Our Attitude Towards Distressed Firms

This article surveys ‘creditor‐friendly’ and ‘enterprise‐friendly’ bankruptcy regimes with a focus on the methodology underlying the filter test in distress, as reflected both in its academic treatment and in legal practice. I find that the test exhibits pro‐liquidation bias in designating liquidation of a firm with recovery potential as the Type II error, and in underplaying the benefits of a possible turnaround. Further influences militating against continuation include the power conferred on creditors through the balance sheet criterion and the undervaluation of intangible assets. I make the case for reversing such biases to establish a presumption in favour of continuation.     

Incubation of an industry: Heterogeneous knowledge bases and modes of value capture

Research summary : We examine firms' technological investments during an industry's incubation stage—the period between a technological breakthrough and the first instance of its commercialization. Using the agricultural biotechnology context, we develop stylized findings regarding the understudied knowledge evolution preceding product evolution in an industry's life cycle, the trend and diversity of firms undertaking technological investments in anticipation of industry emergence, their leverage of markets for technology and corporate control, and their use of alternative modes of value capture. We juxtapose these stylized findings with existing literature to identify new theoretical insights, and set the stage for future scholarly work to develop and test new theories for the incubation period, examine its existence in other industries, and study its impact on subsequent firm and industry evolution. M anagerial summary : New technological breakthroughs present managers of existing firms and aspiring entrepreneurs with opportunities to create altogether new industries. During the vibrant incubation period, we find that multiple firms capitalize on diverse knowledge bases to shape the industry's knowledge evolution and also capture economic value in diverse ways. Existing firms in the obsolescing industry are more likely to become targets in acquisitions given their complementary knowledge. Science‐based start‐ups are more likely to engage in acquisitions and collaborations with established firms. Diversifying firms are more likely to commercialize products after leveraging of internal development, acquisitions, and alliances. Our study highlights the importance for managers to think about “success” and “failure” across multiple yardsticks of performance, rather than only as product commercialization as the sole goal. Copyright © 2016 John Wiley & Sons, Ltd.     

新兴战略性产业的进入管靛与管制绩效——以我国手机“牌照制度”的实践为例

本文建立了一个简单的进入管制模型,并以信产部的手机“牌照制度”的实践为例,分析了新兴战略性产业的进入管制与管制绩效。本文发现,与认为进入管制容易引发垄断低效率的传统观念不同,在开放经济下新兴战略性产业初期由于外部性和高风险而导致本国企业进入不足;进入管制能够为先驱企业提供某种“专利”租金的机会,从而有助于企业提高产量,降低价格,增加社会总剩余。从长期来看,进入管制存在成本和容易激发企业的短视行为而影响产业效率,因此有必要逐步放开管制。另外,建立明确的竞争程序和规则来挑选进入者也是提高管制绩效的重要方面。     

入世后外商直接投资变化及中国的对策

2002年入世以来,外商对华直接投资发生了较大的变化.相比入世前的预测,我国利用外资现状与趋势并不乐观.本文试图从投资量、投资规模、投资策略、投资来源、投资结构、投资区位六方面透析外商在华直接投资的变化情况,并对以后扩大优化利用外资提出对策建议.     

关于实现内外贸一体化的障碍和对策思考

在中国流通领域,内外贸一体化改革在体制上、机制上、政策法规上、观念上、管理上等存在着诸多障碍。要加快内外贸一体化进程,必须深化流通体制的改革,促进内外贸市场的互补,加快流通业的法制建设,培育跨国公司,加强中介组织的建设,建成统一的内外市场,以提高中国经济的整体实力。     

Problem-focused or Emotion-focused: Which Coping Strategy has a Better Effect on Perceived Career Barriers and Choice Goals?

According to social cognitive career theory, barriers have an impact on an individual's career progress. Therefore, this study aims to explore the relationships between perceived career barriers (internal barriers, external barriers) and choice goals, and the moderating effect of coping strategies on the relationships. Data were collected from 309 tourism and hospitality college students in Taiwan. A structural equation modeling analysis showed that both internal and external barriers had direct negative effects on choice goals. However, internal and external barriers had a direct positive effect on coping strategies, and indirectly, through the coping strategies, had a positive effect on choice goals. Furthermore, problem-focused coping strategies could moderate the relationship between internal/external barriers and choice goals. The implications of these findings are discussed and suggestions are provided.     

如何看待中韩贸易中韩国顺差现象

上世纪90年代中国经济的高速增长和中韩建交为双边贸易提供了新的增长契机。中国加入世贸组织后,双边贸易规模进一步加大。由于韩国对中国的货物贸易顺差呈逐年扩大之势,两国闻的贸易摩擦不断升级。为此,我国应改善产业结构,促进资本和技术密集型产业发展;打造我国品牌经济;成立中韩经济合作委员会。     

外资银行进入的竞争效应与中资银行的竞争战略

转型经济的金融市场中存在着较为显著的信息不对称,外资银行不同的进入模式会产生不同的竞争效应。中欧和东欧的经验表明,外资银行主要以并购模式进入以获取更多的信息优势。我国银行业应该采取4大战略来与外资银行竞争,即降低成本、提高技术,优化借款人的结构和信息,多元化银行的资产结构、积极开拓国际业务,“追求质量”、避免“追求捕获”。     

How to Green the red Dragon: A Start‐ups' Little Helper for Sustainable Development in China

This article qualitatively identifies and explains the barriers that foreign cleantech start‐ups can encounter when attempting to enter the Chinese market, as well as the possible strategies that can help overcome these barriers. We base our analysis on interviews with Chinese and foreign entrepreneurs and facilitators. To structure the analysis of such barriers, we use the components of the entrepreneurial ecosystem. We then explain the barriers using institutional theory. We demonstrate that they are caused either by the regulations in China or by the difference between Chinese and Western logics. We further recommend that cleantech entrepreneurs come prepared to China, remain flexible, associate themselves with reputable partners and take advice from those familiar with business in China. Cultural–cognitive barriers might be overcome by integrating the communities of foreign and Chinese start‐ups. Regulative barriers can be removed by the Chinese Government, but this conflicts with the logic of state control. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

Understanding Equity in the Recreation User Fee Context

Equity is a major public concern related to recreation fees on public lands. The purpose of this study was to test a three-dimensional model of equity and to examine the perceptions of equity across demographic segments. Data were collected by a telephone survey with residents (N = 366) of two western states. Confirmatory factor analysis supported the three-dimensional equity model in a recreation fee context. People tended to support democratic equity more than compensatory equity. Greater support was shown for discounted fees for the elderly and persons with disabilities than for discounts for ethnic minorities, low income people, or large families, suggesting the possibility of two sub-dimensions of the compensatory equity construct. Overall, the results do not support that disadvantaged groups seek discounted fees.