How external partnering enhances innovation: evidence from Chinese technology-based SMEs

If China is to make the leap from being a manufacturer of goods, often for others, to being a world-class innovator, then Chinese small and medium sized enterprises (SMEs) have an important role to play in achieving this future goal. Much recent debate has focused on innovation activities of multinational corporations in China, with little attention paid to the role of indigenous SMEs and how they attempt to become more innovation oriented. This paper presents findings from 10 case studies of SME firms based in the Zhejiang Province of China to try and establish to what extent external partnerships have helped them become more innovative and competitive. The most common forms of partnering used by these firms is collaboration with universities, with customers and key suppliers, which has implications for how learning and absorptive capacity affects the firm's innovation strategy.     

Exploring the role of human resources in technology out-licensing:an empirical analysis of biotech newtechnology-based firms

Out-licensing is a technology exploitation option to generate revenues without investing in downstream complementary assets. Despite its increasing strategic relevance, the strong complexity of out-licensing activity determines a substantial discrepancy in firms’ ability to extract monetary benefits from this practice. Searching for determinants of out-licensing performance, the paper focuses in particular on the role of licensing managers. Based on a multiple case study analysis involving 26 out-licensing deals executed in seven Italian biotech NTBFs, the study shows that expert scientific skills, extensive licensing practice and prior employment in multinationals, but not an intense social network, characterise successful licensing managers, while high delegation and powerful intrinsic rewards enable individual capacities of licensing managers to translate into actual economic value.     

The effect of interfirm codevelopment competency on the innovation of the e-service process and product: the perspective of internal/external technology integration mechanisms

Service innovations are central to today's rapidly changing business environment. Because of heterogeneous customer demands, rapid product life cycles, and advances in information technology (IT) for services management, an expanded conceptualisation of e-service innovation is required. This study examines the mediating effects of internal and external technology integration mechanisms among interfirm codevelopment competency and the innovation of the e-service process and product. A field survey was conducted of IT departments in information service firms to test the theoretical model. IT managers were the key informants. Partial least squares (PLS) analyses supported the main premises of the proposed research model. The data suggest that firms in the information service industry emphasise interfirm codevelopment competency in developing e-service innovations but use different sets of technology integration mechanisms to enhance e-service product and process innovation.     

Keynes and a post-Keynesian controversy over the effect of debt on income expansion

The paper considers arguments of Robertson (1938) and Asimakopulos (1983) that the Keynesian multiplier expansion of output may be constrained by debt implicitly incurred in the financing of autonomous investment necessary to start the multiplier process. The task of this essay is to show that within the ‘short-period’ and static analytical framework of Keynes, this line of reasoning regarding the adverse effects of debt on multiplier-induced expansions of output is unwarranted. Nevertheless it is concluded that if the Keynesian framework is abandoned in favour of a dynamic framework in the manner of a steady trend rate of growth - a choice dependent on how one conceives of the economy, as inherently static or dynamic - then such arguments have troubling implications. In particular, the dependence of Keynes's approach on credit and hence debt forges links between ‘short-periods' whose distinctness from one another is crucial to Keynes's result.     

Comments on “Consumption Values of Trade Unions”

The credit default swap (CDS) is implicated in the global financial crises because a vast market for securities collateralized by subprime mortgages and consumer debt could not have materialized if hedge funds and other holders of these instruments lacked a means of hedging default "risk." The argument is made that the CDS is an inherently defective concept because it is based on the assumption that future states of the economy are subject to probabilistic risk as opposed to uncertainty in the Keynes-Knight-Shackle-Davidson sense. The CDS also manifests the paradox of derivatives. By enabling individual money managers to safely increase leverage, it causes a system-wide buildup of leverage and financial fragility.     

How to Offset Interior Debts in Consolidated Financial Statement for Reformed Group Enterprises

The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.     

我国铁路产业财务可持续：一个基于结构方程的分析

我国铁路建设所需的投资巨大,财务上已经形成了大量的债务性负担.为了实现我国铁路行业的财务可持续,首先要对影响国家铁路集团财务可持续的原因进行充分了解.以治理理论为核心,综合考虑多方面因素分析了中国国家铁路集团有限公司的财务可持续影响因素,通过问卷调查搜集数据,使用解释结构方程模型理清铁路负债的形成路径.结果表明:国家铁路集团的财务可持续是一个市场治理、社会治理、政府治理因素综合影响的结果,其中政府治理因素处于主导地位.建议化解铁路产业存量债务,构建铁路产业的公益性运输补贴机制,推进灵活票制票价实施等.     

从美日经验看地方政府债券制度

地方政府债务风险已经成为威胁我国经济安全与社会稳定的巨大隐患。地方政府是制度变迁的主体,造成地方财政困境的根本原因在于地方政府事权、财权不对称,没有规范的制度化融资渠道。而只要存在中央与地方分权的财政联邦主义,就具备发行地方政府债券的前提。     

湖北地方政府投融资平台的风险与重构研究

在预期利率水平走高和货币政策转向稳健的背景下,湖北某些地方融资平台还本付息压力陡增,必须谨防资金链断裂,从而避免资金危机和风险的倒逼。地方投融资平台的清理重构的基础条件是建立清晰的地方资产负债表和多样性的融资模式,但最终取决于地方政府自觉放弃在过多领域的投资主导,唯如此,才能在属于自己的领域规范地完成融资任务。     

合伙债务清偿制度安排问题研究

资源有限和理性有限将使审计师无法彻底消除审计风险,合伙人将承担审计失败的最终赔偿责任.如何更好地把无限连带责任落到实处,保证审计质量,保护合伙债权人的权益,是一个重要的理论与现实问题,要求在制度安排上实施合伙债务优先清偿的原则,需要优化有限责任合伙制度安排,并把合伙事务所的收入分配安排与合伙债务的清偿安排联系起来.