企业二次创业的战略转变:从实体经营到虚拟经营

电力技术与工业技术对应的是实体经营,虚拟技术与信息技术对应的是虚拟经营。面对个性化互动式的微观供求市场,企业二次创业可以借鉴虚拟经营这种运作模式的思路,实现从追求企业规模经济的实体经营向以内敛借力与契约经营为特征的旨在追求企业与顾客双重规模经济的虚拟经营的     

大学英语口语对子录音教学模式

在大班教学的课堂上，许多英语教师很难及时得到大多数学生口语学习情况的反馈。以教师为中心的教学模式也从根本上制约了学生主动参与的积极性。而对子活动(pair work)能使学习者个体在课堂上有更多的时间和机会来练习使用目的语；把学生的发言用录音机录下来对教师和学生都大有好处。两者相结合的对子录音(pair taping)教学模式能更有效地提高学生口语水平。     

DK12-20型三端单片开关电源模块设计

介绍了由 TOP2 2 4P构成的 DK1 2 -2 0型单片开关电源模块。该模块可用作仪器仪表、摄录像机、手机电池充电器、卫星解码器等的电源。     

A Time-Series Model of Stock Returns with a Positive Short-Term Correlation and a Negative Long-Term Correlation

We study portfolio stock return behavior that exhibits both a positive autocorrelation over short horizons and a negative autocorrelation over long horizons. These autocorrelations are more significant in small size portfolios. Among various forms of temporary components in stock prices, an AR(2) component is the simplest model compatible with this pattern of returns, which yields an ARMA(2,2) model of stock returns. We show that the significance of this model is that it requires the presence of feedback trading, which is a form of irrational trades, and the market's slow adjustment to the market fundamentals, which is consistent with recent modelings of stock prices. We find that the variation of the temporary component becomes greater as the firm size gets smaller. This implies that the deviation from the market fundamentals is larger in small size portfolios than in large size portfolios.     

Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors

Abstract:   In this paper, we contribute to the literature on institutional herding and feedback trading by analysing the investment behavior of pension funds on the Polish stock market. Pension funds entered into the stock market due to the national pension system reform in 1999, providing a unique opportunity to receive deeper insight into the behavior of institutional investors in an emerging capital market. Our results show that Polish pension fund investors are to a greater extent involved in herd‐like behavior and pursue feedback trading strategies more often than their counterparts in mature markets. This finding is primarily attributed to a stringent investment regulation and high market concentration. We do not detect, however, that trading by the pension funds exerts significant influence on the future stock prices.     

The formation of green strategies in Chinese firms: matching corporate environmental responses and individual principles

This study examines how Chinese firms began responding to worsening environmental concerns in the late 1990s. Combining predictions from control theory, escalation of commitment, and goal theory, we seek to explain how leaders' cognitions shape the formation of novel responses to the value‐laden issue of corporate greening. We propose an iterative model that links leaders' principles with corporate actions and test it using survey data gathered from 360 firms. The model views strategy organically, as a set of adaptive goals and behaviors, and highlights the role of systemic and local feedback loops in strategy formation. We find that top executives who champion new strategic initiatives monitor early success or failure, and adjust their efforts to match early performance feedback. Perceptions of satisfactory performance strengthen leaders' efforts towards their initial target, while perceptions of unsatisfactory performance diminish them. This feedback relationship is invariant throughout favorable or unfavorable expectancies of success, contrary to the contingent prediction of control theory. The model also examines how top‐down and bottom‐up strategic initiatives combine to help firms maintain a positive momentum of change when champions' efforts decline in the face of premature failure signals. Copyright © 2004 John Wiley & Sons, Ltd.     

Drivers of flood and climate change risk perceptions and intention to adapt: an explorative survey in coastal and delta Vietnam

Abstract

This article contributes to current research about determinants of climate change and flood risk perception, and intentions to take adaptive measures. We propose a research model that distinguishes between vulnerability and severity components of perceived risks, and adds perceived adaptive capacity as a third factor to predict the intention to take adaptive measures. We used this combined model as a conceptual lens for an explorative survey among 1086 residents of coastal and delta communities in Vietnam. Pairwise analyses revealed a significant association of flood and climate change risk perceptions with individual’s flood experience, climate change knowledge, frequency of community participation and socio-demographic factors. However, in multivariate analysis, the influence of most socio-demographic factors became weak or patchy. Flood experience was the most influential driver of flood-related risk perceptions but weak for climate change-related risk perceptions and behavioural intentions. Knowledge strongly increased the intention to adapt to flood and climate risks and the perceived vulnerability to and severity of climate change risks, but reduced the perceived capacity to adapt to climate risks. Frequency of community participation increased the perceived vulnerability and severity of climate change risks, the intention to adapt to both climate and flood risks and the perceived capacity to adapt to flood risks, but reduced the perceived capacity to adapt to climate risks. Our research confirms earlier findings that individuals’ knowledge, place-specific experience and social-cultural influences are key predictors of both flood and climate change risk perceptions and intentions to take adaptive measures. These factors should therefore receive ample attention in climate risk communication.     

上级发展性反馈能否削弱阻碍性压力源对员工创造力的影响？

本文通过聚焦于现代组织情境中员工经常面对的阻碍性压力源,整合调节焦点理论和社会信息处理理论,重点探讨阻碍性压力源对员工创造力的影响,以及在这个过程中防御型调节焦点的中介作用和上级发展性反馈的调节作用。通过对38家企业的518对领导和员工的匹配问卷数据进行实证分析,得出以下研究结论：阻碍性压力源与员工创造力显著负相关;防御型调节焦点在阻碍性压力源与员工创造力之间存在部分中介效应;上级发展性反馈会削弱阻碍性压力源与防御型调节焦点之间的正向关系,且存在有调节的中介效应。本文检验阻碍性压力源通过防御型调节焦点影响员工创造力,以及上级发展性反馈在这一中介机制的理论边界,是对调解焦点和社会信息处理理论相关研究的有益补充,并且对企业管理者如何实施有效的管理策略来缓解阻碍性压力源的消极影响具有一定的指导意义。     

The effect of tick size on managerial learning from stock prices

We investigate the effect of tick size, a key feature of market microstructure, on managerial learning from stock prices. Using a randomized controlled tick-size experiment, the 2016 Tick Size Pilot Program, we find that a larger tick size increases a firm's investment sensitivity to stock prices, suggesting that managers glean more new information from stock prices to guide their investment decisions as the tick size increases. Consistently, we also find that changes in managerial beliefs, as reflected in adjustments of forecasted capital expenditures, respond more strongly to market feedback under a larger tick size. Additional evidence suggests the following mechanism through which tick size affects managerial learning: a larger tick size reduces algorithmic trading, in turn encouraging fundamental information acquisition. Increased fundamental information acquisition generates incremental information about growth opportunities, macroeconomic factors, and industry factors, with respect to which the market has a comparative information advantage over management.     

卖空制度对企业融资的影响研究——基于融券卖空制度的检验

基于中国2010年实施融资融券制度的背景,利用分批扩容的准自然实验环境,检验卖空制度对企业融资的影响。结果发现：卖空制度的引入对企业外源融资能够起到抑制作用,这来源于外部治理作用所带来的过度融资的减少、市场信息反馈效应所带来的企业融资——股票价格敏感度的提升,以及融资成本的提高。进一步分析发现,企业外源融资的减少是有效率的,能够提高企业资源配置效率,促进资本结构动态调整。因此,卖空制度有助于抑制企业的过度融资,提高企业资源配置效率,对资本市场的稳定运转和完善大有裨益。