Bank-lending channel and non-financial firms: evidence for Spain

During the 1990s, liquidity was relatively abundant in the European Union and the European central banks mostly developed a relaxed monetary policy. While the bank lending channel view of the monetary policy would have suggested an increase in loans to firms in this context, the demand for bank corporate lending, however, slowed down, suggesting that monetary policy was not effective in this area. This article analyses how the financing behaviour of Spanish firms during 1992–2003 is related to their liquidity holdings and how this relationship may affect the effectiveness of the bank lending channel. The empirical evidence provided suggests that firms holding high liquid assets may replace bank lending by other sources of financing. Hence, higher liquidity holdings allow firms to invest in attractive investment projects in the event of a tightening of monetary conditions.      

发展中国家跨国公司的一体化战略研究

本文尝试以建立一个发展中国家跨国公司一体化战略选择的内生模型来研究差异化厂商基于国家间要素禀赋优势、贸易成本、市场容量以及自身技术水平等因素做出的一体化战略选择。并且通过比较静态分析方法,将此研究扩及到贸易自由化对差异化厂商均衡时的一体化战略、平均价格和生产规模,以及整体产业平均技术水平的影响。     

Firms as the source of innovation and growth: the evolution of technological competence

It is argued that the firm is the principal source of innovation and growth, a device for the establishment of technological competence, and for its continued development over time. Markets, products and background knowledge may change quite dramatically over time. Yet as a result of the cumulative nature of learning in the production processes of firms, the profile of corporate technological competence will tend to persist over quite long periods, provided there is institutional continuity. Within the same firm, competence may evolve into related areas, but the firm's technological origins will remain identifiable in its subsequent trajectories. However, if the institution itself changes more dramatically, this technological persistence may be disrupted. Supporting evidence is provided from data on the patenting of 30 large US and European companies, which have been continuously active since the interwar period. The science and the knowledge base, and the composition of products and markets may shift quite radically, but the firm's productive and technological system itself is potentially more stable. The firm provides a vehicle for potential institutional continuity and a device for managing transitions within the economic system.     

在孵企业创业导向对孵化网络协调绩效影响研究

以陕西省24家孵化器274家在孵企业为样本,运用层级递归模型,验证在孵企业创业导向、社会资本对孵化网络协调绩效的影响。结果表明：①在孵企业创业导向、内外部社会资本对孵化网络协调绩效均具有显著正向影响;②在孵企业内部社会资本在其创业导向对网络协调绩效的影响中具有显著正向调节作用,外部社会资本调节效应不显著;③在孵企业内、外部社会资本具有显著的正向混合调节作用,即当在孵企业同时具有高内部社会资本（高中心性）和高外部社会资本（高外部桥接水平）时,其创业导向对孵化网络协调绩效的影响更显著,而当外部社会资本（外部桥接水平）较低时,低内部社会资本（低中心性）在孵企业创业导向对网络协调绩效具有更强作用。     

产业集聚与公司选址模型分析

本文主要讨论产业集聚中公司选址问题。首先以Pontes（2003）非对称区域中公司选址研究为基础，建立了一个考虑运输成本因素的两区位公司选址模型。在考虑产品运输成本的情况下，生产最终消费品的下游公司将在具有较大消费者市场的地点集聚，在考虑原材料运输成本的情况下，生产原材料的上游公司将会选择与下游公司集聚。文章最后阐述模型的实践意义和政策含义。     

“互联网+”下制造企业服务化悖论的平台化解决思路

服务化转型已成为制造企业应对时代挑战的必然选择,其要求企业竞争关键点、价值流程、组织结构和创新模式发生彻底转变。这一巨大挑战催生了“服务化悖论”相关研究。“互联网+”相关研究大多强调互联网对服务化转型的积极影响,但其作用机理尚不明确。现有“服务化悖论”的研究较为零散,从价值创造视角将其系统地归纳为3个方面;深入阐释“互联网+”模式对“服务化悖论”的缓解机制,强调“脱媒”功能可以克服顾客接近悖论,以同步协同缓解战略一致性悖论,以互联网导致的“单边锁定弱化”克服行业资源能力悖论;设计了基于互联网的服务化运行机制,强调制造企业以“平台”模式实现服务化经营,而平台领导者、知识经纪人、模块化供应商借助互联网进行价值协同,通过“产品+服务”组合包实现需求面而非供给面范围经济,以个性化服务推动企业价值创新。     

我国农业上市公司的政治关联与融资便利性

本文以社会资本理论为切入点,实证分析政治关联对我国农业上市公司获取银行信贷融资及其期限结构的影响。以1996—2010年间在沪深两地上市的农业企业为样本,以董事长是否现在或曾经担任政府官员、人大代表、政协委员来判断政治关联。检验结果发现,农业上市公司的政治关联与银行贷款数量显著正相关;政治关联所带来的融资便利性,更多表现为获取银行的短期贷款。研究表明,政治关联作为一种特殊的社会资本,能够作为非正式制度帮助农业企业获得银行信贷支持。     

服务型企业国际市场进入模式及其影响因素探析

服务型企业国际市场进入模式选择是企业国际化战略的核心组成部分。服务型企业经营的内部环境因素和外部环境因素对企业选择国际市场进入模式有很大影响。通过企业国际市场进入模式决策的理论分析模型，我国服务型企业开拓国际市场要考虑诸多影响因素，同时要采取有针对性的有效策略和灵活的进入模式。