提升中国制造业企业能力的路径研究

如何获取和保持持久竞争优势是企业面临的实际问题?能力是推动企业发展的重要支撑物,而中国制造企业正因低能力梯度而陷入发展的困境。分析指出,只有合理有效地发展企业能力才能进一步推进企业发展,并基于企业能力发展过程的分析探讨了能力发展的实现路径。     

关于家电流通企业商业模式的探讨

本文立足于家电行业的流通环节,从商业模式的概念入手,给出了商业模式的三层体系结构模型,对家电行业的价值链诸角色及相互博弈状况进行了分析,并研究了在时间尺度上家电行业的业态转化、核心能力变化及商业模式创新等方面的发展状况,根据这些新的形势变化,提出新的商业模式环境下家电流通企业所应该采取的对策。     

中国国有上市公司上市前后经营绩效的实证分析

本文以1998-2000年期间在上海、深圳证券交易所上市的329间国有企业为样本通过比较上市前三年到上市后三年盈利、产出、财务杠杆和员工工作效率四个方面的指标来评价国有上市公司的经营绩效.研究结果表明:(1)上市后盈利、产出和员工工作效率都得到提高,但是财务杠杆水平下降.(2)上市地点、行业管制、国有股比例和境外股有无都对经营绩效没有显著影响.本文较全面的评价了国有上市企业的业绩变化和国有股比例的影响因子,因而对于中国国有企业改革的下一步发展具有重要的参考价值.     

多元知识探寻与后发企业技术创新

当后发企业由追随向引领转型时，将致力于对全球化技术、基础科学等多种知识来源的积极探寻，以推进自身技术创新。基于专利及引文数据，分析海外技术知识与科学知识对后发企业技术创新的影响效应。实证研究发现：海外技术知识转移水平与后发企业创新呈U型关系；知识来源的地理多样性则正向作用于后发企业创新。另外，企业科学关联度对后发企业技术创新未起到显著促进作用。在后发转型背景下，明晰企业对多元知识的技术学习机制和效果，对企业创新追赶及其国际化具有重要指导意义。     

高管团队断裂带对创业企业成长绩效影响的实证研究——创新强度的调节效应

近年来，高管团队断裂带对企业绩效的影响引起了国内外学者的广泛关注，然而高管团队断裂带究竟是促进还是抑制了企业绩效尚无一致结论。基于交叉分类视角，以我国2011—2018年创业板民营上市公司为研究样本，应用广义最小二乘法，实证分析了高管团队断裂带对企业成长绩效的影响，以及企业创新强度对二者关系的调节作用。实证研究结果显示：高管团队任务相关断裂带和社会分类断裂带与民营创业企业成长绩效存在显著的倒U型关系，同时，企业创新强度对高管团队断裂带与民营创业企业成长绩效关系具有显著调节效应。具体而言，企业创新强度越高，高管团队任务相关断裂带和社会分类断裂带与民营创业企业成长绩效间的倒U型关系越显著。     

政府背景风险投资会促进企业创新吗

利用创业板公司数据，研究政府背景风险投资对企业创新的影响，并对其影响机制进行了讨论。实证结果表明，政府背景风险投资对企业创新投入有显著促进作用，但也诱发了大量逆向选择问题；非政府背景风险投资对企业创新投入不仅不会发挥促进作用，反而会对上市后的被投企业表现出“盘剥”行为，阻碍企业创新投入。进一步探讨政府背景风险投资的作用机制后发现，从政府对风险投资的控制权角度而言，政府参股的风险投资可以促进被投企业创新投入，而政府控股的风险投资却呈现出显著的逆向选择现象；从政府背景风险投资对被投企业的参与度而言，通过董事会参与公司治理会对企业创新产生显著影响，而对企业的持股比例不会显著影响创新。     

民营企业债务违约是内因驱动吗？——基于短贷长投和多元化经营视角的分析

不同于以往从外部因素的角度关注民营企业债务问题,本文从企业自身行为出发分析了民企债务违约是否由内因驱动。具体地,本文考察了短贷长投和多元化经营对民营企业债务违约的影响。结果发现,总体上短贷长投以及多元化程度提高了民企债务违约的可能性。从传导机制上看,短贷长投和多元化降低了企业的盈利水平、提高了过度负债、增加了代理成本,并通过以上三个渠道提高了企业债务违约的可能性。从异质性结果来看,信贷紧缩会加大短贷长投对债务违约的促进作用。对于政府支持的行业而言,短贷长投和多元化引发的债务违约问题更严重。最后,更多的短贷长投和多元化在决策得当情况下不会引发债务违约风险。本文的结果表明,民营企业债务违约主要是由内因驱动,即由企业在“求大”“上层次”的心理下实施的粗放式发展模式驱动。本文对于追溯民企违约的根源、精准施策进而更好地支持民企发展具有一定的启示。     

Determinants of Sales Destinations of U.S. Multinational Firms' Affiliates in Developing Countries

This study examines the determinants of the sales of .U.S. multinational firms' affiliates to alternative destinations, including sales to other affiliate firms in a host country and a source country markets as well as sales to other non-affiliate persons in each market. Sample host countries are drawn from developing economies where U.S. multinational firms had affiliate firms during the period 1983–1998. The results of the study reveal that affiliates of multinational firms manipulate sales to minimize international taxation. This is supported by the finding that foreign corporate income taxes: affect sales between affiliate firms favorably, unlike its impacts on sales of affiliates to non-affiliate persons in both a host country and source country markets. Considering all markets together, economic volatility and political instability have minimal impacts on sales of affiliates to other affiliate firms compared to their impacts on sales to non-affiliate persons. The results also confirm that host countries' economic policy reforms and membership in multinational investment guarantee agencies facilitate sales of affiliates to other affiliate firms.     

Modelling different types of multilateral co-operation between SMEs

This paper focuses on a theoretical modelling of multilateral SME co-operation. A major part of the previous research has been done on dyadic or bilateral relationships between two partners in a vertical chain although new co-operative ventures increasingly involve multiple partners. The objectives of the paper are to accomplish a conceptualization of different types of multilateral co-operation between SMEs as a synthesis of longitudinal empirical observations and selected theoretical discussions of inter-firm co-operation, to bring out possible advantages and prerequisites of successful co-operation of these types, and to show how co-operation can develop from one basic model to another. The main point in the modelling of SME co-operation is that those who plan, promote or build up co-operative arrangements must know right from the beginning what kind of co-operative model a group of firms will strive for, because the prerequisites of successful co-operation are emphasized differently in different types of co-operation. The empirical examples also suggest that co-operation leads to co-operation, i.e. when a company once joins a net, it is more probable that the company gets access to other nets as well. The basic challenge thus is to get the small or medium-sized company to enter its first co-operative arrangement.     

Barriers to investment in the informal venture capital sector

Much of the government intervention into the market ‘gap’ for start-up and early-stage equity finance in the UK is based on the belief that the problem is on the supply side. Based on an analysis of the informal venture capital market this paper argues that there is no shortage of finance available. A survey of business angels reveals that many are willing to allocate a higher proportion of their investment portfolio to investments in unquoted companies, with recent tax incentives having a positive effect on their willingness to invest. Over 90% are currently looking to make more investments. However, there are constraints on their ability to invest: they do not see enough deals that meet their investment criteria, the majority of the investment proposals that they receive are of poor quality, and they are often unable to negotiate acceptable investment terms and conditions with entrepreneurs. The implication is that there is a need for further interventions by policy-makers to remove these barriers so that more small firms can take advantage of the substantial pool of angel finance that is available.