The Impact of Innovativeness and Development Time on New Product Performance for Small Firms

Timing is becoming a new source of competitive advantage. The business press extols the benefits of faster product development. This paper examines whether competitive advantage can be gained by reducing development time across all types of new products or whether this advantage is restricted to certain types of new products. It proposes that product innovativeness moderates the relationship between development time and initial market performance. A survey of 110 small manufacturing firms in computer related industries supports the hypothesis. The survey findings indicate that a firm must guard against over- or under-development of the new product since product innovativeness was found to influence the impact of development time on market performance. The implications for managers are: beware of bringing a new product that is too much, too early or too little, too late.     

发展政策性金融有待解决的三大难题

我国未来政策性金融的发展前景取决于三大难题的解决,即政策性金融的生存空间、业务领域、保障机制。本文认为,政策性金融是市场机制有益的和必要的补充,政策性金融的存在使一国的金融体系得以完善。市场的不足内生了政策性金融的生存空间和具体的业务领域,政策性金融作为一种特殊的金融制度安排,具有战略意义,但政策性金融的可持续发展有赖于专门法律制度的构建和完善。     

以创新带动传统信贷业务市场拓展

本文通过分析当前国内金融市场现状并借鉴国外金融市场发展经验，认为银行传统信贷业务仍然具有良好的发展前景，在未来一定时期内仍将是企业融资的主渠道，是银行开展其他金融服务的基础和平台，并且结构将适应经济结构变化不断优化。针对近年来银行传统信贷发展面临的资本约束、金融脱媒和利率市场化等冲击，提出了以创新手段带动银行传统信贷业务和市场拓展的观点，即以理念创新重新定位传统信贷业务市场，以价格创新应对资本约束和利率市场化，以科技创新优化传统信贷发展模式，以产品创新和流程创新解决传统信贷难点，以营销创新推动信贷市场拓展，以手段创新加强信贷风险管理。     

商业银行中间业务的合作与竞争研究

近年来，大力发展中间业务成为国内商业银行的共识。合作与竞争应该是商业银行中间业务共同发展、谋求内外部效率最优的发展模式。国内商业银行需要从排他性竞争走向合作竞争，建立全新的合作竞争的共赢关系。本文引入合作竞争的理论，运用厂商理论、资源依赖性观点、博弈论和交易成本学的观点来分析国内商业银行在中间业务上竞争合作的动因，提出通过竞争合作促进国内商业银行中间业务发展的具体策略，并对在构建共赢关系过程中应注意的问题进行了深入探讨，就WTO后国内银行如何实施更为有效的中间业务发展战略提出了方案建议。     

对我国商业银行发展私人银行业务的探讨

私人银行业务是国际商业银行的高端业务，也是我国商业银行推动经营转型、向建立真正意义上的一流商业银行过渡必须要大力发展的业务。本文详细介绍了国际上商业银行私人银行业务的内容、产品、特点、组织形式、业务流程和重要经营方法。在此基础上，客观分析了我国当前商业银行私人银行业务发展的现状，进而从组织形式、业务品种、人才培养、风险防范等方面提出了我国商业银行发展私人银行业务的对策与思路。     

Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France

Abstract:  Using a unique sample of 444 entrepreneurial IPOs in the UK and France, this paper analyses the investment patterns and the stock-market performance effects of two types of early stage investors: venture capitalists (VCs) and business angels (BAs). Extending existing research, we identify important endogeneity and institutional effects. Our findings indicate that UK IPOs have a higher retained ownership and lower participation ratio by BAs, but a lower retained ownership and participation ratio by VCs than in France. BA and VC investments are substitutes, and they are endogenously determined by a number of firm- and founder-related factors, such as founder ownership and external board 'interlocks', and underwriter reputation. UK VCs are effective third-party certifying agents who reduce underpricing in UK IPOs, whereas in French IPOs they increase it by appearing to engage in grandstanding. This certification effect is more significant in UK IPOs involving both high VC and BA ownership. Finally, underpricing increases with VC participation ratio, where the higher exit of VCs seems to increase the risk premium required by outside investors, in particular in the UK.     

高业绩企业群体中的弱企业效应研究——以2002—2006中国500强企业为样本的分析

企业绩效差异的主要影响因素来自产业层面还是企业层面一直是企业战略理论关注的基本问题。自从Schmalensee(1985)应用方差分析技术得出其效应分布结论以来,对此问题的研究一直延续至今。战略管理学者较一致的结论是企业层面因素即企业效应是影响企业业务绩效差异的主要因素。然而,本文所作的数据分析表明,在我国高业绩企业群中,企业因素并不是绩效总差的主要解释因素,其解释能力弱于产业因素,即使是在充分竞争领域也是如此。通过对一组反馈回路的考察,本文分析了在我国弱企业效应产生和持续的原因、条件,并据此提出了一种新的关于企业经营策略性质的分类方法。     

Relationships in the purchasing of business to business professional services: The role of personal relationships

There has been a shift from transactional to relational exchange and relationship marketing both in the business to business and professional services contexts. This paper seeks to explore the manner in which personal relationships affect the process and outcomes of purchasing of professional business services. Specifically, it focuses on the role of the professional service providers as boundary spanners in the formation of personal relationships. These personal relationships constitute the underlying basis of long-term relationships between the purchasing and provider organizations in such complex service settings. The findings of this study demonstrate that the manner in which the boundary spanners cultivate relationships support the concept of relationship specific tasks. It extends this conception by use of the data to outline the chronological process over time Understanding the roles, function, and ultimately importance, of these relationships facilitates the identification and development of appropriate strategies to manage these relationships.     

论商业银行对营业场所客户的安全保障义务

商业银行经营者在营业场所内对客户的人身财产权益负有合理限度内的安全保障义务.该义务属于法定义务范畴,主要包括硬件和软件两大方面.商业银行履行安全保障义务应限定在"合理限度"之内,空间上只限于商业银行的"营业场所",时间上应限定在"全部营业时间"内,保护对象应该界定在与商业银行有较密切关系的"客户、潜在客户、其他进入营业场所的相关自然人"范围内.基于平衡社会利益的需要,商业银行违反安全保障义务应承担过错侵权责任,包括直接责任和补充责任两种形态.在第三人直接侵权、商业银行承担补充责任的情形中,应适用过错推定规则.     

《孙子兵法》与现代商战纵横谈

《孙子兵法》是我国也是世界上最早、最完整、最卓越的军事理论著作,是中华民族数千年灿烂文明长河中,令世界叹为观止的闪烁着真理光芒的文化瑰宝,一直为世人所推崇。《孙子兵法》为世界第一“兵学盛典”,已在世界范围内广泛传播,应用领域极为广泛,更倍受商界青睐。日本企业家将其奉为至宝,美国商人视其为“金科玉律”。军队是在战场上拼杀,企业是在市场上作战,二者有相当的相似性,《孙子兵法》是伟大的商战博弈论,故可为现代商战所用。《孙子兵法》中“上兵伐谋”的战略思想、“五事七计”的决策思想、不战而胜的“全胜”思想、“以利制权”的“权变”思想,则是现代商战的制胜法宝。