民营科技企业创新绩效评价

目前对民营科技企业的创新绩效评价研究很多,有的研究只从技术创新这个角度来确定创新绩效评价指标体系,然而企业作为一个组织,还有其他诸多非客观因素影响创新绩效,如管理上的创新,企业文化的创新等;还有的研究又只从管理创新角度来分析企业创新绩效,忽视了重要的技术创新方面。因此本文从技术创新和管理创新这两个角度出发,力求建立一个较为完善的民营科技企业创新绩效评价指标体系,并采用“基于离差最大化的多属性决策”方法来给出被评价企业的综合绩效值。     

非国有大股东对国企超额雇员的影响:成本效应还是激励效应

基于竞争理论的国企改革思路强调减少政策性负担摊派,基于产权理论的改革思路侧重于引入非国有资本,以解决产权不清晰与所有者缺位问题.本文尝试融合两种理论,以国企超额雇员问题为研究对象,从非国有大股东视角探究混合所有制改革成效.研究发现:非国有大股东能够显著降低国企超额雇员,减弱超额雇员对公司价值的损害作用,且该治理作用会随非国有大股东相对力量的提高而增强;从作用机制来看,该治理作用不仅表现为劳动力成本尤其是员工薪酬的节约,还表现为内部薪酬差距和管理层薪酬业绩敏感性的提高,兼具成本效应与激励效应;该作用在地区就业压力较小、劳动密集度较低以及劳动保护水平更低的环境下更为显著.     

“强监督”还是“搭便车”：自然人大股东如何影响企业专利质量

通过构建改进的知识宽度法测算企业专利质量，并以2007—2016年中国沪深A股上市公司为样本，分析自然人大股东对企业专利质量的影响以及在不同类型企业中其作用的差异性。结果表明，作为“强力监督者”，自然人大股东能够促进企业专利质量提高。但因为其角色由“强监督”转变为“搭便车”，故这种促进作用在国有企业和具有政治关联的企业中并不存在。进一步研究表明，促进作用是通过加强对经理人和研发人员的监督，减少其控制权下投机性创新策略，提升其工作努力程度实现的。研究结论为促进国有企业与民营企业创新能力提升提供相应的政策启示。     

Exit as governance: do blockholders affect corporate innovation in large US firms?

Using a sample of large US firms, this study shows that blockholders in combination with liquidity can contribute positively to innovation (R&D investments). We contribute to the literature on managerial myopia that has focused mainly on large owners and their type (short-term/long-term). Our results are in line with recent theoretical studies arguing that blockholders in combination with market liquidity can mitigate managerial myopia, as suggested by the exit model of governance. The results indicate that blockholders can be efficient in resolving agency problems and that they can enhance long-term prosperity, even when the individual blockholder investment horizon may not be long.     

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。     

Re-measuring agency costs: The effectiveness of blockholders

This study examines the effectiveness of blockholders in mitigating agency costs such as managerial extravagance, poor asset management and underinvestment. Our evidence suggests that outside and inside blockholders exert their interventions differently. We find that outside blockholders are more vigilant about mitigating managerial extravagance while inside blockholders, especially managerial blockholders, are more effective in improving the efficiency of firm asset utilization. However, only managerial blockholders significantly overcome underinvestment problems, which may be attributable to their duality roles.     

温州民营企业集群发展趋势预测

经过20多年的发展，以“一镇一业”的轻加工制造为特征的温州民营企业集群的竞争力已有较大的提升，2001年主要民营企业集群的产值高达1268亿元。章结合温州的集群特点，从集群的组炽结构、融资力度、贸易结构、信息利用、产业互动等多个角度，对集群的生命力、竞争力、国际化、信息化、稳定性等作了前瞻性的预测。     

Ownership concentration and firm risk: The moderating role of mid-sized blockholders

This study analyzes the relationship between mid-sized blockholders and firm risk. We show that ownership structure matters for firm risk beyond the first largest blockholder. Firms with multiple blockholders take more risk than firms with just one blockholder, even when controlling for the stake of the largest blockholder. Consistent with the diversification argument, we find that firm risk increases by 22% when the number of blockholders increases from one to two. Our results are robust to controlling for blockholder type and firm characteristics. We carry out various robustness checks to tackle endogeneity issues. More generally, we provide evidence that firms’ decisions are affected by mid-sized blockholders and not merely the largest blockholder. This is in line with theoretical predictions.     

股权集中、股权制衡对我国上市商业银行的创新能力的影响

通过对2007-2011年沪市上市的13家商业银行披露的45份年报数据进行实证分析，检验了股权特征里的股权集中度、股权制衡角度与银行创新能力的关系。结果表明，控股股东性质与银行创新能力呈正相关；第一大股东持股比例与银行创新能力呈负相关；前三大股东持股比例与银行创新能力呈负相关；股权制衡度与银行创新能力呈负相关。     

新疆非公经济对就业的影响分析

新疆城乡就业的特点是农村就业比重持续提高,而城镇在不断下降。但非公经济对就业的影响存在显著的城乡差异,农村的非公经济吸纳就业能力虽然在提高,但作用有限;而城镇非公经济在吸纳就业上作用显著。从就业增长潜力看,今后几年,非公经济就业将会超过公有制经济。