上市公司多元化与投资风险及收益关系实证研究

多元化战略对投资风险及收益的影响一直是战略管理领域的研究重点.理论文献认为公司实施多元化扩张会同时导致成本和收益的提高.然而在实证研究上,美国等发达市场的研究结果与智利等一些新兴市场的研究成果并不一致.本研究主要以我国125家上市公司为样本数据来分析公司多元化程度与投资风险及收益的关系.通过多元回归模型等方法,我们发现公司多元化程度与投资收益及投资风险之间均不存在显著的相关关系.     

企业家社会资本与多元化战略:一个多视角的分析

作为企业家重要的个体异质性特征,企业家社会资本对于转型经济时期的中国企业多元化战略决策具有重要的影响,而现有研究往往忽略了这一点.基于现有社会资本研究成果,从社会网络和动员能力两个维度界定了企业家社会资本.在此基础上,从网络嵌入的信息、知识和通用资源等三个方面分析了企业家社会资本与多元化战略的关系.研究发现,企业家的社会网络规模越大、动员能力越强,则企业越倾向于提高多元化程度、选择不相关多元化和通过并购来实施多元化战略.     

TMT特征对多元化与企业绩效关系的调节效应研究

多元化战略与企业绩效的关系一直是战略管理领域的重要话题.基于2004~2006年中国制造业上市公司(共227家样本企业)的数据,研究高管团队人力资本(包括团队认知能力和凝聚力)和社会资本特征(包括市场和非市场社会资本)对多元化战略与企业长期绩效关系的调节效应.研究结果表明,在相关多元化战略中,高管团队凝聚力、市场社会资本发挥显著正向调节效应;在非相关多元化战略中,高管团队凝聚力、非市场社会资本发挥显著正向调节效应.本研究从社会资本视角拓展了企业多元化战略理论和以人力资本为核心的高阶理论.     

打开非相关多元化与企业创新投入关系的黑箱——基于经理自主权的分析

使用世行对中国企业的调查数据深入分析经理自主权在中国企业非相关多元化战略与企业创新投入之间的作用机制.研究发现,非相关多元化程度较高的中国企业,企业经理的自主权受到更为严格的控制;经理自主权越低,企业创新投入越高.经理自主权受到限制,会使经理减少规避创新风险的行为、促进企业创新投入.经理自主权作为中介变量显著影响了非相关多元化与企业创新投入之间的关系     

上市公司多元化与投资风险及收益关系实证研究

多元化战略对投资风险及收益的影响一直是战略管理领域的研究重点。理论文献认为公司实施多元化扩张会同时导致成本和收益的提高。然而在实证研究上,美国等发达市场的研究结果与智利等一些新兴市场的研究成果并不一致。本研究主要以我国125家上市公司为样本数据来分析公司多元化程度与投资风险及收益的关系。通过多元回归模型等方法,我们发现公司多元化程度与投资收益及投资风险之间均不存在显著的相关关系。     

多元化战略下制度距离与股权进入模式选择的关系研究

在中国企业实施“走出去”战略的情境下,本文旨在研究中国与东道国之间的制度距离对海外子公司股权进入模式选择的影响,并探讨不同的多元化战略对制度距离与股权进入模式选择间关系的调节作用。研究表明,在对外直接投资( FDI)的过程中,制度逆差对海外子公司的股权进入模式选择具有正向影响;而制度顺差对股权进入模式选择具有负向影响。另外,母公司实施相关多元化战略和非相关多元化战略对制度距离与股权进入模式选择间的关系分别具有正向和负向的调节作用。本文的研究结论有助于母公司在进入国际市场时根据制度环境和自身的多元化战略选择合理的股权进入模式,从而实现母公司对海外子公司的合理控制。     

技术多元化、冗余资源与企业绩效关系研究

近年来技术多元化与企业绩效的关系研究越来越引起学者关注,然而以往研究在考虑技术多元化这种组合资源的方式时,忽略了不同类型组织资源的影响。本研究以资源基础理论为基础,实证检验了技术多元化对企业绩效的作用,并且探讨不同类型的组织冗余资源对技术多元化与企业绩效关系的调节作用。采用创业板316家上市公司2009年-2012年的非平衡面板数据来检验假设。实证研究发现非沉淀性冗余资源会正向调节技术多元化与企业绩效的关系而沉淀性冗余资源负向调节技术多元化与企业绩效的关系,但是技术多元化对企业绩效的影响不显著。实证结果表明企业在采用技术多元化战略来获取竞争优势的同时,必须考虑到不同类型冗余资源的作用。     

中国入境旅游与经济增长的非对称关系及其启示

入境旅游与经济增长的关系研究已成为旅游经济研究的热点问题之一.基于2000—2018年的季度数据,运用QQ分位数回归模型,对中国入境旅游与经济增长间的关系进行了研究.研究表明:1)中国入境旅游与经济增长的关系呈非对称性,且随着二者所处的时期呈阶段性变化,在两个变量的极端分位数处联系最为密切.2)入境旅游在国民经济体系中...     

技术多元化、互补资产与企业绩效

在评估技术多元化或互补资产与企业绩效的关系时,多数文献将这两者分离开来进行研究,忽视了互补资产对技术多元化与企业绩效关系的调节作用.本文采用中国高技术上市公司2004-2010年面板数据,实证分析技术多元化与企业绩效的关系以及不同互补资产对两者关系的调节作用.结果表明,技术多元化与企业绩效呈正向相关关系;生产制造互补资产对技术多元化与企业绩效关系的调节作用并未完全得到支持;市场互补资产与人力互补资产对技术多元化与企业绩效关系存在正向调节作用.因此,在实施技术创新战略时加强技术多元化和专业化互补资产可使企业获取竞争优势.     

中国企业非相关多元化与创新投入关系研究

国内外一些研究认为多元化战略特别是非相关多元化战略的实施会损害企业的价值和核心竞争力。但是在技术迅速变化的年代,传统的以资源为基础的核心竞争优势理论受到了挑战。固守企业的核心竞争力也会给企业带来组织惰性。非相关多元化意味着企业将拓展新的产品领域并投资新的技术。非相关多元化有利于企业发展一种动态能力从而适应不断变化的外部环境。本文通过文献梳理探索了企业非相关多元化战略影响企业创新投入的内在机理。非相关多元化战略的实施扩大了企业的规模从而改变了企业创新的力度;非相关多元化战略实施企业建立的多事业部组织机构中部门经理面临的短期财务业绩考核约束了企业创新投入的力度;企业实施非相关多元化战略使用企业内部资本市场替代外部不发达资本市场增加了研发项目获得资金支持的机会;实施非相关多元化战略的企业在高度不确定环境下通过投入不同于原有产品技术的创新增强了自身适应动态变化环境的能力。本文利用世界银行对中国12400个企业的调查数据实证研究发现总体上中国企业的非相关多元化显著促进了企业研发投入的增加。根据中国企业非相关多元化程度分类回归发现,超过90%的企业的非相关多元化程度低于5%,在0到5%区间范围内,非相关多元化与企业的创新投入显著正相关。这意味着对于绝大多数中国企业而言,由于大举进入一个完全陌生的新产品会遭遇较高的风险,这些企业只是尝试进入一个新的产业。由于新的产业与原来的产业所需要技术完全不同,新旧技术之间不存在协同效应,因此进入新领域的初期这些企业加大了研发投入。非相关多元化程度超过5%之后,非相关多元化与企业创新投入力度的相关系数为负,但是并不显著。研究还发现企业历史、企业高学历员工比例及其代表的企业所处行业的技术机会等因素都显著促进了企业创新投入,总经理短期激励则显著减少了企业创新投入。本文还根据中国企业的制度背景进行了分类分析。无论对于国有企业还是非国有企业,非相关多元化都促进了企业的创新投入。非国有企业非相关多元化战略对创新投入的促进效果略高于国有企业。国有企业相比非国有企业更偏好非相关多元化经营和研发创新。国有企业总经理短期经济激励对企业创新投入的负面影响力度要超过非国有企业。非国有企业的历史促进了创新投入。国有企业负债率、企业经营利润率以及获利的不确定性与研发力度呈现正的联系。无论是国有企业还是非国有企业,企业所在产业的外部技术机会对企业的研发投入起到促进作用。     

To serve and promote science development via innovation

CAS should stick to the principle of rendering service to, and giving impetus for, the development of China＇s science enterprise by making S＆T innovations, said CAS President LU Yongxiang. The CAS president made the remarks in a recent talk to communicate the gist of the winter session of the Party＇s Leading-member Group at CAS, which was held from 7 to 11 January in Beijing.     

Tracing the origin and early radiation of birds——Paleornithologist ZHOU Zhonghe

With great care, Dr. ZHOU Zhonghe takes out a package wrapped by cotton tissue from a drawer and says: "This is the gem of our collections: the fossil of a bird that lived 125 million years ago!" Then, pointing at a tiny mound, he explains: "Look, this is the claw and that is the head. It was in the egg shell and ready to hatch ... The species fell into a family of waterside inhabitants."     

Students' Reactions to the Introduction of Videoconferencing for Classroom Instruction

This study examined how students who had no prior experience with videoconferencing would react to the use of videoconferencing as an instructional medium. Students enrolled in seven different courses completed a questionnaire at the beginning of the semester and again at the end of the semester. Students at the origination and remote sites did not differ in their reactions toward videoconferencing but there was a significant difference for gender. Women reacted less favorably to videoconferencing. Compared to the beginning of the semester, students reported significantly less positive attitudes toward taking a course through videoconferencing at the end of the semester. There were no significant differences in students' attitudes toward videoconferencing across courses at the beginning of the semester but there were significant differences across the courses at the end of the semester. The results suggest the need for better preparation for both students and instructors.     

Cooler temperatures inductive to locust outbreaks

Ajoint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology and his co-workers from Norway, US and Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells, suggesting that China＇s projected climate warming could decrease the pest＇s numbers. The study was published in Proceedings of theNational Academy of Sciences on 17 September, 2007.     

Exploring Multiplexity: Social Network Structures in a Computer-Supported Distance Learning Class

A computer-mediated group is a complex entity whose members exchange many types of information via multiple means of communication in pursuit of goals specific to their environment. Over time, they coordinate technical features of media with locally enacted use to achieve a viable working arrangement. To explore this complex interaction, a case study is presented of the social networks of interactions and media use among members of a class of computer-supported distance learners. Results show how group structures associated with project teams dominated who communicated with whom, about what, and via which media over the term, and how media came to occupy their own communication niches: Webboard for diffuse class-wide communication; Internet Relay Chat more to named others but still for general communication across the class; and e-mail primarily for intrateam communication. Face-to-face interaction, occurring only during a short on-campus session, appears to have had a catalytic effect on social and emotional exchanges. Results suggest the need to structure exchanges to balance class-wide sharing of ideas with subgroup interactions that facilitate project completion, and to provide media that support these two modes of interaction.     

The Role of Intermediating Institutions in the Diffusion of Electronic Data Interchange (EDI): How Industry Associations Intervened in Denmark, Finland, and Hong Kong

Electronic data interchange (EDI) provides means for interorganizational communication, creates network externalities, requires an advanced information technology (IT) infrastructure, and relies on standards. In the diffusion of such innovations, institutional involvement is imperative. Such institutions contain governmental agencies, national and global standardization organizations, local government, and nonprofit private organizations like industry associations. The last type of organizations we call intermediating institutions. They intermediate or coordinate ("inscribe") the activities of a group of would-be adopters. Unfortunately, little is known of how these organizations shape the EDI diffusion trajectory. In this article we examine one specific type of intermediating organizations?industry associations?and how they advanced the EDI diffusion process in the grocery sectors of Hong Kong, Denmark and Finland. We identify six institutional measures, placed into a matrix formed by the mode of involvement (influence vs. regulation) and the type of diffusion force (supply push vs. demand pull), that can be mobilized to further the EDI diffusion. Industry associations were found to be active users of all these measures to varying degrees. Their role was critical especially in knowledge building, knowledge deployment, and standard setting. Furthermore, institutional involvement varied due to policy and cultural contingencies and power dependencies.     

How Electronic Publishers are Protecting Against Piracy: Doubts About Technical Systems of Protection

The increasing prospects of digital piracy has prompted the perceived need by electronic publishers to adopt technical systems of protection, and governments to reform their copyright laws. This article is a preliminary study of the management of intellectual property by electronic publishers, defined as those involved in the production of online databases, and CD-ROMs. It focuses on three main issues: (1) how electronic publishers view the increasing threat of piracy; (2) the methods of protection employed to protect intellectual property in digital format; and (3) the importance of technological protection of intellectual property in electronic publications. The analysis is based on a sample of 23 UK electronic publishers. The interviews revealed an interesting assortment of protection methods and did not show that technological protection was a preferred way. Instead, the means of protection, in addition to copyright law, comprised niche markets, pricing, trust, bad publicity, and nontechnical and technical means.     

Stern-Gerlach effect goes chiral

Prof. SUN Changpu from the CAS Institute of Theoretical Physics and coworkers from University of Basel in Switzerland have worked out a way --at least in theory --to split a beam of molecules according to their chirality. The technique involves passing the molecules through three different laser beams and is similar to the famous Stern-Gerlach effect, whereby a beam of atoms passing through a magnetic field is split in two according to the atoms＇ spin states （Phys. Rev. Lett. 99 130403）.     

Rough Justice: A Statistical Assessment of ICANN's Uniform Dispute Resolution Policy

Long-standing conflict between domain name registrants and trademark holders prompted the Internet Corporation for Assigned Names and Numbers (ICANN) to create a global, mandatory arbitration procedure known as the Uniform Dispute Resolution Policy (UDRP). The UDRP has been used in 2166 cases involving 3938 domain names as of 1 November 2000. The policy gives the initiator of a complaint, generally a trademark holder, the right to choose which ICANN-accredited dispute resolution service provider (RSP) will handle the case. During the preparation of the UDRP,some feared that complainant selection would lead to "forum shopping" that might bias the results. This article performs a statistical assessment of the forum-shopping thesis and finds support for it. There are statistically significant differences in the various RSPs' propensity to take away names from defendants; there are also major differences in the number of cases brought to each RSP. RSPs who take away names have the larger share of cases. The study examines other variables that might explain differences in market share, such as price, the plaintiff's nationality, or the time taken to decide a case. It finds that nationality and time also are correlated with market share. The study concludes that shopping for a favorable outcome is an important factor in the UDRP.     

Prevalence of soft neurological signs in Chinese people

Prof. Raymond C.K. Chen, a neuropsychologist with the CAS Institute of Psychology, has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology.