创新信息披露、分析师跟踪与市场反应研究

本文以创业板公司为研究对象，考察资本市场对企业创新相关信息披露的反应及分析师跟踪的调节效应。研究发现企业创新信息披露能增强投资者的价值认同，分析师跟踪有助于提升市场效率，但有作用条件。具体表现在：分析师跟踪能加强投资者对创新优势信息的认知，但在创新内容信息披露方面只有明星分析师才传递了增量信息，并受投资者信息解读能力的影响。结论表明我国证券分析师是有市场影响力的，但大多数分析师的深度信息挖掘和解读能力有待加强。本文研究拓展了信息披露影响市场效率的途径，增补了分析师作用的经验证据，对企业信息披露决策和资本市场分析师角色识别有一定的启示。     

Exploring market orientation through social network analysis: an exploration of three cross-functional,cross-geographic teams

Prior research has shown a correlation between market orientation and business performance as measured through new product success. Market orientation has traditionally been measured through the MKTOR and MARKOR scales developed by Narver and Slater and Kohli et al., respectively. We examine whether there might be a different, complementary way to study market orientation. Kohli and Jaworski discuss the role of networks in achieving higher levels of market orientation, but network analysis has not previously been used to study market orientation. Following Kohli and Jaworski we find that network analysis can show how information is gathered and disseminated within a group; and following Narver and Slater we find that network analysis can be used to examine customer orientation and coordination. We discover a possible association between the organization’s structure and its level of coordination, and that certain roles within the group facilitate increased customer orientation within the team. Our research suggests that network analysis, particularly when managers participate in the interpretation of results, can be an effective means of identifying and correcting obstacles to a team’s market orientation. We believe our research contributes to theory by showing an alternative, complementary way to study market orientation and suggests factors that contribute to a group’s level of market orientation. We believe that this research contributes to practice by providing managers with a practical measure to improve their organization’s market orientation, thus increasing the likelihood of new product success.     

Contextual determinants of IT governance mechanism formulation for senior care services in local governments

Recognizing the critical role that information technology (IT) can play for the aging population, local governments tend to take responsibilities for IT-enabled senior care service delivery. Formulating IT governance mechanisms is important for governments to perform their responsibilities and maximize public value. As service arrangers, governments’ actions are affected by complex external environments for legitimacy, which has been largely ignored in the existing studies. By incorporating the strategic and institutional perspectives of legitimacy into Savas’s service delivery structure, this study developed a triadic framework that accounts for different contextual determinants related to the external market environment and the institutional environment to investigate the formulation of IT governance mechanisms. A survey involving 329 town-level governments in Beijing, China, was done to validate our research model. The results illustrate that the demand-supply market forces have direct impacts on IT governance mechanism formulation in local governments. Institutional pressures exert a mediating effect by transiting the supply market force into governments’ actions. Our triadic framework reveals a dynamic service delivery structure, contributing to Savas’s service delivery structure and IT governance research.     

我国机构投资者持股与上市公司信息披露质量——来自深市上市公司的证据

利用深交所提供的信息披露质量考评指标进行实证检验,发现我国机构投资者持股、持股规模和参与持股家数与信息披露质量正相关,表明我国机构投资者能促进资本市场信息质量提升。     

The role of business analytics capabilities in bolstering firms’ agility and performance

Many companies invest considerable resources in developing Business Analytics (BA) capabilities to improve their performance. BA can affect performance in many different ways. This paper analyses how BA capabilities affect firms’ agility through information quality and innovative capability. Furthermore, it studies the moderating role of environmental turbulence, both technological and in the market. The proposed model was tested using statistical data from 154 firms with two respondents (CEO and CIO) from each firm. The data were analysed using Partial Least Squares (PLS)/Structured Equation Modelling (SEM). Our results indicate that BA capabilities strongly impact a firm’s agility through an increase in information quality and innovative capability. We also discuss that both market and technological turbulence moderate the influence of firms' agility on firms' performance.     

融资融券与高管薪酬契约有效性研究

融资融券制度作为近年来中国资本市场重大改革之一,其对实体经济的影响尚未得到重视。本文使用双重差分模型研究了融资融券对高管激励的影响。实证结果发现,融资融券显著提高了上市公司的高管薪酬-会计业绩及高管薪酬-市场业绩敏感度,说明融资融券提升了企业会计信息及市场价格信息质量,从而有助于提高薪酬契约的有效性,具有显著外部治理效应;进一步的机理检验发现,融资融券效用发挥在治理机制较弱的制度环境中更为显著,表明其作为一种替代性的外部治理机制而发挥作用。     

公共孵化器VS商业孵化器——孵化器市场结构演进过程

首先以产业的技术绩效为切入点,通过SCP范式分析了美国孵化器市场结构的有效性,发现信息产业革命在美国孵化器市场结构演化中的作用,预示了新一轮科技革命背景下,我国孵化器市场结构可能也会发生改变;为寻求这一变化均衡点,构建商业孵化器与公共孵化器在我国孵化器市场结构中的演化博弈模型,表明变化均衡点是根据产业主导技术所处阶段,商业孵化器与公共孵化器对新兴产业和战略性新兴产业孵化选择的结果。最后用数值仿真予以刻画。     

行业竞争、资本结构与产品市场竞争力

摘要：本文以我国上市公司的数据为样本,利用企业的投资能力和市场份额描述产品市场竞争力,从行业竞争差异的角度探讨了资本结构对我国企业产品市场竞争力的影响。研究表明资本结构对企业的产品市场竞争力具有显著影响,且这种影响对处于不同竞争程度行业的企业有所差异。资本结构的提高对企业的投资能力会产生负效应,且这种负效应随着行业竞争程度的下降也会有所减弱。总体上,资本结构的提高有利于市场份额的提高,且这种正效应也会随着行业竞争程度的下降而下降。但当企业本身资本结构已经处于一个较高的水平时,资本结构的提高易使企业的市场份额下降,从而可能陷入财务危机,尤其当行业竞争激烈时。本文的研究不仅丰富了我国资本结构对产品市场竞争力影响的研究文献,也为企业决策者在制定目标资本结构时提供了参考。     

面向研发企业的项目全周期质量成本管理模式

为规避研发项目自身资金、技术密集型所带来的高风险性和不确定性,通过对研发企业全周期质量成本展开研究,分析研发项目各个阶段质量成本构成,各部分间的关系和控制要点,整合各阶段构建研发项目全周期质量成本管理模式,并建立基于灵敏度系数的质量成本决策模型。最后以汽车研发项目为例对文中模型进行验证,表明其能以低成本高效完成项目,提高产品市场竞争力。     

基于信息融合视角的新兴技术成熟度研究

科技文献作为研究所必需的计量分析数据,决定了将不同类型和来源的科技文献进行信息融合,能够最大程度地发挥信息的价值。本文基于论文和专利数据以及行业信息等不同维度信息的关联关系,构建基础理论研究水平、科技成果产出情况和市场前景等信息的融合分析框架,运用"四象限分析法"创新性地构建了"理论—技术—市场"的三维评价模型,提出了更加深入判断新兴技术成熟度的分析方法。并以智能建筑领域核心技术为例,对方法的可行性和有效性进行验证。该方法立足技术领域全景,集成论文、专利数据以及行业信息,将技术成熟度的局部特征融合为整体特征,可通过多维分析结果的相互印证、相互补充获得更具参考价值的技术成熟度分析结果。     

A Survey on Blockchain for Information Systems Management and Security

Blockchain technologies have grown in prominence in recent years, with many experts citing the potential applications of the technology in regard to different aspects of any industry, market, agency, or governmental organizations. In the brief history of blockchain, an incredible number of achievements have been made regarding how blockchain can be utilized and the impacts it might have on several industries. The sheer number and complexity of these aspects can make it difficult to address blockchain potentials and complexities, especially when trying to address its purpose and fitness for a specific task. In this survey, we provide a comprehensive review of applying blockchain as a service for applications within today’s information systems. The survey gives the reader a deeper perspective on how blockchain helps to secure and manage today information systems. The survey contains a comprehensive reporting on different instances of blockchain studies and applications proposed by the research community and their respective impacts on blockchain and its use across other applications or scenarios. Some of the most important findings this survey highlights include the fact that blockchain’s structure and modern cloud- and edge-computing paradigms are crucial in enabling a widespread adaption and development of blockchain technologies for new players in today unprecedented vibrant global market. Ensuring that blockchain is widely available through public and open-source code libraries and tools will help to ensure that the full potential of the technology is reached and that further developments can be made concerning the long-term goals of blockchain enthusiasts.     

产业政策与企业创新策略选择研究

从行为金融学视角出发,采用“产业政策--投资者关注--企业创新策略选择”这一研究思路,以2011-2015年我国A股制造业上市公司为样本,采用Multinomial Logit-中介效应模型分析产业政策对企业创新策略选择的作用机制。研究发现,与发明专利相比,产业政策的“资源效应”显著增加了企业非发明专利申请的数量。我国证券市场具有典型的投资者有限理性特征,产业政策会带来“投资者关注效应”,当市场有效性不足时会进一步诱使管理层选择低质量的创新策略。对于非国有企业以及不具有政治关联的企业而言,产业政策引致的“投资者关注效应”是诱使其选择低质量创新策略的主要原因。研究结论为更好地引导产业政策和证券市场共同提升企业实质性创新能力提供了经验证据。     

Information asymmetry evaluation in hotel E-commerce market: Dynamics and pricing strategy under pandemic

Information asymmetry in different service products is lacking research. Tourism e-commerce as a dynamic financial market driven by advanced information technology deepens the concern for asymmetry brought to hotel consumers. COVID-19 provides a natural intervention on market asymmetry in the hotel price information, which effects are worth evaluating. This study therefore evaluates the degree of information asymmetry in terms of the lodging price of international tourist hotels (ITHs). Through applying the concept of stochastic frontier approach (SFA), this study estimates the degree of information asymmetry and the inefficiencies. The estimation results indicate that the hotel location, traveler type, operation type may cause different information asymmetry. By comparing with the asymmetry before the pandemic, it is found that the asymmetry in lodging price information decreased since the outbreak of the COVID-19 pandemic. Among the six regions studied, the mean range of information equity degree increased from the original 0.634-0.832 to 0.7633-0.866. It indicates that the outbreak of COVID-19 changed the structure of the consumer groups in hotel operations and then affect the hotelier's pricing strategy.     

买方势力与技术创新:研究综述与未来展望

技术创新是引领企业发展的第一动力。企业的创新决策不仅受到横向市场结构的影响,还受到来自于产业链上下游相对市场势力的制约。本文从四个研究视角梳理总结了买方势力的概念内涵,并从三个维度剖析了其产生动因与形成机制。在此基础上,本文从理论与实证两个视角对买方势力与技术创新关系的研究进行归纳与评述。最后,基于现有研究的局限性提出未来研究方向,以期为企业创新机制的建立和反垄断规制政策的实施提供参考与借鉴。     

大数据浪潮下情报学研究与教育的变革与守正

[目的/意义]为了避免国内图书情报学界在大数据浪潮下走创新不守正的老路。[方法/过程]对情报学界开设大数据专业面临的挑战与冲击、情报学的学科根基、如何变革情报学研究与教育等问题进行深入分析。[结果/结论]如果不对现有师资队伍的知识结构进行调整,不对师资队伍的知识储备进行充实,情报学界培养出来的大数据人才将缺乏市场竞争力。大数据时代的情报学研究既要追求学科知识的严谨性,坚守研究内容与教学内容的相关性,也要理性地将大数据思维、大数据方法与技术融入情报学的学科知识体系。大数据时代的情报学教育应该保持学科边界的稳定性,保持内容结构的合理性。     

东北上市公司会计信息披露质量的治理因素分析

基于上市公司年报,建立会计信息披露质量评价指标体系,并通过2004年109家东北上市公司,对影响会计信息披露质量的公司治理因素进行实证分析,研究显示,东北上市公司治理结构影响会计信息的披露质量。     

An empirical study of the antecedents of data completeness in electronic medical records

There is a body of research that highlights the role of data management to improve the quality of data, which in return improves organizational performance. The literature in data management has indicated the five theoretical constructs used to understand the factors influencing data quality, including top management support, capability on the regulation and process management, business-IT alignment, staff participation, and integration of information systems. However, it is unclear how these theoretical constructs can be utilized to understand the antecedents of data completeness as a dimension of data quality. Following that stream of research, the current paper examines the factors influencing data completeness in electronic medical records (EMR). The scope of this study is by only surveying medical professionals at healthcare settings in northern Nevada. The empirical results reveal that resources should be added as one of the antecedents of data completeness in EMR.     

现货市场协调供应扰动优化模型研究

针对制造商生产过程中随机扰动问题,构建了一个供应扰动背景下的二层供应链模型。以短生命周期产品为例,分析了供应扰动对于制造商、零售商以及整个供应链的利润影响。通过构建现货市场协调供应扰动模型,揭示了扰动发生时间点以及现货批发价格对于零售商的现货市场策略选择行为的影响,从而识别出在不同情景下现货市场补货策略绩效的差异性。通过研究表明,现货市场协调只能减少供应扰动带来的损失而不能消除扰动带来的负面影响。     

科研成果在职称晋升中的信号与甄别作用研究

在学术水平不可验证的背景下,以科研成果的数量作为主要绩效依据的职称晋升能否有效分离不同学术水平的科学家并促进学术创新是学术评价制度有效性的一个重要体现。本文基于信息不对称理论的研究框架分析了科研成果的不可验证特征对职称晋升的影响。在此基础上,本文以1338名公共农业科研机构科学家为样本并利用信号理论和probit模型对职称晋升中科研成果的数量能否区分学术水平和学术创新努力不同的科学家进行了证实。理论分析与计量经济学研究结果表明:不可验证性使科研成果的学术水平不适合作为职称晋升的依据;在我国现行职称晋升制度下,科研成果的数量主要是科学家能否晋升职称的信号而非甄别其学术水平和学术创新性的有效方式。     

国外技术创新中的情报运行机制研究综述

通过对国外技术创新中的情报处理研究进行综述，总结国外研究的成果和不足之处，为进一步研究提供参考和借鉴。通过文献检索和“滚雪球”文献查找方法获得了相关英文论文，对这些论文进行了文献研读，分析了单篇论文的主要观点、研究方法、研究结论，对论文之间的关系进行了分类和梳理，总结了现有研究的主要观点和不足之处。现有研究主要集中在技术创新与情报处理的关系以及情报处理在技术创新中的表现形式两个方面。现有研究的局限包括缺乏解释性研究、对实证结果尚未建立统一的理论框架、关键变量的辨析和测量不足以及缺乏质化研究。