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新常态下江苏对外直接投资促进产业升级研究
对外贸易 江苏对外直接投资 产业升级
2016/11/25
新常态下,支撑江苏外向型经济发展的要素条件发生了深刻变化,对外贸易和利用外资的增速放缓,而对外直接投资(OFDI)却出现了飞速增长,已经成为江苏外向型经济发展的新特征。在此背景下,江苏经济发展要实现转型升级就必须积极利用OFDI的产业升级效应,如资源寻求型OFDI的重工业化效应,市场寻求型OFDI的规模经济效应,效率寻求型OFDI的边际产业转移效应和技术寻求型OFDI的逆向技术溢出效应,以"平行投...
Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
Equity Profit Risk and Uncertainty Compensation and Benefits
2015/5/13
Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
本文在误差修正模型的基础上，采用GMM估计方法较为系统和全面地考察了内外部融资约束、不确定性和企业投资行为的内在联系。实证结果表明：内部融资约束使得企业投资和现金流之间呈现出U型的关系，而投资—现金流敏感性与外部融资约束显著正相关；短期内，企业的投资水平随着不确定性的增加而递增，但从长期来看，总体不确定性、公司特有的不确定性以及市场不确定性均与企业投资显著负相关；融资约束在一定程度上降低了不确定性...
本文以机床制造业和机械制造业上市公司股票投资收益率波动相互影响为例，利用多元条件异方差类模型及脉冲响应函数，分别研究了上市公司关联板块波动的簇集效应和溢出效应，得出以下主要结论：机床板块股票投资收益前一期条件方差对本期条件方差影响高于机械制造板块相应影响，机床制造板块投资收益波动内在稳定性强于机械制造行业；机床板块负向冲击影响小于机械制造板块相应影响，并且机械制造板块投资收益波动会通过协方差关联影...
This paper examines the division of founder shares in entrepreneurial ventures, focusing on the decision of whether or not to divide the shares equally among all founders. To motivate the empirical an...
Decision Making Under Information Asymmetry:Experimental Evidence on Belief Refinements
Decision Choices and Conditions
2015/4/29
We explore how individuals make decisions in an operations management setting when there is information asymmetry between the firm and an outside investor. A common assumption in the signaling game li...
How Short-Termism Invites Corruption—And What to Do About It
Business and Shareholder Relations Public Ownership Performance Expectations Economy
2015/4/27
Researchers and business leaders have long decried short-termism: the excessive focus of executives of publicly traded companies-along with fund managers and other investors-on short-term results. The...
Reaching for Yield in the Bond Market
Fixed Income Reaching For Yield Financial Intermediation Insurance Companies Insurance Bonds
2015/4/27
Reaching-for-yield—the propensity to buy riskier assets in order to achieve higher yields—is believed to be an important factor contributing to the credit cycle. This paper analyses this phenomenon in...
The Effect of Target Difficulty and Incentives on Target Completion:The Case of Reducing Carbon Emissions
Environment Environmental Performance Carbon Climate Change Sustainability Incentives
2015/4/27
Setting targets and providing monetary incentives are two widely used motivating tools to achieve desirable organizational outcomes. We focus on reduction of carbon emissions as a setting in which to ...
Leviathan as a Minority Shareholder: A Study of Equity Purchases by the Brazilian National Development Bank (BNDES),1995-2003
Investment Ownership Stake State Ownership Private Ownership Performance Evaluation
2015/4/24
There is a growing literature comparing the performance of private vs. state-owned companies. Yet, there is little work examining the effects of having the government as a minority shareholder of priv...
When Open Architecture Beats Closed: The Entrepreneurial Use of Architectural Knowledge
Entrepreneurship Investment Return Growth and Development Strategy Product Design
2015/4/23
This paper describes how entrepreneurial firms can use superior architectural knowledge to open up a technical system to gain strategic advantage. The strategy involves, first, identifying "bottleneck...
Surviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance
Financial Crisis International Finance Foreign Direct Investment Local Range
2015/4/23
We examine in this paper the differential response of establishments to the global financial crisis, with particular emphasis on the role of foreign direct investment (FDI) in determining micro econom...
社会责任投资与“三高”企业市场价值关系的实证研究
社会责任 企业价值 相关关系 “三高”企业
2015/5/26
以我国“三高”企业为样本，利用eviews 6.0进行数据处理，通过相关性分析和回归分析确立变量指标和社会责任投资与企业市场价值关系，进而研究企业市场价值提升的新路径。研究结果表明：企业社会责任投资在当年对企业市场价值有负作用，但是随着时间的增长，前期企业社会责任投资对后期企业市场价值起到明显的正作用，且正作用效果随着时间的延长在增加。进一步研究得出：在短期内企业社会责任投资SRI与企业市场价值M...
投资者情绪衡量方法与影响机理研究述评
投资者情绪 计量方法 影响机理
2015/5/26
Black（1996）指出“市场噪音对于我们认识的影响是非常重大的”，这个噪音指的就是投资者情绪。它不仅对资本市场运行和投资者行为产生重要影响，还会切实影响到实体经济（Keynes，1936；Baker，2003；Polk、Sapienza，2009）。本文总结了已有的相关研究与发展动态， 特别对投资者情绪的产生背景和具体涵义、计量方法及其不同渠道的影响机理进行了系统的梳理和述评，为后续的投资者情...