Identifying Spatial Heterogeneity in the Effects of High-Tech Firm Density on Housing Prices:Evidence from Guangdong-Hong Kong-Macao Greater Bay Area,China

Innovation capitalization is a new concept in innovation geography research.Extant research on a city scale has proven that innovation is an important factor affecting housing prices and verified that innovation has a capitalization effect.However,few studies investigate the spatial heterogeneity of innovation capitalization.Thus,case verification at the urban agglomeration scale is needed.Therefore,this study proposes a theoretical framework for the spatial heterogeneity of innovation capitalization at the urban agglomeration scale.Examining the Guangdong-Hong Kong-Macao Greater Bay Area(GHMGBA),China as a case study,the study investigated the spatial heterogeneity of the influence of high-tech firms,representing innovation,on housing prices.This work verified the spatial heterogeneity of innovation capitalization.The study constructed a data set influencing housing prices,comprising 11 factors in 5 categories(high-tech firms,convenience of living facilities,built environment,the natural environment,and the fundamentals of the districts)for 419 subdistricts in the GHMGBA.On the global scale,the study finds that high-tech firms have a significant and positive influence on housing prices,with the housing price increasing by 0.0156%when high-tech firm density increases by 1%.Furthermore,a semi-geographically weighted regression(SGWR)analysis shows that the influence of high-tech firms on housing prices has spatial heterogeneity.The areas where high-tech firms have a significant and positive influence on housing prices are mainly in the GuangzhouFoshan metropolitan area,western Shenzhen-Dongguan,north-central Zhongshan-Nansha district,and Guangzhou—all areas with densely distributed high-tech firms.These results confirm the spatial heterogeneity of innovation capitalization and the need for further discussion of its scale and spatial limitations.The study offers implications for relevant GHMGBA administrative authorities for spatially differentiated development strategies and housing policies that consider the role of innovation in successful urban development.

Entrepreneurial Leadership, Market Orientation, and Firm Performance

This paper explores entrepreneurial leadership, market orientation, and firm performance. It sorts to ascertain through the literature whether entrepreneurial leadership has an influence on market orientation decision and firm performance. The review points to the fact that entrepreneurial leadership creates visionary scenarios which they used to assemble and mobilize a “supporting cast” of participants who become committed to the vision and the discovery of strategic value creation by influencing market orientation decision and thus enhancing firm performance. The study thus developed a process model as a result of the literature reviewed. The study concludes that, entrepreneurial leadership influences the market orientation decision of a firm with the help of the “supporting cast” and this helps the firm to increase its performance.

TMT Heterogeneity and Firm Performance: The Moderating Effect of Managerial Discretion

Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial discretion.Based on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the hypothesis.The empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms performance.At the same time managerial discretion can partially moderates the relationship between the heterogeneity of top management team and firm performance,in which capital intensity and the firm size play a negative moderating role,and duality play a positive moderating role.According to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.

The impact of environmental regulation on total factor productivity of firms:An analysis based on technical distance

Most studies on environmental policy and total factor productivity(TFP)growth under the heterogeneity framework tend to ignore the distance to the technical frontier,while research that investigates TFP growth based on technical distances does not tend to consider environmental policy.To fill this research gap,this study investigates the impact of environmental regulation on the total factor productivity of heterogeneous firms,based on technical distance.In addition to theoretical analysis,we apply a two-direction fixed effects model to test the impact using firm-level data selected from the CSMAR database and environmental regulation data of 287 Chinese cities between 2007 and 2015.We report two major findings from our analysis.First,environmental regulation increasingly enhances(or hinders)TFP growth,as firms get closer to(or further away from)the country-industry technology frontier,ceteris paribus.Second,grouped regression further highlights that environmental regulation affects TFP growth for heterogeneous firms.For proximal-type firms,environmental regulation promotes the growth of TFP through innovation and imitation mechanisms,while only the imitation mechanism works for middle-type firms.Neither mechanism,however,applies to distal-type firms,for whom environmental regulation hinders TFP growth.These conclusions provide a theoretical and practical basis for environmental policy,suggesting that the focus should be directed toward improving exit mechanisms for distal-type firms,creating a favorable market environment to accelerate the convergence of middle-type firms to the frontier,and encouraging proximal-type firms to innovate to catch up with or surpass the global frontier.

The “productivity paradox” of Chinese export firms: Review and assessment

This paper represents an attempt to test the relationship between the exports and productivity of Chinese firms using the data set of nearly 3 million industrial firms in 20 industrial sectors over the period 1998-2007. Our test finds that non-export firms were more productive than export firms, and exports were negatively related to productivity-namely that the lower the productivity of a firm, the higher its exports. This finding is in contradiction with the hypothesis of new-new trade theory. The contradiction is referred to as the "productivity paradox" in this paper. Further tests find that firm size is a key factor affecting firm exports, but the impact of exports on firm productivity is insignif icant. This paper reckons that the "productivity paradox" of Chinese export firms may be attributed to the disproportionate share of processing trade in export trade.

Servitization, Industry Heterogeneity and Manufacturing Firm Performance

In the process of rapid economic development,the competition in the manufacturing industry is becoming more and more fierce.As a strategic measure for many manufacturing firms to successfully improve firm performance,servitization has gradually attracted the attention of more and more managers and scholars.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.Through the regression test of the data,this study mainly discusses whether the industry type can regulate the relationship between servitization and firm performance.The results show that servitization can have a positive impact on firm performance.In addition,industry type can be used as a moderating variable to moderate the relationship between servitization and firm performance.On this basis,this paper puts forward some suggestions and countermeasures for manufacturing firms.

政府资助、环境规制与绿色技术创新:基于企业异质性的比较

基于我国2009—2021年沪深A股上市公司的数据,实证检验了政府资助对企业绿色创新的影响,并验证了环境规制的调节效应,同时基于企业异质性分析该效应的差异。结果显示:政府资助对企业绿色创新存在U形影响,环境规制会削弱该影响;政府资助显著促进非重污染企业的绿色创新,而对重污染企业绿色创新存在U形影响,环境规制会削弱政府资助对重污染企业的U形影响;无论国有还是非国有企业,环境规制正向调节政府资助对企业绿色创新的影响,且对非国有企业调节作用更强。据此,政府在加大对企业绿色创新支持力度的同时,应该结合环境监管政策,采取差异化的资助措施,重在引导企业以追求低碳化目标为导向积极开展绿色创新。

民营企业家商会任职与连续慈善捐赠行为

商会作为典型的社会网络组织,能够通过企业家商会任职的方式对企业决策行为产生影响。本文以我国证券市场2004—2021年A股民营上市公司为研究对象,实证检验了民营企业家(董事长或CEO)商会任职与企业连续慈善捐赠行为之间的关系。实证结果发现:企业家商会任职会促使民营企业从事连续慈善捐赠活动且捐赠规模更大,而且企业家任职商会种类越多,这一促进效应越明显;在分析师关注度较低、企业家兼职较少以及非国有企业等改制而来的民营企业中,企业家商会任职对连续慈善捐赠行为的促进作用更明显;企业家在工商联或行业协会、国家级或市县级及以下商会中担任关键职位,更可能进行连续慈善捐赠且捐赠规模更大。渠道分析表明,民营企业家商会任职通过将商会会规和宗旨融入企业经营活动以及维护企业声誉两个渠道促进企业连续慈善捐赠行为。本研究揭示了企业家商会关系网络对民营企业连续慈善捐赠行为的积极影响,提供了企业非功利性连续慈善捐赠行为驱动机制的经验证据,同时为我国商会组织有效地参与公司治理提供了政策启示。

企业异质、地区异质与多要素流动

本文将企业异质、地区异质与多要素流动统一到新经济地理学的分析框架中,发展了企业异质的新经济地理学模型。研究结果表明,当满足产业集聚的强条件时,企业分布异质性的增强强化了产业集聚的“黑洞条件”,反之,则会强化产业的分散力;区域间异质性增大导致区域均衡发展越来越困难。如果区域间的初始禀赋条件相同,则对称结构可能是一种稳定均衡结构,这时对称结构稳定对应的贸易自由度范围最宽。反之,如果区域间的初始禀赋条件不同,这时内部一般非对称结构可能成为一种稳定均衡结构,但这时对应的贸易自由度范围有所变窄;在区域异质性的条件下,内部非对称结构可能是一种稳定均衡结构,当地区同质时,该内部非对称结构就会演变为对称稳定均衡结构,并且,存在多重稳定均衡结构的现象。随着贸易自由度的提高,集聚是可能的,也是渐进的,这一过程会变得可逆。

基于DSGE模型的科技信贷激励政策研究

通过构建基于全要素生产率厂商异质性的NK-DSGE(新凯恩斯—动态随机一般均衡)模型,模拟科技信贷激励政策的传导机制与政策效果,研究发现政策效果从大到小依次是常规货币政策、政府部门贴息、中央银行再贷款利率、中央银行定向降准、中央银行再贷款抵押率,与我国科技信贷激励政策的实践效果相吻合。进一步研究发现,政府贴息、再贷款利率的外生冲击波动幅度对政策效果影响弹性更大。建议地方政府应和银行加强联动,完善科技信贷风险补偿机制、贷款担保体系;另外,中国人民人行应加强常规货币政策实施精准性,并探索更加灵活的结构型货币政策机制。

数字经济要素收入核算与竞争力分析——基于“属权原则”的异质性视角

文章以OECD发布的ANME ICIO表为基础,提出了一种新的数字经济要素收入测算方法,进而准确地捕捉跨国企业数字技术活动的影响。通过构建综合指标,对比分析中国与其他主要经济体在数字经济发展竞争力方面的差异。同时,深入探讨本国企业与跨国企业在数字经济要素收入获取中的角色差异,并剖析数字经济要素收入的结构,聚焦不同价值链活动对其贡献的差异。研究结果表明,中国数字经济竞争力稳步增强,尤其值得关注的是,中国的计算机硬件设备制造业成为推动数字经济要素收入增长的引擎,全球竞争力卓越;然而,中国的IT及信息服务业对数字经济发展的推动作用仍有提升空间。此外,研究发现中国数字经济发展在一定程度上依赖于核心数字技术跨国企业,但本国企业在海外活动中的数字经济要素收入占比相对较低,制约了整体发展。文章揭示了国内价值链相关活动是中国数字经济要素收入的主要来源,巨大的市场规模为内循环提供了广阔的增长空间。值得强调的是,中国从外国直接投资中获得的数字经济要素收入占比仅次于内循环,凸显了中国吸引和利用外资以参与全球价值链相关活动的能力。最后,为促进中国数字经济的可持续发展提供了相关建议。

贸易政策不确定性与全球生产网络——基于内外资企业异质性视角

在逆全球化与贸易保护主义抬头的背景下,区分内外资企业在全球生产网络中的不同角色地位,以及有效应对不确定性贸易政策带来的冲击,对于探索内外资企业的差异化发展路径具有重要意义。基于反倾销发起方和非涉案方(第三方)视角,采用能够反映内外资企业异质性的AMNE数据库,考察反倾销引致的贸易政策不确定性对内外资企业全球生产网络地位的影响效应。研究发现:以反倾销调查衡量的贸易政策不确定性会促进反倾销发起方及非涉案方的外资企业生产网络地位攀升,其中对发达国家、制造业与反倾销发起方境内的外资企业生产网络地位促进作用更显著;贸易政策不确定性会对发起方及非涉案方的内资企业生产网络地位产生负向影响,其中对发展中国家、非制造业与反倾销非涉案方境内的内资企业生产网络地位抑制作用更显著;被调查国的OFDI会增强贸易政策不确定性对外资企业全球生产网络地位的正向效应以及对内资企业全球生产网络地位的负向效应。

数字化转型对涉农企业竞争力的影响——基于企业异质性视角

数字化转型已经成为改造提升传统动能、培育壮大新动能的重要手段,也为涉农企业的发展带来了新的机遇和挑战。从理论层面剖析了数字化转型对涉农企业竞争力的影响机制,同时对其影响效应进行了实证检验。研究发现:理论层面,数字化转型通过提高生产效率、提升产品竞争力以及增强市场应对能力,从而提升了涉农企业竞争力水平;实证层面,基准回归结果证实了数字化转型对涉农企业竞争力具有显著正向促进作用,且在控制模型内生性、替换回归样本和改变估计方法后的回归结果均支持该结论。由此表明,数字化转型确实提升了涉农企业竞争力水平。此外,这种影响在企业规模、企业年龄等方面存在显著异质性,但并不存在对于企业所在地区的显著异质性。

为什么大量高效率企业留在中小城市?——基于位置效应与异质性企业生产率的一个解释

针对现实中大量高效率企业留在中小城市这一与异质性区位理论预测明显矛盾的现象,本文提出位置效应假说,即高效率企业之所以留在中小城市是因为其在当地的经济地位排序更靠前,而靠前的位置排序在信号机制的作用下,使其能在融资、用工、上下游供应链中获得优势。本文基于中国工业企业数据的检验结果表明,以企业销售额为指标对城市内企业进行位置排序,排序靠前能显著提高企业的生产率。在控制企业规模、行业和城市自身特征等诸多因素,并通过构造复合工具变量控制内生性之后,结论仍然成立。本文结论为地区差别化优惠政策提供了理论支持,即在相对落后地区重点补贴位置排序靠前的企业,可以进一步增强该“位置”对高效率企业的吸引力,比均等补贴所有企业更有利于促进该地区的发展。

年报特质性信息与机构投资者持股决策

本文基于2012—2022年A股上市公司年报文本,实证检验了年报特质性信息披露水平对机构投资者持股决策的影响及影响机制。研究发现,年报特质性信息披露水平越高,机构投资者持股比例越高。机制检验发现,较高的年报特质性信息披露水平可以改善企业的信息环境,降低企业的信息不对称程度,进而提高机构投资者的持股比例。进一步研究表明,年报特质性信息对机构投资者持股决策的影响在非“四大”审计企业、内部控制质量较低企业以及财务型机构投资者的样本中更加显著。本文的研究结论有助于提高企业对年报文本信息披露数量和质量的重视程度,也为监管部门完善文本信息披露相关制度提供了重要参考。

高管海外背景与在位企业探索式创新:一个多层次调节模型

创新是引领发展的第一动力,在位企业创新是产业转型升级与高质量发展的微观着力点。基于A股上市公司数据,实证分析发现:高管海外背景正向影响在位企业探索式创新。调节效应分析表明,高管团队异质性、业绩期望落差在高管海外背景对在位企业探索式创新影响过程中发挥倒U型调节作用,地区数字经济发展水平正向调节高管海外背景对在位企业探索式创新的影响。机制分析结果表明,高管海外背景可以通过强化高管过度自信、提升企业风险承担水平和优化企业人力资本结构促进在位企业探索式创新。

高管性别多样性、ESG表现与企业价值

为探究高管性别多样性与企业价值的关系以及ESG表现在两者之间的中介效应,基于2015—2021年中国沪深两市A股上市公司数据,采用实证分析方法对固定效应模型进行检验。研究发现,高管性别多样性与企业价值存在正向相关关系,ESG表现在两者之间发挥了部分中介效应,即高管性别多样性—ESG表现—企业价值这一链条关系得以证明。通过异质性进一步分析发现,高管性别多样性—ESG表现—企业价值链条关系存在产权异质性和行业竞争强度异质性,即对比非国有企业,国有企业高管性别多样性与ESG表现关系的显著性较强,但高管性别多样性—ESG表现—企业价值这一链条关系在这一分组中并未得到证明;全样本的研究结论在处于高市场竞争状态下的企业样本中得以证明,在低市场竞争强度下的企业样本中,未能得到证实。在此基础上,进行了内生性检验与稳健性检验,上述结论依旧成立。

董事会断裂带与企业经营绩效

文章使用2007-2020年沪深两市A股上市企业样本数据,实证研究了董事会断裂对企业绩效的影响。研究发现,董事会内部的子团体成员间相似性越大,董事会监督和决策效率越高,最终显著提高企业经营绩效;当董事会内部的子团体间差异性大时,董事会成员间交流沟通效率反而越大,对企业经营促进作用就越显著。文章结论有助于丰富治理理论,并为治理设计提供更可靠的经验证据。

Dynamics of firm size in healthcare industry

Healthcare is one of the world’s fastest growing industries consisting of broad services offered by various hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies and supported by drugs, pharmaceuticals, chemicals, medical equipment, manufacturers and suppliers. The industry is highly fragmented, comprising of various ancillary sectors namely medical equipment and supplies, pharmaceutical, healthcare services, biotechnology, and alternative medicines. The present study focuses on the pharmaceutical and biotechnology segments of the healthcare industry, and presents a stochastic analysis of the evolution over time of firm size. A dynamic model is proposed that attempts to predict the evolutionary process of firm size distribution based on industry and product characteristics. A validation exercise, applying the model to pharmaceutical and the biotechnology industries finds that the predictions from the model are very close to the actual trajectories of firm size distributions within these industries at the global level. The results show interestingly, that the drivers of firm size dynamics are industry level characteristics that can be estimated from historical data with some accuracy. Specifically, it is found that firm size distributions are approaching a long-run equilibrium at a faster rate in the case of the pharmaceutical industry and that the dispersion of the distributions are shrinking over time above all for the biotechnology industry.

Effects of China’s Manufacturing Exports on Firm Innovation in the US

Based on the market segmentation theory,this paper employed data on China-US trade and firm R&D,innovation and TFP to investigate the long-term effects of China’s manufacturing exports on firm innovation in the US from an heterogeneity perspective,and tested the underlying mechanism.The authors found that in the long run,China’s manufacturing exports had to some extent increased manufacturing firm innovation in the US.The effect is highly heterogeneous across various manufacturing sectors.While Chinese exports affect the innovation output of non-core manufacturing firms in the US,they did little on the innovation of core manufacturing firms in the US.In the long run,the cumulative R&D input of core manufacturing firms in the US has not decreased significantly,and factors of production had migrated from non-core to core manufacturing sectors.Such a reallocation of production factors has increased specialization and overall innovation output from US manufacturing firms.By demonstrating that the rise of developing countries is consistent with the theory of comparative advantages,this paper refutes the“China threat”narrative touted by some developed countries,and provides scientific basis for rational resource allocation and international division of labor.