On the‘ENGO+focal firm’governance strategies of pollution of small and medium suppliers

Presently,the environmental pollution problem,especially that of the small and medium-sized enterprises,has become a bottleneck restricting the high-quality development of China’s economy.It is imperative to accelerate the construction of a collaborative governance system with multiple subject participation.The behavior modes of Environmental Non-governmental Organizations(ENGOs),a key player in environmental care,in collaborating with core enterprises to control pollution from small and medium-sized suppliers should be explored.Therefore,we constructed a collaborative governance system consisting of ENGOs,focal firms and small and medium-sized suppliers.Then a two-stage game model was established to analyze the strategies of the governance system.Specifically,we studied the collaborative green cooperation strategy and antagonistic pressure supervision strategy between ENGOs and focal firms,analyzed factors influencing the strategic choices of each subject,and gave the advantages of the cooperation strategies through further comparisons.The results showed that:Under the cooperation strategy,ENGOs provided knowledge of environmental protection to the focal firms,then both the audit efforts of focal firms and the environmental protection efforts of small and medium-sized suppliers were effectively improved.Since ENGOs could not fully obtain the pollution information of small and medium-sized suppliers or accurately trace it from their downstream focal firms,it was difficult to drive the supply chain’s endogenous governance by this external monitoring of ENGOs,making the effect of pressure supervision strategy limited.The effectiveness of green cooperation strategy was positively correlated with the knowledge absorption capacity of focal firms,the unit product revenue,and the focal firms'violation penalties for small and medium-sized suppliers.When ENGOs'violation penalties for small and medium-sized suppliers were higher,or the reputation loss of focal firms was higher,more unfavorable conditions of green cooperation strategy could be achieved.Accordingly,ENGOs should choose to cooperate with focal firms with strong knowledge absorption ability and high profit per product;focal firms should learn environmental protection knowledge to improve the screening standards and review capabilities,and promote the achievement of green cooperation strategy conditions by strengthening active information disclosure;the government should promote the collaboration between ENGOs and focal firms by issuing environmental guidelines.

Effects of Social Capital,Top Executive Attributes and R&D on Firm Value in Chinese Small and Medium-sized Enterprises

This study uses an unbalanced panel data analysis to examine the effects of social capital, top executive attributes and R ＆D on firm value in Chinese small and medium-sized enterprises （SMEs） listed on the Shenzhen Stock Exchange Small and Medium-sized Enterprises Board from 2007 to 2011. There are several interesting findings. First, the gender （male） and academic degree of the chairperson in the SMEs have a positive and significant effect on firm value. Second, social capital （measured by politieal connections, managerial business association networks and technology association networks） and R＆D have a positive effect on SME firm value. Third, the effect of politieal connections on firm value for state-owned enterprises （SOEs） is stronger than for non-SOEs, while the effect of business and technology networks on firm value for non-SOEs is stronger than for SOEs. Our study has important policy implications for SMEs that want to compete successfully in China.

Study on Financing of SMEs in Enshi Nationality Area Based on FFMO Model 1

Financing has been always diffi cult for small and micro enterprises(SMEs() in Enshi nationality area mainly because of its higher fi nancing cost, immaturity and high monopoly of the fi nancial market. This paper, based on classical theories and model as well as fi nancial market status in Enshi, combs and analyzes major factors infl uencing fi nancing of small and micro enterprises in Enshi, sets up a FFMO model and proves that reform measures of fi nancial organization competition promotion and reduction of small and micro enterprises’ cost adopted by large fi nancial organizations in order to pursue maximized profi t under the market environment with rising barriers can balance the fi nancial market and make it favorable for development of small and micro enterprises’ fi nancing.