考虑IT基础设施作用的外部知识对企业流程创新影响的博弈模型

本文基于知识基础观理论和吸收能力理论,以两个异质性制造企业组成的寡头竞争市场为研究对象,参考经典研发竞争AJ模型和非对称研发模型,建立考虑IT基础设施作用的外部知识对企业流程创新影响的博弈模型。研究表明,对于异质性企业来说,成本和IT基础设施投入占优的企业通过流程创新将拥有更大的市场份额,且企业通过合作创新方式引入的外部知识量也随着初始生产成本差异和IT基础设施投入的变化而改变,总体来说,企业异质性是企业流程创新竞争不平衡性的重要原因。考虑IT基础设施作用的情况下,企业引入外部知识进行流程创新对均衡产量具有正向影响,对均衡利润的影响存在阈值,呈现先增加后降低的趋势。由于溢出效应的存在,两个企业的均衡利润随领先企业的IT基础设施投入的增加而增加,但领先企业的均衡利润随IT基础设施投入的增加幅度更大,且领先企业的均衡利润占优。本文进一步提出了加强IT基础设施建设,促进外部知识利用,提升企业流程创新能力的管理启示。     

国内外投资对制造业技术进步影响的行业分化特征

本文首先采用1996年-2008年中国制造业分行业数据,选择随机前沿生产函数模型测度了制造业各行业的全要素生产率变化率,通过调整得到技术进步率,在此基础上,利用2001年-2007年国内外投资的数据基于面板数据模型,研究了制造业各行业国内外投资对技术进步影响的问题,旨在揭示改革开放以来尤其是经济发展较快的最近几年制造业技术进步的源泉,并进一步探讨技术进步来源不同的两类行业的行业分化特征。实证结果表明,制造业绝大多数行业的技术进步来源于国内投资或外商投资,个别行业甚至同时受国内外投资的双重影响,当行业特征表现为市场竞争程度高且外商投资对国内投资比重偏高时,技术进步更倾向来源于国内投资,反之则更倾向来源于外商投资。     

中国银行业市场竞争结构测度:基于Bresnahan范式研究

自从金融体系改革在中国开展以来,我国银行业的市场结构和竞争程度发生了巨大的变化。本文基于一般市场均衡理论框架对Bresnahan范式进行修正,采用1995-2004年间14家商业银行的数据建立panel data模型,对我国银行业的竞争结构进行测度。结果表明:1995-2004年期间,我国银行业处于较为明显的垄断竞争市场结构,比较1995-1998年和1999-2004年分析结果可以看出,我国银行业的竞争趋势渐强;4家国有商业银行之间具备高竞争程度的垄断竞争市场结构特征,10家股份制商业银行之间的竞争程度明显低于国有商业银行之间的竞争程度。     

银行网点规模对理财产品市场竞争的影响

网点是银行销售理财产品的主要渠道,网点的规模不仅直接影响着银行在理财产品市场的份额和收入,还通过风险行为影响着理财产品市场的竞争策略与格局。本文以权益类理财产品为研究对象,建立了银行间基于网点的理财产品竞争模型,通过竞争均衡的比较静态分析,发现理财产品的预期收益率受不同发行主体自身网点规模的影响,网点规模小的银行倾向于采取更激进的竞争策略,提供收益率更高的理财产品,以扩展自己的生存空间,即存在收益率溢价现象。然而,小规模银行的风险行为对竞争格局的影响有限,而大规模银行的行为却影响显著,即,理财产品所投资标的资产的风险水平对竞争的影响程度也同样受制于银行的网点规模。本文的分析和结论为我国银行理财产品市场的现状特征提供了理论解释。     

Valuing interdependent multi-stage IT investments: A real options approach

In this paper, we use the market asset disclaimer assumption and develop a binomial lattice based real options model to include cash flow interdependencies between multi-stage information technology (IT) investments. Using a simple two-stage IT investment problem with interdependent cash flows, we apply the binomial lattice based real options model to obtain combined valuation of the two-stage IT investment. In addition to investment valuation, our experience with the two-stage IT investment valuation suggests that the binomial lattice based real options model provides a powerful decision aid tool for appropriate timing, delaying and abandoning of the second-stage IT investment.     

促进网络投资的互联网骨干网互联结算规制改革研究

本文研究结果表明,不管是上游市场处于垄断还是存在多家骨干网竞争情形,无互联结算规制下的网络投资量大于互联结算规制下的网络投资量,并且此时的社会福利也大于互联结算规制下的社会福利。因此,为促进骨干网市场的网络投资,应充分发挥市场机制在互联结算中的调节作用,同时要在上游市场引入竞争机制,让新的竞争者参与竞争。     

An empirical study of relationship between IT investment and firm performance: A resource-based perspective

The resource-based view of the enterprises generally attributes superior financial performance to organizational resources and capabilities. Firm-specific IT resources are classified as IT infrastructure, human-IT resources, and IT-enabled intangibles. This paper empirically examines the association between IT investment and firm performance. Results indicate that firms with high levels of IT infrastructure and human-IT resources have a strong positive relationship with IT-enabled intangibles, but not with firm performance. In addition, IT-enabled intangibles are strongly positively correlated with firm performance. The relationships between IT investment and corporate IT capability are also examined. The results suggest that IT investments have begun to show results, indicating that they can make a positive contribution to firm IT infrastructure. However, the various measures of IT investment do not appear to have a positive relationship with human-IT resources, and IT-enabled intangibles. Although IT investment is likely to improve organizational IT infrastructure, but the IT-enabled intangibles is the key factor to effect the business performance, and the human-IT resource is a driving force for the IT-enabled intangibles.     

Unveiling endogeneity between competition and efficiency in Chinese banks: a two-stage network DEA and regression analysis

Although there is a growing number of research articles investigating the performance in the banking industry, research on Chinese banking efficiency is rather focused on discussing rankings to the detriment of unveiling its productive structure in light of banking competition. This issue is of utmost importance considering the relevant transformations in the Chinese economy over the last decades. This is a development of a two-stage network production process (production and intermediation approaches in banking, respectively) to evaluate the efficiency level of Chinese commercial banks. In the second stage regression analysis, an integrated Multi-Layer Perceptron/Hidden Markov model is used for the first time to unveil endogeneity among banking competition, contextual variables, and efficiency levels of the production and intermediation approaches in banking. The competitive condition in the Chinese banking industry is measured by Panar–Rosse H-statistic and Lerner index under the Ordinary Least Square regression. Findings reveal that productive efficiency appears to be positively impacted by competition and market power. Second, credit risk analysis in older local banks, which focus the province level, would possibly be the fact that jeopardizes the productive efficiency levels of the entire banking industry in China. Thirdly, it is found that a perfect banking competition structure at the province level and a reduced market power of local banks are drivers of a sound banking system. Finally, our findings suggest that concentration of credit in a few banks leads to an increase in bank productivity.

     

Information Technology Evaluation: Is It Different?

All investment decisions are problematic. The IT community seems to shy away from evaluation of its investments. This paper examines information technology investment in order to assess if it is radically different from other investment decisions. The lack of formal evaluation of IT projects may be due, not to a deficiency in the tools available to the evaluator, but to other factors. These factors are appraised and possible ways forward considered.     

On the determinants of ATM performance

ATMs networks are part of the new banking technology. Yet, installation of such network is a serious investment and, hence, the banks would very much like to know in advance both the factors and the way they seem to affect ATMs' performance. Our paper takles this problem with the aid of classical econometric techniques.     

企业与银行交易关系动态模型分析

本文采用动态分析的方法,分析介绍企业融资与以银行为代表的金融机构可能发生的交易关系,论述了以利益最大化为目标的银企双方在贷借活动中可以通过建立相互信赖的长期交易契约未达到节约投资资金使用成本的一个理论依据．指出了企业“名声”所具有的经济价值能减少经济活动中的机会主义行为,银行的“审查能力”能挽救陷入流动性资金不足的企业免于破产的作用．分析的结果可能会对银行商业化、企业现代化及投资管理决策提供一个参考．     

Fitting asset returns to skewed distributions: Are the skew-normal and skew-student good models?

Vernic (2006), Bolancé et al. (2008), and Eling (2012) identify the skew-normal and skew-student as promising models for describing actuarial loss data. In this paper, we change the focus from the liability to the asset side and ask whether these distributions are also useful for analyzing the investment returns of insurance companies. To answer this question, we fit various parametric distributions to capital market data which has been used to describe the investment set of insurance companies. Our results show that the skew-student is an especially promising distribution for modeling asset returns such as those of stocks, bonds, money market instruments, and hedge funds. Combining the results of Vernic (2006), Bolancé et al. (2008), Eling (2012), and this paper, it appears that the skew-student is a promising actuarial tool since it describes both sides of the insurer’s balance sheet reasonably well.     

地方融资平台杠杆率可以影响城商行绩效吗？——基于SYS-GMM和门槛模型的实证分析

本文根据2006~2017年全国30个省级行政单位的面板数据,运用门槛模型检验了地方融资平台杠杆率与城商行绩效之间的关系。本文不但证实了地方融资平台杠杆率整体上增加了城商行绩效,而且发现地方融资平台杠杆率对城商行绩效存在显著的非线性“双重门槛”效应,不同地方融资平台杠杆率对城商行绩效影响呈现先增后降的趋势,表现为“倒U”型结构特征。研究结果表明需要及时调整地方融资平台杠杆率,缓解给城商行绩效造成的压力。     

Evaluating IT/IS investments: A fuzzy multi-criteria decision model approach

IT/IS represents a substantial financial investment for many organizations. Whether or not to invest in new IT/IS is, therefore, a difficult decision. Simply considering human resource cost saving criteria is not enough, especially when a corporation has had many information systems. What kind of criteria should we consider when we evaluate IT/IS? How can a new IT/IS project be evaluated in an easy, cost-effective, and collective manner? We need a tool that will help decision-makers evaluate potential new investment projects. Apart from evaluating the new project per se, its compatibility and ability to integrate with an existing IT portfolio must also be considered. Hence, we propose a new approach based on the fuzzy multi-criteria decision model (FMCDM), featuring a 2-stage evaluation process with 26 criteria for IT/IS investment. All stakeholders in a corporation can decide the relative weights they give to the criteria when they evaluate a new IT/IS project by using linguistic values. Experts can also use linguistic values to evaluate all candidates easily. Only an Excel worksheet is needed to obtain an evaluation result. It is cost-effective and efficient. We conduct a case study to show how this model can be used and discuss the results.     

Multi-stage IT project evaluation: The flexibility value obtained by implementing and resolving Berk, Green and Naik (2004) model

In this paper, we evaluate a multi-stage information technology investment project, by implementing and resolving Berk, Green and Naik’s (2004) model, which takes into account specific features of IT projects and considers the real option to suspend investment at each stage. We present a particular case of the model where the project value is the solution of an optimal control problem with a single state variable. In this case, the model is more intuitive and tractable. The case study confirms the practical potential of the model and highlights the importance of the real-option approach compared to classical discounted cash flow techniques in the valuation of IT projects.     

非对称情形下R & D竞争项目的策略性投资

在非对称情形下,考虑具有技术不确定和未来收益不确定的竞争研究与开发(R&;D)项目的不可逆策略性投资.利用期权博弈理论和随机优化方法给出了高效研发公司(主导者) 的最优投资阈值和最优投资规则的解析表达式,并证明了由于两公司的竞争使投资阈值下降.其次讨论了两公司的混合投资策略,并给出每个公司执行投资期权的概率和两公司同时执行投资期权的概率. 在最后给出了数值模拟算例来说明该文结论的合理性.     

Measuring bank operations performance: an approach based on Grey Relation Analysis

The aim of this paper is to use a new approach of performance evaluation, Grey Relation Analysis (GRA), which is a concept borrowed from the study of industry and increasingly applied to commerce. GRA is used to evaluate the relative performance of three investment Taiwanese trust firms, which have been reorganized into banks. The result of the study indicates that although the sample size is small and the distribution of data is unknown, GRA can still be successfully used in evaluating bank performance. In addition, this paper compares the GRA results with the Financial Statement Analysis (FSA) and shows that the same result can be obtained.     

基于MIV-BP型网络实验的房地产项目风险识别研究

为了更准确更客观地识别房地产项目中的风险,为房地产项目投资决策提供科学依据和参考,有效地规避风险,本研究在BP神经网络 (Back-Propagation Neural Network)建模的基础上,采取MIV(Mean Impact Value)算法对BP神经网络模型进行变量筛选的网络优化和改良,从而形成新的优化后的MIV-BP(Mean Impact Value Back-Propagation Neural Network)神经网络,并以此用于评价房地产项目中的风险度以及各因素在风险度中的影响作用大小;同时选取目前相关的房地产项目数据进行仿真实证分析和验证。验证实验结果表明,MIV-BP型神经网络对于房地产项目风险度识别具有良好的适应性和准确性,实验结果客观,达到专家评价的要求,并在风险因素作用度分析上具有良好的应用价值。     

An Optimal Diversification Network Model with Fixed-Solution Universe Subsets

This paper develops a generalized dynamic network model for portfolio investment diversification. The model considers the situation of the fixed solution subset corresponding to a fixed single-resource economic investment such as that found in many oil-producing nations. Quadratic side constraints on the variance of the resultant flow distribution are added to the model to accommodate uncertainty. The model has been tested using a prototype example. The results indicate that the risk associated with a single-resource investment can be reduced by determining optimal investment weights.     

Endogenous network formation in a Tullock contest

We propose a model of network formation in a Tullock contest. Agents first form their partnerships and then choose their investment in the contest. While a link improves the strength of an agent, it also improves the position of her rival. It is thus not obvious that they decide to cooperate. We characterize all pairwise equilibrium networks and find that the network formation process can act as a barrier to entry to the contest. We then analyze the impact of network formation on total surplus and find that a social planner can increase total surplus by creating more asymmetry between agents, as long as this does not reduce the number of participating agents. We show that barriers to entry may either hurt total surplus, as the winner of the prize does not exploit all the possible network benefits, or improve total surplus since less rent is dissipated when competition becomes less fierce. Finally, when networking acts as an endogenous barrier to entry, no pairwise equilibrium network is efficient.