企业高级管理人员的荣耀感对公司战略决策的影响:来自中国企业的研究

156781-Thumbnail Image.png
Description
最近几十年对高管人员个人特征的研究成为组织战略决策领域的重要议题,但其中对

于高管人员的心理感受却几乎从未触及。心理学研究表明,心理感受会很大程度上影响人

的行为。荣耀感,作为最主要的一种与自我意识相关的心理感受,对于工作行为和结果的

影响都非常大。因而,研究企业高管的荣耀感,对理解和预测他们的行为,进而对预测其

个人意志扮演重要角色的公司战略决策有显著意义。

本论文对企业高管的荣耀感进行了系统研究。通过两个研究,中国企业高管的问卷

调查数据,回答了两个问题:1. 企业高管工作荣耀感的内涵是什么?2. 企业高管荣耀感

的高低如何影响其在公司中的战略决策。具体而言,通过 6 人深度访谈和 50 人的开放式

问题问卷的定性研究提炼了企业高管荣耀感的双维度模型,即世俗荣耀感和神圣荣耀感,

202 名企业高管样本的问卷开发了信度和效度达标的两种荣耀感的测量量表(研究一);

运用 159 名企业高管的问卷数据(研究二)检验了有关两种荣耀感影响公司战略变革意愿

和行为,以及社会创新的不同作用及其边界条件的理论模型和假设。

本研究的主要结论是:

1. 企业高管的世俗荣耀感和神圣荣耀感均正向影响企业战略主动性、战略变革,以

及社会创新战略,其中神圣荣耀感相比世俗荣耀感,对于公司社会创新战略的影响效应更

大;2.企业高管神圣的荣耀感,相比世俗荣耀刚对公司战略主动性的积极作用,受到其感

知到的基于政策环境变化的心理契约违背的影响更大,而世俗的荣耀感,相比神圣荣耀感

对公司社会创新的正向作用,受到其感知到的基于政策环境变化的心理契约违背的影响更

大。

本论文对战略领导力的研究做出了重要贡献。战略管理研究越来越多地关注人的因

素,尤其是企业高管对企业决策、行为以及绩效的影响,但以往对高阶的研究都集中在对

高管人员认知、背景及经验的探讨,本论文首次聚焦于高管人员的情感体验,通过强调高

管人员的荣耀感对组织战略决策的重要性,本研究大大地扩展了战略领导的研究范畴。

论文从心理学的视角出发,首次从内容和来源视角区分荣耀感的两种类型,对原先

从表现形式(momentary experiences and chronic dispositional tendencies)对荣耀感的

分类是个补充,对心理学领域有关荣耀感的研究做出了贡献。本文创造性地将荣耀感的研

究扩展到了企业管理中的高级管理人员,显著地提高了有关个体荣耀感受的理论与管理学

领域理论和实践运用的相关性。
Date Created
2018
Agent

红木市场交易效率问题研究—基于信息不对称理论分析框架

156780-Thumbnail Image.png
Description
随着社会经济发展,人们生活水平提高,红木市场不断发展壮大。但红木市场中存在

原材料无法认证、加工工艺无法辨别、产品价格混乱的现象,成为我国红木市场三大痛

点。能否解决红木市场这三大痛点,成为未来红木行业能否健康顺利发展的关键因素。

针对红木行业存在的问题,本文应用市场交易效率理论、信息不对称理论、金融市场

微观结构理论对红木市场做理论梳理,通过实地调研获取红木企业发展现状、厘清传统红

木交易流程和各交易环节中存在的问题,尝试在信息不对称理论的框架下对行业和典型企

业进行分析,将红木市场的交易要素进行序列梳理,重构市场组织和流程再造,创造性地

利用现代的互联网技术,把涉及的非标准的市场要素进行标准化设计,使其成为可交易的

标准化标的产品,并在设计可操作性的红木交易平台上进行交易,从而解决现有红木市场

中信息不对称导致的市场交易效率低下问题。本文一共分为十一章,第一到第五章为绪论、理论研究和研究综述。主要根据市场交

易效率理论、信息不对称理论和金融市场微观结构理论,引出建立红木交易市场,从而为

后续红木交易市场的设计奠定理论基础。第五章,对红木产业及其市场的要素进行信息解

析,为后面的非标准的市场要素进行标准化设计提供依据。第六、第七章,主要对红木交

易市场的信息不对称现状、红木交易市场交易效率进行分析。第八、第九章,主要基于信

息对称条件下的交易要素标准化设计和交易架构设计。第十章,主要通过对实际数据抓

取,对红木交易平台的有效性进行实证对比验证。第十一章是本文的结论和建议。

由于红木交易平台的设计是弥补大宗交易的空白,特别是红木交易市场要素的非标

准化,给标准化交易架构的设计带来一定难度。红木交易平台未来运营与发展中可能会遇

到很多风险,特别是投资者资格认证、交易涉众等社会问题,本文限于篇幅没有进行研

究,留待今后实践中不断总结和修正。
Date Created
2018
Agent

The Impact of Enterprise Risk Management on the Performance of Chinese Commercial Banks

156325-Thumbnail Image.png
Description
Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the

Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities.

This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
Date Created
2018
Agent

An Analysis of Firm’s Diversification and Transformation Through Mergers and Acquisitions

156287-Thumbnail Image.png
Description
Mergers and acquisitions (M&As) have been playing a very significant role in the capital market. Many companies regard mergers and acquisitions as an important way for their business expansion and transformation. This paper begins with a review of literature

Mergers and acquisitions (M&As) have been playing a very significant role in the capital market. Many companies regard mergers and acquisitions as an important way for their business expansion and transformation. This paper begins with a review of literature on firm’s motivations of and outcomes in M&A, and followed by a critical examination of three case studies of actual M&A transactions based on the insights provided from the literature review. For each case study, a firm’s motivations and related managerial initiatives for M&A activities were examined, followed by an assessment of the firm’s post M&A performance results. This allows the study to discerns the insights of why and how a firm proceed in its M&A transactions from its strategic intent to its post M&A managerial actions. Collectively, the results show that the key drivers for a firm’s M&A successes rest on a firm’s abilities to manage the M&A activities consistent with its strategic intent (e.g., creating synergies or transformation through diversification) and followed by its post M&A integration efforts in achieving its strategic intent.
Date Created
2018
Agent

Research on Financing Cost of SMB in P2P Lending Platform

155928-Thumbnail Image.png
Description
How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of

How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical costs and safety costs and other cost. And put forward the top design credit system, promote the credit system; build a unified development of regulatory policies to reduce compliance risks; increase investment in technology, share the improvement of technological progress bonuses. Through the establishment of the regression model, the paper analyzes the influence of various indexes of network loan platform on the cost of network reception. It is found that the background of net loan platform with shareholder and executive team as the proxy variable has significant influence on the cost of network loan platform. The effect is not significant. Risk control indicators on the net loan platform cost has a significant negative effect. The impact of operating capacity on the cost of net loan platform differentiation, the acquisition of the cost of positive relations, the other is negative relations. Policy compliance indicators of financial security on the net loan platform cost significantly, the other did not significantly affect the role of liquidity indicators of differentiation, the average borrowing period will significantly affect the net loan platform costs, liquidity is a negative impact. And finally put forward the policy and recommendations and research limitations and future direction.
Date Created
2017
Agent

Study On The Effect of Management Innovation On Firm Performance Based On Case Analysis of Zhong An Real Estate Partner System

155637-Thumbnail Image.png
Description
Affected by the macro environment factors, such as economic growth rate of decline, China's real estate market net profit growth rate decline gradually. With the central limit of limited loans and a series of sound policy introduced, the real estate

Affected by the macro environment factors, such as economic growth rate of decline, China's real estate market net profit growth rate decline gradually. With the central limit of limited loans and a series of sound policy introduced, the real estate market is gradually showing signs of stabilizing, the industry overall revenue increase, but the profit rate began to decline, how to improve the performance of enterprises to profit growth, has become a practical problem enterprises must face.

Through theoretical research and case analysis, research management innovation impact on business performance. Effect of Zhong’an real estate marketing partner and business partner system on corporate performance, in order to validate the research theme. The main conclusions are as follows:

(1) Management innovation has significantly enhance enterprise performance. The effectiveness of the marketing partner and business partner has significantly enhance enterprise performance. Business partner has a great role in promoting the operation of the project management, is the overall level of a project management; marketing partners, is mainly in terms of sales and cost impact on enterprise performance.

(2) Partner institution granting autonomous decision-making team, reduced decision-making mistakes to achieve an efficient management; at the same time encourage and cultivate internal talent, improve the staff's initiative and enthusiasm.
Date Created
2017
Agent

Research on Talent Cultivation in China 's Universities Based on Supply - Demand Relation of Labor Market

155484-Thumbnail Image.png
Description
University graduates play a significant role in the labor market of China. Universities continuously supply senior talents and provide a strong guarantee to the country’s development. However, with the enlargement of the enrollment scale, more and more graduates become unemployed

University graduates play a significant role in the labor market of China. Universities continuously supply senior talents and provide a strong guarantee to the country’s development. However, with the enlargement of the enrollment scale, more and more graduates become unemployed or forced to be employed. Most literatures mainly focus on the unemployed phenomenon or reasons, but had neglected the relationship among the employment, universities and the labor market. This assay is trying to using the supply and demand theory of classical economics to analyze the training direction and model of university from the perspective of the supply and demand of labor market. This assay proposes that universities have to integrate with the demand of the labor market so that to cultivate the talents to meet the social needs.

Firstly, the essay analyzes the relationship between the universities education and the supply and demand labor market by using the view of labor economics, and shows the mainly phenomenon and features of supply-demand imbalance. And then, the writer considered that universities talent cultivation development of China has gone through “absolute shortage”, “relative shortage” and “structural unbalanced” three stages. Thirdly, the survey results confirmed that the talent cultivation in universities does not match the demand of the labor market. On one other hand, over educated is a common phenomenon in the academic education. On the other hand, the graduates are lack of education skills training. Fourthly, the essay analyzes the reasons which lead to the unbalance. The unbalance is not only affected by the macro factors, but also by the micro factors. Fifthly, build up the interaction system model “UPT-LM” for the universities talent cultivation and the labor market, and separately building up the macro interaction system and the micro interaction system to analyze the balance of supply and demand. Based on this, it should strengthen the interaction on the feedback mechanism. At last, strengthening the connection of universities talent cultivation and labor market is a systematic program which needs the corporation from the government, the universities and the labor market.
Date Created
2017
Agent

Quantitative Research on the Return of Private Seasoned Equity Offerings: Evidence from China

155439-Thumbnail Image.png
Description
This paper quantitatively analyses the relation between the return of private

seasoned equity offerings and variables of market and firm characteristics in China Ashare

market. A multiple-factor linear regression model is constructed to estimate this

relation and the result canhelp investors to determine

This paper quantitatively analyses the relation between the return of private

seasoned equity offerings and variables of market and firm characteristics in China Ashare

market. A multiple-factor linear regression model is constructed to estimate this

relation and the result canhelp investors to determine the future return of private

placement stocks.

In this paper, I first review past theories about private placement stocks, including how

the large shareholder participation, the discount of private offerings, the firm

characteristics, and the investment on firm value will affect the return of private

offerings.

According to the past literature, I propose four main factors that may affect the

return of private placement. They are the large shareholders participation in private

placement; the discount that private placement could offer; the characteristics of the

companies that offer a private placement and the intrinsic value of such companies. I

adopt statistic and correlational analysis to test the impact of each factor. Then,

according to this single-factor analysis, I set up a multiple-factor linear regression model

on private seasoned equity offerings return in Chapter Four.

In the last two chapters, I apply this quantitative model to other fields. I use this

model to testify current financial products of private placement and develop investmen

strategies on stocks with private seasoned equity offerings in secondary market. My

quantitative strategy is useful according to the result of setback test.
Date Created
2017
Agent

Research on the Relationship between Integrity and Market Economy in China

155416-Thumbnail Image.png
Description
The discussion on the question of integrity has a long history. It is regarded as an important research proposition in the fields of Chinese and Western philosophy, law, sociology, ethics, management and economics. Even though the research results are combined

The discussion on the question of integrity has a long history. It is regarded as an important research proposition in the fields of Chinese and Western philosophy, law, sociology, ethics, management and economics. Even though the research results are combined with each other for reference, there is still a lack of comprehensive analysis and empirical study on integrity. In the process of transition from planned economy to market economy, a series of problems have arisen. The problem of dishonesty has caused huge losses to the society as a whole. Therefore, it is of great theoretical and practical importance to conduct a quantitative analysis on the topic of trustworthiness, and investigate the relationship between trustworthiness and the economy.

This paper adopts a game theory model to analyze the reasons for corporate dishonesty, and the problem faced by the regulators. Based on the results from the model, we clarify the duties of various subjects (enterprises, governments and credit organizations) in the construction of a society with integrity.

Then, we analyze different cases of dishonesty and point out the channels through which the economy would be affected by the problem of dishonesty. (1) as an institution, integrity helps reduce the transaction cost and prompt market efficiency; (2) integrity serves as a production factor that influences the economy; (3) integrity will affect the economy by influencing the ability of small and medium enterprises to borrow.

Finally, after we establish the relationship between integrity and the market economy, we use survey data to conduct an empirical analysis on the development of integrity in China. The survey data allow us to build a cycle of integrity risk, and identify the current position in the cycle. Besides, we also compare the region difference regarding integrity, which supports the idea that integrity matters for the economic development.

Because the questionnaires are the only way to obtain the data that can be analyzed at present, the paper not only fills in the research gap caused by the lack of data, but also jumps out of the existing research methods, and enriches the empirical work for the study of integrity.
Date Created
2017
Agent

Do Mergers and Acquisitions Influence the Core Competency of Chinese Securities Companies? -- A Quantitative Analysis

154508-Thumbnail Image.png
Description
This thesis investigates whether mergers and acquisitions (M&As) help increase the competitive advantage and core competency of Chinese securities companies. Although M&As among Chinese securities companies were almost exclusively guided by the Chinese government in the earlier years, they have

This thesis investigates whether mergers and acquisitions (M&As) help increase the competitive advantage and core competency of Chinese securities companies. Although M&As among Chinese securities companies were almost exclusively guided by the Chinese government in the earlier years, they have increasingly become more market-driven in recent years. Many large Chinese securities companies have engaged in horizontal mergers, cross-industry mergers, and cross-border mergers to increase their market positions. However, there is little up-to-date evidence about how these market-driven M&As influence the competitive advantage and core competency of securities companies in China. I seek to fill this gap by conducting a systematic analysis about whether M&As increase the core competency of the acquiring companies using data collected over a five-year window from 2010 to 2014.

On the basis of prior research findings and the current situation of the Chinese securities industry, I first develop a theoretical model about the sources of competitive advantage for Chinese securities companies, and then compile a comprehensive list of observable indicators that can be used to assess a Chinese securities company’s core competency. Next, I conduct a quantitative analysis to assess the core competency and relative market positions of the leading Chinese securities companies using data from 2010 to 2014. Overall, the results suggest that market-driven M&As increases the core competency of the acquiring securities companies. I then conduct four in-depth case analyses to better understand the mechanisms through which M&As can help increase the acquiring firms' core competency. I conclude with a discussion of the findings and their implications for Chinese securities companies and the overseeing governmental agencies.
Date Created
2016
Agent