连续众筹孵化了众多创新创意项目,越来越成为支持小微企业发展的融资渠道.基于启发式——系统式模型,从投资者角度出发构建连续众筹融资绩效模型,以垂直型平台"摩点网"成立以来的206组观测样本进行实证分析,揭示来源可信度、 发起人经验感知以及后期项目质量对后期项目融资绩效的作用路径,探究启发式线索和系统式线索对后期项目融资绩效的影响.结果显示:来源可信度和发起人经验感知(启发式线索)对后期项目融资绩效有显著影响;后期项目质量(系统式线索)对后期项目融资绩效有显著影响;启发式处理和系统式处理之间存在偏差效应,启发式线索通过系统式线索的中介作用间接影响后期项目融资绩效.上述结论解释了企业连续众筹快速兴起、 融资绩效存在较大差异的原因,对提升众筹市场运营效率具有启示意义.

连续众筹为解决初创企业在不同发展阶段的融资需求和产品改进思路提供了新途径.基于“众筹网”成立以来的287组连续众筹样本,考察连续众筹中前期项目表现对后期项目融资绩效的影响,以及产品创新性在其中的作用.结果表明:前期项目融资率发挥了质量信号作用,对后期项目的融资绩效有显著影响;前期项目互动表现对后期项目的融资绩效有显著影响,但影响方式截然不同;产品创新性在前期项目表现与后期项目融资绩效的关系之间发挥了一定的正向调节作用.这一研究结论有助于发起人更好地认识前期项目对后期项目融资的影响,对连续众筹发起人众筹策略的制定提供了理论依据和决策参考.

如何提高融资可得性是众筹研究的热点.为了帮助回报型众筹发起人提高融资绩效以及平台增加用户活跃度,本文基于感知价值理论构建模型,抓取"青橘众筹网"的520个样本,实证分析发起人以虚拟社会资本影响融资绩效的作用机制.结果显示:科技产品、艺术影音类项目的投资者感知价值在发起人外部社会资本与项目融资绩效间起完全中介作用,而在公益活动类项目中发挥不完全中介作用;科技产品、艺术影音类项目的投资者感知价值在发起人内部社会资本与项目融资绩效间发挥不完全中介作用,并且在公益类项目中内部社会资本对感知价值、项目融资绩效影响不显著.基于研究结论,本文对回报型众筹的两个主体(发起人、平台)分别提出了实践建议.

鉴于产品众筹支持者支持行为与消费者购买行为之间的相似性,首次将涉入理论引入众筹研究领域,从感知价值视角探索了支持者涉入对支持意愿的影响机理.以科技创新类产品众筹进行情境实验,获得278名被试的有效参与数据.实证结果显示:支持者信息涉入是实物涉入和投资涉入产生的基础,信息涉入、实物涉入、投资涉入均对支持意愿有显著影响,感知价值在支持者涉入和支持意愿间起完全中介作用.因此,众筹发起者和众筹平台应以支持者涉入心理和行为作为项目设计和推广的切入点,强化项目与支持者之间的价值联系,积极创造有效的价值沟通与传递渠道,通过引导支持者涉入提高支持者感知价值,从而有效增强支持者支持意愿.

Based on the background of the two crowd-funding projects, this paper empirically studies how multiple social identities influence investors′ decision-making process through the group-based emotion, self and group efficiency.The research finds that the identification related with crowd-funding project content affects investors′ behavior by emotion path or efficiency path, and the identification related with project sponsors affects investors′ behavior by only efficiency path, furthermore, the above effects are both moderated by social identities;different investors, non-employment and employment investors have different decision-making processes, the group-based emotion has a significant impact on non-employment investors, and the efficiency has a significant impact on both non-employment and employment investors, confirming the heterogeneity of "reason and sensibility" in different types of investors.The research reveals the influence mechanism of the social identity in the decision-making process, and provides a new perspective to highlight social identities in terms of different investors so as to improve the success rate of the crowd-funding.

理论界认为服务补救是服务企业提高顾客满意度和忠诚度的重要手段,但对如何提升服务补救绩效却鲜有探讨.文章基于服务补救绩效的组织内部影响因素,分析了主管支持感、组织氛围与服务补救绩效的关系,运用问卷调查和结构方程模型进行了实证检验.研究发现:当员工需要用服务补救来缓解其服务失误时,员工的主管支持感不能直接提升服务补救绩效,组织氛围在主管支持感与服务补救绩效的关系中发挥完全中介作用,主动沟通和宽容、相互鼓励是组织氛围发挥效应的两个重要方面.服务企业的部门主管应支持员工主动沟通和交流,营造一个宽容且相互鼓励的氛围,提高服务补救绩效.

以我国2011～2013年沪市A股数据为样本,研究税务筹划程度与股价暴跌风险之间的关系,结果显示,随着税务筹划程度的提高,个股股价暴跌的风险显著增加.进一步发现,税务筹划对股价暴跌风险的影响在治理水平较低的公司中更加显著.这一结论有助于分析我国个股暴跌频繁的深层原因,同时提示企业所有者既要权衡税务筹划的边际收益与边际成本,还要提高公司治理水平,防止管理层产生机会主义行为,以有效预防股价暴跌的风险.

The study takes the RD teams in knowledge-intensive service industry as the research objects,and it obtains the data through conducting questionnaires on 103 companies located in 4 provinces in knowledge-intensive service industry,which involves 150 RD teams in total.Using structural equation model,it studies the mechanism of RD teams' shared men tal model on innovative performance.The research indicates that shared mental model has significant effects on team's innova tive performance,and team's communication and conflict management play a full mediating role between shared mental model and team's innovative performance.Therefore,RD teams in enterprises should develop team's shared mental model,mean while,they must pay attention to the improvement of team work.It can,only in this way,improve RD team's innovative performance as a whole.

This paper builds a conceptual model to reflect the relationships between collaborative innovation network and inno?vation performance based on the absorptive capacity,and uses the structural equation model to analyze and study the model em?pirically through questionnaires received from 239 knowledge-intensive business service firms.The results show that the con?struction of collaborative innovation network has a positive impact on the innovation performance of knowledge-intensive busi?ness service firms and absorptive capacity plays a significant intermediary role in the mechanism.It’s necessary for knowl?edge-intensive business service firms to build and participate in the collaborative innovation network and enhance its absorptive capacity to strengthen the efficiency of the network and improve innovation performance.

Based on the theory of enterprise network and enterprise ability , authors obtain the data through conducting questionnaires on 268 companies in knowledge intensive business service.Authors use the empirical research to study the relationship between network location , organization learning and enterprise ability in knowledge intensive business service through structure equation model.The results indicate that the degree of the center has significant effects on the improve-ment of enterprise ability directly.The organization learning plays a partial intermediating role between the degree of the center and enterprise ability , a full mediating role between holes and the enterprise ability , and between weak relationship and enterprise ability.Therefore , enterprises should pay more attention to the network location , and make full use of organ-ization learning mechanism to improve the enterprise ability.

This paper generalizes customers' psychological effect of online shopping according to the development status quo of online shopping and from the perspective of customers' psychology and puts forward countermeasures.

理论界验证了吸收能力与多种创新产出的关系,对吸收能力如何影响企业创新的具体机制却不明确。本文基于对吸收能力相关维度的内涵分析,认为各维度并不具有等同关系;结合创新管理、知识管理理论,本文分析了吸收能力各维度的相互影响关系,吸收能力对创新的影响途径和作用机制,并采用湖南、广东183家企业的样本数据,进行了实证检验。本文提出的吸收能力对创新绩效的作用机制模型,对深入研究企业吸收能力的整体建构、寻找增强吸收能力提高创新绩效的节点具有借鉴意义。

A firm's RD activity is closely related to both its technological capabilities and its absorptive capacities.Based on the resource-based view and the existing literature on technological capability and absorptive capacity,this paper analyzed the differences and the theoretical relationship between the two concepts,proposed a coordinated development model of technological capabilities and knowledge absorptive capacity.The model is used to analyze interactions between firms' absorptive capacities and technological capabilities,and firms' RD innovative activity as a trigger and a medium in the development of the two capacities.

By constructing the conceptual framework based on the triangle of local governments, regional firms and commercial banks,we explore the origin of listed firms' political connection and its effect on corporate long-term loan.In Chinese system of financial federalism with political centralization,the central government examines the achievement of local governments based on regional GDP and financial revenues.Therefore,the political promotion of government officials depends on the development of regional firms.There are two types of firms,unlisted firms and listed firms.Compared with unlisted firms,listed firms are more efficient and attract more economic resources flow,creating"extra contribution"for the local government.When the number of regional listed firms is fewer and the economical effect (its revenue/ regional GDP) of a listed firm is stronger,the local government relies on"extra contribution"more heavily,so the listed firm and the local government is more connected, which means its political connection is closer.Therefore,the two factors could proxy for political connection.Besides,local governments could influence commercial banks' lending decisions. The weak financial environment,including the imperfect legislation and credit rules, gives rise to the need of"invisible guarantee"from local governments for banking loans. Then,lenders form rational expectation:The more politically connected is the listed firm,the more"invisible guarantee"is provided by local governments,and the less is the default risk. It means that political connection substitutes for the weak judiciary for guaranteeing the enforcement of debt contract.Because long-term loan is more risky than short-term loan,it needs political connection more.Therefore,political connection could make corporate long-term loan easier.On the basis of empirical data,we find that a listed company could get more long-term loan as the number of regional listed firms decreases and its economical effect increases, because the two factors could affect firms' political connection.The conclusion is robust in sensitivity checks.Moreover,firms' economical effect is positively correlated with the probability of obtaining credit long-term loan and the ratio of credit long-term loan,but we fail to find the number of regional listed firms' effect on the type of long-term loan.

<正>“二战”以后,美国高层次职业教育发展迅速,所涉及的领域非常广泛,所授予的学位也逐渐演变,趋于多样化。目前,授予职业领域学位的情况大体有三类:一种是在学术性学位中授予;第二种是授予

The connotation of academic degrees keep involving with the development of it's system.And academic degree & higher education went through the transition and dis- pute of academic-oriented and vocational-oriented values.The appearance and development of academic degrees & its system displays that the transition of academic degrees and its system reform fit different knowledge production modes of various periods.The academic degree system must go on to have constant adjustment in order to meet the needs of knowledge pro- duction.

This article exercises factor analysis model,selects 31 provinces and cities,16 primitive indexes,discusses the reason to the difference and its countermeasure in east,middle and west areas on the basis of the appraisal and analysis to various region technology innovation ability and difference synthetically,and provides the basis to formulate region economy and technological development policy in various areas especially Midwest.

Based on the analysis of the firm's resource categories and their interactions,the relation of the firm's resource portfolio to the long-term performance and the short-term performance is discussed.It comes to the conclusion that the short-term performance depends on the exploitation of intangible and tangible assets,and the long-term performance depends upon the firm's resource structure.Though capabilities are usually argued to be the key sources of durable performance in the received literatures,this study suggests that know-how or capacities can generate more durable advantages and dynamic performance only if the capabilities match the other resources of the firm.

从美国的系列大公司丑闻到纽约证券交易所的薪酬风波,说明美国公司的治理模式存在着系统性的问题.美国公司治理的主要问题在于其董事会没有起到应有的作用,而根本原因在于公司控制权失衡,即分散的股权结构使股东难以对董事会形成必要的控制,从而让强势的CEO制度扭曲了董事会的功能.美国公司治理的当务之急是提升和完善董事会职能,这需要从鼓励机构投资者提高持股比例、加强股东对董事会的控制力、实现董事长和CEO职务分离等方面做起.

外商在华投资力度与深度的持续加大,并大规模参与中国国企的改制与重组.这将给我国的注册会计师行业带来巨大影响,有限责任合伙制的组织形式在会计师事务所扩大规模、提高执业质量方面具有相当优势;注册会计师行业的业务水平与诚信亟待提高.