A huge demand for creative industries has been derived from industrial transformation and upgrading of the Pearl River Delta.Different directions and objectives of policy design and industrial bases have direct impact on the path generation and development of creative industries in Pearl River Delta.Based on the technology foresight and disruptive innovation theory,we point out that media publishing and film (mobile video) industry are a particular area of focus.

有序地推进国企改革是政府冲破利益固化的藩篱,稳步推进混合所有制改革的重要举措.现有国内外研究大多聚焦于政府目标来阐释国企改制成因与改革顺序问题,而忽视了政府目标形成机制的本质——国企改革是国家、企业与社会三方相互博弈的合意解.同时,中国式国企改革的最优顺序很可能随着改革深入推进和政府管理层级不同而发生变化.为此,基于上市公司2003-2014年面板数据,采用Probit模型从效率性、财政收益性和社会政治性三个维度对中国国有企业的优序改革问题进行检验.结果发现,地方国有企业效率与改制概率之间存在U型曲线关系,而国有企业冗员率与改制概率之间存在倒U型曲线关系.企业效率对改制概率的作用和冗员率对改制概率的作用间存在相互增强的关系.当国有企业存在软预算约束,所处行业市场竞争越激烈时,企业改制的可能性就越高.研究结果有助于明晰政府的职能定位,对国企优序改革的策略设计具有重要的政策含义.

市场波动的不确定性会导致出口企业扭曲(或错误)配置劳动力要素,本文通过Blinder-Oaxaca分解法将出口企业在国内市场和外部市场的订单(业务)波动类型分为四组,以此考察不同波动情形下资源错配的企业生产率损失.市场处于膨胀期(订单增长期)的企业相对萧条期(订单递减期)企业由此会付出更大的生产率损失,即“市场机会损失”更显著;订单外销导向(比内销导向)的要素扭曲配置代价更高,即存在显著的出口“干中学损失”.此外,要素扭曲配置还会导致“多样性收益损失”.除了信息不充分,要素和产品市场不发达造成的劳动力调整粘性,也会导致企业非意愿逆向调整(扭曲配置),进而降低了出口企业的全要素生产率.而肩负社会(就业)责任的国有出口企业短期内缺乏劳动力要素调整的市场敏感度,因而抗订单波动的决策风险较小.

Private Equity investors participating in corporate governance is a hot topic in recent years. This article studies the governance effect of PE blockholder to family control problem and its impact on corporate value from the perspective of endogenous ownership structure. Theoretical studies show that the formation of equity balance structure is subject to the degree of family control. When the family control problem is serious in a company, it will weaken PE’ s supervisory function. Considering the endogeneity of equity balance structure, we use the method of instrumental variables and two-stage least square regression. Our empirical results verify the conclusions of the theoretical model, and also reveal the endogenous linkage between the PE blockholder and family control degree. In addition, empirical results of PE blockholder and corporate value show that, there is endogenous relationship between PE balancing structure and corporate value. PE blockholder can reduce the losses caused by family control, and improve corporate value.

<span id="ChDivSummary" name="ChDivSummary" class="abstract-text">针对我国省份（地区）的企业TFP度量以及相应的核密度分布对比,研究发现集聚（或出口）企业生产率异质性程度均弱于非集聚（或非出口）企业,表明"集聚中学习"和"出口中学习"机制导致企业在模仿学习过程中走向生产率同质化。而集聚出口环境下的企业具有生产率优势;双重学习能力和异质性程度均明显,即创新效应大于模仿效应;内资企业的双重学习能力强于外资企业。进一步的实证检验发现集聚环境有利于企业增加对"销售市场"和"要素市场"的学习能力,出口环境可增加企业的经验值;技术迁入型的外资企业在集聚（或出口）环境下的学习动机和能力不足;研究还发现出口型企业更加依赖集聚的专业化经济带来的学习能力提升。</span>

文章基于政府(官员)和民主代理人(人大代表)的“公共决策—民主监督”博弈模型阐述了民主作为普世价值可制约政府公共决策的短期行为,从而延伸出民主代理的独立性、充分性和阶段性假说.经验部分利用来自285个地级市省级人大代表样本,设定了民主代理能力(人大代表的年龄和学历)、民主独立性和民主充分性等指标,实证估计发现民主代理可以提升公共支出倾向于民生领域的结构优化系数Expen以及供需匹配性p;随着代理人能力、非官员人大代表比重(即民主独立性)、基层代表相对精英代表比重(即民主的充分性)的提升,政府公共决策更具有福利导向性;且民主代理在落后和市场化程度低的地区存在监督功能缺陷,即验证了民主阶段性假说.

该文构建了战略性新兴产业技术转移渠道系统的共生和互补性资产配置模型.认为国有大型科技企业与技术源之间的互补性资产的分布格局优于民营大型科技企业与技术源之间的分布格局;产业特征、技术生命周期发展阶段、信任机制决定着技术转移渠道对互补性资产类型的选择.从战略性新兴产业与国内技术源共生发展,消除技术源之间的合作壁垒,弱化技术受体之间的所有制、规模等因素的制约,以促进我国战略性新兴产业的顺利发展.

股权投资在促进经济发展及科技创新上有重要意义,但是我国的股权投资由于距离产生的监督成本等因素使股权投资的偏好局限在特定的区域及行业,而利用辛迪加方式形成的投资网络在克服距离成本等因素上具有重要作用.为此,本研究基于社会关系网络分析视角探究辛迪加网络特征对股权投资偏好的影响,进一步分析关系网络中的强弱关系对投资偏好的作用机制.研究结果表明,辛迪加网络可以克服以往研究认为股权投资机构在区域及行业投资偏好上的局限性,并且高相似度的股权投资机构形成的强关系网络是影响区域投资偏好的主要因素,而低相似度的弱关系网络则是影响投资行业偏好的主要因素.

本文将互补性资产概念引入科技中介,界定了通用性互补资产、专业性互补资产的具体内容.以外部网络强度为调节变量,在结构-行为-绩效的逻辑范式下,实证检验了科技中介的两类互补性资产对其技术转移绩效的影响.结果表明:科技中介的网络强度对互补资产具有正向调节作用,但网络强度在逐步下降;专业性互补资产是科技中介技术转移绩效实现的关键载体,而通用性互补资产对绩效贡献相对较小.本研究从资产-能力的视角解释了科技中介的运行机制,对科技中介的经营战略提出建议:专业性互补资产的核心是专家团队和专业技术数据库,在此基础上构建“欤研发”核心竞争力;同时加强与非政府部门合作协议式的“弱联系”,实现对创新资源的跨界整合.

This paper examines the effect of the lead VC investor'experience on the structure of stage financing based on the data from Chinese venture capital-backed firms which went public from October 30,2009 to October 30,2012. The author finds that increasing lead venture capitalist's experience leads to less financing rounds,longer duration of financing and larger amount of funding per round,by using the number of investments ever made by the lead venture capitalist to measure its experience.

With the increasingly fierce global competition,domestic enterprises begin to shift from the traditional form of internal R&D to external cooperation in research and development of technological innovation.Technology Alliance has become an important means for China's enterprises to gain competitive advantage,opportunities and effective use of external resources.This paper attempts to study the competitive and cooperative relations of horizontal technology alliance,by using symbiotic model to analysis the stable conditions of chief-members type and homogeneous type of technology alliances,and critical condition between competition and cooperation.Our study show that: as for leader-members type technology alliances,the contribution of the leader enterprises to the member enterprises on the level of output is relatively large,only when one party to the other party's contribution reaches the critical conditions,they will change from competition to cooperation,however,as for homogeneous type technology alliances,symbiotic contribution between enterprises is not too large,and the critical condition between competition to cooperation is low,furthermore,as the competition that the homogeneous enterprises face is more intense,their cooperation is often unstable.Finally,we give practical examples to explain the model conclusions.

This article uses panel data on 14 service subindustries in cities of the Pearl River Delta and the Yangtze River Delta from 2005 to 2010,tests and comparatively analyzes the specialization of the service industry in two economic circles,then investigates the contact between the specialization and the economic development.The research figures out the service industrial convergence in the economic circles is desired and the diversification gets more stimulative effect.

With China's economic transformation and upgrading,machine manufacturing and parts industry as a support of manufacturing industry have gained the attention of private equity investments. Based on the data from CVSource,the study analyzes and calculates the structural characteristics of equity investments which have invested the machine manufacturing and parts industry in 2011 and 2012. At the same time,the study analyzes the support given by the private equity investments to the invested enterprises.

By measuring spatial correlation research on the venture capital investment of China's 31 provinces,we find that China's venture capital investment has strong global spatial correlation and spatial spillover heterogeneity characteristics.Based on the above analysis,we do spatial econometric regression on the influential factors,and find that China's venture capital investment is mainly affected by the regional innovation resources,degree of financial development and government support policy.The relationship between the development of high-tech industry and venture capital agglomeration is not obvious.However,the regional economic development and IPO successful experience have significant negative effect on venture capital agglomeration.

With rapid development of private equity investment in China,private equity investors play an important role in improving the incentive of their executives. This paper analyses the influence to executive incentive from the salary incentive and equity incentive dimensions,and does relevant empirical research. We found that domestic equity investment institutions tend to achieve the goal of incentive by improving salary levels and widening salary gaps between executives and ordinary employees,while using less for executive equity incentive mode; this trend with the ownership equity investment institutions increased more obviously.

For the externality,knowledge spillover has gradually become a key factor affectsing corporation's location choice.The corporation's location choice depends on both the positive effects and the negative effects from the knowledge spillover.Knowledge spillover features typical local district,which attracts more corporations to select identical location.On the other hand,it is found that as knowledge spillover carrier,industry cluster promotes knowledge flow through the mechanism of local production network,cooperation,talent flow,and informal communication,and reduces the innovation cost at the same time increases the risks of corporation knowledge loss.Therefore,the corporations of different characteristics make different choice: the medium and small-sized ones in imitation innovation stage tend to locate inside the cluster,but for those with strong ability of technology research,they tend to locate outside the cluster in order to prevent the leakage of information.

This paper, from the perspective of interdisciplinary research, first explores six main causes that induce path dependence in corporate governance (CG), including initial conditions, historical matters, cognitive capabilities, institutional structures, vested interests group, and switching costs, and testifies with cases in point respectively; and then, analyzes the consequences of path dependence in CG, such as diversities and multiple equilibrium, economic inefficiency or low economic efficiency, inertia and locked-in; At last, it provides some solutions.

金融危机引发国际市场需求锐减,将东部地区以代工制造为主导的产业置于前所未有的困境之中.本文认为,其根本原因在于出口导向型代工产业自身的固有缺陷,即严重依附于跨国公司和国际采购商的生产者驱动和购买者驱动,金融危机只是一个"放大器".出口导向型代工产业由于内在升级动力机制无法有效建立,造成产业内源性升级缓慢,但金融危机却在客观上为产业外源性升级提供了契机.金融危机背景下东部地区产业升级的方向在于:一是沿着产业链的上游进行技术破坏,从代工供给终端摆脱对生产者驱动的依附;二是沿着产业链的下游进行市场破坏,从代工需求终端摆脱对购买者驱动的依附.

Limited by its background,agency theory assumes the controlling family as ablack box,which is difficult to solve fundamentally the issue of family business governance.Based on the theory of altruism and by combining it with agency theory,this paper analyzes and compares four kinds of agency conflict both within and outside the controlling family.The focus is put on the agency conflicts caused by asymmetric altruism between family managers and family members,and between family business founders and inheritance successors.Finally,further research directions are suggested.