商学院下设会计学和企业管理两个二级学科，拥有一支高水平的师资人才队伍并处于持续扩充中，专任教师们以多元教育背景和知识结构、国际化学术视野，在国内外学术科研领域不断拓展知识边界，展示了我校工商管理学科的整体研究水平。

2022年，商学院教师共发表学术文章18篇，其中SSCI期刊6篇，CSSCI期刊5篇，SCI期刊2篇，SSCI/SCI双收录期刊1篇，SCOPUS期刊2篇，中文核心期刊2篇。主题包括公司金融、技术创新、企业管理、跨国并购、资本市场等领域的前沿研究方向。

*以下论文为商学院教师作为第一作者或通讯作者与其合作者共同撰写，限于篇幅，在此仅展示商学院教师相关信息，按姓氏笔画数排序。

于雅楠

论文标题：Profiling digital printing technology adoption in the fashion industry: A new approach to exploring innovation diffusion

期刊：International Journal of Innovation and Technology Management （Scopus，A2）

摘要：Digital printing technology (DPT) represents a core innovation that is currently revolutionizing the global decorated apparel market by automating the printing process, facilitating customization, and reducing energy costs and production lead time. However, the fundamental understanding of the emerging DPT market remains unexplored due to its novelty. This study aims to identify DPT diffusion patterns over the past decade in the U.S. market and establish a predictive user profile employing social media-based analytics along with data mining and traditional statistical modeling. A proxy variable is used to measure likely adoption which reflects an S-shaped diffusion curve consistent with Diffusion of Innovations Theory. Additionally, the outcome profile suggests that likely DPT adopters reside in locations that reflect higher levels of education (bachelor’s degrees or higher), relatively young populations (i.e. between 19–34 years of age), proportionately higher incomes generated from art and design occupations, but with lower household annual incomes.

孙倩敏

论文标题：The (In-)congruence effect of exploitative and explorative capabilities on firm performance

期刊：Journal of Innovation & Knowledge（SSCI Q1，特2）

摘要：In this study, to investigate how firms’ EXC and ERC portfolios influence performance, we develop a framework through which to examine their congruence and incongruence effects on firm performance. Using panel data of China's listed firms from 2012 to 2017, we extracted EXC and ERC by using stochastic frontier analysis and further investigated their (in-)congruence effects via response surface analysis. Our results reveal that, compared with incongruence, the congruence between EXC and ERC positively influences firm's performance. Furthermore, in the case of congruence, the higher both capabilities are, the higher firm performance will be. In the case of incongruence, the combination of high ERC and low EXC outperforms the opposite. These conclusions shed new light on how to better invest and develop both EXC and ERC for firms’ innovation.

李凡

论文标题：出口活动、吸收能力、研发合作与创新绩效

期刊：科研管理（CSSCI，特3）

摘要：创新绩效提升是企业可持续发展的重要议题。已有研究基本构建了内部知识创造系统、外部知识获取系统和创新绩效三者之间的研究框架，但外部知识获取系统并没有包含企业出口要素。本文尝试以中国209家高技术产业上市公司为样本，在外部知识获取系统中纳入出口要素，拓展构建了创新绩效的研究框架，利用结构方程模型探讨企业出口活动、研发合作、吸收能力和创新绩效四者之间的关系。研究结果证实了吸收能力是影响企业创新绩效的重要因素，进一步发现吸收能力不仅能直接促进创新绩效，还在出口活动、研发合作对创新绩效的影响中存在中介作用；高技术企业的出口活动与吸收能力之间同时存在“自我选择”与“出口学习”效应；研发合作、吸收能力与出口活动之间存在“良性循环”。

李伟

论文标题：Stock dividend and analyst optimistic bias in earnings forecast

期刊：International Review of Economics & Finance（SSCI Q2，特3）

摘要：Abundant research has found optimistic bias in analysts’ earnings forecasts. Using a sample of Chinese listed companies from 2008 to 2017, this paper investigates how stock dividend affects analyst’s optimistic bias in earnings forecast. We find that analysts bias their earnings forecasts optimistically after stock dividends. Further study demonstrates that the influence of stock dividend on analyst’s optimistic bias is more significant when the company has less institutional stock holdings or when the analyst is in a small brokerage firm. The bias is moderated when the forecast is issued by a star analyst in a bull market. Mechanism analysis reveals that analysts issue optimistic forecasts for the interests of their own rather than unconsciously. The findings of this study indicate that self-interest motivates analysts to issue biased earnings forecasts, which ultimately reduces the efficiency of the capital market.

论文标题：半强制分红政策与权益资本成本

期刊：会计论坛（CSSCI，A2）

摘要：本文利用国内出台半强制分红政策这一独特背景，研究了半强制分红政策对权益资本成本的影响。研究发现：总体上半强制分红政策实施后公司权益资本成本显著降低；具有“门槛股利”支付行为的公司相对于没有该行为的公司，在政策实施后权益资本成本显著更高；自由现金流多的公司相对于自由现金流少的公司，在政策实施后权益资本成本显著更低。这些发现表明，资本市场对融资动机具有一定的识别能力。进一步的研究发现，不同产权性质、不同机构投资者持股比例和不同盈利状况的公司，“门槛股利”支付行为下的权益资本成本不同。本文有助于监管方改进政策，避免未来出台“一刀切”政策所带来的问题。

李博

论文标题：资产定价异象的泛函主成分研究

期刊：经济理论与经济管理（CSSCI，特3）

摘要：本文采用泛函主成分法研究我国A股市场中的五种资产定价异象。与传统方法相比，该方法能够分别提取特征变量与期望收益率之间的单调和非单调性关系进行研究。实证结果显示按照资产定价异象指标排序的收益率面板数据包含三个关键成分：第一个主成分代表时序市场因子在横截面上的扩展，与异象效应无关；第二个主成分代表异象的横截面“单调”效应，价值和动量异象的稳健性较差；第三个主成分代表异象的横截面“凸性”效应，与投资者交易行为引起的“分置效应”有关。

论文标题：Exploring the Nonlinear Idiosyncratic Volatility Puzzle: Evidence from China

期刊：Computational Economics （SSCI SCI Q3，A1）

摘要：This paper studies the spectrum of the idiosyncratic volatility (IVOL) puzzle in the Chinese A-share market using functional data analysis (FDA). It highlights a nonlinear IVOL puzzle with a steady reduction in the bottom 20% of average returns and a large drop of 1% in the top 10%, consistent with the herding, certainty, and reflection effects in China’s A-share markets. Furthermore, empirical evidence suggests that the FDA technique has a 30% greater goodness of fit than linear regressions, suggesting that nonlinearity plays a non-negligible role in the IVOL puzzle. These results can be useful for investors and hedgers, as they show that stock returns decline accelerated as the IVOL increases.

张娟

论文标题：Analysis of Stock Market Opening and Environment Protecting Information with Computational Technologies: Evidence from China

期刊：Security and Communication Networks（SCI Q3，A1）

摘要：This article through the capital market opening opportunity: Shanghai (Shenzhen) Hong Kong stock connect (the stock market opening mentioned later in this paper all refers to the Shanghai (Shenzhen) Hong Kong stock connect), empirically investigates the stock market opening that affects the environmental protection information disclosure of the company. Our conclusion supports the views that the stock market opening improved the environmental protection information disclosure of the company and promotes the environmental protection behavior of enterprises. Through further analysis, this paper finds that after the officially carried out the stock market opening policy, the attention of many analysts and the participation of foreign institutional investors urge the management to take the initiative to reduce agency costs, which is an important influence mechanism for the stock market opening to affect the disclosure of enterprises’ environmental protection information. The evidence of this study indicates that the stock market opening has an important impact on enterprises in China from the following aspects: improving the information disclosure of environmental protection, thus enhancing the company’s awareness of environment protecting, and improving the information quality of stock market in China.

高璆崚

论文标题：Strategic green marketing and cross-border merger and acquisition completion

期刊：Journal of Cleaner Production （SSCI Q1，特2）

摘要： This study examines the effects of defensive and assertive green marketing approaches on cross-border M&A completion as well as the boundary conditions of marketing channels of financial advisors. An analysis of 358 cross-border M&As conducted by Chinese firms over 9 years (2007 to 2015) reveals that conducting corporate social responsibility activities as a defensive green marketing approach, developing green patents as an assertive green marketing approach, and hiring financial advisors as a marketing channel can increase cross-border M&A completion rates. The main relationship between assertive green marketing approach and M&A completion is weakened by financial advisors due to the substitute effect between financial advisors and assertive green marketing innovation. This paper provides insights for international business studies by adopting the strategic green marketing perspective and linking the marketing innovation literature to the emerging multinational enterprises internationalization literature.

论文标题：How do Consulting Firms Share Knowledge with Clients in the Arab world? The Cultural Embeddedness Perspective

期刊：Knowledge Management Research & Practice（SSCI Q2，特3）

摘要：This paper explores the challenges that consulting firms and client firms are facing in knowledge sharing in the context of the Arab management consulting industry, and how local culture works in solving these challenges. Taking knowledge sharing and the cultural embeddedness perspective as the theoretical lens, the study adopts a comparative case study design to explore how mechanisms of cultural contextualization affect knowledge-sharing behaviors. The findings highlight the benefits of cultural embeddedness in knowledge sharing between consulting firms and client firms through identifying the importance of Wasta (a social network of interpersonal connections) in skill-set formation, follow-on consultancy, niche specialist cultivation, and the establishment of network consulting. Our study provides industry players with a holistic framework to leverage Wasta to achieve knowledge sharing, which sheds light on a neglected cultural aspect in the management consulting industry.

论文标题：Extending Uppsala Model with Springboard Perspective in Emerging Multinational’s Sequential Internationalization

期刊：Journal of Risk and Financial Management（Scopus，A2）

摘要：The Uppsala model explains the traditional internationalization process of multinational enterprises (MNEs), which gradually begin to internationalize from countries with smaller psychic distances. However, in the turbulent global economy, an increasing number of MNEs from emerging markets (EMNEs) adopts a more radical and aggressive approach, strategically using international expansion as a springboard to enter an overseas market and radiate surrounding countries and regions. By combining the springboard perspective and the Uppsala model, we analyze a series of processes from EMNE’s first entry into an overseas market to the successful localization and expansion of international business. This radical model of international expansion has not been thoroughly studied. This empirical study aims to address this research gap by using a qualitative method and an in-depth case study. This paper conducted a semi-structured interview with 16 expatriates, executives, and middle-level managers from the case company in 2016. As one of the few single case studies that systematically studies the internationalization process of EMNEs and provides first-hand empirical evidence, it contributes to practice and provides a contextual reference for EMNEs.

喻崇武

论文标题：非金融企业部门的经济增长与杠杆率*———基于金融摩擦的视角

期刊：宏观经济研究（CSSCI，A2）

摘要：稳定经济增长和降低杠杆率是中国经济长期面临的一对“两难问题”。本文从金融摩擦的视角，厘清非金融企业部门经济增长与杠杆率之间的内在联系，并为实现稳定经济增长和防范债务风险提供政策建议。研究发现，非金融企业部门呈现宏观杠杆率持续攀升、微观杠杆率分化两个显著特征，杠杆率与经济增长之间呈倒U型关系；金融摩擦主要通过资源错配降低TFP和减少企业要素投入数量两种渠道来影响经济增长，更多资本流入效率较低的企业引起非金融企业部门宏观杠杆率上升、微观杠杆率分化。治理金融摩擦提升资本配置效率有利于同时促进经济增长和防范债务风险，一方面要完善会计核算体系准确评估债务风险与发现价值创造源泉，另一方面要依据角色功能、作用机制和投资诉求对企业、政策和资金来源进行分类匹配，针对不同企业利用不同政策工具引导不同类别的资金进行投资。