Most Down Articles

Published in last 1 year | In last 2 years| In last 3 years| All| Most Downloaded in Recent Month| Most Downloaded in Recent Year|

Most Downloaded in Recent Month

Please wait a minute...


For Selected: Download Citations EndNote Ris BibTeX Toggle Thumbnails

Select

The Logic of Community-based Enterprises' Leading Role in Developing a Rural Entrepreneurial Ecosystem-A Case Study of Indigenous Entrepreneurship Situation Liang Jingxin, Qi Mingde, Gui Ladan Management Review    2024, 36 (5): 260-275.   Abstract （37）      PDF （3991KB）（119）       Knowledge map    As a supporting space for rural entrepreneurship, the rural entrepreneurship ecosystem is of great significance to promoting ru-ral entrepreneurship. However, the existing studies remain silent on community-based enterprises' leading role in developing a rural en-trepreneurial ecosystem, thus failing to reveal the unique logic underlying community-based enterprises' addressing significant resource inadequacy. Taking Company M of Yongmei Village in Guangdong province as an example, this paper makes an analysis deep into the process of community-based enterprises leading the construction of rural entrepreneurial ecosystem in the context of indigenous entrepre-neurship based on Henri Lefebvre's space production theory and the theory of entrepreneurial ecosystem. The findings of this paper indi-cate that:the development of rural entrepreneurial ecosystem basically follows the logic chain of ‘value proposition to positive response to action to value spillover'. In this process, community-based enterprises connect the core action-takers of local and remote areas through value propositions, and then match the ‘embedded action' to activate the production of local social resources in villages, and the ‘re-embedded action' to combine the traditional entrepreneurial ecosystem resource elements that are scarce locally but abundant elsewhere, forming a resource relationship order with both resource production and resource combination. The value spillover of rural revitalization through value exchange between rural entrepreneurial ecosystem and village society is an important symbol of the successful construction of rural entrepreneurial ecosystem. This discovery promotes the theoretical analysis on the micro level of entrepreneurial ecosystem and provides new ideas for the practice of rural revitalization. Reference | Related Articles | Metrics

Select

Risk Identification Model of Related Loans Based on Analysis of Multi-layer Complex Network Structure Zhang Enyong, Liu Chao, Li Yongli, Xia Lijuan Management Review    2024, 36 (5): 3-11.   Abstract （74）      PDF （2610KB）（92）       Knowledge map    Related loans refer to loans that are linked together due to a certain (or several) relationship(s) and these loans as a whole are likely to cause group default. Because of the complicated cross-bank loan and concealed influence relationship in related loans, it is difficult for banks to identify related loans and take effective measures. Based on the loan guarantee data of several commercial banks, this paper constructs a multi-layer complex network, then designs an algorithm to identify the related loan structure and analyzes the ef-fectiveness; the default rate of different related loans structures is calculated and compared with 4 risk indicators; finally, the signifi-cance of default risk of different related loans structures is tested. The result shows:(1) the multi-layer network related loan model and the recognition algorithm constructed in this paper greatly improve the efficiency and accuracy of related loan identification, and overcome the dual concealed problem of related loans that cannot be solved by the single layer network; (2) the betweenness and clustering coeffi-cient indicators are more consistent with the true default rate of related loans, while the indicators based on the clearing payment capacity and risk distance fail to predict the true default rate; (3) when there are circle-linked structure and sink structure in related loans net-work, the default risk of loans increases significantly. The model and method constructed in this paper provide a theoretical basis for identifying multi-bank and multi-relationship related loans, and have practical significance for banks to detect risk network structures and to control related loan risks. Reference | Related Articles | Metrics

Select

Research on Enterprise Digital Maturity Model Wang Hecheng, Wang Siwei, Liu Renhuai Management Review    2021, 33 (12): 152-162.   Abstract （1240）      PDF （1423KB）（2494）       Knowledge map    Nowadays, digital technology has gradually dominated the technological development. To catch up with this fast-growing dynamic digitalization trend, most enterprises have initialized their digital transformation, which has attracted wide attention of the society. In the process of digitalization, to seek the most adaptive solution to advance the transformation, it becomes vital for each enterprise to identify the current digitalization level of its own. Based on the analysis of the connotation and essence of digitalization and enterprise digital transformation, this paper explores the concept of enterprise digital maturity in combination with the actual needs. Then research team identifies key process areas and specific evaluation metrics through literature research and panelist review. Further, a digital maturity model (DMM) is developed. This model includes five key process areas (strategy and organization, infrastructure, business process and management digitalization, integrated integration, digital performance), 19 primary indicators and 63 secondary indicators. Compared with the current domestic and international evaluation models, this DMM can better present the changes of enterprise operational pattern and the comprehensive fusion and system application of digital technology under the digital commercial ecology. Not only can it provide researchers with insights on digital emerging phenomena, but provide methods and tools for enterprises to assess their digital integration, helping them to establish strategic goals and implementing programs for digital transformation. Reference | Related Articles | Metrics

Select

Research on the Construction Mechanism of Data-driven Dynamic Capabilities of Traditional Manufacturing Enterprises: Based on the Case Study of Digital Practice of Wahaha Group Co., Ltd. Chen Yu, Chen Yantai, Xie Fuji Management Review    2023, 35 (10): 340-352.   Abstract （201）      PDF （1421KB）（276）       Knowledge map    Traditional manufacturing enterprises are facing both new opportunities and challenges in the digital environment. How to build data-driven dynamic capabilities is the key to the success of traditional enterprise transformation. Taking Hangzhou Wahaha Group Co., Ltd. as a case study, this paper discusses the construction mechanism of data-driven dynamic capabilities. There are some main findings as follows. First, the data-driven dynamic capabilities of traditional manufacturing enterprises are composed of four dimensions: data-driven opportunity perception capability, data-driven industrial chain synergy capability, data-driven organizational transformation capability and data-driven value ecosystem capability. Second, these four capabilities can be subdivided into 13 main categories. Third, these four capabilities are progressive and mutually reinforcing. Among them, data-driven opportunity perception capability is the basis and prerequisite. Data-driven industrial chain synergy capability is the key and means of implementation. Data-driven organizational transformation capability is the guarantee and the supporting condition. Data-driven value ecosystem capability is leverage, with an amplification effect. The contribution of the paper is that a four-dimensional analysis framework is proposed, then the sources and interaction mechanisms of different dimensions are deeply analyzed. The conclusion of the paper has implications for how traditional manufacturing enterprises should carry out digitalization and transform digital resources into their data-driven dynamic capabilities. Reference | Related Articles | Metrics

Select

The Effect of Digital Innovation Capability on Radical Innovation in Strategic Emerging Industries -The Moderating Effect of Environmental Dynamism Wang Hongqi, Li Yuqing, Li Xiaoli, Zhang Linfeng, Li Yingying Management Review    2024, 36 (5): 89-100.   Abstract （64）      PDF （1461KB）（74）       Knowledge map    In the era of the digital economy, the process and boundary of radical innovation are changing. Digital innovation capability has become important for strategic emerging industries to achieve radical innovation in a complex and changeable environment. Based on dynamic capability theory, this paper discusses two directions and four digital innovation capability upgrading activities. Taking 320 stra-tegic emerging industries as samples, using the hierarchical regression method to explore how digital agility and recombinative capability influence the strategic emerging industry radical innovation, and technological dynamics, market dynamics adjustment between the two. The results show that digital agility and recombinative capability positively affect radical innovation in strategic emerging industries. And the opportunity awareness, operation coordination, adaptive restructuring and reorganization of exploratory play a role in the four activi-ties, technology dynamics and market dynamics play a role in positive adjustment, but the adjustment effect varies from case to case. This study aims to further reveal the mechanism of how digital innovation capability influences radical innovation and provide a theoretical basis and decision-making reference for strategic emerging industries to achieve radical innovation results by taking advantage of digital opportunities. Reference | Related Articles | Metrics

Select

The Winner's Curse Effect of the Crowd in Auctions: Evidence from On-line Judicial Foreclosure of Zhejiang Province in 2020 Lai Yue, Cheng Tianzhu, Zhang Junli Management Review    2024, 36 (5): 49-63，74.   Abstract （82）      PDF （1415KB）（67）       Knowledge map    The phenonenon of a bidder suffering a loss due to winning an auction at an overvalued price is called winner's curse. In this paper, based on the limited attention theory from information economics and the over-action and Herd effect theory from behavior eco-nomics, we extend the first price common value auction model. Using data including 6,690 samples from on-line Taobao Judicial Foreclo-sure in Zhejiang province, China in 2020 to test the theoretical hypothesis, we find that (1) large crowd size leads to a high premium that may cause the winner to suffer a loss, and this is called the winner's curse effect of the crowd; (2) the effect is caused by bidders' over-reaction and conformity behavior in the presence of the crowd, but the path of information transfer through the crowd is not empiri-cally detected. Our conclusions are theoretically extended from the classical common value auction model, consistent with the implica-tions from the over-reaction and Herd effect theory, and fully tenable in the robustness test. This paper could be a useful empirical proof as the economic anomaly in auction markets. Reference | Related Articles | Metrics

Select

An Empirical Study on Borrowers' Paying Behavior of “Robbing Peter to Pay Paul” Lan Rujia Management Review    2024, 36 (5): 25-39.   Abstract （79）      PDF （2969KB）（59）       Knowledge map    The rapid development of China's Fintech online lending platforms has provided borrowers with more accesses to funds, espe-cially by “robbing Peter to pay Paul”. Using micro data from one of the largest cash loan platforms in China, this paper empirically stud-ies the paying behavior of borrowers “robbing Peter to pay Paul” from two perspectives:payday loans' order level and borrower level. This study shows borrowers who are “robbing Peter to pay Paul” have higher probability of default or late payment. The more frequently a borrower uses payday loan “huabei”, the more likely the borrower is to default or delay payment. Default or late payment is more likely to occur in male than in female, and in those who live in small cities than those who live in big cities. This paper tries to explain the bor-rowers' default from the aspect of “robbing Peter to pay Paul”, and the conclusions are helpful for supervising China' online lending market, improving personal credit system and regulating the cash loan market. Reference | Related Articles | Metrics

Select

The Impact of E-commerce Live Streaming on Consumers’ Purchase Intention: A Study Based on Grounded Theory Liu Luchuan, Liu Chenglin Management Review    2023, 35 (12): 182-189.   Abstract （198）      PDF （1324KB）（289）       Knowledge map    E-commerce live streaming has brought consumers a new shopping experience. Studying the mechanism of how e-commerce live streaming influences on consumers' purchase intention is of great significance to improve the quality of live streaming service and promote the healthy development of e-commerce live streaming business ecology. Through in-depth interviews with 57 respondents, this study constructs the mechanism model of the influence of e-commerce live streaming on consumers' purchase intention. The results show that, in the context of e-commerce live streaming, commodity factors, streamer factors and live streaming context factors affect consumers' engagement in e-commerce live streaming, and on this basis, they will ultimately affect consumers' purchase intention by influencing consumers' cognitive attitude and emotional attitude; At the same time, consumers' personal internal factors play a moderating role in the influence of commodity factors, streamer factors and live streaming context on consumers' engagement in live streaming. Reference | Related Articles | Metrics

Select

An Empirical Study on the Impact of Online Reviews on Consumers' Purchasing Intention Du Xuemei, Ding Jingyu, Xie Zhihong, Lei Lifang    2016, 28 (3): 173-183.   Abstract （1201）      PDF （1331KB）（8177）       Knowledge map    Online word-of-mouth (WOM) has been playing an increasingly important role in consumers' purchasing decisions for the reason that Internet has greatly amplified the influence of WOM on consumers. This paper researches the online review which is one of the main forms of online WOM. It firstly develops a conceptual model for online reviews' power on consumers' purchasing intention which includes the receiver professional ability as the control factor, then raises corresponding hypotheses. Finally, the model and the hypotheses are tested and revised by empirical methods. The results of this paper show factors of functional value including the quantity, the quality and the titer of the comments affect consumers' purchasing intention positively. Besides, factors of receiver's mental representations including perceived risk, involvement and trust propensity have positive influence on online reviews' power on consumers' purchasing intention. Meantime, the receiver professional ability adjusts the relationships between the quality as well as the quantity of the comments and consumers' purchasing intention, but not the relationship between perceived risk and consumers' purchasing intention. Reference | Related Articles | Metrics

Select

The Impact of Leader-Member Exchange Differentiation: Beneficial or Detrimental? Zhang Yijie, Guo Yirong, Zheng Xiaoming Management Review    2024, 36 (3): 159-170.   Abstract （75）      PDF （6385KB）（136）       Knowledge map    Leader-member exchange (LMX) differentiation captures the phenomenon that leaders develop differentiated relationships with subordinates, ranging from low-quality transactional relationships to high-quality socio-emotional relationships. Despite the prevalence of LMX differentiation in teams, the impacts of LMX differentiation are still controversial. These contradictory findings neither help researchers clarify the psychological states and behavioral responses of individuals and groups when faced with different management styles, nor do they help managers use different management styles to achieve team goals. To this end, through a systematic review of Chinese and English literature in the area of LMX differentiation, this study summarizes the theoretical perspectives and empirical findings of three perspectives on the positive, negative, and inverted U-shaped effects of LMX differentiation on individual and team effectiveness. In addition, this study points out that the main reasons behind the inconsistent findings of current research are differences in moderating variables, different configurations of LMX differentiation, different bases of LMX differentiation, and different measurement approaches. Future researches should clarify the conceptual definition of LMX differentiation, enrich the methods for LMX differentiation, broaden the research perspectives on LMX differentiation, and pay attention to unique LMX differentiation phenomena in the era of digital intelligence. Reference | Related Articles | Metrics

Select

The Influence of Streamers' Emotional and Cognitive Communication on Consumers' Purchase Behavior in E-commerce Livestreaming Shi Wenhua, Huang Laien, Lv Tingjie, Hu Mingyao Management Review    2024, 36 (5): 113-125.   Abstract （43）      PDF （1398KB）（56）       Knowledge map    As live e-commerce livestreaming develops into a mature sales model, streamer's verbal skill has become a key factor influen-cing consumers' live purchase behavior. Based on information processing theory, this study explores how the positive emotional commu-nication, negative emotional communication and cognitive communication of streamers affect consumers' purchase behavior. The study finds that positive emotional communication and cognitive communication have a positive effect on consumers' purchase behavior, and there is an interaction effect between them. In addition, the study also finds that type of streamers (in-house personnel vs outside celebrity) and type of products (private consumer goods vs public consumer goods) have a moderating effect. Consumers are more likely to be influ-enced by emotional communication for celebrity streamers and public consumer goods, and more likely to be influenced by cognitive com-munication for in-house streamers and private consumer goods. This study enriches the research on emotion and cognition in the field of e-commerce livestreaming, and expands the practical application of information processing theory in e-commerce livestreaming. The find-ings are of great guiding significance for live streamers to develop an appropriate verbal pattern, for producers to select an effective lives-treaming strategy, and for audiences to shop rationally. Reference | Related Articles | Metrics

Select

The Paths from Word-of-Mouth “Breeding” to Actual Consumption and the Underlying Key Factors -A Qualitative Study Based on Constructivist Grounded Theory Li Yan, Wu Ruijuan, Liu Jianxin Management Review    2024, 36 (5): 137-150.   Abstract （27）      PDF （1496KB）（55）       Knowledge map    In recent years, an emerging word “breeding” has been widely used among Chinese consumers on the Internet. Building on constructivist grounded theory, this study develops a theoretical model revealing the paths from word-of-mouth “breeding” to actual con-sumption and the underlying key factors. First, the theoretical model identifies four key factors affecting word-of-mouth “breeding”:in-formation source characteristics, message characteristics, product characteristics and audience characteristics. Second, word-of-mouth recommendation may lead to “breeding” through informational influence, normative influence or value expression influence. Third, word-of-mouth “breeding” can be specifically demonstrated through consumers' curiosity, consumption expectation, purchase intention, and plan of consumption. In particular, there is a time difference between word-of-mouth “breeding” and actual consumption. The time difference may be caused by various reasons and lead to consumers' coping behaviors. After word-of-mouth “breeding”, consumers may either actually consume or give up consumption. The findings of this research not only contribute to the theory of word-of-mouth recom-mendation and interpersonal influence, but also have important practical implications for marketers to understand the effects of word-of-mouth in the era of digital media, and help consumers understand their own consumption decision-making process and behaviors. Reference | Related Articles | Metrics

Select

Single-handed or Side by Side? The Impact of Leader Bottom-line Mentality on Employees' Followership Behavior Zhang Yannan, Zhu Yanghao, Long Lirong, Qin Feng, Xu Yunpeng Management Review    2024, 36 (5): 164-177.   Abstract （47）      PDF （1410KB）（54）       Knowledge map    Leader bottom-line mentality (BLM) refers to one-dimensional thinking that revolves around securing bottom-line outcomes to the neglect of competing priorities. Based on self-determination theory, this paper explores the effect of leader BLM on employees' fol-lowership behavior and examines the mediating role of employees' basic psychological need thwarting and the moderating role of collec-tivism orientation. Through a scenario experiment (N=130) and a three-wave field study (N=302), we find that leader BLM can posi-tively affect employees' basic psychological needs thwarting, which in turn positively affects employees' negative followership behavior and negatively affects employees' positive followership behavior. And employees' collectivism orientation not only moderates the direct effect of leader BLM on employees' basic psychological needs thwarting, but also moderates the indirect effect of leader BLM on employ-ees' followership behavior through basic psychological need thwarting. That is, the higher the employees' collectivism orientation, the weaker the effect of leader BLM on followership behavior. This paper also further discusses theoretical implications, practical implica-tions, and future research directions. Reference | Related Articles | Metrics

Select

Director Network and Enterprise Digital Transformation Zhang Yuming, Zhang Xinyue Management Review    2024, 36 (3): 171-184.   Abstract （61）      PDF （1267KB）（152）       Knowledge map    Finding a solution for enterprises that can’t, won’t or daren’t implement digital transformation is the key to promoting their digital transformation. Taking A-share listed companies in 2015—2021 as the research sample, this paper empirically examines the effect of director network on the level of enterprise digital transformation, the internal mechanism, and its heterogeneous performance. The study finds that director network significantly improves the level of enterprise digital transformation, and the conclusion still holds after several robustness tests; mechanism analysis shows that through its resource effect, learning effect, and governance effect, director network provides support for enterprises that can’t, won’t or daren’t implement digital transformation. Heterogeneity analysis shows that the differences in external contextual mechanisms and internal characteristics of enterprises lead to asymmetry in the effects of director networks. Further, this paper also finds that there is a peer effect of enterprise digital transformation within the same director network. This study enriches the research on the economic consequences of directors’ networks and the factors influencing the digital transformation of enterprises. It provides possible paths and entry points for improving the level of digital transformation and cracking the dilemma of digital transformation in the current digitalization context. Reference | Related Articles | Metrics

Select

The Influence of Supply Chain Security on Independent Innovation Capability of China's Manufacturing Industry: An Empirical Study Based on China's 2001-2020 Industrial Data Li Shengzhu, Ren Junlin, Du Ting Management Review    2024, 36 (5): 101-112.   Abstract （28）      PDF （1509KB）（44）       Knowledge map    This paper looks at the security of China's supply chain from two dimensions:sensitivity and elasticity of supply chain, and empirically examines the influence of supply chain sensitivity and elasticity on manufacturing industry's independent innovation capability based on China's 2001-2020 industrial data from 16 manufacturing sectors that suffer foreign stranglehold on core technolo-gies. It is found that supply chain sensitivity has a negative impact and supply chain elasticity has a positive impact on manufacturing in-dustry's independent innovation capability; as a moderating variable, industrial technology density weakens both the negative influence and the positive influence; industrial vulnerability enhances the negative influence but weakens the positive influence. Reference | Related Articles | Metrics

Select

Research on the Influence of Personalized Intelligent Recommendation on Consumers’ Online Impulse Buying Intention Fan Wenfang, Wang Qian Management Review    2022, 34 (12): 146-156,194.   Abstract （624）      PDF （1390KB）（695）       Knowledge map    With the rapid development of mobile internet era and the continuous application of high-tech such as artificial intelligence, personalized intelligent recommendation has become an important marketing method for e-commerce platform enterprises to meet consumers’ diversified preferences. Practice shows that personalized recommendation has an important impact on consumers’ buying behavior, and it helps to improve the performance of e-commerce platforms. Based on the flow experience theory and the perceived value theory, this paper discusses the influence of personalized intelligent recommendation on consumers’ online impulse purchase intention, and this mechanism of flow experience, perceived practical value and quality of online reviews. Through the investigation of 548 e-commerce platform consumers, the empirical study finds that personalized intelligent recommendation and its related dimensions (information presentation, system interaction and community influence) positively affect consumers’ online impulse purchase intention. Flow experience and perceived practical value mediate the positive relationship between personalized intelligent recommendation and consumers’ online impulse purchase intention. The quality of online reviews plays a moderating role in the impact of personalized intelligent recommendation on consumers’ online impulse purchase intention. The higher the quality of online reviews, the stronger the positive impact of personalized intelligent recommendation on consumers’ impulse purchase intention. Reference | Related Articles | Metrics

Select

ChatGPT+Finance: Eight Noteworthy Research Directions and Issues Wang Shouyang, Li Mingchen, Yang Kun, Lin Wencan, Jiang Shangrong, Wei Yunjie Management Review    2023, 35 (4): 3-11.   Abstract （1111）      PDF （1225KB）（1147）       Knowledge map    The emergence of ChatGPT marks the beginning of a new revolution in artificial intelligence. The innovative generative AI technology represented by ChatGPT will significantly impact the research paradigm of economics and the systemic ecology of the financial industry. This paper outlines the developmental trajectory of ChatGPT, analyzes its applications and future prospects in the financial field, and discusses the potential impact and regulatory risks. Undoubtedly, ChatGPT will bring many significant challenges to the field of finance. To promote high-quality development in China’s financial industry and related researches, this paper proposes eight noteworthy research directions and issues for the academic community. Reference | Related Articles | Metrics

Select

Measurement and Application of News-based Equity Market Volatility in China Yang Jianlei, Yang Chunpeng, Cui Wenxiao Management Review    2023, 35 (9): 26-36,101.   Abstract （97）      PDF （1666KB）（127）       Knowledge map    This paper constructs a newspaper-based Chinese Equity Market Volatility (CEMV) tracker that moves with the realized volatility of the Chinese stock market. Using the macroeconomic data from January 2005 to October 2020, we further estimate a structural vector autoregressive (SVAR) model to assess the impact of CEMV on the Chinese economy and equity prices. We find that:(1) The CEMV index peaks are closely related to the large market fluctuations. Regressing the realized volatility of the stock market index on contemporaneous EMV values yields a significant slope coefficient. (2) Parsing the underlying text, we construct the CEMV indexes of four policy categories that respond differently to specific market shocks. (3) The stock market volatility driven by policy news foreshadows declines in output growth, price levels and equity returns. Moreover, CEMV has an overall positive impact on money supply growth and exacerbates the short-term fluctuations in investor sentiment. Reference | Related Articles | Metrics

Select

Gain at Sunset but Lose at Sunrise: The Effect of Employees' Upward Ingratiation on Their Status in Workplace Wei Xuhua, Cui Daiyu Management Review    2024, 36 (3): 146-158.   Abstract （94）      PDF （2401KB）（143）       Knowledge map    Ingratiation is a common impression management strategy in organizations. Existing studies generally believe that employees can benefit from their upward ingratiation behavior, with little attention paid to the negative impact of upward ingratiation on employees themselves. Based on social information process theory, this study examines the relationship between employees’ upward ingratiation and their status in workplace through two different research designs (i.e., survey and experiment), and examines the mediating mechanism and boundary conditions of the above relationship. Both the survey and the experimental results show that employees’ upward ingratiation can reduce colleagues’ perception of employees’ integrity level, which in turn has a negative impact on employees’ status in workplace, and this indirect effect is moderated by employees’ competency. Compared with low-competence employees, high-competence employees’ upward ingratiation has a weaker negative indirect effect on their status in workplace through colleagues’ perception of employees’ integrity. The results of the study can not only improve the academic understanding of employees’ upward ingratiation from a third-party perspective, but also help employees avoid the potential harm of upward ingratiation to themselves. Reference | Related Articles | Metrics

Select

An Enterprise Default Prediction Model Based on the Indicators Selected by Average Accuracy and Bayesian Information Criterion-Taking China's Small Listed Companies as an Example Dong Bingjie, Zhou Ying, Li Jizhe, Wang Shanshan Management Review    2024, 36 (5): 12-24.   Abstract （33）      PDF （1319KB）（38）       Knowledge map    Predicting potential default of small listed companies (small listcos for short) is of great significance for banks to issue loans, for investors to make an informed decision and for regulatory authorities to supervise the market. Based on the big data perspective, this paper selects a set of indicators from more than 300 indicators including small listcos' financial and non-financial indicators and macro-economic indicators, and uses the set of indicators to establish a default prediction model for China's small listcos. The contributions of this paper are as follows:in the first stage, the minimum value of Gini of the indicator Xi is used as the node to divide the small listcos into defaulting ones and non-defaulting ones; a set of features is used to construct a decision tree and then multiple sets of indicators are used to construct multiple decision trees, which are used to calculate the importance value VI (Xi), with indicators of high importance value retained; a set of indicators with the minimum Bayesian criterion value are selected from the retained indicators. The research shows that:(1) The indicators selected in this study can predict the default status of small listcos and conform to the principle of credit 5C. The indicator that has a key impact on the default status of small listcos in the next 0-5 years is “retained earnings per share”; the indicator that has a key impact on the short-term default forecast of small listcos is “other receivables”; an indicator that has a key im-pact on default forecasts is the “Industry Sentiment Index”; (2) the comparative analysis of multiple data sets, the comparative analysis of multi-index selection and the comparative analysis of multiple models show that the index selection method in this paper is significantly better than other three typical methods, and the results are robust; (3) small listcos in the eastern region have the highest credit qualifi-cation compared with those in other geographical regions, and non-backdoor-listed small listcos have the highest credit qualification com-pared with those listed in other ways. Reference | Related Articles | Metrics