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Robust Optimization-based Inventory Level and Allocation Strategy for Sharing Platform under Service Level Constraint Qiu Ruozhen, Ji Yuanyuan, Shao Songshi Management Review    2023, 35 (6): 275-287.   Abstract （135）      PDF （1714KB）（781）       Knowledge map    Assuming there is a supply chain composed of a single inventory sharing platform and multiple retailers, this paper studies the optimal inventory level and allocation strategies of the inventory sharing platform with and without demand information sharing. A robust optimization model is established, with the retailer's service level constraint taken into consideration and only demand mean and variance information known. Under the condition of information sharing, the inventory sharing platform can accurately obtain the retailers' demand mean and variance. The retailer's service level constraint is transformed into an easy-to-handle chance constraint problem. Under that condition, the optimal inventory level and allocation strategies are deduced, and the changes of the strategies with the changes of the related parameters are analyzed. Under the condition of not sharing demand information, the inventory sharing platform only knows the uncertain set of the retailers' demand mean and variance. In particular, the ellipsoidal uncertain set is used to describe the mean and variance of uncertain demand, the dual theory is used to transform the inventory optimization model and studies are conducted to analyze the impact of information sharing on the optimal inventory level and allocation strategy. The results show that, under different information conditions, the inventory level of the inventory sharing platform increases with the increase of the mean, variance and service level requirements; the information shared by the retailers has a positive impact on the inventory optimization of the inventory sharing platform, namely, the better information sharing among the retailers, the lower inventory level on the inventory sharing platform; when the retailers do not share information, the inventory level of the inventory sharing platform increases with the uncertainty of mean and variance increases, and the uncertainty of mean has a greater impact on the inventory level. Reference | Related Articles | Metrics

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The Cyclical Transition Characteristics of the Bull and Bear States in China's Stock Market: Based on the DMCPSO-HSMM Model Yang Jie, Feng Yun, Yang Hao Management Review    2024, 36 (11): 3-13.   Abstract （257）      PDF （3327KB）（1273）       Knowledge map    This paper studies the periodic transition of the state of China’s stock market and discusses the time-varying distribution characteristics of returns of CSI300 in depth. By introducing the dynamic population reorganization based on the K-means + + clustering algorithm and the chaotic search strategy into the standard particle swarm optimization algorithm, a dynamic multi-population chaotic particle swarm optimization algorithm is proposed, and the initial values of hidden semi-Markov model are further optimized based on this algorithm. The empirical analysis shows that there exist three states in China’s stock market, namely the bear, bull, and volatile markets. A bull market generally follows a bear market, and after a bullish situation, the market has a greater probability of turning to a volatile situation. The volatile state and the bearish state play key roles in the leptokurtic and heavy-tailed characteristics of the stock market, respectively. Based on the decoding results, a mode transformation network is constructed using the coarse-grained method, and key hub modes are identified. Further analysis is conducted on the co-movement of bull and bear states of large-, medium-, and small-cap stocks. There is a significant cyclical polarization between large-cap and medium-or small-cap stocks. Finally, we propose a more accurate out-of-sample forecasting method for the hidden semi-Markov model and prove the practical value of our model via a simple market timing strategy. Reference | Related Articles | Metrics

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The Relationship between Supply Chain Integration and Firm Performance in Omni-channel Retailing Song Guang, Wang Yan, Song Shaohua, Shi Xianliang    2019, 31 (6): 238-246.   Abstract （584）      PDF （1249KB）（1419）       Knowledge map    At present, the quantitative research on supply chain integration for omni-channel (OC) retailing is scarce. This study proposes a conceptual model of the relationships among the capabilities of logistics integration, the level of supply chain integration and firm performance in OC retailing based on resource-based theory (RBV). An empirical study is conducted based on a survey of 243 retailers in Chinese market through the structural equation modeling (SEM) to examine the hypotheses proposed in the conceptual model. The results show that, in OC retailing, the capabilities of information integration and organizational integration have significant positive impact on the level of supply chain integration, and the supply chain integration level has not only a positive effect on operational performance but also a larger effect on the financial performance. However, the positive impact of logistics process integration on supply chain integration is not confirmed. This study, as a first attempt on the research of supply chain integration in the context of OC, provides support for the practitioners to conduct OC strategy. Reference | Related Articles | Metrics

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Dynamic Analysis of Financial Innovation, Risks and Supervision Based on Tripartite Evolutionary Game Gong Qingbin, Diao Xundi, Wu Chongfeng Management Review    2025, 37 (7): 3-14.   Abstract （154）      PDF （1619KB）（173）       Knowledge map    Based on the strategic interaction and behavioral assumptions of financial institutions, investors and market regulators, a tripartite evolutionary game model of the financial innovation is constructed. The study establishes a time-varying return matrix for the game by taking account of the correlation between investor participation and market risk levels, as well as their impacts on participant behavior. With the dynamical system method, the equilibria of the model are solved, and the asymptotic stability conditions of equilibria are investigated. The result shows that the mixed strategies are not evolutionary stable strategies (ESS). The evolutionary dynamics are influenced by many factors such as the risk level of financial innovation, the efficiency of supervision, the innovation costs, and investment costs. In order to achieve the low-risk regulatory goals, regulators need to take measures to reduce regulatory costs, improve regulatory efficiency, and increase input costs of high-risk financial products. The numerical simulations further demonstrate the complexity of market dynamics under different parameter conditions, as well as the impact of regulatory policy on market evolution. When there are multiple equilibria, regulators should take several measures simultaneously by changing the initial market conditions and equilibrium stability conditions. This study enriches the theoretical research on financial innovation and regulation, and provides significant implications for formulating and adjusting regulatory strategies. Reference | Related Articles | Metrics

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The Influence of Inclusive Leadership on Employees' Proactive Behavior: The Mediating Effects of Organizational-based Self-esteem and Error Management Climate Kong Liang, Li Xiyuan, Zhang Fawang    2020, 32 (2): 232-243.   Abstract （534）      PDF （1207KB）（1431）       Knowledge map    In the new normal economic background, an employer expects its employees not only to meet basic job requirements, but also to break through routine work requirements by showing initiative and thinking proactively to help their company respond effectively to environmental challenges. Globalization has brought about an increase in cross-regional population flows. The new generation of employees has gradually become the main force in the workplace, and staff in the workplace is becoming increasingly diversified. In view of the diversification of employees, a challenge that management team has to face is to find out how to carry out diversified management and give full play to the diversification of the employees' work initiative. This issue has also attracted the attention of academia. Inclusive leadership can inspire the initiative of diversified employees because of its openness, availability, and accessibility. Based on the theory of self-determination, this paper constructs a multiple mediator model with organizational self-esteem and error management climate to explore the influencing mechanism of inclusive leadership on employees' proactive behavior in organizations. Data are collected through paired questionnaire survey of 67 team leaders and 304 employees. The results show that inclusive leadership has a positive effect on employees' proactive behavior. HLM results reveal that organizational-based self-esteem and error management climate play a full mediating role between the two in the individual and the team level. The conclusion of the research reveals the influencing path of inclusive leadership on employees' proactive behavior. This not only confirms the inclusive leadership has the characteristics of fault tolerance, but also enriches the research of the influence factor of error management climate. At the same time, this research also confirms the positive effect of the error management climate on the employee's proactive behavior, and provides a theoretical reference and management inspiration for the cultivation of the leadership's inclusiveness and the construction of organizational error management climate. Reference | Related Articles | Metrics

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The Double-edged Sword Effect in Organizational Behavior Research: Typical Patterns and Strategy Suggestions Zhang Jiaojiao, Luo Wenhao Management Review    2022, 34 (9): 195-207.   Abstract （543）      PDF （1371KB）（1606）       Knowledge map    Mainstream organizational scholars tend to look at either the positive or negative influence of independent variables on dependent variables. However, this simple approach contrasts with the complicated phenomena in management practices. It is also less conducive to the meaningful integration of different studies. As a result, research on the double-edged sword effect has emerged in recent years. Though there are increasing studies examining the double-edged sword effect, it is worth noting that the interpretation of the effect remains unclear, the underlying mechanism is ambiguous, and the corresponding research pattern is often inappropriately used. By systematically analyzing 137 organizational behavior studies demonstrating the double-edged sword effect in both Chinese and English, this study clarifies the nature of the double-edged sword effect, identifies two major motives for conducting research on the topic, and classifies the existing research pattern into three main types (direct effect, indirect effect and moderating effect) and six sub-types. This study also offers five explanations of the potential theoretical basis for research on the double-edged sword effect. Finally, we offer practical suggestions for future researches. The present study is expected to demonstrate the potential contribution of researches on the double-edged sword effect, and to inspire more valuable future studies. Reference | Related Articles | Metrics

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Research on the Impact of Enterprise Digitalization on Capacity Utilization from the Perspective of Investment Efficiency Zhu Guilong, Chen Zili, Ouyang Fang Management Review    2025, 37 (7): 15-28.   Abstract （82）      PDF （1242KB）（83）       Knowledge map    Using a sample of manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2008 to 2022, this paper explores the relationship between enterprise digitalization and capacity utilization rate from the perspective of investment efficiency. The results show that digitalization can improve investment efficiency, specifically by curbing over-investment and under-investment. Digitalization acts on over-investment and under-investment via different mechanisms: it curbs over-investment by enhancing corporate governance levels and alleviates under-investment by easing financing constraints. Digitalization can increase capacity utilization, with investment efficiency playing an intermediary role. The capacity-enhancing effect of digitalization is more pronounced in companies that do not have a dual role of CEO and board chair, non-state-owned enterprises, and those with high external financing dependence. The findings of this paper not only enrich related research but also provide new insights for improving capacity utilization and addressing overcapacity. Reference | Related Articles | Metrics

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The Effect of Charismatic Leadership on Followership: A Moderated Mediation Model Jia Jianfeng, Niu Xueyan, Zhao Ruonan, Li Zhigang Management Review    2021, 33 (6): 181-191.   Abstract （532）      PDF （1244KB）（759）       Knowledge map    With the flat development of organizations and the embodiment of the value of human capital, employees’ followership has increasingly become a key to enhancing enterprise competitiveness and maximizing corporate benefits. As an influential factor, charismatic leadership style plays an important role in inspiring followership. Based on the conservation of resources theory, this research collects a sample of 223 employees’ data by questionnaire at three time points. Hierarchical regression and bootstrap are adopted to reveal the relationship between charismatic leadership and followership, the mediating effect of psychological availability and the moderating effect of perceived human resource management strength, thus building a moderated mediation model. The research shows: Firstly, charismatic leadership has a positive influence on followership. Secondly, psychological availability partially mediates the relationship between charismatic leadership and followership. Thirdly, perceived human resource management strength plays a positive moderating role between charismatic leadership and psychological availability. Fourthly, perceived human resource management strength also moderates the mediating role of psychological availability. The research results not only confirm the mechanism of charismatic leadership on followership, uncover the black box of influencing process and discover the boundary conditions, but also enrich the utilization of conservation of resources theory. At the same time, this research provides practical enlightenment for managers to develop charismatic leadership style in organizational situations to enhance employees’ followership. Reference | Related Articles | Metrics

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2015, 27 (6): 3-.   Abstract （765）      PDF （1107KB）（3864）       Knowledge map    Related Articles | Metrics

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The Value Effect of Hidden Champions: Enterprise Specialized and Sophisticated Transformation and Total Factor Productivity Du Yaguang, He Ying, Guo Mengnan, Zhang Xiaozhe Management Review    2025, 37 (7): 29-43.   Abstract （90）      PDF （1254KB）（82）       Knowledge map    To prevent the disorderly expansion of capital and accelerate the resolution of bottleneck issues, the government encourages small and medium-sized enterprises (SMEs) to pursue a specialized and sophisticated path of high-quality development. However, the research on the enterprise specialized sophisticated transformation is still in the exploratory stage. Based on partial industry-listed firms on China’s SME board, ChiNext board, and Science and Technology Innovation board from 2011 to 2020, we construct evaluation indicators for enterprise specialized and sophisticated transformation and empirically explore the impact of enterprise specialized and sophisticated transformation on total factor productivity. The paper finds that the degree of enterprise specialized and sophisticated transformation is positively associated with total factor productivity, which arises from improving the efficiency of internal capital allocation and labor production. In addition, the relationship is enhanced under lower financing constraints, industry competition intensity, industrial intelligence level, and non-state-owned enterprises. Specifically, compared to ordinary small and medium-sized enterprises, the transformation of “Little Giant” enterprises significantly promotes total factor productivity. Moreover, specialized and sophisticated transformation helps enhance the firm’s value. Our conclusion enriches the literature on hidden champions and niche winners and has useful reference for promoting the high-quality development of SMEs. Reference | Related Articles | Metrics

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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 （250）      PDF （2401KB）（424）       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

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Are Professional Livestreamers or Celebrity Livestreamers More Favored by Consumers?—A Mediated Moderation Model Zhang Qilin, Wu Yun Management Review    2024, 36 (11): 156-167.   Abstract （191）      PDF （1350KB）（209）       Knowledge map    Based on the role theory and three experiments, this paper investigates the different effects on sales brought by professional livestreamers and celebrity livestreamers, who equally dominate the livestream marketing sector. The results show that professional livestreamers are better able to increase consumers’ purchase intention than celebrity livestreamers. Furthermore, product type moderates the above relationship. Specifically, the relationship is significant for products not endorsed by celebrities and not significant for products endorsed by celebrities. In addition, livestream marketing type also moderates the above relationship. Specifically, the relationship is significant for products sold for commercial purpose and not significant for products provided for public welfare. These two moderating effects are mediated by perceived fit. These conclusions not only enrich relevant researches on livestream marketing, but also offer valuable insights for social responsibility marketing. Ultimately, our research provides targeted practical guidance for livestreamers to optimize their live-streaming approach, and for governments to improve public welfare live-streaming. Reference | Related Articles | Metrics

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An Analytical Framework of Derivatives Sniper Attack Risk Based on the Case Study of Tsingshan Group’s Forced Liquidation Incident in LME Nickel Xu Yang, Bu Hui Management Review    2024, 36 (2): 257-272.   Abstract （285）      PDF （3628KB）（502）       Knowledge map    The nickel futures prices on the London Metal Exchange (LME) experienced a sharp surge during the two trading days from March 7th to 8th, 2022. As a result, Tsingshan Holdings Group, a Chinese company heavily involved in nickel hedging, suffered a significant loss, which marks another risk event where a domestic enterprise participating in overseas derivative trading was targeted by international capital. This paper provides a detailed case analysis of the sniper activity among “LME nickel futures incidents”, and proposes an analytical framework for analyzing sniper events and sniper risk in the futures market from four dimensions: objective conditions, market environment, sniper strategies, and sniper motivation behind. The study reveals that the weak physical delivery capacity caused by cross-hedging became an objective condition for Tsingshan Group to be targeted, and the market environment of low-level nickel inventories triggered by geopolitical risks further limited Tsingshan Group's inventory control and delivery capacity. The design of LME contracts exposes trading positions and motivations, while the LME trading system facilitates short-term price manipulation and other sniper behaviors, allowing the inference of the using contract, timing, and price manipulation ways employed in this sniper attack. Analysis of large position reports reveals that the essence of this sniper attack may be a battle for nickel resources. Finally, this study utilizes event analysis to confirm that the sharp increase in nickel futures prices on March 7th, 2022, was driven by trading factors rather than fundamental factors. The analytical framework proposed in this research, which combines case analysis, data analysis, and empirical analysis, is of significant value in identifying sniper risks, recognizing market manipulation, and better evaluating related risks for early warning and prevention. Reference | Related Articles | Metrics

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The Impact of Perceived Career Sustainability among Low-skilled Workers on Their Innovation Behavior: Insights from Yin-Yang Harmony Cognition Chin Tachia, Li Genyi, Shi Yi, Cao Lele Management Review    2020, 32 (9): 205-219.   Abstract （705）      PDF （1347KB）（749）       Knowledge map    Under the context of China's manufacturing sector, this study adopts the Yin-Yang harmony cognition and the job demands-resources (JD-R) theory to explore the impact of perceived career sustainability on the conduct of corporate social innovation (CSI) behavior. The empirical analysis of a large sample shows that three of the four dimensions of career sustainability (i.e., flexible, renewable and integrative) are significantly and positively associated with individuals' CSI behavior. The resourceful dimension has an inverted U-shape relationship with individuals' CSI behavior, and positively moderates the relationship between the other three dimensions of career sustainability and CSI behavior. The interaction between the resourceful and the integrative dimensions of career sustainability positively moderates the relationship between the flexible dimension and individuals' CSI behavior. The main contributions of this study are:1) proposing a novel empirical scale of career sustainability to deepen the research about the conceptualization of career sustainability; 2) developing an indigenous philosophy of management that fits the Chinese context from an emic perspective of Yin-Yang harmony cognition; 3) providing constructive suggestions about human resource management, corporate development and social innovation to enterprises and governments. Reference | Related Articles | Metrics

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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 （196）      PDF （1404KB）（302）       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

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Research on the Value Co-creation Path of the “Belt and Road” Enterprise Technology Standards Alliance: The Case of Haier Ecosystem Cao Xin, Liu Yao, Zhou Qing, Liu Renhuai Management Review    2025, 37 (7): 275-288.   Abstract （63）      PDF （9080KB）（58）       Knowledge map    BRTSA as a new form of organization for enterprises to go overseas in a group, the value co-creation of alliance subjects has become an important means to enhance competitive advantage. In this paper, a longitudinal case study of the Haier ecosystem reveals the following results. Firstly, BRTSA value co-creation presents an evolutionary path of “chain integration-network synergy-ecological empowerment”, through the resource integration of “aggregation-optimization-reconstruction” and the interactive cooperation of “complementarity-interaction-openness”. It links upstream and downstream resources of the industry chain, synergizes multi-chain integration relationship network and builds cross-domain value ecology, which promotes the leap of alliance technology standards and standard products. Secondly, BRTSA value co-creation has an inherent mechanism of joint construction and sharing. The main body of the alliance reaches consensus on technical standards and improves technical innovation capability; the alliance as a whole builds technical standards and promotes the transformation of technical achievements; the alliance eco-sharing boosts the value-addedness of technical standards and strengthens the empowerment of technological leadership, thus realizing the value symbiosis of the main body and the sustainable development of the alliance. Thirdly, compared with the traditional enterprise technology standard alliance, BRTSA has the new features of adaptability, synergy and leapfrogging. This paper clarifies the attribute characteristics of BRTSA, constructs the alliance value co-creation path process model and internal mechanism, which not only enriches the theoretical connotation and extension of the enterprise technical standard alliance, and deepens the alliance value co-creation process research and application situation, but also provides practical inspiration for enterprises to enhance technical standardization capability and international competitive advantage. Reference | Related Articles | Metrics

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The Double-edged Sword Effect of Workplace Mindfulness on Interpersonal Counterproductive Behavior Ni Dan, Zhang Mengyi, Zheng Xiaoming Management Review    2024, 36 (7): 207-218.   Abstract （216）      PDF （1305KB）（440）       Knowledge map    Many companies have introduced mindfulness training to improve employees’ work effectiveness. However, recent researches have found that mindfulness may have a negative impact in the workplace. Based on trait activation theory, this study aims to examine a double effect of workplace mindfulness on employees’ interpersonal counterproductive behavior. Multiple-wave survey data of 862 employees collected from a high-tech company indicate that compassion for others mediates the relationship between workplace mindfulness and interpersonal counterproductive behavior and self-forgiveness mediates the relationship between workplace mindfulness and interpersonal counterproductive behavior. Perceived team cooperation moderates workplace mindfulness’ relationship with compassion for others and self-forgiveness as well as the above indirect effects. At a higher level of perceived team cooperation, the effect of workplace mindfulness on compassion for others and its indirect effect is strengthened, while the effect of workplace mindfulness on self-forgiveness and its indirect effect is weakened. This study reveals the double-edged effect of workplace mindfulness on interpersonal counterproductive behavior and inspires companies to dialectically treat mindfulness and its interpersonal influences. Reference | Related Articles | Metrics

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External Technology Acquisition in Open Innovation and Product Diversification: The Moderating Effect of Dynamic Capabilities Zhao Feng, Wang Tienan, Wang Yu    2016, 28 (6): 76-85,99.   Abstract （364）      PDF （1435KB）（1057）       Knowledge map    In the open innovation, external technology acquisition and its effect on enterprise performance have been concerned widely. But there are few studies about the effect of external technology acquisition on product diversification. This paper conducts a multivariate hierarchical regression analysis using the data of high-tech listed companies in 2010-2012 to test the effect of external technology acquisition on product diversification and the moderating effect of three elements of dynamic capabilities on the relationship. The result shows that external technology acquisition has a positive impact on product diversification significantly, and absorptive capability, adaptive capability and innovative capability of dynamic capabilities moderate the relationship between external technology acquisition and product diversification positively. The study enriches and expends the findings in the field of external technology acquisition and product diversification, providing theoretical guidance for the companies to promote product diversification through external technology acquisition. Reference | Related Articles | Metrics

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A Study into the Mechanism of How High-performance Work System Influences Employee Proactive Behaviors： A Cross-level Model Based on Social Context Theory Cao Man, Xi Meng, Zhao Shuming Management Review    2020, 32 (6): 244-254.   Abstract （616）      PDF （1237KB）（734）       Knowledge map    In recent years, proactive behavior has become an important research topic in the field of organizational behavior. Based on social context theory, this paper intends to explore the influence mechanism between high-performance work system and employee proactive behavior. We collect data from 110 senior managers, 110 human resources managers and 1105 employees. Research results show that high-performance work systems have a positive effect on proactive behaviors and employee relations climate fully mediates the relationship. And, environment uncertainty plays a moderating role in the relationship between high-performance work systems and employee relations climate such that the relationship between high-performance work systems and employee relations climate will be weaker when environmental uncertainty is high rather than low. This study contributes to both strategic human resource management and proactive behaviors literature. By examining the mediating role of employee relations climate, this study investigates the mechanism between high-performance work system and employee proactive behavior. Furthermore, the paper considers the effect of environmental uncertainty, thus extending the boundary conditions of proactive behaviors. Reference | Related Articles | Metrics

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An Empirical Study on Borrowers' Paying Behavior of “Robbing Peter to Pay Paul” Lan Rujia Management Review    2024, 36 (5): 25-39.   Abstract （169）      PDF （2960KB）（250）       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