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25 March 2012, Volume 24 Issue 3 Previous Issue    Next Issue

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How and to What Extent does the International Financial Crisis Affect China’s GDP? WANG Hui-Juan, CHEN Xi-Kang, YANG Cui-Hong 2012, 24 (3):  3-7.  Abstract ( 2142 )   This paper uses an input-output model of the non-competitive imports type capturing China’s processing exports to calculate the impact of international financial crisis on China’s GDP from the point of export and investment, which are most directly affected by the international financial crisis. The results show that: negative impact of the financial crisis on China’s economy is gradually intensified; in terms of industry the impact is mainly on several key industries. The negative impacts, however, are greatly lessened due to China’s timely implemented macro-control policies. Related Articles | Metrics

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On the Gold Pricing Model during the Financial Crisis Fan Wei and Fang Sihai 2012, 24 (3):  8-16.  Abstract ( 2280 )   As a special commodity, gold possesses multiple features: as commodity, currency and hedging instrument. Its currency and hedging features are well manifested during this financial crisis since 2007. We encompass the above three features of gold and decompose gold value into the commodity value, currency value and default risk premium. Using CRB index, USDX and U.S. Treasury CDS spread as variables in our VAR model, we find that USDX is negatively correlated with gold price, while CRB and U.S. Treasury CDS spread are positively correlated with gold price. Specifically, one-lagged CRB, one-lagged USDX, and two-lagged U.S. Treasury CDS spread show strong explanation power. Besides, it also states that the volatility of gold price exhibits clustering, long memory, but no asymmetry is identified in our study. Related Articles | Metrics

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Word-of-Mouth Effects in the Investment of Chinese Mutual Fund Managers Li Xiaomei and Liu Zhixin 2012, 24 (3):  17-23.  Abstract ( 1421 )   This paper investigates the relationship between investment of mutual fund managers from different cities and different fund families. The results show that “intra-city” effects are larger than “inter-city” effects. A mutual fund manager is more likely to buy (or sell) a particular stock in each semi-annual if other managers in the same city are buying (or selling) that same stock. This evidence can be interpreted in terms of word of mouth effects. Investors spread information and ideas about stocks to one another directly through word-of-mouth communication, which affects their investment behavior. Related Articles | Metrics

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The First-price and Second-price Auctions with both Commission Rate and Reserve Price Wang Mingxi,, Liu Shulin and Wang Shouyang 2012, 24 (3):  24-32.  Abstract ( 1727 )   In this paper, we examine the first-price and second-price sealed-bid auctions with both commission rate and reserve price, and conclude that: (1) equilibrium bidding strategies are decreasing in commission rate under the two types of auctions; (2) equilibrium bidding strategy is increasing in reserve price under the first-price auction and decreasing in reserve price under the second-price auction; (3) the expected payoff of each bidder is decreasing in both commission rate and reserve price under the first-price auction, and it is independent of commission rate and reserve price under the second-price auction; (4) Revenue Equivalence Theorem still holds; (5) under the two types of auctions, as the commission rate increases, the seller's expected revenue decreases, while the auction house's expected revenue and the total expected revenue of the seller and the auction house may increase or decrease; (6) under the two types of auctions, as the reserve price increases, the seller's expected revenue, the auction house's expected revenue and the total expected revenue of the seller and the auction house may increase or decrease; (7) how to design the optimal reserve price is presented; (8) comparisons between results in this paper and the corresponding ones in previous literature are made. Related Articles | Metrics

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Is It a Funds-driven Speculative Market? An Empirical Research on Chinese A-share Market from the Perspective of the Number of New Accounts Guo Yanfeng，Wen Xiaoqian and Yang Jie 2012, 24 (3):  33-39.  Abstract ( 1527 )   With the daily sample from June 20, 2005 to January 11, 2008, this study employs a co-integration test, vector error correction model and VEC Granger causality test to examine the long-run and short-run relationship between the number of new accounts, stock prices and turn volumes, and further discusses the characteristics of China stock market. The empirical results show new accounts investors begin trading in around ten transaction days; a co-integration relationship and long-run equilibrium exist between the three variables in China; there is a unidirectional long-run association from the number of new accounts to stock prices and turnovers, while a unidirectional short-run causality from stock prices and turnovers to the number of new accounts; summarily, A-share market remains typical of a funds-driven speculative market. Related Articles | Metrics

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Measuring and Functions of New Venture’s Entrepreneurial Orientation: An Empirical Study in China Hu Wangbin and Zhang Yuli 2012, 24 (3):  40-48.  Abstract ( 1569 )   Existing studies focus on entrepreneurial orientation, but still with large divergences on the dimension and function about entrepreneurial orientation of new venture. According to related researches, from a strategic process perspective, we initially define five factors for measuring new venture’s entrepreneurial orientation. A semi-construction interview to new venture is used to examine the scientificity and practicability of this measuring system. After a pilot test, it subsequently modifies the measuring factors to three aspects which include innovativeness, risk-taking and proactiveness. Through 150 effective samples, this paper finally examines the direct and indirect contribution to new venture performance of entrepreneurial orientation in the Chinese enterprises. The findings indicate that entrepreneurial orientation does significantly positively affect new venture performance, but the indirect impact is stronger than direct impact. Related Articles | Metrics

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Research on the Effectiveness Mechanism of Management Innovation:A Framework Based on Dynamic Capability Perspective LIN Hai-Fen, SU Jing-Qin 2012, 24 (3):  49-57.  Abstract ( 2084 )   When management innovation becomes the most important and sustainable source of competitive advantage for enterprises, its complexity and lagging effect on enterprise performance begin to baffle both theorists and practitioners who intend to improve its effectiveness. Therefore, focusing on adoptive management innovation, this paper attempts to raise a new path or research framework based on enterprise dynamic capability perspective, and further explores the effect of both core managers and organizational elements on dynamic capability, with the purpose of offering a new perspective for further researches on management innovation. Related Articles | Metrics

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Optimized Study on Solutions for Management Conflict Based on TRIZ Yang Bo 2012, 24 (3):  58-65.  Abstract ( 1580 )   TRIZ is a methodology used for solving issues on inventions and creations, which is proposed based on the patent analysis. It is widely applied in the field of engineering technology innovation, and is also extending to the management domain. This paper firstly defines the specified study scope of management conflict and then designs a TRIZ-based optimized flow pattern to solve business management conflict effectively, utilizing the basic principles of TRIZ and its problem-solving ideas. The TRIZ-based optimized flow pattern is a closed-loop consisting of definition, conversion, solution, prediction, improving, evaluation and control. It identifies some obvious shortages of existing TRIZ-based solutions for management conflict, e.g. the lack of management tools, no feedback loop and so on. As a result it improves the innovation efficiency of business management. Related Articles | Metrics

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An Empirical Study Based on Improved TAM to the Adoption of IOT Services Wu Liang,, Shao Peiji, Sheng Xudong and Ye Quanfu 2012, 24 (3):  66-74.  Abstract ( 1424 )   Internet of Things technology applications have largely appeared in our daily lives and business activities, but still are relatively confined to the independent ranges. Network interconnection and information sharing are still not realized. This paper provides an empirical examination of the Internet of Things through questionnaire survey, and then according to the methodology of technology acceptance model, we make a SEM statistical analysis from the perspective of behavioral science. The results show that the bottleneck of development of Internet of Things is the core technology and network interconnection standards. The key to advancing their application is to provide products and services which are useful and easy to use. Consumers have begun to pay attention to privacy protection and security on the Internet of Things environment. Related Articles | Metrics

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Model and Empirical Research on the Influence Factors of E-business Technology Liu Maozhang and Li Baizhou 2012, 24 (3):  75-83.  Abstract ( 2897 )   To study the influence factors of Internet-based E-business technology assimilation and their effect, the paper combines Technology-Organization-Environment(TOE) framework into a comprehensive conceptual model to study the assimilation influence factors based on innovation diffusion theory. The model divides e-business technology assimilation process into three stages: initiation→adoption→integration over time. After that, using the sample survey data of the high and new technology enterprises in Heilongjiang province, the paper conducts an empirical research on the theoretical model and hypothesis. The results reveal that there is a great deal of difference in the influence factors at different E-business technology assimilation stages and the same factor has different influence on the different assimilation stages. The experimental results are very important for the providers and adopters of E-business technology and relevant policy-makers. Related Articles | Metrics

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A Comparative Study on the Drivers of Customer Loyalty Intentions between State-owned Commercial Banks and Joint-stock Commercial Banks Zhang Sha, and Zhao Hong 2012, 24 (3):  84-90.  Abstract ( 1734 )   In order to compare the loyalty intention drivers between state-owned commercial banks and joint-stock commercial banks, this paper includes the bank type as a moderating variable in the model. The Logit moderated regression results show that customer loyalty intentions vary between state-owned commercial banks and joint-stock commercial banks as customers perceive that the two banks provide with different value equity and different relationship equity. Brand equity, however, is not statistically significant. When all other variables are controlled, state-owned commercial banks have higher perceived value equity than joint-stock commercial banks, but joint-stock commercial banks have a better customer relationship than state-owned commercial banks. The results empirically prove that state-owned commercial banks and joint-stock commercial banks display different customer retention styles. Moreover, the paper also serves as a theoretical support for banks to optimize their marketing investment in future. Related Articles | Metrics

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The Impact of Face Lost on Complaint Intention under the Service Failure Circumstance DU Jian-Gang, FAN Xiu-Cheng 2012, 24 (3):  91-99.  Abstract ( 1826 )   Based on face theory, the authors study carefully consumer’s psychology mechanism under the service failure circumstance and develop a conceptual model of complaint intention among the key constructs of face lost and customer’s emotion. In view of the research objectives and research model, a real videotape experiment research methodology is adopted. The authors conclude that face mechanism truly exists in service failure; face lost will impact customer’s emotion and affect complaint intention finally. Related Articles | Metrics

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The Impact of Face Lost on Complaint Intention under the Service Failure Circumstance Chang Yaping, Luo Jin and Yan Jun 2012, 24 (3):  100-107.  Abstract ( 1314 )   Finding out the formation process of service recovery paradox is useful for enterprises to control failures and adopt recovery measures. This paper reveals the entire process of the formation of service recovery paradox based on customer satisfaction. The result shows: the frequency, severity and controllability can cut customer satisfaction down remarkably, among which the severity is the most influential factor; both the level of physical compensation and non-physical compensation can increase customer satisfaction; relationship strength will moderate the change of satisfaction for these two processes, customers with low relationship strength are more sensitive to the frequency and severity and pay more attention to physical compensation. Related Articles | Metrics

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Research on the Formation Mechanism of Service Recovery Paradox Li Jun，， , Huang Anqiang, Zhang Lingling and Shi Yong , 2012, 24 (3):  108-114.  Abstract ( 1397 )   This paper designs a method of evaluating association rule expectedness and applies it to the new association rule mining algorithm which is called Association Rule Mining Based on Unexpectedness. This new algorithm has two advantages: first, this algorithm can effectively screen those redundant and useless rules; second, this algorithm is able to add new association rules into knowledge base to accumulate and reuse knowledge. This paper validates the efficiency of the algorithm by a test of a data set of commodity, and then analyzes the use of association rules with a feedback pattern. Related Articles | Metrics

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Research on the Antecedents of Consumers’ Perceived Risk in Mobile Value-Added Services YANG Yong-Qing, ZHANG Jin-Long, LI Nan, YANG Guang 2012, 24 (3):  115-123.  Abstract ( 1457 )   The antecedents of consumers’ perceived risk(CPR) are studied in the context of Mobile Value-added Services(MVASs), in which a survey is conducted among the main MVASs user group with questionnaires, and then the structure equation model is employed to examine the influences of consumers’ perceived information asymmetry(PIS), perceived technology uncertainty(PTU), and mobile service’s intangibility(MSI) on each dimension of CPR respectively. The results show that PIS has a significant positive impact on all of the dimensions of CPR, i.e., perceived privacy risk, economy risk, performance risk, psychology risk, and time risk; PTU has a significant impact on perceived performance risk, economy risk, and time risk; and MSI has a significant impact on all of the dimensions except perceived economy risk. It is concluded that the information opacity is the main source of CPR, besides consumers’ unfamiliarity of mobile technology and the uncertainties lying in mobile technology itself will also arouse CPR. The conclusions may serve as a theoretic guidance for businesses to take the right measures to lower consumers’ perceived risk in order to promote their acceptance of MVASs. Related Articles | Metrics

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An Exploratory Study on Niche Construction Behaviors of Core Staff in Enterprises Yan Aimin，Hu Bin and Qi Lan 2012, 24 (3):  124-131.  Abstract ( 2139 )   Based on literature review, this study analyzes the inherent shortage of current studies related to core staff and introduces the theory of niche construction into the issue for the first time. Applying critical incident method, exploratory analysis and confirmatory analysis, it develops a questionnaire measuring core staff's niche construction behaviors after an open and a close investigation. The destination behaviors are testified to have seven dimensions, including professional loyalty, self-development, innovation, admonition, coordination and communication, helping and organizational loyalty. A further study shows that the core staff's niche construction behaviors have different strength of positive correlation with both job performance and organizational commitment. Related Articles | Metrics

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Given the reluctance of enterprises to abide by environmental regulations which requires an extra cost, this paper explores, from the perspective of corporate strategy management, how to promote their enthusiasm and initiative in dealing with environmental problems. By surveying listed companies’ CEOs, the research finds regulatory stakeholders and media are the primary pressure apperceived by listed companies. The more inclined managers are to treat environmental problem as an opportunity and the stronger sense they have towards environment, the more likely their companies are to adopt a proactive environmental strategy. YANG De-Feng, YANG Jian-Hua, LOU Run-Ping 2012, 24 (3):  140-149.  Abstract ( 4498 )   Given the reluctance of enterprises to abide by environmental regulations which requires an extra cost, this paper explores, from the perspective of corporate strategy management, how to promote their enthusiasm and initiative in dealing with environmental problems. By surveying listed companies’ CEOs, the research finds regulatory stakeholders and media are the primary pressure apperceived by listed companies. The more inclined managers are to treat environmental problem as an opportunity and the stronger sense they have towards environment, the more likely their companies are to adopt a proactive environmental strategy. Related Articles | Metrics

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Feature and Trend in the Shifting Action of Exhaustible Resource Enterprises in China Li Cunfang , Zhou Dequn and Yang Baohua 2012, 24 (3):  150-156.  Abstract ( 1884 )   Based on enterprises strategy management and systematic engineering, this paper gives an essential accounts of the exhaustible resources enterprises’ characteristic behavior based on the collection of the 112 projects concerning shift action in China’s these enterprises ranging from 2000 to 2009. This paper explores the process excitation model theoretically and driving factors for the shifting action of these enterprises on the basis of questionnaire survey and action measurement and using the behavior quadrifid graph and trend surface chart. It is concluded that: 1) The enterprises’ shifting action focused on the “high costs - high profits shifting action ” and “lower costs - low profits shifting action”; 2) The enterprises’ shifting actions with high frequency are apparently concentrated in the area with comparatively high profits and costs. In the areas having similar costs, the frequency of shifting action mounts up with the increase of profits. Related Articles | Metrics

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Study on the Impact of Procedural and Distributive Justice on Alliance Commitment: an Empirical Analysis Based on Chinese Hospital Alliances CAI Hao-Wen, SHI Hui-Bin, LI Yuan 2012, 24 (3):  157-163.  Abstract ( 1772 )   This paper studies the influence of procedural and distributive justice on alliance commitment. Based on Chinese hospital alliances, this paper use factor analysis, hierarchical regression and moderating regression to test the hypotheses. The results indicate that procedural and distributive justice could enhance organizational commitment in alliances, and organizations which have different market position, based on the discrepancy of their characteristics, market environment and alliance position, would respond to different kinds of justice differently. These results constitute a challenge to the dominant perspective of procedural justice and can deepen the justice researches in alliances. Related Articles | Metrics

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Analysis on Airport Congestion in Hub-and-Spoke Network Based on Flight Frequency, Congestion Cost and Complementary Airline Alliances JI Jie, LONG Yong 2012, 24 (3):  164-170.  Abstract ( 3240 )   This paper comprehensively analyses the airport congestion in hub-and-spoke network based on flight frequency, congestion cost and complementary airline alliances. We find that there is an overprovision of flight frequency and aircraft size is suboptimal, hence the aggravated problem of congestion. At the same time, we find that the flight frequency is positively related to airlines’ congestion cost and the disutility of schedule delay is negatively related to aircraft’s fixed cost. Complementary airline alliances lead to a higher profit; the price is lower for connecting passengers and higher for local passengers; complementary airline alliances can also internalize the congestion faced by partner airlines, optimize flight frequency and weaken congestion. Related Articles | Metrics

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Value Stream Optimization for the Complex R&D Project Based on DSM Yang Qing, Lv Jiefeng and Huang Jianmei 2012, 24 (3):  171-176.  Abstract ( 2215 )   To solve the shortcoming of traditional Design Structure Matrix (DSM) optimization for R&D project, this paper presents the approach of DSM value stream optimization based on value factor. The activity’s ratio of Cost to Time (CTR) and Rework Factor DSM are proposed to reflect synthetically the infulence of value factors including the activity cost, time and rework risk for sequencing optimization of the complex R&D project. Furthermore, the optimization objective function is built based on CTR rework factor as optimization parameters. Finally, for a typical case optimization minimizing the value stream optimization objective function, the result indicates that the feedbacks and the total project cost can be reduced significantly compared to traditional DSM optimization objective. Related Articles | Metrics