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30 July 2015, Volume 27 Issue 7 Previous Issue    Next Issue

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The Mechanism of Risk Transfer by Loan Guarantees ——An Empirical Study of Chinese Bond Market Leng Aolin, Zhang Junrui, Xing Guangyuan 2015, 27 (7):  3-14.  Abstract ( 239 )   PDF (2008KB) ( 1333 )   By 30th December 2011, the total amount of loan guarantees provided by the listed companies in Chinese stock market has passed 700 billion yuan. During the period from 2007 to 2011, more than half of the listed companies issued loan guarantees. Many studies have discussed the impact from guarantee on guarantors' value. However, the risk transfer from the guarantees to the guarantor has not been studied. In this paper, we choose data from China's listed companies which issued bonds, and analyze the impact from loan guarantees on companies' bonds credit spreads. The empirical results show that if the risk of loan guarantees is fully managed, providing loan guarantees will not affect guarantors' default risk. However, when the firm is controlled by the government, providing guarantees will increase guarantors' default risk. References | Related Articles | Metrics

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The Mechanism and Characterization of Asset Price Cycles: Literature Review and Prospect Li Ziran, Zu Lei, Wang Shouyang 2015, 27 (7):  15-22.  Abstract ( 220 )   PDF (1340KB) ( 1123 )   A stylized fact in financial market is that asset price booms are often followed by dramatic or long lasting falls. Understanding and quantifying the cyclical behavior of asset prices has always been a hot topic in the academic circle. This paper reviews the development of traditional asset pricing theory and empirical studies, and points out their weakness in explaining long-term market cycles. Based on the view of 'fundamental-information diffusion-asset price', we study the contribution of information diffusion theory to the asset pricing theory and the recent development of related literature. Finally, we discuss potential work that needs to be carried out in the future, especially the possible academic innovation in the interdisciplinary field of information diffusion-based asset pricing method and management science, and their potential application in the financial industry and market regulation. References | Related Articles | Metrics

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To What Extent Can Quantitative Easing Help Recover Economy? Su Zhi, Huang Yuting, Fan Wei, Yu Qiao 2015, 27 (7):  23-32,57.  Abstract ( 316 )   PDF (5276KB) ( 884 )   The first ever global quantitative easing after the 2008 financial crisis quickly had a significant impact on the world’s economy, but its effect on the economic recovery remains controversial. This paper, based on the factual impacts that quantitative easing has on the global economy, puts forward a new influence model - "Pulse Response", uses the theory of the virtual economy deviating from the real economy to analyze the intrinsic mechanism of impulse response, and also introduces TVP-BVAR model to empirically analyze the effects of the Fed’s quantitative easing monetary policy on the United States and China. The results show that the ultra-loose monetary stimulus in the short term played a crucial role in rescuing the financial crisis and easing the recession, but in the long term it cannot continuously promote real economic output and employment rate, nor constantly drive economic recovery. The financial crisis curbing policy should aim to increase the public’s real income and boost the real demand through fiscal transfer payment, tax breaks and strong support for the consumption credit, rather than stimulate speculative demands through the quantitative easing policy. References | Related Articles | Metrics

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The Influencing Factors of Insured Banks' Moral Hazard in Deposit and Loan Business under the Condition of Deposit Insurance System Wang Xiaobo, Xin Feifei, Feng Jingbing 2015, 27 (7):  33-42.  Abstract ( 259 )   PDF (1802KB) ( 978 )   Insured banks' moral hazard in deposit and loan business is an important factor that influences the efficiency of the deposit insurance system. This paper establishes a panel model with difference-in-differences estimation and a data set of macro economy and financial data of 524 banks in China and Indonesia from 1997 to 2013. With the help of one-sample test and Hausman test, the model which can represent the reality best is chosen. And the coefficient of major factors can tell the influence factors of insured banks' moral hazard in deposit and loan business. Our empirical research shows that the subordinated debt ratio, banks' franchise value, GDP per capita, the intermediary and ultimate goals of a country's monetary policy have a significant impact on banks' moral hazard in deposit and loan business under the condition of deposit insurance system, while deposit insurance system on the whole reduces banks' moral hazard in deposit and loan business. Bank size has uncertain influence on banks' moral hazard in deposit and loan business. The corresponding policy recommendations are given based on the unfavorable influencing factors of insured banks' moral hazard in deposit and loan business. References | Related Articles | Metrics

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Exchange-rate Regime Flexibility, Effectiveness and Independence of China's Monetary Policy ——An Empirical Analysis Based on SFAVAR Model Yang Liu, Huang Ting 2015, 27 (7):  43-57.  Abstract ( 224 )   PDF (3161KB) ( 1500 )   This paper selects 126 macroeconomic indexes at home and abroad during 1998-2011 to build a SFAVAR model. Form the aspects of external shocks and internal mechanism, the effectiveness and independence of China's monetary policy in different exchange-rate regime before and after exchange rate reform is discussed based on the structure of international economic factor. The results show that: (1) The effectiveness of monetary police improved obviously after the reform of exchange rate regime; (2) Because of interest rate deregulation and the realization of its linkage mechanisms with exchange rate, the effectiveness of price-based monetary policy improved more significantly than that of the quant-based policy; (3) After the reform of exchange rate regime, both the objectives and policy tools of monetary policy received more effects from external shocks in current and long-term, so floating range deregulation of RMB exchange rate didn't enhance China's monetary policy independence. References | Related Articles | Metrics

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The Complex Diffusion of Online Knowledge Transfer Network Wei Jing, Zhu Hengmin, Song Ruixiao, Miao Jianjun 2015, 27 (7):  58-65.  Abstract ( 233 )   PDF (2915KB) ( 763 )   This paper identifies the online knowledge transfer network communication modes according to the network structure and the spread state of network nodes. It not only excavates the method to reduce network transmission cost and improve the efficiency of transmission, but also identifies the factors that affect the online knowledge transfer process. It is found that the promotion of network degree can't expand the scope of transmission and network connection construction is really effective. Network transmission efficiency is not determined by the network shortest path, but co-related with the state of the network over the shortest path. References | Related Articles | Metrics

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Research on the Rules of Evaluating Tacit Knowledge Transfer into Explicit Knowledge Wan Tao 2015, 27 (7):  66-75.  Abstract ( 247 )   PDF (1826KB) ( 892 )   Based on the perspective of enterprise collaborative evaluation consistency, experienced managers' tacit knowledge transfer into explicit knowledge for sharing is very important. However, enterprises often ignore the tacit knowledge when carrying on knowledge evaluation. This paper discusses the method of tacit knowledge into explicit knowledge from the evaluators' evaluation judgment cases, and extracts the evaluation judgment rules. This paper pays attention to the pair-wised comparison of relative minimum elements in evaluation objects, and for plural attribute values, obtains the comprehensive priorities from the set of precedence relationships, and seeks the evaluation judgment rules. For the evaluation of attribute value, assuming comprehensive evaluation is non-monotonicity, the evaluation judgment theory is obtained based on necessary and sufficient conditions. In addition, if the pair-wised comparison is comparable, necessary and sufficient conditions will be closer, increasing the judgment proportion of using rules. This paper carries out an applied research about portable music player tacit knowledge evaluation rules, which shows the knowledge acquisition and performance results of the product evaluation. References | Related Articles | Metrics

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Should the Exemption of Personal Income Tax Continue to Increase? ——An Analysis Based on Micro Computable General Equilibrium (CGE) Wang Tao, Zhu Yuexu, Lu Yuanping 2015, 27 (7):  76-86.  Abstract ( 272 )   PDF (2733KB) ( 800 )   In this paper, we apply Computable General Equilibrium Micro-Simulation Approach (CGE-MSA), in order to investigate the change of welfare and income distribution of working-class after the improvement of the exemption. The establishment of the model is based on flexible grouping the working-class, and with the help of CFPS2010 baseline survey data, we introduce micro data into the model successfully. Main conclusion from this study is that the progressive of exemption has decreased significantly under the current tax system, regardless of whether it is for the degree of welfare improvement or the ability of income distribution. If the revenue structure of working class will not have big change, the regulation effect of exemption will be limited. Moreover, the degree of welfare improvement will be lower with higher levels of economic development, and unified exemption may have negative impact on inequity in underdeveloped areas. Therefore, the personal income tax need to make fundamental changes in the tax system, and excessively concerned about raising the exemption amount is unnecessary. References | Related Articles | Metrics

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Research on the Construction Route of the Circulation Mechanism of the High-level Innovative and Entrepreneurial Talents in Zhongguancun——Based on the Comparison with the Silicon Valley Duan Yuchang, Fu Shouqing 2015, 27 (7):  87-93,176.  Abstract ( 239 )   PDF (1759KB) ( 894 )   The circulation of talents is one of the formsto realize the innovative economy. The construction of Zhongguancun Special Talents Zone makes it necessary to explore the circulation mechanism of the high-level innovative and entrepreneurial talents. The high-level talents in Zhongguancun have already formed five modes during their practice of innovation and entrepreneurship. A comparative look into the Silicon Valley shows that its circulation mechanism is motivated by factors such as recycling economy, cultural environment, policy system and the development of angel investment. However, the corresponding mechanism has not yet been shaped in Zhongguancun. The authors propose some advice from such three perspectives as the construction of cultural environment, the construction of mechanism and the construction of policy system. References | Related Articles | Metrics

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Generous Rewards Rouse One to Heroism? R&D Employees' Work Value and the Suppressing Effect of Incentive Dissonance on Creative Performance Ma Jun, Liu Ting 2015, 27 (7):  94-104.  Abstract ( 339 )   PDF (2552KB) ( 1018 )   Hierarchical incentive structure contributes to the organization development. However, whether it meets the need of employee's intrinsic work value has not been finalized. From the perspectives of neuroeconomics and evolutionary psychology, this paper systematically studies work-reward value perception of the R&D employee and their fitness, and the fitness effects on creativity. The results show that the work value positively impacts employees' creativity and the effect decreases as the work value increases. Wilcoxon test shows that incentive system of the organizations falls obviously behind the needs of R&D employees' intrinsic work value. Furthermore polynomial regression and response surface analysis shows that when the incentive system matches employees' work value, creativity will be enhanced significantly; otherwise, it will be suppressed. This paper extends motivational synergy theory by providing a fit framework for understanding how the extrinsic reward may interact with intrinsic psychological needs to affect R&D employees' creativity. This paper also discusses managerial implications for improving the incentive system of business. References | Related Articles | Metrics

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Does High-performance Work System Contribute to Employee's Voice Behaviors: A Mediated Moderation Model Miao Rentao, Zhou Wenxia, Liu Li, Pan Jingzhou, Liu Jun 2015, 27 (7):  105-115,126.  Abstract ( 429 )   PDF (2147KB) ( 1449 )   This research investigates the effects of high-performance work system (HPWS) on voice behavior (promotive voice and prohibitive voice), as well as the mediating role of organizational perceived support (POS) and moderating role of procedural justice climate (PJC) and interactional justice climate (IJC). Data is collected from 309 full employees in 39 Chinese enterprises. The current study utilizes a cross-sectional questionnaire: information of HPWS from HR managers, and others from employees. The findings are: HPWS is positively related to voice behavior; POS partially mediates the relationships between HPWS and voice behavior; and PJC and IJC moderate the relationships between HPWS and POS; furthermore, the mediated moderation model implies that the moderating role of PJC on the relationship between HPWS and prohibitive voice is fully mediated by POS, and the moderating role of IJC on the relationship between HPWS and promotive voice is fully mediated by POS. References | Related Articles | Metrics

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IT Capability, Relational Governance Behaviors and Channel Satisfaction: The Contingent Impact of Dealer's Opportunism Atmosphere Zhang Tao, Zhuang Guijun 2015, 27 (7):  116-126.  Abstract ( 214 )   PDF (1939KB) ( 901 )   Based on the relational governance studies in marketing channel and institutional theory, this study investigates the different impact of IT capabilities on the two relational governance behaviors and on the channel satisfaction in different context of distributor opportunism. With 192 data collected from manufacturers, four conclusions are drawn. First, in the context of high opportunism, IT personnel support is more important than IT hardware when improving the efficiency of relational governance behavior (joint-planning and joint-problem-solving). Second, in the context of high opportunism, joint-planning improve channel satisfaction more significantly than that of joint-problem-solving. Third, in the context of low opportunism, IT hardware is more important than IT personnel support when improving joint-problem-solving. Fourth, in context of low opportunism, joint-problem-solving improve channel satisfaction more significantly than that of joint-planning. Finally, managerial suggestion on how to improve the efficiency of relational governance behavior and channel satisfaction is given according to the conclusions. References | Related Articles | Metrics

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User Stickiness in Social Commerce Era: The Indirect Effect and Moderating Role of Member Interaction Zhou Junjie 2015, 27 (7):  127-136.  Abstract ( 488 )   PDF (2228KB) ( 1432 )   Social media has two significant characteristics, i.e., user-generated-content and interactivity, which are the sources of online traffic for social commerce. According to a latest report, social media is facing a problem of user stickiness decline. This paper focuses on user stickiness in social commerce era, and uses the term member interaction to describe the characteristic of social media. Our empirical results show that member interaction could affect user stickiness through the mediating roles of self-efficacy, trust, and sense of virtual community; furthermore, member interaction could moderate the relationship between sense of virtual community, self-efficacy, and user stickiness. We integrate a new construct member interaction and analyze its impact on user stickiness, which could extend the conclusion of prior researches; we use the three dimension of trust in our model and find the effect of integrity-based trust on user stickiness is not significant, which settles the trust-related contradiction in prior researches. References | Related Articles | Metrics

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Evaluation of Enterprise Microblogging Event Marketing Effect Based on DEA——Official Microblog of S Enterprise as an Example Han Mei, He Yue 2015, 27 (7):  137-145.  Abstract ( 205 )   PDF (1834KB) ( 1216 )   By analyzing the evaluation indicators of the microblog marketing effect and the main marketing methods of Enterprise microblog, we propose an assessment index system on the event marketing effectiveness of enterprise microblog. Then combining with data envelopment analysis method, we build a quantitative model to evaluate the event marketing effect of enterprise microblog. Finally, we use the S enterprise microblog on Sina as an example to do the empirical research. The empirical results indicate that the integrated marketing efficiency of 12 microblog activities that the enterprise S organized in 2012 is good in general. And we conclude some feature of microblog event marketing as well as some specific recommendations by comparing the efficient and inefficient activities. References | Related Articles | Metrics

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The Competency Model of Insurance Salespeople: A Qualitative Meta-analysis Wei Hongguo, Li Hai 2015, 27 (7):  146-155.  Abstract ( 317 )   PDF (1874KB) ( 1103 )   Following the steps of Qualitative Meta-analysis, in this study we firstly collect literature on insurance sales people's knowledge, skills, motives, attitudes, and self-concept, and then we excerpt, encode and classify the qualitative findings in the literature, finally we build insurance salespeople's ETV competency model, which includes Expertise, Traits, and Value. We argue that ETV model could be used as the reference criterion for insurance and general salespeople's recruitment, training and selection. Meanwhile, it also offers guidance for further empirical study. References | Related Articles | Metrics

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Strategic Corporate Social Responsibility and Competitive Advantage: Mediation and Moderation Mechanisms Peng Xuerong, Liu Yang 2015, 27 (7):  156-167.  Abstract ( 333 )   PDF (2391KB) ( 1057 )   Strategic corporate social responsibility (strategic CSR) attempts to solve the classic problem of CSR research: how companies are making profits and simultaneously bearing their social responsibility. Focusing on this core construct-strategic CSR, the paper firstly reviews the definition of strategic CSR, then summarizes and distinguishes general and firm-specific features of strategic CSR. Secondly, with theoretical lenses of institutional theory, resource based-view and dynamics capabilities, the paper proposes a general theoretical framework in order to answer the question that how strategic CSR can help a company achieve its competitive advantage. The framework demonstrates that strategic CSR helps a company build its sustainable competitive advantage by acquiring or maintaining dual legitimacy, VRIN resource and dynamics capabilities, and this relationship is moderated by the visibility of strategic CSR behaviors and environmental dynamism. Finally, the paper proposes some suggestion about future researches of strategic CSR. References | Related Articles | Metrics

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Empirical Study on the Influencing Factors of Consumers' Initial Trust in Wearable Commerce Gu Zhongwei, Xu Fuyuan, Wei June 2015, 27 (7):  168-176.  Abstract ( 318 )   PDF (1892KB) ( 1018 )   Ubiquitous commerce is a relatively new study field,and the relevant theory and application is not mature, especially for trust and adoption research of u-commerce. Due to lack of direct experience of consumers, it is difficult to collect true data to measure. In this paper, based on the perspective of device, introducing the UTAUT2 model, from five factors (privacy concern, trust propensity, performance expectancy, facilitating conditions, hedonic motivation), we establish a conceptual model of initial trust in u-commerce based on wearable device. Through a questionnaire survey in which 266 valid questionnaires were collected, an empirical analysis of SEM is carried out. Most of all assumptions have been accepted. The conclusion is valuable to future researches on u-commerce. References | Related Articles | Metrics

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Strategies of Core Enterprise Choosing Actors from Network Exterior: A Perspective Based on Actor Characteristics Liu Jinying 2015, 27 (7):  177-186.  Abstract ( 196 )   PDF (2168KB) ( 776 )   With increasing complexity of technology innovation, seeking external support through network has become an important strategic choice for enterprise technological innovation. However, advantage of network depends above all on core enterprise' appropriate choice for external actors. Based on the relation characteristics, resource characteristics and space characteristics of actors, combining theory and case analysis, this paper explores the strategies that core enterprise of innovation network chooses external actors. Research results show that, the resource characteristic is a prerequisite for core enterprise choosing external actors; if external actors do not have the same resource characteristics, core enterprise will choose those actors with complementary resources, with less consideration for the relation characteristics and space characteristics of actors; if external actors have the same resource characteristics, the relation characteristics and space characteristics of actors will become an important constraint for core enterprise choosing external actors. The research results have important enlightenments for core enterprise choosing proper external actors and comprehensively understanding the relationship between innovation and actor characteristics. References | Related Articles | Metrics

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Initial Trust, Flexible Contract and Project Management Performance: An Empirical Study on the Intermediary Model Du Yaling, Li Huiling, Yan Peng, Yin Yilin 2015, 27 (7):  187-198.  Abstract ( 268 )   PDF (2719KB) ( 889 )   It's vitally important to open the black box of trust influencing project management performance in order to reduce the transaction risk and achieve project success. For this purpose, this paper makes a tentative attempt from the perspective of project governance. Two constructs of contractual flexibility and contractual rigidity are presented. On this basis, a conceptual model including initial trust, flexible contract and project management performance is developed through a thorough literature review. Then 204 pieces of valid data are collected from 87 DBB construction projects selected as research samples, and the statistical test is carried out to test the conceptual model using structural equation modeling. The main findings are as follows: (1) flexible contract has a full mediating effect on the relationship between initial trust and project management performance; (2) the propriety of contractual rigidity has a stronger impact on project management performance directly, while the sufficiency of contractual flexibility has a stronger mediating effect on the relationship between initial trust and project management performance; (3) initial trust has a positive role in developing a flexible contract. In summary, this study can help lead the client to develop a flexible contract more scientifically according to its initial trust in the contractor, and this can contribute to project success. References | Related Articles | Metrics

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Analysis of the Crisis Response Strategies of Prosecution-related Letters and Visits Based on Game Theory Wang Xiaoxin, Li Xuerong, Qiao Han 2015, 27 (7):  199-206.  Abstract ( 244 )   PDF (1783KB) ( 1003 )   Prosecution-related letters and visits objectively increased the expression mechanism of the interest of the citizens, expanded the channels of judiciary supervision, and promoted the process of legal reform. It is of great practical significance for People's Court to establish scientific and practical risk early warning and crisis response mechanism, thus effectively solve or reduce harm of social stability problems. This paper is the first attempt to analyses risk prevention strategies of prosecution-related letters and visits using game theory models. Dynamic game models of complete information and incomplete information are established. The equilibrium outcomes show that the prior probability of petition can be obtained from the risk early warning model, and the People's Court could allocate judicial resources and prevent risks based on the Bayesian Equilibrium. This paper combines equilibrium outcomes of games and risk early warning models, and proposes risk prevention and coping strategies of prosecution-related letters and visits. References | Related Articles | Metrics

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Urban Agglomeration Coordination for Emergency Resources Allocation: A Supernetwork Structure Perspective Zhu Li, Cao Jie 2015, 27 (7):  207-217.  Abstract ( 247 )   PDF (2757KB) ( 1174 )   Considering the complex characteristics of urban agglomeration emergency coordination from pre-disaster to post-disaster, as well as the interaction among resources allocation, physical connection intensity and social relationship level, a supernetwork structure is constructed, consisting of physical connections network, resources allocation network and social relations network. The supernetwork is used to express the urban agglomeration coordination system for emergency resources allocation under major unexpected events. By identifying key problems and difficulties of urban agglomeration emergency coordination from the supernetwork perspective, some quantified feasible solutions are proposed. Finally, the 2007 cyanobacteria break-out of Taihu Lake is taken as an example to verify the effectiveness of the proposed supernetwork methodology, which provides a new theoretical exploration for constructing an effective regional emergency system. References | Related Articles | Metrics

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The Revolutionarily High-growing Enterprise's Miracle of the Business Model Innovation ——Findings from a Multiple Cases Study Wei Wei, Hu Yong, Zhu Wuxiang 2015, 27 (7):  218-231.  Abstract ( 320 )   PDF (4078KB) ( 2496 )   Based on the theory of business model of the stakeholder's deal structure, this paper chooses five enterprises which have achieved revolutionarily high-growth to discuss the content of business model innovation, and the relationship between business model innovation and high-growth with the exploratory method of case study. Our study shows that business model innovation of the enterprises with high-growth is different from that of the enterprises adopting traditional business strategy, as well as that of those with moderate or no growth. It's a distinctive business innovation composed of five elements that move in circles, including: (1) the business model concept (mental model); (2) observation; (3) the business model design; (4) the implementation of business model innovation: test, correction, maintenance or enhancement, reformation; (5) investment options. Our study also finds that the enterprises with high-growth have carried out the deal structure innovation with the STIEF model of value creation, as well as long-term investment based on business model rather than investment portfolio returns, and then set up new market through the big bang disruption or non-destructive innovation. References | Related Articles | Metrics

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From Physical Value Chain, Value Matrix to Flexible Value Network: Example of Xiaomi Corporation's Social Value Co-creation Yang Xuecheng, Tao Xiaobo 2015, 27 (7):  232-240.  Abstract ( 534 )   PDF (2908KB) ( 1894 )   The social value co-creation mode of Xiaomi Corporation has changed the way how mobile phone corporations create value, which has promoted the development of Internet mobile phone. Based on case studies, this paper proposes that, as the social progress goes further, the convergence of physical value chain and virtual value chain forms the value matrix, and gradually evolves to the flexible value network. The value co-creation mode emerges. The theoretical value of this study lies in the development of the concept of flexible value network, and the management suggestion lies in that it is necessary forthe government to make an adjustment of industry management, and to adapt to the new characteristics of the industry. References | Related Articles | Metrics