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30 September 2015, Volume 27 Issue 9 Previous Issue    Next Issue

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Study on Transmission and Volatility Spillover of Housing Prices in China's Urban Agglomerations Zeng Xiangwei, Liu Zhidong, Liu Wenyu 2015, 27 (9):  3-13.  Abstract ( 185 )   PDF (1712KB) ( 1133 )   This paper studies interactive features of commodity housing prices of China's 3 typical urban agglomerations (Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta) from 2 perspectives, i.e., long-term equilibrium relation and volatility spillover of short-term dynamic time-varying. Johansen co-integration test indicates that commodity housing prices of all the cities located in these 3 urban agglomerations show notable co-integration relationship. Empirical study through building DCC-MGARCH model shows that correlation coefficient and variance of the dynamic conditions of the commodity housing yield in the 3 urban agglomerations show notable time-varying characteristics, i.e., volatility spillover effects; the differentiations among commodity housing markets of Beijing, Tianjin and cities in Hebei are the most obvious, followed by Yangtze River Delta, and then Pearl River Delta; the implementation of Property Purchase Restriction Policies had insignificant influence on the volatility spillover effects in Beijing-Tianjin-Hebei and Yangtze River Delta urban agglomerations, while it had some negative influence on that of Pearl River Delta agglomeration. After exchanging three core cities of the 3 urban agglomerations to establish six reference groups, it is discovered that they all kept the long-term equilibrium relation, but the volatility spillover effect decreased significantly; after changing the non-core cites to establish 3 reference groups, it is discovered that the long-term equilibrium relation of the 3 were partially destroyed and the volatility spillover effect decreased significantly. References | Related Articles | Metrics

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A Study on the Compensation Characteristic of Jump Risk Wan Die, Yang Xiaoguang 2015, 27 (9):  14-28.  Abstract ( 226 )   PDF (1271KB) ( 908 )   This paper constructs daily, weekly and monthly jump risk factors with intraday jumps of 200 individual stocks selected from HS300 index based on data efficiency, and then analyzes their relation with future real return. We find a time-varying jump risk compensation structure: As sample length increases, momentum trading gradually decreases and price reversal becomes significant. Further study finds that high continuous volatility is associated with high jump risk. Continuous volatility is positively and significantly correlated with future real return only when it is low, and when it rises high, only jump risk is significant, and compensated with a stable structure: Negative jumps induce sell-losers effect while price reverses after positive jumps. References | Related Articles | Metrics

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High-tech Knowledge Conversion Coupling System and Network Changes Based on Virtual Industrial Cluster Simulation Shan Zidan, Gao Changyuan, Li Xiaowen 2015, 27 (9):  29-39.  Abstract ( 186 )   PDF (1579KB) ( 922 )   Virtual Industrial Cluster (VIC) is a new industrial organization that emerges based on global information network. The paper establishes a high-tech knowledge conversion space-time coupling system for VIC, based on the relationships among knowledge network structure, market gap and subject behavior, to show three factors existing in the dynamic conversion coupling mechanism, i.e. integrant parts, operation process and conversion rules. And then, it derives Fokker-Planck equation for high-tech knowledge space-time coupling, supplies relative characteristic between control parameters and coupling system. From the steady-state solution and the transient solution, management methods and strategic countermeasures for VIC knowledge network space-time coupling are brought forward. It is proved that knowledge collaboration should optimize the current network structure, give attention to supply and demand ability of knowledge market and select the best entry time for knowledge transfer to improve VIC integrative competitive advantages. References | Related Articles | Metrics

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The Causation of Online Financial Behavior: Empirical Evidence Based on Users of Yu Ebao Wei Mingxia, Huang Lin, Xia Yu 2015, 27 (9):  40-47,68.  Abstract ( 337 )   PDF (1702KB) ( 1158 )   The outperformance of "Baobao" online banking has a great impact on the domestic banking and even the entire financial market. Based on the technology acceptance model (TAM), this paper constructs the theoretical model induced by an online financial behavior, mechanism and its influence factors of adoption intention; we collect data of Yu Ebao through questionnaires and utilize structural equation model (SEM)to make an empirical analysis. The results show: TAM can not effectively explain the willingness to adopt Yu Ebao; the impact of perceived risk is not obvious and reduces the perception of pleasure level; directly or indirectly perceived pleasure significantly affects the willingness to adopt Yu Ebao. These conclusions may provide a theoretical basis for the launch of innovative financial products. References | Related Articles | Metrics

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Knowledge Governance and Knowledge Transfer among Firm Innovation Networks: An Empirical Study from Chinese Strategic Emerging Industries Xiang Yang, Cao Yong 2015, 27 (9):  48-58.  Abstract ( 188 )   PDF (1175KB) ( 932 )   This paper makes a questionnaire survey to 485 research staffs and middle-top managers from 107 strategically emerging firms of Wuhan City Circle and the Perl River Delta region in China. Then the paper constructs moderating effect models of government support (GS), open innovation (OI) on the relationship of knowledge governance (KG) and knowledge transfer (KT). It also makes an empirical study through path analysis, structural equation model, and hierarchical regression analysis. The results show that firstly KG of firm innovation network including market mechanisms (MM), social mechanisms (SM) and hierarchical mechanisms (HM) has a significantly positive effect on KT. Secondly, GS has a negative moderating effect on the relationship of KG of firm innovation network and KT; OI has a positive moderating effect on the relationship between MM, HM of firm innovation network KG and KT while it has an insignificant effect on moderating the relationship between SM and KT. Thirdly, compared with SM and HM which have a significantly positive impact on KT, the effect of MM on KT in Wuhan city circle is not significant. However, the impact of MM, SM and HM all has a significantly positive effect on KT in Pearl River Delta region. Finally, there is an interference effect between GS and MM, SM, HM in Wuhan city circle. However, there is no such interference effect in Pearl River Delta region. OI has significant effect in promoting firm KG in the two regions. References | Related Articles | Metrics

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Active Capital Adjustment or Passive Supervision Constraint?——Research on the Influencing Factors of Actual Capital and Statutory Capital in Life Insurance Companies Zheng Sujin, Wang Lizhen, Lin Yuanzhen 2015, 27 (9):  59-68.  Abstract ( 243 )   PDF (1144KB) ( 1203 )   Using the panel data of 46 life and health insurance companies from public disclosure of information, this paper examines the factors affecting actual capital and statutory capital, and studies their action mechanisms. We find that actual capital can reflect underwriting risk, but not investing risk, while statutory capital can reflect neither underwriting risk nor investing risk. We also find it is solvency ratio of 150% rather than statutory capital that confines actual capital quickly and efficiently. The results show that, life and health insurance companies still can't improve capital structure, and they just maintain the solvency standard passively, so it is necessary to raise the capacity of capital management and risk control. References | Related Articles | Metrics

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Corporate Governance and Corporate Philanthropy: Empirical Study from Chinese A-share Listed Companies Gu Zhihui 2015, 27 (9):  69-84.  Abstract ( 261 )   PDF (1279KB) ( 1900 )   In this paper, we use the 2002 to 2010 donation data from 1051 A-share listed companies to study how the corporate governance influences the decision of corporate philanthropy. The research results show that key shareholders' shareholding ratio is negatively correlated with the philanthropic behavior, but management's shareholding ratio is positively correlated with the behavior. The conclusions mean that we can explain the philanthropic behavior by ethics ideas of Chinese traditional culture. Moreover, the research results show that the type of actual controllers may not be the key factor that influences the decision of corporate philanthropy. References | Related Articles | Metrics

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The Influence of Organizational Antecedents of Corporate Entrepreneurship on Product Innovation Performance——Exploring the Moderating Role of Environment Uncertainty Yu Renzhi, He Jiefang, Liu Zhiying 2015, 27 (9):  85-94.  Abstract ( 271 )   PDF (1225KB) ( 1009 )   There have been a lot of researches on the relationship between organizational antecedents of corporate entrepreneurship and product innovation performance abroad. However, the studies of the influence in China are limited and most of them are made from a strategic perspective. Based on the theory of corporate entrepreneurship, we investigate the effect on product innovation performance of five commonly-acknowledged organizational antecedents of corporate entrepreneurship named as management support, work discretion/autonomy, rewards/reinforcements, time availability and organizational boundaries, and the moderating role of environment uncertainty on the relationship between the above two through 225 high-tech firms in Anhui and Zhejiang province. Results indicate that (1) Corporate entrepreneurship is important in promoting and supporting product innovation performance; (2) Only three of the five antecedents to corporate entrepreneurship have main effects on product innovation performance with moderate significance; (3) Two of the five antecedents significantly interact with environment uncertainty in different directions and thereby, influence product innovation performance. The managerial implications of these results are discussed. References | Related Articles | Metrics

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The Quality of Internal Control, Property Right and Corporate Inefficiency Investment: Evidence from Chinese Listed Companies Wang Zhi, Zhang Jiaojie, Zheng Qi 2015, 27 (9):  95-107.  Abstract ( 284 )   PDF (1200KB) ( 1132 )   Whether the internal control, as an important means to improve corporate governance and to protect the interests of the investors, can play a role in restraining the inefficiency investment of the listing companies in China? Whether or not is it affected by the enterprise property rights? This paper examines the association among the quality of internal control, property rights and investment efficiency based on a sample of Chinese listed companies between 2007 and 2012. The main findings can be summarized as follows. First, high quality internal controls can reduce underinvestment and overinvestment associated with free cash flow. Second, high quality internal controls are more pronounced for private enterprise than state-owned enterprises. Third, among state-owned enterprises, the effect of high quality internal controls on reduction in underinvestment is stronger for local state-owned enterprises than for central state-owned enterprises. The above findings provide further insight on construction of the internal control system of enterprise from the improvement of the enterprise property rights system in China. References | Related Articles | Metrics

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Electric Vehicle Enterprise Niche Evaluation Research in the Complementary Assets Perspective Song Yanfei, Shao Luning, You Jianxin 2015, 27 (9):  108-119.  Abstract ( 237 )   PDF (1348KB) ( 1145 )   According to the background of industry development and the characteristics of the electric vehicle enterprises, this paper summarizes three electric vehicle enterprise niche factors: need factors, resource factors, and R&D factors from the perspective of complementary assets and constructs ecological niche evaluation model of electric vehicle industry. Through the empirical analysis to China new energy automotive manufacturing listed companies using the catastrophe progression method, the results indicate that enterprises niche of electric vehicle is basically consistent with the net assets and sales revenue of enterprises; the support resources factors such as the policy and financial support from government are the key complementary assets of electric vehicle enterprise niche and have an important influence on the development of electric vehicle products. References | Related Articles | Metrics

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Transformational Leadership and Work Engagement: An Affect Perspective Wang Zhen, Chen Leni, Li Xupei 2015, 27 (9):  120-129,212.  Abstract ( 530 )   PDF (1744KB) ( 2046 )   Previous studies suggest that transformational leadership would facilitate work engagement. However, the mechanism underlying such process remains unclear. Therefore, this study aims to fill the gap by investigating the mediating effect of positive affect and moderating effect of emotional intelligence. We collect data from 211 employees in a public service organization and use established measures to capture key variables in this study. The reliabilities of all scales are above 0.70. Multiple regression, confirmatory factor analysis and moderated mediation model are employed to analyze data. Confirmatory factor analysis indicates the four key variables are discriminated. Regression analysis shows that transformational leadership is positively associated with work engagement, and it is mediated by positive affect. In addition, emotional intelligence moderates the relationship between transformational leadership and positive affect. Specifically, the relationship is less positive when emotional intelligence is high rather than low. Moreover, moderated mediation analysis find that emotional intelligence moderates the indirect effect of positive affect. In particular, the mediation effect of positive affect is more positive and stronger when emotional intelligence is low. Contributions, practical implications and limitations are discussed. References | Related Articles | Metrics

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Influence of Authoritarian and Empowering Leadership on Employee's Tacit Knowledge Sharing Zhang Yajun, Zhang Jinlong, Zhang Qianfan, Zhang Junwei 2015, 27 (9):  130-139.  Abstract ( 383 )   PDF (1246KB) ( 1484 )   This paper aims to investigate the influence mechanism of authoritarian leadership and empowering leadership on employee's tacit knowledge sharing, focusing on the mediating effect of leader-member exchange and the moderating effect of employee traditionality. We select an enterprise's employees and their direct supervisor as research subjects and analyze the 286 sets of paired data through structural equation model, hierarchical regression and so forth. The results indicate that authoritarian leadership has a significantly negative effect on tacit knowledge sharing while empowering leadership has remarkable positive influence on tacit knowledge sharing; leader-member exchange plays a totally mediating role in the relationships between authoritarian leadership and empowering leadership and tacit knowledge sharing; employee traditionality positively moderates the relationships between authoritarian leadership and empowering leadership and tacit knowledge sharing, that is, the negative relationship between authoritarian leadership and tacit knowledge sharing and the positive relationship between empowering leadership and tacit knowledge sharing would be weaker when employees have higher traditionality. References | Related Articles | Metrics

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Feedback Orientation, Interpersonal Trust on Individual Feedback Seeking Strategies in the Organization Wang Ning, Zhou Mi, Zhao Xiping 2015, 27 (9):  140-150.  Abstract ( 249 )   PDF (1280KB) ( 1183 )   Feedback-seeking is a positive behavior significantly enhancing both individual and organizational performances. Previous studies mainly discuss the influences of direct inquiry strategies on managerial practices without distinguishing feedback sources and they rarely take indirect monitoring strategies into consideration. In this study with the background of Chinese organizations, two variables are introduced for analyzing the relationship between feedback-seeking strategies and the two parameters which include feedback orientation and interpersonal trust discriminating the moderating effect of interpersonal trust. 174 samples show that feedback orientation has a positive correlation with both inquiring peers and indirect monitoring but it has no noticeable correlation with inquiring supervisors. Affective trust also positively correlates with inquiring supervisors and indirect monitoring while competence trust significantly poses a positive correlation with inquiring peers and indirect monitoring. Affective trust moderates feedback orientation and inquiring supervisors as well as indirect monitoring. References | Related Articles | Metrics

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An Empirical Study on Relationship between Contract Flexibility and Project Management Performance in Construction Project: The Perspective of Trust between Owner and Contractor Yin Yilin, Wang Yao 2015, 27 (9):  151-162.  Abstract ( 225 )   PDF (1195KB) ( 1061 )   The empirical tests on relationship between contract flexibility and project management performance are still rare. Based on the perspective of trust, this study constructs a theoretical model about contract flexibility, project management performance and the trust between owner and contractor, and introduces trust as a driving variable or moderator variable. With an empirical study of 233 questionnaires, the results show that: contract flexibility has significant effect on project management performance, and the trust between owner and contractor is a driver variable rather than moderator, the trust has significant positive impact on project management performance. The findings are of great value both in theory and practice. References | Related Articles | Metrics

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Research on the Determinant and Economical Consequence of Employee Stock Option Chen Yanyan 2015, 27 (9):  163-176.  Abstract ( 312 )   PDF (1202KB) ( 1665 )   Based on 410 listed firms that announced stock option plans during the period from July 1, 2005 to Dec. 31, 2012, this paper study the determinant and economical consequence of employee stock option(EOS). There are three theories for the determinant, which are to create incentives for employees, to attract and retain employees, and financing constraints. The result of full sample and private-owned enterprises indicates that, the second and the third theory could offer strong explanation while the first theory's explanation is weak. For state-owned enterprises, all of the three theories could not explain it well. For economical consequence, there is no consensus in theory now. The paper examines economical consequence by testing market reaction and sales growth. A simple comparison about market reaction reveals that EOS has weak negative impact. Nevertheless, other tests find no relation between EOS and economical consequence. References | Related Articles | Metrics

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Review and Prospects of Quick Response in Supply Chain Management Gong Qiguo, Shuang Zhenzhen 2015, 27 (9):  177-186.  Abstract ( 313 )   PDF (1270KB) ( 1407 )   Quick Response (QR) is a supply chain management approach developed in the U.S. textile and garment industry, which was produced much earlier than the theoretical research. In recent years, with extensive use of QR, academic research of Quick Response is also increasing. In this paper, we review the research on the Quick Response, and conclud and comment the research methods, content, status and progress of these researches; especially from the perspective of quantitative analysis and model constructing, we discuss the classical model of Quick Response, Quick Response in competitive environment and Quick Response with considering the customer behavior in depth, including the inventory, pricing and allocation decisions; Finally, we talk about the direction of future research. References | Related Articles | Metrics

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Optimization Research of Supply Chain Considering Defective-rate Items under The Carbon 'Cap-and-Trade' Mechanism Qu Xiaolong, Li Bo, Liu Xuejing 2015, 27 (9):  187-200.  Abstract ( 267 )   PDF (1568KB) ( 1000 )   Carbon cap-and-trade mechanism is an effective method that takes an advantage of market lever to encourage enterprises to reduce carbon emissions actively. The aims of both cost cutting and carbon emission reduction are considered to support the decisions for company managers. This paper focuses on a supply chain with defective items consisting of one single producer and one single seller, and introduces carbon cap-and-trade mechanism into the research of this supply chain. First of all, the producer's and the seller's carbon emission sources are decomposed respectively, and the total carbon emission in the supply chain is computed. Thus, a total expected cost optimization model with carbon quotas constraints can be obtained. Further, according to three different scenarios faced by managers in decision making: (1) only considering the optimal economic costs; (2) only considering the lowest carbon emissions; (3) considering economic costs and carbon emissions comprehensively, the relationship between optimal order quantities is analyzed. Finally, some conclusions are given to discuss how defective rate, carbon emission quotas and carbon price influence the total expected cost of supply chain, economic order quantity and total expected carbon emissions. References | Related Articles | Metrics

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Study on Modern Logistics Industry Promoting Effect of China's Cargo Insurance Mi Junyi, Kuang Haibo, Yu Fangping, Zhang Xueli 2015, 27 (9):  201-212.  Abstract ( 251 )   PDF (1313KB) ( 879 )   With the rapid development of China's logistics industry, the modern logistics industry promoting effect and ways of cargo insurance become a hot topic in China's logistics industry and academia. From the perspective of cargo insurance, we first propose a theoretical framework for the modern logistics industry promoting ways of cargo insurance by bringing into play four basic functions, including risk transfer and management, financial compensation, operating costs reduction and social management. Secondly, the modern logistics industry promoting effect of cargo insurance causal indicator index is set up, and the modern logistics industry promoting effect of cargo insurance analytical model is built up by using structural equation model at the same time. Thirdly, using China's data 1997-2013, the empirical results show that: cargo insurance does play a significant role in promoting the modern logistics industry (the load factor reached 0.888). Finally, we put forward the corresponding countermeasures for China's cargo insurance to boost the modern logistics industry. References | Related Articles | Metrics

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Empirical Study on the Inter-organizational Communication in the Case of Expressway Emergency Lei Liping 2015, 27 (9):  213-220.  Abstract ( 198 )   PDF (2517KB) ( 1012 )   Based on a typicalexpressway emergency case of the 12.5 black powder explosion on Jingzhu Expressway, we build an expressway emergency inter-organizational communication network and then analyze the communication barriers from the perspective of network analysis. We find that in hierarchical structures level, expressway operators lack communication with the grassroots local government; the subgroup that has business contact with expressway operators in normal condition and the subgroup that has no business relationship with expressway operators hardly share information with each other in the case of emergency; the subgroup that has no business relationship with expressway operators in normal condition is of great disparity in communication intensity internally and the center and edge differentiate significantly, hence tending to cause over load for the core organization; in the contrast, the communication goes well within subgroups that have business contact with expressway operators normally. References | Related Articles | Metrics

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E-purchase Intention for Complex Buying Behaviors: A Grounded-theory Research Based on Online Customer Reviews about E-purchase of Cars Shen Lu, Zhuang Guijun, Guo Ru 2015, 27 (9):  221-230.  Abstract ( 422 )   PDF (1194KB) ( 1437 )   The literature suggests that high-involvement and highly-heterogeneous products are unsuitable for online sale. But currently, the e-purchase of automobiles and luxuries indicates that things are different now. The literature merely focuses on settings of buying low-risk and standardized products, ignoring the complex buying behaviors. This paper, based on grounded theory, analyzes consumer reviews about e-purchase of cars, and finds that channel factors (perceived benefits, product diagnosticity), environmental factors (web-institutional factors, technology-based trust, consumption culture) and individual factors (perceived behavior control, consumer-brand relationship, subjective product knowledge, past experiences, perceived complexity of decision) influence consumers' e-purchase intention. Factors such as subjective product knowledge, consumer-brand relationship, technology-based trust, and perceived complexity of decision capture the characteristics of complex buying behavior, and changes in these aspects enable corresponding products to sell online successfully. References | Related Articles | Metrics

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Case Study of the M&A between Youku and Tudou——Based on Event Study Methodology and Accounting Index Analysis Yun Xin, Xin Ling, Liu Ying, Qiao Han 2015, 27 (9):  231-240.  Abstract ( 845 )   PDF (1178KB) ( 4976 )   Video site is one of the fastest growing industries of Internet in recent years. Although the market size of this industry is steadily expanding, the loss situation that video sites have long faced is still a problem to be solved. In order to achieve economy of scale, reduce costs and pressure of competition, mergers and acquisitions (M&A) between video sites frequently occur. Whether the video sites can get rid of the dilemma of long-term loss through M&A has been a hot topic in the academic circle. Taking the case of the merger of Youku and Tudou as an example, this paper focuses on the deep influence of the M&A on the enterprise performance and future development of the online video industry from the perspective of the short and long term based on event study methodology and principal component analysis. The results show that positive value has been made for stock holders in the short term and there is a stable upward trend of enterprise performance in the long run through the M&A between Youku and Tudou. However, due to the fact of high operating costs of video sites, it is the revolutionary profit model of enterprise but not M&A that can fundamentally reverse the overall situation of long-term loss of video sites. References | Related Articles | Metrics