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28 March 2016, Volume 28 Issue 3 Previous Issue    Next Issue

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An Effect of Foreign Trade on the Industrial CO2 Emissions in China Xu Yuan, Gu Haiying, Zhu Xi 2016, 28 (3):  3-11.  Abstract ( 189 )   PDF (1071KB) ( 756 )   Taking full account of the endogeneity of trade and using exogenous geographic characteristics, this paper constructs an appropriate instrumental variable for foreign trade of Chinese industries and estimates of the effect of foreign trade of Chinese industries in 1996-2007 on CO2 emissions, for a given level of economy. We find that trade openness significantly decreases CO2 emissions of Chinese industries and gains-from-trade hypothesis is proved in China. Therefore, in the context of climate change, China needs not to blindly limit foreign trade for reducing CO2 emissions. References | Related Articles | Metrics

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The Dynamics and Driving Factors of China's Hot Money Flows since the Financial Crisis of 2007 Yang Haizhen, Shi Fangfang 2016, 28 (3):  12-19.  Abstract ( 223 )   PDF (1236KB) ( 1045 )   The cross-border flows of hot money in China have remained wildly volatile since the financial crisis of 2007. In the complex and uncertain economic environment at home and abroad, the factors that drive the hot money flows in China may change structurally, which means the driving factors may vary from period to period. Based on the indirect method, this paper measures China's hot money flows since 2007, analyzes its characteristics using preliminary descriptive statistics, and then applies a combined model of Markov regime-switching (MS) model and ARDL model to identify driving factors of hot money flows in China. Our empirical results indicate that the dynamics of China's hot money flows have two regimes, which are "risky" regime and "normal" regime. In "risky" regime, corresponding to the period of higher global risk and lower economic growth, none but global risk stands significant in explaining the hot money dynamics. In the "normal" regime, corresponding to lower global risk and higher economic growth, hot money is driven not only by global risk but also by domestic factors. Only in the "normal" regime can the profit-driven nature of hot money be exposed, that is, hot money is attracted into China by higher interest rates and expectation of exchange rate appreciation. References | Related Articles | Metrics

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An Econometric Test on the Time Varying Effects of Monetary Policy on Stock Market Liquidity——An Empirical Analysis Based on TVP-VAR Model Jin Chunyu, Zhang Haobo 2016, 28 (3):  20-32.  Abstract ( 300 )   PDF (1565KB) ( 1164 )   This paper firstly analyzes the transmission mechanism of monetary policy on stock market liquidity, and then selects illiquidity and turnover rate to represent the stock market liquidity. Thenit uses TVP-VAR model to analyze the dynamic impacts of monetary policies on stock market liquidity and investigates the time varying characteristic of the effect of monetary policies on stock market liquidity. The empirical results show that the expansion of monetary policy can increase stock market liquidity while the shrinkage of monetary policy leads to decrease. The effects of money supply, interest rates and market yields on China's stock market are significantly time varying. There are obvious differences of the effect of monetary policy on the stock market in the degree and the duration. References | Related Articles | Metrics

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The Measurement of the Technical Progress in the Sector Scale: An Analysis Based on the Input-output Table and Calibration Method Xue Junbo, Zhu Yanxin 2016, 28 (3):  33-44.  Abstract ( 247 )   PDF (1178KB) ( 848 )   The measurement of the technical progress is one of the key issues in the development economy for a long time. The economists have paid much attention to the technical progress in the developing countries because of its close relationship with the sustainable development of the developing countries. So far as to the study of technical progress in China, many scholars have calculated it in the scale of nation or province. In this paper, we calculate the technical progress in the sector scale base on the Input-output table (1987-2007) and the Cobb-Douglas production, combined with the calibration method. The results show that technical progress of the mining sector is the highest, namely 6.19%. The technical progress of coking, gas and processing of petroleum, the finance and insurance, and the agriculture, forestry, animal husbandry & fishery sectors are also more than 4%. And the technical progress of the manufacture of nonmetallic mineral products, other manufacture, commercial and catering service, transportation and postal, construction, machinery and equipment, and textile, sewing, leather and furs products sectors are also almost 3%. However, the technical progress of other service sector is only 1.13%. What's worse, the technical progress of the food stuff, production and supply of electric sectors are even less than 0. References | Related Articles | Metrics

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Study on Grid Engineering Cost Index Forecasting Based on ARIMA-ES Hybrid Model Liu Weidong, Shi Huajun, Lu Yan, Hua Fuyu, Qiu Jinpeng 2016, 28 (3):  45-53,105.  Abstract ( 182 )   PDF (1202KB) ( 990 )   The power grid project cost index is a comprehensive index which reflects the impact of market price fluctuation on power grid project cost. The accurate and effective forecasting of power grid project cost index can improve the management level of construction management department. This paper takes the engineering of power grid as an example, based on the line project cost data of Zhejiang province from 2008 to 2014, under the unified engineering technology and scale conditions, constructs a comprehensive cost index for power grid project innovatively, and estimates the historical cost index reasonably. In the power grid project cost index forecasting model, the GDP index is introduced, and the elasticity coefficient between the cost index and GDP index is analyzed. The ARIMA-ES mixed model is used to calculate the cost index. Through the comparison with GM (1,1) and linear regression model, the results show that the forecasting results of ARIMA-ES mixed model are more consistent with the development trend of regional economy and improve the forecasting precision of the power grid project cost index. In the application of forecasting method, the reference value is of certain practical significance to improving the management level and reducing the investment of project cost. References | Related Articles | Metrics

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The Welfare Effects of Economic Fluctuations: Evidence from China and Foreign Countries Ding Zhifan 2016, 28 (3):  54-66.  Abstract ( 208 )   PDF (1493KB) ( 807 )   In this paper, the welfare effects of economic fluctuations are estimated respectively with their per capita consumption data in China, four representative developed countries and eight representative emerging market economies between 1978 and 2010, based on the theoretical model of estimating the welfare effects of economic volatilities by introducing the recursive utility, and then a comprehensive comparative analysis is made to the welfare effects of these several economies' fluctuations. The findings suggest that since the reform and opening up the Chinese economy's stability is growing, and the residents welfare losses from economic fluctuations are reducing significantly. Moreover, Lucas' empirical studies conclusion applies to the representation of the developed countries, but not applies to the representation of emerging market economies exactly. Finally, Relative to the developed countries, it can bring more benefits for Chinese residents through stabilizing economic fluctuations, and the degree of improvement is higher than South Korea, South Africa and Brazil, but less than other representative emerging market economies. Thus, the Chinese government should pay more attention to demand management policies' control efforts and time lag to enhance macroeconomic stability during the process of deepening market economic system reform. References | Related Articles | Metrics

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Research on the Formation Mechanism of Cooperation Innovation Network Competence: Influence Factors Exploration and Empirical Analysis Song Jing, Sun Yonglei 2016, 28 (3):  67-75.  Abstract ( 238 )   PDF (1073KB) ( 864 )   This paper focuses on the formation mechanism of network competence. Based ongrounded theory, we find knowledge resource, network position, network power and are the main factors in the process of network competence formation. On the basis of the related literature, we construct the theoretical hypotheses between these factors and network competence, and do an empirical test with the help of SPSS17.0 by surveying innovation networks in Xi'an High-tech Park. The results show that knowledge resource and network centrality have significant positive relationships with network competence, and the relationship between network power and network competence shows a reversed U-shape, meanwhile the regulation effect of the inter-organizational trust is also examined. These results can help better understand firms' innovation cooperating behaviors in technological innovation network. References | Related Articles | Metrics

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The Dimension of Dynamic Capabilities and Their Impact on Innovation Performance: Second Thought on Teece's Definition Wu Hang 2016, 28 (3):  76-83.  Abstract ( 337 )   PDF (1049KB) ( 1191 )   In a dynamic competitive environment, dynamic capabilities are essential for firms to conduct innovation. However, agreement is not reached regarding the dimension of the theoretical construct of dynamic capabilities. Based on the connotation of dynamic capabilities defined by Teece school, this study divides dynamic capabilities into two dimensions from the perspective of integration capabilities, namely external integration-oriented opportunity-recognizing capability and internal integration-oriented opportunity-exploiting capability, and empirically tests the impacting mechanism of dynamic capabilities on innovation performance. The result shows that opportunity-exploiting capability has a significant positive impact on innovation performance, and plays some partially intermediary role on the relationship between opportunity-recognizing capability and innovation performance. References | Related Articles | Metrics

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A Meta Analysis of the Relationship between Virtuality and Information Sharing Qin Hui, Wang Yuwei 2016, 28 (3):  84-92.  Abstract ( 258 )   PDF (1083KB) ( 806 )   The relationship between group virtuality and information sharing has become one of the hottest issues in the field of innovation management. Based on the systematic search of relative empirical literature and sifting of data, this paper acquires 38 effect values and makes use of the method of Meta-analysis to a quantitative comprehensive analysis. The results show that though on overall level, their relationship isn't significant. However, the relationship varies largely on different situation. It seems that higher virtuality can increase the openness but decrease the uniqueness of information sharing. In general, using both FTF and virtual tools can improve information sharing more. In addition, we also find that time limit and group size moderate very differently overall effect, openness and uniqueness of information sharing. References | Related Articles | Metrics

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The Relationship between Entrepreneurial Political Connections and Firm's Market Performance: The Perspective of Signal Theory Liu Lin 2016, 28 (3):  93-105.  Abstract ( 284 )   PDF (1134KB) ( 1484 )   The results of past researches on the relationship between entrepreneurial political connections and firm's market performance are ambiguous. They regard the nature of financial performance and market performance as the same. The argument of this paper is that entrepreneurial political connections communicate beneficial signals which impact firm's market performance. Using the data set of Chinese listed private firms from 2003 to 2011, the results show that the market performance of the firms whose entrepreneurs own political connections are better than those whose entrepreneurs do not own political connections. After categorizing the political connections, there are not similar results. Through analysis of the multiple political connections, this study demonstrates that the market performance of the firms whose entrepreneurs own political connections are better because their entrepreneurs own no single but two and more kinds of political connections. This paper corrects the imperfections of the past researches which mix the financial performance and market performance, and fills the gap that they only investigate the single rather than multiple political connections. References | Related Articles | Metrics

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Are Foreigners Smarter? Evidence from Investment Products' Returns of Foreign and Domestic Commercial Banks in China Zhu Hongquan, Gong Fei, Xie Xiaohong, Zheng Jiamei 2016, 28 (3):  106-115.  Abstract ( 214 )   PDF (1060KB) ( 1088 )   With the development of financial globalization and the increasing competition of Chinese banking industry, many international banks have entered the Chinese investment product market. Based on the investment products of 80 commercial banks, this paper compares the performance of domestic bank investment products with that of foreign bank investment products and explores determinants of the products' performance. The results indicate that, in China, the return of foreign bank investment products is higher than that of domestic bank investment products; the return of foreign currency investment products is higher than that of RMB investment products; the return of foreign currency investment products is the highest among all products. Furthermore, we find that product design, portfolio selection and market environment are significantly related to the performance of investment products, and the foreign currency investment products issued from foreign banks often have the highest return. Furthermore, we find that product features, investment targets, investment modes and market environment are significantly related to the performance of investment products. References | Related Articles | Metrics

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Why Private Enterprise Don't Implement Participative and Democratic Management: Evidence from Both Sides across the Taiwan Strait Zheng Wenzhi, Xu Miaomiao, Zhuang Bochao 2016, 28 (3):  116-125.  Abstract ( 243 )   PDF (1088KB) ( 799 )   Based on a comprehensive review of human resource management and labor relations theory, and private enterprise's survey data of four areasacross the Taiwan Strait, this paper discusses the factors that affect private enterprises' participative and democratic management. Results show that organic structure and good organizational climate are beneficial to enterprises management. There is a u-shaped relationship between organization scale and humanistic caring and decision-making participation. External factors moderate the effect of organizational factors on enterprise democratic management. Labor market standardization and citizen participation promotes democratic participation management in large enterprises, but weakens the role that organizational atmosphere and organizational structure play in democratic management. How to make organizational structure more organic and create good atmosphere to realize participative and democratic management is the key to enterprises' internal and external system design. References | Related Articles | Metrics

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The Arousal and Influencing Mechanism of Emotion in Organizational Change Zhang Jie, Fan Yun, Zhang Xu 2016, 28 (3):  126-138.  Abstract ( 314 )   PDF (1233KB) ( 1398 )   This paper analyses how employees' emotion is aroused and how the aroused emotion affect their work motivation and work behavior. We identify a set of direct and indirect paths through which employees' emotion aroused by the key events in organizational change affect their autonomy motivations and control motivations, then affect employees' behavior——active support, passive support, active resistance, passive resistance. First, employees' emotion may be aroused by key work events during organizational change, emotions may influence motivation indirectly by employees' cognitive evaluations on organizational change. Second, emotions may affect motivation directly and then motivation influences behaviors. Besides emotion may directly influence employees' behavior during organizational change. References | Related Articles | Metrics

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Impact's Negative Effect and Its Boundary Condition: An Idiosyncrasy of Psychological Empowerment in Chinese Context Jiang Xinhui, Zhong Changbiao, Zhang Qiang, Wang Zhen 2016, 28 (3):  139-153.  Abstract ( 345 )   PDF (1231KB) ( 973 )   By carefully examining the results in the existing psychological empowerment studies that use Chinese samples, we find that impact (one of the dimensions of psychological empowerment) typically does not associate with positive outcome variables. This is in stark contrast to the findings in western societies. In light of power distance theory and psychological empowerment literature we propose that in Chinese high power distance cultural context, employees' impact is likely to be resisted by organizations' sociopolitical system and therefore will manifest negative rather than positive effects when boundary condition is matched. We conduct two empirical studies which test impact's effects on turnover intention and job burnout, and two moderators' (LMX and leader's performance evaluation) moderating effects on these relationships. The results show no beneficial effects of impact on turnover intention and job burnout, rather, manifest deteriorating effects on turnover intention and burnout when the moderators are at low level. The findings indicate that impact functions differently in China comparing with the west. It also demonstrates that managers in Chinese organizations usually dislike employees with high impact, and this finding has useful implications for practitioners to pursue effective empowerment by overcoming the encumbrance from the traditional cultural factor. References | Related Articles | Metrics

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A Review and Comparison of Humility Studies between the West and China Mao Jianghua, Liao Jianqiao, Liu Wenxing 2016, 28 (3):  154-163.  Abstract ( 403 )   PDF (1094KB) ( 1729 )   With theincreasing turbulence, complexity and uncertainty of organizational environment, humility as a virtue has attracted more and more attention from organization researchers. However, due to differences between Chinese and the Western cultures, the content and performance of humility in both cultures may also exist differently. Based on a review of humility studies in the West and China, we make a systematic comparison of the Chinese and Western humility in origin, meaning, measurement and organizational performance. Then, we review the current studies of humility, and indicate the direction of future humility studies. References | Related Articles | Metrics

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Empirical Research on Leadership of Incubator and Performance of Incubation Network Hu Haiqing, Li Hao 2016, 28 (3):  164-172.  Abstract ( 236 )   PDF (1310KB) ( 800 )   Based on the definition of leadership of incubator, this paper builds a model and analyzes the influence mechanism of leadership of incubator for the performance of incubation network. Adopting structural equation model, this paper analyzes the data of 396 questionnaires and makes an empirical analysis for the hypotheses. It turns out that the leadership of incubator has positive impact on network coordination and resource sharing, and that network coordination not only promotes the resource sharing, but has positive influence on the performance of incubation network as well. Simultaneously, both resource sharing and relationship performance of incubation network exert positive impact on the performance of incubation network. References | Related Articles | Metrics

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An Empirical Study on the Impact of Online Reviews on Consumers' Purchasing Intention Du Xuemei, Ding Jingyu, Xie Zhihong, Lei Lifang 2016, 28 (3):  173-183.  Abstract ( 1242 )   PDF (1331KB) ( 8356 )   Online word-of-mouth (WOM) has been playing an increasingly important role in consumers' purchasing decisions for the reason that Internet has greatly amplified the influence of WOM on consumers. This paper researches the online review which is one of the main forms of online WOM. It firstly develops a conceptual model for online reviews' power on consumers' purchasing intention which includes the receiver professional ability as the control factor, then raises corresponding hypotheses. Finally, the model and the hypotheses are tested and revised by empirical methods. The results of this paper show factors of functional value including the quantity, the quality and the titer of the comments affect consumers' purchasing intention positively. Besides, factors of receiver's mental representations including perceived risk, involvement and trust propensity have positive influence on online reviews' power on consumers' purchasing intention. Meantime, the receiver professional ability adjusts the relationships between the quality as well as the quantity of the comments and consumers' purchasing intention, but not the relationship between perceived risk and consumers' purchasing intention. References | Related Articles | Metrics

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Impact Mechanism of Brand Orientation on Brand Equity of Industrial Services Firms Zhang Jing, Jiang Yanxin 2016, 28 (3):  184-195.  Abstract ( 200 )   PDF (1162KB) ( 832 )   Branding literature primarily focuses upon consumer markets, paying little attentionto the special characteristics of industrial services branding. In addition, the limited studies in the contexts of business markets especially industrial services markets neglect the impacts of stakeholder interactions upon brand equity. By considering the special features of industrial services branding, as well as adopting both internal perspective and stakeholder interaction perspective, this paper presents an integrative conceptual framework about the impact mechanism of brand orientation upon industrial services brand equity. The empirical findings based on survey data from 218 Chinese industrial services firms indicate that firm-employee interaction can help develop internal brand equity and further improve brand association, facilitate corporate brand response and cultivate external brand equity by increasing employee-customer interactions. This paper stresses the role of interactions among firm, employees and customers in developing brand equity and, in doing so, discovers the underlying mechanism of the impact of brand orientation upon brand equity. The research findings have insightful managerial implications as to how to establish and cultivate industrial services brand equity. References | Related Articles | Metrics

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Ownership of Brand Effect——Impact of Enterprises' Ownership Type on Consumers' Brand Characteristics Perceptions and Preference Huo Chunhui, Yuan Shaofeng, Peng Siqing 2016, 28 (3):  196-206.  Abstract ( 246 )   PDF (1212KB) ( 1387 )   Chinese state and private-owned enterprises have different development context, management objectives and thoughts. Thus, consumers might hold different stereotypes on those two kinds of enterprises, which thereby results in distinct perceptions on the two types of enterprises' brand characteristics. These might further influence consumers' brand purchase decisions. This paper names this effect as "ownership of brand effect" by reference to the "country of origin effect" and examines the effect and its mechanism through two experiments. Findings indicate that consumers hold the view that the state-owned brands are more reliable and safe than private-owned brands; however, the private-owned brands are more innovative and efficient than state-owned brands. Further, respondents' evaluation of reliability and safety on state-owned brands is moderated by the degree of their trust on the government; those who have high (vs. low) degree of government trust consider state-owned brands' are more safe and reliable than private-owned brands. Consumers' perceptions of efficiency and innovation on private-owned brands is moderated by their endorsement level of open and egalitarianism, individuals who have high (vs. low) endorsement of open and egalitarianism report more positive appraisal on private-owned (vs. state-owned) brands' efficiency and innovation characteristics. Finally, when concern on safety is aroused, consumers tend to choose state-owned (vs. private-owned) brand; but when innovation is desired, they tend to choose private-owned (vs. state-owned) brand. References | Related Articles | Metrics

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Coordination of Supply Chain with VMI Considering the Trade Credit Financing Qin Juanjuan, Bai Xiaojian, Zhang Chen 2016, 28 (3):  207-220.  Abstract ( 253 )   PDF (1121KB) ( 1040 )   In this paper, we consider the two echelon supply chain adopting the vendor management inventory and trade credit, which is seldom reported in the literatures. First, the basic model of the centralized supply chain is built to obtain the benchmark solutions, and the models of traditional supply chain and VMI supply chain are established to obtain the optimal promotional effort and the replenishment policy; second, two coordination mechanisms of promotional cost sharing and cash discount are employed to coordinate the VMI supply chain and distribute the profits between the members; finally, the numerical analysis and case study are carried out to illustrate the comparison of the two coordination mechanisms. References | Related Articles | Metrics

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The Analysis and Policy Recommendations on the Spread of Network Public Opinion in Major Production Safety Accidents——A Case Study of the 8·12 Tianjin Port Explosion Liu Yijun, Chen Sijia, Huang Yuan, Ma Ning, Wang Guanghui, Niu Wenyuan 2016, 28 (3):  221-229.  Abstract ( 460 )   PDF (4609KB) ( 2444 )   The 8·12 Tianjin Port Explosion is an extremely serious accident belonging to the category of production safety, In addition, it has been paid great attention by the Party Central Committee and the State Council. After the occurrence of this accident, the emergency disposal was steadily progressing. However, in the meantime, network opinions focusing on this event got out of control rapidly, which had been one of the primary secondary disasters of the Tianjin Port Explosion. Therefore, this paper sets the network opinion caused by the 8·12 Tianjin Port Explosion as the analysis object, and based on some main characteristics of this network public opinion spread, builds a multilayer and multi-attribute model of public opinion spread which contains agent, information, psychology, opinion property, then applies simulation tool for scenario analysis, which aims to comprehensively obtain the opinion public formation and evolution rule of this kind of major emergency accidents, Finally, proposes some disposal recommendations of public opinion in major accident belonging to the category of production safety. References | Related Articles | Metrics

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Independent Innovation of State-owned Enterprises: Are There Other Contextual Factors Except Political Identity? Su Jingqin, Lin Jingjing 2016, 28 (3):  230-240.  Abstract ( 226 )   PDF (1364KB) ( 832 )   Independent innovation ability of state-owned enterprises has been controversial. Except the special "identity politics", the factors affecting innovation of state-owned enterprises still remains unclear. Through the method of cases study, we select CNR Dalian Locomotive & Rolling Stock Co., LTD and FAW CAR CO., LTD as samples, both of which are state-owned enterprises and have great differences in innovation, to explore the key innovation factors of state-owned enterprises except "political identity" and analyze the relationship between them. The results show that: (1) "political identity" and its derivatives are not the key factors influencing the innovation of state-owned enterprises. (2) market structure, product structure, technology strategy, technology platform are key elements of independent innovation in state-owned enterprises. (3) there is a close interaction between the four elements: market structure, product types, technology strategy, and technology platform. Actually, the key reasons why some state-owned enterprises can achieve innovation are the "exclusive" market structure they have, their product type of Cops, and their self-independent technology strategy. Besides, those enterprises also accumulated their own technology platform. References | Related Articles | Metrics