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    28 November 2016, Volume 28 Issue 11 Previous Issue    Next Issue

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    Institutional Ownership, Investor Sentiment and Accrual Anomaly
    Lu Ping, Yao Haixin
    2016, 28 (11):  3-15. 
    Abstract ( 265 )   PDF (1338KB) ( 1182 )  

    Taking the listed companies in China from 2007 to 2011 as a sample, this paper examines the influences of investor sentiment on the accrual anomaly using the behavioral finance theory. Results indicate that the magnitude of mispricing of the accruals is relatively high (low) during periods of high (low) sentiment. Further research shows that the impacts of institutional overall ownership on the rela-tionship between investor sentiment and the accrual anomaly differ at different time windows, institutional overall ownership strengthens the positive impacts of investor sentiment on the accrual anomaly in the short run, but alleviates the positive impacts of investor sentiment on the accrual anomaly in the long run. Different kind of institutional ownership has different impact on the relationship between investor sentiment and the accrual anomaly.

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    Simulation Analysis on Coordination Parallel Import and Price Subsidy Policy under TRIPS-plus Treaty
    Zhou Hua, Qu Yang, Zhao Xuan
    2016, 28 (11):  16-29. 
    Abstract ( 212 )   PDF (1856KB) ( 801 )  

    In order to strengthen the protection of their intellectual property rights, some developed countries prohibited their developing country trading-partners from using parallel imports through the TRIPS-plus clause. In order to help the developing countries to effectively deal with the terms of the TRIPS-plus, this paper for the first time applies ProbeIPD on Swarm platform to simulate the dynamic games between the developed countries and the developing countries, overcoming the difficulties of obtaining parallel import data. We firstly simulate the dynamic process of the game between 1 developed country and 1 developing country, and then extend it to N developed countries and N developing countries, both resulting in dynamic game equilibrium. Finally, we consider the impact of uncertainty on the equilibrium solution. According to the research, the results could be divided into two occasions. When in the dynamic game model of only two countries (one is developing country and the other is developed one), in some extent, the developing countries could use price sub-sidies to break through the trading restrictions from the developed countries so as to protect their own interests. Moreover, when in the dy-namic model of multi-countries (N developing countries and N developed ones), the economic gap between the developing group and the developed group is negatively related to the bargaining power of the developing groups that use price subsidy strategy, i.e., the less the gap is, the more powerful the developing countries are in bargaining for parallel imports rights by using price subsidy strategy.

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    The Impact of ‘Hot Hand Effect’ and ‘Gambler's Fallacy’ Related Decision Making Biases on the Maximum Daily Anomaly——Evidence from Chinese Stock Market
    Ye Jianhua
    2016, 28 (11):  30-39. 
    Abstract ( 389 )   PDF (1125KB) ( 952 )  

    Motivated by the maximum daily return anomaly discovered in the developed stock markets, this paper investigates whether this anomaly exists in emerging stock markets and what drives this anomaly. We believe that investor's ‘hot hand effect’ and ‘gambler's fallacy’ related decision making biases can explain this kind of anomaly. Because corporate information transparency can affect the ex-tent of these two decision making biases, and the investor sentiment can affect the relative persistence of these two kinds of biases, the magnitude of the maximum daily anomaly is affected by corporate information transparency and investor sentiment. Basing on the sample from Chinese Stock Market, we obtain enough evidence to support the above opinions. Our findings in this paper are helpful for investors to improve investment efficiency, for listed companies to improve market value ability, and for regulatory authorities to improve regulating efficiency.

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    Has Returning to A-Share Market Eased the Corporate Financing Constraints? Based on the Analysis of Cash-Cash Flow Sensitivity
    Liu Xing, Tian Mengke, Zhang Chao
    2016, 28 (11):  40-54. 
    Abstract ( 245 )   PDF (1167KB) ( 945 )  

    From the dynamic perspective of cross-listing (listing abroad first and then returning to A-share market), this study investi-gates how effectively a company listed in a developed market will alleviate its financing constraints by returning to an emerging market. Based on the paired data of both H-share market and A-share market, the results show that companies that return to A-share market are less sensitive to cash-cash flow than both the companies listed only in H-share market and themselves before returning A-share market, but more sensitive than those listed only in A-share market. And the result remains the same after such factors as model building and sample matching are taken into consideration. This study concludes that returning to A-share market will ease corporate financing con-straints to a certain extent. This conclusion not only provides beneficial reference for Chinese companies' financial policy choice under the overseas listing background and the system construction of the mainland market under the background of the "Shanghai-Hong Kong Stock Connect" program, but also provides strong evidence for further verification of the financing constraint hypothesis in the path of cross-listing.

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    A Study of ETF Intermarket Arbitrage with High Frequency Data Considering Transaction Cost
    Wang Liang, Jia Yujie, Liu Xiao
    2016, 28 (11):  55-65. 
    Abstract ( 196 )   PDF (1116KB) ( 1598 )  

    With one minute of high frequency data of 20 ETF funds, we study the arbitrage process of inetrmarket. We find that from the perspective of either the whole sample or intraday data, opportunities of reverse arbitrage (Buying ETF in secondary market→redemp-tion in primary market→selling constituent stocks of ETF in secondary market) appear far more frequently than opportunities of positive arbitrage (Buying constituent stocks of ETF in secondary market→purchasing ETF in primary market→selling ETF in secondary mar-ket). When ETF fund net asset value is higher, the ETF holding shares of institutional investors and individual investors are higher and of balanced proportion, arbitrage opportunities and yields of ETF arbitrage are improved in the meantime. Moreover, increase of ETF net assets value has positive effect on the reverse continuous arbitrage's profit and opportunity, but with the extension of arbitrage time, IOPV of ETF will weaken the influence degree. Furthermore, the increase of institutional investors holding shares of ETF reduces the market liquidity, so the probability of positive continuous arbitrage chance is increased simultaneously.

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    Eco-efficiency, Urbanization and Spillover Effects——Based on Spatial Panel Durbin Model
    Chen Zhenling
    2016, 28 (11):  66-74. 
    Abstract ( 248 )   PDF (1074KB) ( 1275 )  

    How to solve the problem of environmental pollution in China's urbanization is one of the key issues that bear heavily on the healthy and sustainable development of urbanization. To explore the eco-efficiency in the process of the urbanization and the mechanism of urbanization and eco-efficiency, this paper calculates the eco-efficiency of 30 provinces in China from 2003 to 2012 by using the super efficiency DEA and analyzes internal mechanism of eco-efficiency and urbanization by building Spatial Panel Durbin Model. The empiri-cal results show that there is a strong negative correlation between urbanization and eco-efficiency and a negative spillover effect to other regions. When urbanization increases 1%, the average total spatial spillover effect is -0.485%. The model also proves that there is little effect of sewage charges to improve the quality of the environment. The spillover effect of urbanization on eco-efficiency is reflected mainly through the industrial structure optimization and the technology improvement. Therefore, China should adjust industrial structure and in-crease technological investment when making plans of urbanization development strategy. Meanwhile China also should establish effective communication and cooperation mechanism between different regions and optimize spatial distribution of polluting enterprises.

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    Study on Simulation Model of Cooperative Innovation
    Yin Zhigang, Wang Yanzhang, Ni Zijian
    2016, 28 (11):  75-84. 
    Abstract ( 362 )   PDF (2189KB) ( 853 )  

    Currently, there are many studies in the field of cooperative innovation. Roughly, these models can be divided into two groups. The first group which is based on evolutionary economics focuses on major objects. The second group focuses on the essence of technologies themselves. Typical models in this group are Arthur's model of the "lock-in" of a single, and Kauffman's NK model which focuses on micro objects. In this paper, a simulation model is proposed, which integrates the basic ideas of both groups. For detail, the knowledge owed by the agents is discussed firstly. Then we discuss the interaction of these agents. Finally, the relations between the sys-tems of cooperation innovation and environment are discussed. This model is implemented by Netlogo, and the results are analyzed in depth.

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    Evaluating the Efficiency of Scientific Research in Higher Educational Institutions: Based on the Lagged Non-radial Super-efficiency DEA Model
    Ni Yuan
    2016, 28 (11):  85-94. 
    Abstract ( 208 )   PDF (1161KB) ( 825 )  

    Data envelopment analysis (DEA) is the most significant method in evaluating the efficiency of scientific research in higher educational institutions. However, the existing models based on DEA fail to simultaneously consider three characteristics of scientific re-search system, i.e., the input-output lagging of scientific research, the ranking of evaluation results and the evaluators' preferences. To make up for this lack of the existing researches, we propose a combined evaluation model-lagged non-radial super-efficiency DEA model. This model integrates the Almon polynomial, the non-radial DEA and the super efficiency DEA, using the Almon polynomial to simulate the process of input-output lagging of scientific research and depending on the non-radial super-efficiency DEA to meet the high-efficiency evaluation discrimination and preference requirements. Finally, an application example is conducted based on thirty-six "985 program" universities, using multi-channels to collect data and comparative methods to verify the feasibility and effectiveness of the model. The re-sults show that:lagged non-radial super-efficiency DEA owning a good discrimination could rank all evaluation objects and its evaluating result is more accurate than the standard and non-radial super-efficiency DEA and better indicative of the lag effect of the input and out-put of scientific research. This conclusion contributes significantly to the existing scientific management theory and DEA theory, and can be used to guide the development of universities and make appropriate management policies.

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    The Influence of Social Exclusion on the Time-honored Brand Revitalization Strategy Effect: The Mediation of Time Perspective
    Jiang Hongyan, Wang Yu, Ji Feng, Sun Peizhen
    2016, 28 (11):  95-105. 
    Abstract ( 328 )   PDF (1307KB) ( 1664 )  

    The choice of time-honored brand revitalization strategies is an important issue in the marketing practice, which has an impor-tant theoretical significance and practical value. This paper investigates the effect of time-honored brand revitalization strategy based on the social exclusion context, and introduces time perspective theory to explore the mediating mechanism of the relationship between social exclusion and brand revitalization strategy effect. The results show that consumers who are excluded because of inferiority report higher purchasing intention under the nostalgic strategy and past time perspective serves as a mediator, and consumers who are excluded be-cause of superiority report higher purchasing intention under innovative strategy and future time perspective serves as a mediator. Finally, this paper discusses the marketing implications, such as how to apply the social exclusion elements to the time-honored brand revitaliza-tion strategy, and points out the limitation and future research direction.

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    Research on the Effect of Sense of Virtual Community on Customer Participation in Value Co-creation——An Empirical Study in Virtual Brand Community
    Peng Xiaodong, and Shin Kwangyong
    2016, 28 (11):  106-115. 
    Abstract ( 302 )   PDF (1161KB) ( 1438 )  

    The importance of customer participation in value co-creation of virtual brand community has been widely recognized, and in-depth studies on its drive have been conducted as well. However, the research on how virtual community sense impacts the value co-crea-tion of customer participation remains undone. Based on review and analysis of relevant literature, this paper designs tests on how sense of virtual community influences value co-creation of customer participation. Results from 477 questionnaires show membership, influence and immersion have positive effects on autonomous value co-creation, and membership has remarkable impact on sponsored value co-cre-ation. Moreover autonomous value co-creation has positive effects on sponsored value co-creation too. Furthermore autonomous value co-creation partially mediates effects of membership and influence on sponsored value co-creation. But it exerts full mediating effects of im-mersion and sponsored value co-creation.

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    What Converts Online Content Consumers from Free to Fee: Perspective from Mental Inertia Based on Value-added Experience
    Hu Zhenmiao, Cheng Yan, Cui Huayu
    2016, 28 (11):  116-128. 
    Abstract ( 306 )   PDF (1229KB) ( 1080 )  

    The freemium model is an important business model for online content. This mode attracts customers through the free use, then uses value-added services to promote user upgrading service, thus obtaining paid yield. This paper based on the value-added experi-ence strategy, combining mental inertia and perceived value differences as intermediate variables, studies the mechanism of value-added experience factors on upgrade intention of service and tests the moderating effect of free mentality. Empirical results show that mental in-ertia will increase the perceived value differences of free and value-added services and then promote the service upgrade intention; social value elements of value-added experience play a significant role in training users' mental inertia, the role of emotional value elements is weak, and the functional value elements play a strong role in both mental inertia and perceived value differences. Meanwhile, this re-search finds that free mentality has no effect on regulating mental inertia. The results of this study can be applied by service providers to combine value-added experience elements scientifically, make the experience marketing effective, promote free users' service upgrade intentions, so as to gain more profit.

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    The Influence of Enterprise Negative Events on Brand Extension Evaluation: The Mediating Effect of Perceived Sense of Betrayal
    Li Yalin, Jing Fengjie
    2016, 28 (11):  129-139. 
    Abstract ( 337 )   PDF (1130KB) ( 1243 )  

    Given the increasing occurrence of enterprise negative events, the paper explores how different types of enterprise negative e-vents affect consumers' evaluations of brand extension through the mediator variable of the consumers' perceived sense of betrayal as well as the regulation effect of the psychological distance and brand fit. The research finds that different type of negative events has quite different influence on consumers' evaluations of brand extension through the mediator variable of the consumers' perceived sense of be-trayal. While a subsequent study finds that the psychological distance and brand fit have regulating effects, indicating that closer psycho-logical distance leads to higher perceived sense of betrayal. But the brand fit has some protective effect and it reduces the effects of per-ceived sense of betrayal on brand extension evaluation, i.e. the lower the brand fit is, the smaller effect the perceived sense of betrayal will have on brand extension evaluation.

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    Tie Duration, Employee Empowerment and Internationalization: Evidence from the World Bank
    Zhang Feng, Huang Jiuli, Yu Hang
    2016, 28 (11):  140-149. 
    Abstract ( 217 )   PDF (1097KB) ( 663 )  

    As the crucial resource to drive EMFs' internationalization, managerial tie is attracting more and more attention. To address the research gap, this study conducts the following works. First, the study discuses both positive and negative effects that managerial tie makes on internationalization. Second, the study analyzes the dual role of employee empowerment in building and deploying managerial tie. With a dataset from the World Bank, the study finds that the effect of tie on initial internationalization is positive. However, as time goes, its positive effect will depreciate. Furthermore, the authors find that employee empowerment has ambidextrous effects. It enables enterprises to build ties, but it negatively influences the deployment of tie-related resources. This study provides new implications for Chi-nese international enterprises.

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    Political Connections, Executive Incentive and Capital Structure
    Zhao Yuheng, Xing Lihui, Sun Yue
    2016, 28 (11):  150-161. 
    Abstract ( 239 )   PDF (1110KB) ( 1108 )  

    The relationship between executive incentive and capital structure has been a hot research point of scholars. The effectiveness of incentive will have an impact on managers' behavior and then affect the capital structure. This paper makes an empirical research into a large number of enterprises listed in Shanghai and Shenzhen during the period 2007-2012 and finds that there is a significant non-mon-otonic relationship between executive incentive and capital structure. There is also strong evidence suggesting that political connections have a significant impact on the relationship between stock incentive and capital structure. More importantly, the results reveal that the impact of political connections on the relationship between executive incentive and capital structure depends on the enterprise nature.

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    Overall Justice, Affective Commitment and Deviant Behavior: From the Perspective of Multifoci
    Zhou Hao, Long Lirong, Wang Yuqing
    2016, 28 (11):  162-169. 
    Abstract ( 266 )   PDF (1105KB) ( 1023 )  

    The purpose of this study is to examine the effects of overall justice on employees' deviant behavior and investigate the media-ting effect of affective commitment from the perspective of multifoci in Chinese organizational context. The research based on the sample of 341 pairs of employees-colleagues finds that overall justice has a negative impact on deviant behavior, and the effect is mediated by af-fective commitment. Furthermore, we find that the first phase of the mediated model is consistent with the agent dominance model and the second stage of the mediated model is consistent with the target similarity model. Finally, the theoretical contributions and empirical im-plications of this study are discussed.

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    Does Entrepreneurial Passion Contribute to Entrepreneurial Success?
    Xie Yaping, Chen Xiaoyan, Ye Danrong
    2016, 28 (11):  170-181. 
    Abstract ( 417 )   PDF (1160KB) ( 1272 )  

    In order to investigate the relationship between entrepreneurial passion and entrepreneurial success, this paper tries to intro-duce entrepreneurial learning as the intermediary variable, thus exploring how entrepreneurial passion exerts effect on entrepreneurial performance through entrepreneurial learning. We have a sample of 302 nascent entrepreneurs, and conduct empirical tests with the re-gression analysis method. The results show that:(1) entrepreneurial passion can be measured by five dimensions:identity, joy, adven-ture, toughness and flow; (2) entrepreneurial passion and entrepreneurial performance present an inverse U-shape relationship; (3) the level of entrepreneurial passion must match entrepreneurial learning. A moderate amount of entrepreneurial passion contributes to entre-preneurs' exploratory learning, while a high or low level of passion contributes to entrepreneurs' exploitative learning; (4) entrepre-neurial learning plays a partial intermediary role between entrepreneurial passion and entrepreneurial performance. Entrepreneurs should manage their entrepreneurial passion, and choose corresponding entrepreneurial learning styles according to different degrees of entrepre-neurial passion, thus improving the learning efficiency and achieving entrepreneurial success.

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    The Effect of Independent Directors' Political Connection on Bank Credit
    Huang Jun, Wei Sha
    2016, 28 (11):  182-190. 
    Abstract ( 222 )   PDF (1118KB) ( 816 )  

    Using the A-share listed companies during the period of 2010-2012 as sample, we analyze and test the effect of independent directors' political connection on bank credit and the moderating role of the nature of property rights and senior managers' political con-nection on the relationship between independent directors' political connection and bank credit. The results show that political connection of independent directors is significantly positively associated with bank credit. Furthermore, the credit effect is affected by the nature of state-owned property and senior managers' political connection. Specifically, the nature of state-owned property weakens the credit effect of independent directors' political connection, and senior managers' political connection strengthens the effect. Moreover, the nature of state-owned property weakens the role of senior managers' political connection on the credit effect of political connection of independent directors.

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    Is Spiritual Leadership One of the Drivers of Proactive Behavior? Testing of a Multiple Mediating Effects Model
    Yang Zhenfang, Chen Qingwen, Zhu Yu, Zeng Bosen
    2016, 28 (11):  191-202. 
    Abstract ( 366 )   PDF (1200KB) ( 1123 )  

    As a new orientation of leadership development, spiritual leadership has a very critical influence on employees' proactive be-haviors and work performances. However, few studies have explored this influence as well as its mechanism. Therefore, based on system-atic analysis of relevant theoretical and empirical literature, this research tries to build a model describing how employees' proactive be-haviors are driven by spiritual leadership. The results show that spiritual leadership is positively associated with psychological capital, or-ganization-based self-esteem and proactive behavior; and psychological capital is positively associated with organization-based self-esteem and proactive behavior; besides, organization-based self-esteem is positively associated with proactive behavior. Further, the structural e-quation analysis suggests that spiritual leadership affects employees' proactive behaviors through the following three ways:First, psycho-logical capital mediates the relationship between spiritual leadership and proactive behavior; Second, organization-based self-esteem me-diates the relationship between spiritual leadership and proactive behavior; Third, psychological capital and organization-based self-es-teem also mediate the relationship between spiritual leadership and proactive behavior. The findings help to clarify the inherent mecha-nism of spiritual leadership affecting employees' proactive behaviors and guide leaders and managers to take appropriate measures to stimulate employees' proactive behavior in their workplace.

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    Inchworm Effect: Study on Strategic Re-orientation of Pharmaceutical and Biotechnology Firms Based on Grounded Theory Building
    Yang Zhangbo, Gao Shanxing, Hao Zhiyang
    2016, 28 (11):  203-216. 
    Abstract ( 305 )   PDF (1272KB) ( 943 )  

    This paper studies how Chinese pharmaceutical and biotechnology firms change their strategic orientation and what factors in-fluence this process. Strategic re-orientation means firms change their strategic path. It is a strategy selection process in which firms switch from the original strategic orientation to a new one. We establish a research framework from the context, process and content per-spective. We use grounded theory method to build our model. The study finds that the strategic re-orientation of domestic pharmaceutical enterprises is not only affected by institutional environment, market environment and corporate resources. Managers' cognition is a medi-ator between the environment and the re-orientation. Organizational inertia has a moderator role. Institutional enforcement is an important part of the institutional environment. There is an inchworm effect of strategic re-orientation which means pharmaceutical and biotechnology firms swing between technology orientation and market orientation because of the characteristics of emerging economies and the special nature of the industry. The research opens the black box of the process of strategic re-orientation and explains why there exists a lagged effect between the completeness of institutional and market environment and the strategic re-orientation in the pharmaceutical sector of e-merging economies.

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    Exploring the Relationship between Supply Chain Integration and Firm Performance——Based on Meta Analysis
    Feng Changli, Liu Hongtao, Mei Xiaomin
    2016, 28 (11):  217-227. 
    Abstract ( 375 )   PDF (1168KB) ( 1295 )  

    Supply chain integration is a key in the supply chain management. The relationship between supply chain integration and firm performance is a critical issue. But the existing researches reach different conclusions about the relationship:strong correlation, weak correlation, no relation, negative correlation and even reverse U-shape. Based on 57 samples, this paper uses Meta-analysis to analyze the relationship between supply chain integration and firm performance through correlation coefficient. Furthermore, this paper uses re-gression analysis to find out the influence of moderate variable. The results show that:supply chain integration has moderate intensity in-fluence on firm performance. And the moderate variable has different impacts on the relationship between supply chain integration and firm performance.

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    Food Safety Control and Management from the Perspective of Food Quality Chain Collaboration
    Wang Haiyan, Chen Xin, Yu Rong
    2016, 28 (11):  228-234. 
    Abstract ( 255 )   PDF (1782KB) ( 901 )  

    Food safety problem is an open and complicated system problem. This paper analyzes food quality and safety management and its control strategies from the perspective of food quality chain collaboration. Food safety problem has typical characteristics of externality and information asymmetry. Based on generalized quality chain of food safety, an organization structure model of quality chain information is constructed, and a multi-resource database system is built with critical quality time-span data as the agent. Meanwhile, considering the quality chain equilibrium and operation mechanisms of food quality chain collaboration control under different patterns, management and control strategies are explored to solve food safety problems fundamentally.

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    Group-buying or Advertising? Research on the Selection of Sales Strategy
    Wu Cuilian, Wang Qian, Tian Xin, Chen Qinghong
    2016, 28 (11):  235-244. 
    Abstract ( 270 )   PDF (1494KB) ( 884 )  

    As a new sales strategy, online group buying has got more and more attention. In this paper, pricing models of three sales strategies are built to study whether the online group guying can increase participating merchants' profits compared with the traditional ad-vertising promotion. Finally, a numerical variation is designed to analyze influences of the change of main parameters on commodity prices, demand, advertising investment level and revenue. The results show that advertising is always beneficial to merchants if there is no minimum level of advertising. When the size of high value market is large, the demand in high value market is not sensitive to price changes, the unit cost of goods is small, the advertising effect of the website is large or the profit sharing ratio is small, participating in the online group buying is more favorable to merchants. Otherwise, advertising is more favorable.

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    A Risk Early Warning Method for High-risk Groups of Social Security Based on Support Vector Machine
    Zhang Qiang, He Leping
    2016, 28 (11):  245-251. 
    Abstract ( 232 )   PDF (1147KB) ( 1607 )  

    With the rapid development of economy and mobility of population, public security has been facing new challenges. To timely deal with the complicated and changing risk of public security, a key step is to improve the ability of risk early warning of potentially high-risk groups. In this paper we use support vector machine (SVM) algorithm to build a risk early warning model, which shows a cer-tain guiding significance to an effective early-warning on high-risk groups.

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    Manager Overconfidence, Overseas Acquisition and Economic Consequences: A Case Study of Yanzhou Coal Mining Co., Ltd.
    Deng Lu, Xu Ruiyang, Gu Yu, Liao Mingqing
    2016, 28 (11):  252-263. 
    Abstract ( 452 )   PDF (1409KB) ( 1393 )  

    In recent years, overseas acquisition has become an important way for many Chinese companies to implement the "Go Global" strategy. Yet most of the acquisitions didn't achieve their expected benefits. By selecting Yanzhou Coal as the research subject, this pa-per thoroughly studies the acquisition process, payment method and economic consequences of Yanzhou Coal based on the manager over-confidence theory. It is found that overconfident managers are more likely to propose overseas acquisition and prefer cash payments and debt financing. However, such acquisitions did not improve the performance of Yanzhou Coal, and instead brought negative wealth effect to the company. The conclusion of the paper extends the research area of the manager overconfidence theory on overseas acquisition in e-merging markets. In addition, in the background of the "One Belt and One Road", Chinese companies that are about to implement over-seas acquisition can use the result of this study to guard against blind optimism and overconfidence.

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    Business Model Innovation Based on the Theory of Smiling Curve and the Whole Industry Chain Perspective——A Case Study of Wanda
    Cui Xiaoyang, Yan Bingqian, Qiao Han, Hu Yi, Wang Shouyang
    2016, 28 (11):  264-272. 
    Abstract ( 419 )   PDF (1420KB) ( 2295 )  

    An innovative study about business model innovation of commercial real estate is proposed in this paper based on a combina-tion of theory of smiling curve and the perspective of whole industry chain. Wanda is selected as a case to validate the analytical method-ology based on the theory of smiling curve. A comprehensive investigation about Wanda is conducted through the whole process of tech-nology developing, design of real estate, construction of buildings, marketing, as well as the operation management. Significant extra value is extracted from the reconstruction of smiling curves by an innovative business model deign involving the whole potential industry chain, which contributes to the virtuous cycle of operation as well as the sustainable development of corporations. We hope this paper can be taken as a helpful reference for business model innovations of corporations, especially for the commercial real estate sector.

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