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28 March 2017, Volume 29 Issue 3 Previous Issue    Next Issue

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Analysis of Extreme Ups and Downs of Shanghai and Shenzhen Indices Based on Sequence Alignment Method Yang Wenning, Long Wen 2017, 29 (3):  3-11,39.  Abstract ( 172 )   PDF (1499KB) ( 593 )   Applying the sequence alignment method in bioinformatics to analyze financial time sequence can make it easy to capture large-scale features, remove noise and identify implicit pattern without having to rely too much on assumptions. This paper presents two methods of designing scoring matrix for financial sequence alignments, which are similarity-oriented matrix and purpose-oriented matrix. The former, focusing on the information of historical data, can be used to identify corresponding pattern. The latter, considering the purpose of alignments, can be used to extract featured segments. In the empirical analysis, similarity-oriented and purpose-oriented matrixes are constructed to study the characteristics of ups and downs of Shanghai Composite Index, Shenzhen Component Index and the relationship between them. The satisfactory results verify the feasibility and effectiveness of the methodology in financial research. References | Related Articles | Metrics

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A Study on the Dynamic Market Risk Measurement of ETF Based on the Jump Diffusion Process Wang Liang, Liu Xiao, Jia Yujie 2017, 29 (3):  12-26.  Abstract ( 199 )   PDF (4614KB) ( 728 )   This paper constructs a model of ETF fund return based on the double exponential jump diffusion process and two-factor jump diffusion process, and presents the solving method for parameters based on MCMC. According to the four kinds of asymmetric GARCH model, it establishes a time-varying EVT-POT-GPD method to further measure quantile of standard residuals of ETF fund return, and presents a method of determining the dynamic market risk VaR and CVaR. The empirical results prove that using two-factor model and one-year historical data can better forecast the price of ETF fund, the return of ETF fund market suffering different impact from good and bad news has significant asymmetry characteristics and leverage effects, and the TGARCH model is better in measuring positive asymmetric shocks and conditional heteroscedasticity. It finds using the EVT-POT-GPD method constructed to calculate standard residuals of ETF fund return, with the improvement of confidence level, threshold value k will move towards tail and quantile will increase gradually. Additionally, dynamic CVaR of the five ETF fund is greater than VaR obtained by any GARCH model, and when the confidence level rises from 95% to 99%, the CVaR growth rate is far faster than the growth rate of VaR. It also shows that the sensitivity of CVaR in measuring risks is much higher than that of VaR. Meanwhile, back-testing and the chi-square test find that the success rate of CVaR and VaR rises with increasing the confidence level. References | Related Articles | Metrics

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Will Role Model Trigger Individuals to Start New Ventures? Study on Entrepreneurial Event with the Sample of Farmers Li Jing, Xie Jingyu, Lin Song 2017, 29 (3):  27-39.  Abstract ( 198 )   PDF (1162KB) ( 738 )   This paper focuses on entrepreneurial event of farmers. Based on social learning theory, we take self-efficacy of farmers as the antecedent variable affecting entrepreneurship event' occurrence, regard entrepreneurial role model and his/her performance as moderation variables, which will interfere in the relationship between farmers' self-efficacy and entrepreneurship event' occurrence. Based on 300 sample farmers in the outskirt of Beijing, the empirical results show that farmers' self-efficacy has a significantly positive impact on entrepreneurial event' occurrence of farmers; Also, entrepreneurial role model has a significantly positive impact on the relationship between self-efficacy and entrepreneurial event' occurrence of farmers; However, the performance of entrepreneurial role model has a significantly negative impact on the relationship between self-efficacy and entrepreneurial event' occurrence of farmers. References | Related Articles | Metrics

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Geographical Endowment, Foreign Trade and the Industrial Technology Innovation Efficiency Based on Analysis of Panel Quantile Experience Wang Hui, Bian Yijie, Wang Shuqiao, Li Xiaocong 2017, 29 (3):  40-48.  Abstract ( 249 )   PDF (1089KB) ( 720 )   Based on the data from provincial industrial enterprises in China from 2001 to 2013, this paper studies foreign trade's impact on innovation efficiency of industrial technology of the whole country, three major economic regions and each quantile. It applies quantile regression panel method to survey. Research result shows that industrial technology innovation efficiency of East China takes a leading position, while catch-up effect in Middle and West China is obvious measured with SBM model. Meanwhile it has a twin-peak feature by kernel density curve. Import trade has a lever effect on innovation efficiency of industrial technology in the nationwide situation, while export trade has a distinct crowding-out effect on innovation efficiency of industrial technology. Among the three major regions, import trade all has positive spillover effects, while export trade has a lever effect in East China and a crowding-out effect in Middle China. However spillover effect in West China depends on the location of specific quantile. Finally, based on the empirical conclusion, this paper puts forward the corresponding suggestion. References | Related Articles | Metrics

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The Influence of Intangible TSIs on Strategic Performance and the Moderating Effect Yang Pianpian, Qian Liping 2017, 29 (3):  49-61.  Abstract ( 207 )   PDF (1178KB) ( 535 )   Previous empirical researches have provided plenty of evidence for the positive relationship between transaction specific investments (TSIs) and economic performance. However, few papers discuss the relationship between TSIs and strategic performance. To fill this research gap, this empirical paper finds that manufacturers' intangible TSIs rather than tangible TSIs could improve distributors' strategic performance. Besides, based on contingency theory, this study concludes that both outside environmental condition and inside relationship atmosphere could moderate the focus relationship between manufacturers' intangible TSIs and distributors' strategic performance: competition intensity faced by distributors strengthens the focus relationship, while technology uncertainty faced by distributors weakens it; First-order moderating effect of guanxi between boundary spanners is not significant, while it serves as ‘amplifier’ in the moderating effect of two environmental factors, namely, it has a ‘bonding’ second-order moderating effect if combined with competition intensity and a "locking" second-order moderating effect if combined with technology uncertainty. Using 206 Chinese distributors' data, this study proposes and verifies the above hypotheses. References | Related Articles | Metrics

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Does CFO Serving as a Director Improve Investment Efficiency? ——Evidence from Chinese listed Firms Yuan Jianguo, Fan Wenlin, Cheng Chen, Xiao Huafang 2017, 29 (3):  62-73.  Abstract ( 245 )   PDF (1084KB) ( 721 )   In this paper, we examine the influence of CFO serving as a director on investment efficiency based on the sample of Chinese listed firms during the period 2004-2013. The study finds that CFO's directorship can improve investment efficiency and restrain inefficient investment behavior; the more adverse the external information environment is, the stronger influence CFO's directorship will have on the improvement of investment efficiency. Further study shows that a CFO's directorship has the maximum driving effect on investment efficiency by the 2nd or 3rd year of his or her directorship but has an inhibiting effect by the 5th year. Finally, through quantile regression, it is found that the less efficient the current investment is, the stronger influence on investment efficiency will come from CFO serving as a director. References | Related Articles | Metrics

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Research on the Influence Mechanism of the Internal and External Factors of Investment Ability for the Power Grid Enterprises Xu Xiaomin, Niu Dongxiao, Qin Honghao, Wu Han, Zhu Guorong 2017, 29 (3):  74-89.  Abstract ( 241 )   PDF (1483KB) ( 957 )   Given the expanding power grid and investment scale, it becomes especially important to research power grid enterprises' investment capacity. From the viewpoint of managers, in order to grasp the development trend of future investment, it is advisable to consider both internal and external factors which affect investment ability, and moreover to study the influence mechanism between them. Apart from this, it can establish a foundation for decision makers to adjust investment capacity. From the perspective of enterprise finance and the macro point of view of social economy, this paper builds a reasonable investment ability index system of influencing factors combining with a province's historical data from 2005 to 2013. Then based on the theory of grey clustering analysis and path analysis methods, we exploit SPSS software to realize modeling process and get the results. The results show that: (1) Factors which affect the ability of the power grid enterprise investment can be divided into six classes according to the grey clustering. (2) The most direct impact comes from depreciation, financing and profit, among which financing makes the greatest influence and profits ranks the second. They have both direct and indirect effects on investment capacity. (3) The assets and liabilities of power grid enterprises are relatively high, which will increase the risk of operation and investment of enterprises. In the future development and management, the enterprises should strengthen the management of funds. (4) Other factors can only affect the investment ability indirectly by means of influencing one or more of the above three factors. At the same time, the influence of external factors on investment capacity cannot be ignored. References | Related Articles | Metrics

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A Bibliometric Analysis of Institutional Logics Researches Yang Shuyan, Wu Xiaojie, Wang Xiuqiong 2017, 29 (3):  90-109.  Abstract ( 365 )   PDF (1997KB) ( 2717 )   This paper uses bibliometric analysis method to investigate the external features, scientific knowledge structure, hotspots and trends of institutional logics field based on Web of Science database from its launch in 1998 to 2015, and obtains the following results: First, the scientific knowledge structure of institutional logics research field consists of six parts: competing logics, institutional change and organizational practice; the relationship between institutions and organizations; multiple institutional environments, hybrid organizations and institutional entrepreneurship; multiple institutional logics, competing logics and organizational strategic response; institutionalization, institutional theory and institutional change; organizational legitimacy, organizational field and strategic response. Second, the hotspots and trends of institutional logics researches are composed of four types of theme groups: organizational strategic response under competing logics; institutional entrepreneurship and legitimacy; institutional logics and organizational strategic response in emerging economies; influence of different levels of government institutional logics on organizations. Finally, some suggestions are put forward about the future academic research direction and management practice of institutional logics. References | Related Articles | Metrics

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Cost Stickiness, Corporation Governance and Executive Pay—Performance Sensitivity——An Empirical Research Based on the Risk Perspective Xie Huobao, Hui Lili 2017, 29 (3):  110-125.  Abstract ( 287 )   PDF (1143KB) ( 894 )   Cost stickiness is an important characteristic in the manufacturing firms, reflecting the operational risks in the role of industry property, asset characteristics and executive decision. Using the manufacturing firms in the period of 2005-2012 as sample, we examine the relationship between cost stickiness and executive pay—performance sensitivity, and the regulation of corporate governance factors on the above relationship. We find the cost stickiness significantly lowers the executive PPS. Further analysis shows that cost stickiness has significant negative relationship with executive PPS in the non-SOE comparing to SOE. Third, the above relationship is more significant when CEO's tenure is longer. Forth, the negative relationship between cost stickiness and executive PPS will be more significant in the firms with lower transparency. However, these conclusions do not appear in state-owned enterprises. References | Related Articles | Metrics

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Understanding the Relationship between Leader Boundary Spanning Behavior and Team Innovation: A Knowledge Management Perspective Song Meng, Wang Zhen, Zhang Hualei 2017, 29 (3):  126-135.  Abstract ( 308 )   PDF (1072KB) ( 864 )   Existing literatures primarily investigate the antecedents of team innovation from team characteristics and process perspectives, paying less attention to the role of external activities and internal-external interface activities. In this study, we introduce leader's boundary spanning behavior, and examine its influence on team innovation as well as the underlying mechanisms and boundary conditions. Analysis of a sample of 111 R & D teams indicates that team leader's boundary spanning behavior has a positive effect on team innovation, through the mediating role of knowledge sharing quality (not quantity). Further, team communication is found to marginally moderate leader's boundary spanning behavior, namely team innovation is better improved by leader's boundary spanning behavior when the communication with the team is better. The findings deepen our understanding of antecedents that foster team innovation, and provide implications for team innovation management. References | Related Articles | Metrics

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High-performance Work Systems and Employee Job Performance: A Self-concept Perspective Zhang Junwei, Long Lirong, Wang Taolin 2017, 29 (3):  136-146.  Abstract ( 313 )   PDF (1109KB) ( 886 )   Existing researches mainly use human capital theory, resource-based theory, social exchange theory and social information processing theory to explain mediating mechanisms in high-performance work systems (HPWS), but none explores how HPWS influences its outcomes through employee self-concept. Therefore, this study examines the mediating role of organization-based self-esteem (OBSE) in HPWS-employee job performance linkage from the perspective of self-concept. In addition, we test the moderating role of HPWS differentiation (DHPWS) playing in the linkage between HPWS and employee OBSE. We examine the hypotheses proposed with matched field data collected from 83 department supervisors and 388 employees. The results of the hierarchical linear modeling reveal that OBSE mediates the relationship between HPWS and employee job performance. Moreover, DHPWS moderates the relationship between HPWS and employee OBSE, such that the relationship is stronger for departments with low DHPWS than for departments with high DHPWS. Finally, the results of multilevel moderated mediation analysis show that DHPWS moderates the mediating effect of OBSE on the relationship between HPWS and employee job performance. This mediating effect is strong when DHPWS is low. References | Related Articles | Metrics

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Classified Governance of State-owned Enterprises, Government Control and the Executive Compensation Incentive——Empirical Research Based on Chinese Listed Companies Chen Xia, Ma Lianfu, Ding Zhensong 2017, 29 (3):  147-156.  Abstract ( 249 )   PDF (1075KB) ( 1045 )   In this paper, we use the data of Chinese listed companies from 2006 to 2013 to examine the difference of executive compensation incentive effect in three categories of state-owned enterprises. We find that the executive compensations have positive effect on firm performance in competitive state-owned companies, but have no effect in the other two types. Furthermore, we find the effect is greater in competitive state-owned companies, compared with the non state-owned listed companies. Also, we find that in the competitive state-owned listed companies, as the power of government control increases, the executive compensation incentive effect is weakened. Therefore, in order to enhance the effectiveness of executive compensation incentive in state-owned enterprises, the government should loosen the control over competitive state-owned companies gradually. Unlike the existing researches, this paper highlights the differences of executive compensation incentive between different types of state-owned enterprise. In the new stage of classified reform of Chinese state-owned enterprises, this research has certain theoretical and practical significance. References | Related Articles | Metrics

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Moderating Mechanism of Cultural Values on Leader-Member Relationship (LMR), Work Outcomes, and Mental Health: Comparing the Perspectives of Interpersonal Relationships and Social Exchanges Ren Zhen, Wang Dengfeng, Lu Zheng 2017, 29 (3):  157-167.  Abstract ( 202 )   PDF (1175KB) ( 836 )   Drawing on a sample of 133 leader-member dyads from the party and government organs, public institutions and private companies, this paper examines the moderating effect of power distance and Chinese traditionality on relationships among leader-member relationship (LMR), work outcomes and mental health from the perspectives of interpersonal relationships. Results show that both power distance and traditionality alter relationships of LMR to most parts of work outcomes and mental health indicators. For members scoring high (versus low) on power distance, LMR has a stronger effect on their task performance and organizational citizenship behaviors, but a weaker effect on job burnout and satisfaction. For members scoring high (versus low) on traditionality, LMR influences their task performance, burnout and mental well-being more strongly. Cultural values works as a moderator not from the perspectives of social exchanges but from interpersonal relationships. And power distance and Chinese traditionality have different moderating mechanism. Compared to LMX, LMR is more sensitive to the moderating role of cultural values. References | Related Articles | Metrics

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Managerial Power, Cash Dividend Policy and Value Effect Zhang Chunlong, Zhang Guoliang 2017, 29 (3):  168-175.  Abstract ( 224 )   PDF (1000KB) ( 706 )   Cash Dividend Policy is always a hot issue for academic researchers, but most of them analyze the motivations of cash dividends from the view point of agency theory and few researchers emphasize the managerial power, which is the approach to realize the motivations of cash dividends. Based on the fact of the low cash dividends in China's capital market, this paper analyzes the relationship between managerial power and cash dividend policy, and its value effect. It reveals that managerial power has a great effect on the cash dividend policy. With the increase of the managerial power, the inclination and level of cash dividends gets much weaker, the marginal value of cash dividends gets lower. References | Related Articles | Metrics

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The Mechanism of Multichannel Integration Impact on Cross-channel Customer Retention Zhou Fei, Ran Maogang, Sha Zhenquan 2017, 29 (3):  176-185.  Abstract ( 226 )   PDF (1114KB) ( 876 )   Based on Reciprocity Behavior Theory of communication channels, this study explores the mechanism of multi-channel integration impact on cross-channel customer retention, examining the effect of channels customer communication quality and hedonic shopping orientation. Through the data of 272 multi-channel customers, this research finds that: (1) the direct influence of multi-channel integration on the channel communication quality and cross-channel customer retention is evident; (2) channel communication quality plays as a fully mediated variable between the information integration and cross-channel customer retention, and play as a partially mediated variable between business integration and cross-channel customer retention, process integration and cross-channel customer retention respectively; (3) the hedonic shopping orientation moderates the relationship between multi-channel information integration, process integration and channel communication quality respectively and also moderates the relationship between multi-channel process integration and cross-channel customer retention. References | Related Articles | Metrics

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International Comparison of Health Care System and Resource Allocation Li Lei, Li Jingyu, Liu Bing, Qiao Han 2017, 29 (3):  186-196.  Abstract ( 564 )   PDF (1149KB) ( 4253 )   Health care has caused widespread concern all over the world. From the perspective of international comparison, this paper analyzes different countries' existing health care system and their respective resource allocation. At first, based on literature researches, we divide the diverse health care systems into five categories and then choose eight representative countries, either developed or developing, for detailed description. In addition, the allocation of health care resources, including health costs, human resources and fixed assets, is compared with the relevant statistics. And particularly for health costs, a comparative framework of six dimensions is put forward. The differences of health care among the various countries are discussed from two aspects, i.e. systems and resource allocation, in the hope of providing significant references for the follow-up studies. References | Related Articles | Metrics

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Research of Watershed Management PPP Project Contract Based on the Market Mechanism Chang Liang, Liu Fengchao, Yang Chunwei 2017, 29 (3):  197-206.  Abstract ( 263 )   PDF (1074KB) ( 589 )   It has been proved that the PPP mode is a kind of mature and effective mechanism of marketization in public service (administration) by foreign practice, and it has a positive use for reference significance to promote Chinese watershed management marketization. Based on contract theory, the paper builds up watershed management PPP project Holmstrom-Milgrom model, and reconstructs the main role and interest relationship between the government and the market body in the process of watershed management marketization. Studies have shown that it could effectively reduce principal-agent cost and improve the flexibility and benefits of the project contract when the third party supervision is wrote in watershed management PPP project contract. Finally, it puts forward policy recommendations. References | Related Articles | Metrics

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The Transmission and Impact of Pension Security Policy Values——Evidence from Private Firms in Hubei Province Li Suli, Bai Yantao 2017, 29 (3):  207-218.  Abstract ( 169 )   PDF (1241KB) ( 520 )   How to effectively develop the value of pension security policy on the retirement life support has received great attention in a long time. Based on the survey from 15 private firms in Hubei province, a model of the transmission and impact of pension security policy values on the retirement life support is presented. Their impacts are also empirically compared. The results show that the appropriateness of pension security policy is positively correlated with sufficiency and responsiveness. The sharing of pension security policy has positive impact on benefit, sufficiency, fairness and responsiveness. This suggests reasonable basic pension security systems are the premise of pension treatment, pension fairness and service homogeneity, which are the common responsibilities of the government, firms and individuals as well. In addition, the sufficiency, fairness and responsiveness of pension security policy have positive impact on retirement life support perceived by employees in private firms. However, the sufficiency of pension security policy plays a more important role than benefit in the retirement life support perceived by employees in private firms, whereas the fairness and responsiveness are perceived to have similar effects. Not only should pension security give consideration to the comprehensiveness, but also focus on the targets and key points, in order to satisfy the requirements of employees, effectively develop the values of pension security policy and ensure the high level of retirement life of employees in private firms. References | Related Articles | Metrics

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Collaboration of Public Service Contracting: An Evolutionary Game Analysis Shen Liang, Wang Yuyan 2017, 29 (3):  219-230.  Abstract ( 241 )   PDF (1582KB) ( 776 )   The objective of public services contracting is to improve the efficiency of public funds and provide better public services for the public through specialized operating of business or social organizations. However, achieving this purpose needs collaboration among the government, contractors and the public. By constructing evolutionary game model and applying system dynamics simulation analysis, the conclusion shows that, in the public service contracting: (1) the tripartite will eventually reach an equilibrium (government regulation, public participation, contractors effort), to which public participation contributes significantly; (2) Strategic selection of the tripartite is more sensitive to the change of related individual constituents of exogenous variables, but in the end, the policy choice depends on the comparison among a number of variables, so the government should handle the relationship between the various stakeholders; (3) Whether contractors make effort or not has no direct impact on the public selection, so the government should take appropriate measures to punish the contractors who do not work hard. These findings will have positive reference for China's current public service contracting development. References | Related Articles | Metrics

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A Study on the Community Governance of Public Rental Housing Zou Jinsong 2017, 29 (3):  231-241.  Abstract ( 231 )   PDF (1205KB) ( 774 )   The large-scale use of affordable housing over recent years has highlighted the importance of affordable housing community governance. This paper makes an analysis into the community governance mechanism of public rental housing. Firstly, a two-level principal-agent model is constructed and a theoretical analysis of the impact of moral hazard and residents' participation on the governance mechanism is made by employing the constructed model. Then, the case of Beijing is discussed and some suggestions on how to improve the effect of the community governance are provided. This research is useful for the government to better manage public rental housing community. References | Related Articles | Metrics

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The Dynamic Influence of Equity Allocation Design on Chinese Entrepreneurial Team's Psychological Ownership: A Two-case Comparison Study Zheng Xiaoming, Chen Hao, Gong Yangran 2017, 29 (3):  242-260.  Abstract ( 293 )   PDF (1371KB) ( 1141 )   By adopting a dynamic perspective, this study explores the influence of equity allocation design on entrepreneurial team psychological ownership in entrepreneurial firms. We use an exploratory case method, apply theoretical sampling to select two Chinese listed private high-tech firms on GEM, and track them for over a year. We triangulate our data collection methods and analyze data using temporal bracketing. We find that equity allocation design affects entrepreneurial team psychological ownership through an internal mechanism. Specifically, equity allocation design influences team power structure and team knowledge structure, which leads to different levels of team member exchange and consequently leads to change of entrepreneurial team psychological ownership. Our findings contribute to the literature and provide implications to entrepreneurial firms. References | Related Articles | Metrics

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A Case Study on the Formation Mechanism of the Patients' Perceived Value in Mobile Medical System Hu Rong, Chen Huifang, Xu Weiguo 2017, 29 (3):  261-270.  Abstract ( 234 )   PDF (1208KB) ( 972 )   This paper explores how the mobile medical services have changed the traditional medical service and driven the whole service to a high level. To explain the service innovation process, we conduct an exploratory case study to examine the patient perceived value of mobile medical service. Using exploratory case analysis method, we construct the formation theory of patient perceived value in mobile medical system: 1) The mobile medical service improves the interaction mode between doctors and patients; 2) The mobile medical expands the scope and content of information sharing; 3) Medical information sharing enhances the patient perceived value. This case study achieves a useful extension of the research on the mechanism of medical service innovation. References | Related Articles | Metrics