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28 April 2017, Volume 29 Issue 4 Previous Issue    Next Issue

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The Effects of Macroeconomic News on Financial Crisis Contagion Zhang Yi, Hui Xiaofeng, Wu Baoxiu 2017, 29 (4):  3-11,24.  Abstract ( 197 )   PDF (1127KB) ( 798 )   The inter-market contagion effect incurred by the global financial crisis has been a focus of financial study and it is found that information channel is one of the key channels that the crisis spread through. In this paper, we use the quantile regression technique along with coexceedance, a contagion measure, to assess the extent to which news events contribute to contagion in the stock markets during the crisis between 2007 and 2009. We include conditional volatility and investor sentiment as control variables in our model and use a two-stage approach to model the contagion effect. The empirical results indicate that the release of macroeconomic information indeed exacerbates contagion effect of the financial crisis and especially has a more significant influence for the lower tail risk diffusion. References | Related Articles | Metrics

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R&D Investment, Venture Capital and IPO Underpricing——An Empirical Study of IPO Companies in GEM Han Peng, Shen Chunya 2017, 29 (4):  12-24.  Abstract ( 275 )   PDF (1129KB) ( 1103 )   Introducing R&D information disclosure index, R&D market mispricing and venture capital moderating variable into the research of R&D investment and IPO underpricing can improve the external validity of IPO underpricing. This empirical research draws upon the companies that completed IPO in GEM during the period from 30 October 2009 to 31 December 2012 and finds that R&D information disclosure level and R&D market mispricing both have an important influence on IPO underpricing, while venture capital functions only as a signal, not as information, hence leading to higher degree of IPO underpricing. The results show that higher level of information disclosure and stricter requirement for intermediary agents to manage information can reduce IPO underpricing effectively. References | Related Articles | Metrics

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Financial Crisis and the Pricing of Single-name CDS in General Equilibrium Chen Yansheng, Zou Huiwen 2017, 29 (4):  25-35.  Abstract ( 189 )   PDF (1297KB) ( 803 )   Subprime crisis had been considered to be relevant to the pricing of credit derivatives. Currently, methods of credit derivative pricing are based on no arbitrage principle. But researching in only one framework may result in blind spot. This paper builds a pricing model of single-name CDS in general equilibrium of production market and finance market. It finds that price of CDS in general equilibrium already contains price in no arbitrage principle. In sensitivity analysis, we compare the pricing of CDS in general equilibrium case and in no arbitrage case and find that price in general equilibrium can depict risk of CDS more sufficiently and accurately. In scenario simulation, we compare the pricing of CDS before and after the financial crisis in general equilibrium case and in no arbitrage case and find that gap of the pricing of CDS between them is bigger during the financial crisis but smaller after the financial crisis. This also reflects that pricing in general equilibrium case is an improvement to the pricing in no arbitrage case. References | Related Articles | Metrics

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Impact of Incubator Orchestration Capacity on Innovation Performance of Incubation Network: The Mediating Role of Network Synergistic Effect Bi Kejia, Hu Haiqing, Zhang Daohong 2017, 29 (4):  36-46.  Abstract ( 212 )   PDF (1143KB) ( 826 )   Given the fact that incubators' function of promoting the development and evolution of incubation network is often ignored, we introduce orchestration theory into enterprise incubation network and propose incubator orchestration capacity to explain the contradictory conclusion of the usefulness and impact of business incubator on incubation performance and enrich the reference to exploring influencing factors in incubation process. Sampling data from 194 incubated firms, this paper discusses the mechanism of impact of incubator orchestration capacity on incubation network innovation performance from network perspective. The results show that incubator knowledge mobility capacity, innovation appropriability capacity and network stability capacity all have a positive and significant impact on incubation network innovation performance; all dimensions of incubator orchestration capacity have a positive and significant impact on incubation network synergistic effect; network synergy has a complete mediating effect on the relationship between incubator knowledge mobility capacity and incubation network innovation performance and a partial mediating effect in the relationship among innovation appropriability capacity, network stability capacity and incubation network innovation performance, respectively. The research conclusions contribute a new theoretical perspective of explaining incubation performance diversification, and could be a new reference to complementing incubator capacity construction and decoding incubation resource orchestration process to improve incubation performance. References | Related Articles | Metrics

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Learning from Failure, Entrepreneurial Action Learning and Entrepreneurship Competence——Moderating Effect of Grief Recovery Orientation Xie Yaping, Liang Surong, Chen Ruijun 2017, 29 (4):  47-58.  Abstract ( 308 )   PDF (1157KB) ( 1165 )   Failure is of special learning value, but few studies have examined the relationship between learning from failure and entrepreneurial competence. This paper constructs a conceptual model of the relationship between learning from failure and entrepreneurial competence, with entrepreneurial action learning as a mediator variable and grief recovery orientation as moderating variable, and empirically tests are 358 entrepreneurs who failed before they successfully started up their own business. The study finds that learning from the experiences of daily failures, career failures and entrepreneurship failures are conducive to improving entrepreneurial competence, and counterfactual thinking plays an important role in learning from failure process; entrepreneurial action learning plays a partly mediating role from three dimensions: critical reflection, interactive support and execution application; entrepreneurial competence is the results of "learning from failure-entrepreneurial action learning" double loop learning chain; oscillation orientation positively regulates the relationships of learning from failure, entrepreneurial action learning and entrepreneurial ability. This study is enlightening for those frustrated entrepreneurs to regain confidence and enhance entrepreneurial competence. References | Related Articles | Metrics

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An Analysis of the Transmission Mechanism from Social Network to Individual Entrepreneurial Intentions Liang Qi, Zhang Chun 2017, 29 (4):  59-67.  Abstract ( 225 )   PDF (1084KB) ( 692 )   Some scholars agree that the individual entrepreneurial intention is related to the quantity of entrepreneurial resources while others take it for granted that the ability and the trait of entrepreneur play an important role in the formation of entrepreneurial intention. In order to give an analysis to the mechanism from social network to individually entrepreneurial intention, in this paper, we manage to integrate the two points by constructing a conceptual model including the mediating effect of opportunity recognition and the moderating effect of self-efficacy. Furthermore, this model is verified by hierarchical regression analysis based on the data of 174 questionnaires. The result shows that social network is positive to the individual entrepreneurial intention and entrepreneurial opportunity recognition has a mediating effect to this process and especially a full mediating effect to the relationship between network place and entrepreneurial intention. At the same time, self-efficacy has a positive moderating effect to this intermediary effect. This analysis has an outstanding enlightenment on the relative theory and has something significant on the cultivation practice of entrepreneurial intention. References | Related Articles | Metrics

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Research on the Construction of University-driven Open Innovation Ecosystem Lyu Yibo, Han Shaojie, Su Jingqin, Wang Shujuan 2017, 29 (4):  68-82.  Abstract ( 265 )   PDF (1509KB) ( 823 )   With the rise of open innovation paradigm, innovation ecosystem is showing features of openness. As the bearers of basic research and the source of original innovation, universities play a bigger role in leading and driving the open innovation ecosystem. So the construction of university-driven open innovation ecosystem becomes a new trend in theoretical research and industrial development. Focusing on the collaborative innovation center of the target-based functional foods and drugs led by Dalian Medical University, the paper makes an exploration into the construction of university-driven open innovation ecosystem by means of single case study to recognize the features of constructing agent, constructing element, constructing mechanism, boundary expanding based on different constructing stages. We discover that: (1) the construction of university-driven open innovation ecosystem can be divided into three stages:the gathering of core members, the formation of basic framework and the dynamic development of system; (2) the expert-led mechanism is the core mechanism which runs through the whole constructing process of university-driven open innovation ecosystem; (3) the generalization of the function of “decomposers” is an important feature for the constructing agent in the university-driven open innovation ecosystem; (4) distributed innovation network platform is a core element of the university-driven open innovation ecosystem successfully constructed; (5) the fuzziness and penetration of boundaries is a unique phenomenon exhibited in the construction of university-driven open innovation ecosystem. References | Related Articles | Metrics

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Empirical Research of Jump Bidding in Online Ascending Auction Ye Wen, Zhan Wenjie, Zou Yi, Yang Jie 2017, 29 (4):  83-90.  Abstract ( 195 )   PDF (1222KB) ( 785 )   Jump bidding is an interesting phenomenon in an ascending auction. Overseas scholars have provided signaling model, impatience model and strategic models to explain the behaviour. Based on the former two models, this paper empirically studies jump bidding behaviours in ascending auctions of Taobao from three aspects. They are the timing of jump bidding, the magnitude of bid increase and the effect of competition level on jump. The results show that the timing of jump bidding is regularly distributed as “J” type, which does not confirm the explanations of both signaling and impatience models. However, the magnitude of bid increase and the effect of competition satisfy the explanations of the two models on the whole. This paper examines the applicability of two classic models in the situation of China, and provides decision support for Chinese online consumers who want to give jump bidding. References | Related Articles | Metrics

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Study on Provision Model Choices, Price and Advertising Level for Operators' Online Video Content Tan Deqing, Li Ziqing 2017, 29 (4):  91-97.  Abstract ( 230 )   PDF (1071KB) ( 740 )   How to choose video content provision models, content price and advertising level always is an issue which online video operators need to deal with. The paper analyzes differentiated quality optimal content provision model, content price and optimal advertising level between two operators. The results show that low-quality operators only provide ad-sponsored free content model, which serves low-type user and gain profits, and the high-quality operators only provide payment-based content models, which serves high-type user and gain profits in equilibrium. References | Related Articles | Metrics

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Creation and Experiential Value under the CGM Environment——Content Analysis Based on the Interview from Micro-blog Users Yao Yanan, Guo Guoqing, Lian Yi, Li Qing 2017, 29 (4):  98-107.  Abstract ( 280 )   PDF (1102KB) ( 1138 )   Consumer-generated Media (CGM) is an umbrella name of micro-blog, SNS, blog, virtual community and other personal media platforms. Customer creation under the CGM refers to the creation behavior and process during which customers make, post, or recreate a variety of contents, and customers can perceive experiential value. Taking micro-blog as an example, and based on the content analysis of interview from 26 micro-blog users, this paper finds that: created contents on micro-blog are mainly about daily experiences; marketing efforts of enterprises, rewards on micro-blog platform, other users creation behaviors and encouragements are influential factors of customer creation; autonomy, esteemed and social motivations are main creation motivations; customers perceive social relation, social identity, and entertainment creation experiential values during and after creation process. Enterprises should impose on influential factors of creation behavior, stimulate creation motivation through customer daily experience, and make marketing strategies in terms of creation behaviors and experiential values, and then influence customer creation behaviors. Research results of this paper are helpful for marketers to understand micro-blog user behaviors, and theoretically supportive for simulating customer creation behaviors, making effective marketing communication based on customer created contents. References | Related Articles | Metrics

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The Effect of Five-dimensional Industrial Relations Climate on Employees' Psychological Safety and Job Embeddedness——An Empirical Study of Private Enterprises in Guangdong and Shandong Regions of China Li Zhaomin, Zhao Shuming 2017, 29 (4):  108-121.  Abstract ( 246 )   PDF (1271KB) ( 999 )   Given the actual background of frequent labor conflicts in Chinese private enterprises, this paper attempts to solve the problem of employees' psychological safety and job embeddedness from the perspective of industrial relations climate. Based on the theoretical review, this paper brings forward the research hypothesis of five-dimensional industrial relations climate influencing employees' psychological safety and job embeddedness, and develops a theoretical model. Using survey data from Chinese private enterprises in Guangdong and Shandong regions, this paper makes an empirical analysis of the effect of five-dimensional industrial relations climate on employees' psychological safety and job embeddedness. This paper adopts the structural equation method of PLS-GRAPH statistical software. Further, this paper demonstrates the universality of the theoretical model according to the different regions and industries. The results indicate that harmony, openness and hostility dimensions of industrial relations climate have a significant effect on employees' psychological safety and job embeddedness; promptness dimension of industrial relations climate has a significant effect on employees' job embeddedness; employees' psychological safety is positively related to job embeddedness; there is also an obvious difference in the effect of five-dimensional industrial relations climate on employees' psychological safety and job embeddedness between in the high and low technology-intensive industries. References | Related Articles | Metrics

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The Influence of Workload on Perceived Intragroup Conflicts——The Moderating Effects of Locus of Control and Affect-Based Trust Wang Min, Li Shumin 2017, 29 (4):  122-133.  Abstract ( 240 )   PDF (1227KB) ( 914 )   Based on a sample of 113 individuals, working in 37 classroom groups, the present study examines the relationship between individuals' workload and perceived intragroup conflicts (task, relationship, and process conflict) as well as the buffering conditions. Using a longitudinal design, we find that workload is positively associated with perceived relationship conflict and process conflict, but is not associated with task conflict. The results also show that, for individuals with internal locus of control (vs. external LOC), the positive relationship between workload and perceived conflict is lessened. Additionally, the relationship is weaker under conditions of high affect-based trust in the group than low trust. References | Related Articles | Metrics

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Influence of Subordinates' Challenge-oriented Organizational Citizenship Behavior on Performance Appraisal: Moderating Effect of Supervisor's Organizational Commitment Yan Jing, Zhang Xu, Shao Fang 2017, 29 (4):  134-142.  Abstract ( 242 )   PDF (1115KB) ( 802 )   In this research we predict that a subordinate's challenge-oriented organizational citizenship behavior (COCB) may influence his supervisor's performance appraisal. We further propose that the relationship between subordinates' COCB and supervisors' performance appraisal is moderated by the supervisor's organizational commitment. Results support hypotheses using 432 dyads of valid responses. Consistent with our prediction, the curvilinear association between COCB and performance appraisal is significantly moderated by the supervisor's organizational commitment. References | Related Articles | Metrics

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Error Aversion and Group Performance: A Multilevel Chain Mediating Model Zhang Ruoyong, Zhang Liuliu, Wang Haizhen 2017, 29 (4):  143-153.  Abstract ( 292 )   PDF (1146KB) ( 1462 )   Error aversion climate can lead to negative mentality in a group, but it can also arouse employees' efforts to avoid errors. Does error aversion climate (including error strain and covering up errors) in a group really have effects on group performance? What is the possible mechanism undermining them then? In response to the above research questions, we propose a multilevel model to explore how error aversion climate affect group performance, examining the chained mediating role of voice role identity and prohibitive voice which are at the individual level. We collect data using the paired questionnaires and get data from 130 supervisors and 429 subordinates to test the hypotheses. Multilevel structural equation modeling is used to analyze top-down relationship between error aversion climate and individual voice role identity, relationship between employees' voice role identity and employees' prohibitive voice within the same level and bottom-up relationship between employees' prohibitive voice and group performance. The empirical results show that (1) error strain is positively related to voice role identity; (2) voice role identity is positively related to prohibitive voice; (3) prohibitive voice is positively related to group performance; and (4) the indirect relationship between error strain and group performance is sequentially transmitted through voice role identity and prohibitive voice. References | Related Articles | Metrics

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Informal Status, Error Management Culture and Employees' Innovative Behavior Choice Deng Chuanjun, Liu Zhiqiang, Wang Fengjuan 2017, 29 (4):  154-162,195.  Abstract ( 247 )   PDF (1160KB) ( 951 )   The relationship between status and employees' innovative behavior has been a hot topic; however, the conclusions of different studies are incongruent. This study is trying to draw a better understanding of the status-innovation behavior relationship by distinguishing the innovative behavior into two different phases: thoughts (expressing ideas) and application (diffusing/realizing ideas). The results show that informal status has a positive and significant effect on individual diffusing/realizing ideas; with organizational error management culture has a moderating effect on the positive path. For example, higher informal status employees diffuse/realize more ideas, while lower informal status employees diffuse/realize fewer ideas. In the context of high error management culture, lower informal status employees expressing and diffusing/realizing ideas increase more than the higher status. However, in low error management culture, both high and low informal status employees' behaviors of expressing and diffusing/realizing ideas decrease, only that the lower informal status decline more than the higher informal status. Overall, within the context of error management culture, the low informal status individual has a greater change in the innovation behavior choice comparing with the high informal status. The result of this study is an effective support to the hypothesis that there is innovative behavior choice within employees. References | Related Articles | Metrics

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Research on Negative Outcomes of Organizational Citizenship Behavior: Based on Generalized Exchange, Impression Management and Evolutionary Psychology Liu Jiaguo, Zhou Yuanyuan, Shi Qianwen 2017, 29 (4):  163-180.  Abstract ( 416 )   PDF (1330KB) ( 1491 )   Organizational citizenship behavior (OCB) is a hot research topic in the field of applied psychology and organizational behavior, but the existing researches focus on its antecedent variables based on the assumption that OCB is extra role behavior that is of benefit to organization development. Few researches look into the outcomes, especially the negative outcomes, of OCB. In addition, the results of existing empirical researches about OCB leading to work family conflict, unfair evaluation of performance, role overload and other negative outcomes are not unified. Whether there are negative outcomes of OCB is still unclear. Based on evolutionary psychological theories and using generalized reciprocity and impression management theories, this paper finds that, in Chinese situation, due to the leader's role of allocating organization resources, influencing employee's performance appraisal, benefits and development in the organization, OCB is of benefit to the performer to get leader's affective trust and then let the performer get more benefits from the organization, which does not necessarily lead to work interference with family conflict and role overload. This conclusion expands the knowledge on the relationship between OCB and work interference family conflict, role overload, and other negative outcomes, and is helpful to deepen the understanding of OCB and its outcome variables. References | Related Articles | Metrics

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The Effect of Customer Relationship Concentration on Corporate Cash Holdings under Different Competitive Market Conditions: An Empirical Study Based on Enlisted Companies in China's Manufacture Industry Liu Duan, Wang Zhuqing 2017, 29 (4):  181-195.  Abstract ( 236 )   PDF (1185KB) ( 611 )   Cash holding is an important decision of financial resources, which is affected by various corporate decisions, competitive market strategies and customer relationship in the product market. Based on the data of Chinese manufacturing firms listed during 2001 to 2013, this study examines the effect of customer relationship concentration on corporate cash holding. The result shows that the customer relationship concentration has significant positive effect on corporate cash holdings. The higher customer relationship concentration is, the more cash reserves firms will tend to hold. When the market conditions are considered, the positive effect will change significantly. If the competition is fierce, the dynamism or the uncertainty of market environment is strong, with customer relationship concentration increasing, firms' motivation to hold cash reserves will be magnified. In addition, for firms in a weak market position, the positive impact of customer relationship concentration on cash holdings will be significantly stronger than firms in a strong market position. References | Related Articles | Metrics

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State Ownership, Political Connections, and Corporate Performance: A Research Based on Chinese Private-controlled Listed Firms Yu Han, Yang Zhonglun, Song Zengji 2017, 29 (4):  196-212.  Abstract ( 238 )   PDF (1238KB) ( 768 )   Unlike previous literatures that treat private entrepreneurs' political participation as an important way of political connection, this study introduces another mechanism of political connections, state ownership in private-owned enterprises. We use a dataset of private-controlled listed companies in China, and empirically investigate the political connection effects and mechanisms of state ownership in private-owned enterprises. The results show that state ownership in private-owned enterprises, just like entrepreneurs' political participation, can improve firm's performances. This is because state ownership relies on its links with the government and helps private-owned enterprises to obtain a number of economic resources. We also find that political participation of entrepreneurs will become less valuable in obtaining economic resources and improving firms' performances if the private-owned enterprises have state ownership. This indicates that the political connection effect by state ownership is built on the institutional-level, and plays a better role than private entrepreneurs' political participation in personal-level. This study provides a new perspective to understand the influence of mixed structure on private-owned enterprises in China's economic transition period, and extends the research fields of corporate political connection. References | Related Articles | Metrics

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The Detection of BDI Index Hidden Periodicities: A VMD-GRGC-FFT Ensemble Methods Yu Fangping, Kuang Haibo 2017, 29 (4):  213-225.  Abstract ( 213 )   PDF (1758KB) ( 961 )   It is significant to find out the periodic characteristics of BDI index, the benchmark index of global shipping market, in order to further understand the law of marine freight rate, forecast the trend of global shipping market and so on. In this study, the BDI index hidden periodicities are discussed in depth, and the main innovation points are: Firstly, the theoretical analysis framework of BDI index periodicities division and formation mechanism is proposed, and the BDI index periodicities fluctuation influence factors of three dimensions: demand side, supply side and non-economy factors, are analyzed. Secondly, the framework of BDI index long period, middle period and short period calculation based on VMD-GRGC-FFT is constructed. BDI index modal components are decomposed by means of Variational Mode Decomposition (VMD), the three synthesis components of low, medium and high frequency are reconstructed using Grey Relational Grades Cluster analysis (GRGC), and hidden average periodicities corresponding to the BDI index are detected through the Fast Fourier transform (FFT) model. Thirdly, we collect BDI index day/week/month data in 1985-2015 for empirical analysis. Results show that: the BDI index's long period is about 16 years, middle period is about 2-4 years and short period is about 0.4-0.6 years. At the same time, we predict that in the next few years after 2016, the BDI index will still be in the long period of the depression stage and the middle period of the recovery stage. References | Related Articles | Metrics

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Validity Measure and Flow Allocation of Military Supply Transportation during War-preparation and Warfare Periods Zhou Wei, Wang Qiangqiang 2017, 29 (4):  226-238.  Abstract ( 159 )   PDF (1246KB) ( 648 )   To address the issue about how to reasonably transport military supply during war-preparation and warfare periods, this paper proposes a validity measure by introducing a similar normal-function, namely the double-exponential function. Then, some attractive properties, such as volume definiteness, flow equilibrium, network convertibility, serial-road continuity, and parallel-road independence, are proven. The differences between the military supply transportations during war-preparation and warfare periods are analyzed. Based on this, the flow allocation models for military supply transportations during war-preparation and warfare periods are constructed. Moreover, two delete-loop methods are given to handle the cyclic flow phenomenon. Finally, two examples of the military supply transportation during war-preparation and warfare periods respectively are provided to demonstrate the feasibility and validity of these new models. References | Related Articles | Metrics

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The Effect of Ownership on Participation for Enterprise Annuity Guo Lei, Zhou Yan, Su Taoyong 2017, 29 (4):  239-254.  Abstract ( 224 )   PDF (1165KB) ( 575 )   Although China's enterprise annuity has been regarded as ‘State-Owned Enterprises' (SOEs’) Club' for a long time, there has been little evidence about how ownership affects participation. Using a sample of China's listed firms in 2013, this paper examines the effect of ownership on firm-level participation in enterprise annuity after controlling tax factors, human resources factors and firm characteristics. The main findings are: ownership affects participation significantly. SOEs are associated with more than 20 per cent higher participation probability; central government controlled SOEs are associated with a 17.6-23 per cent higher participation probability compared with local government controlled SOEs; ownership has not significant moderating effect on the relationships between other factors and participation. References | Related Articles | Metrics

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Business Model Innovation of We Media Based on Community Economy——A Case Study of “LuoJi Thought” Wu Chao, Rao Jiayi, Qiao Han, Hu Yi, Wang Shouyang 2017, 29 (4):  255-263.  Abstract ( 674 )   PDF (1636KB) ( 4219 )   Since 2012, the We media industry rises rapidly in China and its business models show a flourishing scene. Based on the theory of community economy, this paper analyzes the logic of We media rising, and selects “LuoJi Thought” as a typical case. The iceberg dynamic feedback model is established to study its three business model innovations in order to reveal the key elements of the great commercial success and provide management inspiration for the business innovation in the media industry. The research shows that the environment factor is the tacit knowledge and the driving force of business model innovation; the core of the future business society is the community, and the community economy has gradually become a trend; entrepreneurs' personal charisma plays a key role in the early stages, and the latter relies on the organizational management and the maturity of the business community. References | Related Articles | Metrics

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Equity Incentive to Promote the Transformation of Scientific and Technological Achievements——Based on the Case Study of the Chinese Academy of Sciences Nie Changhong, Wu Xiangting 2017, 29 (4):  264-272.  Abstract ( 259 )   PDF (1189KB) ( 1931 )   Equity incentive is an important incentive to promote the transformation of scientific and technological achievements. In this paper, we construct a concept model of equity incentive to promote the transformation of scientific and technological achievements, and expand the theoretical analysis framework based on the two types of equity incentive in the transformation of scientific and technological achievements. On this Basis, this paper makes a case study on the equity incentive of the scientific research units. Finally, some suggestions are put forward to promote the implementation of equity incentive. References | Related Articles | Metrics