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28 July 2017, Volume 29 Issue 7 Previous Issue    Next Issue

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Media Supervision, Rule of Law and Earnings Management of Listed Companies Chen Kejing 2017, 29 (7):  3-18.  Abstract ( 297 )   PDF (1255KB) ( 517 )   There exist significant regional differences in the legal environment of transitional economies and in some regions the mandato-ry rectification mechanism at legal level is not effective enough to constrain listed companies' earnings management behaviors, so an al-ternative rectification mechanism often appears in the market to reinforce the inadequate legal protection from law.Using data of compa-nies listed in Shanghai and Shenzhen stock exchanges in the period 2009-2013, a total of 6266 observations, as a research object, we empirically test the governance effect of media supervision and law on the earnings management of listed companies, examine the substi-tution effect of media supervision in weak legal environment, which reveals that, this substitution effect differs under different ownership nature.Results show that media supervision can effectively restrict listed companies' earnings management behavior.Rule of law can re-duce the level of listed companies' earnings management.Media supervision is an effective non-legal alternative mechanism for restrai-ning listed companies' earnings management behavior, i.e., strong media supervision can effectively reduce the earnings management behaviors induced due to weak legal environment.Based on the exploratory study of the ownership nature, from the perspective of the re-gions with relatively high levels of the rule of law, the study shows that in regions with low levels of the rule of law, media supervision is more effective in restraining earnings management of SOEs than that of non-SOEs. References | Related Articles | Metrics

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A Mean-variance Model Based Study of the Optimal Investment Strategy and Risk Measure of P2P Debt Fu Yi, Zhang Jizhou, Zhou Cui 2017, 29 (7):  19-28.  Abstract ( 268 )   PDF (1917KB) ( 460 )   The first P2P cross-platform system in China for debt trading got online on January 31, 2015 and since then the P2P debt in-vestment has become a hot theme in both business circle and academia.This paper draws upon investors who hold both risk securities and P2P debts, and assumes that their cash flow follows Poisson process.The mean-variance model is built to obtain the optimal investment strategy of P2P debts by using stochastic optimal control approach.According to Dynamical Programming Principle (DPP), the corre-sponding HJB equation is derived.And more importantly, the explicit solutions of the optimal investment strategy and risk measure are given in this paper.Finally, the influence of parameters in the solution is analyzed to illustrate the result. References | Related Articles | Metrics

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Analysis of Input-output Multiplier Time Lag Li Xinru, Liu Peng, Chen Xikang 2017, 29 (7):  29-35,92.  Abstract ( 246 )   PDF (1132KB) ( 649 )   Input-output technique has been widely used in many fields of national economy.At its core is the complete demand coeffi-cient matrix, namely the input-output multiplier.This paper attempts to explore the time lag of input-output multiplier by its power series expansion.This study first illustrates the significance of this work.Then we introduce a method to calculate the time lag of input-output multiplier, and further extend it to partial-closed input-output model and input-occupancy-output model.Finally, with the time lag effect considered, we calculate the effect of the increasing number of Chinese visitors to the U.S.on U.S.value added and employment. References | Related Articles | Metrics

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The Direct and Spillover Effects of Financial Support on Technological Innovation——Research Based on Spatial Panel Durbin Model Cao Xia, Zhang Lupeng 2017, 29 (7):  36-45.  Abstract ( 224 )   PDF (1130KB) ( 533 )   Financial support is an important means to achieve technological innovation.With the development of financial center, the technological innovation has become highly dependent on the support of financial system.From the perspective of the financial efficiency, structure and scale support as well as the development of foreign investment, this paper analyzes the influence of financial support for technological innovation.Choosing different indicators to measure the financial support and technical innovation development, using the spatial panel Durbin model, we analyze the impact of financial development on technological innovation, then explore the direct and spa-tial spillover effects of financial support on technological innovation.The empirical results show that:the financial support has a direct effect on technological innovation;the financial efficiency and scale have a spatial spillover effect on technological innovation.Finally, based on the empirical results, the paper gives some suggestions for promoting China's financial support to technological innovation. References | Related Articles | Metrics

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The Impact of Technological Capability on External Technology Sourcing Yan Zebin, Yang Zhi, Zhou Nan 2017, 29 (7):  46-60.  Abstract ( 179 )   PDF (1380KB) ( 555 )   This paper examines the role of technological capability in external technological sourcing.Building on the absorptive capacity and organizational inertia theories, the authors propose that there is an inverted U-shaped relationship between technological capability and external technological sourcing, rather than linear relationship as assumed in prior literature.Results from 1231 firms in China sug-gest:(1) as technological capability increases, firms'external technology sourcing increases, but after it reaches a high level, firms'external technology sourcing will decline;(2) higher technological uncertainty and policy uncertainty make the inverted U-shaped rela-tionship flatter.In addition, our empirical evidences further suggest stable policy environment enhances the positive impact of technologi-cal capability on external technology sourcing. References | Related Articles | Metrics

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Threshold Effects of Relationship Financing on R&D Investment of Innovative Enterprise——From the Perspective of Information Asymmetry Threshold and Financing Structure Threshold Guo Tao, Ren Xuejiao, Zhao Lili 2017, 29 (7):  61-69.  Abstract ( 246 )   PDF (1126KB) ( 473 )   Based on the panel data of 192 national-level innovative listed enterprises during the period between 2010 and 2013, by estab-lishing threshold panel regression model, this paper analyzes the effect of relationship financing on R&D investment of innovative enter-prise from the perspective of information asymmetry threshold and financing structure threshold.The results show that:there is a signifi-cant threshold effect between relationship financing and R&D investment of innovative enterprise.When the enterprise information asym-metry is in a high level, the relationship financing has a significant positive effect on R&D investment of innovative enterprise, and when the enterprise information asymmetry is in a low level, the relationship financing has a significant negative effect on R&D investment of innovative enterprise.When the enterprise financing structure is in a low or middle level, the relationship financing has a significant posi-tive effect on R&D investment of innovative enterprise, and when the enterprise financing structure in a high level, the relationship finan-cing has a significant negative effect on R&D investment of innovative enterprise. References | Related Articles | Metrics

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A Research on the Perception, Attitudes and Behaviors of Virtual Brand Community Members Ma Xiangyang, Wang Yulong, Wang Bo, Yang Song 2017, 29 (7):  70-81.  Abstract ( 284 )   PDF (1234KB) ( 1064 )   Based on the virtual brand community as the research background, this paper discusses the specific forms of community par-ticipation and divides these forms into two types, posting and viewing, and also sets up a relationship model involving virtual community perception (feeling of membership, influence and immersion), attitudes (brand commitment and community identification) and partici-pation from the psychological perspective of "perception-attitude-behavior".The model reveals the influencing mechanism of "psycholog-ical-behavior" of members in the virtual brand community environment, i.e.feeling of membership and attitudes have a direct impact on the participation behavior, and at the same time, as members'attitude is influenced by different psychological perceptions, it also shows the promotion of community identity to brand commitment.On this basis, through the intermediary test, this paper further proves that the perception of the members will influence the participation behavior through the attitude. References | Related Articles | Metrics

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An Empirical Research on the Factors that Affect Tourism Destination Brand Loyalty and Overall Impression: Evidence from Changji Region in Xinjiang Li Cuiling, Qin Xuzhong, Zhao Hong 2017, 29 (7):  82-92.  Abstract ( 301 )   PDF (1275KB) ( 674 )   This paper analyzes the key factors that currently affect the tourism destination brand loyalty and overall impression of Changji.The authors investigate the impacts of overall brand association and kinds of brand association on tourism destination brand loyalty and o-verall impression, and also explore the relationship between overall brand impression and brand loyalty.By using structural equation modeling, the authors study the impacts of brand awareness, brand recognition, brand trust, perceived quality and brand association on brand loyalty and overall impression.By using multiple linear regression, the authors study the moderating effect of tourists'age and travel frequency on brand loyalty and overall impression.The research results show that brand awareness, brand recognition, brand trust, perceived quality and brand association have positive influence on the formation of brand loyalty and overall impression.However, their influence strengths are different.Overall brand impression has a significant impact on brand loyalty.In addition, it shows that travel fre-quency of tourists has negative moderating effect on the formation of brand loyalty and overall impression;the age of tourists has positive moderating effect on the formation of brand loyalty and negative moderating effect on the overall impression. References | Related Articles | Metrics

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The Style is the Man Himself, and the Wine is the Man's Character? A Study of the Influence of Producer's Personality on Perceived Taste Zhang Quancheng, Sun Hongjie, Chen Jing, Lai Tianhao 2017, 29 (7):  93-102,112.  Abstract ( 154 )   PDF (1337KB) ( 835 )   Sensory marketing researches, as a new research field that attracts great attention recently, have achieved remarkable results.The existing sensory marketing researches mainly focus on two themes, the effect of multisensory integration and the effect of extrinsic cues on sensory perception.Based on sympathetic magical thinking theory and embodiment theory, this research examines the personali-ty-taste contamination effect in whiskey product by 2 studies.Specifically, we show that 1) in customers'cognition, the words used to describe taste match specific personality traits;2) producer's personality will influence taste perception, customer will overrate the taste words which match the Producer's personality;3) customers'paranormal beliefs has a moderating effect on the personality-taste mecha-nism and paranormal believers are more sensitive to the contamination effects than unbelievers;4) customers believe that different taste of foods are suited to people with different personality, and this is also suitable for positioning strategy. References | Related Articles | Metrics

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The Effect of Customer Knowledge on Customer's Independent Value Creation Behavior: A Multiply Mediation Model Li Yao, Zhou Mi, Wang Xinxin 2017, 29 (7):  103-112.  Abstract ( 224 )   PDF (1286KB) ( 570 )   Practice observations show that customer's behavior of creating value independently is emerging in an increasing way over re-cent years.Although scholars both at home and abroad have made some studies in this regard, they do not make it clear what causes the behavior and how the behavior functions.This hinders firms from understanding and forecasting the trend of customer's independent val-ue creation.Based on literature review, this paper firstly suggests that customer knowledge is the main driving factor of customer's inde-pendent value creation behavior, and then makes an empirical study with a scenario experiment to test the effect of customer knowledge on customer's independent value creation behavior.The empirical results show that customer knowledge has a positive effect on custom-er's independent value creation behavior, and creative self-efficacy and intrinsic motivation multiply mediate the effect of customer knowledge on customer's independent value creation behavior.This conclusion not only reveals the driving mechanism of customer knowledge on customer independent value creation behavior but also has great managerial implications for firms to manage and propel the development of creative consumption-driven market. References | Related Articles | Metrics

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Perception of Organizational Change Climate and Commitment to Organizational Change: A Moderating Model Bai Shuaijiao, Jing Runtian, Chen Lu, Li Guiqing 2017, 29 (7):  113-121,134.  Abstract ( 292 )   PDF (1177KB) ( 745 )   Nowadays, the complexity and dynamics of external environment force all business organizations to change for survival and de-velopment.Although more and more attention has been paid to the commitment to organizational change, very few researches address the questions of whether and how organizational change climate influences employees' commitment to organizational change.From the per-spective of incentive theory, the current research incorporates relevant literature to build a theoretical model to describe the relationship between individual perception of organizational change climate and commitment to organizational change, and the moderating roles of trust in change leaders and evaluation of change capacity.Based on the data of 472 employees from 16 companies which have implemented the strategic organizational change of "military-civilian-integration policy", the proposed model is tested by a series of regression models.The results indicate that the perception of organizational change climate is positively related to commitment to organizational change, and this relationship is positively moderated by the trust in organizational change leaders and the evaluation of organizational change capacity.The theoretical and practical significance as well as some limitations and future research directions are discussed. References | Related Articles | Metrics

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The Mechanisms of Paradoxical Leadership and Team Viability on Team Innovation: An Integrated Model in the Chinese Context Luo Jinlian, Hu Wen'an, Zhong Jing 2017, 29 (7):  122-134.  Abstract ( 329 )   PDF (1235KB) ( 949 )   Teams' leap development is inseparable from innovation, so team innovation has become a key focus of team management re-searches.Data is collected from 397 dyads of employees and their immediate supervisors in 85 Chinese teams.Based on social learning theory, prosocial motivation theory and team process theory, a mediated moderating model is constructed from the perspective of team process.We use multi-level linear regression method to investigate the effect of paradoxical leadership on team innovation, especially we examine the mediating effect of team viability and the moderating role of task interdependence and team cognitive flexibility.Results re-veal that:paradoxical leadership has a significant positive influence on team innovation;team viability fully mediates the relationship be-tween paradoxical leadership and team innovation;task interdependence significantly moderates the positive relationships between para-doxical leadership and team viability as well as team innovation such that they are stronger for team high rather than low in task interde-pendence, while team viability mediates the main effect of paradoxical leadership and the interactive effect of paradoxical leadership and task interdependence on team innovation;team cognitive flexibility moderates the positive relationship between paradoxical leadership and team innovation such that it is stronger among high team cognitive flexibility than among low ones.Finally, the theoretical and managerial implications of the findings are discussed. References | Related Articles | Metrics

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The Impact of TMT Overseas Background on Firm Innovation Performance Liu Fengchao, Mo Jiaxin, Ma Rongkang 2017, 29 (7):  135-147.  Abstract ( 378 )   PDF (1200KB) ( 870 )   Despite the focus on overseas background of top management team (TMT) of existing literatures, little is known about the configuration of TMT overseas background and its impact on firm innovation performance.This study draws on upper echelons theory, conflict theory and theories related to relational demography to investigate the impact of the configuration of TMT overseas background on innovation performance.Based on the panel data from 2005-2012 of Chinese A-share listed companies in computer, communications and other electronic equipment manufacturing industries, we find that the proportion of executives with overseas background in TMT is posi-tively correlated to the number of patent filings.Moreover, the differences between executives with overseas background and local execu-tives in age, tenure and education positively affect the number of patent filings;the differences in age and tenure show negative impacts on ROE, however, the difference in education shows positive impact. References | Related Articles | Metrics

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Frontier Analysis of Employees'Age Diversity in the Workplace and Its Implications for Management Chen Jianan, Tao Ya, Chen Rui 2017, 29 (7):  148-162.  Abstract ( 299 )   PDF (1292KB) ( 1480 )   Delaying retirement age, as a result of increased life expectancy in China, is an inevitable choice when faced with an ageing population.The implementation of retirement age delay policy will lead to employees' age in the workplace to be more diverse, and age bias to be more salient, thus further affecting employees' work behaviors.Based on the literature on age diversity and age bias, this pa-per mainly explains the definition and measurement of age diversity and age bias, reveals the relationship between age diversity and age bias, summarizes the factors that influence age bias in the workplace, and clarifies the impact of age diversity and age bias on employ-ees' work behaviors in the individual or group level.Finally, this paper puts forward a cross-level model of the effect of age diversity on employees' work behavior, some suggestions about how to manage age diversity and directions for further researches. References | Related Articles | Metrics

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The Multilevel Effects of High Performance Human Resource Practices on Occupational Well-being in China's Context Hu Bin, Mao Yanhua 2017, 29 (7):  163-173.  Abstract ( 307 )   PDF (1176KB) ( 673 )   Based on the perspective of China's management context and work characteristics, this study employs multilevel structural e-quation modeling in investigating the multilevel effects of organizational high performance human resource practices on employees' occu-pational well-being and the mediating role of job demands-resources model.With a survey of 50 HR managers and 385 employees from 50 companies in Hunan and Guangdong province, the results show that control-based human resource practices are negatively related to em-ployees' occupational well-being, while commitment-based human resource practices are positively related to employees' occupational well-being.Furthermore, challenge demands, hindrance demands, job autonomy and supervisor support all mediate the relationship be-tween control-based human resource practices and employees' occupational well-being, but only challenge demands, job autonomy and supervisor support mediate the relationship between commitment-based human resource practices and employee's occupational well-be-ing. References | Related Articles | Metrics

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The Effect of Occupational Embeddedness on Knowledge Employees'Innovative Performance: The Mediating Role of Engagement Fu Jingtao 2017, 29 (7):  174-186.  Abstract ( 210 )   PDF (1163KB) ( 542 )   Based on the fact of the relative independence between the occupational social network and organizational social network, this paper employs embeddedness theory to examine the effect of occupational embeddedness on knowledge employees' innovative perform-ance, by introducing engagement as a mediating variable to build a model with 200 questionnaires collected from financial managers of commercial banks.Most hypotheses are testified, while some in the level of dimensions are not supported.The findings reveal that the fit and scarification dimension of occupational embeddedness have positive effect on innovative performance, the vigor dimension of engage-ment has positive effect on innovative performance, and the fit dimension of occupational embeddedness has positive effect on engage-ment.Moreover, the vigor fully mediates the effect of scarification on innovative behavior, and the effect of fit on innovative outcome as all.The conclusions of this paper make up for the limitations of existing researches by expanding and deepening the knowledge on occu-pational embeddedness, and provide some enlightenments for organization practice. References | Related Articles | Metrics

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The Cross-level Effects of Servant Leadership on Employees'Organizational Citizenship Behaviors: A Mediated Moderating Model Lu Junting, Zhang Zhe, Jia Ming 2017, 29 (7):  187-199.  Abstract ( 327 )   PDF (1218KB) ( 756 )   In recent years, the Chinese government has been curbing official corruptions in pursuit of a servant-style leadership that cen-ters on serving people, and thus more and more attention has been paid to the positive effects of servant leadership on employees' atti-tudes and behaviors.Given this, we conduct a questionnaire survey to 400 employees and their leaders from 90 departments of 25 bran-ches in a famous Chinese enterprise.Based on the self-determination theory, we make a cross-level analysis of the relationships among servant leadership, employee psychological empowerment, prosocial motivation and organizational citizenship behavior (OCB) in daily management.The results show that:(1) servant leadership can provoke employees' prosocial motivation and resultantly arouse their or-ganizational citizenship behaviors (OCB) in daily management;(2) employee psychological empowerment can amplify the positive cor-relation between servant leadership and employees' prosocial motivations;(3) the interaction between servant leadership and employee psychological empowerment is able to affect employees' voice behaviors by their prosocial motivation.These conclusions are helpful for supervisors to improve their leadership efficiency. References | Related Articles | Metrics

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Analysis of Governmental Subsidy Factors Influencing Agri-machinery Diffusion under the Background of BOP Strategy——Simulation Research Based on Multi-agent Modeling Liu Wei, Tong Hongzhi, Ding Kani 2017, 29 (7):  200-212.  Abstract ( 181 )   PDF (1431KB) ( 505 )   Unlike western BOP strategy, in China the government plays an important role in the implementation of BOP strategy.Aiming at the small agricultural machinery, this paper uses multi-agent method to establish a behavior model of farmer and manufacturer, and gives farmer payment function under the government agent behavior.The paper analyses the dynamic process of effects of different policy subsidy factors on agricultural machinery diffusion through the adoption behavior simulation of farmer agent.The results show that the im-pacts of subsidy standard, purchase and subsidy style, policy duration, household income on agricultural machinery diffusion are very obvious;the subsidy policy should not be withdrawn until the adoption rate reaches a certain level.Appropriately increasing subsidies or granting proportional subsidies or paying the price after discount is more beneficial to the adoption of agricultural machinery.In addition, the subsidy standard has certain effect on manufacturer agent decision.Improving the standard of subsidies will encourage manufacturers to strengthen competition.The conclusion of study will provide decision support and reference for Chinese enterprises to take BOP strate-gy, for demand or forecast analysis of agricultural machinery and and for policy design. References | Related Articles | Metrics

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Coopetition in Marketing Channels and Manufactures'Performance——A Study from a Paradox Perspective Zhang Yu, Liu Yi, Wang Yajuan 2017, 29 (7):  213-224.  Abstract ( 204 )   PDF (1268KB) ( 531 )   Building on a paradox perspective, we address two distinct dimensions of the pattern of coopetition:the degree to which coop-eration and competition are balanced and the strength of the balanced coopetition, and provide a conceptual model for examining the effects of these two dimensions on manufactures' performance, as well as exploring the underlying learning mechanism through which these performance effects occur.Results of polynomial regressions and response surface modeling based on 221 paired samples from Chi-na's household appliance industry show that the more balanced cooperation and competition are in a dyad, the higher the manufacture's performance is, and the levels of performance are higher when cooperation and competition are balanced at high rather than low levels.Furthermore, this influence is partially mediated by manufactures' learning in the channels.These findings enrich both coopetition theory and researches on marketing channels, and have important implications for manufactures to develop effective channel coopetitive activi-ties. References | Related Articles | Metrics

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Network Trust and Credit Risk Evaluation under Online Transaction Based on Cloud Model——A Case Study in C2C Transaction Mode Lai Hui, Huang Yumeng, Zhou Zongfang 2017, 29 (7):  225-234.  Abstract ( 230 )   PDF (1145KB) ( 553 )   Network trust is the foundation of online transactions and, under an online transaction environment, reasonably characterizing and evaluating the network trust is the core content for the credit risk evaluation of online transactions.Under the C2C transaction envi-ronment, based on analyzing the main influential factors of network trust, we propose an improved trust evaluation model based on cloud model;and a credit risk evaluation methodology is proposed by using the factors of price and trust evaluation result.Taking C2C pattern as an example to do the empirical experiment, we get conclusions as follows:credit risk evaluation value decreases with the increase of the trust evaluation value, while increases with the increase of the price volatility;in a single evaluation period, the credit risk increases with trust propensity, the more it depends on the seller's historical credit score, the easier credit risk will happen because of the credit speculation;while in different evaluation periods, credit risk and trust propensity do not show a linear relationship. References | Related Articles | Metrics

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A Game-theory Based Research on the Protection and Management of Ecological Water in Xinjiang Inland Area Ma Xueliang, Li Chao, Zhao Qingmei, Long Aihua, Qiao Han 2017, 29 (7):  235-243.  Abstract ( 188 )   PDF (1177KB) ( 515 )   Over exploitation of water resources is one of the main reasons for the deterioration of ecological environment in inland region.As irrigated area expands and raw land gets over developed, more and more ecological water is being persistently occupied at no cost for agricultural use.Therefore, a pressing task for Xinjiang inland regions is to reduce the amount of agricultural water and increase the eco-logical water.This paper studies Xinjiang ecological water by using a game theory model and researches the strategies of farmers and local governments from different perspectives.The results show that local governments should inflict more serious punishment on farmers who use too much ecological water and develop better water-saving technologies;the autonomous region government should give some prefer-ential policies to local governments who don't squeeze ecological water resources and promote mutual cooperation between local govern-ments, thus laying a solid foundation for a more sustainable use of ecological water.The research of this paper can provide a reference for the local governments of Xinjiang to establish a scientific and effective water protection and management mechanism, and give some ideas for the study of ecological water protection in arid and semiarid regions of China. References | Related Articles | Metrics

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Case Study of Core Enterprise and Business Ecosystems: Strategies of Mutualism Symbiosis and Predation Symbiosis Ding Ling, Wu Jinxi 2017, 29 (7):  244-257.  Abstract ( 416 )   PDF (1278KB) ( 3859 )   The global economic integration environment highlights the profound impact of core enterprises on the business ecosystem.This study takes Yutong and Beijing as the research objects to reveal symbiosis strategy theory between core enterprise and business eco-system.Western scholars have widely accepted the four types of enterprises roles in the business ecosystem proposed by Iansiti&Levien.However, they are still too complicated.The research not only absorbs the essence of western theory of business ecosystem from the eco-logical metaphor perspective, but also integrates the Chinese excellent traditional culture to construct the "ambidexterity" paradox theory.The essential characteristics of the concept of "ambidexterity" paradox reveal the essential features of symbiosis strategy.In this study, we propose the concepts of "mutualism symbiosis" and "predation symbiosis", and reveal the two kinds of symbiotic strategy model, mechanism of action, fusion channel and essential characteristics.It opens the "black box" of core enterprise and its ecosystem in dy-namic process.Traditional strategy emphasizes on survival competition, and focuses on the predation strategy.This paper also highlights the mutualism strategy and it is advantageous to facilitate business ecosystem in reasonable configuration and efficient cooperation for re-sources.It has important contributions for Chinese enterprises to participate in the super competitive environment of cooperation and com-petition of globalization. References | Related Articles | Metrics

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Empowerment, Value Co-creation and Strategic Entrepreneurship: Longitudinal Case Study Between Handu Group and Phnix Zhou Wenhui, Yang Miao, Wang Pengcheng, Wang Chang 2017, 29 (7):  258-272.  Abstract ( 315 )   PDF (1485KB) ( 858 )   This paper aims to solve the dilemma of ‘resource constraint’ and ‘resource redundancy’ in strategic entrepreneurship by the case study of longitudinal comparison between Handu Group and PHNIX.It demonstrates that strategic entrepreneurship is a process of value co-creation based on employee and customer empowerment.In the pilot phase, enterprise creates the environment of value co-crea-tion for employees via structure empowerment and utilizes more of ‘redundant resources’ by benefit-sharing mechanism, achieving new business opportunities and innovation advantages at institutional level.In the copy phase, enterprise consolidates the value co-creation a-mong teams by leader empowerment and optimizes the redundant resources through cause-sharing mechanism, acquiring emerging mar-keting opportunity and innovation advantages across multi-fields.In the evolution phase, enterprise optimizes the value co-creation be-tween employee and customer using psychological and customer empowerment, promotes resource opening by density-sharing mechanism and breaks through the difficulties of resource constraint in entrepreneurship, grasping new constructing opportunities and innovation ad-vantage in ecology.This study is notably significant for enterprises to drive strategic entrepreneurship forward by value co-creation promo-ted by empowerment in theoretical and practical respects. References | Related Articles | Metrics