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28 November 2017, Volume 29 Issue 11 Previous Issue    Next Issue

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Convertible Bond Arbitrage Strategy:Case of Chinese Market Huang Binghua, Feng Yun 2017, 29 (11):  3-16.  Abstract ( 548 )   PDF (1315KB) ( 2867 )   The core idea behind classic convertible bond arbitrage strategy is to take a long position in bonds and a short position in the underlying stocks in an effort to exploit the underpricing of convertible bonds. In this paper, we use the refined theoretical convertible bond pricing model developed by Tsiveriotis and Fernandes[1] to look into Chinese convertible bond market from 2010 through 2014, and conclude that on average, the issued convertible bond suffered about -6.09% pricing error. Then, we construct two types of convertible bond arbitrage strategies using the daily history data of 41 tradable convertible bonds and underlying stock in Hu-Shen convertible bond market between 2010 and 2014, which generate 0.299% and 0.263% average monthly return respectively. Finally, we find that convertible arbitrage strategy is not significantly correlated to Hu-Shen 300 index, convertible bond mutual fund and convertible bond market index, and this implies that convertible bond arbitrage strategy is an excellent alternative investment method. References | Related Articles | Metrics

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Monetary Policy, Credit Constraints on Enterprises and Corporate R&D Investment Decision Wang Chaofa, Sun Jingchun 2017, 29 (11):  17-27.  Abstract ( 159 )   PDF (1197KB) ( 368 )   It is crucial for corporate decision-makers to appropriately evaluate the impact of monetary policy on their R&D investment decision. Based on corporate decision-makers' cognitive biases and molecular dynamics theory, this paper analyzes the real options characteristics of R&D projects and then studies how monetary policy affects R&D project investment decisions made by enterprises under different shareholding structures. We find that:different enterprises are at different level of sensitivity to monetary policy; when the degree of expansionary monetary policy strengthens, enterprises' expectations of project option value begin to differ from their maximum achievable value; under the same intensity of monetary expansion, with the increase of investment, the top and bottom limits of option value, expected value and the maximum achievable value increase; when monetary expansion degree increases, monetary policy becomes more explanatory for expected value. Finally, from the perspective of the government and enterprises, we propose relevant suggestions for improving the effect of monetary policy and the innovation ability of enterprises. References | Related Articles | Metrics

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Ownership Type, Investment Opportunities, and Interest Rate Transmission Mechanism of Monetary Policy: Empirical Research Based on Listed Companies in China He Yan, Luo Zhengying 2017, 29 (11):  28-40.  Abstract ( 142 )   PDF (1150KB) ( 443 )   The long-term elasticity of firms' investment in relation to the use cost of capital is a key issue of the interest rate transmission mechanism of monetary policy. Previous literature bases researches mainly on a macro rather than a micro level, and often ignores the heterogeneity of firms and institutional environment. Based on the dynamic error correction model and micro-level database over the period 2003-2013, this paper explores the heterogeneity of interest transmission mechanism of monetary policy caused by the heterogeneity of companies' investment opportunities and the ownership characteristics. The results show that, the interest rate transmission channel of monetary policy has no significant effect on companies which have less investment opportunities while a significant effect on companies which have more investment opportunities. In terms of ownership system, state-owned companies' investment is not sensitive to interest transmission channel, while non-state enterprises' investment is sensitive to it. Moreover, state-owned property right can weaken and even distort the interest rate transmission mechanism by changing the decisive role of investment opportunities in firms' investment decision making. In formulating and implementing monetary policy, the government should not only consider the heterogeneity of companies at micro level but also ownership system reform as well. References | Related Articles | Metrics

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Study on the Effect of “First-hand Housing Preference” in the Housing Choice of Urban Residents Huang Jing 2017, 29 (11):  41-49.  Abstract ( 171 )   PDF (1141KB) ( 469 )   In China, urban residents prefer to buy new housing than second-hand housing. This paper studies the first-hand housing preference effect, using a large micro-transaction data based on the quantile regression method and the counterfactual decomposition analysis. The results show that there is an obvious first-hand housing preference effect. And the first-hand housing preference effect is the main source of the difference between the first-hand and the second-hand housing prices. With housing prices ranging from low to high, the first-hand housing preference effect degree is U-shaped. In the low-end housing (below 40% quintiles) and very high-end housing (above 90% quintiles), the first-hand housing preference effect is higher. References | Related Articles | Metrics

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Media Reporting and IPO Pricing——Empirical Evidence from Companies Listed in the Small Board of Shenzhen Niu Feng, Ye Yong, Cheng Xiaodong 2017, 29 (11):  50-61.  Abstract ( 141 )   PDF (1139KB) ( 524 )   Using the data of 401 companies listed from 2009 to 2012 in the small board of Shenzhen, the paper examines the relationship between media reporting and IPO pricing from the dimensions of both media coverage and media supervision. The empirical results show that media coverage can significantly improve IPO pricing, but media supervision can significantly reduce IPO pricing. Further study finds that media has a bigger effect on IPO pricing in regions under better regulatory protection. Evidence also suggests that the media impact on IPO pricing decisions is realized mainly through the influence of media on offer level of inquiry institutions. References | Related Articles | Metrics

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The Relationship between Home-region Orientation, Market-status Orientation and Firm's Performance Wu Bing, Yan Haifeng, Wu Qiqi, You Shuyun 2017, 29 (11):  62-73.  Abstract ( 274 )   PDF (1153KB) ( 398 )   Due to geographic distance constraint, multinational enterprises are generally believed to be home-region orientated (HRO) in their FDI location choice. However, emerging market multinational enterprises (EM MNEs) are proactively entering those industrialized economies (market-status orientated) with the purpose of acquiring markets and strategic assets, so geographic distance constraint is fading away. But the FDI behavior based on the market-status orientation (MSO) has yet to be examined. This paper aims to explore the effect of HRO and MSO on firm's financial and innovative performance. Our sample comes from the manufacturing enterprises listed on Shanghai and Shenzhen Stock Exchange between 2006 and 2013. The empirical results show that HRO has positive effects on firm's foreign sales, MSO has no significant effects on firm's foreign sales; their interaction has positive effect on firm's foreign sales; Both HRO and MSO have negative effects on firm's patents, as well as their interaction. Finally, conclusions and limitations are discussed. References | Related Articles | Metrics

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Research on Cascading Failure Model of Organization-Routine Interdependent Technological Innovation Network Wei Long, Dang Xinghua 2017, 29 (11):  74-88.  Abstract ( 180 )   PDF (1865KB) ( 589 )   Given the coupled interdependent relationship between organization and routine in innovation, this paper proposes an organization-routine interdependent technological innovation network architecture. Then this paper establishes a dynamic cascading failure model with the definition of node load, capacity and the failure mechanism between organization network and routine network by simulation, which is caused by uncertain risk with organization and routine failure. Lastly, the cascading failure model is illustrated through an example. The results show that organization and routine node have capability threshold. The uncertain risk may cause cascading failure in the interdependent technological innovation network when the capability value cannot reach a certain threshold; This threshold has approximate U-shaped correlation with coupling strength, so there is an optimal value of coupling strength; Symmetrical homogeneous topological structures can cause more damages than heterogeneous dependency structure; With load induced organization and routine node, the way of disassortative coupling can improve the robustness of organization-routines interdependent technological innovation network to defend against cascading failures; When coupling strength is less than the optimal value, highest-degree and random failure are more prone to lead cascading failures than lowest-degree failure. Otherwise, three failure modes have no significant difference. The results have significant meaning for improving the anti-risk capacity of technological innovation network. References | Related Articles | Metrics

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Product Market Competition, Institutional Holdings and Corporate R&D Expenditure Zhang Jijian, Su Hui, Wang Pei 2017, 29 (11):  89-97.  Abstract ( 146 )   PDF (1069KB) ( 734 )   This paper takes the listed companies in domestic growth enterprise market from 2011 to 2013 as an example and makes an empirical research on the impact of product market competition and institutional investor share-holding on the R&D input of companies. The results show that:there is a significant positive correlation between the independent institutional investor share-holding proportion and the R&D input of enterprises; while non independent institutional investor share-holding has no impact on the R&D input of enterprises. After further taking the external moderating effect of the product market competition into consideration, the research results show that:when the market share of the company's main business revenue is more than 15%, neither the independent institutional investor share-holding nor the non independent institutional investor share-holding has correlation with the R&D input intensity; when the market share of the company's main business revenue is more than 6% and less than or equal to 15%, the independent institutional investor share-holding has a positive impact on the R&D input, but not particularly significant; while the non independent institutional investor share-holding has no impact on the R&D input; when the market share of the company's main business revenue is less than or equal to 6%, the independent institutional investor share-holding proportion has a significant positive impact on the R&D input and the non independent institutional investor share-holding also has a positive impact on the R&D input. References | Related Articles | Metrics

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The Effects of Cooperative Ambidexterity Competency on Alliance Innovation Performance: A Resource-dependency Perspective Sun Biao 2017, 29 (11):  98-105.  Abstract ( 149 )   PDF (1088KB) ( 372 )   With global competition becoming more intense, an increasing number of firms have conducted their innovation activities through strategic alliances. One stream of literature, from the ambidexterity view, has underscored the key role of paying equal attention to exploitative competency and exploratory competency, whereas another one, from resource dependency perspective has concentrated on the essential role of resource availability. Our analysis of 148 equity-based strategic alliances demonstrates that, resource availability (i.e., partner resource complementarity, government support, and competitive intensity) plays a moderating effect on the direct effect of ambidexterity competency on alliance innovation performance. References | Related Articles | Metrics

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Influence of Compensation Justice and Creative Personality on Employees' Creative Performance Li Peng, Zhang Jian, Du Ban 2017, 29 (11):  106-115.  Abstract ( 210 )   PDF (1132KB) ( 811 )   Enhancing creative performance is a key issue in human resource management. This study examines the relationship among compensation justice, creative personality and creative performance, discusses their mutual influence based on self-determination theory framework using empirical research methods. The sampled data is derived from employees of 7 IT manufacturing and software companies in Beijing. The results indicate that:(1) compensation justice and satisfaction of psychological needs have positive influence on creative performance. (2) Satisfaction of psychological needs play a mediating role in part between justice perception and creative performance. (3) Creative personality moderates the effects of compensation justice on creative performance completely mediated by satisfaction of psychological needs. The managerial implications of research results are discussed. References | Related Articles | Metrics

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The Impact of Ethical Leadership on Employee Safety Performance: The Cross-level Mediating Effect of Safety Climate and Psychological Capital Gao Weiming, Cao Qingren, Xu Zhengquan 2017, 29 (11):  116-128.  Abstract ( 229 )   PDF (1201KB) ( 706 )   Traditional safety performance management focuses on the unsafe behavior of employees. The development of positive organizational behavior management is bringing more and more attention to ethical leadership that gives full play to employees' advantage and potential. But there is no study on the impact of ethical leadership and employee safety performance. Based on literature review, we explore the relationship between ethical leadership and employee safety performance. Combining with the theory of safety climate and positive organizational behavior, we put the safety climate and psychological capital into the relationship analysis framework between ethical leadership and employee safety performance, and construct a two-factor causal mediation model of ethical leadership influencing on employees' safety performance, with safe atmosphere and psychological capital as intermediary variables. In this study we take 766 employees of coal mining enterprises as study samples and use the structural equation modeling to verify the research hypothesis by AMOS21.0, HLM6.0 and SPSS21.0. The results show that ethical leadership and safety climate are significantly positively related to employees' psychological capital and safety performance in HLM; Safety climate and psychological capital have a complete mediating effect; In addition, the impact of psychological capital on the path is the strongest. References | Related Articles | Metrics

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Research on the Correlation between Competitor Analysis and Market/Nonmarket Attacks Deng Xinming, Long Liangzhi, Long Xianyi, Ye Zhen 2017, 29 (11):  129-147.  Abstract ( 166 )   PDF (1414KB) ( 1019 )   This study takes the listed companies of Chinese household appliance industry as the research object and switches the analytical method of dynamic competition from focusing on focal firms to focusing on rivals and places emphasis on the in-depth influencing mechanism of the impact of competitor analysis on the company's choice of market and non-market attacking act. Conclusions are as follows. Firstly, market commonality has a significant negative effect on competitive attacks. Market commonality has a significant negative effect on market attacking act, however it has a weak positive correlation with non-market attacking act. Secondly, resource similarity has no significant negative effect on competitive attacks, whereas resource similarity has a significant negative effect on market attacks and has a significant positive effect on non-market attacks. Thirdly, market commonality has a significant positive moderating effect on the relationship between resource similarity and competitive act. In detail, the higher the market commonality is, the more negative relationship there will be between resource similarity and market attacks and the more positive relationship there will be between resource similarity and non-market attacks. Fourthly, in the firm level, firm size, firm age, ROA and resource advantage have significant positive effects on both market attacks and non-market attacks. Government procurement only has a significant positive effect on non-market attacks and has no significant effect on market attacks. Diversification level has a weak negative effect on market attacks, but has a significant positive effect on non-market attacks. In the market level, the study finds that both the market concentration and the irreversibility have significant positive effects on market attacks and non-market attacks. However, the attacks from rivals only have a significant positive effect on market attacks, with no significant correlation with non-market attacks. References | Related Articles | Metrics

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An Empirical Research on Consumers' Passion for Online Review Cao Gaohui, Yu Songtao, Zhang Yuxuan, Hu Shoumin 2017, 29 (11):  148-158.  Abstract ( 214 )   PDF (1172KB) ( 1149 )   The paper constructs a constructed equation model for the consumers' passion for online shopping review based on the Expectation Confirmation Model. The results show that:(1) perceived ease of use, perceived usefulness, perceived interest and self-perceived value through the intermediary role of satisfaction, indirectly affect consumers' passion for online review. (2) The expected reciprocal relationship has a significant positive impact on consumers' passion for online reviews. The conclusion of this paper is that electronic commerce platforms should strengthen the construction of incentive mechanism, strengthen the mutual relationship and user reviews' value of utility. References | Related Articles | Metrics

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Study on the Dynamic Process of RKT in MNEs from the Perspective of Network Evolutionary Game Xiao Zhenhong, Liu Ang, Zhou Wen 2017, 29 (11):  159-170.  Abstract ( 161 )   PDF (2294KB) ( 446 )   Reverse Knowledge Transfer (RKT) is an important way for multinational enterprises (MNEs) to harvest knowledge resources from overseas host countries and sustain competitive advantage. To explore the operating mechanism about RKT, based on the dynamic process of RKT in MNEs, this paper builds a network evolutionary game model of RKT and makes simulation of dynamic process. Results prove that the transmitted signal noises have great impacts on both the adaptation and renewal of parent and subsidiaries' game strategy. There are separable characteristics about the influences on stable speed of parent and subsidiaries' positive strategies from parent and subsidiaries' unit cost and subsidiaries' endeavor cost, and there is an optimal range for the influences on stable speed of parent's positive strategies from its endeavor cost. The transmission of strategy signals among subsidiaries and the imitation of subsidiaries' strategy strongly rely on the basic network structure. There is more advantage on promoting the transmission of subsidiaries' positive strategy for a scale-free network. References | Related Articles | Metrics

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Information Opacity, Maximum Analyst Coverage and Market Reaction Wu Wuqing, Jie Xiaoxiao, Su Zihao 2017, 29 (11):  171-182,195.  Abstract ( 174 )   PDF (1139KB) ( 496 )   Based on existing literature, we separate the maximum analyst coverage (max analysts refer to those who track and publish opinions on a company and its stock most actively in a year) from ordinary analyst coverage and focus on how information environment affects max analysts' behaviors. Our conclusions are as follows:(1) the number of max analysts' reports is more indicative than the total number of tracking analysts and the total number of reports; (2) in order to avoid managers' tunneling behaviors, max analysts prefer to track companies that perform the earnings management of upward discretional accruals (or the downward real earnings management);(3) there is a positive relationship between the effect of firms' earnings announcement and the magnitude of earnings managements, which means investors cannot identify the activities of firms' earnings management and can be easily misled by managers; (4) max analysts have strong value discovering function, and can reduce investors' misunderstanding about firms' earnings management activities. We prove the value discovering functions of analysts from the perspective of maximum analyst coverage, and provide empirical evidence for the monitoring role of financial analysts in financial market in the reform process of registration system; we also find that investors know little about the firms' information environment. Based on the above conclusions, we suggest that the regulatory authorities should further encourage the firms to engage in the voluntary information disclosure to improve the market efficiency. References | Related Articles | Metrics

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The Influencing Mechanism of Carbon Disclosure on Financial Performance——“Inverted U-shaped” Moderating Role of Media Governance Wen Subin, Zhou Liuliu 2017, 29 (11):  183-195.  Abstract ( 324 )   PDF (1157KB) ( 669 )   As global warming continues to attract worldwide attention, carbon emission has become one of the important indicators to measure the quality of economic growth. Carbon disclosure and its impact on the financial performance have been a research focus in recent years. However, the visibility of carbon information is relatively low and the existing researches almost focus on the direct relationship between carbon disclosure and financial performance, with little attention to the role of the media in it. This paper analyzes the influencing mechanism of carbon disclosure on financial performance and the moderating role of the media on the relationship. This research shows that:(1) Carbon disclosure has a significant positive influence on return on assets (ROA) and return on equity (ROE); (2) Different from previous findings, this paper finds that the media has insignificant linear moderating effect, but a significant "inverted U-shaped" moderating effect on the positive relationship between carbon disclosure and the financial performance. References | Related Articles | Metrics

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A Research of Central Kitchen Project Investment Decision-making Models from the Perspective of Supply Chain Cai Yongfeng, Xie Gang, Ren Guangxu 2017, 29 (11):  196-205.  Abstract ( 193 )   PDF (1291KB) ( 382 )   In this study, we investigate the investment decision-making of an independently operated central kitchen project. Mathematical models are developed to analyze the decisions of product quality and pricing strategy by the central kitchen and retailers in 4 types of different supply chain strategies. The impacts of the fixed cost related to quality on the quality of products, price, profit, consumer surplus and social welfare of the project are examined for comparison by means of numerical examples. The results show that the product quality and price are decreasing functions of the fixed cost related to quality. Therefore, technological innovation should be addressed to reduce the fixed cost related to quality for the effective improvement of product quality. In particular, when supply chain coordination is realized between the central kitchen and retailers, the highest product quality, industry profit, consumer surplus and social welfare can be achieved then. Also, compared to the traditional restaurant stores, the central kitchen project can improve the product quality while lower the relative price of products. References | Related Articles | Metrics

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Review and Prospects of Inventory Pooling in Supply Chain Management Gong Qiguo, Huang Wenhui 2017, 29 (11):  206-215.  Abstract ( 317 )   PDF (1251KB) ( 1096 )   In the twenty-first century, supply chain management is an important tool for enterprises to acquire core competence. Centralized inventory management, as one of the important strategies of supply chain management, can reduce the level of inventory and business costs, and improve corporate profits. Now, many scholars have studied it. In this paper, we review the researches of inventory pooling for the first time, reach relevant conclusions and comments on the research methods, content and progress of these researches. We also talk about potential direction of future researches. References | Related Articles | Metrics

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SD Simulation on the Efficiency of Government Subsidy Policies for Third-party Management of Agricultural Waste Wang Cuixia, Ding Xiong, Jia Renan, Zhou Guozhen, Huang Zhenxia, Wan Liping 2017, 29 (11):  216-226.  Abstract ( 200 )   PDF (2042KB) ( 516 )   Promoted by a series of national policies, agricultural waste management by third parties has been actively explored by the way of franchising, investment grants and financial subsidies in many parts of China. The issue of how to ensure sustainable operation of the mode is becoming a common concern of the government and scholars. This paper assumes the sustainable operation of the mode as a criterion for evaluating government policy efficiency, develops a system dynamics model and sets corresponding subsidy policy parameters to simulate the trend of five variables in organic fertilizer subsidy, concessionary price subsidy for biogas energy utilization (centralized supply as fuel or power generation), and biogas raw materials subsidy policy. The initial data used is collected from Luofang agricultural wastes governance large-scale biogas project of Jiangxi ZhengHe Environmental Engineering Co., LTD. The result shows that the current concession price of biogas can guarantee the target scale of centralized gas supply within five years; the power generation capacity utilization and the accumulative income of the third-party are sensitive to the concession price of biogas power generation network; there must be reasonable subsidies for organic fertilizer prices to realize the commercial production of organic fertilizer. Moreover, based on the results of three policies simulation and the reference range of the policy parameters, three comprehensive optimization scenarios are designed and simulated to investigate the optimal policy parameters. References | Related Articles | Metrics

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An Empirical Analysis of the Subject and Object of Internet Public Opinion Governance——Based on the Policies from 1997 to 2016 Liu Yijun, Jiang Wenjing, Chen Sijia 2017, 29 (11):  227-239.  Abstract ( 170 )   PDF (3099KB) ( 522 )   With the rise of Internet public opinion in China, a comprehensive understanding of the current situation of China's public opinion governance becomes a prerequisite for scientific improvement of government's governance and capacity. The paper conducts a research with combination of qualitative and quantitative on the policies of Chinese internet public opinion governance during 20 years (1997-2016) of 255 policies, focusing on two main questions, "who governs"——the subject of governance and "what to govern"——the object of governance. The research conclusion can provide scientific basis for the government to improve its governance ability and governance system. References | Related Articles | Metrics

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Core Safety Risk Management in Urban Underground Engineering:Structure Optimization and Alliance Strategies Xu Shusheng, Chen Wenqiang, Deng Jiaojiao 2017, 29 (11):  240-250,260.  Abstract ( 175 )   PDF (1659KB) ( 419 )   The major safety accidents within the construction of urban underground engineering great have brought losses to the social and economic development. It is urgent to effectively control the core security risks of major safety accidents in urban underground engineering. The structure of the collaborative governance of the core safety risks in urban underground engineering has the characteristics of social network. Therefore, this paper uses the social network analysis method to illustrate the structure of the collaborative governance. The results show that the owner, the contractor, the insurer and the third party risk management institution are the core stakeholders in the social network, but it is hard to govern them synergistically. Furthermore, the optimization of network structure is carried out, and the results show that the contractor-contractor-insurer alliance forms a relatively optimal collaborative governance structure. The research has important value for reducing the governance risk of stakeholders, and improving the success rate of core security risk coordination governance. References | Related Articles | Metrics

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An Empirical Analysis of the Post-acquisition Performance of Consumer Electronic Information Enterprises——Exemplified by TCL Group Cui Xiaoyang, Lv Xin, Wei Yunjie, Wang Shouyang, Yin Hongxia 2017, 29 (11):  251-260.  Abstract ( 266 )   PDF (1206KB) ( 707 )   Given that Chinese enterprises are accelerating their pace of cross-border merger and acquisition, their post-acquisition performance has naturally become a hot topic among academic researchers. This paper selects TCL, a leading Chinese electronics manufacturer active in the M&A market, as the research object. In recent years, TCL has implemented three cross-border acquisitions, including Alcatel and Thomson in 2004 and Palm in 2015, respectively. Firstly, this paper combines event analysis method and factor analysis from the aspects of stock price and financial performance, to analyze the effect of the three typical acquisitions on TCL' short-term and mid-term the performance. Moreover, impact of the M&As on its key financial indicators is analyzed through Chow breakpoint test. The empirical results show that the acquisition of Alcatel has a positive impact on TCL' performance, while the acquisitions of Thomson and Palm have a negative effect on its performance. References | Related Articles | Metrics

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What Affects the Learning Speed of Complex Consumption Product (CCPs) Enterprises in China? Zhang Linlin, Su Jingqin, Ma Wenjia 2017, 29 (11):  261-272.  Abstract ( 156 )   PDF (1527KB) ( 413 )   This paper focuses on the technological development of Chinese complex consumption product enterprises. It takes Brilliance Auto as the sample to explore the key factors that affect the fast learning of enterprises via employing the exploratory single-case study method. The conclusion shows that borrowlism, imitative learning and cooperative learning are the foundation for the fast learning of complex consumption product enterprises in China, and learning based on different knowledge further enhances the learning speed and effectiveness of China's CCPs enterprises. Besides, different learning consists in different stages, in different forms and sequences, and in different speeds. When going through the process of technology introduction, absorption, and cooperation, in regards to the forms of core knowledge learning, it evolves from employing borrowlism, borrowlism (mainly) and imitative learning to employing borrowlism and cooperative learning(mainly). And in regards to the forms of universal knowledge learning, it evolves from employing borrowlism, borrowlism and imitative learning (mainly) to employing borrowlism (mainly) to cooperative learning. This study develops the basic understanding of organizational learning model from the perspective of knowledge, paying attention to the content and the sequences of learning, and it also proposes that different learning sequences should be adopted in learning different knowledge. In addition, different forms of learning can exist in some learning sequences and correspond to different degrees of learning at the same time. This paper has profound significance for organizational learning model development and for guiding the practice of China's complex consumption product enterprises. References | Related Articles | Metrics