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28 February 2018, Volume 30 Issue 2 Previous Issue    Next Issue

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The Economic Effect of Trade Liberalization of Shanghai Cooperation Organization (SCO) States Under the Background of the Silk Road Economic Belt——A Policy Simulation Based on GTAP Model Shi Minjun, Meili Guli, Huang Wen, Li Na 2018, 30 (2):  3-12.  Abstract ( 264 )   PDF (1581KB) ( 444 )   Promoting the trade liberalization of Shanghai Cooperation Organization (SCO) related states is one of strategic options to ac-celerate the interconnectivity construction of countries along the Silk Road Economic Belt. Based on the GTAP model and scenario simu-lation, this paper analyzes the economic effects of trade liberalization of Shanghai Cooperation Organization (SCO) related states, as well as the influence of trade relations between China and countries along the Silk Road Economic Belt. The simulation results show that, the trade liberalization of Shanghai Cooperation Organization (SCO) related states can help China and relevant countries effectively deal with the impact from Russia-Belarus-Kazakhstan customs union, help to improve the economy of China and the countries along the Silk Road Economic Belt and the trade relationship among these countries, so as to promote the implementation of strategic conception of "One Belt and One Road". And as the scope of free trade area from member states expands to all relevant countries of Shanghai Cooperation Organi-zation (SCO), the economy of China and the countries along the Silk Road Economic Belt and the trade relation among these countries would gain more benefits. References | Related Articles | Metrics

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A Research of the Factors that Influence the Iron Ore Price under New Market Patterns Shao Liuguo, Xu Zihua, Zhang Shijing 2018, 30 (2):  13-24,41.  Abstract ( 400 )   PDF (1506KB) ( 1678 )   In recent years, the international iron ore supply and demand dynamics, and pricing mechanisms have fundamentally changed, with iron ore prices turning from upward trend to downward trend. Based on a framework built to analyze the factors that influ-ence the imported iron ore prices, this paper uses MS-VAR and VAR models to explore two questions:first, whether such the imported iron ore prices are influenced by different factors in different market trends and whether such factors influence the prices asymmetrically; second, whether different pricing mechanisms make difference to the imported iron ore prices. Results show that:(1) Financial factors such as US dollar exchange rate and interest-rate spread between China and America affect the imported iron ore prices, and there are speculations in international iron ore market, fundamentals of supply and demand should not be the only consideration in analyzing the international iron ore market trend. (2) In different regimes, the imported iron ore prices asymmetrically respond to the relevant influen-cing factors. In the rising and declining regimes, the imported iron ore prices respond, in different directions, to dollar exchange rate and iron ore import volume, and respond, to different extents, to US dollar exchange rate, interest-rate spread between China and America, ocean freight, iron ore import volume, domestic ore production and inventory. (3) The spot price indexes that the top three mining com-panies launched in pursuit of pricing power lead to an uplift in price, futures contracts released by Dalian Commodity Exchange bring down the prices, and domestic ores fail to inhibit the rise of prices. References | Related Articles | Metrics

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A Media Coverage Perspective Study of the Difference in Earnings Management Activities of Listed Companies——A New Way to Govern Earnings Management Zhang Tingting, Li Yanxi, Zeng Weiqiang 2018, 30 (2):  25-41.  Abstract ( 207 )   PDF (1300KB) ( 448 )   Using a sample of A Share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2014 in China, we select the number of media coverage from eight original authoritative newspapers as proxy variable and empirically test the corporate governance effect of the media from a perspective of accrual-based and real earnings management activities. We believe that media has become a new way to govern earnings management in transition country. We also investigate the differences of the media governance effect between state-owned enterprises and non-state-owned enterprises. Our results indicate that media coverage makes managers tend to accruals manipula-tion to a certain extent. However, media coverage can effectively inhibit the real earnings management activities in listed firms. The study reveals that compared with state-owned firms, private firms are more inclined to choose accruals manipulation while the state-owned com-panies will restrict the governance role of media on real earnings management. It's worth noting that the media's role of corporate govern-ance is influenced by the development degree of media environment. The findings of our study contribute to the existing study on the cor-porate governance role of media. Our paper finds and builds the watchdog role of the media, which would be significant for effective gov-ernance of the earnings manipulation. References | Related Articles | Metrics

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The Effectiveness of Marco-prudential Policy Instruments——Research Based on Data of Mainland China, Hong Kong SAR and South Korea Ye Huan 2018, 30 (2):  42-51.  Abstract ( 193 )   PDF (1143KB) ( 647 )   With macro-prudential policy studied more and more deeply, the effectiveness of marco-prudential policy instruments has at-tracted more and more attention. Most of the empirical literature indicates that macro-prudential instruments have been effective in curb-ing excessive credit and asset price growth. This paper builds an indicator to describe macro-prudential policy actions and builds dynamic panel data models based on the data of mainland China, Hong Kong SAR and South Korea. Result of the models proves that the tighte-ning macro-prudential instruments have a restraining effect on credit growth and house price growth. This paper also analyzes the effec-tiveness of different types and different directions of macro-prudential policy instruments. The reserve requirement ratio, LTV and DTI are the most effective instruments on credit growth, and effect of tightening instruments is more significant on credit growth. The LTV and DTI are the most effective instruments on house price growth, and effect of expanding instruments is more significant on house price growth. References | Related Articles | Metrics

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Free Trade Agreement and Chinese International Trade Wang Changrong, Wang Yuanyue 2018, 30 (2):  52-60.  Abstract ( 204 )   PDF (1131KB) ( 863 )   The effects of FTA on Chinese economy are more and more significant. This paper theoretically and empirically analyzes the effects of FTA on Chinese international trade. From the theoretical aspect, this paper focuses on the external influences of FTA, which are divided into trade creation and trade diversion effects. From the empirical aspect, we apply the gravity model used by scholars and se-lect China's trade data from 2003 to 2012 to test the relevant hypotheses. By applying the static panels and dynamic panels, we conclude that trade diversion effects of FTA are greater than trade creation effects. What's more, the effects of FTA on Chinese foreign trade are decreasing as time goes by. References | Related Articles | Metrics

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The Impact of Dual Network Embeddedness on Venture Capital Syndication:Based on the Perspective of Network Signal Yang Minli, Ding Wenhu, Guo Lihong, Marcus Feldman 2018, 30 (2):  61-70,135.  Abstract ( 307 )   PDF (4113KB) ( 658 )   While most existing studies analyze the impact of VCs' embeddedness in single network in isolation, this paper investigates the influence of venture capital firms'(VCs) embeddedness in both syndication network and limited partner(LPs) network on the forma-tion of co-investment based on signaling theory. Using the data of China's local VCs between 2003 and 2015, we find that:First, VCs' affiliations with LPs that occupy central positions in limited partner network offer benefits for the formation of future co-investment. Sec-ond, VCs which occupy central position in syndication network offer benefits for the formation of future co-investment. Third, the positive effect of VCs' network position in determining their formation of co-investment diminishes as LPs' network position increases. These re-sults suggest that signaling value generated by different types of network (syndication network and limited partner network) in reducing adverse selection can substitute each other during the process of co-investment formation. References | Related Articles | Metrics

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Research on the Relationship among Ownership Attribution, Innovation Input and Firm Performance of Listed Auto Companies in China Li Xianjun, Wang Wei, Liu Wenchao, Wang Jinglun 2018, 30 (2):  71-82.  Abstract ( 196 )   PDF (1232KB) ( 621 )   Ownership in Listed Companies as "equity" has the basic position in the corporate governance structure. It will have a decis-ive role in the arrangement of board of directors and the internal management of managers' incentive equity structure, etc. Thus it would affect the enterprise innovation strategy and innovation investment decision-making process, and ultimately affect the company's perform-ance. The existing researches focus on the innovation of different types of ownership enterprises, without in-depth exploration into the in-fluence of different ownership properties on innovation input and enterprise's performance and changes of such influence within the same enterprise. In this research, we take 20 listed carmakers and 72 listed automobile component manufacturers in China as the research sam-ple. We take the annual R&D investment as the main factors affecting enterprise performance. We take four kinds of ownership attribute as the threshold variables, namely, the state, private, foreign and institutions ownerships. We take the total assets of the enterprise, as-set liability ratio, operating income net profit, enterprises' length of existence and length of being listed as control variables. Then we set up a panel threshold model. Based on the data from 2012 to 2015, the panel threshold model is analyzed by STATA software. Analysis result shows that there is a non-linear relationship between the China listed automobile enterprise innovation investment and enterprise performance, and there are interval effects between enterprise R & D investment and corporate performance because of the different own-erships. References | Related Articles | Metrics

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Research on the Path Selection of Green Process Innovation of Home Appliances Manufacturing Based on Niche Ecostate-ecorole Theory Shi Bo, Tian Hongna 2018, 30 (2):  83-93.  Abstract ( 289 )   PDF (1202KB) ( 502 )   This paper analyzes the status of green process innovation of home appliances manufacturing based on the theoretical analysis and literature review. It constructs the evaluation index system of green process innovation niche ecostate-ecorole of home appliances manufacturing. On this basis, the niche ecostate and niche ecorole of green process innovation of home appliances manufacturing are e-valuated. The paper puts forward three alternative paths of green process innovation. Then, it constructs the matrix model of innovation path selection. Finally, the paper determines the path of green process innovation of home appliances manufacturing. The research finds that the green process innovation of home appliance manufacturing should follow a path of independent innovation and cooperative innova-tion. References | Related Articles | Metrics

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Application of Electronic Word-of-Mouth to Service Quality Management of B2C Electronic Commerce Zuo Wenming, Chen Huaqiong, Zhang Zhenpeng 2018, 30 (2):  94-106.  Abstract ( 202 )   PDF (1666KB) ( 630 )   In a social commerce environment, microblog electronic word-of-mouth (eWOM) can express service quality issues. But how to apply eWOMs to discover the deficiency in service process is an antecedent issue. In this paper, we construct classification model of microblog eWOMs for business-to-customer (B2C) electronic commerce to classify microblog eWOMs by sub-services in electronic com-merce service. Leveraging sentiment orientation analysis to determine negative eWOMs, we then identify service quality issues in sub-services of B2C electronic commerce service. We take dangdang.com as an example to test the efficiency of the proposed approach. Em-pirical results show that the proposed method can efficiently locate the problems in the service process. On the basis of determining serv-ice quality problems, we further propose a strategy to improve service processes with a co-occurrence analysis and service blueprinting. References | Related Articles | Metrics

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Study on the Influencing Factors of Task Performance of Crowdsourcing Platform Based on Contracting Method Zong Liyong, Li Yuanxu 2018, 30 (2):  107-116.  Abstract ( 185 )   PDF (1162KB) ( 435 )   Through online trading of professional services, crowdsourcing platforms can provide cost-effective and diversified solutions for the seekers. For crowdsourcing platform operators, it is of great practical significance to attract more innovators to be the solver, thus maximizing the performance of crowdsourcing task. Using transaction data collected from a crowdsourcing platform "EpWeike.com", this study empirically examines the factors that influence the task performance which is indicated by the number of solvers. Results show that award, follow and time have significant positive effects on the task performance; difficulty has a significant negative effect on the task performance; mode moderates the relationships between difficulty, award and the task performance. That is to say, in different contrac-ting modes, award and difficulty have distinct influences on the size of solver group. Award has a significant effect on the task perform-ance in single-mode reward and piecework task mode, but not significant in bidding task mode. This study aims at providing theoretical support for enterprises to make decisions on the crowdsourcing, and to tell the differences between different trading mechanisms and opti-mize platform rules targetedly, thus improving platform operating performance. References | Related Articles | Metrics

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Can Reward Change Consumers' Online Reviews?——The Impact of Reward Program on E-word of Mouth Zeng Hui, Hao Liaogang, Yu Zhenpeng 2018, 30 (2):  117-126.  Abstract ( 447 )   PDF (1322KB) ( 690 )   This paper explores the effect of reward on consumers' online reviews under C2C e-commerce environment through two exper-iments based on the social exchange theory. Study 1 explores consumers' responses to the "favourable comment reword programs" under satisfied and dissatisfied conditions, and results indicate that a reward can improve consumers' favourable comment intention and store evaluation under satisfied condition. However, the reward will decrease consumers' favourable comment intention and store evaluation under dissatisfied condition. Study 2 explores the factors that affect consumers' favourable comment under satisfied condition, and results indicate that compared with difficult comment reword programs, easy comment reword programs will lead to higher consumers' favourable comment intention and store evaluation, and consumer deal proneness moderates the effect of required comment effort on consumers' fa-vourable comment intention and store evaluation. References | Related Articles | Metrics

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Tour Quality, Tourist Satisfaction and Tourist Loyalty of Red Tourism in China——A Case Study of Jinggangshan Scenic Spot Lu Xiaoli, Fu Guo 2018, 30 (2):  127-135.  Abstract ( 324 )   PDF (1258KB) ( 669 )   Loyalty of tourist plays a critical role in facilitating development of travel destinations, as well as interpersonal communication and market share of tourist product. This study evaluates the impacts of quality of destination and tourist satisfaction on tourist loyalty by taking the red tourist attractions as example. A structural model is constructed for the three subjects based on literature analysis. Three hypotheses are proposed accordingly. The paper reveals the relation among the three drawing on the statistical analyses of 134 valid ques-tionnaires. Specific ways to improve tourist satisfaction are also suggested to encourage revisit and enhance red tourist. The findings dem-onstrate that tourist satisfaction has significant positive impacts on tourist loyalty, while tour quality affects tourist satisfaction positively and also affects tourist loyalty via satisfaction; tourist satisfaction plays a fully mediating role between tour quality and tourist loyalty. Tour quality plays a non-significant negative role in affecting tourist loyalty. Increasing the red characteristics of tourism destination devel-opment is the best approach to improve the loyalty of red tourist. References | Related Articles | Metrics

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The Impact of Straight and Tilted Brand Logo on Perception and Attitude of Consumers Wei Hua, Wang Tao, Feng Wenting, Ding Qian 2018, 30 (2):  136-145.  Abstract ( 412 )   PDF (1174KB) ( 869 )   Logo is a brand's most important symbol, which plays a critical role in creating brand equity and reinforcing brand percep-tion. Previous researches indicate that consumer perception and attitude can be affected by a logo's shape, integrity and dynamics. Bare-ly any studies have examined the functions of text brands' upright or tilted shape. Based upon embodied cognition and structural meta-phor theory, this study explores the effects of upright and tilted text brands on consumer perception and attitude with two studies and six experiments. Results show that tilted text logos come across as fast, efficient and innovative compared to upright ones. But upright brand logos make consumers feel stable, reliable and safe. The effect of text brands' upright or tilted shape on consumers' attitude is modera-ted by brand type. For modern brands, consumers prefer tilted brand logos; while for traditional brands, consumers favor upright brand logos. This study provides guidance for brand logo design and expands the applicable range of embodied cognition and structural meta-phor. References | Related Articles | Metrics

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Formation Mechanism of Farmer's Lock-in Purchasing Behavior of Agricultural Material Products:Based on the Difference Analysis of Shandong, Hubei and Sichuan Provinces Sun Juan, Li Yanjun 2018, 30 (2):  146-158.  Abstract ( 194 )   PDF (1213KB) ( 348 )   We divide farmers' lock-in purchasing behavior pattern in agricultural material products market into lock-in brand purchasing behavior and lock-in store purchasing behavior, construct the formation mechanism model of farmer's lock-in purchasing behavior of ag-ricultural material products mainly from the perspective of situational factors, empirically test this model by investigating farmers from Shandong, Hubei and Sichuan provinces and compare the differences between two lock-in purchasing behavior and between three regions of the same lock-in purchasing behavior. The research shows that:Brand perceived value and retail perceived image have direct and indi-rect effects on farmers' lock-in purchasing behavior, and both the indirect effects are generated by a positive impact by the mediating function of perceived differentiation and trade dependency; the quality of human relationship has a positive impact on lock-in store pur-chasing behavior; social norms could positively regulates both the relationships between brand perceived value and lock-in brand purcha-sing behavior and the relationships between retail perceived image and lock-in store purchasing behavior. In addition, there are signifi-cant differences of lock-in purchasing behaviors' impact pathways and behavior mode among different regions. farmers in Shandong prov-ince behave as lower lock-in brand purchasing behavior and lower lock-in store purchasing behavior, the direct factors have a greater im-pact; farmers in Hubei province behave as lower lock-in brand purchasing behavior and higher lock-in store purchasing behavior, the di-rect factors and situational factors both have a great impact; farmers in Sichuan province behave as higher lock-in brand purchasing be-havior and higher lock-in store purchasing behavior, and the situational factors have a greater impact. References | Related Articles | Metrics

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Corporate Philanthropy, R&D Spending and the Mitigating Effect of Financial Resources:Based on the Perspective of the Interactions between Strategies Shen Yi, Xu Guanghua, Qian Ming 2018, 30 (2):  159-171.  Abstract ( 226 )   PDF (1208KB) ( 460 )   Based on the samples of Chinese high-tech firms listed during the period from 2008 to 2013, we investigate the relationship between corporate philanthropy and R&D spending and attempt to explain why and how it happens. We find that there is a negative rela-tionship between corporate philanthropy and R&D spending, even if the R&D spending is deferred, which is attributed to the limitation of strategy resource. Further, we investigate the mitigating impact of financial resource. The results show that this negative relationship is more aggressive in the firms with more financial slack or less financial constraint. This study sheds a new light on the theory of corporate strategy and the antecedent of R&D spending and also has some important implications to the policy makers. References | Related Articles | Metrics

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Research on the Win-Win Corporation Mechanism between Multi-national Corporation and Host Country under the Background of One Belt and One Road:Based on the Perspective of Corporate Social Responsibility Huang Lingyun, Zheng Shufang, Wang Jue 2018, 30 (2):  172-182.  Abstract ( 360 )   PDF (1183KB) ( 836 )   This paper conducts the game models of MNC-Host country government under the situation of entirely rational and fairness preference to analyze the role of CSR in MNC's performance, and tries to find the solution for solving the dispute between MNC and host country. It is proved that the host country prefers to provide some incentive policies or develop the investment environment in order to re-turn the friendly behavior of MNC under certain conditions. In this time both MNC and host country can achieve mutual benefits and win-win result when the reciprocity mechanism exists. This study has a significant guidance for foreign investment and receive win-win cooper-ation under the background of the Belt and Road Initiatives, and provides an economic foundation for CSR and the favorable behavior of government. References | Related Articles | Metrics

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Audit Firm Change, Initial Audit Fee Discount and Audit Quality Zhang Rui, Tian Gaoliang, Qi Baolei, Han Jie 2018, 30 (2):  183-199.  Abstract ( 228 )   PDF (1238KB) ( 574 )   This paper chooses Chinese A-share listed firms in 2007-2014 to explore whether initial audit fee discount occurs in different situations of audit firm change and the impact of this phenomenon on audit quality. Empirical results show that after controlling for the effects of audit firm merger on audit fees and audit quality, initial audit fee discount occurs not only when the audit firm and two signing auditors change simultaneously but also when the audit firm changes with one or two signing auditors remaining the same; the initial audit fee discount in the former situation impairs audit quality while the fee discount in the latter situation doesn't. Further research suggests that after removing the samples of audit firm merger, the conclusion is still valid; initial audit fee discount is still significant in the first year after the audit firm and two signing auditors change simultaneously; the removal of modified audit opinion is more likely when the audit firm and two signing auditors change simultaneously along with initial audit fee discount. This paper has some theoretical and practi-cal importance for maintaining relationship with audit clients, guaranteeing audit quality and developing audit profession. References | Related Articles | Metrics

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A Comparative Study on CAS and IFRS:An Empirical Test Based on the Differences in Income Statements Zhou Jianan, Jia Qiaoyu 2018, 30 (2):  200-211.  Abstract ( 454 )   PDF (1185KB) ( 1701 )   China Accounting Standards (CAS) implemented in 2007 is different from International Financial Reporting Standards (IFRS) in both content of standards and format of income statements. Using A+H cross-listed companies from 2007 to 2014 as samples, this paper empirically compares information content between the two income statements by considering two major differences between them:net profit and profit from operation. The results suggest that net profit and profit from operation before financial income and other investment income in H shares income statements reported according to IFRS are both able to bring incremental information to investors, and investors are mainly concerned with the differences in recognition of revaluation of assets, revenue, fixed assets and devaluation of assets. Meanwhile, the per-sistence of profit from operation before financial income and other investment income reported according to IFRS is higher than that of profit from operation reported according to CAS. The paper provides a theoretical basis for the international convergence of CAS. References | Related Articles | Metrics

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Exploring the Impacts of Social Class and Brand Crisis Types on Brand Evaluation and Purchase Intent Han Bing, Wang Liangyan, Yu Mingyang 2018, 30 (2):  212-221.  Abstract ( 240 )   PDF (1251KB) ( 744 )   Researches on social class start recently and attract growing interest among psychological scholars. The current research is a pioneer work which explores the impact of social class in brand crisis management. Through two experiments in manufactory and service industries, the authors explore the effect of consumers' social class (upper vs. lower) and brand crisis type (performance vs. value) on consumer's brand evaluation as well as purchase intent. More specifically, for value-related brand crisis, consumers from high social class have less unfavorable brand evaluation and higher purchase intent than those from low social class; whereas for performance-related brand crisis, brand evaluation and purchase intent do not differ between consumers from high and low social class. Also the authors find evidence that consumers' agency-communion orientation mediates the effect of social class on purchase intent for value-related brand cri-sis rather than performance-related one. These results suggest that firms should pay attention to consumers' social class and provide ap-propriate strategies to alleviate the negative impact induced by the brand crisis, especially for the value-related crisis. This study not only enriches the theoretical application of social class as well as brand crisis researches, but also makes practical and managerial recommen-dations on brand crisis management. References | Related Articles | Metrics

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System-dynamics-based Emergency Strategy Analysis for Typhoon Disaster Yu Xiaobing, Cao Jie, Wang Xuming, Cai Mei 2018, 30 (2):  222-230.  Abstract ( 224 )   PDF (1683KB) ( 881 )   China is one of the hardest hit regions by typhoon. A typhoon disaster emergency model is established based on system dynam-ics in this paper. A multi-objective dynamics model is proposed to consider the degree of public panic and loss rate and to discover effec-tive management policies. Different from other existing studies, both natural and social factors are introduced. The management mecha-nisms including government, flood control and drought relief headquarters and public are considered by multi-Agent model and simulation theory. Water disaster caused by typhoon Fitow is taken as instance in Yuyao City, Zhejiang Province. The empirical study demonstrates that government emergency scheduling, cooperation of flood control and drought relief headquarters and participation of citizens directly influence loss and public panic. Numerical simulation indicates that three factors are of roughly equal importance. It is useful to improve theoretical level of emergency management system, especially to deal with the typhoon. The results also prove that multiple subjects in-cluding government, flood control and drought relief headquarters, citizens should respond to typhoon disaster positively and actively. References | Related Articles | Metrics

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Reconstruction and Analysis of China's Social Security Evaluation System:Based on the Social Security Data from 31 Provinces Wang Xuan, Liu Junmin, Wang Jiani 2018, 30 (2):  231-241.  Abstract ( 213 )   PDF (1473KB) ( 648 )   In this paper we build a comprehensive assessment system of China's social security system, and evaluate the system in the dimensions of "moderateness", "fairness", and "effectiveness", which involve a total of fourteen indicators. In our study we scored the social security levels of the country and each of the thirty-one provinces by using the method of "factor analysis" and "cluster analysis". The study finds that the social security level in the east is significantly higher than that in the west, and the social security level in the coastal is significantly higher than that in the inland, but the fairness level of social security system shows exactly the opposite. In the end we propose some policy recommendations aiming at actual problems of China's social security system. References | Related Articles | Metrics

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Study of Multiple Institutional Logic Theory and Organizational Ambidexterity under the Background of the Industry Internet:The Case of Suning O2O Transformation Ge Minglei, Zhang Lihua, Huang Qiufeng 2018, 30 (2):  242-255.  Abstract ( 304 )   PDF (1311KB) ( 1389 )   Organizational transformation in the Internet era is a hot topic. Organizations will confront the tension of institutional logic complexity during the course of transformation. Based on institutional logic theory and organizational ambidexterity theory, this paper se-lects Suning as a case to explore the dynamic evolution of institutional logic and the organizational coping practice. Then we find that mul-tiple institutional logics show a complex dynamic evolution feature. In the beginning of transformation, structural ambidexterity promotes logic centrality and reduces logic compatibility through differentiation. In the middle and later periods, contextual ambidexterity and re-ciprocal ambidexterity promotes logic compatibility through integration. References | Related Articles | Metrics

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Project Selection and Portfolio, Social Relationship Network Change and Strategic Adjustment of an Enterprise——A Longitudinal Case Study Based on Municipal Infrastructure Industry Shen Zhifeng, Jiao Yuanyuan, Li Zhihui, Fu Shihui, Xiong Jianfang 2018, 30 (2):  256-272.  Abstract ( 223 )   PDF (1556KB) ( 408 )   Through long-term tracking and analyzing target enterprises from the dynamic perspective of social relation networks, this pa-per reveals the composition of an enterprise's social relationship network, measures the changes of its social relationship networks and sub-networks through the behavior main body of networks, the relation content of networks and the relation structure of networks. Then, the paper explores the heterogeneous effects of these sub-network changes on the enterprise' s project selection and the strategic adjust-ment, constructs a process model from enterprise's social relation network changes to enterprise's strategic adjustment, confirms the in-ference that the enterprise's strategic adjustment can be a natural evolution. Finally, facing the popular opinion that strategy is a guide of an enterprise in selecting project and structuring portfolio, this paper argues that an enterprise can also select project and structure portfo-lio first and then set up its strategy, thus making it easy to make necessary adjustments to the strategy. The concepts put forward and con-firmed by the paper not only enrich the connotation of the theory of enterprise strategy and the theory of project management but also pro-vide guidance for the practice of strategic adjustment and project management. References | Related Articles | Metrics