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28 June 2018, Volume 30 Issue 6 Previous Issue    Next Issue

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Research on the Relative Contribution of Ask and Bid Quotes to Price Discovery in Chinese Stock Market Wang Chunfeng, Ma Dan, Fang Zhenming, Huang Ning 2018, 30 (6):  3-12.  Abstract ( 240 )   PDF (1137KB) ( 451 )   Based on the IS model, we measure the information content of ask and bid quotes in the short-run, using the high frequency trading data in Shanghai Stock Exchange, in order to research their contribution to price discovery. The result shows that the contribution of ask and bid quotes to price discovery is different in the short trading period and the magnitude of this difference is bigger among stocks with small market value. Further, we establish a long panel data regress model to explore the influencing factors of the relative contribution of ask and bid quotes, which shows that the relative contribution has positive relations with stock return, order imbalance and the difference between elasticity of quotes. This research is a significant supplement to price discovery theory in the market microstructure and also provides necessary references for high frequency trading investors. References | Related Articles | Metrics

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Multi-objective Optimization Model of the Bank Asset and Liability Management Based on Multiple Optimal Solutions Zhou Ying, Liu Xu 2018, 30 (6):  13-27.  Abstract ( 251 )   PDF (1188KB) ( 389 )   We establish an optimized asset allocation model with goals of the solvency, liquidity risk and income of the huge existing stock of assets and incremental assets. This model takes into account the liquidity, safety and profitability of the existing and incremental assets. Through the hierarchical algorithm, it can get more groups rather than a set of optimal solutions. The bank can select a set of optimal solutions in multiple optimal solutions according to the actual need. The significance of the optimal solution to the bank management is that it can satisfy the bank manager's different value preference. The pursuit of the optimal main goal can take account of other goals. This enables banks to select the most appropriate priority order based on the changes of the macro environment or operation strategy, and then formulate the optimal asset liability management, in order to allocate the bank future asset effectively and flexibly. The empirical research of Ningbo Bank shows that 6 groups of optimal solutions with different priority order all can take account of the liquidity, security and profitability. What's more, the higher the priority, the better the effectiveness. References | Related Articles | Metrics

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Forecast of China's Economic Growth under New Normal Conditions from the Perspective of Monetary Policy Regulation Liu Chao, Jiang Yujie, Ma Yujie, Zhou Wenwen, Liu Chenqi 2018, 30 (6):  28-39.  Abstract ( 210 )   PDF (1342KB) ( 346 )   The game between speed and quality of China's economic growth under the new normal conditions is a hotspot and difficult issue in the current social development. Traditional monetary policy focuses on the regulation of economic growth rate, but the proposed concept of the new normal of economic development puts forward new requirements for monetary policy regulation. This paper selects the monetary policy control and economic growth related variables data from 1985 to 2016 to research the relationship between the regulation of monetary policy and the speed and quality of economic growth under the new normal conditions. In this paper, the global optimization of genetic algorithms is combined with the weight and threshold optimization of BP neural networks to construct the relation model of monetary policy regulate and economic growth. This model simulates the interaction between monetary policy regulation and economic growth rate and quality under the new normal conditions. The GDP growth rate and the tertiary industry contribution rate of the forecast analysis results in 2017 showed by the model mean that the GDP growth of 2017 will slow down and be in the interval[6.3389%, 6.6639%] and the contribution of the tertiary industry will be in[52.2810%, 54.9620%]. Furthermore, the increase of contribution of the tertiary industry has accelerated since 1985, especially since 2013, which indicates that the third industry will play a major rule in economic development and the economic structure is being optimized. References | Related Articles | Metrics

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When Latecomer Firms Approach the Frontier of Technological Innovation:“The Springboard Effects” of Internationalization Wu Xianming, Gao Houbin, Shao Fuze 2018, 30 (6):  40-54.  Abstract ( 289 )   PDF (1461KB) ( 965 )   At present, more and more latecomer firms are approaching or have already approached the technological innovation frontier, and attempt to transform from imitators to innovators by taking advantage of "the springboard effects" of internationalization, while existing literatures lack proper attention and in-depth research on this subject. Using the grounded theory methods, this paper carries out a multiple-cases study on four international enterprises to explore the innovation catching-up mechanism in internationalization process. This paper finds that, "the springboard effects" display as boundary spanning, R&D network reconstruction and strategic organizational learning. The bottlenecks of catching-up are the motivation of "the springboard effects" for latecomer firms, the strategic capability and absorptive capacity are the foundations of "the springboard effects". Boundary spanning is the starting point of "the springboard effects". R&D network reconstruction is the key issue, strategic organizational learning is the core stage and innovation catching-up is the result of "the springboard effects". These findings can enrich relevant theories of internationalization and technological catching-up of latecomer firms. At the same time, they have practical significances for innovation catching-up of Chinese enterprises. References | Related Articles | Metrics

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External R&D, Integrated Production and Indigenous Brands' Dynamic Market Performance:Evidence from Chinese Passenger-vehicle Industry Tan Shiyu, Bai Rangrang 2018, 30 (6):  55-69.  Abstract ( 166 )   PDF (1485KB) ( 370 )   Drawing upon the example of 179 products introduced by indigenous brand in Chinese passenger-vehicle industry from 1986 to 2013, this study empirically analyzes impact of R&D and production mode on product's dynamic market performance. The result reveals that:(1) technology import will do harm to short-term performance of indigenous-brand product, however this negative impact can be offset by firm's inner R&D input; in contrast, R&D outsource can promote product's short-term performance. Influence of these two external R&D modes can't last in the long period. (2) Vertical integration in production of key components can increase short-term and long-term performance of indigenous-brand product. But firm's size will play a negative moderating role during this process;(3) Impact of R&D and production mode on product's dynamic market performance differs between firms with different kinds of ownership. Product market performance of private firm is more likely to be affected by R&D and production mode. (4) Market performance of product is also affected by market structure:business stole effect is more and more obvious with growing homogeneity of indigenous-brand product; (5) As a result of limitation in firm size and coordinative ability with suppliers, externally imported platform is not suitable for current indigenous-brand firm and also brings no benefit to its product performance. These results demonstrate that indigenous brand can't achieve consistent market success without effective use of inner and external resource, and optimal integration on vertical organization form or value chain. References | Related Articles | Metrics

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Research on Inner-enterprise Synergy and Innovation Performance from the Perspective of IT Capability Shao Yunfei, Pang Bo, Fang Jiaming 2018, 30 (6):  70-80.  Abstract ( 257 )   PDF (1207KB) ( 436 )   IT capability and synergies among inner-enterprise factors play an important role in improving enterprise innovation performance. In the framework of synergistic innovation system, this paper builds a theoretical model and explores how synergies among technological factor and the other three non-technological factors (i.e. market factor, organizational factor and cultural factor) influence enterprise innovation performance. On this basis, the moderating effects of IT capability are further elucidated. According to the empirical findings from a questionnaire investigation, synergies between technological factor and market factor, organizational factor, cultural factor respectively are positively associated with enterprise innovation performance, and synergies among technological factor and the three nontechnological factors simultaneously, that is, inner-enterprise multi-factors synergies improve enterprise innovation performance more significantly. What is more, IT capability positively moderates the relationships between inner-enterprise synergies and enterprise innovation performance. What is studied in the paper clarifies the mechanism of how synergies among the inner-enterprise factors affect enterprise innovation performance in the view of multi-factors synergistic innovation which deepens the innovation theory, and reveal the black box of how IT capability affects inner-enterprise synergistic innovation, which extends the innovation theory from the perspective of IT capability. Furthermore, some managerial implications are provided for cultivating, developing and utilizing IT capability efficiently and effectively to facilitate inner-enterprise synergies to improve enterprise innovation performance. References | Related Articles | Metrics

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Intergenerational Succession of Family Firms:A Continuation or Rupture of the Innovation Spirit? Cheng Chen 2018, 30 (6):  81-92.  Abstract ( 273 )   PDF (1129KB) ( 420 )   Using China's 2003-2013 listed family firms as our sample, this paper attempts to test family firm intergenerational succession effects on firm innovation to provide empirical evidence and a new insight to explain the hindering factors of family firms' long-term duration. It is found that the intergenerational succession of the family firm has restrained firm innovation and the reason lies in successors' myopia preference. Further, for a family firm that has experienced the intergenerational succession, if it has less holding family inner conflicts and a better ownership design and corporate governance, its innovation will suffer less from intergenerational succession. We test the institutional dilemma which is not conducive to firm innovation in family firms experiencing intergenerational succession, and find that poor information environment is harmful to the intergenerational succession of family business, leading to a sharper decline of firm innovation when intergenerational succession occurs. Meanwhile, the intergenerational succession of the family firm has brought about a significant loss of value. This paper not only extends the research on the family firm, but also provides policy implications for promoting firm innovation and even economic growth quality. References | Related Articles | Metrics

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Review of Digital Piracy Control Strategies from the Perspectives of Law, Technique and Business Operation Lin Xudong, Ma Lijun, Tian Xin 2018, 30 (6):  93-103.  Abstract ( 212 )   PDF (1145KB) ( 602 )   Technological advances in digitalization and peer-to-peer networking communications technologies have transformed digital industry into one of the important components of global economy, and have aggravated digital piracy on the other hand, thus arousing great attention from both academia and business circles. In this paper, we examine the effectiveness of traditional piracy control methods under the behavioral-agents' dynamic game framework, and point out that previous researches analyze piracy problem only from one or two facets, which are far from meeting the requirments of current digital piracy control. Based on the review, we propose future directions for researches. That is, from the angle of market entities' behavioral decisions, taking into accounts strategic interactions among government policy, firm's business strategy and consumers 'self-selection behavior, researchers should focus on designing a theoretical analysis framework which could integrate mulilevel driving factors affecting digital piracy behaviors into a whole, so as to decide on effective piracy control strategies combinations, which can provide some guidelines on how to set up effective digital copyright protection policy for policy makers and how to choose appropriate technological protection levels and pricing schemes for digital goods firms. References | Related Articles | Metrics

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Establishment of the Utility Model of Both the Insensitive and Sensitive E-shoppers from the Perspective of Transaction Cost Wang Chong, Xiao Jiuling 2018, 30 (6):  104-111.  Abstract ( 261 )   PDF (1084KB) ( 416 )   Amount of transaction cost is an importa nt factor that consumers consider in deciding whether or not to buy a product online. From the perspective of transaction cost, this paper analyses the impact of risk cost, paying cost and evaluating cost on product utility perceived by consumers. After constructing the loss functions of product value resulting from the three costs, the paper establishes a utility model of both insensitive and sensitive online shoppers, and studies the changes of consumer perceiving product utility influenced by website repute, product brand, price and quality. The results indicate no matter whether consumers are sensitive or insensitive, their product utility and marginal utility all reflect similar changing trend under effect of the variables above. With the enhancement of website repute, product brand and quality, product utility of insensitive consumers and sensitive consumers increases too, however marginal utility of product decrease. With the rise of product price and transportation cost, product utility perceived by insensitive and sensitive consumers all descend. But, since sensitive consumers are more sensitive to costs, their changing velocity of product utility and marginal utility is all greater than that of insensitive consumers. Finally, the paper provides suggestions on Internet marketing strategies based on the research results. References | Related Articles | Metrics

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Individual Needs, Sharing Motivation and Jingyou Behavior in Virtual Communities Hou Nan, Zhao Xi'nan, Yang Jiaoping 2018, 30 (6):  112-122.  Abstract ( 234 )   PDF (1299KB) ( 384 )   This paper first explores the structure of Jingyou behavior, and proves that Jingyou behavior includes two dimensions structure, which is inquiry behavior and excellent display behavior. On the basis of individual needs theory, this paper decomposes individual needs into two dimensions:self-expression needs and social needs, and then analyzes the effect of individual needs on the Jingyou behavior in virtual community, the mediating role of sharing motivation between individual needs and Jingyou behavior, and the moderating effect of online interpersonal trust on the relationship between individual needs and sharing motivation. Empirical analysis shows:self-expression needs have a positive effect on social needs and excellent display behavior, and social needs have a positive effect on two dimensions of Jingyou behavior; sharing motivation between social needs and inquiry behavior plays a mediating role, and a partial intermediary role between the two dimensions of individual needs and excellent display behavior. The positive effect of individual needs on sharing motivation is stronger when online interpersonal trust degree is higher. References | Related Articles | Metrics

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Research on the Coordination Mechanisms in Online Encyclopedia Community:An Empirical Research on Wikipedia Liu Fengjun, Qiu Jiangnan, Lin Zhengkui, Zhao Na 2018, 30 (6):  123-135.  Abstract ( 250 )   PDF (1371KB) ( 467 )   From the perspective of group collaboration overall process, this paper studies the logical relationship between coordination mechanisms and collaborative conflict, as well as coordination mechanisms and content quality based on the social cognitive theory and team interaction theory. The models in this paper are tested with survey data from 748 English Wikipedia entries by using ordinary least squares (OLS) and ordered logistic regression (OLR). Results show that coordination mechanisms are important factors affecting collaborative conflict and content quality. Coordination mechanisms weaken the positive relationship between knowledge heterogeneity and collaborative conflict, the inverted U relationship between task complexity and collaborative conflict, and the inverted U relationship between collaborative conflict and content quality. The research not only provides excellent theoretical enlightenment for coordination mechanisms in online encyclopedia community, but also has practical significance for further optimizing online encyclopedia system platform and perfecting community coordination mechanisms. References | Related Articles | Metrics

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Does Employment Network Affect Managerial Compensation?——An Empirical Research Based on Social Capital Zhang Junrui, Wang Lianghui, Wang Fangjun 2018, 30 (6):  136-148.  Abstract ( 296 )   PDF (1160KB) ( 586 )   The coexistence of "astronomical salaries" and "zero salaries" for executives in Chinese listed firms has led to extensive discussions about " what determines managerial compensation" among academics and practitioners, while social capital, as an important component of human resource, has received little attention. We theoretically distinguish two kinds of social capital-information capital and control capital that both generate from managerial employment network. Specifically, information capital reflects the capacity of executives in obtaining information, while control capital represents the capacity of executives in grasping influence, power, favor and support. Based on a sample include 2003-2014 Chinese A-share listed companies, we establish an employment network with the whole managerial members as its vertices and using factor analysis to get proxy variables for social capital. By further exploring how social capital function in managerial compensation, we find that:(1) Both kinds of social capital positively affect executive compensation. (2) Control capital decreases the performance sensitivity of compensation while information capital does not present such effect. (3) Control capital significantly decreases non-discretional sensitivity while information capital significantly decreases discretional sensitivity. The conclusions of our research shed light on distinguishing various social capitals and their roles in employment network as well as providing empirical evidence about factors that affect managerial compensation from the perspective of social network. References | Related Articles | Metrics

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An Identity Perspective of Newcomer's Organizational Socialization Yan Ming, Wu Jintao, Wang Haibo 2018, 30 (6):  149-162.  Abstract ( 532 )   PDF (1250KB) ( 609 )   More and more scholars have relied on identity theory to interpret the organizational socialization (OS) in recent years. However, some theoretical and practical efforts in their research need to be improved. In order to validate our propositions, we conduct a 1-year survey to 127 new hires and measure all the main variables four times repeatedly. In addition to exploratory factor analysis and confirmatory factor analysis, Latent Growth Modeling method is used to further analyze the data. Results show that OS can be divided into two dimensions:role OS dimension and group OS dimension. New hires' role OS dimension is positively related to their task performance and job satisfaction, while their group OS dimension is positively related to their organizational citizenship behavior and organizational commitment. Furthermore, both dimensions are positively related to their turnover intention. Overall, the results support our propositions and imply some important advances in future theoretical research and managerial practice. References | Related Articles | Metrics

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Group Culture Control, Culture-strategic Alignment and the Performance of Group Affiliates Chen Zhijun, Ma Pengcheng, Min Yijie, Dong Qing 2018, 30 (6):  163-172.  Abstract ( 269 )   PDF (1089KB) ( 417 )   As an important method of management control of business groups, the effectiveness of culture control hasn't been proved. Using 145 samples of group-affiliates from a survey, this research focuses on the relationship between group culture control, the diversification type and performance of affiliates. The finding suggests that:(1) group culture control enhances the performance of affiliates, and this influence will not be weakened with the improvement of institutional environment. (2) the strong group culture control tends to match the related diversification, while the weak group culture control tends to match the unrelated diversification. (3) the above alignment between group culture control and diversification enhances the performance of affiliates. The above conclusions indicate the long-standing effectiveness of group culture control and support the effect of group "soft control". Besides, it is proved that there is the best alignment between group culture control and diversification type. All the above conclusions expand the choice of the ways of group control. References | Related Articles | Metrics

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Research on Bounded Rationality of Emission-dependent Enterprises Based on Quantal Response Equilibrium Zheng Junjun, Cai Ming, Wang Lu, Wang Xiangmin 2018, 30 (6):  173-183.  Abstract ( 179 )   PDF (1341KB) ( 387 )   This paper designs the 2×2 experiment to study the bounded rationality of emission-dependent enterprises. By quantitatively characterizing the bounded rationality of emission-dependent enterprises under different paid allocation policies of emission permit and comparatively analyzing them, we draw the following conclusions. The pricing strategy of emission permit affects the bounded rationality of enterprises and decisions under high-price strategy are more rational. Whether the allocation method of emission permit affects the bounded rationality of enterprises relates to the pricing strategy. Under the low-price strategy, decisions under the production-dependent allocation policy are more rational than under the emission-dependent allocation policy, while there is not much difference under the high price strategy. Enterprises with different levels of pollution discharge technology have different degrees of bounded rationality. Enterprises with high levels of pollution discharge technology are more rational under the low-price strategy while enterprises with low levels of pollution discharge technology are more rational under the high-price strategy. The bounded rationality parameters of enterprises fluctuate in the range of 52-97. The research provides theoretical support for the rational and effective decision-making of the emission-dependent enterprises and the further improvement of government policies. References | Related Articles | Metrics

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Firm Cross-border Listings, Strategic Risk Governance and Competitive Advantages Yuan Deli, Chen Xiaolin 2018, 30 (6):  184-195.  Abstract ( 256 )   PDF (1203KB) ( 475 )   Given the relatively underdeveloped capital market and financing difficulties in China, more and more Chinese enterprises choose to list in U.S. market. By constructing a quantitative index that can more effectively evaluate strategic risk governance, and by using a more strict sample matching approach to get 1640 observations of matched sample and Chinese companies listed in the U.S. between 2007 and 2014, and using Heckman two-step method and system GMM method to control potential endogenous problems, this paper constructs some non-balanced panel data models to test the mechanism from cross-border listing to competitive advantages. The results show that, as one of the core components of corporate governance and strategic management, strategic risk governance is influenced by cross-border listings, but on the other hand, it is also an important source of enterprise competitive advantages. Actually strategic risk governance has become a road or transmission mechanism from cross-border listing to competitive advantages. On this basis, some corresponding policy recommendations are put forward. References | Related Articles | Metrics

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Virtual Enterprises' Strategic Management Process Model Based on the Classical Grounded Theory Hao Gang, Chen Jiali, Jia Xudong 2018, 30 (6):  196-211.  Abstract ( 294 )   PDF (2003KB) ( 679 )   As the economic development increasingly tends toward dynamic network, information transparency and data complexity, traditional enterprises have to change their organizational pattern to grasp market opportunities and respond effectively to consumer demand and many of them have set up a virtual enterprise organization model with higher elasticity and flexibility. As a new organizational form, the virtual enterprises' organizational structure and operational mechanism are different from traditional ones, so the strategic management paradigm, subject and process are also different, but the current academic community does little qualitative research by normative methods to explain how the virtual enterprises conduct strategic management and what its process is. In this paper, we use classical grounded theory and selected typical virtual enterprise cases to do a grounded research. We find that the virtual enterprises' strategic process is quite different from traditional enterprises because of the dynamic and fuzziness characters of virtual enterprises' boundary, the dynamic environment is an important factor which cannot be neglected. Eventually, this paper constructs a general theoretical model of virtual enterprise strategic management process, comprehensively describes the whole process of virtual enterprise strategy management and especially reflects the strategic interaction between the leader and members of the alliance. This research provides a theoretical guidance to virtual enterprises' successful strategy implementation. It is useful for virtual corporations to promote their strategic flexibility and adaptability, improve their competitive capability, and establish and enhance competitive advantage by efficient strategy management. References | Related Articles | Metrics

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Double Pricing Institution, Reputation Constraint and Interest Transfer in M&As Zhai Jinbu 2018, 30 (6):  212-226.  Abstract ( 316 )   PDF (1307KB) ( 353 )   Issuing additional stocks to certain buyers is a questionable way to acquire assets in China's capital market because it may involve interest transfer from large shareholders or new dominating stockholders, depending on whether the two kinds of assets are fairly priced in the trade under the unsymmetrical pricing institution in China. Relative to the distinctness and directness of higher discounted stock price in additional stock issuances, the mode of interest transfer by higher valuation in asset appraisal is more indistinct. Using 223 major asset reorganization samples with executing mergers & acquisition by way of issuing additional stocks to some certain buyers between 2006 and 2014, the paper studies more complicated interest transfer actions under combined considerations of asset appraisals increment and discounted stock price. We find that higher asset appraisal increment and discounted stock price coexist in the type of M&As. The results show that the double pricing institution probably will intensify level of interest transfer in M&As. Deep research gives us evidence that reputation constraint existing in asset appraisal firms could alleviate the problem of interest transfer in M&As. At last, we provide some constructive suggestions to regulatory authorities including China Appraisal Society and China Securities Regulatory Commission. References | Related Articles | Metrics

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Quality Incentives Based on Newsvendor Model under Asymmetric Information Wang Qian, Xie Chunyu, Cui Yiwen 2018, 30 (6):  227-237.  Abstract ( 341 )   PDF (1237KB) ( 370 )   This paper studies the quality incentive issue of " supplier-retailer" supply chain with asymmetric information. Based on whether the retailer shares the quality inspection information, the issue is divided into two cases:single moral hazard and double moral hazard. For each case, we design two incentive contracts based on internal or external failures information using principal-agent models. Under single moral hazard, both contracts can achieve the optimal decision of symmetric information, while under double moral hazard, neither of them can achieve the optimal decision. At last, we compare the two quality incentive contracts under double moral hazard with numerical experiment. The results show that the higher quality can be achieved by the contract based on internal failures information under double moral hazard. References | Related Articles | Metrics

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The Influence of Supply Chain Partner Characteristics on Supply Chain Financing in Perspective of Network Capacity Variance——Intermediary Role of Relational Capital Xue Meng, Hu Haiqing, Zhang Lang, Zhang Dan 2018, 30 (6):  238-250.  Abstract ( 176 )   PDF (1241KB) ( 407 )   This paper studies middle and small-sized enterprises in various nodes of supply chain network. From the perspective of complex network, a model with relational capital as intervening variable is constructed to analyze the relationship between partner characteristics and supply chain financing. Besides, empirical study is conducted by building multi-group SEM to discuss its potential regulatory function to network capacity of middle and small-sized enterprises. Findings are as follows. Firstly, compatibility of goals and resource complementarities have positive and significant influence on relational capital and supply chain financing. Meanwhile, culture compatibility has no direct influence on supply chain financing. However, it positively and significantly affects relational capital. Secondly, relational capital has positive and significant influence on supply chain financing. In addition, it plays certain intermediary function in the relationship between supply chain partner characteristic and supply chain financing. Finally, network capacity has regulatory function to the chain of partner recognition-capital accumulation-supply chain financing (frequency). The stronger the network capacity of middle and small-sized enterprises, the richer the relational capital accumulation, the better the transformation capability to performance, the higher the frequency of supply chain financing. References | Related Articles | Metrics

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Study on the Cloud Computing Technological Change of Software Enterprises Based on Complementary Assets:The Case of China Standard Software Company Ouyang Taohua, Wang Jun, Hu Jingbo 2018, 30 (6):  251-264.  Abstract ( 283 )   PDF (1976KB) ( 673 )   Successful technological change and commercialization can not be separated from the management of complementary assets. In the process of technological change, new technologies often share complementary assets (such as sales team and technical support team) with old ones. Moreover, due to organizational inertia, organizational cognition and the fact that old technology is still the main source of corporate profits, new technologies are often not supported by the necessary complementary assets. As a result, the failure of technological changes is not because of the new technology itself, but the lack of necessary complementary assets. The paper takes China Standard Software Company as a study case to explain how software enterprises successfully promote cloud computing technology change and commercialization. Our findings suggest that successful technological change should not only focus on the research and development of new technologies, but also deal with the relationship between new technologies and complementary assets needed for commercialization. The conclusions of this paper deduced by case study are as follows:First, identifying critical complementary assets and establishing organizational linkages between critical complementary assets and new technologies are key elements for successful technological change; Second, these organizational linkages do not exist automatically, but have to be established through a management mechanism that senior leadership develops to promote the linkages; Third, incentives, organizational learning, knowledge sharing and other management mechanisms are the key factors to promote the establishment of organizational links between new technologies and complementary assets. The study significantly enriches the relevant theories of relationship about technological change and complementary assets and can help Chinese enterprises to successfully achieve technological changes. References | Related Articles | Metrics

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A New Perspective to Analyze Business Model:Re-constructing the “Smiling Curve” of Real Estate Enterprises Yan Bingqian, Cui Xiaoyang, Yun Xin, Li Junru, Qiao Han, Hu Yi 2018, 30 (6):  265-272.  Abstract ( 371 )   PDF (1365KB) ( 1756 )   With the production fragmentation, business model is observed at the task level. Nevertheless, the traditional analysis framework of business model still stays at the firm level, which cannot accurately describe the business model anymore; hence this paper proposes an analysis framework of business model from the "smiling curve" perspective. According to the "smiling curve" theory, the upstream and downstream of the value chain create more value added. At the same time, business model plays an even greater role in the upstream and downstream of the value chain, therefore, the firm can enhance the value creation through making a breakthrough of the business model in the upstream and downstream of the value chain. From the "smiling curve" analysis perspective and combining the industry environment, this paper analyzes how Vanke Real Estate successfully integrated the "Internet" opportunity into the business model design and thus enhanced their value creation. References | Related Articles | Metrics