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28 July 2018, Volume 30 Issue 7 Previous Issue    Next Issue

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Can Mutual Fund Achieve Abnormal Return by Catering to Investor Sentiment? Wang Jue, Chen Yongshuai 2018, 30 (7):  3-15.  Abstract ( 289 )   PDF (1206KB) ( 473 )   Based on the portfolio holdings of mutual funds in China, this paper studies the relationship between fund sentiment sensitivity and fund abnormal returns. The findings show that fund abnormal returns have a concave function relationship with fund sentiment sensitivity, which means that fund abnormal returns is positively correlated with fund sentiment sensitivity before reaching the peak, but negatively correlated with it after the peak point. We also find that the fund sentiment sensitivity has no persistence effect on fund abnormal returns and it is affected by the fund manager's career concern and working experience. Specifically the fund managers with rarely career concern and less working experience are more prone to hold high sentiment sensitivity funds. This paper provides a new perspective for the study of investor sentiment theory in the field of mutual fund investment behavior and performance. References | Related Articles | Metrics

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Investor Sentiment from Guba Messages and the Predictability of Stock Extreme Returns Jin Xiu, Jiang Shangwei, Yuan Ying 2018, 30 (7):  16-25.  Abstract ( 277 )   PDF (1173KB) ( 421 )   With the widespread popularity of Internet, the impact of investor sentiment based on the Internet platform on the stock market has injected new vitality into the relationship between the sentiment and the stock market. This paper first classifies guba (online stock forum) messages by using the Bayes classification algorithm, develops a comprehensive index to measure investor sentiment from three dimensions:"tone" based on the quality information, "exposure" based on quantity information and "attention" based on the intensity information. On that basis, this paper makes a research deep into the relationship between investor sentiment and extreme returns. The results show that investor sentiment index based on Bayes classification algorithm has more advantages in explaining the change trend of Shanghai index. Further evidence indicates that the effects of investor sentiment on the different trend of extreme returns are asymmetric. Specifically, there is a significant predictability for the positive extreme returns. The conclusion can provide advices for investors to invest and for regulators to optimize the market construction. References | Related Articles | Metrics

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Individual Residential Mortgage Loan Prepayment Behavior Analyses and RMBS Pricing Study Li Xinping, Deng Lin, Yan Yan 2018, 30 (7):  26-33.  Abstract ( 257 )   PDF (1707KB) ( 818 )   This paper establishes a capital pool based on 1184 individual residential mortgage loans of a domestic commercial bank's provincial branch in 2015 and issues RMBS based on the pool. Our researches show that the prepayment behaviors of domestic residents are highly distinguished from the circumstances described in foreign literatures so that it's improper to simply bring in the foreign prepayment models in order to price RMBS. This paper firstly analyzes the residents prepayment behaviors in the capital pool and obtains the probability distribution of residents' prepayment time. Next, it simulates borrowers' prepayment behaviors based on agents in order to predict the expected cash inflow of the pool in each period. By discounting the expected cash flow through the fitting of bond maturity yield curve utilizing SV model, this paper finally achieves the pricing of RMBS. References | Related Articles | Metrics

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Investor Sentiment, Accounting Quality and Stock Returns Liu Bin, Hu Jingxin, Li Tao 2018, 30 (7):  34-44.  Abstract ( 378 )   PDF (1224KB) ( 1014 )   In this paper, we investigate the relationship between investor sentiment and stock returns, and the influence of accounting information quality on the relationship. The results show that the investor sentiment is positively associated with the stock returns, and the high accounting quality can significantly reduce the influence of investor sentiment on stock returns. The relationship is still robust considering the endogenous problem. In addition, we find that the more analysts follow, the more obvious reducing effect is. From the perspective of information issue and information intermediary, this paper provides a reference path for mitigating investor sentiment and reducing its effect on stock returns. References | Related Articles | Metrics

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Study on the Securities Market Algorithmic Trading Strategy Based on the Opportunity Cost Yan Ruzhen, Li Ran, Gao Wei, Wu Xu 2018, 30 (7):  45-51.  Abstract ( 262 )   PDF (1189KB) ( 703 )   In the securities market, the investor may not trade the orders according to the expected target. This paper introduces the variable of turnover probability, develops a method to estimate the opportunity cost of a trading strategy if the blocks are not completely executed, and studies an optimal trading strategy that the investor considers both market impact and opportunity cost. Using the optimization theory and methods, this paper gets the analytical solutions and the optimal algorithmic trading strategy. Furthermore, this paper makes numerical experiments for the optimal algorithmic trading strategy problem, and compares the strategy with the different turnover probability. The result shows that the order size in the first trading period is bigger than other strategies, compared with the small turnover probability. The order size in the first trading period is bigger than other strategies, compared with the less risk aversion, and the order size in the first trading period is bigger than other strategies, compared with the large market impact. The algorithmic trading strategy can effectively reduce the trading costs, and improve the investment return for the institutional investors. References | Related Articles | Metrics

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Study on the Impact of R&D Intensity on Firm's Cost of Equity Capital from the Perspective Resource Dependence Theory Wang Liangliang, Pan Jun, Lin Shu 2018, 30 (7):  52-63.  Abstract ( 202 )   PDF (1177KB) ( 438 )   Based on R&D data of small and medium-sized listed companies, this paper examines the relationship between R&D investment and the implied cost of equity capital. Further, this paper investigates whether director board size affects this relationship. The empirical results suggest:(1) R&D intensity is negatively related to cost of equity capital, suggesting that R&D investment could reduce the cost of equity finance; (2) the greater the size of the board is, the more significant the relation between R&D intensity and cost of equity capital will be. This result holds constant under different board dependence and board meeting intensity. Combined with Chinese institutional background, these results support the "resource dependence theory" of board size; (3) After controlling the sample selection bias by using the Heckman two-stage method and mitigating the endogeneity problem by using IV-2SLS, above conclusions do not change. These findings not only enrich the academic literature on economic consequences of R&D and provide empirical evidence on determinants of implied cost of equity capital, but also provide supporting evidence on less studied "resource dependence theory" of director board. References | Related Articles | Metrics

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The Ambidexterity of Uncertainty and Effect on Vulnerability of Technological Innovation Network: Network Routine as a Mediator Wei Long, Dang Xinghua, Cheng Long 2018, 30 (7):  64-76.  Abstract ( 248 )   PDF (1224KB) ( 534 )   In order to reduce the technological innovation network vulnerability, this paper analyzes the coupling interaction relationship between exogenous uncertainty and endogenous uncertainty, then puts forward the concept of ambidexterity of uncertainty. By constructing a framework, this paper explores the effect of ambidexterity of uncertainty on network vulnerability in ambidextrous perspective, and further examines the mediating effect of network routine. Then an empirical test is made by multiple regression models with high-tech industry of innovation cooperation. The results show that:Ambidexterity of uncertainty can be divided into combined uncertainty and balanced uncertainty, which have significant positive relationship with network vulnerability. Conventional routines and flexible routines are original divided by network routines, which have negative effect on network vulnerability. The ambidexterity of uncertainty not only has inhibitory effect on network routines, but also the combined uncertainty is better for conventional routines and the balanced uncertainty is better for flexible routines. The meditative effects of network routines have differences between conventional routines and flexible routines. Conventional routines have more meditative effect between combined uncertainty and network vulnerability for the network leading enterprise. Flexible routines have more meditative effect between balanced uncertainty and network vulnerability for the network cooperative enterprise. This research can reveal the reduction mechanism of network vulnerability; it is significantly meaningful for improving the anti-risk capacity of technological innovation network. References | Related Articles | Metrics

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The Impact of Contradictory Online Reviews on Ambivalent Attitude and Purchase Intention Shi Wenhua, Zhang Qi, Cai Jialong 2018, 30 (7):  77-88.  Abstract ( 566 )   PDF (1590KB) ( 1110 )   In recent years, scholars have been paying increasing attention to online reviews. Previous studies focused on the impact of the number, polarity and emotional content of online reviews on sales or rankings. This study, by contrast, is concerned with how the contradiction between online reviews influences consumers. Contradictory online reviews can be divided into four types on the basis of two dimensions:product attributes and commentator source. From the perspective of attribution theory, we explore the differences in effects of different types of contradictory online reviews on consumers' ambivalent attitudes and purchase intentions. The conclusions are as follows. Firstly, any contradictory online review reduces consumers' positive attitude and increases the negative attitude and level of ambivalence. Secondly, compared with the contradictory online reviews for different attributes, contradictory online reviews for the same attribute are more likely to be attributed to the product itself rather than the reviewers. Consequently, though a positive attitude reduces amplitude and a negative attitude increases amplitude, the effect of negative reviews is more significant, leading to a smaller range of ambivalent attitudes. Thirdly, regarding the contradictory online reviews for the same attribute, the reduction of amplitude by a positive attitude and the increase in amplitude by a negative attitude are more significant and the range of ambivalent attitudes is smaller when the reviews are from the same reviewers than when they are from different reviewers. However, the effect is contrary for the contradictory online reviews for different attributes. Fourthly, an initial positive attitude and an eventual positive attitude have a significant positive effect on purchase intentions, and an ultimately negative attitude has a significant negative influence on purchase intentions. This study has shown that the effects of different types of contradictory online reviews on consumers' ambivalent attitudes and purchase intentions are different. On the one hand, it serves as a supplement for research on contradictory online reviews; on the other hand, enterprises can adopt different measures according to different types of contradictory reviews, making full use of the effect of online reviews on consumer purchase decisions. References | Related Articles | Metrics

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Research of the Impact of Interpersonal Relationship Motivation on Knowledge Sharing Behavior in Visual Brand Communities: A Moderated Mediation Model Li Wenyuan, Zhai Xiaoxing, Xu Fang 2018, 30 (7):  89-99.  Abstract ( 212 )   PDF (1186KB) ( 420 )   Knowledge sharing behaviors are critical to the development of virtual brand communities. On the basis of effort and attribution theory, this study investigates the influence of interpersonal relationship motivation on knowledge sharing behaviors, as well as the mediating (effort) and moderating (interpersonal harmonious orientation) variables of this relation in visual brand communities. The results of our study indicate that effort mediates the relationship between interpersonal relationship motivation and knowledge sharing behaviors.Interpersonal harmonious orientation moderates the relationship between interpersonal relationship motivation and effort, and also moderates the mediating effect. That is, the indirect effect of interpersonal relationship motivation on members' knowledge sharing behaviors via effort is significantly stronger when members pursue value harmony relative to the context in which members pursue instrumental harmony. References | Related Articles | Metrics

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Financial Constraints, Marketing Capability and Corporate Investment Gu Leilei, Guo Guoqing, Peng Yuchao 2018, 30 (7):  100-113.  Abstract ( 281 )   PDF (1509KB) ( 1079 )   Corporate financial constraints caused by market incompleteness and information asymmetry have received researchers' attention. However, few study concerns the impact of financial constraints on corporate investment from marketing perspective. Using the sample of Chinese manufacturing enterprises database, this paper examines the moderating effect of marketing capability on financial constraints and corporate investment relationship in distinctive conditions. The regression results show that marketing capability can significantly moderate the negative impact of corporate financial constraints on corporate investment. Firms can enhance their marketing capability to establish positive relationships with collaborators on the supply chain in order to increase the possibility to access commercial credit and reduce their dependence on credit funds. Marketing capability can also help firms to enhance their brand value and market position to improve the evaluation of investors and banks, thus increasing credit access. Further analysis shows that in the region with high degree of marketization and low degree of financial development, and in highly competitive industries, the high marketing capability has greater impact on financing constraints and investment relationship. A series of robustness tests do not deny the above conclusion. References | Related Articles | Metrics

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A Comparative Study on the Attachment Effect of Value Co-Creation: On the Basis of the Mediators of Psychological Ownership and Flow Experience Liu Jianxin, Li Dongjin, Li Jie 2018, 30 (7):  114-125.  Abstract ( 311 )   PDF (1274KB) ( 443 )   With the growing development of internet economy and experiential economy, it is increasingly prevalent for consumers to participate into the value co-creation. Successful value co-creation doesn't only explore new value resource for business, but also give rise to higher consuming experience for consumers. Many observations and researches find that consumers would construct a psychological connection and affective bond with the products produced by themselves, resulting in stronger attachment. Across two experiments, the research finds that (1) value co-created products would yield attachment effect, and moreover the consumers give rise to stronger attachment on self-design value co-created products than self-produced value co-created products; (2) psychological ownership and flow experience would jointly mediate the attaching process of value co-created products; (3) self-regulation would moderate the attaching process of value co-created products. The conclusion has not only important theoretical significance to enrich and perfect value co-creation, psychological ownership, flow experience and so on, but also important practical implication for manufacturers and merchants to improve their operation of value co-created marketing and help consumers strengthen the behavioral ration of value co-creation. References | Related Articles | Metrics

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The Promotional Effect of Sampling and Detailing on Physicians' Prescription Behavior and Their Interactions in A Multi-period Framework Li Dongxian, Liu Yani, Niu Haipeng, Li Jia 2018, 30 (7):  126-135.  Abstract ( 194 )   PDF (1195KB) ( 418 )   Sampling and detailing as main pharmaceutical marketing tools can make contributions to physicians' prescriptions on drugs. Different from other industries, in the pharmaceutical industry, the drug prescription and drug consumption are separately made by physicians and patients, and generally the target of drug dealer's marketing campaigns is physicians instead of patients. Physicians not only play an important role as the intermediates or retailers, they also have to be responsible for patients' health and lives. From this perspective, we believe that the mechanisms and the practices of sampling and detailing have their specialties in the pharmaceutical industry. Therefore, relative traditional wisdoms on marketing promotions may not apply in this context. In this paper, we mainly investigate the promotion effect of sampling and detailing on physicians' decision making behaviors on drug prescription and further the interactions between them in a multi-period framework. References | Related Articles | Metrics

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The Impact of Transformational Leadership on Engagement of Newcomers: A Study from the Identification Perspective Li Chaoping, Mao Kaixian 2018, 30 (7):  136-147.  Abstract ( 430 )   PDF (1228KB) ( 525 )   Based on identity theory, this study intends to investigate the impact of transformational leadership on the engagement of newcomers and the mediating effects of role identification and organizational identification. We collect data at two time points with an interval of 8 weeks and the final sample is 172 matched newcomers from a variety of occupations. Structural equation modeling analyses shows that visionary vision of transformational leadership positively relates to newcomers' work engagement and role identification mediates a positive relationship between visionary vision and work engagement of newcomers. Morale modeling of transformational leadership positively relates to newcomers' work engagement and organizational identification mediates a positive relationship between morale modeling and work engagement of newcomers. And role identification also positively relates to organizational identification of newcomers. Theoretical contributions and practical implications of the results are discussed. References | Related Articles | Metrics

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The Impacts of Challenge and Hindrance Stressors on the Outcome of Boundary Spanning: The Moderated Mediation Effect of IT Personnel's Learning under Stressors Deng Chunping, Liu Xiaojuan, Mao Jiye 2018, 30 (7):  148-161.  Abstract ( 264 )   PDF (1362KB) ( 673 )   Based on the theory of learning under occupational stressors, the hindrance and challenge stressors and their effects on knowledge acquisition and boundary spanning outcomes are explored. Through a moderated mediating effect model, it is found that role overload and role ambiguity of IT boundary spanners has the typical characteristics of hindrance stressor. In addition, job autonomy has a negative impact on knowledge acquisition and boundary spanning performance due to the over-stimulating effect, whereas its impact on job satisfaction is not significant. When the impact of role ambiguity is controlled, role conflict exhibits the characteristics of challenge stressor. It is also found that the learning effect plays a partial mediating role between job stressors and boundary spanning outcome. IT employees with high mastery goal orientation are more likely to dislike hindrance stressors and those with high pay equity perception will acquire less knowledge facing hindrance stressors. These results contribute to the theory of learning under stressors by revealing the hindrance and challenge stressors of IT personnel boundary spanners, mediation role of knowledge acquisition, and the moderating effects in boundary spanning context. References | Related Articles | Metrics

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An Empirical Study on the Relationship between Job Demands and Employee Creative Behavior Liu Ye, Qu Rujie, Shi Kan, Deng Maicun 2018, 30 (7):  162-172.  Abstract ( 204 )   PDF (1214KB) ( 456 )   The present study examines the effects of job demands on employee creative behavior. Using a sample of R&D employees and their immediate supervisors, results show that self-set expectations for creativity mediate the job demands employee creative behavior relationship and the need for change moderate this mediating relationship for the path from job demands to creative self-expectations. Theoretical and practical implications are discussed. References | Related Articles | Metrics

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How does Emotional Intelligence Affect Employee's In-role Performance: A Medicated Moderation Model Tu Xingyong, Zhao Ziwei, Wang Zeying, and Jiang Jing 2018, 30 (7):  173-182.  Abstract ( 322 )   PDF (1179KB) ( 678 )   In-role performance has always been a hot topic in the research areas of organizational innovation, organizational behavior and human resource management. Previous studies have provided sufficient evidence that emotional intelligence can help employee's in-role performance, but we find that the relationship between emotional intelligence and employee's in-role performance, its mediator and moderators need further exploration. To fill this research gap, we propose a concept model which contains the mediated moderator based on the social network theory and intelligence theory, and use 329 employees as research sample to test the hypothesis. The results show that:(1) emotional intelligence is positively related to in-role performance; and (2) relational social capital partially mediates the relationship between emotional intelligence and in-role performance; (3) emotional climate moderates the relationship between emotional intelligence and relational social capital; (4) the moderation affects in-role performance through the mediation of relational social capital. The paper concludes that the medicated moderation model is more powerful in explaining the mechanism of emotional intelligence on inrole performance under the relational social capital perspective, which provides a beneficial enlightenment to the employee intelligence. References | Related Articles | Metrics

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Abusive Supervision, Abusive Supervision and Workplace Deviance: Based on the Characteristics of Grass-roots Civil Servants Huang Diejun, Ma Qiuzhuo, Li Hua, Yang Xueru 2018, 30 (7):  183-190.  Abstract ( 297 )   PDF (1170KB) ( 661 )   The deviant workplace behaviors of township civil servants, the actual executors of national rural policies, will directly affect the stability of rural society and the government's identity at the grassroots level. Totally 393 township civil servants and 126 direct leaders from Guangdong Province a sampled in pair, and then the paper analyses the mechanism of the negative influence of abusive supervision on the deviant workplace behavior of township civil servants. The superior also can influence the actual terms of organizational psychological contract to produce psychological contract violation, which would lead to the workplace deviance of the township civil servants. References | Related Articles | Metrics

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Anti-takeover Provisions and Investor Protection: Theoretical Model and Empirical Research Xu Jinhua, Li Shanmin, Zhang Dong, Chen Yugang 2018, 30 (7):  191-206.  Abstract ( 216 )   PDF (1323KB) ( 586 )   The revision of "Guidelines on the Articles of Association of Listed Companies" in 2006 for the purpose of increase the autonomy of the articles of association is an important change in China's corporate governance system. The revision also provides an opportunity to study the effectiveness of the autonomy of articles of association. From the perspective of anti-takeover provisions of the articles of association, by factoring in the unique tunneling behavior of controlling shareholders in China to create a theoretical model, then based on data derived from China's A-share listed companies, our empirical studies examine the relationship between three typical anti-takeover provisions and investor protection. Results indicate that the establishment of anti-takeover provisions are conducive to a reduction in tunnelling by the controlling shareholder. Furthermore, it also plays an important role in protecting investors in the area of corporate governance within China. Further research finds that legal supervision and external audit, as two important external corporate governance mechanisms, show a certain degree of substitution effects between internal governance. In an environment of poorer legal supervision and lower external audit quality, the reduction in tunneling by anti-takeover provisions and the effect of internal governance is greater. References | Related Articles | Metrics

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Macroeconomic Uncertainty, the Scope of Strategic Change and Investment Behavior Wang Zhenjie, Wang Jing 2018, 30 (7):  207-217.  Abstract ( 207 )   PDF (1209KB) ( 437 )   In the background of Chinese emerging and transitional market, we explore the relationship among macroeconomic uncertainty, the scope of strategic change and investment behavior using a sample of A-share listed companies from 2002 to 2013. We find that macroeconomic uncertainty is negatively related with investment efficiency which means that macroeconomic uncertainty not only leads to underinvestment, but also gives rise to overinvestment. The scope of strategic change also exercises an influence on investment behavior and the scope of strategic change is positively correlated with overinvestment (underinvestment) level. Further, the scope of strategic change can positively adjust the relationship between macroeconomic uncertainty and the investment behavior, especially in private listed companies as well as in economic upswings, the empirical result of which is more significant. The conclusion provides practical reference for the investment decision and strategy management of Chinese listed companies. References | Related Articles | Metrics

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The Influence of Corporate Social Performance on Organizational Stigma Management? Based on the Perspective of Attribution Theory Wu Hua, Zhang Aiqing, Tang Qing 2018, 30 (7):  218-230.  Abstract ( 290 )   PDF (1234KB) ( 558 )   This paper focuses on the relationship between Corporate Social Performance (CSP) and organizational stigma management. We propose a moderated mediation model that explains how and why CSP makes in organizational stigma management based on attribution theory. We use altruism attribution with CSP as mediation variable and use responsibility attribution with wrongdoing as a major moderation variable in the model, and then test the model by two experimental researches. (1) The findings show that different CSP (charitable donation, commercial sponsorship and cause-related marketing) to infer the degree to organizational stigma, the charitable donation effect is the most significant among them, while the difference of effect between business sponsorship and cause-related marketing is not significant. (2) The stakeholders perceived companies that reduced organizational stigma by their CSP, if they perceived responsibility attribution less (more) with wrongdoing in firm, and they perceived as more (less) altruism attribution to them. This research may help to explain CSP how and why to have different effects on organizational stigma. In addition, our research demonstrates the importance of considering the largely overlooked role of attribution within the organization behavior from stakeholders in order to understand organizational stigma management. References | Related Articles | Metrics

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Executive Equity Incentive Contract Characteristics and Corporate Cash Holdings: Based on the Identification Strategy of PSM-DID Method Liu Jingjian, Zhao Gexin, Wang Jian 2018, 30 (7):  231-244.  Abstract ( 278 )   PDF (1254KB) ( 387 )   Based on the agency theory of cash holding, this paper attempts to find out the functional paths of executive equity incentive and the differences of contract characteristics. Taking the companies that implement the equity incentive in Shanghai and Shenzhen A-shares as sample, the econometric analysis shows that:After the implementation of executive equity incentive plan, corporate cash holdings, especially excess cash holdings, have reduced; The level of cash holdings reduce more significantly with constant incentive and exercising constraints in equity incentive contract, moderately with stock option and validity period, but no difference with incentive intensity. Furthermore, cash holdings level reduces more in low investment opportunities and low financial constraint companies. PSM-DID analysis results also support the conclusion that there exists the net effect of executive equity incentive on cash holdings. Cash holdings have agency problems and executive equity incentive can play a certain inhibitory role, and the contract characteristics will also be different. The conclusion provides a reference for executive equity incentive and cash management. References | Related Articles | Metrics

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Financial Risk Assessment of Light-asset Transformation in Baofeng Group Co., Ltd. Wang Dongmei, Hu Zhan, You Chaoyang 2018, 30 (7):  245-259.  Abstract ( 400 )   PDF (1264KB) ( 657 )   Baofeng Group Co., Ltd. is a typical dot company with asset-light characteristics:light asset structure, fast business development, rapid expansion, great changes in performance, uncertain prospects and values and high financial risk. At the same time, the Group has aggressively transited to the asset-heavy operating model since its listing, as evidenced by the fact that the commodity sales revenue accounted for more than half of its total revenue in 2016. Therefore it actually operates under a mixed model with both asset-light and asset-heavy characteristics. The traditional financial analysis framework, which is designed to analyze brick and cement business entities, may not apply to asset-light companies and need appropriate adjustments. In this paper, we take Baofeng Group Co., Ltd. for example, specify how to use innovative perspective to analyze a typical mixed asset-light company. In summary, the logic in case study is as follows:starting from abnormal movement in the items of financial statements, selecting specific perspectives, then focusing on the gap between corporate strategy and financial consequences, and finally reasonably assessing corporate value. Analysis clue in this paper can offer a new reference for the rational evaluation of financial risks and values of transitional asset-light companies. The suggestions have considerable potential for widespread application. References | Related Articles | Metrics

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Market Competition, Accounting Conservatism and Value of Excess Cash Holding Jia Jing, Zhou Xiaosu, Wu Xihao 2018, 30 (7):  260-270.  Abstract ( 249 )   PDF (1171KB) ( 659 )   Based on the research of accounting conservatism's effect on the value of excess cash holding, this paper develops market competition's moderating effect on their relationship. The research results show that the increase of accounting conservatism could enhance the value of excess cash holding, but as an effective alternative governance mechanism, market competition degrades this effect of conservatism. This conclusion enriches and expands both the research of excess cash holding value and economic consequences research of accounting conservatism. It affirms the important role of both accounting conservatism and market competition on the enhancement of excess cash holding value. Besides, it has some practical significance on the supervision of company's cash holding and the value of excess cash holding. It also provides some theoretical support on the development of marketization reform and the improvement of accounting information quality. References | Related Articles | Metrics

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Who Are “Aged” Migrant Workers——Data Analysis Based on Floating Population Monitoring Survey Jin Xiaoyi, Hu Zhaoyuan, Gu Dongdong 2018, 30 (7):  271-280.  Abstract ( 363 )   PDF (1305KB) ( 456 )   Change in migrant workers' age structure makes it challenging to divide them into the traditional two generations. A precise and reasonable age division becomes a focus of academic researches now. Using method of Market Basket Analysis from machine learning, based on the 2013-2015 floating population monitoring data from national health and family planning commission, this paper constructs a four-dimension index system and identify aged migrant workers through a multi-perspective analysis. Different from the previous "over 50 years-old" definition of aged workers, the results show that migrant workers began to present prominent "aged" characteristics at the age of 45, such as unemployment risk, poor health care and income decline. Therefore, supportive and safeguard policy formulated according to traditional age division will dislocate aged migrant worker's demand. And this will have bad influence on resource allocation in the labor market and advancement of urbanization. Consequently, after defining "aged" migrant workers and summarizing characteristics of this group, this paper puts forward relevant policy recommendations. References | Related Articles | Metrics

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The Change of Enterprise Technological Innovation Capability System and Its Performance Impact Mechanism——New Paradigm of Haier Open Innovation Liang Haishan, Wei Jiang, and Wan Xinming 2018, 30 (7):  281-291.  Abstract ( 378 )   PDF (2654KB) ( 1197 )   Open innovation is the main trend of the current corporate innovation behavior. However, the result and the mechanism of open innovation on the innovation performance of enterprises still remain controversial. This paper chooses Haier Group as a typical case and reveals the relationship between open innovation, technological capability and innovation performance. It analyzes and summarizes the change of enterprise technological innovation capability system and its performance in the context of open innovation. The research shows that with the continuous deepening of the Internet scenarios, Haier's technology capability system has undergone three different stages:assisted open innovation, complementary open innovation and iterative open innovation. Its capability has developed from imitating learning ability to independent research and development and to combining iteration. At the same time, the ability to combine iteration through the logic of knowledge integration directly affects the innovation performance of enterprises. This work contributes to the research on the mechanism of open innovation performance. It opens up in theory the role of open innovation in improving innovation performance by enhancing the capability of independent research and development. References | Related Articles | Metrics

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An Approach to Customer Loyalty of Service Brand——A Longitudinal Case Study on Homeinns, CZB and TANSH Global Food Group Wang Dandan 2018, 30 (7):  292-304.  Abstract ( 285 )   PDF (1506KB) ( 798 )   Employees and customers are considered as the essential parts for the branding of service firms. As the existing researches often ignore other stakeholders than consumers, especially the role of employees, a gap exists between the marketing goal and its low audience acceptance. In this paper, we construct a conceptual approach on how to build customer loyalty for service firms with an integrated perspective. We verify the approach through a longitudinal case study of Homeinns, CZB and TANSH Global Food Group. Our analysis indicates that employees' internalization can be achieved through such internal initiators as brand training and brand exchange and such external initiators as brand image and brand reputation. Under that kind of internalization, the loyal employees would transfer the higher quality service and brand value to customers. Then customers can obtain a better brand experience which has a significantly positive impact on their satisfaction. Finally with the lasting satisfaction they receive from the service brand, brand loyalty comes into being. By this research, the micro mechanism on the relationships between service firm and its customers are mainly discussed, which can be regarded as a practical enlightenment for brand management and relationship marketing. References | Related Articles | Metrics