Loading...

Table of Content

    28 August 2018, Volume 30 Issue 8 Previous Issue    Next Issue

    For Selected: Toggle Thumbnails
    Do Fund Equity Affiliated Analysts Damage Stock Market Information Efficiency——An Evidence Based on Stock Price Synchronicity
    Yi Zhihong, Shen Danlin, Jiang Xuanyu
    2018, 30 (8):  3-15. 
    Abstract ( 250 )   PDF (1208KB) ( 483 )  

    Considering that China's stock market information efficiency needs to be improved, and the rapid rise of sell-side research is inseparable from the magnificent growth of fund industry, this paper explores whether equity affiliation (brokerage firms owning funds' shareholding), a common relationship between analysts' brokerage firms and funds, could have an impact on stock market information efficiency. Our findings show that firms with more equity affiliated analyst coverage have a lower level of stock price synchronicity; when shareholder funds demand more firm-specific information, fund equity affiliated analyst coverage further reduces the synchronicity level; devoting more energy to site visits is an important way for equity affiliated analyst to reduce stock price synchronicity, and lastly, equity affiliated analysts provide more accurate earnings forecasts, ruling out the possibility that they generate noise thus decrease the stock price synchronicity. This paper adds to the literature on the relation between analysts and funds, and between analysts and market information efficiency. The research provides an insight into the information role that equity affiliated analysts play, and has implication on impelling analysts to provide higher-quality information service for the market, so as to promote stock market information efficiency.

    References | Related Articles | Metrics
    Relations of Real Estate Development, Economic Growth Driving Factors, External Environment and Economic Growth Effect in China: Based on Time Series Data during 2000-2016
    Liu Chao, Li Jiangyuan, Wang Chao, Gao Yang, Liu Chenqi, Yu Haibo, Li Jian
    2018, 30 (8):  16-31. 
    Abstract ( 323 )   PDF (1642KB) ( 1700 )  

    Based on China's time series of economic data from 2000 to 2016 and the Mankiw-Romer-Weil (MRW) model, we investigate the impacts of real estate development, driving factors of economic growth and external environment on China economic growth by utilizing bounds testing approach. The empirical results show that the increase of sales of commercial housing has a positive effect on China's economic growth, but its growth effect will decrease with the increase of human capital and physical capital stock in the driving factors of economic growth. Excessive investment in real estate development has some hindrance to economic growth. And the effect of rising house prices on economic growth is unstable. Besides, the impact of the external environment on the economy (international interest rate, crude oil price, RMB exchange rate) will weaken the effect on economic growth of real estate development. Furthermore, we find that human capital plays an active role in promoting economic growth while the development of secondary industry and tertiary industry has become a significant impetus to the economic growth, but the contribution of exports to economic growth is not stable. Finally, under the premise that the motive force of economic growth has an impact on economic growth, the impact of real estate development on economic growth will be reduced.

    References | Related Articles | Metrics
    A Theory Model and Empirical Validation in Relation to the Influence that Industrial Transfer may Have on Local Environment Regulation——Based on Empirical Tests of China's Industrial Transfer
    Liu Manfeng, Li Xinyao
    2018, 30 (8):  32-42. 
    Abstract ( 186 )   PDF (1178KB) ( 562 )  

    First, a perfect information dynamic game that involves local manufacturers, foreign manufacturers, local government and consumers is set up to study the effect of industrial transfer on local environment regulation, and then by solving the Nash equilibrium, we reach the conclusion that negative effect of industrial transfer on local environmental regulation depends on the corruptibility of local government, namely the more corrupted the local government is, the more negative effect that industrial transfer will have on local environment regulation. In empirical analysis, this paper adopts a province-level panel data model including data from 1992 to 2014 to test this conclusion, and the regression result proves to be consistent with the theoretical model. Therefore, when setting environment regulation policies or industrial transfer policies, the government should pay more attention to negative effects or adverse effects that industrial transfer may have on environment regulation, especially in highly corruptive regions.

    References | Related Articles | Metrics
    Investor Sentiment and Optimizing Risk Multiplier of CPPI
    Yao Yuan, Jiang Yafang, Zhai Jia
    2018, 30 (8):  43-57. 
    Abstract ( 409 )   PDF (1561KB) ( 501 )  

    CPPI strategy as a hedge financial product, in which the investor risk preference parameter m can be adjusted according to the impact of investor sentiment on risk demand. To improve the profitability of the strategy, both the expected return of investors' loss aversion psychology and the psychological needs of certain gambling investors need to be considered. Therefore, this paper introduces the investor sentiment in the CPPI strategy, sets up the CPPI strategy model based on the investor emotion under the condition of limiting the risk multiplier adjustment range, and discusses the influence of the investor sentiment on the CPPI strategy in order to improve the strategic benefits, and inhibit the impact of extreme emotions. The results show that when the investor's expected rate of return is less than the return on risk-free assets, the risk asset is not invested in or the risk asset is selected at the lower limit of the CPPI risk multiplier. When the risk assets expected return is greater than the risk-free rate of return, investor should select the optimal risk multiplier for the rational allocation of its own assets in order to maximize the benefits and minimize the risk. When investors are excessively optimistic or pessimistic, it is also difficult to balance the relationship between risk and return, and the strategy investors choose the risk multiplier based on their own utility maximization, the risk multiplier is positively correlated with investor sentiment. The empirical results of three strategies show that the CPPI strategy of investor sentiment is better in bull market and bear market, but its advantage is not obvious in the adjustment period.

    References | Related Articles | Metrics
    Analysis of Convertible Bond Option Clause Design and Its Effect
    Feng Jianfen, Zhou Xuanyu, Duan Mengfei
    2018, 30 (8):  58-68. 
    Abstract ( 321 )   PDF (1513KB) ( 1005 )  

    Convertible bonds and exchangeable bonds are nearly the most complicated fixed income products which have much more exotic options. In all designable factors, the redemption clause and the selling back clause are the most flexible. What effect will they bring to the convertible bonds value under different design? Based on least squares Monte Carlo simulation method and common random number method, this paper deeply studies this problem from multi aspects. Furthermore, considering the differences between convertible bonds and exchangeable bonds, we also research what effect will have on the convertible bonds value and the options exercise status by the equity value dilution caused by exercising transfer equity option. The empirical study shows that although the probability of redemption is small, the call provision can significantly reduce the conversion period and raise the probability of conversion, thus decreasing the value of convertible bonds. Among all the factors of call provision, conversion triggering ratio and lock-up period have the greatest impact on early conversion, followed by redemption triggering period. Unlike the call provision, it is highly possible that the convertible bonds may be sold back without taking the conversion provision into consideration. Therefore, in order to reduce the possibility of early repayment, the conversion amendment provision is paramount. However, the put provision only has greater effect on its own exercise characteristics, which in turn affects the value of convertible bonds, and has little effect on the exercise characteristics of redemption and conversion. On the other hand, the proportion of dilution has linear effect on the value of convertible bonds. The larger the dilution proportion, the lower the value of debt-to-equity swap, the lower the value of the convertible bonds. However, the dilution has little effect on the probability and the time of the three options exercise.

    References | Related Articles | Metrics
    Study on Multi-phases Time-lag Effect between Inputs and Outputs of S&T Resource for Scientific Research Institutes
    Gao Jun, Suo Weilan
    2018, 30 (8):  69-78. 
    Abstract ( 219 )   PDF (1334KB) ( 478 )  

    For scientific research institutes, the process from inputs to outputs of S&T resource is phased obviously. Meanwhile, there exists a lag difference among various outputs from each phase. In view of this, a research scheme is designed in this paper firstly. The principle, process and result of variable selection is determined. Also, an analysis method as well as a processing method on multi-phases time-lag effect are proposed to calculate the time lags of various outputs from each phase and revise the values of each output, respectively. Then, an empirical study on Chinese Academy of Sciences (CAS) and its 30 typical institutes is conducted using statistical data from 1992 to 2014. Furthermore, the differences on multi-phases time-lag effect of these institutes are classified and compared using the measurement result of CAS as a benchmark. The results show that about 63.33% institutes have a high efficiency, 6.67% ones have a low efficiency, and 30% ones are unbalanced. Finally, several improvement suggestions are presented according to a cause analysis. This study can provide a valuable decision reference for scientific research institutes to clarify the rules of S&T innovation and ensure the high efficient allocation of S&T resource.

    References | Related Articles | Metrics
    Correlations among Incubation Network, Cluster Social Capital and Incubation Performance
    Li Zhenhua, Li Fuwei
    2018, 30 (8):  79-89. 
    Abstract ( 252 )   PDF (1227KB) ( 609 )  

    In the incubation network, cluster social capital can be formed through the sharing of information, resources and channels. Incubators improve their performance by using incubation networks and cluster social capital in order to support start-ups better. On the basis of the definition of cluster social capital, this paper studies the correlation among the incubation network, cluster social capital and incubation performance, puts forward the hypothesis model, does an empirical analysis through multivariate linear regression with the 259 state-level science and technology business incubators as the sample. Results indicate that the incubation network relationship durability and strength have positive influence on cluster social capital and incubation performance, the network scale has no significant positive relationship with them; relationship and cultural dimensions of cluster social capital have positive influence on incubation performance; cluster social capital plays a partial intermediary role between incubation network and performance.

    References | Related Articles | Metrics
    Study on Network Routine of Governance Mechanisms Based on Cross-Level
    Xiao Yao, Dang Xinghua
    2018, 30 (8):  90-101. 
    Abstract ( 223 )   PDF (1246KB) ( 448 )  

    Technology innovation network routine is a key factor to keep network stabile. Meanwhile it was the core issue to promote network knowledge information acquirement. However, we know from the existing researches on network governance mechanism based on the network governance mechanism literatures, few of them pay attention to the interaction between the different governance mechanisms. Based on the core elements of governance mechanism from network level, dual level and enterprise level and using HLM analysis research methods at different levels in practice and structure mechanism, the authors try to find the relationship between structure mechanisms, learning mechanisms from top-level to bottom-level. Our finding are as follows:macro cultural practices of the network structure mechanism play a stronger intermediary role in the relationship of network layer and reciprocal standard; partner reputation plays a stronger intermediary role in the relationship of network-level routine and mutual trust; binary relation mechanism plays a similar mediating role in the relationship of working practices and binary learning mechanism. From the cross-level perspective, we find support for the members of technology network to choose different governance mechanisms at different level to make the network aim come true. Also the study would provide theoretical support to promote enterprise's sustainable innovation ability and competitive advantage.

    References | Related Articles | Metrics
    Effects of Pro-incubator Resource Search on Seed Project Development Fuzzy Front-end Performance: The Mechanism of Contingency in Perspective of Adaptive Behavior
    Hu Haiqing, Zhang Yingying
    2018, 30 (8):  102-114. 
    Abstract ( 203 )   PDF (1355KB) ( 436 )  

    Fuzzy front end (FFE) is the research frontier of new product development in recent years, but how to improve FFE performance is still unknown. Based on the External Search Theory, the paper analyses the influence of Pro-incubator resource search (pro-incubator internal resource search and network resources search) on seed project development FFE performance. Then from the adaptive behavior perspective and based on configuration theory, it discusses the moderating rule of environment dynamic (the speed and amplitude of environment change) under "environment-behavior" paradigm. Using 288 seed projects as sample to do an empirical regression analysis, this paper finds that:pro-incubator resource search has a positive impact on incremental innovation project development FFE performance; pro-incubator internal resource search has an inverted U-shaped impact on radical innovation project development FFE performance, and pro-incubator network resource search has a positive impact on that. The speed of environment change enhances the impact of pro-incubator internal resource search on incremental innovation project development FFE performance, but it weakens the impact of pro-incubator resource search on radical innovation project development FFE performance. And the amplitude of environment change weakens the impact of internal resource on incremental innovation project development FFE performance, but it enhances the impact of network resource search on radical innovation project development FFE performance.

    References | Related Articles | Metrics
    Multi-homing, Merger of Internet Platform Enterprises and Total Social Welfare
    Xie Yunbo, Chen Hongmin
    2018, 30 (8):  115-125. 
    Abstract ( 280 )   PDF (1223KB) ( 725 )  

    Based on two-sided market theory and in the case of considering users' behavior of multi-homing, the impact of Internet platform enterprises' horizontal merger and the prohibition against multi-homing after the merger on total social welfare are studied. The existence of multi-homing users helps improve total social welfare. If there are more multi-homing users, total social welfare will be better improved after enterprises' horizontal merger. If platform enterprises prohibit users' behavior of multi-homing after the merger, total social welfare is very likely to decrease. The antitrust regulator is advised to keep tolerant to platform enterprises' behavior of horizontal merger. However, but pay more attention to the proportion of multi-homing users and enterprises' behavior of prohibiting users' multi-homing.

    References | Related Articles | Metrics
    Forecasting Tourist Volume Based on Clustering Method with Screening Keywords of Search Engine Data
    Zhang Lingling, Zhang Xiao, Cui Yiwen
    2018, 30 (8):  126-137. 
    Abstract ( 254 )   PDF (1342KB) ( 768 )  

    As one of the main sources of non-trade foreign exchange earnings, tourism industry has been developing rapidly, and its traffic forecasting is an important part of marketing and operations. However, the general prediction methods based on the Bureau of Statistics data, which are released with a lag, cannot reflect the latest trends of the tourism market. Therefore, the forecasting model based on search engine data and historical traffic statistics data is proposed in this paper, to explore the relationship between search engine data and tourism market forecast passenger traffic. Keywords related to the fluctuation of predictor variables are selected through clustering method to synthesize keywords indexes, so that the effective information between search data and tourism market trends can be further complementary. Then, historical statistics data and synthetic keyword indexes are used to establish autoregressive lag model. This model proves to be more accurate in comparison with the methods based merely on either search indexes or historical data. This paper provides a new method of forecasting tourist volume for tourism business management.

    References | Related Articles | Metrics
    An IAT-based Study of Country-of-Origin Stereotype among Chinese Post-80's and Post-90's Generations
    Li Yang, Fu Guoqun
    2018, 30 (8):  138-152. 
    Abstract ( 256 )   PDF (1417KB) ( 742 )  

    With the extensive globalization, the effect of country-of-origin (COO) is continuously questioned by many scholars and whether the young generation still holds the COO stereotype becomes the key dispute. Some scholars have proved the downward trends in developed countries, but few evidences have been found in developing countries like China. This paper uses implicit association testing (IAT) to investigate if Chinese post-80s and post-90s differ in their attitudes towards domestic and imported products both in terms of product function and product image. The results of the three studies show that Chinese post-80s still hold strong country-of-origin stereotype that imported product is better than domestic products either in general product sense, in specific product category or considering the specific country, while post-90s Chinese do not follow the suit. The results are explained from the life course perspective. It is highly recommended marketers should consider the different attitudes of Chinese post-80s and Chinese post-90s towards imported and domestic products to better communicate the "imported touch" of the products. The results, however, should be replicated in other product categories and the products originating from other specific countries.

    References | Related Articles | Metrics
    Study on the Synergic Influences of Organizational Motivation and Leadership on Organizational Creativity
    Ma Xifang, Zhong Genyuan, Yan Shifu
    2018, 30 (8):  153-167. 
    Abstract ( 367 )   PDF (1346KB) ( 1211 )  

    It has not yet reached a consensus on whether rewards especially material rewards would promote organizational creativity. Based on synergic perspective and organic integration theory, beginning with probing into different source of motivation, this paper constructs a moderated mediation model, and explores the mechanism of interaction of organizational motivation and leadership style on organizational creativity. Using 999 questionnaires from 116 Chineseenterprises organizational level samples for empirical research through individual data aggregation and analysis, conclusions are drawn as follows:Organizational material rewards' impact on organizational creativity is not significant, while organizational development rewards are positively related to organizational creativity. There are synergistic effects between organizational development motivation and transactional leadership upon organizational creativity; as well as between organizational financial motivation and transformational leadership. Interdepartmental cooperation positively mediates the relationship between formal rewards and organizational creativity. The results enrich the literature of motivation synergy, extend the influence border of leadership style, and provide important practical implication for incentive reform and organizational creativity improvement.

    References | Related Articles | Metrics
    External CEO Career Variety, Tenure and Corporate Strategy Reform
    Meng Xiangzhan, Zhang Junrui, Bai Xuelian
    2018, 30 (8):  168-181. 
    Abstract ( 296 )   PDF (1211KB) ( 579 )  

    Based on the empirical data about new external CEO of listed companies in the period from 2004 to 2014, this paper examines the impact of external CEO career variety and tenure on the company's strategic reform, as well as the moderating role of the board's power on the relationship between external CEO career variety and corporate strategic reform. The results show:(1) external CEO career variety is positively associated with the company's annual strategic change and strategic distinctiveness (deviance from industry central tendencies); (2) the board's power has a negative moderating effect on the relationship between external CEO career variety and the company's strategic change; (3) external CEO tenure has no significant effect on the strategic annual change, while with the growth of the new CEO's tenure, strategic deviation descends to the lowest when the CEO has held the post for about 3 years and, after that, increases gradually.

    References | Related Articles | Metrics
    An Experimental Study Based on the Moderating Effect of Expectation between Sequential Search Behavior and Time Pressure
    Wang Yuan, Qin Junchang, Bian Weijun
    2018, 30 (8):  182-193. 
    Abstract ( 270 )   PDF (1326KB) ( 413 )  

    This study reveals the effect of time pressure on search behavior and expectation's moderating effect in sequential search scenario. A research model is built based on optimal stopping theory, dual processing theory and regulation orientation theory. Some hypotheses about decision-maker's search depth, strategy and speed are proposed. On the one hand, the optimal search behavior is solved based on computer simulation. On the other hand, the real search behavior of the subjects is observed with laboratory experiment. Furthermore, we test model and hypotheses through comparing real behavior with the optimal. There are four findings in this study. First, time pressure will cause decision-maker's preference reversal of search depth, which is over search under low time pressure while insufficient search under high time pressure. Second, expectation can moderate the relationship of time pressure to search depth, time pressure significantly influences search depth in pessimistic expectations but not significantly in optimistic expectation. Third, time pressure affects search strategy, which is attribute based strategy under low time pressure while option based strategy under high time pressure. Fourth, time pressures significantly speed up search.

    References | Related Articles | Metrics
    Mechanisms and Effects of Co-evolution in Strategic Alliance: Multi-theory Interpretation Based on Biological Evolution's Metaphor
    Zhao Jianyu, Wang Tienan
    2018, 30 (8):  194-207. 
    Abstract ( 293 )   PDF (1270KB) ( 852 )  

    In order to reveal the mechanisms and effects of co-evolution in strategic alliance, this study uses the dichotomy view to combine Neo-Darwinism and Lamarckism from biological evolution theory and makes metaphor. Based on element selection, scenario process and population structure, co-evolutionary mechanisms of strategic alliance are interpreted, and both natural-selection-mechanism-driven and evolutionary-element-driven co-evolutionary effects are discussed. Results of research show that, co-evolution of strategic alliance occurs in parallel or crossover among individuals, dual elements and colonial elements, so that relationships such as supply chain and competition and collaboration in strategic alliance are constructed by the interaction and connection from elements of different levels. Stemmed from coexistence and synthesis role in contract as well as non-contract situation, there is mutation in the co-evolutionary path, and breaking is decided by social relation intensity in strategic alliance, so that the whole alliance can spontaneously co-evolve to a new stable state without external forces. Supplier will determine the evolutionary equilibrium in the cross-over supply-demand structure. Focal firms that occupy the structure hole are more important in the borderless network structure with multi-connection of co-evolution, and firms in alliance have higher integration level in the co-evolution process. The occurrence of adaptation is the evolution of Neo-Darwinism, which is uncertain, random and uncontrollable. Correspondingly, the copy and revolution of adaptation is more Lamarckian and has the characteristics of inherited acquisitions, subjective initiative and predictability. The direction of co-evolution is affected by the environment and the driving force of evolution lies in the learning process among firms in the alliance, and the co-evolutionary result can change the environment.

    References | Related Articles | Metrics
    How to Overcome Organizational Inertia in Projectized Transformation Scenario: An Action-based Research on Paths and Strategies
    Zhu Fangwei, Song Haoyang, Wang Peng
    2018, 30 (8):  208-223. 
    Abstract ( 345 )   PDF (1528KB) ( 1113 )  

    During the process of projectization, bureaucratic organization encounters different inertias with unique characteristics. The success of projectized transformation lies in overcoming bureaucratic inertias effectively, promoting transformation process and improving adaptability and flexibility. This study conducts an action-based research into six stages of DXS Co. Limited. The results indicate that during the process of project transformation, overcoming the organizational inertias formed in bureaucracy-managing mode is a 3-stage dynamic interaction process that reflects the characteristics and inner links of different inertias. We find the three stages are centered around the conversion of cognitive inertia, based on the adjustment of structural inertia, characterized by the renovation of behavioral inertia and run through by the shaping of new culture. In each stage, overcoming strategies, including organization learning, process restricting, communication and participation, multi-incentive mechanism and cultural cultivation, cloud be taken to overcome inertia and divided into two kinds, namely knowledge acquisition activities and high-level support and guide activities. These two kinds support and promote each other. The conclusions, based on both theory and practice, deepen the study of overcoming organizational inertia from the perspective of process, and examine and support some of the existing theoretical results. The conclusions also provide more targeted and effective instructions for enterprises in projectized transformation.

    References | Related Articles | Metrics
    Is There Really a Trade-off Between Environmental Protection and Corporate Development?
    Tang Pengcheng, Yang Shuwang
    2018, 30 (8):  224-234. 
    Abstract ( 360 )   PDF (1175KB) ( 685 )  

    Ignoring the heterogeneity of firms, complexity of contingency factors and equivalence of the pattern often result in the conclusion of effects of environmental regulation from regional and industry level, or environment performance and corporate financial performance from firm level. This paper selects the data of 204 Chinese heavy pollution listed companies in 2013 to 2014 as research samples, by using fuzzy-set Qualitative Comparative Analysis to answer the trade-off between environmental protection and corporate development. The study finds that investment in single environment protection cannot improve firm value effectively, while multidimensional combination is the optimal choice. But there is no need to pursue completeness due to the limited resources and threshold of the stakeholder perception. The pattern for enhancing or reducing the firm value is not unique and different patterns can result in the same effect. But among those patterns aimed at environmental protection, investor relationship management should be at the core position, and the level of stakeholders should be clarified. The listing process of state-owned enterprises has weakened social goals to some extent, but the patterns are not as diverse as non-state-owned enterprises. The conclusions of this paper have strong guiding significance for achieving a win-win situation for firms.

    References | Related Articles | Metrics
    The Spatial Statistical Analysis of Inbound and Outbound Cargo of China at Provincial Level
    Zhu Zhen, Hu Ruipeng
    2018, 30 (8):  235-246. 
    Abstract ( 361 )   PDF (1564KB) ( 639 )  

    Port is the main channel for the development of border trade and transnational cooperation. It is of great practical significance to analyze temporal and spatial pattern of inbound and outbound cargo in the context of "the Belt and Road Initiatives" strategy. This paper uses exploration statistical analysis to analyze spatial difference and dynamic change of provincial inbound and outbound cargo of China in the period of 2007-2015, based on the division of waterway ports, land ports and air ports. The results reveal that:In 2007-2015, the overall amount of provincial inbound and outbound cargo inside province maintained rapid growth, with significant differences between distinct provinces, inbound and outbound cargo of eastern coastal provinces were significantly higher than central and western regions; In the respect of port classification, there were spatial correlations among the amount of inbound and outbound cargo in waterway ports and the agglomeration effect is constantly increasing, while there were no obvious spatial correlations among those of land ports as well as air ports; The amount of inbound and outbound cargo of waterway ports aggregated in the Yangtze River Delta, the Bohai Rim and southeast coast regions, the amount of inbound and outbound cargo of air ports aggregated in region of Beijing, Shanghai and Guangzhou, and the amount of inbound and outbound cargo of land ports aggregated in border regions such as Xinjiang and Inner Mongolia.

    References | Related Articles | Metrics
    Innovative Method for Recovering the Electronic Wastes In the Universities Based on Moral Hazard
    Chen Dongxu, Yang Zhongzhen
    2018, 30 (8):  247-255. 
    Abstract ( 229 )   PDF (1372KB) ( 447 )  

    For recovering the wastes of the general electronic equipment in the universities, this paper designs a new recovery mode based on "principal-agent" theory, in which the users can dispose the wasted electronic equipment by themselves. Firstly, the adaptability of the new mode is analyzed and the applicable scope is determined. Secondly, to measure the moral hazard in the new mode, a questionnaire survey is done to measure the moral level of the users, and a scenario analysis model is designed to assess the moral hazard based on the survey results. Then, through calculation and analyses, it can be concluded that the level of the moral hazard in the new mode is in the control under the optimistic scenario. While, the new model may face a higher moral hazard under the pessimistic scenario, but moral hazard can be controlled if the universities adopt effective monitoring measures.

    References | Related Articles | Metrics
    A Grounded-theory-based Study on the Evaluation Index Extraction and Construction of China's City Green Transition Policy
    Guo Pengfei, Zhou Yingnan
    2018, 30 (8):  256-266. 
    Abstract ( 255 )   PDF (1422KB) ( 1156 )  

    Policy evaluation is the premise and guarantee of the scientific formulation and effective implementation of China's city green transition policy. So establishing a set of evaluation index system of China's city green transition policy is of great theoretical value and practical significance. The study introduces grounded theory as a research tool to identify and extract three core factors:policy attributes, implementation process and implementation effect, which constitute an evaluation index system of city green transition. By deeper analysis on the association of three core factors, the core factors correlation model is established. This paper also establishes a set of 4-class index system for evaluating the policy of city green transition in order to provide better theoretical direction for city green transition. The results also show that the interaction effect exists among policy attributes, implementation process and implementation effect.

    References | Related Articles | Metrics
    An Analysis and Prediction of the Compensation Model of New Rural Cooperative Medical System in Xinjiang
    Yang Yuqing, Sha Siying, Yin Haoyu, Dong Jichang
    2018, 30 (8):  267-274. 
    Abstract ( 216 )   PDF (1153KB) ( 319 )  

    The scientific and reasonable compensation system is the key factor in realizing the sustainable development of New Rural Cooperative Medical System. The mode of "outpatient, hospitalization and subsidy for serious diseases" is carried out in Xinjiang, which sets up a pooling fund for serious diseases in addition to the outpatient and hospitalization compensation. Based on the compensation mechanism of the New Rural Cooperative Medical System, this paper collects the related data in the period from 2008 to 2013. And then, this paper predicts the development tendency of New Rural Cooperative Medical System in Xinjiang through the method of PCA (Principal Component Analysis) and Exponential Smoothing. From the analysis, we can see that the compensation of the New Rural Cooperative Medical System in Xinjiang will keep rapid growth in the following years. On the one hand, this phenomenon explains that the New Rural Cooperative Medical System' compensation in Xinjiang has a good trend of growth. On the other hand, as the increment speed of financing of the New Rural Cooperative Medical System cannot catch up with the compensation, it will lead to the financial deficit which already happened in 2013. At last, the paper provides some suggestions based on the above analysis.

    References | Related Articles | Metrics
    Reconstruction of Corporate Governance Model and Control Rights Fighting: A Case Study Based on Battle for Control of Vanke
    Zhang Hua, Hu Haichuan, Lu Ying
    2018, 30 (8):  275-289. 
    Abstract ( 636 )   PDF (1315KB) ( 1716 )  

    In this paper, the author takes the case:‘battle for control’ of Vanke as the background, studies on the influence of the change of the state of control right allocation on the battle for corporate control in the process of corporate governance model reconstruction from the "Shareholder centralism" to the "board centralism". This paper analyzes the differences in the forms, paths and obstacles of the control battle before and after the reconstruction of the corporate governance model, and puts forward the paths and methods of the management control maintenance and the protection of the shareholders'interests under the corporate governance model of "board centrality". This paper considers that the reconstruction of corporate governance model is derived from the decentralization of ownership structure and the separation of ownership and management rights, as well as the roles transition of human capital and material capital in the value creation process. Changes in the state of control right allocation contribute to the instability of the control of the company, which is the driving force for the control battle of the company. Under the "board-centralism" corporate governance model, the specificity of human capital management and the harmonious relationship between management and shareholders is the main obstacle to the control battle; specific human capital investment of the management and the construction of dual ownership structure, as well as the implementation of the "partner system" are effective means to prevent the risk of control; To conduct equity incentives for the management of and give full play to the supervision of independent directors and outside directors are effective measures to maintain the stability of the company control and protect the interests of shareholders.

    References | Related Articles | Metrics
    A Case Study on Managing Innovation Paradox of the Focal Firm in Innovation Ecosystem: The Perspective of Ambidexterity Capacity
    Hu Jingbo, Ouyang Taohua, Zeng Delin, Feng Hailong
    2018, 30 (8):  290-304. 
    Abstract ( 447 )   PDF (1552KB) ( 1377 )  

    Taking subcontract business of Zhonghang AERO-ENGINE Co., Ltd. (ZAEL) as a case study, this paper discusses the focal firm management of innovation paradoxes in innovation ecosystem. There are three findings through the case study. Firstly, we find three types of innovation paradoxical tensions when the focal firm of innovation ecosystem implements complex product development and manufacture, which includes the innovation strategy of profitable leading-sustainable leading, innovation modes of tight connection-loose connection, and innovation motivation of discipline orientation-passion orientation. Secondly, three types of the aforementioned innovation paradoxical tensions affect the focal firm to manage the innovation ecosystem paradox, such as strategic objects, operation and organization boundary. Thirdly, the focal firm constructs the management mechanism of innovation paradox through three steps, such as making the dual department of the product innovation, strengthening the internal and external organizations joint and realizing the co-creation and sharing of innovation value. Each step of the mechanism can develop an ambidexterity capacity, which is structural, coordinating and contextual capacity respectively, and then dissolves different innovation paradoxes. Based on the organizational ambidexterity capacity, this paper uncovers the process principle of the focal firm managing paradoxes in innovation ecosystem. Meanwhile, the research has important practical and valuable guidance for aircraft enterprises boosting the great aspiration of "China dream" through achieving the ambition of "Chinese heart".

    References | Related Articles | Metrics