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28 March 2019, Volume 31 Issue 3 Previous Issue    Next Issue

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Research on the Dietary Consumption Structure of College Students and Their Families in China——Based on Micro Survey Data from UCAS Liu Jiajia, Dong Shuxuan, Li Xiuting, Dong Zhi, Dong Jichang 2019, 31 (3):  3-13.  Abstract ( 332 )   PDF (1557KB) ( 672 )   This paper draws upon the network of UCAS students to explore the dietary consumption structure of Chinese families. Firstly, 813 UCAS students are selected in a stratified manner from both urban and rural areas throughout China and then these students are requested to recommend their respective family members and friends, totally 8130 persons, who meet the purpose of this dietary research, as the investigation objects. The 8130 persons are investigated in terms of their intake of grains, vegetables and fruits, meat, eggs, aquatic products, milk, cooking oil, alcohol and beverages, as well as their weekend out-dining frequency, venue, food weight, their age, urban or rural background, gender, income, job, education, frequency of using Meituan, frequency of dining in other families, and the number of people living and eating together. The investigation covers any five days from August 15, 2017 to September 15, 2017, including three working days and two weekend days. Through data analysis, the following main conclusions are drawn:(1) weekend out-dining frequency, urban or rural background, income and the number of people living and eating together have a stable influence on the optimization of the dietary structure of Chinese college students and their families. (2) there is a positive relationship between the weekend out-dining frequency of college students and their families the optimization of their dietary structure, indicating that weekend out-dining is a good way to optimize residents' diet. (3) there is an inverted U-shaped relationship between dinners' age and the dietary structure optimization of Chinese college students and their families. Therefore, the dietary consumption of Chinese college students and their families should focus on the daily diet and nutrition of the youth and the elderly. Besides, focus should also be put on the daily diet and nutrition of rural residents and low-income groups. finally, the paper puts forward some relevant policy suggestions from five aspects:1. establishing the investigation and monitoring system of the nutritional status of the residents; 2. strengthening cooperation between food safety regulators and food laboratories; 3. emphasizing the nutritional structure of the rural adolescents; 4. strengthening the dietary nutrition education; 5. ensuring the food hygiene and safety throughout the whole process from food production to processing to circulation. References | Related Articles | Metrics

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Quality Effects: Evidence from Chinese Stock Market Li Bin, Feng Jiajie 2019, 31 (3):  14-26.  Abstract ( 658 )   PDF (1290KB) ( 1385 )   This paper studies the effect of quality factor in asset pricing based on Chinese A stock market. Derived from Gordon's growth model, we measure the quality of a listed stock by its profitability, safety, growth and dividend payout. This paper calculates "Quality Score" for each stock and examines how the Quality Score affects its price and return. This paper further constructs a QMJ (Quality Minus Junk) portfolio that goes long quality stocks and shorts junk stocks. The empirical results show that the stocks with higher quality score have higher relative prices and risk-adjusted returns; QMJ portfolio earns significant risk-adjusted return and is unaffected by market fluctuation; controlling for the QMJ factor, the size effect is significantly enhanced. For the robustness test, we also divide the samples into two subsamples according to the Non-Tradable Shares Reform, and empirical results are still robust. References | Related Articles | Metrics

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Differences of Corporate Carbon Efficiency and Its Influencing Factors: Evidence from Companies Listed S&P500 Zhou Zhifang, Dong Ziqi, Zeng Huixiang, Xiao Yixuan 2019, 31 (3):  27-38.  Abstract ( 583 )   PDF (1177KB) ( 565 )   The global warming is threatening the future development of human being, so low carbon economy becomes an inevitable solution to realizing sustainable development. Carbon efficiency, calculated as the ratio of revenue and total carbon emission, can integrate both economic growth and carbon emission reduction at the same time. Based on the data provided by Carbon Disclosure Project (CDP), this paper chooses the relevant data of companies listed in S&P 500 during the period from 2011 to 2014 and studies on the relationships among the enterprise value, carbon efficiency, institutional environment and capital market pressure, and further determines main factors that influence carbon efficiency. Empirical results mainly suggest four conclusions:carbon efficiency is positively associated with firm value; carbon efficiency is negatively associated with institutional environment, however, no statistically significant association is seen between carbon efficiency and financial market pressures; enterprises' carbon efficiency is simultaneously affected by internal factors of companies themselves and external factors of the society and financial market; and the results show the importance of carbon efficiency in the operation of enterprises. References | Related Articles | Metrics

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Solving the Financing Constraints on Small and Micro Enterprises from the Perspective of Internet Finance Liu Manfeng, Zhao Long 2019, 31 (3):  39-49.  Abstract ( 429 )   PDF (1354KB) ( 1083 )   Financing constraint is a long-term problem suffocating the development of small and micro enterprises in China. The development of Internet finance provides a way to solve it. Through economic analysis, this paper first finds the deep-seated cause of small and micro enterprise financing constraints, namely, the moral hazard and adverse selection caused by the information asymmetry. By establishing a lending market in internet, the finance constraints will be solved. Two steps are necessary:the first is to build a small and micro enterprise financing platform and the second is to design the financing mechanism. Then the paper analyzes the mechanism of the platform through building an infinitely repeated game model of the credit market and a bidding game model of the loan interest rate. The analysis results show that the small and micro enterprise financing platform and financing mechanism can reduce the cost of the relevant aspects in the lending market by Internet finance, somewhat eliminate information asymmetry, promote the formation of an effective lending market and realize the efficient allocation of lending resources. References | Related Articles | Metrics

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Investor Sentiment and Stock Price Crash Risk: Evidence from China Zhao Ruwei, Xiong Xiong, Shen Dehua 2019, 31 (3):  50-60.  Abstract ( 582 )   PDF (1201KB) ( 994 )   With the development of behavioral finance, financial risk management researchers begin to focus more on investor sentiment studies. In this paper, we construct China stock market investor sentiment index, with the adoption of principal component analysis sourcing from mainstream journals. We connect investor sentiment with the stock crash risks of CSI 100, 200, 500 and 1000 index constituent stocks, which are representatives of super-large, large, medium, and small cap stocks of China stock market, and find that only super-large cap stocks show significantly positive response to investor sentiment. While, for the other three types of stocks, the investor sentiment demonstrates no robust relations. Our study provides meaningful referential value for not only investors' risk management but also regulator's risk pre-warning reminder. References | Related Articles | Metrics

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Research on the Risk Management of Local Government Financing Platform Based on the Perspective of Stakeholders Zhang Jiemei, Wang Yupei, Zhang Yuping 2019, 31 (3):  61-70.  Abstract ( 405 )   PDF (1176KB) ( 529 )   By constructing an entropy weight-positive and negative ideal evaluation price model and using the five-level classification method to assess the risk of selected 9 representative local government financing platform companies, it is found that the overall risk of the local government financing platform is controllable, but some of the risks are high. Based on the theory of stakeholders, this paper explores the causes and conduction paths of the risk of local government financing platform. In order to maximize the overall interests of the local government financing platform, the central government's leadership and coordination as well as all relevant stakeholders' cooperation are required to ultimately achieve effective control over the risks of the local government financing platform. References | Related Articles | Metrics

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Subjective Norm and Employees' Innovation Behavior: A Perspective of Impression Management Motivation Zhao Bin, Zhou Qianqian, Liu Guixia, Yu Weixin 2019, 31 (3):  71-82.  Abstract ( 508 )   PDF (1242KB) ( 555 )   The existing studies on employees' innovation behavior are mainly based on the perspective individual motivation perspective under the organizational behavior theory, including internal motivation and external motivation. Based on the perspective of social psychology, this paper explores the core concept of impression management motivation and the effect relationship between subjective norm and impression management motivation. Analysis on the data of 654 usable questionnaires indicates that:(1) Injunctive norms have a positive effect on innovative idea implementation, and descriptive norms have a positive effect on both innovative idea generation and innovative idea implementation; (2) Descriptive norm indirectly affects innovative idea generation and innovative idea implementation through impression management motivation; (3) Self-construal moderates the relationship between descriptive norm and impression management motivation. The significance of this study lies in the fact it not only enriches and supplements the theory system of individual innovation behavior, but also provides theoretical instructions for organizations to stimulate more employees' innovation behavior in management practices. References | Related Articles | Metrics

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Incubator Control and Incubateer Creativity: The Mediating Role of Resources and Capabilities Li Hao, Hu Haiqing 2019, 31 (3):  83-93.  Abstract ( 169 )   PDF (1163KB) ( 331 )   On the basis of exploring the relationship between the incubator control and incubateer creativity, this paper studies the mediating effect of resource flexibility and relationship ability, and empirically analyzes survey data of 187 companies by using hierarchical regression. Results show:there is an inverted U0shaped relationship between incubator control and incubateer creativity; resource flexibility and relationship ability play a partial mediating role in aforesaid nonlinear relationship, while the difference is that relationship ability plays a more complex discontinuous mediating role. References | Related Articles | Metrics

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The Marketing Innovation Mode under “Internet Plus”: The Perspective of Value Network Reconstruction Zhang Gang, Wang Zongshui, Zhao Hong 2019, 31 (3):  94-101.  Abstract ( 416 )   PDF (1224KB) ( 749 )   Within the era of "Internet Plus", competitive advantages of supply-oriented marketing mode have gradually declined, while customer-based value creation model has significantly increased the competitive advantage. First, with respects to previous studies, this paper explains the concept of marketing innovation mode under "Internet Plus" environment and then, analyzes the value network evolution process from two aspects:value chain upgrade and value network formation. Next, this paper summarizes the connotation of value network deconstruction and reconstruction from the perspectives of the elements of value network reconstruction and the logic of value exchange. At last, three marketing innovation strategies are put forward:integrated marketing, differentiated marketing and precision marketing. References | Related Articles | Metrics

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The Choice of Brand Extension Type: The Interactive Effect of Fit, BEA and Brand Concept on Consumers' Extension Attitude Sun Guohui, Liang Yuan, Li Jipeng 2019, 31 (3):  102-115.  Abstract ( 276 )   PDF (1469KB) ( 780 )   To implement cross-border business breakthrough, many enterprises launch new product using original Brand name. But the key point is that what type of cross-border extension can influence consumers' product attitude more effectively. Building on the theory of brand concept consistency and experimental studies, this paper explores the applicability of different extension mode under different brand concepts. Two experiments' result shows:first, when the original brand is indicative of the product functions, due to the product category is the information clue that consumer form association toward original brand, so fit, which emphasizes new product's similarity to original brand's product category, will influence consumers' extension attitude more effectively; second, when the original brand is symbolic, due to the symbolic attribution is the information clue that consumer form association toward original brand, so BEA, which emphasizes new product's inheritance of original brand's symbolic attribute, will influence consumers' extension attitude more effectively. References | Related Articles | Metrics

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A Meta-Analysis on Team Faultline: Category, Effect and Situation Chen Hui, Liang Qiaozhuan, Zhang Yue 2019, 31 (3):  116-130.  Abstract ( 354 )   PDF (1320KB) ( 537 )   Demographic faultline is one of the most important concepts in the team field, and the outcomes of demographic faultline raise lots of attention. But by now, the researches about team faultline still have some shortages. For instance, the conclusions are in disputes, there is no research about outcomes of faultline by category and specific situation is not taken into consideration. In this paper, we divide the team faultline into social category faultline and information-based faultline. Then we divide the faultline effect into process effect and outcome effect. On the basis of different theoretical bases and function mechanism, we divide the process effect into two parts:social integration and cognitive integration. Referring to the outcome effect, we pay more attention the team performance. Based on this classification, we use the "input-process-outcome" paradigm to discuss the different effects on the faultline process (social integration and cognitive integration) and faultline outcome (especially team performance). In addition, we pick the industry type and team characteristic as the moderators to explore the influence on the faultline and its effects. This study uses Meta-analysis to integrate results on the 119 effect sizes from 38 independent papers. The results show that there is a difference on the outcomes between social category faultline and information-based faultline, and industry type and team characteristic play significant role between information-based faultline and team creativity. In the end, we discuss the outcomes from the theory contribution, practical application and the shortage of research, in addition to the future research directions. References | Related Articles | Metrics

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The Impact of High Performance Human Resource Practices on Employee Creativity: A Person-job Fit Perspective Hou Yu, Hu Bei 2019, 31 (3):  131-142.  Abstract ( 293 )   PDF (1225KB) ( 640 )   As the main source of innovation and competitive advantage, creativity has received increasing attention in recent years. However, how high performance human resource practice affects individual creativity has not been fully understood, though it is important in work context. In a survey of 466 employees, the impact of high performance human resource practice on employee creativity and its mechanism is studied. Findings show that high performance human resource practice has a positive effect on employee creativity, which is mediated by both demand-ability fit and need-supply fit. Furthermore, this affect can be different according to individual characteristic. High performance human resource practice will be strongly related to employee creativity for those who can tolerate ambiguity in work place, and the impact will be limited for others who have a low level of tolerance of ambiguity. References | Related Articles | Metrics

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The Impact of Job Crafting on Work Meaningfulness: The Moderating Roles of Team Task Performance and Leader-Member Exchange Differentiation (LMXD) Yin Kui, Zhang Kaili, Li Xiufeng 2019, 31 (3):  143-153.  Abstract ( 504 )   PDF (1216KB) ( 771 )   In an uncertain and increasingly dynamic environment, employees' initiative behavior plays a more and more important role. Job crafting, as one of initiative behaviors, becomes a research hotspot in the field of organizational behavior. Job crafting has three key outcomes:work meaningfulness, work identity and well-being. Despite a growing steam of academic studies exploring positive outcomes of job crafting, little is known empirically about the effect job crafting makes on work meaningfulness. On one hand, using the person-job fit theory, we propose that task crafting and relationship crafting have a positive effect on work meaningfulness. On the other hand, team context may moderate the relationship between job crafting and work meaningfulness, especially team task performance and leader-member exchange differentiation. Using multilevel data from multiple sources, we collect data from 300 employees and 51workgroups across a variety of sectors in China. Hierarchical linear models results indicate that task crafting significantly influences work meaningfulness, and the effect is stronger under condition of high team task performance; relationship crafting has a positive effect on work meaningfulness, and this relationship is moderated by leader-member exchange differentiation (LMXD) after controlling team level of leader-member exchange. Employees who make relationship crafting in team of high LMXD perceive higher work meaningfulness than low LMXD. References | Related Articles | Metrics

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An Empirical Study on the Influence of Electronic Communication on Employee Proactive Behavior in Non-Working Time Zhang Guanglei, Cheng Huan, Li Mingze 2019, 31 (3):  154-165.  Abstract ( 358 )   PDF (1233KB) ( 699 )   The development of information technology makes electronic communication in non-working time prevalent in the life of employees, bringing series of positive or negative effects. Based on ego depletion theory, this paper examines the influence mechanism of electronic communication on employees' proactive behavior, the mediating role of morning depletion and the moderating role of employees' perceived organizational support. A five-day daily study of 68 employees finds that the affective tone and the requiring time for electronic communication in non-working time each day have significant negative and positive effects on employees' morning depletion of the following day, respectively, and are not significant for proactive behavior. Employees' morning depletion on a daily basis has a significant negative impact on proactive behavior, and mediates the relationship between daily electronic communication (affective tone, requiring time) in non-working time and proactive behavior. Perceived organizational support moderates the relationship between daily morning depletion and employees' proactive behavior and moderates the mediation role of daily morning depletion between affective tone and employees' proactive behavior. References | Related Articles | Metrics

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The Impact of Power on Gift-giving Behavior under Chinese Culture Background: The Moderating Role of Relationship Orientation Jiang Hongyan, Xu Mengmeng, Chen Hong, Sun Peizhen 2019, 31 (3):  166-177.  Abstract ( 376 )   PDF (1231KB) ( 612 )   Previous studies have documented that power could either increase or decrease the tendency of gift-giving behavior. The current research seeks to resolve these conflicting views and examines the impact of power on gift-giving behavior and the moderating mechanism of relationship orientation under Chinese culture background based on Situated Focus Theory. Our findings from two studies demonstrate that under communal orientation condition, individuals with high (vs. low) power are more inclined to exert gift-giving behavior, and under exchange orientation condition, individuals with high (vs. low) power tend to exert less gift-giving behavior. Moreover, these effects are driven by gift-giving perceptions (i.e., pleasure perception and obligation perception) under different relationship orientations. From the perspective of Situated Focus Theory, we make significant theoretical contributions by clarifying the boundary condition of the effect of power on gift-giving behavior, and integrating the opposing viewpoints from different literature. Meanwhile, our study can provide practical implications for the marketing publicity and advertisement designing of gift consumption in the context of Chinese culture. References | Related Articles | Metrics

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Power Distance: A Literature Review and Prospect Bao Yan, Liao Jianqiao 2019, 31 (3):  178-192.  Abstract ( 1251 )   PDF (1294KB) ( 2982 )   Power distance defined as the extent to which a society accepts the fact that power in institutions and organizations is distributed unequally. With the deepening of economic globalization and the rapid development of China's market economy, related researches have gradually increased in the theoretical academic circles, but many questions, shortages and arguments still exist and need to be discussed. Based on a literature research, this paper systematically sorts out and integrates the research findings of power distance with regard to origins and concepts, structure and measurement, influencing factors and outcome variables.Furthermore, it explores the mediators/moderators and theoretical basis of existing researches, and points out future directions in power distance. References | Related Articles | Metrics

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Corporate Social Responsibility, Innovation Capability, and International Strategy: The Moderating Role of Executive Compensation Incentive Wang Zhanjie, Mai Sheng 2019, 31 (3):  193-202.  Abstract ( 371 )   PDF (1177KB) ( 756 )   Corporate social responsibility and international management are two hot issues in the field of strategic management. However, previous researches conclude inconsistent results about the relationship between corporate social responsibility and international strategy. Meanwhile, the function route is not deep enough and perfect. Based on Stakeholder Theory and institutional theory, using the panel data of 355 listed companies in China from 2013 to 2016, this paper examines the effect of corporate social responsibility on international strategy, furthermore, it also investigates how innovation capability as a mediator and executive compensation incentive as a moderator influence enterprises' international strategy. The empirical results show that:(1) the international strategy is better in enterprises in which the corporate social responsibility in higher fulfilling degree and this also shows corporate social responsibility is a key factor of international strategy; (2) Innovation capacity plays a partial mediating role in the impact of corporate social responsibility on internationalization strategy. And the fulfillment of corporate social responsibility can further act positively on the internationalization strategy through innovation capability; (3) Executive compensation incentive can moderate the relationship between corporate social responsibility and international strategy, higher executive compensation incentive will lead to more negative impact of corporate social responsibility and international strategy. This study provides references for international enterprises to achieve higher international performance by improving the level of social responsibility. References | Related Articles | Metrics

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Research on the Model of Compound Agricultural Legal Personunder the Structure of “Dual Legal Person” Zhang Dayong, Miao Jinyu 2019, 31 (3):  203-210.  Abstract ( 215 )   PDF (1111KB) ( 346 )   This paper analyzes the models of compound agricultural legal person based on the literature and proposes the governance structure of "dual legal person", which is a combination of profitable corporate governance and non-profitable corporate governance. The analysis shows the innovation and advantages of "dual legal person" governance structure. It also proves the effectiveness and practicality from the point of view of economic utility. This structure improves the efficiency and scale by solving the problem of membership heterogeneity. It is a feasible direction for the future development of China's modern agricultural legal person system. References | Related Articles | Metrics

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The Appointment of Non-local Independent Directors in the Circumstance Where Control Is Separated from Ownership Lin Yan, Cao Chunfang 2019, 31 (3):  211-226.  Abstract ( 280 )   PDF (1246KB) ( 399 )   By employing sample of listed companies on Chinese main board from 2001-2013, this study explores how the appointment of nonlocal independent directors will be affected by the separation of controlling shareholders' control right and cash flow right. We find, firstly, the higher the separation is, the more nonlocal independent directors the firm would appoint, and the result is robust after controlling multiple endogenous problems; secondly, the consequence of appointing nonlocal independent directors is that when the separation is high, the more nonlocal independent directors a firm hires, the severer the negative effect those directors will exert on the firm's value; moreover, when the large shareholders cannot directly control the board, hiring nonlocal independent directors is an alternative way to do it, meaning in the firms whose important positions of the board are appointed by the large shareholders, the impact that the separation exerts on hiring nonlocal directors is weaker. Additional test shows that, institutions attenuate the effect that the higher the separation is, the more nonlocal independent directors will be enrolled. The results of this study show that hiring nonlocal independent directors is an important way to realize the tunneling behavior of large shareholders, therefore this study not only extends and enriches the researches on how does the separation influence the governance role of the board, but also offers some enlightenments on how to improve the effect of independent directors' performance. References | Related Articles | Metrics

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Cash Dividends, Free Cash Flow and Earnings Persistence——An Empirical Analysis Based on Governance Theory of Long-term Debt Zhang Jingqi 2019, 31 (3):  227-240.  Abstract ( 328 )   PDF (1265KB) ( 510 )   With earnings persistence measures as explaining variables and employing quarterly earnings data of nonbank listed companies from Shenzhen and Shanghai stock exchanges over the period 2004-2016, this paper first gives out many time series earnings persistence measures and then conducts an OLS regressional analysis on cash dividend and free cash flow with earnings persistence measures. Evidence shows that cash dividend has a significant positive relationship with proxies for earnings persistence while free cash flow has a significant negative relationship with proxies for earnings persistence. Further investigations show that long-term debt has a significant governance effect and has a substitutional effect with that of cash dividend. Compared with higher long-term debt companies, cash dividends for companies with lower ratios of long-term debt are more positively related earnings persistence and have more retraining effect on free cash flows. Finally, this paper suggests that China should take different mandatory cash dividends rules with different ratios of long-term debt. References | Related Articles | Metrics

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Multi-objective Coordination Control of the New Normal Economy of China Liu Chao, Xie Jing, Liu Chenqi, Ma Yujie, Wang Chao 2019, 31 (3):  241-257.  Abstract ( 266 )   PDF (1962KB) ( 600 )   The multi-objective coordination of China's economy under the New Normal condition is important to economic stability. Based on the economic cybernetics, this paper studies the interaction and coupling relationship among the multiple objects of China's economy under the New Normal condition. We employ the Simulink to establish a simulation model, and then adjust the key variables to structure the feedback model. Results demonstrate that the coordinated development paths of the multiple objects of the New Normal economy not only lie in the reduction of the range of benchmark rate, but also in connection with indirect financing scale, investment in fixed assets, R&D expenditure and financial employment expenditure. In order to improve the quality of economic growth, the government should increase investment expenditure, technology spending and employment subsidy constantly. At the same time, the amount of industrial waste gas emissions and industrial waste water emissions should be controlled within a certain range. This paper not only provides theoretical support for the implementation of economic policies, but also provides coordinated control strategies for economic development of the current new normal stage. References | Related Articles | Metrics

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Determination of Incremental Buffer Based on Alternative Resource Variability Zhang Junguang, Li Kai 2019, 31 (3):  258-264.  Abstract ( 215 )   PDF (1616KB) ( 329 )   To avoid the project delay caused by resource constraints at the project planning stage and the resource shortage during the project implementation, an incremental buffer sizing method based on alternative resource variability is proposed. Firstly, based on the resource-supply-risk of each critical chain activity, we determine whether or not to utilize alternative resources. Secondly, according to the resource supply risk and the alternative resource variability, we calculate the buffer size, determine the project duration and optimize the project progress network. Finally, we prove that the proposed method can improve the project schedule effectively, reduce the impact of resource risk on the project duration and improve the on-time completion rate. References | Related Articles | Metrics

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Research on Perfection and Development the Strategic Disposition of Incorruptible System——Based on Solidification of Entropy Theory and SWOT-PEST Matrix Zhai Kai 2019, 31 (3):  265-278.  Abstract ( 384 )   PDF (1381KB) ( 544 )   The systematic characteristics of incorruptible system can be introduced into the entropy theory widely used in system science to study some problems that cause system entropy increase. The development and evolution of incorruptible system is influenced by many factors. It is necessary to solve these system problems by considering all kinds of complicated factors and allocating the system development strategy from a strategic perspective. For this purpose, the problem solution under entropy theory, the SWOT-PEST analysis matrix and the entropy weight decision theory are introduced can be used to effectively coordinate, integrate and match these factors and explore how to develop and improve the configuration scheme and strategy formulation of the incorruptible system. Through an empirical analysis, this study proposes combined use of strategies and puts forward some countermeasures. The purpose of the research is to rectify some shortcomings in the study of the incorruptible system. The synergy and complementary of strategic strategies may be the deep motivation for the reform and improvement of the incorruptible system. Based on this, some potential research directions are also suggested. References | Related Articles | Metrics

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Research on Headquarters Value Creation Mechanism under the Network Environment: A Case Study Based on the Dual Embeddedness Perspective Wang Chang, Sun Qiao, Xu Jian, Zhou Wenhui 2019, 31 (3):  279-294.  Abstract ( 258 )   PDF (1330KB) ( 779 )   This paper studies the case of the CSR Zhuzhou and puts forward a theoretical model of headquarters value creation mechanism under the network environment. We find that value creation behaviors by headquarters can be divided into four types:business development, resource sharing, business management and support services, and business development can be viewed as external embeddness perspectives, while resource sharing, business management and support services belong to the internal embeddness. Headquarters value creation based on embedded network will lead to different network effects:interests support positive network effect and elastic limit negative network effect. Effect of value creation activities on the network is under the regulation of network embedded fitness. Headquarter value creation will lead to interests support positive network effect and promote the growth of subsidiaries with high network embedded fitness, otherwise it will inhibit the growth of subsidiaries through elastic limit the negative network effects. The conclusion of this paper has important theoretical and practical significance on the explanation of how the value creation behaviors of headquarter affect the growth of subsidiaries. References | Related Articles | Metrics

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nalysis of Micro-blog Public Opinion Periodic Propagation Network in Social Hotspot Events Based on SNA——An Empirical Study on “Yu Huan” Cheng Junhui, Zhang Si, Ji Qingkai 2019, 31 (3):  295-304.  Abstract ( 413 )   PDF (1754KB) ( 1102 )   The active participation of large user groups, convenient message post style and the unique information fission mode make micro-blog become an amplifier of public opinion. Analyzing the propagation law of public opinion and effectively leading it to healthy development are a hot topic of current academic research fields in China. The development and evolution of public opinion present phased features. Taking the case of "Yuhuan" in 2017 as an example, this paper uses social network analysis to explore the network structure characteristics of the event in all stages. The research results show that the stage propagation network of public opinion about "Yuhuan" is relatively sparse, while the propagation rules of each stage are quite different. The generation stage shows a typical de-centralization characteristic. Due to increase of interaction and collision of views, the outbreak stage presents a centralized feature. The extinction phase is dying accompanied by a large number of nodes leaving the network. The information superiority and control advantage of micro-blog users in public opinion communication network are influenced by popularity, professionalism, credibility and authority. References | Related Articles | Metrics