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28 April 2019, Volume 31 Issue 4 Previous Issue    Next Issue

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The Information Content of Reputation——Evidence from Peer-to-Peer Lending Li Yan, Zhang Yingxin, Wang Lin 2019, 31 (4):  3-18.  Abstract ( 296 )   PDF (1282KB) ( 482 )   Reputation can be used as a signal to transmit information and therefore can effectively reduce the information asymmetry. Besides, the information content of reputation is dynamic since the strength of signal varies. Using a sample of peer-to-peer investment data in China for the period from July 2011 to July 2013, we investigate the impact of borrower's reputation on the investment outcome and how the uncertainty of the transaction regulates the relationship. The results show that, borrowers with higher reputation have high probability to get the borrowing funded and in a more active way; further, the degree of uncertainty faced by investors will enhance the interaction of the relationship, for example, a borrower of poor credit in its early stage relies more on its reputation to get a non-guaranteed loan. The results still hold after endogeneity test and other robustness tests. The findings suggest that the information content of reputation is influenced by the environment in which it plays an important role. That is, the more the reputation can reduce the perception of uncertainty, the more it contains the information. References | Related Articles | Metrics

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Profit Compensation Commitment, Double Price Deviation in Private Placement & Acquisitions and Integration Effect Li Bingxiang, Jian Guanqun, Li Hao 2019, 31 (4):  19-33.  Abstract ( 282 )   PDF (1211KB) ( 464 )   The application of performance compensation is quite common in the private placement & acquisitions in China, but researches on the efficiency of institutional arrangements are relatively insufficient. From the perspective of incentive and restraint function of performance compensation commitment, this paper reveals the influence of different paths on the performance of the compensation promised commitment to explore the effectiveness of performance compensation commitment in a more complete framework of. The analysis of 237 samples through mean test and hierarchical regression shows that the commitment growth rate has an inverted U-shaped impact on the integration effect; the commitment growth rate has a positive impact on the two types of price deviations; the issuance price deviation has a negative impact on the integration effect; the M & A price deviation has an inverted U-shaped impact on the integration effect; and the two types of price deviations have some mediating effects in the relationship between the growth rate of commitment and the effect of integration. This paper enriches and expands the related researches on performance compensation commitment system and price deviation, which is of great significance to the reasonable arrangement of the system and the play of contract value. References | Related Articles | Metrics

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China Financial Stress Index under Correlations between Markets Yao Xiaoyang, Sun Xiaolei, Li Jianping 2019, 31 (4):  34-41.  Abstract ( 240 )   PDF (1448KB) ( 785 )   High tension in the financial system will affect its resource allocation function and further lead to economic downturns. An extreme state of financial stress is the financial crisis. Financial stress index has become an important instrument and reference index to evaluate the efficiency of monetary policy and instability of the financial system. However, in the construction process of index, selection of indicators, data frequency and aggregation methods, there does not exist a unified standard. Financial stress index in existing studies is generally constructed based on monthly data, which leads to some limits in timeliness. As a result, it cannot provide enough immediate and effective information to assist the decision-making. Eleven daily indicators of money, bond, equity and exchange markets are chosen to construct financial stress index in China after investigating the existing literature. When aggregating these indicators, basic weights of four sub-markets are determined according to their influence on economy. Further, similar to portfolio theory, a time-varying correlation between different sub-markets is introduced to ensure time-varying characteristic of weight. Validity of the constructed index is verified through an analysis of stress events in the financial system of China, so this finding lays a foundation for further studies. References | Related Articles | Metrics

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Can Mixed Ownership Improve Firm Innovation?——An Integrated Perspective of Principal-Agent Conflicts and Principal-Principal Conflicts Zhang Bin, Li Hongbin, Chen Yan 2019, 31 (4):  42-57.  Abstract ( 369 )   PDF (1366KB) ( 804 )   Mixed ownership has become a key breakthrough in the reform of state-owned enterprises, while this spontaneously pushes managers into a dilemma. Concentrated ownership would easily lead to principal-principal conflicts, while dispersed ownership might bring serious principal-agent problems. Therefore, this paper seeks some new train of thoughts for the reform from the perspective of innovation. Based on the integration of principal-agent conflicts and principal-principal conflicts, this paper analyzes and tests the relationship between mixed ownership and innovation performance, and examines the moderating effect of the nature of the enterprise and the level of institutional development. The results show that the mixed depth and the mixed scope of ownership could significantly improve the innovation performance. From the viewpoint of mixed depth, there are no significant differences between state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs), while from the perspective of mixed scope, the relationship between mixed ownership and innovation performance became stronger in NSOEs. In the high level of institutional development, the effect of mixed ownership on innovation performance is stronger than in the low level. This study not only enriches the agency theory, but also provides some new inspirations for the path selection of SOEs reform and the improvement of corporate governance mechanisms. References | Related Articles | Metrics

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Market Position, Information Advantage and Entrepreneurial Orientation:A Study on the Moderating Effect of Legal Environment Li Dehui, Fan Libo, Wu Shuang 2019, 31 (4):  58-69.  Abstract ( 182 )   PDF (1160KB) ( 372 )   Entrepreneurial orientation means decision-making and practice of market entry, which is one of the driving forces for the growth of micro-economic entities. Through the theoretical analysis and empirical test, this paper discusses the influence of enterprises' market position on their entrepreneurial orientation under the condition of information advantage. As information is not symmetrical and evenly distributed throughout the market, information advantage means potential economic values, which can stimulate the entrepreneurial orientation of enterprises; enterprises' market position will not necessarily make enterprises to enhance their entrepreneurship, while companies may be more inclined to use their market position to obtain benefits. This research shows that information advantage has direct effect on enterprises' entrepreneurial orientation, and also plays complementary role with their market position. The information advantage has a significant effect in reversing the non-active entrepreneurial orientation brought by the market position. Furthermore, the improvement of legal environment can enhance the mutual trust and cooperation and reduce the occurrence of opportunistic behavior among these enterprises, thus positively moderating the mechanism in which information advantage and market position act on entrepreneurial orientation. References | Related Articles | Metrics

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Study on Technical Efficiency and Its Antecedents of Civilian-Military Integrated Firms Wang Pingping, Chen Bo 2019, 31 (4):  70-82.  Abstract ( 268 )   PDF (1222KB) ( 426 )   Defense firms are the main actors in the implementation of civilian-military integration strategy. Thus, the estimation and analysis on civilian-military integrated firms' technical efficiency is vital. Based on classical economic theory, this study explains the emergence of civilian-military integrated firms and their attributes, proposes explanatory factors of technical efficiency, and constructs a stochastic frontier model which includes technical inefficiency. Estimation based on 66 firms over the period of 2008~2016 indicates that functional diversity of top management team and equity concentration have an inverted U-shaped effect on technical efficiency respectively, innovation input has significantly positive effect on technical efficiency, and the proportion of state-owned shares has no significant effect on technical efficiency. Furthermore, the technical efficiency is low for most of the 66 firms but improves slowly during the observation period, and firms vary a lot at the value as well as the growth rate of technical efficiency. References | Related Articles | Metrics

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Robust CLV Measurement in Non-contractual Settings:A Study of CLV Measurement Combining Probability Models and Machine Learning Algorithms Cheng Dong, Sun Yinglu, Xue Wei 2019, 31 (4):  83-98.  Abstract ( 378 )   PDF (1668KB) ( 1283 )   Customer lifetime value (CLV) is a key concept in customerrelationship management. However, measuring CLV, especially CLV in non-contractual settings is one of the most challenging research topics. In this paper, we explore two probability models (Pareto/NBD and BG/NBD) and two machine learning models (GAM and SVM) in CLV modeling. Through two empirical studies, we compare the characteristics and prediction performance of the four mentioned approaches. The study shows that the prediction performance of classical probability models is very stable, which means that probability models are able to capture the regular patterns of consumers' daily consumption. While GAM has a good performance in capturing extreme data, making that an advantage to reflect irregular consumptions such as stock up resulted from store promotion, online promotion or holidays and festivals. Since each approach has its own strong points, we believe that an integrated CLV measurement combining probability models and machine learning algorithms is an ideal solution to ensure the robustness of CLV measurement. References | Related Articles | Metrics

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Does Surname Relationship Between CEOs and Directors Affect Agency Cost? Yan Weichen, Xiao Xing 2019, 31 (4):  99-116.  Abstract ( 374 )   PDF (1220KB) ( 430 )   In this paper, we analyze the relation between surname relationship of CEOs and directors and agency cost. We find that the above surname relationship is positively and significantly related to agency cost. Our main findings are robust to a battery of robustness tests. The positive effect is more pronounced when (1) firms are non-state-owned enterprises, (2) CEOs and directors share rare surnames, (3) firms located in the district with strong sense of surname or with a weak legal environment or with net population inflow. In addition, it also suggests that surname relationship increases agency cost by reducing board independence and increasing the severity of information asymmetry. Collectively, we contribute to the understanding of surname-based social affinity by providing the first piece of evidence on the effect of surname sharing on agency cost. References | Related Articles | Metrics

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How do Coworkers' Helping Behaviors Reduce Workplace Incivility:The Mediating Role of Moral Disengagement and the Moderating Role of Moral Identity Zhan Xiaojun, Chen Ying, Luo Wenhao, Guo Yirong 2019, 31 (4):  117-127.  Abstract ( 384 )   PDF (1162KB) ( 756 )   As a minor deviant behavior, workplace incivility is an advanced topic in the field of organizational behavior. Although some scholars have begun to explore the mechanism of workplace incivility, little attention was paid to the inhibiting factors of workplace incivility. Drawing on social cognition theory, we propose a moderated mediation model, whichconcludes that coworkers' helping behaviors negatively relate to workplace incivility; moral disengagement mediates the relationship between coworkers' helping behaviors and the employees' workplace incivility; the relationship between coworkers' helping behaviors and employees moral disengagement, as well as the indirect relationship between coworkers' helping behavior and employees' workplace incivility, are much weaker when moral identity is high than low. Based on a two-phase survey of 343 employee-colleague paired samples, the empirical findings support our hypothesis model. Not only do these findings effectively expand the domain of workplace incivility, but also enrich our understanding of the bystander effect of incivility. References | Related Articles | Metrics

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How does Supervisor-subordinate Guanxi Affect Voice? Psychological Safety and Face Concern as Dual Mediators Liang Xiaojie, Yu Guilan, Fu Bo 2019, 31 (4):  128-137.  Abstract ( 360 )   PDF (1162KB) ( 727 )   As an initiative extra-role behavior, employee voice plays an increasingly important role in the organization development. Therefore, how to encourage employees to voice has attracted widespread attention in both academic and practical fields. Drawing upon paired data from 370 employees and 52 of their immediate supervisors, this study uses resource conservation theory and structural equation model to explore the dual effects of supervisor-subordinate Guanxi on employee voice in the Chinese context. The mediating roles of employee psychological safety and employees' face concern are mainly focused on. Results revealed that:employee psychological safety mediates the positive relationship between supervisor-subordinate Guanxi and employee voice; employees' face concern mediates the negative relationship between supervisor-subordinate Guanxi and employee voice; supervisor-subordinate Guanxi has a positive effect on employee voice. Finally, the research results are discussed and potential direction for the relevant researches is proposed. References | Related Articles | Metrics

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Mechanism of How Project Management Professional Certification Influences Employees' Competency and an Empirical Analysis in Support Zhang Jinlan, He Jing, Wu Dengsheng, Li Jianping 2019, 31 (4):  138-146.  Abstract ( 270 )   PDF (1183KB) ( 432 )   Project management professional certification is an important means for cultivating project management personnel and plays an important role in advancing project management application. It is an important task to explore the mechanism of how professional certification of project management influences the competency of employees and to study the effectiveness of project management professional certification empirically. This paper builds a theoretical model of the impact of professional certification of project management on the competency of employees and clarifies the key constituents of professional certification of project management and competency of employees. The structural equation model is used to analyze the impact of project management professional certification on the competency of practitioners. A questionnaire survey is conducted through sample data from more than 3,000 personnel who participated in project management qualification certification for empirical analysis. The results show that (1) the influence of occupational standards on comprehensive knowledge and management capacity is not significant; (2) occupational standards and organizational structure have a significant influence on the professional quality of employees; (3) the correlation between training process and practitioners' comprehensive knowledge, management ability and personal charisma is significant; (4) the impact of assessment and continuous learning on the comprehensive knowledge, personal charm and professional quality is significant, and (5) comprehensive knowledge will affect the management capability of employees. References | Related Articles | Metrics

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The Effects of Multimarket Contact on New Market Entry Deng Xinming, Liu Yu, Liu Guohua, Long Liangzhi 2019, 31 (4):  147-161.  Abstract ( 302 )   PDF (1255KB) ( 524 )   The industry of Chinese budget hotels has experienced rapid expansion and development in recent years. The competitive landscape has been going through constantly changing. Because of the industry characteristics, all kinds of budget chain brand hotels encounter and compete with each other in various geographic markets, which indicates the phenomenon of multimarket competition is obvious. This paper chooses JINJIANG INN, HOME INN and HANTING INN, three representative enterprises of Chinese budget hotel industry, as research object and the year 2007-2014 as studying period. We choose 285 prefecture-level cities as geographic markets and define company-to-market as the level for analysis. We investigate the effects of the degree of multimarket contact on how possible a company would initiate a strategic entry into a new market from the perspective of dynamic competition. The empirical results show that the degree of multimarket contact has an inverted U-shape influence on new market entry. For companies that contact each other in multiple markets, the likelihood of new market entry will rise as the degree of multimarket contact increases when the degree of multimarket contact is relatively low. In this stage, the leading function is the goal of foothold in rivals' markets, acquiring more competitive intelligence of rivals. However, when the degree of multimarket contact is relatively high, new market entry rate will decline as the degree of multimarket contact increases. In this stage, the leading function is the strategic deterrence of multimarket companies that they have abilities to implement retaliate actions in multiple markets,which leads to the mutual forbearance of each other. The paper also introduces market concentration and sphere of influence these two moderate variables. We find that market concentration weakens the inverted U-shape relationship between the degree of multimarket contact and new market entry. The sphere of influence weakens the facilitating effect that multimarket contact has on market entry and promotes the inhibiting effect that multimarket contact has on market entry. References | Related Articles | Metrics

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Research on Conflict Formation in the Process of Enterprise Strategic Transformation from Cognitive Perspective Li Xuwen, Qi Zhongying 2019, 31 (4):  162-174.  Abstract ( 225 )   PDF (1249KB) ( 543 )   In this paper, we study the formation of conflicts in the strategic change of enterprises from the micro level under the perspective of cognition. First of all, we illuminate the connotation and category of conflict and analyze the general causes of the formation of conflict and the causes of strategic change from the perspective of cognitive subject, cognition and cognitive object. Then, we take the process of strategic change as the main line to analyze the differences of role orientation, attention and cognitive schema between top, middle and executive managers. By doing do, we find out the mechanism of the cognitive conflict of task, the cognitive conflict of process and the cognitive conflict of relationship from the vertical and horizontal perspectives. As a result, the theoretical model formed by conflict in the process of the strategic change of enterprise is constructed. Finally, we take China Aerospace Science and Technology Group Co., Ltd. as the research sample and make an empirical study by means of questionnaires. The result shows that the perception of strategic change is positively correlated with the conflict of it, in which the strategic change is positively correlated with the cognitive conflict of task and the cognitive conflict of relationship, while strategic change is not correlated with the cognitive conflict of process. References | Related Articles | Metrics

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An Empirical Study on Accounting Conservatism, Investment Efficiency and External Financing Ways Zhang Yuemei, Zhang Fang 2019, 31 (4):  175-186.  Abstract ( 294 )   PDF (1141KB) ( 434 )   Accounting conservatism is a controversial accounting principle. Based on its impact on the behaviors of investment and financing, this paper selects the data of Shanghai and Shenzhen A share listed companies from 2007 to 2015 as the research sample and empirically tests the impact of accounting conservatism on investment efficiency and external financing ways. The research shows that, accounting conservatism can promote the improvement of investment efficiency, so, to some extent, it solves the problem of governance of inefficient investment. Accounting conservatism promotes the enterprises which are under-investment to choose the way of debt financing rather than the way of equity financing to raise funds. It solves the problem of conflict between debt financing and equity financing, and it is consistent with the order of external financing in the pecking order theory. Further research shows that not debt maturity but the property rights affects the relationship among accounting conservatism, investment efficiency and debt financing, and accounting conservatism plays a more significant role in state-owned enterprises. These conclusions provide new evidence and governance ideas for the accounting conservatism to reduce the irrational investment and financing behavior. References | Related Articles | Metrics

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Will Managers' Confidence Affect Perks?——On the External Corporate Governance Effect of Margin Trading System Liu Yanxia, Qi Huaijin 2019, 31 (4):  187-205.  Abstract ( 219 )   PDF (1274KB) ( 364 )   We investigate the influence of managers' confidence and margin trading on perks, using listed companies from 2008 to 2015 in China. The results show that the relationship between managers' confidence and perks is U shaped. Namely, when managers' confidence level is relatively low, the relationship between managers' confidence and perks is negative. However, when managers' confidence level is relatively high, the relationship between managers' confidence and perks is positive. At the same time, drawing upon the margin trading system that China introduced in 2010, which is a qusi-natural experiment, we use difference-in-differences to study the effect of margin trading on perks and find that after the introduction of margin trading system, compared with the control samples, companies in the treatment group reduce the excess perks. Based on this, under the background of margin trading, we find that the relationship between managers' confidence and perks is weakened. These results suggest that margin trading plays a certain external governance effect, which provides certain theory reference for deepening the financial reform in China. References | Related Articles | Metrics

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Inventory Lot-size Policies for Perishable Products Based on Advance Payments Cao Yu, Li Yemei, Li Qingsong 2019, 31 (4):  206-216.  Abstract ( 196 )   PDF (1139KB) ( 326 )   Suppliers of perishable products featured by seasonal demand usually require retailers to pay a certain percentage of the total purchase cost in advance as a deposit. Product's shelf life is a very important factor that retails will think when making purchase decision. In this paper, we mainly study the batch ordering policy for perishable products with shelf life. Besides, we also take both no shortage and partial backlog problem into consideration to conduct comparison. The mode of advance payment to supplier is applied in our research. After model settling, Inventory control strategies for perishable products are explored. Theoretical analysis and numerical results show that retailer's advance payment fraction and product shelf life have a significant impact on retailer's optimal ordering policy. Appropriate shortage is conducive to reducing the retailers' total cost. Finally, we provide relevant policy recommendations for real-world enterprises. References | Related Articles | Metrics

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Research on Hotspots and Evolution of Production and Quality Management Based on Scientific Metrology Wang Fuyu, Gu Yong, Wu Gang 2019, 31 (4):  217-227.  Abstract ( 291 )   PDF (5282KB) ( 493 )   In order to analyze the research hotspots and differences in the field of production and quality management both at home and abroad, this paper performs scientific econometric analysis to all papers of 10 international representative journals and the projects funded by the National Natural Science Foundation of China from 2001 to 2016 in the field by using the co-occurrence and visualization techniques of keywords in scientific metrology. The results show that scheduling, simulation, supply chain management, quality management, statistical process control are the center of the knowledge network of current international production and quality management research, and inventory, optimization, quality are high frequency keywords. For domestic research, the keywords of production scheduling, modeling and simulation, statistical process control, inventory management and quality management are high frequency keywords of the projects funded by the National Natural Science Foundation of China. Thus it can be seen that the research hotspots in the field of production and quality management are basically the same at home and abroad. In recent years, the number of projects supported by the National Natural Science Foundation of China in quality management has increased rapidly. References | Related Articles | Metrics

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An Optimal Decision Research on Closed-loop Supply Chain Considering Retailer's Service and Fairness Concern Li Xinran, Wang Qi 2019, 31 (4):  228-239.  Abstract ( 216 )   PDF (1205KB) ( 482 )   This paper, aiming at a closed-loop supply chain (CLSC) consisting of one single manufacturer and one single retailer and based on the government replacement-subsidy policy, constructs CLSC models with and without the service improving and the fairness concern. Then the impact of retailer's fairness concern and service quality on the optimal decision and profits of the four CLSC models are discussed. The research shows that:(1) The service improving of the remanufactured goods will improve the market share of the remanufactured product, but also increase the total sales volume of the products; (2) As the service quality grows, the profit of manufacturers will also rise, and the retailers' profits and total profits of the whole closed-loop supply chain system will increaseHYPERLINK"javascript:;" atHYPERLINK"javascript:;" firstHYPERLINK"javascript:;" andHYPERLINK"javascript:;" thenHYPERLINK"javascript:;" decreaseHYPERLINK"javascript:;"; (3) The fairness concern of the retailers won't influence the customers' market, but will lower the wholesale prices of new and remanufactured products; (4) The retailer's fairness concern behavior will not affect the total profit of the closed-loop supply chain, but will affect the profit distribution in the closed-loop supply chain. References | Related Articles | Metrics

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Research on Optimization of Distribution Route for Cold Chain Logistics of Agricultural Products Based on Traffic Big Data Yao Yuanguo, He Shengyu 2019, 31 (4):  240-253.  Abstract ( 632 )   PDF (1552KB) ( 823 )   To solve the problems of high cost of cold chain logistics of fresh agricultural products and long travelling time, and in view of the increasingly congested urban roads, this paper first analyzes the fixed cost and the costs of transportation, refrigeration, cargo loss and penalty of cold chain logistics distribution of agricultural products based on real-time traffic information and builds a mathematical model for distribution route optimization with minimized cost. On this basis, in order to further solve the problem of flexible end distribution and reduce the total distribution cost, it is proposed to set reasonable connection points in the cold chain distribution and establish a mathematical model for the distribution route optimization of agricultural products cold chain logistics based on real-time traffic information and connection points. It uses ant colony algorithm to solve the above models and conducts an empirical analysis. The study shows that cold chain distribution of agricultural products based on real-time traffic information and connection point method can effectively reduce the cost of cold chain distribution and increase customer satisfaction. References | Related Articles | Metrics

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Study of Chinese Social Organizations Governance Transition Path and Traits Based on the Social Control Theory Lu Yunpeng, Li Weian 2019, 31 (4):  254-262.  Abstract ( 291 )   PDF (1104KB) ( 530 )   Based on the social control theory, this paper systematically reveals the Chinese social organizations governance transition path and transition traits by critical incident technique. Here are the main conclusions:Firstly, the overall transition path of Chinese social organizations shows a reverse "U" shape. Moreover it will strictly follow this path which can not realize great-leap-forward development; Secondly, Chinese social organizations are staying at the contingent governance stage, showing gradualism, ambiguity and dualism. Thirdly, the excellent law system as a social control tool is the foundation for realizing governance transition and marching toward social pattern governance at present. References | Related Articles | Metrics

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Effects of Intergovernmental Competition and Government Scale Expansion on Carbon Welfare Performance Wang Lei, Zhao Zhongchao, Liu Xinmin 2019, 31 (4):  263-282.  Abstract ( 273 )   PDF (1445KB) ( 397 )   In an attempt to explain the effect of local government behavior on both regional welfare and environmental protection and find out whether it is dual consideration or selective neglect, this study introduces the concept of carbon welfare performance and empirically analyzes the dynamic data of Chinese provinces from 1990 to 2014 via a robust clustering two-way fixed effect model and a generalized method of moments model to research the effect of local government behavior on carbon welfare performance. We try to interpret, from a new perspective, what impacts the behaviors of local governments bring to low carbon performance and people's livelihood. The results from data regression indicate that the intergovernmental competition leads to the deterioration of the regional environmental quality but also the improvement of regional welfare, and regional welfare is improved more significantly than carbon emission is affected, thus contributing to the promotion of carbon welfare performance. Government scale expansion not only leads to the deterioration of the regional environmental quality but also leave regional welfare ignored, thus counteracting the promotion of carbon welfare performance. Both intergovernmental competitions and governmental scale expansion have a "complementary relationship" to the collective effects of carbon welfare performance, which provides empirical evidence for the effectiveness of the "pollution paradise" hypothesis and the theory of "bottom competition". Further study concludes that there is a significant regional heterogeneity in the effects of intergovernmental competition and government scale expansion on carbon welfare performance. The intergovernmental competition has a greater impact on the performance of the carbon welfare than the government scale expansion in the eastern region, yet the impact of intergovernmental competition between the central and western regions is weaker than that of the government scale expansion. This paper suggests that the promotion mechanism of performance-oriented officials based on the regional carbon welfare performance, and the encouragement and supervision to local government should be strengthened from the central government and the government should formulate regional development policies that take into account the dual objectives of environmental protection and welfare promotion, and build an ecological civilization system and promote harmonious development between mankind and the nature. References | Related Articles | Metrics

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Value Co creation Process Model among Entrepreneurial Platform, Entrepreneurs and Customers:A Case Study of Xiaomi Entrepreneurial Platform Zhou Wenhui, Chen Lingzi, Deng Wei, Zhou Yifang 2019, 31 (4):  283-294.  Abstract ( 485 )   PDF (1513KB) ( 870 )   Compared with the traditional incubator, the incubation performance of entrepreneurial platform is outstanding. To explore why entrepreneurial platform can perform so well, this paper uses an exploratory case study method and selects Xiaomi, an entrepreneurial platform, as the research object to study from the perspective of value-creation. The study finds that:the value co-creation process model among entrepreneurial platform, entrepreneurs and customers can be divided into four stages:the value of consensus, the value of sharing, the value of symbiosis and the value of a win-win situation:‘communicating’ helps them to get ‘resource identification’ and promote the value of consensus; ‘exchanging’ helps them to reach ‘resource acquisition’ and advance the value of sharing; ‘interacting’ helps them to get ‘resource utilization’ and achieve the value of consensus, ‘blending’ helps them to obtain ‘resource transformation’ and perform the value of a win-win situation. The research solves the paradox of the effectiveness of resources in the incubator literature, enriches the connotation of value creation theory and extends the theoretical boundary of value creation and incubation. The study reveals that the significant performance of incubator is deeply related to the participation of entrepreneurial platform, entrepreneurs and customers. The research is notably significant for entrepreneurial platform to improve performance in theoretical and practical respects in the Internet environment. References | Related Articles | Metrics

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The Performance Evaluation and Policy Orientation of Tobacco Farmers Cooperatives Based on Supply Side Structural Reform——Evidence from Shanxi Yao Zongdong, Fu Rong, Yang Fei 2019, 31 (4):  295-304.  Abstract ( 279 )   PDF (1451KB) ( 425 )   This paper uses the DEA-Malmquist index approach based on output orientated model to measure the TFP and TEC of tabacco farmers' cooperative in Shaanxi province. Then an impact factor index system based on Tobit model is established and analyzed regressively, and on this basis the relevant policy suggestions for sustainable development of the farmers' cooperative are put forward. The study finds that although the tobacco farmers' cooperative in Shaanxi province has a good performance, an inherent risk exists as evidenced by the lack of sustainable development momentum a reasonable endogenous mechanism. This paper puts forward suggestions for the development of tobacco industry and the management of tobacco farmers' cooperatives in Shaanxi province based on the empirical findings and the demand of supply-side structural reform. Finally, this paper proposes to make efforts in integrating resources to improve the efficiency; ensuring the validity of the cooperative function; improving the training of administrators; controlling the size of the cooperative; and avoiding excessive alienation. References | Related Articles | Metrics