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28 May 2019, Volume 31 Issue 5 Previous Issue    Next Issue

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Bank Availability and Corporate Financing: Mechanism and Heterogeneity Analysis Zhang Shuoxun, Du Xu 2019, 31 (5):  3-17.  Abstract ( 287 )   PDF (1219KB) ( 680 )   Using the dataset of Chinese Industrial Enterprises and bank address data from 2007 to 2013, we analyze the influence and mechanism of bank availability on corporate financing. The results show that firstly, the increasing of bank availability can improve the financing level and reduce financing cost; secondly, the availability of banks has a heterogeneous effect on different firms of different sizes and ownership; thirdly, there are two channels to affect corporate financing:competition effect and distance effect and finally, although the development of Internet weakens the impact, bank availability will make a significant effect on corporate financing. Those results show that government should continue to promote the implementation of "inclusive finance" policy and support the reasonable and effective expansion of banks. References | Related Articles | Metrics

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Can Topics in Financial News Impact the Return of Stock Market?——A Research Based on Market Segment Long Wen, Mao Yuanfeng, Guan Lijing, Cui Lingxiao 2019, 31 (5):  18-27.  Abstract ( 367 )   PDF (1802KB) ( 1048 )   The impact of news on the stock market is one of the recent hot research topics. this paper aims to investigate whether latent topics in financial news can impact the return of the stock market. By introducing text mining techniques and Latent Dirichlet Allocation (LDA) classification method, we extract topics' distribution from comprehensive macroeconomics news and research the impact of financial news on the whole market. Then the relationship of financial topics and return in industry level are further discussed. The empirical study confirms that the distribution of financial topics can affect the distribution of sector return. Accordingly an investment strategy of sector allocation based on topics' distribution is constructed and an obviously higher return can be obtained comparing with random strategy. References | Related Articles | Metrics

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A Study on the Impact of Liquidity and Trading Behavior of ETF Fund on the Price Synchronicity under the Margin Trading Mechanism Wang Liang, Chen Jie, Liu Xiao 2019, 31 (5):  28-39.  Abstract ( 265 )   PDF (1333KB) ( 462 )   This paper constructs two kinds of price synchronicity models, BH1 model which is based on the co-movement index PCI of ETF fund's price and BH2 model based on the goodness of R2 CAPM regression, and offers methods to measure ETF fund's liquidity and trading behavior. Furthermore, we use DID model to empirically study the effect of liquidity and trading behavior of ETF fund on the price synchronicity under the margin trading mecha nism. The results show that the BH2 model is more suitable to analysis the synchronicity effect of the ETF fund's price in China. In addition, no matter whether or not the margin trading mechanism is introduced, we found that the ETF fund's purchase behavior will increase its price synchronicity, but the redemption behavior will reduce the synchronicity, and the lower liquidity the ETF fund has, the higher synchronicity its prices will present. Finally, the margin has some influences on the ETF fund's price synchronicity but the results of regression test is not significant. However, due to introduction of the mechanism, impact of ETF fund liquidity and trading behavior on the price synchronicity becomes significantly lower than before the mechanism is introduced, and the larger the ETF fund is, the greater influence liquidity will have on price synchronicity and also the greater impact purchase behavior will have on synchronicity. References | Related Articles | Metrics

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Factor Marketization, Structural Adjustment and Economic Efficiency Li Mingshan, Sun Xiaohua, Sun Rui 2019, 31 (5):  40-52.  Abstract ( 374 )   PDF (1463KB) ( 529 )   The purpose of market-oriented reform in factor market is to make the market mechanism play a decisive role in the allocation of production factors and price formation, facilitate the free flow of capital, labor and innovative elements, and promote economic structural adjustment and economic efficiency. Based on the theoretical model of market-oriented reform promoting economic structural adjustment, we use Chinese provincial panel data from 2001 to 2011 to make an empirical test of the dynamic relationship between market-oriented reform, economic structural adjustment and economic efficiency by the panel vector autoregression (PVAR) method and the impulse response function. The results show that, capital market's reform promotes the allocation optimization of capital within three industries, improves capital productivity, but has no significant effect on the structural adjustment between three industries; although the structural-bonus effect is notable in labor element market, but the changes in the structure of labor input do not come from the market-oriented reform; marketization in technology market stimulates the R&D expenditure structure optimization, promotes more innovative elements to be dominated by enterprises, and thus indirectly promotes the technical progress. References | Related Articles | Metrics

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Simulation of Carbon Intensity Restriction: Macro-effect, Emission Reduction Effect and Structural Effect Dong Mei, Xu Zhangyong, Li Cunfang 2019, 31 (5):  53-65.  Abstract ( 218 )   PDF (1497KB) ( 552 )   Administrative emission reduction measures based on carbon intensity restriction are one of China's major means of coping with climate change. The analysis of the impact of carbon intensity restriction on the economy is a significant content of the carbon emission reduction mechanism design. This paper adopts the dynamic CGE model to simulate influences of carbon intensity restriction goals and the increase in the proportion of non-fossil energy over China's macro-economy, micro-economy and carbon emission reduction from 2012 to 2030. The study shows:while moderate economic growth is maintained, the carbon intensity falls by 15.176% and 36.586% respectively in 2020 and 2030 compared with the baseline scenario but it's still a bit lower than the target carbon intensity goal; besides, carbon intensity restriction leads to a dramatic rise in China's domestic sales prices, a small increase in investment, export and import, and a slight drop in consumption; the restriction gives rise to a sharp increase in coal, crude oil and refined oil products; the output and export of the majority of non-energy departments are restrained, and domestic demand and import witness an obvious rise. Generally speaking, administrative emission reduction measures can effectively weaken the carbon intensity but cannot completely reach the carbon emission reduction goals. Therefore, it's feasible to form a long-term mechanism by implementing carbon tax and carbon transaction. References | Related Articles | Metrics

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Research on How Predictive Chinese Bond Spreads Is of Macro Economic Indices Wang Lei, Nie Changhong 2019, 31 (5):  66-76.  Abstract ( 265 )   PDF (1592KB) ( 774 )   Bond market is the second largest financial market in China. Previous studies have shown that the bond spreads contain information predictive of macroeconomy, but few studies focus on how predictive Chinese bond spreads are and most of them still stick to traditional bond spreads. It is necessary and urgent to construct new and powerful predictive bond spread indicators. This paper applies the ground-up approach to construct a new representative credit spread index, namely private enterprise credit spread index. We find that the private enterprise credit spread index has the best predictive ability compared with traditional spreads, and it is the key spread index of the Chinese bond market. By establishing the VAR model, we find that the impact of the private enterprise spread will raise the financing cost of the real economy, and reduce both the investment in fixed assets and the price level, thus causing the economic growth to slow down. Besides, the private enterprise spread index will play a role in the macroeconomic monitoring. References | Related Articles | Metrics

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Reputation, Repayment Willingness and Farmer Households' Credit Availability: Theoretical Analysis and Empirical Test Based on Signaling Game Wang Xingyu, Ren Le, Zhao Hui, Yao Weiyi 2019, 31 (5):  77-88.  Abstract ( 212 )   PDF (1241KB) ( 503 )   Based on the reputation related literature review, this paper builds the signaling game model to analyze the inherentrelation between farmer households' reputation as collateral substitution and credit availability, and puts forward the corresponding hypotheses. Using the survey data of farmer households in Henan, this paper tests the hypotheses with proxy of reputation measured by farmer households' reputation title and reputation evaluation. Through the Logit and Tobit regression analysis, it finds that high reputation as collateral substitution signal can effectively alleviate the credit constraints of farmer households, increase farmer households' credit availability and credit lines. In addition, credit rating and total income also have a significant effect on them. The results have important theoretical and practical significance for improving the rural financial market system, advancing rural financial poverty alleviation work, and revitalizing the rural economy. References | Related Articles | Metrics

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How to Deal With Informal Competition? The Impact of Different Product Innovation Strategy on Firm Performance Zhang Wei, Wang Tao 2019, 31 (5):  89-99.  Abstract ( 267 )   PDF (1224KB) ( 641 )   Although there are numerous studies that show product innovation can bring positive performance to enterprises, these studies are usually carried out in a formal economic environment, ignoring the impact of informal economy. Therefore, it is valuable and meaningful to study whether an enterprise's product innovation strategy is still able to bring good performance to the enterprise in face of informal competition (ie. the competitive pressure from informal enterprises in the informal economy). This study first discusses the impact of different product innovation strategies on enterprises' performance, and then discusses the moderating role of informal competition, and puts forward the theoretical hypotheses and establishes a research model. By analyzing the enterprises' survey data provided by European Bank for Reconstruction and Development, World Bank and European Investment Bank, this study reaches the following conclusions:when enterprises face informal competition, they can't achieve good performance by adopting product formalization innovation strategy, but they can gain a competitive advantage and increase profits by adopting product servitization innovation strategy. This can be effective for enterprises to deal with informal competition. References | Related Articles | Metrics

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A Comparative Study on the Incubation Performance of Different Generations of Incubator: Evidence of Guangdong Xu Zhi, Huang Pan, Chen Chaoyue 2019, 31 (5):  100-108.  Abstract ( 270 )   PDF (1169KB) ( 1092 )   An important task for the development of China's incubators in the future is to promote the quality and efficiency. However, the prerequisite of quality and efficiency promotion is to discriminate whether different types of incubators achieve their value proposition and functional orientation. Thus, based on the differences between value proposition and functional orientation, this paper constructs a new theoretical framework and identifies four generations of technology business incubators, and then applies one-way ANOVA to perform comparative analysis between groups, as well as Tukey test to comparative analysis between each of two groups in order to investigate the differences between input-output and incubation performance of different generation incubators. Empirical results show that, although the service performance of high-generation incubators is better, their inputs are much higher than that of low-generation incubators. From an input-output point of view, high-generation incubators do not necessarily outperform low-generation incubators. Considering their different service objects, the improvement of Chinese incubators is not only to blindly encourage the incubators' evolution from low generation to high generation. More importantly, the focus should be put on helping each generation of incubator fully achieve their main incubation function. Especially in China where development environment is regionally underbalanced, each generation of incubator has the necessity and rationality of existence. These findings provide some managerial implications regarding to differentiation performance evaluation, promotion of service capabilities and brand management of incubators. References | Related Articles | Metrics

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Research on Enterprise Technology Investment Strategy Choice under the Perspective of Dynamic Competition Feng Liwei, Li Yinlong, Zhao Jinghua 2019, 31 (5):  109-117,127.  Abstract ( 242 )   PDF (1195KB) ( 611 )   Developing an enterprise's technology investment strategy is not just to statically select internal strategies, but should focus more on external dynamic market power and multi-dimensional competition framework. Based on the panel data of 38 high-tech enterprises from 2010 to 2016, this paper analyzes the core topic of enterprise technology investment strategy choice under the perspective of dynamic competition. The research result shows that:(1) under the situation of uncertain technology, the market commonality has obvious influence on enterprise technology investment strategy; (2) the higher the resource similarity between enterprises is, the larger possibility they will adopt similar strategy in technology investment strategy choice; and (3) the threat awareness of enterprises on behaviors of competitors is different. The enterprises with high environmental threat awareness may instantly make corresponding adjustment to their technology investment strategy when their competitors take certain actions. References | Related Articles | Metrics

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Evolutionary Characteristics of Domestic Technological Comparative Advantage in China: Evidence from the Perspective of Technological Regime Ma Rongkang, Liu Fengchao 2019, 31 (5):  118-127.  Abstract ( 225 )   PDF (1410KB) ( 452 )   Based on the IPC class level data of domestic and foreign invention patent application in 1987-2015, this paper uses Markov chains to investigate the evolutionary characteristics of Chinese technological comparative advantage from the perspective of technological regime. The results show that, on the whole, the persistence probability of Chinese technological comparative advantage in two consecutive years is much higher, showing a certain "Matthew effect", while the mobility of Chinese technological comparative advantage occurs mainly in the adjacent two states. From the perspective of technological regime, we find that in technology fields with lower appropriability of foreign innovation and smaller gap between initial foreign and domestic knowledge stock, China is more likely to move from comparative disadvantage to comparative advantage states, and maintain the existing comparative advantage at the same time. And in technology fields with lower cumulativeness of technological innovation, and higher technological opportunities and uncertainty of technological trajectory, China is more likely to avoid being locked in the comparative advantage trap, and seize the window of opportunity to change the states of technological comparative advantage. References | Related Articles | Metrics

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An Empirical Study of Top Management Support, IT Resource and IT Assimilation Gao Peiran, Zhang Jinlong, Ai Xueyi, Zhang Yajun 2019, 31 (5):  128-138,290.  Abstract ( 275 )   PDF (1239KB) ( 580 )   In information systems field, top management support has always been considered as a critical antecedent in the IT assimilation process. However, the findings on the relationship between top management support and IT assimilation are contradictory, and various types of IT resources, such as IT infrastructure resources and IT human resources, have not been integrated with top management support in the IT assimilation process. Following upper echelons theory, we argue that a critical type of top management support (i.e., CEO support) will impact IT business spanning capability which reflects the overall evaluation of IT assimilation, and this process is mediated by IT infrastructure resources and IT human resources. With the high level of CEO support, the organization may possess a good position deploy various IT resources, which will easily enhance IT assimilation. Based on a survey collected in Europe, Asia and North America, we use PLS to conduct a quantitative analysis. Our results reveal that CEO support has a positive effect on IT infrastructure resources and IT human resources, IT infrastructure resources and IT human resources have positive effects on IT business spanning capability, and the relationship between CEO support and IT business spanning capability is fully mediated by IT infrastructure resources and IT human resources. Meanwhile, our results also find that IT infrastructure resources negatively moderate the relationship between IT human resources and IT business spanning capability. In the theoretical implications, our research is at an early attempt to apply upper echelons theory to explaining IT assimilation, which extends the range of the application of upper echelons theory. In the practical implications, our research helps IT executives to understand the relationship between top management support, IT resources and IT assimilation, thus developing a better IT strategy to enhance the level of IT assimilation. References | Related Articles | Metrics

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The Impacts of Online Retail on Innovation of Traditional Retail Wang Yu, Li Wei, Zhang Weijin 2019, 31 (5):  139-146.  Abstract ( 271 )   PDF (1137KB) ( 750 )   Innovation is the primary driving force for development. The rapid development of online retail has exerted a significant impact on the traditional retail industry and changed the retail market structure and retail mode to a large extent. Scholars have extensively studied the impact of online retailers, but little attention has been paid to the impact of online retailers on retailer innovation. In order to solve this problem, this paper constructs an innovation decision-making model of traditional retailers in the two cases of online retailers and non-online retailers, and investigates the impact of the emergence and development of online retailers on the innovation of traditional retailers through a comparative analysis. On the whole, the impact of the emergence of online retail on the innovation level of traditional retailers is related to the degree of competition between online retailers and traditional retailers. When the competition between online retail and traditional retail is fierce, the emergence of online retail will promote the innovation of traditional retailers. On the contrary, the emergence of online retail will inhibit the innovation of traditional retailers. From the perspective of specific influencing factors, with the increase of sales cost of online retailers, the innovation level of traditional retailers declines. With the improvement of competition between online retailers and traditional retailers, the innovation level of traditional retailers rises. The above conclusions have a good explanatory power for the innovation behavior of traditional retailers in the real economy and enrich the research on the influence of online retail. References | Related Articles | Metrics

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An Empirical Study of the Relationships between Mianzi Orientation, Renqing Orientation and Knowledge Sharing Intention: The Moderating Effects of Tacitness of Knowledge Jin Hui, Duan Guang, Li Hui 2019, 31 (5):  147-162.  Abstract ( 430 )   PDF (1332KB) ( 1579 )   This study focuses on the effects of national culture and knowledge attributes on knowledge sharing intention. Mianzi orientation and renqing orientation are chosen as the representative variables of national culture, tacitness of knowledge is chosen as the representative variable of knowledge attributes, and knowledge sharing intention is divided into knowledge donating intention and knowledge collecting intention. Based on a survey of 258 knowledge workers from Jiangsu province, this study explores the effects of two cultural variables (mianzi orientation and renqing orientation) on two types of knowledge sharing intention (knowledge donating intention and knowledge collecting intention), and the moderating effects of tacitness of knowledge on the relationships between two cultural variables and two types of knowledge sharing intention. The empirical results show that:both mianzi orientation and renqing orientation have a significant positive effect on knowledge donating intention, and a significant negative effect knowledge on collecting intention; tacitness of knowledge positively moderates the relationship between mianzi orientation and knowledge donating intention, and positively moderates the relationship between mianzi orientation and knowledge collecting intention; tacitness of knowledge negatively moderates the relationship between renqing orientation and knowledge donating intention, and positively moderates the relationship between renqing orientation and knowledge collecting intention. References | Related Articles | Metrics

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The Gain and the Loss: How does Citizenship Pressure Influence Citizenship Behavior? Tian Qitao, Yang Ziwei 2019, 31 (5):  163-174.  Abstract ( 446 )   PDF (1234KB) ( 848 )   Current literature has demonstrated that employees may experience pressure when they engage in OCBs, which are often informally encouraged and rewarded. However, this paper, on the study of citizenship pressure in Chinese cultural context, shows different results from mainstream researches. The different impact mechanisms of citizenship pressure on employees' immediate and subsequent OCBs are explored respectively. It is hypothesized that work engagement as the mediator clarifies the mechanism of citizenship pressure on employees' subsequent OCBs, and political skill is hypothesized as a boundary variable to impact its interactions with citizenship pressure on employees' immediate OCBs and work engagement. In line with the hypotheses, the results of data analysis show that citizenship pressure is positively related to employees' immediate OCBs, but negatively related to employees' subsequent OCBs. Meanwhile, work engagement mediates the influence of citizenship pressure on subsequent OCBs. Furthermore, the result suggests that the relationship between citizenship pressure and immediate OCBs is stronger for employees with the lower political skill than the ones with higher political skill, meanwhile, the relationship between citizenship pressure and work engagement is more negative for employees with lower political skill than the ones with higher political skill. We further examine the moderated mediation relationship between citizenship pressure and subsequent OCBs via work engagement. The result shows that the indirect effect is more negative when the level of employees' political skill is low rather than high. References | Related Articles | Metrics

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Entrepreneurs' Association Tie and New Venture Growth——A Study from the Information Processing View Contingency Perspective Chen Jinliang, Lin Song, Liu Xiaoyuan, Ge Jianxin 2019, 31 (5):  175-190.  Abstract ( 235 )   PDF (1308KB) ( 1110 )   This study segments the entrepreneurs' social network and selects the entrepreneurs' association tie to analyze the relationship between the entrepreneurs' association tie and the new venture growth. Then, this study explores the contingent effect of organization structure on the relationship between the entrepreneurs' association tie and the new venture growth based on the information processing view. Specifically, 302 samples are used in this study to test the relationship between the entrepreneurs' association tie and the new venture growth, and the contingent effect of formalization and decentralization. The results show that the entrepreneurs' association tie is positively related to the new venture growth because of opportunity acquisition. In addition, the results show that formalization will positively moderate the relationship between the entrepreneurs' association tie and the new venture growth, for that formalization is beneficial to information processing capacities. However, decentralization will negatively moderate the relationship between the entrepreneurs' association tie and the new venture growth although decentralization is beneficial to information processing capacities, for that decentralization will lead to interest conflict which will reduce the positive effect of decentralization on information processing capacities. Based on the above conclusions, this study also provides some theoretical contributions and managerial implications from the perspective both new venture and association. References | Related Articles | Metrics

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Evaluating Model of Corporate Social Responsibility Based on Fuzzy Topsis: Taking Transportation Industry as Example Meng Bin, Shen Siyi, Kuang Haibo, Li Fei, Feng Haoyue 2019, 31 (5):  191-202.  Abstract ( 280 )   PDF (1270KB) ( 818 )   Based on ISO26000 of International Organization for Standardization and the G4 standard of the Global Reporting Initiative, this paper chooses 42 transportation industry listed companies as the research object, and uses Principal Basis Analysis to select the indicators that have significant impact on the evaluation of corporate social responsibility. And then, after using Correlation Analysis to eliminate the indicators that reflect repeated information, this paper builds an index system of social responsibility evaluation of transportation industry which include 7 first-level criterion layers, 12 second-level criterion layers and 39 indexes. The fuzzy Topsis is used to weight the index to construct the social responsibility performance evaluation model of the transportation enterprise. The innovation and characteristics of the study:First, this paper uses the expert experience to determine the most conservative value, the most likely value and the most optimistic value of index important degree. The triangular fuzzy entropy is also used in this paper to empower the index to ensure that the weight has the more realistic reflection on the subjective views of experts. Besides, this paper uses the close degree introduced by Topsis to construct the distance function of an individual firm to the positive ideal solutions and the negative ideal solution to calculate the score of the corporate social responsibility performance. Second, the Gram-Schmidt orthogonal method is used to transform the index z-score normalized data vector orthogonally, and according to the principle that the larger the variance is, the more information is carried in the corresponding index, this paper gradually selects the index vector corresponding to the maximum variance as the base until the new variance of the selected substrate reaches the threshold. By preserving the indexes selected by the base and removing the remaining indicators, the evaluation index system of corporate social responsibility in the transportation industry is constructed to ensure that the index after screening has a significant effect on the evaluation results. References | Related Articles | Metrics

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Does Venture Capital Play a Supervisory Role?——Effect of Venture Capital on Corporate Venture Capital Information Disclosure Kang Yongbo, Wang Susheng, Peng Ke 2019, 31 (5):  203-212.  Abstract ( 266 )   PDF (1159KB) ( 703 )   The researches on the role of venture capital in listed companies are insufficient. This paper examines the effect of venture capital on CVC information disclosure by using the data of "PE+ listed company" CVC mode from 2010 to 2015. The results show that venture capital doesn't play a supervisory role. First, venture capital with different background plays a different role. Second, compared to venture capital with low participation, venture capital with high participation degree restrains the system from playing its role in CVC information disclosure. Third, venture capital with high reputation restrains the system from playing its role in CVC information disclosure due to the intention of protecting business secret. Venture capital with low reputation promotes the role played by the system in CVC information disclosure due to the intention of fundraising and grandstanding. References | Related Articles | Metrics

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The Smartness of Top Financial Advisors in Catering to Client's Requirement: Evidence from China's M&A Market Zhong Ziying, Deng Kebin 2019, 31 (5):  213-230.  Abstract ( 214 )   PDF (1307KB) ( 496 )   This paper provides empirical evidence to demonstrate that top M&A financial advisors are very good at helping clients either perform better after M&A or enhance the certainty of completing a M&A transaction, depending on each client's specific requirement. We divide financial advisor's clients into opportunists and non-opportunists. The former seeks to get listed through reverse merger, obtain refinancing qualification or protect listed shell and they pay more attention to the certainty of completing a M&A transaction than to the post-M&A performance, while the latter prefers better post-M&A performance to higher certainty of completing a M&A transaction. Our evidence implies that top financial advisors of non-opportunists are more able to help clients perform better after M&A and help opportunist clients enhance the certainty of completing a M&A transaction. Therefore, we unify the existing debatable literature on the role of top financial advisors by introducing clients' requirement as a variable. References | Related Articles | Metrics

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A Research into How Manufacturers Decide the Quality of Their Products in the Distribution Channels of Supply Chain when They have Invested in Innovation Zhu Lilong, Sun Shuhui 2019, 31 (5):  231-241.  Abstract ( 216 )   PDF (1283KB) ( 601 )   Based on four-stage stackelberg leader-follower dynamic game analysis, this paper studies how manufacturers decide, in a decentralized way and a centralized way respectively, the quality of their products when they have invested in innovation, and then, analyzes how their innovation investment strategy influences their product quality, direct sale price, retail price, market demand, expected profits and the final customer's consumer surplus in three types of distribution channels (internet direct channel, traditional retailing channel and mixed channel). Through the model analysis, our paper can demonstrate that:as their innovation investing grows, manufacturers' product quality and expected profits will increase; manufacturers' innovation investment in traditional retailing channel will be lower than in internet direct channel and then will be lower than in mixed channel; when the two types of distribution channel share the market demand, the quality of manufacturers' products in mixed channel will be higher than in internet direct channel and then will be higher than in traditional retailing channel; final customer's consumer surplus in internet direct channel will be higher than in traditional retailing channel and then will be higher than in mixed channel. Finally, we provide a numerical example, which indicates where the model can be further applied in practice. References | Related Articles | Metrics

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Optimal Online Referral Strategy and Incentive Mechanism in Offline to Online (O2O) Supply Chain Jin Liang 2019, 31 (5):  242-253.  Abstract ( 301 )   PDF (1443KB) ( 728 )   Focusing on the offline to online (O2O) supply chain composed of an online retailer and a showroom, a principal-agent model based on game theory is established to optimize the design of incentive mechanism. The aim is to design the optimal commission contract and online referral effort and analyze the effect of online retailer's referral on the commission contract, profits of both partners and information value. The results show that, under certain conditions, online referral is able to improve the online retailer's expected profit and O2O supply chain's performance, and also decrease the retailer's loss due to asymmetric information. Meanwhile, to adjust the offline evaluate service based on the online referral, online referral does not always decrease the showroom's expected profit. Finally, a numerical example is given to illuminate the optimal commission contract and profits of both partners. References | Related Articles | Metrics

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Evolutionary Game Analysison Herding Behavior of Non-direct Stakeholders in Mass Emergencies Xu Hao, Tan Deqing, Zhang Jingqin, Han Wei 2019, 31 (5):  254-266.  Abstract ( 308 )   PDF (4336KB) ( 831 )   As a hot issue that threatens political and social stability, mass emergencies are the important challenges faced by governments at all levels in China. It's important to analyze the psychological characteristics and behavioral mechanism of participants correctly, which has great significance to prevention and timely disposal of mass emergencies. For herding behavior in mass emergencies, this paper establishes an evolutionary game model of non-direct stakeholders who participate in mass emergencies to analyze the formation mechanism and influencing factors of herding behavior by considering the psychological effects of non-direct stakeholders, the cost of participation, the loss of personal image when not involved, the chances of "making trouble", the loss of opportunity when not involved and the fluke mind that the law is not responsible for the public, and on this basis, we introduce the government intervention to analyze the evolution mechanism and influencing factors of herd behavior. The results show that the herd behavior of non-direct stakeholders is affected by a series of very complex influencing factors, the numerical analysis of multi-equilibrium evolution shows that the proportion and evolution have an obvious correlation with participation cost, fluke mind, the loss of opportunity, government intervention, and so on. At the end of paper, some suggestions are given according to the numerical analysis, which provide a theoretical support for analyzing the psychological and herding behavior of the participants in the mass emergencies. References | Related Articles | Metrics

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Has Policy Support Improved the Performance of Agricultural Distribution?——Based on a Stochastic Frontier Analysis of 1298 Wholesalers Hu Lifang, Ye Zhonghua, Liu Jiagui 2019, 31 (5):  267-276.  Abstract ( 209 )   PDF (1171KB) ( 542 )   It is urgent for rural revitalization strategy to solve the important issue of structural imbalance between supply and demand of agricultural products, and agricultural wholesale markets and wholesalers are the links between farmers and the market, and are the important carriers and focal points to realize the strategy of rural revitalization. Although the central and local governments have issued series of policies to support agricultural markets and wholesalers, the outcomes remain to be tested. Based on a survey data of 1298 wholesalers from 18 wholesale markets in 13 provinces of China, this paper uses the stochastic frontier approach to estimate the impact of different policy support on performance of wholesalers. The empirical results show that, first, among the financial and monetary policies, tax incentives could significantly improve performance, and loan subsidies could improve performance among those who need loans; second, infrastructure investment in distribution industry could improve technical efficiency, while the impact is not significant; third, marketing and training policy could only improve performance of large and medium-sized wholesalers. Therefore, the policy support for agricultural wholesalers should be targeted to elaborate policy effectiveness and promote the realization of the strategic objectives of rural revitalization. References | Related Articles | Metrics

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Research on the Synergistic Incentive Mechanism of Scientific Research Crowdsourcing Network: Case Study of “InnoCentive” Sun Xinbo, Zhang Mingchao, Lin Weixin, Hu Mengqin 2019, 31 (5):  277-290.  Abstract ( 361 )   PDF (1957KB) ( 830 )   The key to the success of the crowdsourcing is to build the incentive mechanism for the seeker and the solver. Taking the "InnoCentive" as the case,this paper aims to explore the synergistic incentive mechanism of the contractor and the contractor from the perspective of the intermediary,and construct a three-level synergistic incentive mechanism model. The first-level synergy originates from the complementary effect of the explicit and implicit incentives within the seeker or solver. And the second-level synergy originates from the activation incentives achieved through the deep cooperation and effective linkage between the seeker and solver. The third-level synergy originates from the emerging incentive achieved through the regulatory effect of the intermediary. Three-level's synergistic incentive mechanism covers the three parties and overall process of crowdsourcing,which is conducive to improve the overall efficiency of crowdsourcing. References | Related Articles | Metrics

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Organizational Support, Quality of Work Life, and New-generation Migrant Workers' Urban Integration——A Case Study of Haidilao Gan Weiyu, Xu Xixiong 2019, 31 (5):  291-304.  Abstract ( 622 )   PDF (1433KB) ( 1190 )   Using case study method, the paper explores the theoretical framework of new generation migrant workers' urban integration from the perspective of corporate governance and reveals enterprises' important role in promoting the peasant workers' quality of work life for urban integration. Based on the case of Haidilao, the paper verifies the new generation migrant workers' key dimension of quality of work life. Our findings include:(1) different from the older migrant workers for only economic demands, new-generation migrant workers pay more attention to the quality of work life; (2) organizational support from enterprises by influencing the quality of work life to realize migrant workers' urban integration; (3) the key dimensions of migrant workers' QWL including fairness, balance between work and family life, identity and professional growth chance. These conclusions provide empirical evidence for the urban integration of the new generation of migrant workers from the micro-level path. It also contributes new knowledge of Chinese scenarios to organizational support theory and quality of work life theory. In addition, this research also has certain practical value for alleviating the difficulties of enterprise employment. References | Related Articles | Metrics