Loading...

Table of Content

    28 June 2019, Volume 31 Issue 6 Previous Issue    Next Issue

    For Selected: Toggle Thumbnails
    The Trend of National and Regional Banks Profitability and Determinants——An Empirical Study Based on the 2006-2016 Data
    Yang Haizhen, Li Chuan, Xiang Yue, Wu Hongxu
    2019, 31 (6):  3-13. 
    Abstract ( 251 )   PDF (1547KB) ( 577 )  

    Based on the bank operating practices, this paper qualitatively analyzes the business indices of 17 national banks and 88 regional banks from 2006 to 2016. A fixed effect model is established, classical least squares method and the generalized method of moments are applied for the quantitative comparative analysis on the capital profitability and asset profitability of the two types of banks. The qualitative analysis indicates that bank profitability is affected by peer competitions, external environment, and internal operating factors, such as asset composition, cost and risk management. In addition, the quantitative analysis shows the profitability of the commercial banks is obviously influenced by inner factors including the ability of asset liability collocation, management, risk control, and the industry factors such as the level of market concentration and field development, as well as the outer factors like monetary policies and macroeconomic impact. In the end, this research proposes that the strategic key to raise commercial banks' profitability is to develop the risk control ability, improve management skill, optimize asset liability allocation, concentrate on market competition and regulate bank's operation.

    References | Related Articles | Metrics
    Insurance and Economic Growth: Path and Influence Mechanism——Based on Various Time Series Models and EGLS Bootstrap Test
    Zheng Sujin, Qiao Heng, Meng Xiuye
    2019, 31 (6):  14-22. 
    Abstract ( 252 )   PDF (2265KB) ( 390 )  

    Insurance industry plays a key role in financial system, while it's still unclear that how it promotes economic grow and how strong. To ensure sustainable growth of Chinese economy, it's important to figure out specific mechanism of the action between insurance and economy. This paper discusses the mechanism through impulse response analysis in VAR and VEC model, connecting with Bootstrap method based on EGLS. The empirical research demonstrates that at present the risk compensation function of insurance has prominent stimulation to economic growth. But this stimulation is mainly indirect, we can't consider insurance as the direct reason of economic growth.

    References | Related Articles | Metrics
    Study of Dynamic Management Strategy of Fund's Paired Assets Based on the O-U Process
    Fu Yi, Zhang Jizhou, Guo Rennan
    2019, 31 (6):  23-35. 
    Abstract ( 279 )   PDF (3341KB) ( 623 )  

    As a market neutral strategy, pairs trading has been widely accepted by investors. In this paper, the spreads of risk assets are assumed to be Ornstein-Uhlenbeck (O-U) process, and the portfolio of the fund is assumed to be composed by multiple paired assets. Based on the maximization of the wealth utility at the maturity, we establish a dynamic management strategy model for the high-dimensional paired assets. In order to solve the model, we use the Dynamic Programming Principle to derive the corresponding equation. After separating variables, we get an explicit solution of the equation, i.e., maximum wealth utility and the optimal management strategy are obtained. Finally, to verify the result, the strategies of paired assets in domestic securities market are simulated, and the effectiveness and robustness of the strategy are also further analyzed.

    References | Related Articles | Metrics
    Evolution of Allocation Efficiency of Financial Resource, TFP growth and China's Economy Development——Based on Panel Data PVAR Model
    Yang Youcai, Wang Xi, Sun Yanan
    2019, 31 (6):  36-48. 
    Abstract ( 329 )   PDF (1633KB) ( 666 )  

    In order to explore the evolution of allocation efficiency of financial resource, TFP growth, economic growth and economic quality level, this paper studies the interaction mechanism among them using PVAR model based on the panel data of 30 provinces from 2000 to 2015. The results show that:there is a self-reinforcing mechanism in all variables, particularly in the economic quality level. For the economic growth, the contribution to it is in turn the allocation efficiency of financial resource, TFP growth and economic quality level. For the economic quality level, the greatest contribution to it is the economic growth, while the smallest is allocation efficiency of financial resource. The contribution of economic quality level to TFP exceeds the sum of economic growth and allocation efficiency of financial resource. The contribution of economic quality level and TFP growth to economic growth increases with the passage of time in the long run. Therefore, accelerating the economic growth by improving the economic quality level and the TFP growth is more conducive to the long-term development of China's economy.

    References | Related Articles | Metrics
    Influences of Outward Foreign Direct Investment on the Employment: Mechanism and Empirical Test
    Jia Nisha, Shen Chen, Lei Hongzhen, Lan Juanli
    2019, 31 (6):  49-59. 
    Abstract ( 235 )   PDF (1268KB) ( 603 )  

    To answer the question of whether Chinese outward foreign direct investment promotes the employment in China, we use firm-level data to examine the effect of OFDI on employment by using the Mahalanobis matching and Different-in-Different method. The results of our examination present some evidences. First, OFDI of manufacturing firms promotes the absolute amount of employment and employment of unit capital. Second, business services OFDI significantly promotes the absolute amount of employment of the parent company in the country, but does not significantly promotes employment of unit capital. The technology-seeking OFDI significantly promotes the absolute amount of employment and employment of unit capital. Thirdly, if the host country is a developing country, OFDI just promotes the employment of unit capital. If the host country is a developed country, OFDI promote both the absolute amount of employment and employment of unit capital.

    References | Related Articles | Metrics
    Does Strong Regulation Improve the Validity of China's Online Lending Market?
    Feng Suling, Liu Huimin, Yang Yang
    2019, 31 (6):  60-67. 
    Abstract ( 210 )   PDF (1164KB) ( 282 )  

    This paper uses 715 pieces of daily comprehensive interest rate data of the online lending market in the Wind database from April 1, 2016 to March 16, 2018 as the sample and we join two policy dummy variables into the GARCH model creatively to analyze the impact of government supervision on the validity of China's P2P online lending market. This research finds that the online lending market still fails to achieve weak-form efficiency and the current period return rate is still affected by lags order; after the regulatory policy is launched, the fluctuation of the online lending market has decreased while the persistence of it is still obvious; and the validity of the online lending market has improved over time with the gradually release of policies.

    References | Related Articles | Metrics
    Knowledge Cluster, Patterns of R&D Collaboration and Exploratory Innovation Performance: An Empirical Study on Chinese Automotive Industry
    Xu Luyun, Zeng Deming, Zhang Yunsheng
    2019, 31 (6):  68-76. 
    Abstract ( 229 )   PDF (1292KB) ( 468 )  

    Knowledge is the understructure of innovation. Knowledge elements do not exist independently, instead they are combined together. Based on the theories of knowledge base and synergy innovation, this paper introduces the network analysis method to construct the knowledge network. Based on the perspective of knowledge combination, we use a manual collected database of 738 Chinese automobile manufacturers. This study applies negative binomial regression analysis to empirically analyze the effect of knowledge cluster in knowledge network on exploratory innovation performance, and also investigate the moderating effects of R&D collaboration breadth and depth. The empirical results show that the knowledge cluster has an inverted-U relationship with a firm's exploratory innovation performance. It is also found that R&D collaboration breadth attenuates the inverted-U relationship between knowledge cluster and exploratory innovation performance. Specifically, R&D collaboration breadth mitigates the positive relationship between the firm's knowledge cluster and its exploratory innovation performance, and then mitigates the negative relationship between the firm's knowledge cluster and its exploratory innovation performance. On the other hand, R&D collaboration depth attenuates the positive relationship between knowledge cluster and exploratory innovation performance.

    References | Related Articles | Metrics
    Guiding for Promotion or “Icing on the Cake”: Reexamine Causal Relationship between China Government's Financial Subsidy and Enterprises' R&D Input
    Yao Dongmin, Zhu Yongyi
    2019, 31 (6):  77-90. 
    Abstract ( 289 )   PDF (1481KB) ( 507 )  

    Under current system environment in China, it is of both theoretical and policy significance to discuss the effect of government's direct financial subsidy on enterprises in order to promote technology innovation. There are no unified opinions about the effect in academic field based on international empirical researches. Also, opinions in previous researches in China vary from each other due to method difference and endogeneity. In recent years, the development of micro-econometric method contributes to a new possibility for us to systematically test the "causal inference". On the basis of Chinese industrial enterprises database, the PSM-DIM method is used in the thesis which, comparing with traditional panel regression, proves that financial subsidy has significant positive effect rather than the "crowding-out effect" on the subsequent innovation input of enterprises. Previous literatures adopted traditional regression method and proved that there is a "bidirectional promotion" relationship between the two parts, which is the R&D input of enterprises can in turn greatly help them to gain more subsidy income later. On the contrast, the thesis finds out the causal relationship features a strong unidirectionality, namely, the R&D behavior of enterprises can't greatly impact enterprises on obtaining follow-up subsidy income. That indicates that government's financial subsidy plays a guiding role in inspiring micro-enterprises to enlarge R&D input, rather than a "icing-on-the-cake" bonus nor the so-called crowding-out effect. In addition, it is found according to heterogeneity analysis that financial subsidy policy has a relatively stronger promotion effect on enlarging R&D input of private enterprises, enterprises in Eastern and Western China and non-high-tech enterprises.

    References | Related Articles | Metrics
    The Impact of Asset-light Strategy on Corporate R&D Investment: A Case Study of Chinese Listed Companies
    Zhou Zejiang, Li Ding
    2019, 31 (6):  91-101. 
    Abstract ( 417 )   PDF (1210KB) ( 583 )  

    Asset-light strategy becomes increasingly common, but literature on its economic consequences is very little. Basing on this, this paper uses the data of listed companies from 2010 to 2017 in Chinese capital market as sample to study the impact of asset-light strategy on corporate R&D investment, and analyze difference under different situations. The research results show that:there is a significant positive correlation between asset-light strategy and enterprise R&D investment; compared with non-high-tech industry, high-tech industry enhances promotion of asset-light strategy on R&D investment; monopoly industry weakens the influence of asset-light strategy on R&D investment; and regional (where the enterprise is located) marketization facilitates the promotion effect of asset-light strategy on R&D investment. The paper enriches economic consequence literature of asset-light strategy, helps us to understand how assets operation mode exerts impact on corporate R&D investment scientifically, expands related research of asset-light strategy theory, and it is also of certain practical significance to improve corporate asset allocation.

    References | Related Articles | Metrics
    Research on Robust Decision Making Method of Nuclear Energy Technology R&D Scheme Selection
    Zhang Lijie, Chi Hong, Qi Mingliang, Yang Lei
    2019, 31 (6):  102-112. 
    Abstract ( 215 )   PDF (1194KB) ( 281 )  

    Nuclear technology is not only a long process of research and development, but also a technological challenge. It is also influenced by various external factors such as national strategy, economic status, scientific research investment and other clean energy development. These have led to the complexity of the choice of nuclear energy technology. In order to reduce the risk of R & D, a good nuclear energy technology should not only be advanced in technology, but also should be realized in the time node as much as possible. In addition, in order to ensure the feasibility of the strategy of nuclear energy development, the variety use of nuclear energy technology needs to be taken into consideration. In this paper, aiming at the complexity of nuclear technology research and development, we evaluate the possibility and compatibility of the selected schemes from four indicators:research foundation, key technology complexity, state specific support and industrial application smoothness. Considering the change of external environment, we consider the impact of different scenarios on the four indicators of technological development goals (sustainability, economy, security, prevention and diffusion) weight, and use Euclidean distance to represent the robustness of technological development goals in different scenarios. Based on the constraint of demand and compatibility, a multi-objective 0-1 robust optimization model is established. In order to get index weight, we add some relational weights of index weights on the basis of utility added (UTA) inverse weight model to make the weight closer to the future situational needs. This model considers the influence of the external environment and technology uncertainty in the process of technology selection, and adds the use demand constraints, to provide decision support for future nuclear technology strategy selection. Finally an example is given to illustrate the use of the process model.

    References | Related Articles | Metrics
    Research on Driving the Development Path of Traditional Agricultural Innovation with Internet Plus Based on System Model
    Chen Yunping, Huang Xiaoyong, Cheng Zhonghou, Sun Hongyue
    2019, 31 (6):  113-122. 
    Abstract ( 244 )   PDF (2419KB) ( 388 )  

    In thisstudy, through the literature research method, taking "Internet +" as the research breakthrough point, we construct the internal static mechanism path to drive the innovation and development of traditional agriculture. At the same time, the external dynamic feedback mechanism that drives the innovation and development of traditional agriculture is constructed by means of system dynamics. Through opening up three links of traditional agricultural production, trade and service, a "trinity" platform of agricultural wisdom cloud is formed. In addition, by building large industrial data centers, we can speed up the process of traditional agriculture "one after another", so as to achieve the goal of driving the innovation and development of traditional agriculture.

    References | Related Articles | Metrics
    Enterprise Participation and Marketing Performance in B2B Community: A Study Based on the Business Friends Circle of Alibaba
    Meng Tao, Wang Wei
    2019, 31 (6):  123-134. 
    Abstract ( 256 )   PDF (1250KB) ( 384 )  

    The development of internet not only leads to the flourishing of individual virtual communities, but also brings the prosperity of enterprise virtual communities. Currently, researches about virtual communities mainly focus on the former kind of communities, with little attention to the latter. Based on the data of 6332 samples from the business friends circle of Alibaba, the paper explores the relationship between firm's participation, structural embeddedness, participation duration and marketing performance in the community, and finds that a firm's participation in this third-party B2B community can affect its structural embeddedness, and the embeddedness can bring the firm a better marketing performance in the community, which is moderated by its participation duration.

    References | Related Articles | Metrics
    Learning with Proportions Based on LapESVR
    Shi Yong, Meng Fan, Qi Zhiquan
    2019, 31 (6):  135-143. 
    Abstract ( 250 )   PDF (1438KB) ( 530 )  

    In big data era, data volume has experienced a significant increase and it is nearly impossible to label all the collected data samples. As a result, weakly labeled data has become dominant in real world applications. Data labeled with class proportions is one of the most important categories in weakly labeled data, which has wide application scenarios but attracts little attention. Existing methods for Learning with Label Proportion Problem (LLP) usually have high complexity and are not efficient to solve large scale problems. In this paper, motivated by LapESVR and InvCal, we propose a novel LLP model named Lap-InvCal, which incorporates the idea of manifold learning into LLP. Extensive experiments demonstrate the high accuracy and speed of Lap-InvCal, indicating the promising potential of Lap-InvCal in handling big data.

    References | Related Articles | Metrics
    Does Cultural Difference Affect CEO's Merger & Acquisitions Decision?
    Li Shanmin, Gong Shuyu, Zhuang Mingming
    2019, 31 (6):  144-159. 
    Abstract ( 355 )   PDF (1284KB) ( 668 )  

    Culture is an important determinant of economic growth; cultural environment plays a key role in the growth of managers and the decisions of enterprises. The cultural differences between northern and southern China have a long history. In the enterprise, the cultural differences are reflected in the CEO's decision-making behavior. In this paper, we use a dataset of Chinese listed firms spanning from 2012 to 2015 to examine the relationship between 2,158 managers from northern and southern China respectively and 5,498 M&A deals they get involved in. We find that the count, value and diversity of M&A deals launched by CEOs from Northern China are larger than those from Southern China and chairman is not as dominant as CEO in M&A-related decision making. It is the cultural background of CEO rather than that of the place where the enterprise is located that plays the major role in M&A-related decision making. Further study finds that in the areas where corporate system is not well developed, the cultural background of CEO has a more significant influence on M&A-related decision making.

    References | Related Articles | Metrics
    The Curvilinear Relationship between Virtual Job Community Interaction and Job Search Intention: Moderating Effects of Employer Brand
    Zhang Liangting, Zhang Lanxia, Fu Yaran
    2019, 31 (6):  160-168. 
    Abstract ( 297 )   PDF (1193KB) ( 565 )  

    Based on asymmetric information theory and prospect theory, this study examines the possibility of a curvilinear relationship between virtual job community interaction and job-search intention, and the moderating effects of employer brand. Using survey questionnaires from 394 job seekers, the hierarchical regression concludes that the inverted U-shaped curvilinear relationship between virtual job community interaction and job-search intention is significant; specifically, when virtual job community interaction is at a moderate level rather than at a very low or very high level, and job seekers exhibit more job-search intention. In addition, the result reveals that such curvilinear patterns only exist when employer brand is low, and the relationship between virtual job community interaction and job-search intention is linear and positive when employer brand is high. This study provides a theoretical explanation for the previous inconsistent findings and also it provides a positive practical guidance for enterprises to construct a better virtual job community.

    References | Related Articles | Metrics
    Institutional Environmental Uncertaintyand Firm's Vertical Integration Model: The Role of Cognitive Bias and Dynamic Capability
    Wu Xiaojie, Chen Xiaochun, Peng Yunyan, Wang Xiuqiong
    2019, 31 (6):  169-185. 
    Abstract ( 304 )   PDF (1317KB) ( 505 )  

    The higher environmental dynamics, complexity and uncertainty a firm faces, the more important its manager's cognition and the firm's dynamic capabilities will be. In this paper, the institutional environment uncertainty scale is developed, and 170 firms' vertical integration operating in China are selected as the research object to investigate the adjustment mechanism of the influence of three types of managers' cognitive bias:over-confidence, control illusion and behavior restrain, on the relationship of institutional environment uncertainty and firm vertical integration models choice, and the mediating role of dynamic ability is explored. Through the research work above, this study obtains the following conclusions. First, institutional environment uncertainty has negative influences on the level of resource commitment, control, and equity ownership. Second, both control illusion and behavior restrain moderate the relationship of institutional environment uncertainty and firm vertical integration models choice while the effect of over-confidence is not significant. Finally, the dynamic capability does not significantly mediate the relationship between institutional environment uncertainty and firm vertical integration model choice.

    References | Related Articles | Metrics
    Open Innovation and the Growth of Startups in the Digital Economy: The Mediating Effect of Business Model Innovation
    Guo Hai, Han Jiaping
    2019, 31 (6):  186-198. 
    Abstract ( 358 )   PDF (1243KB) ( 746 )  

    How does open innovation impact firm performance? This is an important question in the field of strategy and innovation management. Drawing on dynamic capabilities perspective, this study examines the relationship between open innovation and the growth of startups, as well as the mediating effect of business model innovation under the context of China's digital economy. Using a sample of digital startups, this study finds that open depth, instead of open breadth, has a positive effect on the growth of startups. Furthermore, this effect is mediated by business model innovation. These findings advance researches in the field of open innovation and business model innovation.

    References | Related Articles | Metrics
    International Comparison and Enlightenment of Integrated Health Services Models
    Ye Jiangfeng, Jiang Xue, Jing Qi, Lei Yi
    2019, 31 (6):  199-212. 
    Abstract ( 514 )   PDF (1390KB) ( 900 )  

    Building an integrated health service system is a crucial topic and trend for health reform in various countries of the world. From the perspective of international comparison, this paper teases out the features and operations of 5 foreign countries' typical models of integrated health services and 5 existing models of China's health alliance. We synthetically analyze the similarities and differences between them. Finally, based on the successful experiences of 5 foreign countries' typical models of integrated health services, this paper puts forward some suggestions for China's health alliance reform and development and the future questions on integrated health services which need to study, providing some references and enlightenment for policy-makers and the follow-up studies.

    References | Related Articles | Metrics
    A Study on New Venture Business Model Schema Evolution Process and Mechanism through the Lens of Bricolage
    Zhang Jingwei, Du Xin, Tian Zhikai, He Yiqing
    2019, 31 (6):  213-224. 
    Abstract ( 279 )   PDF (1333KB) ( 671 )  

    As a core concept in business model research from the perspective of cognition, business model schema is receiving more and more attention. Existing literature focuses on its connotation, origin and consequences, but seldom pays attention to its dynamics. Through the lens of bricolage, this paper analyzes a new venture case to inquire business model schema evolution and the underlying mechanisms during this process. We find that, first, business model schema evolution is the result of bricolage of various internal and external concept elements; second, business model schema evolution exhibits four patterns, ie., patching, elaborating, coasting and trimming; third, by using cognitive and behavioral mechanism, bricolage combines knowledge resources originated from internal and external sources, which leads to the evolution of business model schema.

    References | Related Articles | Metrics
    Joint Pricing and Inventory Control Policies of Extended Warranty and Products under the Influence of Product Quality
    Kou Jun, Zhao Zehong
    2019, 31 (6):  225-237. 
    Abstract ( 292 )   PDF (1465KB) ( 433 )  

    Aiming at the multiple effects of product quality, a two-period Stackelberg dynamic game model is developed, which is based on the scenario that products are provided by a manufacturer and sold by a strong retailer who provides extended warranty. We analyze the influence of the quality sensitivities on the optimal decisions of product quality, price and inventories. We comparatively analyze the optimal decisions under centralized and decentralized supply chain. Furthermore, we design a "quality cost sharing" contract to remedy the loss of profit which is caused by the improvement of quality and motivate the manufacturer. The conclusions show that the strong retailer could encourage the manufacturer to improve the quality of the products and take the initiative to share the quality cost. The retailer could influence the wholesale price decision by carrying strategic inventories across two periods, and then affect the retail price. The "quality cost sharing" contract could improve the marketing effect of vertical marketing system. Finally, a numerical simulation is used to verify the effectiveness of the coordination contract.

    References | Related Articles | Metrics
    The Relationship between Supply Chain Integration and Firm Performance in Omni-channel Retailing
    Song Guang, Wang Yan, Song Shaohua, Shi Xianliang
    2019, 31 (6):  238-246. 
    Abstract ( 352 )   PDF (1249KB) ( 826 )  

    At present, the quantitative research on supply chain integration for omni-channel (OC) retailing is scarce. This study proposes a conceptual model of the relationships among the capabilities of logistics integration, the level of supply chain integration and firm performance in OC retailing based on resource-based theory (RBV). An empirical study is conducted based on a survey of 243 retailers in Chinese market through the structural equation modeling (SEM) to examine the hypotheses proposed in the conceptual model. The results show that, in OC retailing, the capabilities of information integration and organizational integration have significant positive impact on the level of supply chain integration, and the supply chain integration level has not only a positive effect on operational performance but also a larger effect on the financial performance. However, the positive impact of logistics process integration on supply chain integration is not confirmed. This study, as a first attempt on the research of supply chain integration in the context of OC, provides support for the practitioners to conduct OC strategy.

    References | Related Articles | Metrics
    Channel Structure Design and Selection Strategy in Dual-Channel Supply Chain
    Zhou Baogang
    2019, 31 (6):  247-257. 
    Abstract ( 234 )   PDF (1449KB) ( 613 )  

    The four structures of dual-channel supply chain are designed based on two integrated and decentralized structures of single-channel supply chain. The consumer's preference rate for channels is defined by considering initial demand of physical channel and online channel. The selection strategy of supply chain channel structures are studied based on consumer's preference rate for channels, the manufacturer and the retailer being as decision-maker respectively. The impact of channel preference relative rate's variation on selection preference of channel structure and the whole profits for six channel structures of supply chain is further analyzed. It is found that no matter how the relative rate of channel preference changes, the supply chain of vertically integrated dual-channel is the best choice for the manufacturer, the supply chain of horizontally integrated dual-channel is the optimal choice for the physical retailer and higher overall dual-channel supply chain profits will be obtained by the channel structures in which unilateral or bilateral "double marginalization effect" is eliminated. The results are meaningful and practical to channel structure design and selection for different decision-makers in dual-channel supply chain.

    References | Related Articles | Metrics
    The Study of Asymmetric Impact of New Rural Insurance on Family Labor Supply——Based on McElroy-Horney Nash Game Model
    Lyu Jie, Lin Yujie
    2019, 31 (6):  258-266. 
    Abstract ( 289 )   PDF (1232KB) ( 347 )  

    Based on the Nash game model of family demand and the breakpoint regression model of dual-drive variables, this paper studies the impact of the new rural social endowment insurance system on the labor supply of the elderly. It is found that the income of the new farm maintenance pension not only reduces the labor supply of the beneficiaries, but also has an indirect impact on the labor supply of other members of the family. And the impact of new rural insurance on labor supply has an asymmetric "gender effect". Male pensioners will reduce their labor supply and increase their spouse's labor supply, while female elderly pensions will reduce the labor supply of both their own and their spouses. This study helps to clarify the internal resource allocation mechanism of rural households in China, and provides a new perspective for exploring the smooth behavior of labor supply in the face of small non-labor income and the implementation effect of the new rural insurance policy.

    References | Related Articles | Metrics
    The Influence of Income Distribution and Credit Constraints on Tertiary Education Enrollment: An Empirical Analysis Based on 146 Economies
    Li Jingrui
    2019, 31 (6):  267-276. 
    Abstract ( 190 )   PDF (1398KB) ( 356 )  

    By intergrading the pension rate into theoretical framework and using the multinational data of 146 economies, we investigate the influence mechanism of income distribution, credit constraints on tertiary education enrollment theoretically and empirically. The fractional analysis by pension level indicates that the influence mechanism of income distribution, credit constraints on tertiary education enrollment is highly correlated with pension rate. The enlargement of income disparity has a negative impact on tertiary education enrollment, especially in the economies with higher pension rate; while the increase in credit supply has positive effect on tertiary education enrollment, particularly in the economies with lower pension rate. Therefore, in the economies with high pension rate, it is more important to promote tertiary education enrollment by narrowing the income disparity. However, in economies with lower pension rate, it is more effective to upgrade tertiary education enrollment by reducing credit constraints.

    References | Related Articles | Metrics
    The Evolution of Political Risk in Chinese Overseas Investment Projects: A Case Study Based on the Perspective of Legitimacy
    He Jinhua, Tian Zhilong
    2019, 31 (6):  277-288. 
    Abstract ( 251 )   PDF (1309KB) ( 654 )  

    Political risk is one of the critical challenges for Chinese overseas investment projects. This paper, based on the perspective of legitimacy, attempts to explore the evolution of political risk of Letpadaung copper mining. The results show that:(1) The evolution of political risk of Chinese overseas investment projects has experienced three stages:the formation of irrational negative attitude, the diffusion of irrationality political confrontation events and behaviors, and the cessation of political confrontation events and behaviors. (2) the legitimacy plays an important role in the evolution process of political risk. The shortage of cognitive legitimacy promotes the accumulation of political risk energy, the crisis of regulation legitimacy, normative legitimacy and cognitive legitimacy accelerates the release of political risk energy, and the reconstruction of regulation, norm and cognitive legitimacy adjusts the stability of political risk energy. The main contribution of this study is that it develops the process model of the evolution of political risk based on the perspective of legitimacy and the conclusion of this paper has a certain enlightenment on the "going global" enterprises under the background of "One Belt and Road".

    References | Related Articles | Metrics
    Exploring the Construction Mechanism of “the Longping Way”——A Case Study Based on Grounded Theory
    Liu Fanglong, Qiu Weinian, Wu Nengquan, Zeng Chuhong
    2019, 31 (6):  289-304. 
    Abstract ( 249 )   PDF (1399KB) ( 530 )  

    This paper takes Longping Hi-tech as the research object to study the process and mechanism of the construction of "the Longping Way", tries to provide reference for the construction of other enterprises' cultural system, and complements the theory of enterprise culture based on practice. Longping Hi-Tech culture system is based on the spirit of academician Yuan Longping, in the framework of corporate culture theory, through the staff interviews, seminars, questionnaires and video and other methods to obtain material and data, based on the grounded theory of data analysis, refining a series of ideas and cultural factors, and by the sublimation of numbers and concepts, this paper forms a systematic, comprehensive concept culture system. More importantly, through the analysis of the saturation of the grounded theory, we find an important concept neglected in the traditional enterprise culture theory:the Enterprise Culture Character——"rice" culture. Based on the case practice and theoretical framework, the paper deduces the multi-level structure model of enterprise culture, and further expands the enterprise culture theory. The research holds that many famous enterprises in China use the concept of "enterprise culture character" as the core enterprise culture, and the concept of "enterprise culture character" is becoming an increasingly important core connotation in the enterprise culture system. The research results have far-reaching significance to the cultural construction of Chinese enterprises.

    References | Related Articles | Metrics