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28 August 2019, Volume 31 Issue 8 Previous Issue    Next Issue

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The Effect of Transport Accessibility on Regional Specialization of Manufacturing: Empirical Research Based on Panel Data of Chinese Prefecture-level Cities Wang Fei, Li Shantong 2019, 31 (8):  3-13.  Abstract ( 212 )   PDF (1275KB) ( 391 )   By using the ArcGIS network analysis method, the paper builds a time-distance matrix which can measure urban transport accessibility of highway transport network system. In the empirical study, the panel data of prefecture-level cities are used to study the impact of transport accessibility on China's manufacturing regional specialization. The results show that the less accessible a city is, the more specialized its manufacturing sector will be and its economic development depends much more on the specialization of one or more sectors than those areas with higher transport accessibility. Strengthening the traffic connection between central cities in various regions is of great significance for promoting regional coordinated development and optimizing the distribution of productive forces in China. References | Related Articles | Metrics

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Differences in the Predictive Value of Analyst Rating between Bull and Bear Markets——Based on Chinese Securities Market Data during 2005-2016 Guo Yanhong, Jiang Shuai, Chen Yanping 2019, 31 (8):  14-25.  Abstract ( 293 )   PDF (1306KB) ( 322 )   Analyst recommendation is one of the most important information sources in the financial market. Stock ratings released by analysts have a significant impact on investors' decision-making and investment income. Based on Chinese securities market data during 2005 to 2016, we investigate the predictive value of analyst rating from the perspective of different market states. The empirical results indicate that:(1) Analyst rating is of predictive value in the market, as evidenced by the tendency that the higher rating analysts give to a stock, the better performance the stock will have; (2) Market condition is a key factor that affects the rating results of analysts, who give different ratings under different market conditions; (3) The positive ratings issued in the bear market have more predictive value than these in the bull market; the predictive value of neutral ratings is not significantly different between the bull market and bear market. In the short term, the negative ratings issued in the bear market have more predictive value than these issued in the bull market. This research has important theoretical and practical significance for investors to understand the information role of security analysts and make better-informed decisions on investment. References | Related Articles | Metrics

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The Impact of Legal System Reform on the Economic Consequences of Guarantees Leng Aolin, Wang Mengdi, Zhang Junrui 2019, 31 (8):  26-34.  Abstract ( 194 )   PDF (1204KB) ( 322 )   The 18th CPC National Congress has made the rule of law as the core of the governance in China, and promoting the reform of the legal system and the construction of the rule of law is collectively referred to as its legal system reform. Based on the theory of LLSV[1], this paper constructs the theoretical basis of the impact of legal system reform on the motivations, behaviors and economic consequences of companies providing guarantees. Using the data of providing guarantees from Chinese listed companies from 2007 to 2016 and the 18th CPC National Congress as time window, this paper empirically examines the effect of legal system reform on the economic consequences of guarantees. It is found that after the 18th CPC National Congress, the cumulative abnormal returns (CAR) due to guarantee events have significantly increased by 0.37%. Moreover, the value destruction effect of the listed companies' guarantees on their subsidiaries and of the non-state-owned listed companies' guarantees is significantly alleviated. The results indicate that the legal system reform can effectively relieve the value destruction of guarantees and inhibit encroachment behaviors with guarantees. It is believed that legal system reform is a valid approach to solve the problem of the efficiency of market economy distribution in China. References | Related Articles | Metrics

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China's Regional Financial Risk Spatial Correlation Network and Regional Contagion Effect: 2009-2016 Shen Li, Liu Yuan, Li Wenjun 2019, 31 (8):  35-48.  Abstract ( 304 )   PDF (1364KB) ( 580 )   Based on regional financial risk stress index, this paper constructs the inter-provincial regional financial risk spatial correlation network from 2009 to 2016, uses social network analysis to examine the overall connectedness of regional financial risk spatial correlation network, and further carries out central analysis and block model analysis, and the effect network structure on the level of regional financial risks. The results show that, China's regional financial risk spatial association network is a typical "scale-free network" and associations in each province are unevenly distributed and featured by "small-world characteristics"; the degree of spatial correlation shows a rising trend in fluctuations and there are obvious spatial correlations and contagion effects in regional financial risks; for the entire financial risk related network, the increase in the degree of correlation will promote the spread of financial risks, increase the level of damage and scope of risk contagion. In the analysis of the effects of network structure characteristics, it is found that, for individual provinces, the increase in the degrees centrality, closeness centrality and betweenness centrality will reduce the level of financial risk. Therefore, the lower-ranking provinces should strengthen the association with other provinces and the provinces with higher central rankings should pay more attention to the prevention and management of financial risks to prevent systemic financial risks. References | Related Articles | Metrics

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Study on Network Separation Strategy of Natural Monopoly IndustryBased on Game Theory——Taking Oil and Natural Gas Industry as an Example Dong Jichang, Sha Siying, Li Xiuting, Wang Bing, Miao Jinyu 2019, 31 (8):  49-58.  Abstract ( 279 )   PDF (1639KB) ( 363 )   Under the current system, fair access into such natural monopoly industries as oil and natural gas is hardly achievable due to their vertically integrated operation mode. This has resulted in many problems, such as under-investment and lag in pipeline network construction, low transmission network utilization rates and high consumer prices. This paper uses Cournot Duopoly Model to analyze the impact of vertical integration reform on social welfare in China's oil and natural gas pipeline network. Five scenarios are designed to identify the effective path for the reform of natural monopoly industries in China. The results show that monopolistic behaviors of integrated enterprises will restrain the fair play in the market, force downstream enterprises to suffer higher production costs and impair consumer and social welfare. This problem can be effectively solved if long-distance pipeline network business is stripped off from those integrated enterprises and independent pipeline network companies are established separately. So doing will promote healthy competition, increase investment, reduce costs, improve efficiency and increase total social welfare. References | Related Articles | Metrics

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Research of Long Memory, Risk and Efficiency of Bull and Bear Based on CSI300 Index Futures: From the Perspective of Multifractality Tang Yong, Zhu Pengfei 2019, 31 (8):  59-70.  Abstract ( 323 )   PDF (1502KB) ( 391 )   In light of the deficiency in the existing researches, this paper uses the OSW-MF-DFA and OSW-A-MFDFA to reconstruct a risk model from the perspective of multifractality. The long memory, risk and efficiency of the bull and bear of CSI300 index futures from 2014 to 2016 are used as the objectives of study. In this paper, we analyze the problem from three aspects:traditional paradigm, asymmetry and stage, based on the high-frequency data. The empirical results show that the return series of bull market, bear market and stages are multifractal, meanwhile, they are asymmetric; there are significant divergence among the bull market, bear market and stages in terms of their long memory, risk and efficiency, and the asymmetry within them differs from each other, which is largely due to different economic background, market policy and investor behavior; in addition, the bull and bear markets have their own stage characteristics respectively. This research has practical significance for regulatory policy formulation, risk management, investment strategy building, and so on. References | Related Articles | Metrics

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Construction and Application of Chinese Mixed Frequency Asymmetric Financial Prosperity Index——Based on an Empirical Analysis of MF-MS-DFM Model Zhou Decai, Zhu Zhiliang, Ji Yingxin, Yu Yonglei 2019, 31 (8):  71-83.  Abstract ( 282 )   PDF (1433KB) ( 523 )   To make full use of the information of mixed frequency data, this paper constructsa Mixed Frequency Markov Switching Dynamics Factors Model (MF-MS-DFM) that can comprehensively use daily and monthly data and chooses mixed frequency data of four daily and six monthly financial variables to construct an empirical model for estimation. Then we work out China's Mixed Frequency Asymmetric Financial Prosperity Index (MFMS-FPI) and make a comparative analysis and correlation analysis between MFMS-FPI and macroeconomic variables. The studies imply that MFMS-FPI effectively identifies the changes of China's real time financial cycle and the monetary policy cycle with time lag, and MFMS-FPI is the leading and predictive index of macroeconomic variables. Therefore, we advise the relevant government organizations to construct MFMS-FPI to monitor the changes of China's financial cycle on a real time basis. References | Related Articles | Metrics

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Industry Loan Allocation Model Copula-based Tail Risk Control Zhang Shuming, Zhou Ying 2019, 31 (8):  84-96.  Abstract ( 185 )   PDF (1232KB) ( 336 )   The root cause of banking crisis lies in misallocation of assets, and the industry asset allocation is the top level of bank asset allocation. The key to preventing banks from huge losses or even crisis is to control the extreme risk of asset allocation. This study establishes an industry loan allocation model based on tail risk control. The innovation and characteristics of our paper have two aspects. Firstly, we establish an industry loan allocation model based on tail risk control by using the functional relationship between the tail correlation coefficient and the tail risk value of different industries and this model solves the drawbacks of the classical mean variance model that cannot measure the extreme risk of the tail due to the use of the Pearson linear correlation coefficient. Secondly, we establish the VaR constraint based on t-distribution, which improves the fit to the distribution feature of fat-tailed enhances the ability of VaR constraint to control the extreme risk of tail, and solves the inconsistency between the normal distribution hypothesis in VaR and the actual distribution feature of fat-tailed. References | Related Articles | Metrics

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Cluster Features and Driving Factors of Distance of Technology Convergence: ——An Empirical Study Based on Large-scale Patent Data Feng Ke, Zeng Deming 2019, 31 (8):  97-109.  Abstract ( 232 )   PDF (1881KB) ( 476 )   In the era of industry 4.0, long-term economic growth relies on converging emerging information technologies with technologies in other areas. However, cross-boundary and distant technology convergence faces great risk and challenges. Based on 1985-2014 patent data in the IT, automobile, and equipment manufacturing sectors, this paper uses cluster analysis to reveal the cluster features of the development of distance of technology convergence, and studies the driving factors for distant technology convergence based on Tobit model. The results indicate that the development of distance of technology convergence exhibits multiple and differentiated cluster features; size of assignee teams, industry-university collaboration, patent stock, and governmental S&T funding stimulate the distance of technology convergence; size of inventor teams first enhances and then constrains the distance of technology convergence. Thus, our suggestion is that the relevant policies should encourage collaboration and prioritize technological areas with rich patent accumulation, and develop a S&T funding portfolio with multiple converging technological areas. References | Related Articles | Metrics

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Percolation Mechanism on University——Industry Cooperative Network: Network of Networks Perspective Study on the Role and Geography Li Chenguang, Zhao Jixin 2019, 31 (8):  110-122.  Abstract ( 270 )   PDF (3099KB) ( 324 )   Connectivity is very important to University-Industry (U-I) cooperative network for R&D cooperation and technology spillover. Here, we introduce the percolation theory of network science, and we present a mathematical framework based on generating functions for analyzing an interacting network with any connection probability, from the role and geographical dual perspective. Then, we illustrate the percolation threshold and structural parameter arithmetic in the sub-critical and supercritical regimes to the Beijing-Tianjin-Hebei biomedical U-I cooperative network. By simulation analyzing, we compare the effects of different guarantee strategy. Empirical results show that regional percolation threshold is lower than the roles of the real U-I cooperative network; and compared with the contribution of cooperation between enterprises, universities and research institutes play a key role to network connectivity due to their original innovation and intermediary character; reliance within connection, Beijing and Tianjin U-I cooperative network shows a significant "Twin Towers" effect on the connectivity. We also find that the moderate degree protection strategy can grantee the network connectivity and particularly has a better effect when connecting probability is greater than 65%. The results from this study could be applied by government to regulate, control, restructure and monitor the network resilience. References | Related Articles | Metrics

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Study on the Impact of Entrepreneurial Resource Integration on New Venture Performance under Decision Logic of Effectuation Peng Xuebing, Wang Le, Liu Yueling, Feng Xiaobin 2019, 31 (8):  123-131.  Abstract ( 249 )   PDF (1147KB) ( 342 )   This paper explores the influence of entrepreneurial resource integration on new venture performance and the moderating effect of effectuation. By examining data from 307 new ventures, we find that both entrepreneurial resource cohesion and entrepreneurial resource coupling have significantly positive impact on new venture performance. It is also found while entrepreneurial resource cohesion based on the logic of effectual flexibility helps improve new venture performance, entrepreneurial resource coupling in the logic of effectual flexibility impedes new venture performance. Empirical studies also show that pre-commitment positively moderates the positive relationship between entrepreneurial resource integration (including entrepreneurial resource cohesion and entrepreneurial resource coupling) and new venture performance. The study not only expands the research domain of the theory of effectuation, but also provides a new contingency research path for studying the effect of resource integration. References | Related Articles | Metrics

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Effects of Consumption Mode Preference in Sharing Economy on Community Identification and Customer Loyalty towards Commercial Sharing System Lyu Pengyue, Zhao Hong, Wang Zongshui, Liu Wei 2019, 31 (8):  132-145.  Abstract ( 351 )   PDF (1291KB) ( 681 )   One of the core characteristics of sharing economy is the consumption mode which doesn't involve transfer of ownership. From consumer's perspective, this type of consumption mode features in its non-ownership. Consumer-object relationship, consumer-consumer relationship can be different from traditional consumption mode in this non-ownership-transfer mode. The current research discusses the specific features of consumer psychological perception and behaviors. Specifically, this research focuses on the influence of preference for non-ownership on community identification and consumer loyalty towards commercial sharing system. This study collects consumer data from Beijing, Shanghai, Guangzhou and Shenzhen. Mediation and moderated mediation analyses are employed to perform data analysis. Results reveal positive effects of preference for non-ownership on community identification and loyalty. Besides, product category and prior experience moderate the mediation effects. These results indicate that consumer-consumer relationship is affected by the specific type of non-ownership consumption mode. Moreover, systematic differences exist in different types of commercial sharing systems. This study also discusses the theoretical and practical implications of these results. References | Related Articles | Metrics

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The Influence of Goal Progress Information and Future Self Connectedness on Environment-friendly Products' Repurchase Intention Xiong Xiaoming, Huang Jing, Lin Tao 2019, 31 (8):  146-156.  Abstract ( 257 )   PDF (1221KB) ( 393 )   In this paper, we research the effects of goal progress information and future self connectedness on the repurchase intention of environmental friendly products. The results show that the interaction between the future self connectedness and goal progress information significantly affects consumers' repurchase intention of environmentally friendly products. It is also found that in the context of high future self connectedness, compared to the to-date frame goal progress information, to-go frame goal progress information has positive effects on consumers' repurchase of environmentally friendly products. Moreover, perceived goal distance plays a role of mediating the impact of goal progress information on repurchase intention for environmentally friendly products with high future self connectedness. References | Related Articles | Metrics

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Organizational Behavior and Human Resource Management Top Management Team Heterogeneity, Faultlines and Corporate Risk-taking Sun Yuefan, Chen Shuang, Zhang Yongji 2019, 31 (8):  157-168.  Abstract ( 393 )   PDF (1215KB) ( 508 )   This paper takes A share listed companies in 2011-2017 as the research object. By applying the theories of TMT heterogeneity and Group faultlines, we probe into the relationship among TMT heterogeneity, faultlines and risk-taking, as well as the moderating role of CEO power and compensation incentive in the relationship between faultlines and risk-taking. The results show that the age heterogeneity, education degree heterogeneity, functional background heterogeneity and social capital heterogeneity have significant negative correlation with enterprise risk-taking respectively. And there is a significant positive correlation between the faultlines of TMT and enterprise risk-taking. The mechanism of the group faultlines is more explanatory than the team heterogeneity. What's more, this paper verifies the moderating effect of CEO power and compensation incentive on the "group faultlines-risk taking" relationship, and the regulating effect of equity incentive is better than monetary compensation incentive. Companies need to reasonably arrange the structure of the TMT and match the corresponding CEO power and salary incentive system to meet different risk-taking requirements. References | Related Articles | Metrics

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A New Perspective on the Relationship between Psychological Contract and Customer Incivility: Two-way Perspective of Employee Responsibility and Customer Responsibility Liu Ruping, Fan Guangwei, Zhao Xin, Ma Qinhai 2019, 31 (8):  169-180.  Abstract ( 283 )   PDF (1215KB) ( 394 )   The existing studies on antecedents of customer incivility only focus on the violation of employees' responsibility on customer incivility, but it remains unknown about what is the impact of customers' own responsibility on customer incivility and whether the influence mechanism is different between the impact of employees' responsibility and customers' own responsibility on incivility. Based on Social Exchange Theory, this paper explores the relationship between psychological contract and customer incivility from the two-way perspectives of customer perceived employee responsibility and customers' own responsibility, and examines the mediating role of customer satisfaction and the moderating role of customer public self-consciousness. A survey is conducted to collect data through questionnaire star network platform. The results show that employee responsibility and customer responsibility have a significant negative impact on customer incivility; the mediating effect of satisfaction is significant, and the public self-consciousness plays a negative moderating role between satisfaction and customer incivility. Employee responsibility has a stronger impact on satisfaction than customer responsibility. There is no significant difference in the negative impact of customer responsibility and employee responsibility on customer incivility. References | Related Articles | Metrics

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Birds of a Feather Flock Together? The Study on the Relationship between Leader-Subordinate Work Value Congruence and Leader Loyalty Li Tai, Deng Jinzhao, Zhang Guiping 2019, 31 (8):  181-193.  Abstract ( 250 )   PDF (2570KB) ( 497 )   Based on the "Similarity-Attraction" theory and "Demand-Supply" theory, this study discusses the relationship between work value orientation congruence and leader loyalty, and tests the moderating effect of leader-member exchange. Using poly-regression method, we find that work value congruence between leader and subordinate has a positive impact on leader loyalty. Compared with congruence of subjective work value orientation, congruence of utilitarian work value orientation is much more sensitive to leader loyalty. Our study also tests the moderating effect of leader-member exchange and finds that leader-member exchange strengthens the relationship between work value orientation congruence and leader loyalty when this relationship is under the high quality leader-member exchange. We discuss this phenomenon and explain why this happens in human instrumental attribute and self-attribute respectively. At last, this research gives business executives some suggestions on how to deal with work value diversity. References | Related Articles | Metrics

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Government Subsidies, Persistence and Future Earnings Li Xinzi 2019, 31 (8):  194-209.  Abstract ( 296 )   PDF (1208KB) ( 385 )   The relationship between government and market and the corresponding economic consequences are always a hot spot of academic researches. This paper systematically classifies the government subsidies to listed companies from the perspective of persistence, and examines the impact of government subsidies with different persistence on the future earnings respectively. This study finds that government subsidies have a significant negative correlation with future earnings, which is more pronounced in state-owned enterprises and the enterprises with overcapacity. Government subsidies with different persistence have different effects on future earnings. Occasional government subsidies have significantly negative relationship with future earnings, and the relationship between policy or project government subsidies and future earnings are not significant. In addition, government subsidies significantly reduce earnings persistence and increase earnings volatility. The findings of this paper not only contribute to evaluating the effect of government subsidies and improving the effectiveness of government participation in economic activities, but also provide supporting empirical evidence for the newly revised government subsidy accounting standards. References | Related Articles | Metrics

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Internal Pricing Based on Standard Cost, Comparative Performance and Dynamic Incentives Cui Jianbo, Luo Zhengying 2019, 31 (8):  210-218.  Abstract ( 301 )   PDF (1123KB) ( 322 )   Standard cost is commonly used as transfer price of inside trade in a company when market price is absent. When upstream sellers predict that standard cost of next period may decrease due to decline of actual cost of prior period and subsequently, transfer price may decline, they will not have motivation to control cost. This is why ratchet effect occurs. To address this problem, this paper designs a 2-stage dynamic incentive model. It shows that ratchet effects would be thwarted after comparative performance information being introduced if the weight on the realized cost of first stage decreases while expectation about cost of second stage is forming. Otherwise, it would be strengthened. References | Related Articles | Metrics

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Study on the Influencing Factors of Crowdsourcing Logistics under Sharing Economy Bin Hou, Wang Huanfang, Xie Guojie 2019, 31 (8):  219-229.  Abstract ( 445 )   PDF (1426KB) ( 463 )   In the context of sharing economy,it is important for companies to know what factors will affect the crowdsourcing logistics and how to avoid risk. This paper, based on the PPM (Push-Pull-Mooring) theory, constructs a model regarding the factors that influence companies' crowdsourcing logistics. This paper mainly studies the relationship among logistics operation pattern, industry environment, external incentive, internal benefit, security of the conversion and conversion cost with the implementation of crowdsourcing logistics. The empirical results show that logistics operation pattern, external incentives and internal benefits have a significant positive impact on the implementation of crowdsourcing logistics, and the security of transformation has a significant negative impact. In this regard, this paper puts forward four pertinent suggestions from the perspective of crowdsourcing logistics decision-making, image-building, distribution network layout and risk prevention. References | Related Articles | Metrics

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The Formation Mechanism of Consumers' Coping Behavior in Product Harm Crisis——A Grounded Research Based on PADM Theory Fan Chunmei, Ye Dengnan, Li Huaqiang 2019, 31 (8):  230-239.  Abstract ( 237 )   PDF (1325KB) ( 661 )   Based on grounded theory methods, through collecting and analyzing consumer electronics product-harm events related microblogs, applying PADM theory and coping behavior theory, this paper develops a model to explain the formation mechanism of consumers' coping behavior in product harm crisis. The model indicates that consumers form their cognition of product harm crisis based on attributes of the harm crisis, information sources, information channels and event responses, and their cognition is moderated by the characteristics of the companies and consumers. The cognition leads to perceptions of risk, stakeholders and behavior, and further forms their problem-focused coping and emotion-focused coping through a behavior decision process. The findings are of great significance for improving the effects of risk communication and crisis response strategies. References | Related Articles | Metrics

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Regional Cooperative Strategies for Emergency Response to Accidents and Disasters under Longitudinal Administrative Constraint——Case Study in Beijing-Tianjin-Hebei Region Qiu Ying, Shi Xianliang, Hua Guowei 2019, 31 (8):  240-249.  Abstract ( 230 )   PDF (1528KB) ( 384 )   With the rapid urbanization and expanding cities, accidents and disasters turn to "transboundary crises", to which a consensus is reached that governments inside a specific region should conduct regional cooperative emergency response. Based on evolutionary game theory, the present paper sets up an adaptive strategy choice model with the longitudinal administrative constraint, with which the impacts of longitudinal administrative constraint are studied and the strategy choice and evolutionary path of regional governments are researched. The results are twofold:(1) stronger longitudinal administrative constraint leads to higher probabilities for the formation of the regional coping strategies to accidents and disasters. However, longitudinal administrative constraint may be faced with "malfunction dilemma" if the national government provides limited reward; (2) differences among local places of economy, economic structure and the reserve and dispatch of emergency resource should be taken into well consideration by national government to figure out the different roles acted by local governments. Case study and numerical simulation for the cooperation of administrations in Beijing-Tianjin-Hebei region to accidents and disasters verifies all the findings. References | Related Articles | Metrics

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Chinese Fiscal Decentralization, Group Effect and Economic Growth Huang Siming 2019, 31 (8):  250-259.  Abstract ( 234 )   PDF (1166KB) ( 282 )   Within the spatial interaction strategy analysis framework, what effect will the Chinese fiscal decentralization have on the regional economic growth? From the angle of the finance competition among governments, this paper empirically analyzes the effects of strategy interaction features on the government revenues of 232 cities by building spatial Dubin model and multilevel model from the aspects of vertical competition and horizontal competition. The results show that:Chinese fiscal decentralization is different from federal financial system and there is no vertical competition. In order to promote economic growth within a region, vertical competition often compromise on the surface and innovates in system, while the group effects present more in horizontal competition. Regional governments deliberately decrease the tax collection efficiency to promote the economy growth. Prefectural-level governments in the same region prefer the land finance to promote the economy growth, while prefectural-level city governments in different region prefer attracting foreign direct investment and land finance. This paper proposes that the horizontal tax competition between prefecture level cities in different provinces should introduce the horizontal tax competition mechanism while tax competition should be appropriately suppressed prefecture level cities in similar economic development level. References | Related Articles | Metrics

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Research on Policy Induced Diffusion of Agri-machinery for BOP Groups——via Agent-based Simulation Tong Hongzhi, Liu Wei 2019, 31 (8):  260-276.  Abstract ( 243 )   PDF (2972KB) ( 380 )   BOP strategy provides a new way for governance of global poverty. In this strategy, it is essential to take effective policies to ensure the adoption of new products or services. By taking small machine as an example, this paper establishes an agent-based model of adoption to explore the influence of market degree of freedom, information policy, purchase subsidy policy and combination of information and subsidy policy on the adoption rate and level of new products of BOP group via simulation in the two kinds of market structure of monopoly and competition. And, it is conducive for us to understand the dynamic process of induced diffusion from three aspects:intervention types, object and time. Results show that policy intervention is conducive to stimulating BOP groups to adopt agri-machinery equipment, but the effect of policy stimulus is different in the two types of market structure. The same policy is not effective for different BOP target groups. The best-suited intervention depends on the policy's objectives. Information policy can speed up adoption, but the diffusion level is ineffective in monopolies. Subsidy policy can boost speed and level, but increase costs of policy as well. Market structure is critical:policy interventions in closed market primarily favor monopolists, while strengthening competition promotes effectiveness and efficiency of diffusion. The joint intervention of information and subsidy policy can obtain synergy effect in the free competitive market, and early intervention is conducive to the effectiveness of the policy. References | Related Articles | Metrics

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Evolution Path and Realization Path of Profit Model for Internet Financial Services: A Case Study of JD Supply Chain Finance Du Jun, Han Zihui, Jiao Yuanyuan 2019, 31 (8):  277-294.  Abstract ( 557 )   PDF (1737KB) ( 2323 )   Based on JDsupply chain finance, one important business segment of JD finance, this paper carries out a longitudinal case study to explore the evolution path and realization path of profit model for internet financial services. The results show that:(1) Internal and external factors drive the growth of internet financial services, and the driving factors are different in different growth stages; (2) The change of growth driving factors leads to the continuous improvement of service design, driving the dynamic evolution of profit model to show the growth mechanism of Internet financial services; (3) The framework of design elements for Internet financial services includes service positioning, product development, customer structure, service experience and service support. On this basis, the paper constructs a dynamic evolution model of profit model for internet financial services. This study makes up for the blank of internet finance research on the growth of enterprises, takes service design as an entry point to establish the evolvement path and realization path of profit model and can guide the practices of business management. References | Related Articles | Metrics

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Research on the Business Model Evolution of Digital Technology Driven Industrial Service——A Case Study of Goldwind Li Fei, Qiao Han 2019, 31 (8):  295-304.  Abstract ( 436 )   PDF (1192KB) ( 562 )   The wide and deep application of digital technology is transforming and upgrading the traditional industrial services enterprises, and promoting the emergence and evolution of new business models constantly. Based on the background of China's wind power industry and Goldwind Inc. as the research object, this paper studies the evolution of business model innovation driven by digital technology progress, and establishes a conceptual model, which defines four related elements of technology-driven business model innovation:resource & capacity, value space, business control and distribution of surplus. The relationship between the four elements is analyzed. The digital technology in different stages of business model is distinguished, which provides a reference model for the digital transformation and business model innovation of industrial service enterprises. References | Related Articles | Metrics