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28 September 2019, Volume 31 Issue 9 Previous Issue    Next Issue

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The Spatial Effect of Highway Traffic Accessibility in Northeast China Lu Bo, Zhou Xiangjun, Song Dongping, Wang Shouyang 2019, 31 (9):  3-17.  Abstract ( 365 )   PDF (1200KB) ( 479 )   Introducing traffic accessibility into D-S model, this paper theoretically obtains the spatial effect between highway traffic accessibility and economic growth in Northeast China and then uses random-effect SDM model to empirically prove the spatial effect of the highway transportation on economic growth. The study finds that in northeast China, highway traffic accessibility and economic growth have a significantly "inverted U" relationship, and the marginal utility is negative in northeast China after 2010. That requires the government to adjust transportation infrastructure investment according to the regional characteristics. The effect of port transportation is not obvious and the main reason may be that port cannot effectively dock with transport infrastructure such as roads, thus hindering the efficiency of its functions. Therefore, northeast China should shift from the investment in transportation infrastructure to the improvement and docking of transportation access network and focus on holistic development rather than regionalism. References | Related Articles | Metrics

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A Study of the Influence of Margin Trading on Underlying ETF Fund's Pricing Efficiency-Based on the Perspective of Information Response Wang Liang, Qin Longhao, Hui Mengmeng 2019, 31 (9):  18-27.  Abstract ( 312 )   PDF (1125KB) ( 329 )   In this paper we measure the pricing efficiency of ETF funds margin trading three aspects:the degree, the rate and the lag of information reaction, and then we construct a double difference model on the influence of the pricing efficiency of underlying ETF fund and conduct an empirical study. The findings are as follows. Firstly, margin trading can reduce the asymmetry of the speed at which ETF fund prices react to good news and bad ones, and for ETF of the high turnover, it reduces the degree of response lag to information. Secondly, for ETF fund of the higher price level, it is more significant that margin trading promotes the "co-up" effect of the ETF fund prices. Simultaneously, it can inhibit the reaction speed of information and reduce information response lag. Thirdly, for the ETF funds of larger size, margin trading reduces the information reaction degree during the downward time of market. Meanwhile, the information response lag of the ETF fund is significantly reduced. Finally, for the ETF of lower discount rate, margin trading mechanism reduces the information reaction degree of prices in a bull market, and increases the asymmetric of information reaction speed in a bear market. For ETF of the lower discount rate, the introduction of margin trading mechanism reduces the lag of response to information. References | Related Articles | Metrics

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Pricing 50ETF Options Considering Jump Volatility and Signed Jumps Qu Hui, Chen Jingwen 2019, 31 (9):  28-36.  Abstract ( 237 )   PDF (1105KB) ( 355 )   The volatility of the underlying asset is key for option pricing. We use high-frequency prices to calculate realized volatility and separate it into jump and continuous volatilities. Heterogeneous autoregressive gamma with parabolic leverages model is constructed for the continuous volatility, which is then augmented by including the signed jumps. Compound Poisson process is used to model the jump volatility, with the random jump sizes Gamma distributed. The parameter estimates are mapped from physical measure to risk-neutral measure, which are then used in the Monte Carlo simulations for option pricing. Experiments with the 50ETF option data from February 9, 2015 to June 30, 2017 show that, under the option price root mean square error and the implied volatility root mean square error, the high-frequency based models all have better option pricing performance than the GARCH model, modeling the jump volatility can improve option pricing, and the best option pricing performance is obtained by further including the singed jumps. References | Related Articles | Metrics

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Optimum Sequential Investments Model on Renewable Energy Power Investments under Renewable Portfolio Standards Li Li, Zhu Lei, Fan Ying 2019, 31 (9):  37-46.  Abstract ( 180 )   PDF (1203KB) ( 338 )   By requiring retail electricity suppliers to procure a certain quantity of renewable power, renewable portfolio standards (RPSs) backed by renewable energy certificates (RECs) have emerged as the principal policy for drivers of renewable energy investments. Also, the deployment capacity of large-scale renewable energy has been installed in smaller in stages. In the case of RPSs and capacity with constraints of resource endowment, the investors have to hedge the risks of certificate and electricity prices. In parallel, they have to formulate the optimal sequential investments with respect to the investment time and capacity. Theoretically, the real option scheme is employed to derive the optimal sequential investments. Experimentally, the sequential investments are specifically studied with respect to value of offshore wind in China by the Least Squares Monte Carlo simulation approach. The results reveal that the scheme, investment with slightly small capacity ahead then completing the total capacity gradually, enables the investors to explore the market information and to reduce the exposure to unknown risks effectively. Compared to the total capacity invested by one investment only, the scheme above would strikingly increase the investment value. Also, the deployment of project would be completed earlier. The proposed theoretical and numerical schemes offer significant implementation metric for the investors increasing the project profits and utilizing the flexibility of investment timing effectively. Moreover, relatively high technical costs or relatively low initial-certificate prices are unable to make the investors implement the deployment of renewable energy projects as soon as possible. In that sense, successful implementation of RPSs needs to match the level of technical advancement and the requirement of green electricity for the policy maker. References | Related Articles | Metrics

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Family Control, Information Transparency and Cost of Equity for Family Firms Guo Jiaqi, Li Changhong, Jiao Wenting, Wang Zhan 2019, 31 (9):  47-57.  Abstract ( 234 )   PDF (1149KB) ( 476 )   From the perspective of socioemotional wealth and information asymmetry theory, we investigate the impact of corporate transparency on the cost of equity of family firms, intervened by levels of marketization. The results show that (1) the higher the family involvement, the higher the cost of equity; (2) corporate transparency could weaken the effects of family control on the cost of equity. Furthermore, different from an advanced capital market, marketization has a substitution effect on the corporate transparency; and (3) the three-way interactions among marketization, family control and information transparency present significant relationship with cost of equity. It means that the negative impact of information transparency on the cost of equity will become weaker as marketization increases. The results provide evidence for improving corporate transparency, establishing regulatory authorities, and matching between information disclosure and marketization in China. References | Related Articles | Metrics

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Research on Real Estate Price Bubble and Turning Point——Comparative Analysis Based on Tokyo, Japan and Shanghai, China Yu Xue 2019, 31 (9):  58-69.  Abstract ( 477 )   PDF (1272KB) ( 1060 )   Based on the analysis of the factors affecting real estate prices from the perspective of supply and demand, this paper constructs a time-varying parameter state space model, and measures and empirically analyzes the housing bubble in Tokyo, Japan and Shanghai, China. The calculation results show that from the 1st quarter of 2004 to the 1st quarter of 2018, the average housing price bubble in Shanghai was 9.38%. 2009-2011 and 2015-2017 were the periods of two rounds of bubbles, with peak foams reaching 18.29% and 18.59%, respectively. Through the impulse response function, the paper analyzes the turning point of Shanghai's housing price bubble. Financial policies are short-term factors affecting the turning point of the housing price bubble. Land supply and real estate development investment are the medium-term factors affecting the turning point of the housing price bubble. The sustainability of income growth and population growth are long-term factors affecting the turning point of the housing price bubble. The bubble measurement method provides a policy reference for governments to judge the housing price bubble. The study of the turning point of housing pricing bubble can provide a concise policy framework for stabilizing housing prices, that is, the financial policy is only the symptom, the land policy and the economic and population policies are the root causes. On the premise of stabilizing finance, through comprehensive policies of land, population and economy, we can ensure that house prices will be stable and far-reaching. References | Related Articles | Metrics

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The Impact of Government R&D Subsidy Policy on Enterprise Generic Technology Project Decision Making Chen Chaoyue, Xu Zhi 2019, 31 (9):  70-80.  Abstract ( 279 )   PDF (1143KB) ( 516 )   Scientific inspection and evaluation of the current R&D funding policy implemented by the Chinese government is an important proposition for the academic and policy makers. Based on the data of 2482 high-tech enterprises in Guangdong Province, this paper studies the effects of Government R&D policy on private enterprise R&D investment and Generic Technology enterprise project decision-making by using the PSM method and the Tobit model. The results show that the government funded directly and indirectly funding can improve the private enterprise R&D investment of the average effect, direct subsidy and indirect subsidies have leverage effect and crowding out effect in different enterprises of enterprise level, and indirect funding than direct funding can influence the enterprises more significant to carry out the decision-making of generic technology projects. References | Related Articles | Metrics

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Research on Mechanism of Carbon Emission from Energy Consumption and Green Innovation Efficiency in Dynamic Endogenous Perspective Based on Chinese Equipment Manufacturing Industries Xu Jianzhong, Wang Manman, Guan Jun 2019, 31 (9):  81-93.  Abstract ( 246 )   PDF (1562KB) ( 410 )   This paper analyzes the green innovation efficiency of Chinese equipment manufacturing industries by SBM Super-efficiency Model with panel data. The PVAR model is constructed from the dynamic endogenous perspective and the relationship between carbon emissions from energy consumption and green innovation efficiency is analyzed empirically by the impulse response function and variance decomposition method. The research shows that:the average efficiency of green innovation is 0.983 during the sample period, and there is room for improvement. Long term co-integration relationship exists between carbon emissions of natural gas, coal, crude oil and green innovation efficiency. There is no significant interaction between coal carbon emissions and green innovation efficiency. Carbon emissions from natural gas have negative effects on green innovation efficiency, and carbon emissions from coal and crude oil have positive effects on green innovation efficiency in long term. Green innovation efficiency suppresses carbon emissions from crude oil, but promotes carbon emissions from coal and natural gas in short term. References | Related Articles | Metrics

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Knowledge Innovation Mechanism: Analysis Based on Dynamic Process of Organizational Memory Shen Bo, Wu Tian 2019, 31 (9):  94-104.  Abstract ( 378 )   PDF (1374KB) ( 388 )   Organizational memory is an important foundation of knowledge innovation and the change of knowledge of organizational memory system mainly comes from organizational learning and organizational forgetting process. However, domestic and foreign researchers have not systematically explored the impact of organizational learning and organizational forgetting behavior on the mechanism of knowledge innovation in the process of organizational memory. From the perspective of organizational memory dynamics, this paper analyzes the dynamic mechanism of knowledge innovation by using Logistic model, and constructs the dynamic evolution mechanism model of knowledge innovation. Finally, through evolutionary simulation analysis, the internal mechanism of how organizational learning and organizational forgetting behavior in organizational memory system influence knowledge innovation is revealed. The results show that organizational learning and organizational forgetting can have an impact on knowledge innovation. Only by making full use of the internal mechanism of the organizational memory system and learning(forgetting)more spontaneously can enterprises improve their organizational knowledge innovation ability. This paper analyzes the knowledge innovation mechanism from the perspective of organizational memory dynamic process, enriches and expands the theoretical perspective of organizational memory and knowledge innovation research, and gives the enterprise management suggestions and future research directions. References | Related Articles | Metrics

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Research on the Relationship between High-tech Industry and Regional Economic Development in Beijing Shao Chang'an, Guan Xin, Ye Zhonghua 2019, 31 (9):  105-115.  Abstract ( 244 )   PDF (1217KB) ( 325 )   This paper analyzes the leading role of high-tech industry of Beijing in the development of regional economy, and explores the relationship between development of high-tech industry and development of tertiary industry. Based on the empirical data of high-tech industry and tertiary industry of Beijing from 2003 to 2016, the paper establishes vector auto-regression (VAR) model and vector error correction (VEC) model, and uses impulse response and variance decomposition to research the long-term and short-term dynamic effect relationship between high-tech industry and tertiary industry. The results indicate that a long-term equilibrium relationship exists between high-tech industry and tertiary industry in Beijing. The total output value of high-tech industry is the reason that affects the contribution rate of tertiary industry in Beijing. There exists one-way causal relationship between two variables, but the variables will affect each other positively and have a long-term effects. The positive impact of the total output value of high-tech industry on the contribution rate of tertiary industry is greater. On this basis, it is advised to develop the service outsourcing, accelerate the industrial integration and cluster development, promote the development of advanced producer services, and improve the competitiveness of tertiary industry through technology penetration. References | Related Articles | Metrics

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Research on the Niche Evaluation of Platform Enterprises Based on Value Delivery——Taking the E-commerce Industry as an Example Zhang Yijin, Gao Liangmou 2019, 31 (9):  116-123.  Abstract ( 263 )   PDF (1077KB) ( 398 )   Based on ecological theories, this paper builds a platform enterprise niche factors theoretical model with the characteristics of the platform enterprises. We determine the index weight with entropy and calculate the niche composite index through the method of catastrophe progression, and select five listed platform firms for application research. Research shows:platform enterprises and the competition among them can be evaluated more accurately and objectively by putting the value delivery junction into the index system. Through the analysis of the weight of 13 indicators, we can see that the value transfer ability, the user scale and the technological innovation ability are more important for the platform enterprise development. Finally, this paper clarifies the competitive landscape of five platform enterprises and their future development trends, and gives appropriate advices. References | Related Articles | Metrics

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The Coordinating Complexity Brought by Value Co-creation in New Service Development: The Moderating Role of Service Climate and Customer Injustice Ma Shuang, Gu Huimin, Yang Zhiyong 2019, 31 (9):  124-134.  Abstract ( 361 )   PDF (1234KB) ( 409 )   Customer involvement in new service development gets more and more attention for customizing and superior experience, while most prior literature mainly focus on the positive effects of customer involvement. In fact, customer co-creation may cause various coordinating complexities to the company, which has been largely ignored. This study is to test the hypothesis regarding complexities incurred by customer involvement and its contingency factors in new service development. We collect data from 252 service industry managers. It is found that customer involvement causes customer complexity and organizational complexity, and this tension might be influenced by external and internal factors. Specifically, customer involvement in new service development leads to customer complexity and organizational complexity. Service climate reduces the complexities of customer involvement, while customer injustice aggravates the complexities of customer involvement. References | Related Articles | Metrics

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Research on Product Quality Demand and Its Intrinsic Factors Song Mingshun, Zhou Hanting, Yu Xiao, Zhou Lijun 2019, 31 (9):  135-145.  Abstract ( 352 )   PDF (1209KB) ( 325 )   Under the background of asymmetry structure of product quality demand and supply, this paper studies, from the demand side, product quality demand and its internal influence factors, in order to improve the efficiency of quality supply. The product quality demand function is derived from the endogenous quality decision model, and constructs the simultaneous equations. Based on the 1994-2017 year statistics of the United States, we find that product quality demand, product price and income are endogenous, and product price and income are important factors to product quality demand. Among them, there is a periodic relationship between income and product quality demand. According to Rostow's theory of economic development stage, three stages, i.e. scale consumption, quality consumption and brand consumption, are defined, and the characteristics of the stages are consistent with the development of society, economy and science and technology. References | Related Articles | Metrics

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The Signal Effect of Philanthropy and the Fee Burden of Private SME Zhu Hang, Yang Haixiang, Tan Jie 2019, 31 (9):  146-158.  Abstract ( 280 )   PDF (1229KB) ( 351 )   Why do many Chinese SMEs (small and medium enterprises) owners hold a negative attitude toward philanthropic activities? Current literature reveals that some entrepreneurs instrumentally take advantage of philanthropy, while focusing less on others' reluctance. In this paper, starting with the signal theory, we propose that under the context of information asymmetry between local governments and companies' real operation conditions, philanthropic donation will incur more fee expenditures of a company. This "fee penalty" phenomenon accounts for the negative attitude of SME owners toward philanthropy. To prove this, we build a regression model using data from the 10th nationwide surveys of Chinese privately-owned enterprises conducted by the All-China Federation of Industry. Results show that a company's expenditures in administrative and institutional fees have a significant positive correlation with its amount of donation in the year before; an entrepreneur's high expenditures on non-essential services intensifies this signal and predictive effect; whereas a high level of entrepreneur's ownership and a good local political and institutional environment significantly moderates the process. These results support our proposal on signal effect of philanthropy, and reveal both the micro and macro mechanisms on intensifying or weakening "fee penalty". Our research reveals that the signal effect of philanthropy functions abnormally in China and that SMEs and large enterprises face quite different micro institutional environments. References | Related Articles | Metrics

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Internationalization and Performance in Family Firms: The Moderating Effect of Family Succession Intention and Political Ties Zhou Lixin 2019, 31 (9):  159-168.  Abstract ( 276 )   PDF (1127KB) ( 369 )   This paper aims to explore the relationship between internationalization and the performance of family firms, and to examine the moderating effect of family succession intention, political ties in this relationship. Drawing on the data of manufacturing family firms in Zhejiang province and Chongqing municipality, it yields the following conclusions:firstly, with internationalization degree constantly increases, the performance of family firms shows an inverted U-shaped relationship; secondly, the relationship between internationalization and the performance of family firms is positively moderated by family succession intention and political ties. That is, with family succession intention or political ties increases, the impact of internationalization on the performance of family firms becomes stronger. This paper provides a more nuanced understanding of the relationship between internationalization degree and performance in family firms, especially how family succession intention and political ties will affect it. Meanwhile, this paper can also serve as a reference for Chinese family firms to develop their internationalization strategy. References | Related Articles | Metrics

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Research on the Interaction Mechanism of Reward Business Model: Based on Panel VAR Model Lei Yushang, Yang Hailong 2019, 31 (9):  169-183.  Abstract ( 459 )   PDF (1778KB) ( 584 )   Reward model as an emerging business model has been adopted by many platforms, while the interactive relationship of the key factors within this model lacks in-depth theory elaboration and empirical examination. To make up the research gap, this paper, taking the reward model of WeChat platform as the research object, establishes empirical models to analyze the interaction of the influence of we-media, the quality of User-Generated Content (UGC) and the number of rewarders. The results show that, firstly, in the static relationship, the quality of UGC and the influence of we-media both have significant positive effect on the number of rewarders; secondly, in the dynamic relationship, while the influence of we-media has positive lagged impact on the number of rewarders and the number of rewarders has positive feedback effect on the influence of we-media, the quality of UGC has negative lagged impact on the number of rewarders and the number of rewarders has no significant feedback effect on the quality of UGC. This research is the first one to deeply investigate the dynamic interaction of key factors in the reward business model based on empirical models, and expands the incentive effect research of uncertain monetary reward, possessing important practical significance for the implication and sustainable development of reward business model. References | Related Articles | Metrics

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Business Model Analysis of R&D Enterprises Based on Platform Mode: A Case Study of BGI Wang Feng, Zhang Lingling, Xue Jiayu, Zhang Qiuliu 2019, 31 (9):  184-192.  Abstract ( 453 )   PDF (1074KB) ( 912 )   The 1% implementation of the Human Genome Project promoted the establishment of China National GeneBank. With the implementation of the National Precision Medicine Program and the improvement of people's health awareness, preventive disease detection and disease avoidance have become the main development areas in the healthcare industry. More and more people regard genetic testing as their first choice for disease diagnosis, which has promoted the rapid development of China's genomics industry. As the promoter of China National GeneBank, BGI has a unique platform advantage. This paper defines the development model based on the National Basic Science Project (National GeneBank) as the platform model. For the R&D enterprises based on the platform model, this paper selects China's largest listed company in genomics industry, BGI, and uses commercial canvas theory to interpret the characteristics and effectiveness of its business model from the perspective of the whole industry chain. Because the platform-based R&D enterprises rely on the national research platform for basic research and commercial operations, they can accumulate a large amount of basic research data and key cooperation institutions, forming platform effects and scale effects that other companies do not have. This paper analyzes the factors affecting the business model of such companies, proposes the theoretical framework of its value evaluation, and presents the follow-up research direction to provide some reference for the management and value evaluation of the same type of enterprises. References | Related Articles | Metrics

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The Relationship among Institutional Environment, Business Model and Innovation Performance——Based on the Simulation Analysis of System Dynamics Guo Tao, Ding Xiaozhou, Ren Xuejiao 2019, 31 (9):  193-206.  Abstract ( 313 )   PDF (5311KB) ( 641 )   In order to explore the effect mechanism of how the institutional environment impact on the innovation performance deeply, based on the theory of new institutionalism and business model, the paper constructs the system dynamics model about the institutional environment, business model and innovation performance. Based on this, the paper conducts the simulation analysis and sensitivity analysis of the system dynamics model through the Vensim PLE software. The study finds that formal and informal institutional environments can influence innovation performance through business model, but the influence effect and action path are different. When the main influencing factors in the business model elements change, with the increasing of the parameter values of each influencing factor, the market positioning, business process and profit model of the business model in different institutional environments will increase or decrease and the variation range will vary. The research results provide theoretical suggestions for enterprises to select appropriate business model in different institutional environments to improve their innovation performance. References | Related Articles | Metrics

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From Divergent to Convergent: A Business Model Study Framework Based on the Critical Realism and Multi-paradigm Perspective Li Huijun, Xi Youmin, Wang Lei, Guo Ju'e 2019, 31 (9):  207-218.  Abstract ( 306 )   PDF (1243KB) ( 787 )   Research work aiming to integrate previous fragmental findings and diverging views on business model reveal many valuable and interesting results which are proposed on various theory frameworks and for different purposes. A challenge such research studies face is to find a meta-level anchor theory framework, based on which dimensions, elements and themes are integrated. Taking critical realism as meta-theory, this paper proposes a more comprehensive research framework based on multi-paradigm perspective by integrating four distinct research views, i.e. phenomenon view, activity view, cognition view, and action view. Furthermore, this paper discusses the application of this framework on how to facilitate the development of research work about business model from divergent to convergent. References | Related Articles | Metrics

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How Can Entrepreneurial Firms Realize Business Model Innovation?——A Vertical Case Study Based on Resource-focused Action Perspective Zhang Lu, Zhou Qi, Su Jingqin, Chang Qing 2019, 31 (9):  219-230.  Abstract ( 506 )   PDF (1723KB) ( 554 )   By selecting the M-Grass Ecology case as the study object, this paper analyzes the effect of strategic orientation and dynamic capability to resource-focused action in the process of the updating business models. Additionally, the study reveals the formation mechanism and innovation methods of entrepreneurial firms' business models. After conducting a longitudinal case study of the innovation process of the ecological business model in the objective company, the first part of this paper discusses how start-ups choose resources and action models through strategic-oriented selection and dynamic capability construction. This part further analyzes and summarizes the formation mechanism and innovation methods of entrepreneurial firms' business model under the effect of resource-focused actions. The result of the analysis shows that strategic orientation and dynamic capability mutually affect resource-focused actions in the start-up companies. Meanwhile, those resource-focused actions evolve in a three-stage process:Bricolage stage, Configuration stage, and Orchestration stage. Resource-focused actions generate effective resource integration and process innovation. Those innovation and integration format the business models, which along with the evolution process of resource-focused actions could realize the evolution innovation process of "market-demand business model"-"technology-innovative business model"-"shared open business model". References | Related Articles | Metrics

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“Intelligent Factoring” Business Model and Game Analysis in the Supply Chain Based on Block Chain Deng Aimin, Li Yunfeng 2019, 31 (9):  231-240.  Abstract ( 448 )   PDF (1226KB) ( 735 )   Factoring business is an important aspect of the supply-chain finance field and the intelligent contract technology of block chain has great potential in factoring business in supply chain. Therefore, the relevant research on how to apply the intelligent contract technology of block chain to factoring business can not only contribute to the development and innovation of supply chain' factoring business, but also promote the application of intelligent contract technology. Based on the related theories of supply chain' factoring business, this paper conducts a coupling analysis of block chain technology and supply chain' factoring business. At the same time, the specific application scenarios of block chain' smart contract technology in the supply chain' factoring business are proposed from three aspects:the division and transfer of creditor's rights certificate, the factoring financing of upstream suppliers and the due payment of core enterprises. And the implementation process of the "intelligent factoring" business model based on the block chain supply chain is specifically elaborated. Then, through the use of game theory, on the one hand, from the perspective of block chain node activity technology, the paper analyzes the automatic execution mechanism of the key technology implementation part of the business model——the intelligent contract, in order to verify whether and why the nodes on the chain will follow the relevant protocols to ensure that they are automatically executed. The results show that any rational node x will always choose to follow the protocol, so that the automatic execution function can be realized smoothly, emphasizing the important role of block chain technology for business process objects. On the other hand, from the perspective of supply chain business entity decision-making, the three-way game analysis of the supply chain factor financing process considering the influence of block chain is carried out, and the equilibrium solution (lending, repayment, repayment) is obtained based on the principle of utility maximization, highlighting the optimization effect of block chain technology on the decision-making behavior of the subject. References | Related Articles | Metrics

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Optimal Decision-making Equilibrium Strategy of Online Supply Chain Finance Based on the Revenue Sharing Mechanism Tan Yuying, Yang Zheng 2019, 31 (9):  241-254.  Abstract ( 265 )   PDF (1337KB) ( 962 )   All parties involved in online supply chain finance can jointly build a coalition chain to form a new complex ecosystem, reshaping the trading relationships of all parties involved, and forming a multi-game relationship with linkage. This paper reveals the multi-dimensional principal-agent relationship and game decision-making mechanism in online supply chain finance through the identification of risk nodes. At the same time, it studies the existence and uniqueness of the multi-decision equilibrium under the supply chain coordination based on the introduction of the revenue-sharing contract and differential repayment contract on the secondary supply chain. The different financing options faced by retailers under credit constraints and the optimal order quantity and revenue sharing coefficient under different choices are analyzed. Moreover, the risk pricing strategy of financing platform and the action choices and expected returns of the third-party warehousing companies are discussed. The adjustment of the post-interest distribution coefficient is discussed according to the evolution of the competing parties' participation. The above research shows that the multi-dimensional game of all parties involved in online supply chain finance has the unique decision equilibrium, and the revenue sharing mechanism can realize supply chain coordination. Under this decision equilibrium, all parties involved have realized the increase of income. References | Related Articles | Metrics

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Coordination Mechanism for Supply Chain Considering Cost-sharing Contracts under C2B Mode Xiao Di, Kuang Xiansheng, Zhu Yali, Zhang Xiaopeng 2019, 31 (9):  255-265.  Abstract ( 267 )   PDF (1208KB) ( 420 )   The paper studies a supply chain that consists of one C2B E-business firm and one supplier in which supply chain members make decisions under four different scenarios:centralized decision, a wholesale price contract, a quality-dependent wholesale price contract and a cost-sharing contract. And this paper investigates the impact of customization cost coefficient and cost sharing coefficient on decision variables such as the customization effort, the quality effort and the profit of supply chain members. The results show that, when the customization cost coefficient exceeds a certain threshold, the wholesale price contract cannot be executed. But the cost-sharing contract still works and could achieve Pareto improvement of supply chain members. Particularly, if the C2B E-business firm is a leader of supply chain, when the customization cost coefficient exceeds a certain threshold, both wholesale price contract and cost-sharing contract cannot be executed. But the quality-dependent wholesale price contract can coordinate the decision of the members of the supply chain and reach the level of centralized decision. References | Related Articles | Metrics

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Power Structure for Pharmaceutical Dual-channel Supply Chain under Price Cap Policy and Public Welfare Li Shiyang, Dan Bin, Li Hongxia, Zhang Haiyue 2019, 31 (9):  266-277.  Abstract ( 288 )   PDF (1283KB) ( 367 )   Taking the price cap policy and the public welfare of medical institutions into consideration, we establish two Stackelberg game models, which are dominated by the medical institutions and pharmaceutical supplier respectively. Then we analyze the impacts of price cap policy and public welfare of medical institutions on the equilibriums. By comparing the equilibriums under two kinds of different power structures, we illustrate the impacts of different power constructs on supply chain performance and social welfare. The studies show that under the medical institutions dominated model, the price cap policy limits the medical institutions price, while has no impact on online price. Under the pharmaceutical supplier dominated model, the price cap policy limits both the online price and medical institutions price. Under the constraint of price cap, decreasing the price cap can improve both the supply chain profit and public welfare of medical institutions in the medical institution dominated model, while in the pharmaceutical supplier dominated model, decreasing the price cap can only improve the public welfare of medical institutions. Without the constraint of price cap, increasing public welfare of medical institutions not only increases the pharmaceutical supply chain profit, but also increases social welfare under two kinds of different dominated models. Comparing with the medical institutions dominated model, the pricing of pharmaceutical of medical institutions and supply chain profit are lower than those in the pharmaceutical supplier dominated model, while the patient's surplus is higher. References | Related Articles | Metrics

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Network Structure, Relationship Quality and Governance Effectiveness in Community Multiple-governance——A Case Study in Longgang District of Shenzhen Liu Bo, Fang Yihua, Peng Jin 2019, 31 (9):  278-290.  Abstract ( 286 )   PDF (1328KB) ( 462 )   Community multi-governance is an important embodiment of modernization of national governance system and capacity in basic level, which means the organic integration of community multi-forces rather than restricting and jointing them mechanically. Its essence is the construction of collective action network, which has orderly interaction and sufficient cooperation among multi-subjects. Therefore, how to configure the community multi-governance network with appropriate structure and well relationship has become the key to community governance innovation. Through building an influencing factors framework of governance effectiveness in community multiple-governance network, which includes two aspects:network structure and relationship quality, we explore the combined mechanism among above three factors, rather than one-to-one binary correlation, in response to the fragmentation and conclusion instability in current researches and provide systematic suggestions for constructing the effective community multi-governance network. The result suggests that relationship quality is an important intermediary between network structure and governance effectiveness. It means that the network structure, which decides multi-actors' relative position and relational form should be dynamic. Only the network structure that matches the specific situation of relationship quality is the "excellent structure", which will bring the great effectiveness of community multi-governance. In addition, the specific community situation may have important impacts on the adaptation between relationship quality and network structure. References | Related Articles | Metrics

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Market Reaction to Internet Enterprise Trust Repair Strategy——A Case Study of Baidu Wei Zexi and PPC Event Li Jianliang, Li Dongwei, Zhang Chunting, Shen Pengyi 2019, 31 (9):  291-304.  Abstract ( 312 )   PDF (1335KB) ( 552 )   Through literature review and data coding, the paper explores trust repair strategies adopted by Baidu in the "Wei Zexi" and "pay per click" events which are integrity negative events. The multiple linear regression results show that for the integrity negative events, the language and behavioral repair strategy and the government system repair strategy can positively repair public trust on an Internet company. T test and cumulative excess return rate line graphs show that market reaction to behavioral repair strategy are more positive than language repair strategy for integrity negative events. Market reactions to ritual behaviors that emphasize positive attributes of enterprises are more positive than compensated substantive behaviors. The short-term market reaction of timely system repair strategy of the government is more significant than that of the continuous system repair strategy. The market reactions to the government system repair strategy are more positive than that to the trust repair strategy adopted by the enterprise. The market reactions to repair strategy applied by Internet companies in the country where the enterprise is listed are more positive than that of the same repair strategy applied in the country where it is located. Based on this, the paper puts forward some advice for Internet companies and governments in relation to trust repair after integrity negative events. References | Related Articles | Metrics