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28 December 2019, Volume 31 Issue 12 Previous Issue    Next Issue

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A Study of the Relationship between Systemic Risk and Economic Growth Based on Quantile Regression Hu Yi, Li Rui, Zhang Xi, Li Jianping 2019, 31 (12):  3-14.  Abstract ( 364 )   PDF (3194KB) ( 645 )   Under the background of new normal economy, this paper studies the relationship between systemic risk and economic growth in China based on quantile regression. Quantile regression can reflect the dynamic effect of economic growth itself and the heterogeneity structure of the relationship between systemic risk and economic growth in the whole sample distribution. The empirical results show that:firstly, when the level of economic growth is low, there is a significant negative relationship between systemic risk and economic growth. And the indicators of systemic risk, which represent the volatility, liquidity and vulnerability of financial institutions in the financial system, have an indicative effect on the decline of economic growth in the future. Second, strong links between financial institutions deepen recessions during recessions, and boost rapid growth during booms. Third, the coefficients obtained by ordinary linear regression underestimate the negative effects of systemic risk on economic growth in the period of low economic growth. During periods of moderate growth and prosperity, the coefficients obtained by ordinary linear regression and quantile regression are not significantly different. Fourthly, the systemic risk index constructed by principal component analysis is of great significance for the early warning systemic risk. Since 2017, systemic risk in China has been on the rise. References | Related Articles | Metrics

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Can Social Capital Promote the Growth of Environmental Total Factor Productivity in China? Wan Jianxiang, Wang Shanshan 2019, 31 (12):  15-25.  Abstract ( 223 )   PDF (1153KB) ( 562 )   The use of social capital to explain economic development has become a new and effective perspective. However, few studies introduce social capital into environmental total factors, which leads to the lack of in-depth and objective analysis of the formation mechanism and influencing factors of the total factors. While investigating the comprehensive attributes of social capital, this paper pays attention to water resources, in order to take into account the objectivity of the measurement of environmental total factor productivity, and constructs a fixed-effect model to analyze the impact of social capital on environmental total factor productivity. It is found that:(1) the development of environmental total factor productivity is relatively balanced among provinces, and the absence of water resources leads to overestimation of environmental total factor productivity and underestimation of environmental pollution; (2) generally speaking, social capital promotes environmental technical progress and inhibits environmental technical efficiency; in a single dimension, the network dimension of social capital has a positive impact on the improvement of environmental total factor productivity, while the trust dimension has a negative impact; (3) the government's environmental regulation and the technology level have a positive effect on the environmental total factor productivity, while the capital endowment structure has a negative effect on it. References | Related Articles | Metrics

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Supply Chain Finance: The Evolution and the Inner Logic of the Theory Xia Yu, Fang Lei, Wei Mingxia 2019, 31 (12):  26-39.  Abstract ( 349 )   PDF (1202KB) ( 524 )   Mutual penetration of the real and the virtual economy provides impetus for the development of supply chain finance. It has been a key and hot issue in operation management and finance research field. Using literature study and logic-analysis method, this paper reviews the related literature and evaluates the theoretical development of the supply chain finance. Based on the combing of the related literature systematically, we put forward future directions. Our research shows that the evolution of supply chain finance theory includes five parts:the origin of supply chain finance is the logical starting point; the category and financing models of supply chain finance are the logical foundations; financing services and the comparison among financing services are the logic threads; the financial risk is the logic expansion. In the Future, researchers should exploit new research categories and financing innovation, deepen study risk and integrate online and offline supply chain finance. In addition, they should put more attention on multi-period dynamic analysis, competition among multiple-subject and the effect of asymmetric information. References | Related Articles | Metrics

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An Empirical Study of Environmental Regulation Impact on China's Industrial Total Factor Energy Efficiency: Based on the Data of 30 Provinces from 2003 to 2016 Li Ying, Xu Xiaofeng, Zheng Yue 2019, 31 (12):  40-48.  Abstract ( 261 )   PDF (1104KB) ( 379 )   Environmental pollution has contributed to the emergence of environmental regulation and there is a close correlation between environmental pollution and energy consumption. This paper mainly explores how environmental regulation affects industrial total factor energy efficiency in China. Based on the provincial panel data of China, the industrial total factor energy efficiency in various regions of China is calculated by using super-efficient SBM model, then the static panel estimation and SYS-GMM dynamic panel estimation methods are applied for further empirical tests. The results show that the overall industrial total factor energy efficiency is relatively low in China. There is a U-shaped relationship between the environmental regulation and industrial total factor energy efficiency. The weak environmental regulation is not conducive to the improvement of the industrial total factor energy efficiency. However, when the intensity of environmental regulation increases to a certain extent or, in other words, crosses the inflection point, the industrial total factor energy efficiency can be promoted. References | Related Articles | Metrics

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Simulation and Forecasting of Financial Industry Development Based on ADGA-BP Model Zhang Pinyi, Liang Si 2019, 31 (12):  49-60.  Abstract ( 197 )   PDF (1372KB) ( 448 )   In order to simulate and forecast the development trend of financial industry under new normal multi-objective conditions, this paper constructs an ADGA-BP neural network model based on three objectives:stable economic growth, economic structure optimization and innovation driving as well as the variables underlying the development speed and quality of financial industry. A sensitivity analysis of the three objectives in 2016 shows that the speed of financial development is most affected by economic structure optimization, secondly by economic stability growth, and least by innovation driving. However, the quality of financial industry development is affected by the three objectives to an opposite extent. The prediction of 2017-2019 results show that the speed of financial development will greatly slow down, but the quality will gradually improve. References | Related Articles | Metrics

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Impacts of Boundary-spanning Search, Network Routines and Ambidextrous Competence on Innovation Performance Guan Jun, Xu Jianzhong, Lin Yan 2019, 31 (12):  61-72.  Abstract ( 384 )   PDF (1164KB) ( 415 )   Previous studies have shown that boundary-spanning search has an important impact on enterprise innovation. And the effective combination of ambidextrous competence and network routines is not only the key to maintaining and coordinating the operation of technological innovation network, but also an important prerequisite for enterprises to obtain sustainable competitive advantage. In views of that, this paper discusses the mechanism of the effects of boundary-spanning search strategy on innovation performance from the perspective of organizational duality, especially the moderating roles that ambidextrous competence and network routines play in the impacts of both breadth search strategy and depth search strategy on innovation performance. Therefore, an empirical analysis is carried out based on the questionnaire survey data of 231 Chinese local enterprises. According to the analysis results, firstly, it is found that there exists a significant positive linear relationship between search breadth and radical innovation performance, while an inverse U-shaped relationship exists between search breadth and incremental innovation performance. Secondly, the results also show a significant linear relationship between search depth and incremental innovation performance. However, in contrast to search breadth, the search depth does not show obvious signs of over-search problem. Thirdly, it is not only found that the exploration competence could exert positive moderating effect on the positive relationship between search breath and radical innovation performance, but also found that exploratory competence and network routines play a positive moderating role in the positive relationship between search depth and incremental innovation performance. Finally, the three-way interaction analysis results indicate that the interaction item of search depth, exploratory competence and network routines is positively correlated with the incremental innovation performance, while the interactive item of search breadth, exploration competence and network routines is, on the contrary, negatively correlated with the radical innovation performance. Our findings can help promote the efficiency of innovation network and guide the innovation practice of enterprises. References | Related Articles | Metrics

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A Study of How Institutional Legitimacy and Absorptive Capacity Influence Technology Standard Competence Gao Zhaojun, Zhang Hongru 2019, 31 (12):  73-84.  Abstract ( 204 )   PDF (1277KB) ( 314 )   In this paper we study the internal and external factors that influence technology standard competence and the influencing process and mechanism. Incorporating theories of technology standard competition and new institutionalism, we explore, from an open innovation perspective, the role that absorptive capacities and institutional legitimacy play in technology standard competence. Employing high-tech firms as the research sample, we test the theoretical hypotheses with Poisson Regression and Survival Analysis. It is found that inbound innovation enhances the competitiveness of technology standard, which is strengthened by absorptive capacity and weakened by institutional distance. Meanwhile, enterprises' pursuit of institutional legitimacy improves the competitiveness of technology standard. External institutional legitimacy is more likely to promote the overall competitiveness measured by the number of technology standards while internal institutional legitimacy contributes to the formation of the first technology standard. Finally, we elaborate both the theoretical and practical implications for enterprises in the competition of technology standards. References | Related Articles | Metrics

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How does the Network Capability of Focal Firm Affect Cluster Collaborative Innovation? A Mediated Dual Moderation Effect Model Ni Yuan 2019, 31 (12):  85-99.  Abstract ( 257 )   PDF (1550KB) ( 457 )   In the context of open innovation, how to drive the collaborative innovation within an industrial cluster has been a hot topic in the area of industrial cluster transformation and updating. Because ofits core position in innovation network, the focal firm was considered as a significant antecedent variable influencing collaborative innovation performance of non-core enterprises. However, the present literatures fail to explain the relationship between the characteristics of focal firms and the cluster collaborative innovation. To fill this gap, from the perspective of network capability, we establish a mechanism model to identify whether, how and when the network capability of focal firms has an effect on the cluster collaborative innovation. Based on the empirical data of 144 focal firms and 358 non-core enterprises gathered from 24 industrial clusters in five different provinces of China, the theoretical hypothesis is verified by the Mplus method. Research results demonstrate that:(1) Network capability is an important factor for core firms leading the cluster collaborative innovation, and the network capability of core firms is positively related to exploratory and exploitative collaborative innovation; (2) Network capability of core firms affects the cluster collaborative innovation via dual network embeddedness; (3) Environment dynamic and knowledge integration capacity of cluster enterprises have a moderated mediation effect on the relationship between network capability of core firms and cluster collaborative innovation, which means that the direct effect of network capability on cluster collaborative innovation is significantly stronger when either environment dynamic or knowledge integration capacity is high; (4) the moderating effect of environmental dynamic is realized partly through the mediating effect of dual network embeddedness, while the moderating effect of knowledge integration capacity is realized fully by the mediating effect of dual network embeddedness. Finally, from the perspective of stakeholders, corresponding management suggestions are proposed for focal firms, the non-core cluster enterprises and government authorities. References | Related Articles | Metrics

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Political Periodic Interleaving, Policy Uncertainty and Enterprises' R&D Investment——An Empirical Study Based on Provincial Officials and Five-year Plan Dai Jing, Liu Fang, Zhang Hao, Xu Chuanhua 2019, 31 (12):  100-114.  Abstract ( 236 )   PDF (1138KB) ( 370 )   This paper examines the impact of periodic interleaving between official tenure and industry policies on firm's R&D investment. Using the sample of listed companies from 2006 to 2014, this paper finds that the growth rate of enterprises' R&D investment has a significant negative relationship with periodic interleaving between official tenure and Five Year Plan, and that the crowding-out effect of periodic interleaving on innovation investment of state-owned enterprises, non-high-tech enterprises and enterprises in the area of low degree of property right is more obvious. And further tests show that the potential approach of the crowding-out effect is to reduce enterprises' financial subsidies and risk taking. These results provide a new way for the development of incentive mechanism based on innovation driving. References | Related Articles | Metrics

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Effect of Data Complexity on the Maintenance Cost of Information Systems Yin Jun, Shen Xin, Wang Nianxin, Ge Shilun 2019, 31 (12):  115-126.  Abstract ( 224 )   PDF (1271KB) ( 337 )   Maintenance cost of information system (IS) is the key to effective pricing of IS maintenance, and the complexity of information system is one of the key factors that influence IS maintenance cost. Most of previous studies pay attentions to IS complexity in the development stage, but ignore it in the operation stage. To understand the effect of IS complexity on IS maintenance cost, this paper develops a multi-stage model, which links the processes of system development, system operation and system maintenance, to comprehensively examine the effects of IS complexity on IS maintenance cost. The empirical analysis is conducted by using the real data of 162 subsystems from 7 firms. The results indicate that data model, data operation intensity and data volume have a positive effect on maintenance cost, However, data operation scope is insignificantly associated with IS maintenance cost. References | Related Articles | Metrics

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Buffering and Amplifying Effects of Customer Relationship in Service Failure Li Xiaofei, Ma Baolong, Jiang Zhongjun 2019, 31 (12):  127-135.  Abstract ( 266 )   PDF (1122KB) ( 595 )   In the context of service failure, this research examines the mechanism of buffering and amplifying effect of customer relationship, and finds out the boundary conditions of these effects. The empirical results show that relationship quality affects customers' negative behaviors (avoidance, switch and negative word-of-mouth) through relational inertia. The severity and controllability of service failure are the boundary conditions of buffering and amplifying effect of customer relationship. When the severity is low, the customer relationship produces a buffering effect; when the severity is high, the customer relationship has an amplifying effect. When the controllability is low, the customer relationship has a buffering effect; when the controllability is high, the customer relationship has an amplifying effect. References | Related Articles | Metrics

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Characteristics of Board of Directors, Innovation Input and Brand Value——An Empirical Study Based on Endogenous Perspective Liu Jianhua, Li Yuanyuan, Duan Shen, Meng Lu 2019, 31 (12):  136-145.  Abstract ( 290 )   PDF (1105KB) ( 501 )   Taking A-share listed companies in China's Top 500 Brand Value List from 2012 to 2017 as samples, this paper uses equations model and estimation method of three-stage least squares to study the relationship between innovation input and brand value, and the mechanism by which board of directors functions in this relationship. The results show that there is an endogenous relationship between innovation input and brand value. Innovation performance has a periodic effect, increasing innovation input in the early stage will enhance the current brand value, and the current brand value will promote the intensity of innovation input in the future. In addition, among characteristics of board of directors, the size of the board of directors has a significant positive moderating effect on the relationship between innovation input and brand value. The combination of the chairman and general manager in one role shows a significant negative moderating effect, while the proportion of independent directors and shareholding ratio of board of directors do not show a significant moderating effect in the study. Based on the endogenous perspective, the relationship between innovation input and brand value is studied innovatively, which has practical significance for listed companies to balance innovation input and brand value in business decision-making and board governance. References | Related Articles | Metrics

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The Influence of Negative Mood on Organizational Citizenship Behavior and Counterproductive Work Behavior: A Self-control Perspective Wei Wu, Huang Changyang, Zhang Qin 2019, 31 (12):  146-158.  Abstract ( 497 )   PDF (1171KB) ( 717 )   Negative mood can have important impact on employees' behaviors in the work. From the self-control perspective, this study uses the HLM as a tool and the diary study method to discuss the relationship between negative mood and organizational citizenship behavior(OCB), counterproductive work behavior(CWB), at within-individual, and the regulating effect of individual perception (perceived organizational support(POS) and perceived coworker support(PCS)) at between-individual. Results indicate that:negative mood has a negative effect on the OCB and a positive effect on the CWB by the positive effect on the self-control resource depletion; POS negatively moderates the relationship between negative mood and self-control resource depletion, and POS moderates the indirect effect of negative mood on OCB and CWB through self-control resource depletion, but the regulating effect of PCS is not significant. This research not only explains the psychological mechanism by which the negative mood affects employees' behaviors, but also provides reference for managers to conduct emotional management and create a good working atmosphere. References | Related Articles | Metrics

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Perceived Organizational Valuing of Creativity and Employee Creativity: The Effects of Employees' Self-expectations for Creativity and Creative Personality Qu Rujie, Zhu Houqiang, Liu Ye, Shi Kan 2019, 31 (12):  159-169.  Abstract ( 387 )   PDF (1161KB) ( 507 )   Taking employees and their immediate supervisors in 2 high-tech enterprises as the sample, this study investigates a total of 186 pairs of superiors and subordinates dataset in 61 teams. We discuss the positive influence that the perceived organizational valuing of creativity has on employee creativity, explore the mediating effect of employees' self-expectations for creativity, and then examine the moderating effect of employees' creative personality on the relationship between the self-expectations for creativity and the creative behaviors. The results show that:(1) The perceived organizational valuing of creativity has positive effect on employee creativity. (2) There lies a mediating effect of employees' self-expectations for creativity between perceived organizational valuing of creativity and employee creativity. (3) Employees' creative personality moderates the relationship between employees' self-expectations for creativity and employee creative behaviors; employees' self-expectation for creativity has a stronger effect on employee creative behaviors among employees with higher creative personality and vice versa. (4) Employees' creative personality moderates the indirect relation above (result 2), when an employee has higher creative personality, perceived organizational valuing of creativity has stronger positive effect on employee creative behaviors through employee self-expectations for creativity. References | Related Articles | Metrics

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The Effects of Ethical Leadership on Firm Reputation: A Moderated Mediation Model Tang Guiyao, Chen Lin, Yuan Shuo 2019, 31 (12):  170-180.  Abstract ( 297 )   PDF (1127KB) ( 680 )   Over recent years, the frequent emergence of environment pollution scandals which reduce firm reputation has aroused concerns for corporate ethics and optimization of management functions. Therefore, this study aims to figure out how leadership and human resource management promotion influence firm reputation. We find that ethical leadership is positively related to firm reputation; green human resource management mediates the relationship between ethical leadership and firm reputation, small business orientation moderates the relationship between green human resource management and firm reputation, and small business orientation moderates the mediating mechanism of green human resource management. These results further expand the research on ethical leadership, green human resource management and small business orientation. References | Related Articles | Metrics

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Family Structure, Organizational Power Structure and Family Firm Geographic Diversification Behavior: An Empirical Study Based on Social Constructivism Han Xueliang, Wang Xiao, Dong Feng 2019, 31 (12):  181-193.  Abstract ( 283 )   PDF (1364KB) ( 531 )   Based on the views of social constructivism and empirical research method, this paper analyzes the social basis of corporate geographic diversification behavior, and proposes a new social construction of family firm behavior. Firstly, under the context of Chinese transition economy, we distinguish the different types of embedded family structures and organizational power structures, and analyze how embedded family structure can affect the corporate geographic diversification behavior; secondly, we analyze the inherent theoretical mechanism of how corporate geographic diversification behavior affects the embedded family structure; finally, we provide an empirical study based on the data of listed Chinese family firms. The results show that:the embedded family structure affects the organizational power structure by affecting the socioemotional wealth investment of actual controller(s), and then affects the corporate geographic diversification behavior; the behavior of corporate geographic diversification can also affect the embedded family structure by affecting the corporate performance. Our research confirms the interaction relationship between embedded family structure and corporate geographic diversification behavior and the reciprocal causation relationship between them in the process of social construction. References | Related Articles | Metrics

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Perceived Overqualification and Employee Job Performance: A Perspective of Psychological Entitlement Zhang Yajun, Shang Guqi, Zhang Junwei, Zhou Fangfang 2019, 31 (12):  194-206.  Abstract ( 480 )   PDF (1191KB) ( 758 )   The present study examines the indirect effect of psychological entitlement, and the moderating role of organizational identification in the relationships between perceived overqualification and employee job performance (task performance, OCB, and organizational deviance). We test the research hypotheses with matched field data collected from 263 employees and 71 department supervisors. The results show that perceived overqualification has a positive association with psychological entitlement. Furthermore, after controlling for two pathways including anger and social exchange, perceived overqualification indirectly affect task performance, OCB, and organizational deviance via psychological entitlement. Moreover, organizational identification moderates the positive link between perceived overqualification and psychological entitlement, so that the relationship is stronger when organizational identification is low than when it is high. Finally, organizational identification attenuates the indirect effects of perceived overqualification on task performance, OCB, and organizational deviance through psychological entitlement. References | Related Articles | Metrics

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A Study of the Mechanism by which Guanxi-based Human Resource Management Practices Influence Employees' Active Change Yang Chen, Tang Mingfeng, Jing Yi 2019, 31 (12):  207-218.  Abstract ( 459 )   PDF (1191KB) ( 562 )   Based on relative deprivation theory perspective, this study examines how guanxi-based human resource management practices influence employees' active change by exploring the mediating role of the psychological safety and the moderating role of the psychological entitlement and perceived insider status. Analysis of multisource data from 211Chinese employees indicates that guanxi-based human resource management practices are negatively related to employees' active change; and the psychological safety mediates the relationship between guanxi-based human resource management practices and employees' active change. Furthermore, psychological entitlement moderates the relationship between guanxi-based human resource management practices and psychological safety, such that the relationship is stronger in high than in low psychological entitlement. Whereas, perceived insider status moderates the relationships between guanxi-based human resource management practices and psychological safety, such that the relationship is stronger in low than in high perceived insider status. Finally, psychological safety mediates the relationships between guanxi-based human resource management practices and employees' active change when psychological entitlement is much higher; psychological safety mediates the relationships between guanxi-based human resource management practices and employees' active change when perceived insider status is much lower. References | Related Articles | Metrics

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Does Market Competition Influence Over-investment? Empirical Evidence from Strategic Emerging Industries Liu Tingli, Cai Jiaojiao, Yang Songling 2019, 31 (12):  219-232.  Abstract ( 188 )   PDF (1174KB) ( 386 )   Based on the characteristics and development trend of strategic emerging industries (SEI), this paper studies the comprehensive impact of external market competition and market position on overinvestment. The research finds that, based on the fixed effect of industrial policy, market competition drives the overinvestment of enterprises through the "preemption" effect and the "comparison" effect. Further, the difference of market position will bring "natural protection effect" and "information barrier effect", which correct the influence of market competition on over investment, and the higher market position of enterprises will exacerbate the driving effect of market competition on overinvestment. This research confirms that the overinvestment of SEI is a defensive response to competition in the good policy expectations. References | Related Articles | Metrics

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EVA Assessment and Cash Holdings: Evidence from Chinese Central SOEs Liang Shangkun, Pan Jun, Bai Yu 2019, 31 (12):  233-249.  Abstract ( 278 )   PDF (1178KB) ( 376 )   The SASAC (State-owned Assets Supervision and Administration Commission) of the State Council launched the EVA assessment to central SOEs from 2010. This systemic adjustment of assessment mechanism must initiate a number of corporate behavior changes. However, until now, the existing researches have not had a good understanding of the consequences about it. With the sample of firms listed in the Shanghai and Shenzhen Exchanges from 2007 to 2012, this paper tests the relationship among EVA assessment, cash holdings and cash value. The results show that after the launch of the EVA assessment, the level of cash holding of central SOEs drops, and the value of cash rises. In addition, this effect mainly exists in the situation where managers' coordination effect is low. When a high percentage of shares are held by chairman and CEO, the above effect doesn't exist. Under several robust checks such as excess cash holding and test period changing, the findings are stable. With the opportunity of management performance assessment changing, this paper extends the relevant research of cash holding from incentive angle. Since the paper affirms the positive effect of EVA assessment on cash holdings, it might also provide implications to a wider range of practical popularization of EVA assessment in the future. References | Related Articles | Metrics

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Evolution Analysis of Inter-ministerial Cooperation Based on Energy-saving and Emission-reduction Policies Zhang Guoxing, Li Jiaxue, Guan Xin 2019, 31 (12):  250-263.  Abstract ( 263 )   PDF (3795KB) ( 429 )   Cross-sectoral collaboration within the government is one of the core contents of collaborative governance. Analyzing the inter-ministerial cooperation relationship of energy-saving and emission reduction policy makers is a good way to explore the relationship of game and coordination between the departments. In this paper, we collect 1493 energy-saving and emission-reduction policies issued by the central ministries and commissions from 1978 to 2016 firstly, and then we analyze the distinction and contact among departments in the choice of policy measures based on the policy text. After this, we use the seven State Council institutional reforms as a time node to study the inter-ministerial relationship by social network analysis. At the same time, we put forward the cooperation network between the energy-saving and emission-reduction policy makers at various stages, present the departmental cooperation network through the visualization technology, and discuss the cooperation phenomenon of the policy measures selection and the internal causes of the game and cooperation. The research shows that:(1) The characteristics of the department, the policy objectives and the department's position in the inter-ministerial cooperation are the core factors influencing the choice of the policies. The characteristics of the department and the position of each department in the inter-ministerial cooperation determine the scope of the choice of policy measures, and the policy objectives determine departments' specific choice of policy measures; (2) The inter-ministerial co-operation between energy-saving and emission-reduction policy makers is more and more close, and a joint policy-making network consisting mainly of three departments:National Development and Reform Commission, Ministry of Environmental Protection and Ministry of Finance, has gradually come into being. Game and coordination between departments runs through the evolution of inter-ministerial cooperation, and the reason behind it is the conflict and coordination between the pursuit of interests and the performance of the duties; (3) The number of cooperation and breadth of cooperation between the Ministry of Environmental Protection and other departments has increased significantly, and the cooperation has gradually evolved into the "axis-spoke" network. This paper also puts forward the relevant suggestions on how to promote the coordination of energy conservation and emission reduction policy makers by breaking the departmental hierarchy and clarifying the responsibility attribution, enhancing the department performance evaluation system and comprehensively improving the department's participation. References | Related Articles | Metrics

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Contribution Measurement and Coordinated Development Ability of Multidimensional Performance of National Governance in China Wu Dan 2019, 31 (12):  264-272.  Abstract ( 200 )   PDF (1090KB) ( 423 )   Comprehensively evaluating the difference of national governance in different periods and analyzing main factors that influence national governance can help improve the performance of national governance and accelerate the modernization of national governance system and governance ability. The evaluation index system of national governance performance in China is given from four dimensions, i.e., economic development governance, science & technology-education development governance, resources-environment governance and living service governance, based on setting clear objective system of national governance for economic-society development. The performance of national governance and the average contribution degree of four dimensions in different period are measured, and the coordinated development ability of national governance performance from four dimensions is evaluated, with weighted composite index method, improved ideal solution model and coordinative degree evaluation method. The results show that the performance index of national governance increases quickly in 2000-2015. The average contribution degree of resources-environment governance, living service governance, science & technology-education governance and economic development governance are 35.86%, 24.36%, 23.46% and 16.32% respectively. The evaluation result is consistent with the national development practice, and the validity of the evaluation model is proven. The coordinated development ability index of national governance performance from four dimensions is 0.977, the governance ability index of economic governance, science & technology-education governance, resources-environment governance and living service governance is 0.925, 1, 1 and 0.983 respectively, a good reflection of the high coordinated development ability index of national governance under the co-governance of four dimensions. References | Related Articles | Metrics

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A Study of Financial Leasing Asset Transfer Risk Pricing——Based on the Sale-leaseback of Financial Leasing Contract of Passenger Cars Zhang Wei, Gao Yue 2019, 31 (12):  273-286.  Abstract ( 250 )   PDF (1197KB) ( 498 )   Based on the risk undertook by the transferee company, this paper constructs a risk-pricing model of the sale-leaseback of financial leasing contract of passenger cars to measure the risk of the devaluation of leased assets and the volatility of the asset value, as well as the credit risk. By employing the Monte Carlo simulation method, the credit rating migration matrix, and the Binomial Model of real options, this paper calculates the theoretical intervals of the rent and the lease rate. This study verifies the effectiveness of the model by using a practical application case and reveals that the pricing of the transferring of the financial leasing contract should match the risks taken by the trading parties. In the case studied, the actual transferring price of the leasing contract is lower than the price calculated by the model and the actual leasing rate is higher than that calculated by the model, which means that in the actual trade, the seller subsidizes the buyer and pays higher price. In the model, the theoretical prices of sale-lease back principal and the leasing rate are the risk distribution interval pricing, which provides the trade parties with the foundation of the risk-sharing. References | Related Articles | Metrics

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Across the Organizational Hierarchy: A Study of the Dynamic Construction Mechanism of Enterprise Innovation Capability Zhang Lu, Zhao Shuang, Chang Qing, Cui Li 2019, 31 (12):  287-300.  Abstract ( 343 )   PDF (1549KB) ( 459 )   In the fierce market competition, a new company has to consider how to coordinate innovation ability at both individual and organizational level to adopt for the fast-changing environment. Taking Mongolian grass ecology as an example, this paper uses the sense-making and sense-giving theory to explore, from a cross-level perspective, the internal mechanism by which new companies generate their innovation ability, analyzes how managers can realize cognitive change to provide direction for ability development and how the organizations can build heterogeneous innovation capacity through resource-focused action to effectively respond to environmental changes, and emphatically discusses the internal mechanism by which managers guide the organization to form a unified cross-level cognition. The study finds that:(1) The sense-making process triggered by the change of external environment creates the basis of rational cognition for managers, and is the logical starting point of the evolution of enterprise innovation ability. (2) On the basis of cognition, the organization takes the resource actions from "piecing together scattered resources" to "integrating heterogeneous resources" to "coordinating shared resources" to constantly evolve to promote the continuous upgrading of the enterprise's innovation ability, thus breaking through the rigid shackles of organizational ability. (3) Managers realize the leap from managers' cognition to organizational cognition through the process of sense-giving meaning of "restricted unidirectional paradigm", "guiding interactive paradigm" and "platform sharing paradigm". References | Related Articles | Metrics