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28 January 2020, Volume 32 Issue 1 Previous Issue    Next Issue

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Study of the Relationship between Foreign Exchange Reserves and Financial Fragility——Based on Empirical Test of BRICS Yu Mei, Zhang Kun, Wang Shouyang, Gao Jie 2020, 32 (1):  3-12.  Abstract ( 337 )   PDF (1265KB) ( 718 )   Foreign exchange reserves impact domestic financial sector through the conduction mechanism. Research into the relationship of foreign exchange reserves variation and financial stability is important to the financial security of a country. This paper chooses BRICS as typical representatives of emerging market countries, uses Johansen co-integration test and Bayesian VAR model to verify the impact of changes in foreign exchange reserves on financial vulnerability from empirical aspect. Research shows that increase of foreign exchange reserves variation will enhance financial fragility index in both the long and the short term and help the country cope with short-term eco-nomic fluctuations. So, increasing foreign exchange reserves will contribute to domestic financial sector stability and defense economic crisis. References | Related Articles | Metrics

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Research on the Reversal Effect of Stock Market Liquidity from the Perspective of Investor Attention Liu Ying, Zhang Qingqing, Dong Jichang 2020, 32 (1):  13-28.  Abstract ( 289 )   PDF (1813KB) ( 796 )   The change of stock market liquidity is an important reflection of previous financial crises. Investor attention is the premise on which information transfers to stock market and triggers liquidity change. This paper takes Chinese stock market as the research object and analyzes the reversal of liquidity from the perspective of investors' limited attention. The study finds that there is an asymmetric rela-tionship between investor attention and stock market liquidity in different market cycles of bull market, bear market and shock consolida-tion. Further analysis of the internal reason by threshold model is the adjustment of market state to investors' attention behavior. When the market state does not exceed the threshold, the investor attention is positively related to the stock market liquidity. When the thresh-old is exceeded, the relationship becomes negative. This paper enriches the relevant theories in the field of behavioral finance and pro-vides a new perspective for investors and relevant management departments. References | Related Articles | Metrics

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Factor Matching, Absorptive Capacity and Technology-Finance Coupling Value Chain Realization: Empirical Evidence from Cross-country Data and Application in China Wang Renxiang, Yang Man 2020, 32 (1):  29-39.  Abstract ( 183 )   PDF (1485KB) ( 663 )   Based on the discussion of technology-finance coupling value chain, this paper explores the absorptive capacity factors' threshold effects on the value chain realization, from the perspective of factor matching and heterogeneity of absorptive capacity. The em-pirical analysis, based on the database of 47 countries from 1980 to 2013, shows that absorptive capacity factors, such as economic growth, institutional environment and human capital, have significant double threshold effects on the value chain realization. Further-more, the case study of China indicates that, since the reform and opening-up, the process scale of China's technology-finance coupling has improved significantly, realizing the transition from severe imbalance recession to well coordinated development. However, the ab-sorption capacity factors' level is relatively low, as evidenced by "medium economic growth, low institutional environment and medium human capital". Thus, it is not conducive to the realization of the coupling value chain. The results not only have policy enlightenments for the practice of finance-technology in China, but also can help avoid falling into the trap of emphasizing on the scales up, while neg-lecting the absorptive capacity. References | Related Articles | Metrics

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Does Short Selling Pressure Discipline the Executive Perquisites: Evidence from a Nature Experiment on Margin Trading in China Liu Fei, Du Jianhua, Chao Bian 2020, 32 (1):  40-55.  Abstract ( 359 )   PDF (1254KB) ( 550 )   This paper examines the effect of short selling pressure exerted under the securities margin trading system on the executive perquisites in China. Using the data of Chinese publicly-listed companies for the period 2007 to 2014, we test the effect with the differ-ence-in-differences model within the framework of natural experiment, and find that short selling pressure can discipline the executive perquisites and the level of executive perquisites decreases more significantly in the companies allowed for short selling. Further research shows that short selling pressure disciplines the executive perquisites by alleviating the degree of information asymmetry and reducing the principal-agent problem. This means that short selling is a kind of potential external governance mechanism for executive perquisites. References | Related Articles | Metrics

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Chinese Aging Problem and Its Effect on Financial Asset and Macroeconomic Fluctuations Miao Wenlong, Zhou Chao 2020, 32 (1):  56-67.  Abstract ( 315 )   PDF (1523KB) ( 639 )   Based on the dynamic stochastic general equilibrium model with mean age heterogeneous families and innovative heterogeneous enterprises, this paper draws the following conclusions. As Chinese aging problem becomes more significant, the ratio of the liquid saving assets held by families to the total financial assets will rise, and the capital saving assets to the total financial assets will decline generally. The of financial asset restructuring resulting from the aging problem in China may cause the decrease of labor forces, consumptions and outputs, and in some cases even cause the decline of innovation investment in enterprises, or may further lead to the change of the model of economic growth represented by a higher investment rate. The policy implications are (1) Mere reliance on the la-bor expansion, larger investment and technical imitation is unsustainable for economic growth; (2) The impetus of economic stability should concentrate on technical innovation; (3) Stimulating the technological innovation in enterprises is an important direction in the reform of market mechanism; (4) Actions should be taken to guide the capital to flow into technical innovation enterprises, and mean-while, it is vital to avoid economic shock caused by the dramatically increasing investment scales of technical innovation. References | Related Articles | Metrics

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Efficiency and Total Factor Productivity of China's Insurance Companies under Loss Ratio Constraint Guan Rong, Chen Yu, Zheng Haitao, Zhang Wenrui, Wei Yaohan 2020, 32 (1):  68-79.  Abstract ( 228 )   PDF (1196KB) ( 653 )   SBM (Slack-based Measure) directional distance function is adopted to estimate operating inefficiency of property insurance companies and life insurance companies in China under the constraint of loss ratio from 2006 to 2016. Luenberger productivity index is then used to measure the total factor productivity. The decomposition of operating inefficiency and Luenberger productivity index are pro-vided successively. Accordingly, a comparison is conducted between Chinese-funded companies and foreign-funded companies in terms of operating inefficiency, Luenberger productivity index, and their decompositions respectively. The results show that large state-owned property insurance companies perform best in operating efficiency, and that the Chinese-funded life insurance companies' operating effi-ciency is significantly higher than that of the foreign-funded life insurance companies. As for middle-size or small-size life insurance com-panies and middle-size or small-size property insurance companies, the operating inefficiency is mainly caused by the inefficiency of in-vestment returns. Concerning total factor productivity, large-size property insurance companies perform better than middle-size or small-size companies, while foreign-funded companies stand out from life insurance companies. References | Related Articles | Metrics

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Effects of Last-stage Venture Capitals on Innovation Performance of Entrepreneurial Firms: Screening Effect or Value-added Effect Cheng Liwei, Zou Shuang 2020, 32 (1):  80-90.  Abstract ( 334 )   PDF (1169KB) ( 584 )   At present, venture capitals mainly focus on last-stage entrepreneurial firms because of the following reasons:the wealth effect from IPO is much higher than the value-added effect from fostering entrepreneurial firms, there exists prevailing information asymmetry in the capital market, and intellectual property rights are not well protected. We firstly reveal the characteristic that venture capitals concen-trate on last-stage entrepreneurial firms; then analyze the reasons why venture capitals concentrate on last-stage entrepreneurial firms and elaborate the screening effect and value-added effect mechanism of last-stage venture capital on R&D and R&D performance; and lastly, examine the influence mechanism with difference in difference propensity score matching method based on entrepreneurial firms on the GEM from 2009 to 2014. The results show that before entering into entrepreneurial firms, last-stage venture capitals have prominently screening effect on R&D but have no screening effect on patent application; and after entering into the entrepreneurial firms, last-stage venture capitals have no value-added effect on either R&D or patent application. References | Related Articles | Metrics

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Research on the Relationship among Knowledge Embeddedness, Knowledge Flow and Structural Upgrading in Strategic Alliance Zhao Jianyu, Fu Cheng, Xi Xi 2020, 32 (1):  91-106.  Abstract ( 288 )   PDF (1326KB) ( 670 )   Knowledge embeddedness is an important path in the era of knowledge economy for strategic alliances to share limited resource and promote the industrial structural updating. In order to open the black box of the relation between knowledge embeddedness and alliance structural upgrading of strategic alliance, based on relevant theories such as knowledge management, strategic innovation and complex net-works, this paper distinguishes dimensions of knowledge embeddedness, and sets dimensions in knowledge embeddedness as the prior varia-bles of structural upgrading of strategic alliance, takes knowledge flow as the mediated variable, and establishes a conceptual model of knowledge embeddedness, knowledge flow and structural upgrading of knowledge alliance. Using Structural Equation Model, this paper in-vestigates into strategic alliance in Yangtze Delta region, then uses 295 questionnaires to complete the empirical test. Results of the research show that, based on the constructing facets of knowledge embeddedness, knowledge complementarity, knowledge compatibility, knowledge closeness and knowledge coordination have significantly positive impact on structural upgrading of strategic alliance; knowledge flow has a partly mediating effect in the relationship among structural upgrading of strategic alliance and knowledge complementarity, knowledge com-patibility, knowledge closeness and knowledge coordination. This study explains the relationship among knowledge embeddedness, knowl-edge flow and structural upgrading of strategic alliance, interpreting the influencing mechanisms of knowledge embeddedness on structural upgrading of strategic alliance, thus providing beneficial references to managerial practices of strategic alliance. References | Related Articles | Metrics

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The Impact of the Compensation Mechanism of GVCGFs on VC Firms' Network Position Yang Minli, Ding Wenhu, Guo Lihong, Marcus W. Feldman 2020, 32 (1):  107-118.  Abstract ( 235 )   PDF (1190KB) ( 500 )   Networking has become an increasing trend in China's venture capital (VC) market, and promoting the network position may be an important way for venture capital firms to achieve competitive advantage. Based on the theoretical perspective of incentives, the im-pact of compensation mechanism of China's Government Venture Capital Guiding Funds(GVCGFs) on VC firms' network position is in-vestigated in the paper. These VC firms are funded by the government and act as limited partners to commit in VC funds. By constructing a large matching sample from the PEdata database and using a difference-in-differences model, it is found that the equity participation of GVCGFs may promote VC firms' network positions if they provide the private capital with revenue compensation, fixed-revenue compen-sation, or revenue compensation plus fixed-revenue compensation, but may not if there is loss compensation, loss compensation plus fixed-revenue compensation, or loss compensation plus revenue compensation plus fixed-revenue compensation. It is also found that the network position promoting effects are more significant for GVCGFs participating in non-state-backed VC firms than for those participating in state-backed ones. These results support the incentive hypothesis, expand our understanding of the government VCs and VC network, and support some recommendations for the GVCGFs' authorities to choose the compensation mechanism as well as a feasible strategy for VC firms to enhance their network position. References | Related Articles | Metrics

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How does New Ventures' Network Orientation Affect Their Entrepreneurial Orientation? Rui Zhengyun, Luo Jinlian, Gan Jingxian 2020, 32 (1):  119-131.  Abstract ( 201 )   PDF (1221KB) ( 695 )   For new ventures, enhancing entrepreneurial orientation by the help of external networks becomes one of the keychallenges, as start-ups often lack necessary fundamental resources and competence due to their newborn weakness, especially in the background of China's economic transition. Combined with social network theory and organizational learning theory, this paper analyzes the influence of network orientation on entrepreneurial orientation through the dual mechanisms of network embeddedness and entrepreneurial learning. Then we use the method of multiple regression analysis and statistical software of SPSS to test our hypotheses. Results show that, first, there is an inverted U-shaped relationship between new ventures' network orientation and entrepreneurial orientation. Second, new ven-tures' network embeddedness and entrepreneurial learning play positive moderating roles in the link between network orientation and en-trepreneurial orientation, but the moderating effect of exploitive entrepreneurial learning is not significant. Third, complementarity effect exists between network embeddedness and entrepreneurial learning. Specifically, there is a significant synergistic effect between relational embeddedness and exploitive learning, as well as the interaction between structural embeddedness and exploratory learning. This paper helps guide new ventures' entrepreneurial orientation by underscoring their network embeddedness and entrepreneurial learning. References | Related Articles | Metrics

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A Measurement of Competition Situation of Discipline Construction on Xinjiang Colleges and Universities Based on Niche Theory Gao Wei 2020, 32 (1):  132-141.  Abstract ( 165 )   PDF (1422KB) ( 614 )   The discipline construction system of universities as a complex adaptive system shares many similarities with the natural world in terms evolution and development. Both of them have the basic characteristics of the general ecosystem and follow the niche theory in ecology. Using the niche theory in ecology and the principle of ecological bionics to study the niche and competition situation of Xinjiang colleges and universities is not only a constructive application of the niche theory, but also an innovative exploration into the discipline construction and development, management and decision-making of universities. References | Related Articles | Metrics

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The Functional Mechanism Study of How Initial Trust Affects Individuals' Intention Use Internet Wealth Management Products Sun He, Ren Jinzheng, Wang Beibei 2020, 32 (1):  142-152.  Abstract ( 322 )   PDF (1301KB) ( 734 )   With the rapid development of the Internet wealth management, the research on relationship between initial trust and behavior intention of Internet wealth management is attracting more and more attention. Exploring the internal logic relation has become a hot spot in the field of behavioral finance. At the same time, it is forward-looking to do research on mediator effect of initial trust and moderators. Based on behavior theory and focused on initial trust, gender, education and usage are used to build a three-stage hypothesis testing model as moderators. Based on the research data of 301 users and using such analysis methods as SEM, linear regression, etc, this paper reaches the following conclusions. Firstly, the integration model is suitable for the study of Internet Wealth Management, and the intro-duction of initial trust can increase the explanatory power of the model. Secondly, initial trust is a significant mediator of PEOU and be-havior intention. It accounts for 54.0% of the total mediating effect. Thirdly, among moderators, gender and education are significant, but usage isn't significant. Then initial trust can consistently affect the behavior intention. The research not only provides new ideas and methods, but also makes up for the lack of related researches. The study also provides a theoretical basis for providers of Internet wealth management to promote the product competition, develop loyal users and expand market share. References | Related Articles | Metrics

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Does Military Experience of Managers Affect Corporate Governance?——Evidence from China's Listed Companies Wang Yuanfang, Xu Yekun 2020, 32 (1):  153-165.  Abstract ( 464 )   PDF (1215KB) ( 789 )   Military experience affects managerial behaviors and management styles, and is valuable for corporate governance. This paper uses the data samples of listed companies from 2004 to 2014 to empirically analyze the influence of military experience of managers on corporate governance, in which corporate governance is proxied by audit opinions and earning management. The results suggest that pri-vate companies in which the manager has military experience would involve less earning management and be less likely to receive modi-fied audit opinions. The institutional environment affects the relationship between military experience and corporate governance of private companies. To be specific, the weaker the government intervention is, the more significant role the military experience will play in impro-ving corporate governance. Moreover, the role of military experience can be substituted by MBA background, while the effects of military experience are more stable; The effects of military experience on corporate governance is more critical for private companies in regulated industry. The conclusion could provide some insights into the importance of military experience for corporate governance and contribute to the literature regarding the effects of managerial heterogeneity on corporate policies. References | Related Articles | Metrics

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The Different Effect of Employees' Intrinsic and Extrinsic Goals on Radical Creativity and Incremental Creativity: The Moderating Role of Generation Difference Zhang Ying, Zhang Jian, Zhang Dalong 2020, 32 (1):  166-175.  Abstract ( 291 )   PDF (1191KB) ( 806 )   Grounded in goal content theory (GCT), this study examines the associations between different work goal content (intrinsic and extrinsic goal) and different creativity (radical and incremental), and we also examine whether these relationships are moderated by generation difference. Data are collected from 247dyads of employees and their immediate supervisors. Results of the analysis show that extrinsic goal content positively predictes incremental creativity, intrinsic goal content positively predicts radical creativity. Generation difference moderates these relationships. More specifically, the relationship between extrinsic goals and incremental creativity is stronger for Cultural Revolution Generation than New Generation and the relationship between intrinsic goals and radical creativity is weaker for New Generation than Cultural Revolution. Strengths,practical implications, limitations and directions for future research are provided. References | Related Articles | Metrics

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Research on Effect of Mobile Virtual Community Governance on Organizational Citizenship Behavior under the Perspective of Relationship Quality——Taking Knowledge-based Mobile Virtual Community as an Example Chi Ming, Bi Xinhua, Li Jinqiu, Li Chuanyun 2020, 32 (1):  176-186.  Abstract ( 295 )   PDF (1234KB) ( 611 )   This paper aims at exploring the influence mechanism of mobile virtual community governance on organizational citizenship be-havior from the perspective of relationship quality. Based on the existing researches and combined with particularity of mobile virtual com-munity, this paper gives the definition and component factors. This paper proposes a theoretical model which posits relationship quality between members and community platform and the relationship quality between members as mediating variables in linking mobile virtual community governance and organizational citizenship behavior. Structural equation model and Bootstrap method are used to test the model. Through the survey of knowledge-based mobile virtual community, results show that community building and members embedding both have positively influence on the relationship quality between members and community platform and relationship quality between members. Community monitoring and information protecting only have positive influence on relationship quality between members. Both of relation-ship quality between members and community platform and the relationship quality between members has positive influence on organiza-tional citizenship behavior while the relationship quality between members has greater influence. Mobile virtual community governance will positively influence organizational citizenship behavior with mediating effect of the relationship quality between members and the rela-tionship quality between members and community platform. References | Related Articles | Metrics

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Analyzing Third Parties' Unethical Reactions to Organizational Citizenship Behavior of Coworkers Xia Fubin 2020, 32 (1):  187-196.  Abstract ( 486 )   PDF (1255KB) ( 899 )   Organizational citizenship behavior (OCB) contributes to the development of social capital and "lubricates" the social ma-chinery of the organization, and has become essential for organizational success.Almost all the existing researches take a first-person per-spective to examine the causes and consequences of OCB and very few researches take a third-party viewpoint to study OCB. It is more likely that OCB has detrimental effects on third parties, and result in the fact that good citizens suffer unethical treatments from these people. We adopt a multilevel, "cognition-emotion-behavior" framework that probes into the within-person process mechanism of third parties' unethical reactions to OCB, basing on social comparison theory, affective events theory and attribution theory respectively. Our work extends the existing theories and researches. It explains why and how third parties engage act unethically to good citizens and pro-pose a new direction for studying the dark side of OCB. References | Related Articles | Metrics

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Regional Diversification or Product Diversification, Institutional Environment, Core Competence and Private Enterprises' Growth Strategy Zeng Ping, Liao Mingqing, Wang Jinai 2020, 32 (1):  197-210.  Abstract ( 257 )   PDF (1212KB) ( 580 )   Based on literature and theory study, this paper builds a theoretical model of "institutional environment-core competence-di-versification strategy" and proposes some related hypotheses. Through the statistical analysis of relevant data of listed private enterprises from 2007 to 2014, the paper tests the related hypotheses and draws the following conclusions:In a region with a higher level of marketi-zation, private enterprises tend to enhance core competence of "industry experts", and then regional diversification is more likely to be chosen; however, in a region with a lower level of marketization, private enterprises tend to develop core competence of "social ex-perts", and then product diversification is more probably to be chosen. References | Related Articles | Metrics

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Study of Continuous-time Model for Online Video Business Mode Selecting Li Zhi, Tan Deqing 2020, 32 (1):  211-218.  Abstract ( 272 )   PDF (1154KB) ( 557 )   As the demands for online video service increase intensively, the issue of how to select business modes and how to switch be-tween them has drawn great attention of web video suppliers. This paper focuses on fee mode and free mode, and creates continuous-time revenue model of web video business with considering viewers' emotion, and uncertainty of selection. By applying the Hamilton maxi-mum principle, the optimal charging and advertising levels are constructed and the optimal switching time point is determined. According to the model, the optimal charging price and the amount of advertise are influenced by strategy time and consumer experience utility. Meanwhile, viewer's aversion level to advertising has a direct influence on the amount of advertise. Finally, assuming video is played in infinite continuous time, the model proves that the optimal profiting strategy is either fee mode or free mode, which means the unique mode will be most profitable. References | Related Articles | Metrics

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Research on Corporate Social Responsibility Evaluation of Transportation Industry Based on Set Pair Analysis Yu Fangping, Liu Longfang, Meng Bin, Shi Baofeng 2020, 32 (1):  219-234.  Abstract ( 220 )   PDF (1464KB) ( 709 )   Based on International Standard Organization ISO 26000 and Global Reporting Initiative G4 as well as corporate social respon-sibility practice, this paper constructs 7 criteria layers including environment and economic contribution, and an evaluation system of 51indexes through the review of the domestic and international classic literature, including "handling rate of customer complaint" and so on. Taking 63 listed transportation enterprises as the research object, this paper constructs the evaluation model of corporate social re-sponsibility through set-pair analysis model combining three kinds of single-weighting methods:variation coefficient, index difficulty and entropy method. The innovation and features of this paper are reflected in two aspects. First, through the index score calculated by the rating of enterprises with a specific rankings, we select the same average peak value to determine business rankings and combine the re-sults of the three single-weighting methods:variation coefficient, index difficulty method and entropy method to obtain the only CSR ranking result, thus solving the problem of inconsistent results of different single weighting methods. Second, to ensure the accuracy of combined evaluation results, we judge the consistency of the single evaluation method by the Kendall test before data processing and the second consistency check by the spearman test after data processing, thus solving the problem of uncoordinated data by combining data directly after a single evaluation. The empirical results show that transportation industry performs best in terms of both community devel-opment and human rights performance, and the worst in terms of fair operation. The road transport industry and among the nine sub-sec-tors, the high-speed transport industry performs poorly. References | Related Articles | Metrics

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Annual Report Length and Corporate Cost of Equity Capital Luo Jinhui, Peng Yifei, Chen Yilin 2020, 32 (1):  235-245.  Abstract ( 399 )   PDF (1175KB) ( 686 )   As security regulators in the world specify and refine the disclosure requirements and systems for listed companies, corporate annual report length is increasing year by year. This trend has drawn wide attention from domestic and foreign scholars. Using firm-year observations of Chinese A-share listed firms with hand-collected data of annual report length, we investigate the effect of annual report length on corporate cost of equity capital. We find that:(1) Firms with longer annual reports have lower cost of equity capital, indicating that longer and more detailed annual reports can help alleviate the problem of information asymmetry that investors face, and thus focal firms can pay lower costs for equity financing; (2) The negative association between annual report length and corporate cost of equity capital is more pronounced in non-state-owned enterprises and in companies that hire non-big 4 auditors. The above conclusions are ro-bust after controlling for the endogeneity problem, main variable measurement and estimation method choice. Furthermore, we find that annual report length also can help reduce the cost of debt financing. Our findings provide important policy implications for understanding why corporate annual reports become increasingly longer, what economic consequence will be caused and how to reduce corporate finan-cing cost. References | Related Articles | Metrics

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The Influences of Economic Policy Uncertainty on the Preference of Enterprise Investment Structure: Evidence from China EPU Index Xu Guangwei, Sun Zheng, Liu Xing 2020, 32 (1):  246-261.  Abstract ( 620 )   PDF (1250KB) ( 753 )   "Black Swan" events continuously emerge and intensify market panic, bringing the uncertainty of global economic policy to a new high. What effects will the uncertainty have on enterprise investment? With an insight into the quarterly data from 2007 to 2016 of listed companies, this paper conducts a positive analysis on EPU's impact on enterprise investment. Based on the monthly Chinese EPU Index developed by Baker et al., our analysis reaches the following conclusions. (1) There is a significant negative correlation between EPU and enterprise physical investment. The rise in uncertainty of economic policy leads to a decline in physical investment. While, vir-tual investment is the opposite. (2) The rise of EPU adds to the investment cost of physical assets. Investment cost is an intermediary path. In contrast, the rise of EPU leads to the increase of virtual investment income, stimulating the enterprise virtual investment. Invest-ment income is an intermediary path. (3) Government intervention weakens the relationship between EPU and enterprise investment. Market competition and corporate governance strengthen it. All the three factors have a significant regulatory role. This paper devotes to o-pening the black box of the internal structure of the enterprise capital allocation, expanding the research content of enterprise investment, and revealing the inherent mechanism and path of how EPU affects enterprise investment. This paper provides enlightenment on the eco-nomic impact of uncertain events and ways in which financial institutions can offer stronger backing for real economy. References | Related Articles | Metrics

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Mechanism of How Relational Capital Affects Supply Chain Financing in Complex Supply Chain Network——Examining a Moderated Multi-mediation Model Hu Haiqing, Xue Meng, Zhang Lang, Zhang Dan 2020, 32 (1):  262-274.  Abstract ( 430 )   PDF (1455KB) ( 844 )   From the perspective of complex supply chain network, this paper studies middle and small-sized enterprises (SMEs) in various nodes of supply chain network, on the basis of "resources-structure-behavior-performance", to explore the mechanism of how relational capital affects supply chain financing of SMEs. Meanwhile, empirical study is conducted by building a multi-group SEM to discuss the com-plexity verifications' potential regulatory function to complexity verification of supply chain networks. The results show that:(1) Relational capital has positive and significant influence on supply chain financing; (2) Multiple chain mediated effects based on supply chain design and supply chain integration are verified by empirical study. Meanwhile, it is found from the analysis results between "relational capital-supply chain design-supply chain financing" and "relational capital-supply chain integration-supply chain financing" that the mediating effects of two specific variables have significant differences;(3) The complexity verification of supply chain networks has regulatory function to the chain of mechanism of capital relationship to supply chain financing in enterprises. The higher the complexity verification of supply chain networks, the achievement of supply chain finance in SME relies more on the mechanism of "relational capital-supply chain design-supply chain integration-supply chain financing". This means that on the one hand, SMEs need to improve the accumulation of their own re-lationship capital in the complex supply chain network and on the other hand, they also need to strengthen their location optimization in the network and improve the level of supply chain integration, so as to promote their supply chain financing frequency. References | Related Articles | Metrics

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An Empirical Research of the Effect of Institutional Environments and Risk Perception on Governance Mode of Supply Chain Network Zhang Jing, Kang Kai, Wei Xuguang, Zhang Zhiying 2020, 32 (1):  275-285.  Abstract ( 223 )   PDF (1183KB) ( 547 )   Based on the dialogue between new institution-based theory and transaction cost theory, this research studies the influence of institutional environment and risk perception on governance mode of supply chain network in Chinese context, and constructs a theoretical model from perspective of legitimacy. We use questionnaire survey to collected 117 effective samples, and test the effect of institutional environment and risk perception on the governance model of supply chain network by structural equation modeling method. Results show that mandatory institutional environment has a significant impact on the choice of governance mode, but regulatory institutional environ-ment does not. Relational risk perception works as a complete mediator whereas performance risk perception works as a partial mediator between institutional environment and the choice of governance mode of supply chain network. References | Related Articles | Metrics

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Can Air Pollution Collaborative Governance Promote Pollutant Emission Reduction?——A Difference-in-Difference-in-Difference Estimation across Cities Zhao Zhihua, Wu Jiannan 2020, 32 (1):  286-297.  Abstract ( 473 )   PDF (1202KB) ( 1279 )   Air pollution has fluidity, with obvious cross-regional characteristics. Therefore, cooperative governance for air pollution is very important. Based on the panel data of 275 cities in mainland China from 2010-2015, this paper uses Difference-in-Difference-in-Difference (DDD) method to explore the effect of air pollution collaborative governance on the reduction of pollutant emission. The results of the whole sample analysis show that air pollution collaborative governance is negatively related with the emission of industrial sulfur dioxide and indus-trial soot, and this result can not pass the significant test. From the result of subsample analysis, air pollution collaborative governance is significantly negatively related with the emission of industrial sulfur dioxide, but it is not significantly related with the emission of industrial soot. Cities have differences in promoting emission reduction of different pollutants, and the pollutants with lower emission reduction diffi-culty are often given priority to be completed. Seeing from time effect, there is time lag for the influence of air pollution collaborative gov-ernance on the reduction of pollutant emission, and the time lag is different among various pollutants reduction. References | Related Articles | Metrics

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The Influence of Community Involvement Intention to Stakeholder Perception for Threats of Hazardous Chemicals Li Xiaowei, Liu Tiezhong, Zhang Hubo, Dong Jinyang 2020, 32 (1):  298-308.  Abstract ( 254 )   PDF (1242KB) ( 589 )   In face of hazardous chemicals, the government and related departments often fall into a dilemma where they have to ensure the public's information right but meanwhile worry about the public's reaction. Trust is an important factor leading to the above commu-nication plight. In order to facilitate effective hazard information communication, this study starts from the viewpoint of reconstructing trust relationship between the public and government, measures public trust by stakeholder perception, then explores the influence rela-tionship between community involvement intention and stakeholder perception. Specially, community participation is divided into ritual participation and substantive participation, which represents one way communication and dual-way communication respectively. Results show that:stakeholder perception of hazardous chemicals could be significantly improved by public community involvement intention, es-pecially the direct effect of ritual participate intention; the pre-decisional processes plays a completely mediating role in the model; haz-ard knowledge has a significant moderating effect in the model, especially in the path from pre-decision process to stakeholder perception. This study will provide theoretical support and practical value for construction of the trust relationship between the public and government. References | Related Articles | Metrics

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Context Identification and Mechanism Analysis of Why Enterprises Choose Specialization Strategy in Emerging Countries: Based ona Multiple-case Study of the Enterprises in Shenzhen Su Jingqin, Zhang Yanming, Lin Jingjing 2020, 32 (1):  309-323.  Abstract ( 312 )   PDF (1402KB) ( 864 )   The existing researches attribute the high proportion of enterprise specialization in developed countries to the strong institution-al environment formed by its long-term development. Then, how should emerging countries with weak institutional environment promote the adoption of specialized strategy? In reality, some areas in China (such as Shenzhen and Guangzhou) have shown obvious specializa-tion trends. What are the reasons? This paper explores the issue of enterprise specialization in emerging countries based on the perspec-tive of environmental dependence. Through a multiple-case study of three specialized enterprises in Shenzhen, this paper aims to identify the situational framework that influences enterprises in the region to adopt specialized strategy, and analyze the specific impact mecha-nism. By identifying the context framework of corporate strategic choices which include supportive business environment, high-level mar-ketization, and agile supply chain, the study finds that (1) a spiral evolutionary situation optimization model has formed, driven by the national reform and opening-up policy, the huge market capacity of the mainland, the proximity advantage of the port and the division of the full value chain, as well as the interaction between the business environment, the market environment and the supply chain; (2) Ex-ternal situation would lead to solidification and even be temporarily locked in the specialization strategy. The supportive business environ-ment produces resource agglomeration effect, high-level marketization to guide the division of labor in the industry, and the agile supply chain forms specialized solidification effect. This study explains why emerging countries have a high proportion of specialization, and ex-pands the environmental dependence theory of corporate strategic choice from the perspective of situational construction. All these can be used as a reference for emerging countries to adjust their industrial policies and for the relevant companies to develop their strategies. References | Related Articles | Metrics

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Business Model Discussions in the Cryptocurrency Era——Based on Comparative Case Studies Guo Xiaochun, Hu Yi 2020, 32 (1):  324-336.  Abstract ( 710 )   PDF (1334KB) ( 2392 )   Recent technological advances have enabled the emergence of novel business models based on cryptocurrency. The fundamen-tal question at the core is how cryptocurrency plays its role in the business model and model innovation. To answer this question, the pa-per applies compartive case study methodology and selects two social media organizations (one is Steemit that employs cryptocurrency and the other is Zhihu that does not employ cryptocurrency) to illustrate the similarities and differences that cryptocurrency can possibly cre-ate in the business model. Two cases are analyzed through five aspects by dividing the business model canvas into relevant blocks:value proposition, value creation, value delivery, value network and value appropriate. The research analyzes the different corresponding ele-ments of the business model in the cases and gives the following three new propositions:(1) cryptocurrency can align different stake-holders' interests in value creation process; (2) cryptocurrency blurs the boundary of value network so that enable a new governance model between customers and the firm; (3) cryptocurrency enable firms to achieve fairer profit redistribution in value capture process. Finally, this paper concludes that the new interactive structure between different value elements of the business model within cryptocur-rency framework displays a new feature of value co-creation and co-realization that centeres on customer relationships. References | Related Articles | Metrics