Management Review

Special Treatment Warning Hybrid Model Dealing with Imbalanced Data of Chinese Listed Companies

Chi Guotai, Zhang Tong, Zhang Zhipeng

2020, 32 (3): 3-20.

Abstract ( 280 )

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It is of great importance for the managers and investors to predict the ST (special treatment) status of Chinese listed companies. The purpose of this study is to deal with three essential issues involving ST warning. The first issue is how to select an optimal indicator set which can precisely predict the ST status of Chinese listed companies. The second issue is how to improve the predictive accuracy when the data is imbalanced. The third issue is how to determine the optimal predictive period of ST warning.
In this study, we select the optimal indicator set by using Lasso Regression, then generate the minority sample to make the data balanced by SMOTE, finally construct a hybrid model combining the Logistic Regression (LR) with Back Progpagation Neural Network (BPNN) to predict the ST status of Chinese listed companies. The innovations and characteristics of this study are summarized as follows. Firstly, we combine the Chinese listed company dataset with the ST probabilities respectively calculated by BPNN and LR to form the input of another BPNN, then use this hybrid model to improve the predictive accuracy. Secondly, we get the optimal indicator set of ST warning by Lasso Regression which minimizes the prediction error. Thirdly, we do the over-sampling of the minority data by SMOTE and deal with the issue of data imbalance. Fourthly, we train the ST warning model by respectively using the data 2, 3, 4 and 5 years before the ST status, and find the optimal lag period to do the ST warning.
The empirical study shows that the proposed hybrid model with SMOTE and optimal indicator set outperforms other benchmark models. Furthermore, we find that the optimal predictive period of ST warning is 3 years before ST status, the proposed model can achieve 96% TPR and 99.5% TNR.

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Capital Market Development's Impact on Firm Innovation: Perspective from Stock Liquidity

Yan Honglei, Zhang Zili, Zhao Shengmin

2020, 32 (3): 21-36.

Abstract ( 315 )

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This paper studies stock liquidity's impact on firm innovation and its mechanism in an effort to provide empirical evidence for the driving role that stock market development plays in economic development. With trading data, financial data and patent-related data of A-share listed companies, this paper conducts an empirical analysis and regress firm innovation on stock liquidity using truncated regression. Then we use dynamic panel date model to control endogeneity and mediation test to study how stock liquidity affects firm innovation. Empirical result shows that firms with higher stock liquidity gain remarkable advantage in patent holding and intangible asset value. We identify two possible mechanisms partly through which liquidity enhances innovation:the first is liquidity helps alleviate financing constraints and increase investment on innovation, and the second is attracting higher presence of mutual funds that actively monitor and improve the efficiency of innovation. As robustness analysis, from the perspective of quasi-natural experiment we use propensity score matching, Mahalanobis matching, and bias corrected matching to control heterogeneity and self-selection effect and testify that liquidity enhances firm innovation. This paper verifies that stock market liquidity helps enhance firm innovation and this conclusion provides empirical evidence for supply-side reform through development of stock market.

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Study on the Regional Asymmetry and Time-varying Effects of Monetary Policy's Credit Channel in China: Based on PCHVAR Model

Cui Baisheng, Gao Songyao, Hu Chunyan

2020, 32 (3): 37-49.

Abstract ( 369 )

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Based on the trade openness, the second industry proportion and the per capita income index as the conditional variables, economic growth, inflation, local and foreign loan balance as the endogenous variables, medium and long term loan as common exogenous variable, this paper constructs a panel conditional homogeneous vector autoregressive model (PCHVAR) to analyze the asymmetric and time-varying effect of China's credit policy. The empirical results show that there is a Granger causality between local/foreign loan balance and economic growth, and there is no Granger causality relationship with inflation rate. In the face of the positive impact of the shock of local and foreign balance, when the degree of trade openness is a conditional variable, the impulse response of economic growth is also higher in region with high trade openness, while the impulse of inflation is lower than that of low trade openness region. In the proportion of the secondary industry as a conditional variable, the impulse response of economic growth and inflation is also high in the areas of high proportion of secondary industry. In the region where the per capita income index is the conditional variable, the impulse response of the economic is also high in the region with high per capita income index, while the impulse of inflation shows an asymmetric pattern.

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Study on the Determinants of the Upgrading of Chinese Service Firms: Empirical Analysis Based on the Survey Data from World Bank in 2012

Xin Daleng

2020, 32 (3): 50-60.

Abstract ( 223 )

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By using 992 firm-level data released by the World Bank in 2012 and using the Probit model, Logit model and linear probability model, this paper empirically examines the factors affecting the upgrading of Chinese service firms. The results of this study show that:from the firm level, such factors as the productivity of service firms, operating time, scale of production, degree of corruption facing firms, use of self-owned website, firm's export density and foreign capital all have a significant positive impact on the upgrading of service firms. Furthermore, from the city level, such factors as regional economic development, regional capacity of attracting foreign direct investment and the degree of development of regional service industry all significantly promote the upgrading of service firms. Finally, after robustness check, the conclusions of this paper are still valid.

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The Knowledge Map and Dynamic Evolution in International Fiscal Expenditure Research: A SCI-E and SSCI Based Bibliometric Analysis from 1998 to 2018

Wang Deqing, Song Yinqiu, Zhang Hongyan, Pan Shengjie, Sun Yi

2020, 32 (3): 61-74.

Abstract ( 309 )

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This paper uses the bibliometric method to analyze the external features, knowledge map and dynamic evolution process of international fiscal expenditure research, based on the SCI-E and SSCI database of Web of Science from 1998 to 2018. The research results show that scholars and research institutions from the United States have a dominant position in the field of fiscal expenditure research. While Chinese scholars and research institutions have not yet exhibited steady contributions and influence in this field. After the global financial crisis in 2008, the hot topic in this research field changed from the fiscal expenditure mechanism to the impact on fiscal expenditure shocks and the multiplier effect. Based on the research results, this paper forecasts the future research trends, and believes that the impact of fiscal expenditures is still the focus of future research. The application of new research methods may lead to a research outbreak in this field. Chinese scholars and research institutions should strengthen research input in this field. This paper fills in the research gap of the combination of international fiscal expenditure and bibliometrics and provides guidance and inspiration for future research in this research field.

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Data Imbalance in Credit Score Model Based on Resampling Method

Xia Liyu, He Xiaoqun

2020, 32 (3): 75-84.

Abstract ( 220 )

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The number of "good credit" customer is far greater than that of "bad credit" customer, thus credit data presents a serious imbalance structure. However, common methods rarely focus on both default losses and market share, on which financial institutions put a high value. For the sake of default loss, we propose an Iterative Resampling Integration Model (IRIM) to improve model's concern on "bad credit" customer by resampling method and transform the weak classifier to a strong one by model integration. Based on F-value index, we propose a RS index for the sake of market share to evaluate classification effect. Simulation studies in 6 data imbalance cases are implemented, empirical studies with SSBF dataset and bank of C dataset are conducted. The results demonstrate that our method can reduce financial institutions' risk of default without excessively losing market share, and RS index can appropriately coordinate the relationship between market share and default risk.

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Study on the Money Creation and Transmission from the Perspective of Credit

Wang Zhaodong, Guo Na, Wei Yunjie

2020, 32 (3): 85-96.

Abstract ( 280 )

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Based on the panel data of 167 commercial banks from 2007 to 2017, we examine the constraints faced by banks in money creation, the monetary effect of local government debt issuance and the money transmission with the interest rate liberalization. In general, different types of commercial bank have different constraints in money creation. The local government debt issuance has an important effect on the money creation. With the interest rate liberalization, the financial assets allocation of households and businesses has changed. It means that the deposits decrease. And the price plays a limited role in raising deposits of households and businesses. This paper has important practical significance for improving monetary policy system and management abilities of commercial banks.

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Study on the Relationship between Enterprises Social Network Position and R&D Efficiency: Based on the Method of Three-stage DEA Model

Chen Wei, Wei Xuan, Li Jinqiu, Feng Zhijun

2020, 32 (3): 97-109.

Abstract ( 276 )

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This study is mainly concerned with the short-term and long-term impact of social networking environment on R&D efficiency of enterprises, and the evaluation of actual R&D efficiency of listed companies in China. Many enterprises are consciously developing their own external knowledge resources in R&D activities. However, there are some debates about the direction of social network's impact on R&D efficiency. In order to study the different influence on the R&D performance of firms which are in different positions of social network, this paper constructs a two-mode social network model of the listed companies in China, and 178 listed companies' R&D performances are analyzed by a three-stage DEA model which considers time lag of both the network location indicators and the input-output indicators. The results show that the social network position has a significant effect on the listed enterprise' R&D performance, but different indicators of social network position have different effects, in particular, the number of the social network connections of the firm (such as degree and structural holes) has a short-term impact on R&D performance, and the centrality of the firm in the network (such as closeness and betweenness) has a long-term effect on the R&D performance. At the end of the study, we sum up the empirical results by use of some existing theories.

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Can Government-sponsored Venture Capital Promote the Technological Innovation: An Empirical Study of Chinese High-tech Start-up Enterprises

Huang Song, Ni Xuanming, Zhang Junchao, Zhao Huimin

2020, 32 (3): 110-121.

Abstract ( 340 )

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As an important promoter of the strategy of innovation-driven development in China, did government-sponsored venture capital (GVC) funds support these high-tech start-up enterprises through different ways to promote their technological innovation level and indirectly improve the rate of technological progress of China? In this paper, we use panel data of GVC investment and corresponding non-public enterprises during 2010-2017 to examine whether GVC can encourage and stimulate high-tech start-up enterprises to conduct technological innovations and the effect difference among different operating patterns. The empirical results show that GVC can promote the high-tech start-up enterprises' technological innovation better than IVC, indirect investment performs better than direct investment in GVC's pattern, joint investment performs better than individual investment, GVC as a leading investor performs better in a joint investment. Therefore, China's GVCs can adopt the indirect investment pattern and serve as a leading investor in the joint investment towards the high-tech start-up enterprises to provide better support for SMEs' technological innovation.

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Government Innovation Subsidy and Executives Entertainment Spending Perks Considering the Effect of External Governance and Positive Emotion

Peng Hongxing, Mao Xinshu, Zhang Yin

2020, 32 (3): 122-135.

Abstract ( 244 )

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This paper sheds light on the impact of government innovation subsidy on executive entertainment spending behavior. On the one hand, government plays its role in corporate governance by implementing subsidy funds management policy, supervising the operation of companies and suppressing executives' self-entertainment consumption, and this is called "external governance effect". On the other hand, the positive news of government innovation subsidies give rise to positive emotions, which lead executives to have an impulse to entertainment consumption, and this is called "positive emotional effect". We take A-share listed high-tech Chinese firms from 2009 to 2014 as the sample, to explore the real effect of government innovation subsidies in the context of the transition economy. The study demonstrates that the higher the intensity of government innovation subsidy, the higher the level of executives' entertainment consumption, that is, the positive emotional effect is significantly pronounced. What's more, this effect is more pronounced in the non-state-owned companies after the implementation of the "post-subsidy" policy in 2013, and the positive emotional effect is significantly mitigated in the sample of state-owned companies, which can be interpreted as the political environment is improved after the important event of the 18th Congress, the positive emotion is effectively inhibited and the external governance level is enhanced by anti-corruption in state-owned enterprises. This paper has important policy implications in enhancing the external governance level of government innovation subsidy and reducing the agency cost of companies against the backdrop of constructing a new government-enterprise relationship.

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The Mediating Role of Strategic Flexibility in the Relationship between Entrepreneurial Orientation and Original Innovation

Yang Zhuoer, Gao Shanxing

2020, 32 (3): 136-151.

Abstract ( 279 )

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Based on entrepreneurial orientation and the perspective of strategic flexibility, this paper demonstrates a theoretical mediation research framework that proposes a hypothesis about the mediating effect of strategic flexibility on the relationship between entrepreneurial orientation and original innovation. Empirical study is conducted to examine the hypothesis raised by the model based on double sample data collected from 303 Chinese enterprises. Results show that two dimensions of strategic flexibility indeed have a significant influence on the relationship between different dimensions of EO and original innovation.

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A Subjective and Objective Integrated Method for Comprehensive Risk Evaluation on Municipal Science and Technology Projects

Zheng Yu

2020, 32 (3): 152-156.

Abstract ( 241 )

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This paper presents a novel approach to evaluate municipal science and technology projects based on subjective and objective integration. Based on the statistic result of investigation on the risk of these projects, dynamic weights of all experts are carried out to measure the subjective risk. Meanwhile, risk frequency and cost are also investigated to get the objective risk. Finally, we evaluate and sort the risk of these projects according to the value of aggregation function. The study in this paper provides an important decision support for improving risk evaluation and supervision.

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The Influence of Online Reviews on Consumers' Decision to Buy Leisure Foods

Cao Yu, Li Qingsong, Wan Guangyu

2020, 32 (3): 157-166.

Abstract ( 542 )

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Online reviews have an important influence on consumers' purchase decision. In this paper, we empirically research the influence of online reviews on consumers' decision to buy leisure foods, and validate the moderating effect of consumer food safety risk perception between online reviews and purchase decision. Our research shows the online review dimension has a different impact on consumers' purchase decisions. Comment quality, product involvement degree, online comment involvement and comment similarity have a significant positive impact on purchase decisions, and commenter credit reliability has no significant impact on purchase decisions. Contradiction and review effect price have different influences on consumers' purchase decision. When the influence of online review on purchase decision, in consumers' view, is small, the contradiction has a positive influence on consumers' purchase decision, and when the influence is deemed large, the contradiction a negative impact. However, when the evaluation criteria of food tastes differ greatly, the review effect price has no significant influence on consumers' purchase decisions, and when the judgment tends to be consistent, there are positive influences. In addition, consumer food risk perception has a positive moderating effect between the comment quality, review effect price, online comment involvement, comment similarity and purchase decisions, but there is no significant moderating effect between the contradiction, product involvement, consumer credit reliability and purchase decisions.

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Will You Buy the Food about which a Scandal Was Reported?——Research on Consumers' Purchase Intention Fluctuation under the TMT Distal Defense Mode

Li Yufeng, Zhang Fan, Zhang Weiwei

2020, 32 (3): 167-178.

Abstract ( 293 )

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The change of residents' behavior pattern is the most direct social reflection of food safety incidents. Here we start from fear management distal defense mode to study the change of attitude and behavior of consumers after the occurrence of a food safety incident. The first part of this study probes the post-incident fluctuation of consumer purchase intention in distal defense mode, and the second part explores the influence that enterprise trust and government trust have on intention fluctuation as well as the moderating effect of self-esteem. The conclusion is that stronger supervision from government and product quality guarantee from enterprises will lead to enhanced purchase intention of consumers. Consumers' trust on enterprises and government as well as self-esteem have positive influence on the recovery of consumers' purchase intention. Interestingly, self-esteem plays a negative role in the influence that enterprise trust has on the recovery of purchase intention, but plays a positive role in the influence that government trust has.

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Study on User Satisfaction Evaluation Based on Online Comment

Zhao Yuqing, Ruan Pingnan, Liu Xiaoyan, Shan Xiaohong

2020, 32 (3): 179-189.

Abstract ( 676 )

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User satisfaction is an important measure of the realization of product value. Online comment is an important channel to express user demand. In order to accurately grasp market demand and improve the efficiency of product development, this paper proposes a method to obtain user demand and evaluate user satisfaction based on online commentary data. Firstly, the user demand extracted from online comment are classified using Kano model based on fuzzy theory, then emotional analysis is introduced to build a demand-satisfaction quantification model to achieve a quantitative evaluation of user satisfaction. This method evaluates user satisfaction based on the perspective of the type of user demand and achieves objective user demand acquisition as well as the measurement of demand realization. The priorities of product development and improvement are determined according to the characteristics of different types of demand and user satisfaction. Finally, the example of millet 5 mobile phone verifies the feasibility and innovation of this method.

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Influence of Knowledge Worker Competency on Human Capital Depreciation

Huang Weide, Ke Di

2020, 32 (3): 190-202.

Abstract ( 227 )

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With the rapid changes of external environment, human capital depreciation (HCD) becomes a thorny management problem. Unlike most previous studies that focus only on demographic characteristics, this study proposes a conceptual model including knowledge creation as mediator and incentive mechanism as moderator to investigate the relationship between competency and HCD. 842 valid questionnaires are received by two-stage survey from knowledge workers in Yangtze River Delta region and Guangdong Province. Hypotheses are tested by total effect moderation model technique and bootstrap method. The results reveal that:(1) competency has a significant negative effect on HCD; (2) knowledge creation plays a partial intermediary role between competency and HCD; (3) the relationship between competency and HCD is contingent on incentive mechanism, more specifically, compensation incentive and development incentive weaken the relationship between competency and HCD, work incentive has no significant moderating effect. This empirical study clarifies the different relationship forms between competency and HCD according to various incentive mechanism, makes a reliable explanation about the differences of HCD degree between employees. The conclusions could serve as guidance for better management of knowledge worker.

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The Relationship between Intrinsic Career Goals and Idiosyncratic Deals and the Effect on Individual Innovation Behavior——Based on Social Cognitive Theory

Lv Xiao, Fan Yun, Ma Guimei, Yan Liang

2020, 32 (3): 203-214.

Abstract ( 373 )

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Idiosyncratic deals attract the attention of researchers because they promote the integration of personal goals and organizational goals. However, idiosyncratic deals are at the start point of employees and how idiosyncratic deals inspire employees' behavior to benefit organization needs further research and empirical analysis. Based on social cognitive theory, this explores how intrinsic career goals affect idiosyncratic deals and also individual innovation behavior which is important to organization today. Using 327 employees' samples and the analysis method such as structural equation modeling, the results show:(1) intrinsic career goals have a positive effect on idiosyncratic deals; (2) idiosyncratic deals have a positive effect on individual innovation behavior; (3) idiosyncratic deals mediate the relationship between intrinsic career goals and individual innovation behavior partly; (4) idiosyncratic deals mediate the relationship between intrinsic career goals and creative self-efficacy partly; (5) creative self-efficacy mediates the relationship between idiosyncratic deals and individual innovation behavior partly.

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Mechanism of Work-family Dual Conflict Affects Innovative Behavior of Knowledge Workers

Song Jiayi, Zhang Lanxia, Zhang Liangting

2020, 32 (3): 215-225.

Abstract ( 338 )

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According to self-determination theory and conservation of resources theory, based on 412 two-point questionnaires, this paper discusses the influence of two-way work-family conflict on the innovative behavior of knowledge workers by means of hierarchical regression analysis and others, and verifies the mediation function of autonomous motivation and the moderation function of social support. The results show that the two-way work-family conflicts both negatively influence innovative behavior of knowledge workers, but the impact strength of work-family conflict in different directions on the innovative behavior of knowledge workers is different:compared with work-to-family conflict, family-to-work conflict has a stronger negative impact on innovative behavior of knowledge workers; Autonomous motivation plays a mediating role in the process of two-way work-family conflict influencing innovative behavior of knowledge workers; Family support perception in perceived social support moderates the mediation role of autonomous motivation through which work-to-family conflict influences knowledge workers' innovative behavior.

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Factors that Affect Enterprise Safe Production: A Meta-analysis Based on View of Employees' Safety Behavior

Wang Qiwei, Mei Qiang, Liu Suxia, Zhang Jingjing

2020, 32 (3): 226-237.

Abstract ( 244 )

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Employees' safety behavior plays a basic role in keeping enterprises safe production and contributes significantly to the improvement of employees' occupational health and safety and enterprises' safety management. This study collects related domestic and overseas researches, adopts meta-analysis and structural equation model to analyze the relationship between employees' safety behavior and enterprises' safe production. Totally 26 independent samples from 23 research papers are used in meta-analysis. The results show that safety behavior has significant negative relationship with safety outcome and significant positive relationship with safety management, research design, development degree of a country and enterprises' scale has insignificant moderating effects, nature of industry has a significant moderating effect. Based on results of meta-analysis, this study further proves that safety behavior has a positive impact on safe production. Therefore, enterprises should take appropriate measures that fit in with the dimension of safety behavior in order to improve employees' safety behavior and ensure enterprises safe production.

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How does “De-familization” Influence a Family Firm's Strategies?——A Dynamic Analysis Based on International Acquisition

Yu Xiaodong, Li Yuping, Liu Gang

2020, 32 (3): 238-251.

Abstract ( 298 )

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This study focuses on how the international acquisition intentions of family firms changes after they are faced with "de-familization" situation. Using hand-collected data, this study finds that, de-familized family firms are more willing to implement international acquisitions. Meanwhile, such motivation has an inverted "U shape" relationship with the chairman age and a positive "U shape" relationship with family ownership. This studies pays attention to the influence of identity changes from family to nonfamily firms from the perspective of international acquisition, investigates the influence of de-familization on international acquisition from a dynamic perspective, and proposes the international acquisition analysis matrix under "de-familization" context for family firms, aiming, for practical application, to provide intellectual support and theoretical foundation for current Chinese family firms.

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Bellwether Effects? A Family Firm's Leading Position in an Industry and Green Strategies

Lv Feifiei, Zhu Lina, Gao Hao, He Xiaogang

2020, 32 (3): 252-264.

Abstract ( 312 )

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After years of heavy industrialization, China's environmental challenges are nearing a tipping point and the Chinese government is committed to developing green strategies. Family firms as an important driver of Chinese private economy play an important role in affecting the whole country's green innovation effectiveness. On the basis of stakeholder theory, social emotional wealth and social network theories, this paper examines the relationship between family firm's leading industrial position and green strategies and also explores the moderating effects of both second generation's succession willingness and business ties. The results show that a leading family firm in an industry is more likely to adopt green strategies because of the bellwether effects. Moreover, second generation's succession willingness strengths the positive effects of firm's leading industrial position on green strategies because second generations are more willing to preserve long-term assets such as reputation. Furthermore, family firms with weak business ties are more likely to take the advantages of leading position in an industry to achieve green innovation. The main logic is that weak business ties creates a flexible environment for family firm's green innovation cooperation with other businesses and facilitates environmental knowledge transfer.

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Information Advantage, Abnormal Transaction of Institutional Investor and Sales of Lockup-expiration Shares

Zhang Meng, Lu Guihua, Zhang Yongshen

2020, 32 (3): 265-278,288.

Abstract ( 451 )

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This paper studies the abnormal transaction of institutional investor during the share reduction by major shareholders and corporate shareholders based on the case of the sales of lockup-expiration shares in Chinese A share market during 2012-2018. The results show that during the period of the sales of lockup-expiration shares, the reason of abnormal trading by institutional investors lies in their information advantage. Further analysis shows that the returns of institutional investors during the period of the sales of lockup-expiration shares are significantly positive. In addition, the information advantage is positively correlated with their returns. When analysts are less concerned, the information advantage of institutional investors will be more significant. The above results highlight the role played by institutional investors in information transmission in China's capital market, and they provide effective empirical evidence for regulators to develop fair rule of disclosure.

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A Step-by-step Fixed Cost Allocation Method Based on Leader-follower DEA Model

Zhang Ran, Ran Lun, Li Jinlin, Du Tao

2020, 32 (3): 279-288.

Abstract ( 245 )

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In this paper, we consider the fixed cost allocation problem among the decision making units (DMU) with two stages, and propose a step-by-step method based on Leader-Follower DEA model. First, we use the Minmax DEA model to allocate the fixed cost among different DMUs. Then, we establish the Leader-Follower DEA model to allocate the fixed cost between different stages. In order to guarantee the fairness, we use the average of the cost allocation obtained from the Leader-Follower DEA models that each stage is regarded as a leader, which is good for executing the allocation. Numerical example shows that our method is valid and practical, so it can be used by decision makers to deal with fixed cost allocation.

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Study on Collaboration Mechanism of Functional Elements in Logistics System: Example from Cut Flowers

Cheng Shiguo, Zhu Dongqing

2020, 32 (3): 289-299.

Abstract ( 206 )

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This paper builds a theoretical model to clarify the relationship among costs input to functional elements of logistics system, studies the mechanism of collaboration relationship, finds out the condition of and boundary between trade off and collaboration effects, and verifies the theory by conducting a numerical example. The results show that it is of collaboration relationship among costs input to functional elements in logistics system when, firstly, the optimal solution of the model is the internal point solution, secondly, the quality substitution elasticity of the functional elements of the logistics system is small enough, and thirdly, the price of the product is sufficiently elastic to quality. Otherwise, it is of trade-off relationship. The case study on cut flower logistics system shows that there is a collaborative relationship among costs input to functional elements, which is consistent with the theoretical predictions. At the end, some suggestions are given for improving cut flower logistics system.

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Traffic Flow Prediction Model Based on Deep Belief Network Optimized BP Neural Network

Kong Fanhui, Li Jian

2020, 32 (3): 300-306.

Abstract ( 345 )

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In order to improve the prediction accuracy of BP neural network, this paper, based on deep learning theory, puts forward a deep belief network (DBN) algorithm to optimize the traditional BP neural network prediction. This algorithm is composed of multi Restricted Boltzmann Machine (RBM), and it uses unsupervised learning algorithm to train the parameters. Then, it uses reverse learning to fine tune the network parameters and optimize the threshold and weight of BP neural network. This way can derive the optimal solution through training. The experimental results show that the optimization model can overcome two shortcomings of traditional neural network:one is that traditional neural network tend to fall into local optimum and the other is that the function fitting degree remains low. Therefore, this model can effectively improve the prediction accuracy of traffic flow.

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Complementary Resources Integration or Hierarchies Separation?——Study of Platform Organization Architecture Design from Complementarity Perspective

Zhang Jingbo, Ge Jing, Du Yishan

2020, 32 (3): 307-322.

Abstract ( 291 )

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Complementarity is the underlying logic of platform organization architecture design. This research presents a case study that explores the architecture design of platform organization from complementarity perspective. Our research findings show that different common resource sets are combined by vertical system function complementarity. In addition, different common resource sets are constructed through different horizontal complementarities. Then we propose the synthetical architecture design of platform organization which is combined by horizontal and vertical complementarities. This synthetical complementary architecture can provide self-organizing empowerment for participants in the platform organization, and also improve their market response speed and the value creation efficiency. Our conclusion extends the system level architecture design of platform organization theory, identifies multi-dimensional complementary common resources configuration strategy, provides a solution for platform enterprises to balance the trade-off between the control and autonomy, and enriches the complementarity theory in the platform research.

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Research on Ownership Structure Selections and State-owned Assets Supervision Modes under the Mixed Ownership Reform Background——A Multi-case Perspective

Shen Hao, Yang Meiying

2020, 32 (3): 323-336.

Abstract ( 444 )

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Concerning the reform of state-owned enterprises in China, mixed ownership reform of state-owned enterprises is the significant breakthrough during the process. However, there are mismatches among the mixed ownership reform, the current policies and the supervising system.
In this study, typical cases of 5 central state-owned enterprises are selected, and they represent different types and levels. We conduct a research on the matching relationship between types of shareholding structures and modes of supervising state-owned enterprises, classifying assets into "state-owned holding", "state-owned sharing" and "overseas state-owned" ones. Also, it is an innovative way to use typical cases from state-owned enterprises to analyze the up-to-date situation of institutional reform and mixed ownership reform.
This paper mainly realizes the following works. Firstly, it analyses the shortcomings of current state-owned assets supervision. Secondly, it studies the newly appeared issue of "fake participation" company. Thirdly, it mentions the changes of state-owned assets policies and provides innovative ways of supervising state-owned assets, such as "co-management of state-owned holding and state-owned sharing companies" and "reverse supervision". Finally, it presents the framework and paths for future state-owned assets supervision.

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