Management Review

Institutional Change and Effect Evaluation of Green Finance Policy in China: Evidence from Green Credit Policy

Niu Haipeng, Zhang Xiayi, Zhang Pingdan

2020, 32 (8): 3-12.

Abstract ( 577 )

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The institutional change of green financial policy in China is described, and the green credit policy is used as an example to analyze the mechanism of the green financial policy on green companies and “H-H” (High Pollution-High Energy Consumption) companies. Based on the panel data from 2001 to 2015, the effect of green credit policy on green listed companies is evaluated by using the DID (difference-in-difference) approach setting the “H-H” listed companies as control group. It is found that, the implementation of green credit policy has enhanced the financing convenience of green listed companies significantly, but its effect on financing cost is not significant.

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Government-based Customer, Market Perception and Investment Opportunity——Based on Supply Chain Integration

Dou Chao, Chen Xiao, Li Xinzi

2020, 32 (8): 13-28.

Abstract ( 282 )

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This paper tries to test the relationship between market perception and government-based customer based on the client data of Chinese listed firms. The results show that government-based customer could obviously increase firm value and analysts' recommendation, and attract more investors' attention as well. Moreover, this study develops a hedge strategy for investors to buy stakes of the companies with more government-based customers, and sell stakes of the companies with less government-based customers. The results show that the hedge strategy can lead to significant excess returns in short and long term. In addition, the results indicate that the relationship we find is attributed to the improvement of profitability. Overall, the findings could help us better understand how government-based customer improve market perception, and government could enhance and improve macro-economic regulation to ensure stable and healthy economic development.

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The Impact of Equity Connections between Firms and Investment Banks on Mergers and Acquisitions

Zhang Yaojie, Li Jiegang, Shi Benshan

2020, 32 (8): 29-39.

Abstract ( 205 )

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Using the sample of China's A-share listed companies from 2006 to 2015, this paper investigates the impact of equity connections between firms and investment banks on merges and acquisitions (M&A) behavior. The empirical results indicate that equity connections between firms and investment banks can significantly enhance the probability of making acquisitions. Using a series of rigorous methods, we conclude that the results have a causal effect. Furthermore, we find that the effect of equity connections between firms and investment banks will be weakened in the state-owned enterprises. With respect to non-state-owned enterprises, the effect is still pronounced. In addition, the equity connections can also improve the accounting performance of M&A, but there is no significant impact on market performance. In general, the empirical results show that the equity connections between firms and investment banks contribute to M&A and can help firms to screen out more valuable M&A targets, but investors cannot distinguish a good M&A from a bad one.

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Study on Port Carbon Footprint Measurement and Drive Factors from the Perspective of Energy Consumption

Guo Jin, Kuang Haibo, Yu Fangping

2020, 32 (8): 40-51.

Abstract ( 485 )

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During his visit to Tianjin port in January 2019, CPC General Secretary Xi Jinping pointed out that “efforts should be made to build a world-class smart port and a green port”. With the help of LMDI decomposition method and exponential decay equation, this study constructs a carbon footprint calculation and driving factor analysis model of China's ports from the perspective of energy consumption, calculates the effect of port energy structure and energy efficiency on carbon footprint per unit cargo throughput, and depicts the evolution law of investment in energy saving and emission reduction funds and reduction of port carbon footprint. At the same time, Taking Shanghai International Port (Group) Co., Ltd. in 2008-2018 as an example, the analysis finds that: the total carbon footprint of Shanghai International Port (Group) Co., Ltd. has a slow growth trend, and the main carbon footprint of electricity and the reduction of carbon footprint mainly comes from the improvement of energy efficiency; the effect of energy saving and emission reduction capital investment on reducing carbon footprint of unit cargo throughput is significant; it is necessary to promote low-carbon port development by strengthening equipment renovation, optimizing production process and management and enhancing technological innovation in carbon emission reduction.

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Analysis of Convergence of Provincial Environmental Efficiency of China and Dynamic Processes

Piao Shengren

2020, 32 (8): 52-62,105.

Abstract ( 188 )

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In view of the limitations of the traditional convergence models, the convergence characteristics of environmental efficiency in 30 provinces in China from 2005 to 2014 are analyzed based on the PS model. The results show that there is no convergence in China's environmental efficiency, but there are four types of convergence and one divergence type. The relative path of type A and type B tends to rise, and its intervening environmental efficiency is higher than that of other types. The average path of type C, type D and type E is below 1, and the province's environmental efficiency is lower than the national average, and this part of the inter-provincial quantity occupies 2/3 of the national average. These are core classes with reducing the environmental efficiency. During the study, provincial environmental efficiency shows a “polarization” or “multipolar differentiation” trend by nuclear density model. Further, economic development level and industrial structure are the main influencing factors for club.

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The Process and Mechanism of the Co-evolution of Secondary Business Model Innovation and Institutional Environment——A Longitudinal Case Study Based on Alipay's Development Process

Qiao Han, Jia Shuzhe, Zhang Si, Lu Tao

2020, 32 (8): 63-75.

Abstract ( 352 )

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Chinese enterprises have attained big success in secondary business model innovation in a way not only adapting to but affecting the local institutional environment. This paper selects Alipay as a typical case to analyze its process from imitation to innovation, finding out how it adapted and gradually influenced the cognitive, normative, and regulative environment. We find that the secondary business model innovation goes through adaptive innovation stage and independent innovation stage, which involves three different innovative approaches namely adaptive, exploratory and interactive business model innovation. These innovation approaches connect different stages and institutional environment. Based on this, we put forward the linkage mechanism of driving, triggering and causing between business model innovation and institutional environment. The research findings can enrich the theory of secondary business model innovation, and provide managers with ideas regarding how to perform business model innovations in the volatile institutional environment.

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The Effects of Founding Team Career Experience on Angel Investment Intentions

Shen Rui, Zheng Wei, Lu Jiangyong, Zhong Weiguo

2020, 32 (8): 76-90.

Abstract ( 220 )

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Angel investors are playing an increasingly important role in the growth of startups. Compared to venture capital investment, angel investment is associated with higher risk and greater information asymmetry. Utilizing the data of 1,439 startups that are seeking fund in one of the largest angel investment platforms in China, we attempt to reveal the decision-making process of angel investors under extreme uncertainty and information asymmetry. Specifically, we examine the effects of founding teams' career variety on angel investment intention, and the moderating roles of prior relationships and resource allocation system. Our results show that founding teams with higher career variety are more attractive to angel investors. The positive relationship between career variety and angel investment is strengthened when team members have shared prior relationships and established resource allocation system. The findings of this paper have important practical implications for both startups and angel investors.

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Classification of Adjacent Site Selection of Spin-off Start-ups and Their Matching Relationship with External Environment: Exploration Based on Grounded Theory

Li Zhigang, Huang Can, Xu Wenming, Wu Fan

2020, 32 (8): 91-105.

Abstract ( 323 )

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The location of new ventures plays an important role in the development of start-ups. In practice, it is quite common that start-ups are adjacent to their parent enterprises, but no theory to has specifically explained and analyzed the adjacency. After reviewing relevant literature on spin-off start-ups, new ventures and start-ups site selection, this paper makes a systematic and in-depth investigation of 6 spin-off start-ups selected on the principle of theoretical sampling, and constructs a theoretical framework of adjacent site selection for spin-off start-ups. The research finds that according to the different situation and dominant factors, the proximity location of spin-off start-ups can be summarized into four typical modes, namely, business complementarity, brand symbiosis, family tightness and social maintenance type, and different types of site selection have different matching relationships with external environment. The research conclusion expands and deepens the research perspective in the field of spin-off entrepreneurship and has important enlightenment value to the site selection decision of start-ups.

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Deep Involvement Leads to the Termination of Sharing?——Study on the Curvilinear Relations between User Involvement and Continuous Knowledge Sharing in Innovation Community

Zhang Depeng, Liu Si, Wen Yunrou, Zhang Fenghua

2020, 32 (8): 106-115.

Abstract ( 288 )

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Academic views on guiding users to participate in the innovation process have not yet been unified. Knowing how to set up innovative community management mechanism will be the key to ensure the sustainable output of users' innovative value. Based on the theory of expectation confirmation and the theory of self-determination, this study discusses degree of user intervention in the innovative community and confirms the mechanism of continuous knowledge sharing through expectation confirmation on and the regulating effect of self-improvement. The results show that the user intervention degree has an inverse U-shaped relationship with continuous knowledge sharing, expectation confirmation plays an intermediary role and the self-promotion motivation adjusts the relationship between user intervention degree and expectation confirmation. The stronger the self-promotion motivation, the more obvious and decreasing effect of user intervention degree on expectation recognition.

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A Study on the Relationship among Two-way Open Innovation and Their Synergy, Business Model and Firm Innovation Performance

Ren Zhiguang, Gao Pengbin

2020, 32 (8): 116-130.

Abstract ( 368 )

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Although open innovation is crucial for a firm's long-term success, the related researches on the relationship between different open innovation activities and firm innovation performance are still insufficient. Based on a survey of 183 manufacturing enterprises and the hierarchical regression model, the impact of two-way open innovation and their synergy on firm innovation performance and the moderating role of business model are discussed. The empirical results show that not only inbound and outbound open innovation have a significant positive impact on firm innovation performance, but also the synergy of the two activities has a significant role in promoting firm innovation performance. The business model with the theme of efficiency and novelty has a significant positive moderating effect on the relationship between two-way open innovation and their synergy and firm innovation performance. By investigating the role of different open innovation activities and business model, this research enriches open innovation literature, and the results have certain practical value for Chinese firms to engage in open innovation.

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Research on Technical M&A and Performance of Listed Chinese Pharmaceutical Companies

Zhang Yongji, He Yu, Zhang Nengkun, Duan Xiangyu

2020, 32 (8): 131-142.

Abstract ( 275 )

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Technical M&A is one of the important ways for enterprises to enhance their innovation ability, especially for the long-term development of pharmaceutical enterprises. This paper uses China's pharmaceutical listed companies with technical M&A from 2004 to 2015 as the testing sample, and examines the M&A performance and the difference caused by the main characteristics of technical M&A, namely the scale of technical knowledge and the nature of technical knowledge. The study shows that technical M&A has significant short-term influence on company performance and CAR (-10,10) is up to 4%, indicating that market has a positive response towards technical M&A. And also, technical M&A has a positive impact on the improvement of long-term financial performance of the company. Furthermore we characterize technical M&A by its knowledge. The larger the absolute size of the target company's technical knowledge, the smaller the difference between the two companies' technical knowledge relative size, and the higher the short-term and long-term performance of the host company. In terms of the nature of technical knowledge, relevant technical knowledge is more conducive for enterprises to exert synergistic effect and achieve better performance. Further research shows that private companies are more sensitive to technological characteristic variables, and the acquisition of cash payment method deepens the positive impact of the absolute scale and the nature of technical knowledge on the company's performance.

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Research on the Policy System of Opening Public Information Resources Based on Three-dimensional Analysis Framework

Ma Xubu, Li Yang, Qin Chunxiu, Liu Wei, Liu Huailiang, Lv Xiaojuan

2020, 32 (8): 143-154.

Abstract ( 286 )

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The opening of public information resources is a global trend in the era of big data. The government's formulation of a perfect and effective policy system for the opening public information resources is the basic guarantee for steadily advancing the opening public information resources in our country. From the three dimensions of the life cycle, policy tools and policy objects of opening public information resources, the analysis framework of opening public information resources policy is established. According to this framework, the content analysis method is employed to make a quantitative analysis of 310 opening public information resources policies. The results show that the opening of public information resources in our country is still in the initial stage, and the opening policy is mainly focused on the preparatory construction and sharing period in the opening life cycle. The policy tools present an unbalanced state of emphasizing supply but neglecting demand. The distribution of policy objects is uneven, and most of the existing policies act on the government. Therefore, the government should pay attention to the overall life cycle when formulating the policy of opening public information resources and attach importance to the supporting policy for the later work such as operation and maintenance, value-added innovation, supervision and evaluation. Besides, the government should pay full attention to the target of the policy while using the policy tools in a balanced way, so as to achieve the full participation of the government, enterprises, public and non-profit organizations.

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Research on Dynamic Evolutionary Game Model of Data Resource Sharing among Big Data Alliance Members: Based on the Perspective of Sharing Positivity

Xing Hailong, Gao Changyuan, Zhai Lili, Zhang Shuchen

2020, 32 (8): 155-165.

Abstract ( 218 )

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To promote the sharing positivity of big data alliance members from “inverted U” curve to “S” curve and improve the stability of alliance operations, the conception of “opportunistic sharing” strategy has been adoped to introduce alliance members. The strategy can not only enrich the traditional game strategy set, but also give more comprehensive reflects on the sharing behavior of big data alliance members under difference positive states. On this premise, this paper tries to construct a dynamic evolution game model for big data alliance, which has “no sharing-opportunistic sharing-sharing” strategy sets. It reveals the evolutionary game behavior of alliance members in positive and negative cases, and analyzes the key factors influencing the resource sharing positivity by using MATLAB to simulate the evolutionary path of the sharing game theory on big data alliance members. In the end, the results show that the social penalty coefficient has positive effects on the selection strategy of the alliance members, while the speculative yield coefficient negative. At the same time, the increase of the degree of sharing positivity is beneficial to the members of the alliance converting from the negative to the active sharing states.

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Customer Relationship Transaction, Executive Pay-performance Sensitivity and Inefficient Investment

Cao Yue, Hu Xinyu, Chen Wenrui, Lu Yu

2020, 32 (8): 166-178.

Abstract ( 204 )

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This paper uses the Shanghai and Shenzhen A-share listed companies from 2009 to 2015 as a sample to verify the impact of customer relationship transactions on executive pay-performance sensitivity and investment efficiency. The results of the study show that the relationship-based transactions of customers will significantly reduce the executive pay-performance sensitivity, and this effect will significantly increase the company's inefficient investment, which not only promotes excessive investment but also exacerbates insufficient investment. Further inspections distinguishing the nature of property rights and differences in the external environment find that the increase in customer relationship transactions significantly reduces executive pay-performance sensitivity in both state-owned and non-state-owned enterprises, but the reduction effect on non-state-owned enterprises is significantly greater than that on state-owned enterprises; customers relational transactions reducing executive pay-performance sensitivity will significantly increase such inefficient investment, as over-investment by state-owned companies and under-investment by non-state-owned companies. The effect of customer relationship transactions significantly reducing executive pay-performance sensitivity exists in both the higher and lower environmental uncertainty groups, but the effect is larger in the lower environmental uncertainty groups; The reduced executive pay-performance sensitivity will significantly increase the under-investment of companies with higher environmental uncertainty. However, for companies with lower environmental uncertainty, this negative effect is suppressed.

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Study on the Multi-dimensional Structure and Content of the Contract Reference Point in Construction Project Situation: Based on Content Analysis and Eye Movement Experiment

Yan Ling, Guo Liang, Zeng Cheng, Li Zheng

2020, 32 (8): 179-192.

Abstract ( 288 )

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Construction contract is a kind of reference point which can induce contractors' fairness perception and influence their behavior further. It is essential to identify which clause in contract is the fairness reference point. Under the guidance of the contract reference point theory, the important clauses of construction contract are identified by content analysis method, and the eye-movement experimental materials are designed based on the analysis result. Then the discerned contract fairness reference point is verified by eye movement experiment. The research results show that the distributive justice, which is embodied in risk sharing clauses, is the most important fairness reference point in contract and the procedural justice, which is embodied in participation right clauses, is the next in importance. The result deepens the cognition of contract reference point theory, enriches the fairness theory, and makes marginal contribution to the application of reference point theory, which has an important practical significance for the designation of contract strategy.

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Research on the Mechanism of Coaching Leadership on Employees' Taking Charge from the Perspective of Self-Regulation Theory

Zhan Xiaojun, Lu Na, Luo Wenhao, Zhu Yanghao

2020, 32 (8): 193-203.

Abstract ( 390 )

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oaching leadership, as a new type of leadership style that can effectively train and help employees, has attracted increasingly more attention from scholars at home and abroad in recent years. Based on self-regulation theory, this paper discusses the mechanism and boundary conditions of coaching leadership on employees' taking charge. Through the statistical analysis of 361 valid samples collected at three time points, we find that coaching leadership has a positive impact on employees' taking charge; self-goal setting mediates the relationship between coaching leadership and employees' taking charge; core self-evaluation not only negatively moderates the relationship between coaching leadership and self-goal setting, but also negatively moderates the indirect relationship between coaching leadership and employees' taking charge via self-goal setting. This study is the first to explore the influencing mechanism of coaching leadership on employees' proactive behaviors from the perspective of self-regulation theory, which enriches the relevant studies and provides a practical guidance for enterprises to motivate employees to taking charge.

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A Study on Salespeople's Creativity in the Circumstance of Showrooming: A Moderated Dual Mediation Model

Li Xue, Liu Yi, Gao Wei

2020, 32 (8): 204-214.

Abstract ( 524 )

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With the development of multi-channel in retail business and mobile electronic technology, the phenomenon of showrooming is becoming more and more common, and is seriously striking the performance of physical stores. From the perspective of JD-R model, this research explores the influences of this change on salespeople, and individual factors that help them cope with the situation. With a sample of 244 salespeople, and the method of questionnaire survey, the study finds that the perception of showrooming would simultaneously enhance salespeople's challenge and hindrance stressors, and challenge stressors increase creativity while hindrance stressors reduce it. In addition, customer orientation strengthens the mediating role of challenge stressors, while diminishes the mediating role of hindrance stressors. At last, salespeople's creativity promotes sales performance.

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The Double-edged Sword Effect of High Performance Work System on Employees' Radical Creativity Based on the Resource Conservation Perspective

Wei Wei, Peng Jisheng, Hua Bin

2020, 32 (8): 215-227.

Abstract ( 337 )

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The question whether HPWS can generate innovation is a hot topic, but no widely accepted conclusion has been reached so far in this regard. According to resource conservation theory, HPWS may lead employees to invest in resources and protect resources to form different goal orientations, which will further have different impact on employees' radical creativity. Furthermore, team leaders as agents of organization is an important condition for the performance of HPWS. This study examines the multilevel moderating effect of transformational and transactional leadership on the relationship between HPWS and radical creativity through indirect effect of employees' goal orientation. Based on a survey data of 285 employees, the research shows that the HPWS has a double-edged sword effect on employees' radical creativity. Transformational leadership at the team level positively moderates the indirect effect of HPWS on radical creativity through learning goal orientation. Team level transactional leadership negatively moderates the indirect effect of HPWS on radical creativity through performance goal orientation. It indicates that HPWS has a double-edged sword effect on employees' radical creativity. The research contributes to extending the theory of whether and how HPWS has influence on employee creativity.

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Organization Embedding and Financial Violation

Zheng Dengjin, Yuan Wei, Deng Yilu

2020, 32 (8): 228-243,253.

Abstract ( 305 )

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In recent years, the organization embedded in private enterprises has become a political and economic phenomenon that cannot be ignored. However, the role of the organization in private enterprises is still a neglected aspect in the academic circle. Based on the manually collected data of organization activities, this paper examines the economic consequences of the embedding of organizations from the perspective of corporate financial irregularities. The result shows that the organization embedding has significantly restrained the non-compliance of the private enterprises, and its possible mechanism is to enhance the participation and attention of the senior executives to the organization. Furthermore, this relationship is more pronounced when executives are Party members, politically connected and during politically sensitive year; This relationship is also more pronounced in companies with higher agency costs, poorer information environments and greater financing constraints. The above results are still valid after controlling the possible endogenous problems. The conclusion shows that the organization embedded in private enterprises can help improve corporate governance and provide important inspiration for the reform of “strengthening the grassroots organization construction” proposed by the 19th National Congress of the Communist Party of China.

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Trust Crisis and Charity Donation: An Empirical Study Based on the Provincial Data in 2002—2016

Wang Meng, Wang Youxin

2020, 32 (8): 244-253.

Abstract ( 387 )

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In recent years, scandals regarding many charitable organizations' malpractices for selfish ends have made them much less trusted by the public. The trust crisis has become a shackle for the development of charities in China. This paper constructs a theoretical model to investigate the impact mechanism of trust crisis on charitable donations, and discusses the coping strategies of trust crisis from the perspectives of donation form, information transparency and regulatory intensity. On this basis, 2002-2016 provincial panel data are used to carry out an empirical analysis. The result shows that the impact of trust crisis on charitable donation is significantly negative, the influence of trust crisis on non-monetary donation is relatively small compared with monetary donation, and the trust crisis has little influence on charitable organizations with high information transparency or high regulatory intensity. Policy implication of the results is that solution of trust crisis requires improving the management of non-monetary donations, regulating charity information disclosure system, encouraging and developing private charitable organizations, and promoting charity supervision system.

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A Review on Research of Enterprise Transformation and Upgrading in Global Value Chains

Zhen Zhen, Wang Fengbin

2020, 32 (8): 254-268,294.

Abstract ( 271 )

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Firms in developing countries often play a secondary role as low-cost producers and suppliers in global value chains during the past decades. How do they catch up and re-embed into the higher value-added activities in global value chains? Although extant literature including global value chain theory, strategic management theory, technology innovation theory and corporate capacity theory has developed a toolbox consisting of industrial upgrading, strategy transformation, organizational transformation, technology upgrading and catch-up, capacity upgrading and the like, they are mainly based on separated theories. As a result, the whole process of enterprise transformation and upgrading in global value chains has been disintegrated and under-explored, awaiting a merger of cross disciplinary efforts. Through systematically collecting and reviewing existing literature both in Chinese and in English, this paper delineates the underlying conception, makes a synthetic review on path selection, low-end locking, influential factors, outcome measurements and influence mechanisms, and points out the future theoretical issues centering on enterprise transformation and upgrading in global value chains. The review provides guidelines and enlightenment on this emerging research topic that has shown high reference to Chinese local firms.

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Does Strategy Deviance Influence the Vitality and Function of Internal Capital Market——An Empirical Study on Chinese A-share Listed Companies

Liu Jing, Chen Zhibin

2020, 32 (8): 269-280.

Abstract ( 287 )

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The paper uses companies listed in Chinese A-stock market during 2008-2016 as an example to examine the relationship between strategic deviance and internal capital market vitality firstly. It is found that strategic deviance influences internal capital market vitality. The greater the strategic deviance is, the greater the vitality will be. Secondly, we examine the difference of their relationship in companies with different property rights and come to the conclusion that non-state-owned listed companies show stronger positive relationship of strategic deviance with vitality of internal capital markets. Thirdly, the paper tests the influence of strategic deviance to the function of internal capital market and finds that internal capital market can relieve financing constraints for companies with great strategic deviance while the function of relieving financing constraints is not obvious for companies with little strategic variety.

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The Dynamic Evolution Mechanism of Organizational Routines——A Study Based on the Interaction of Organizational Actions

Yu Zechuan, Lin Haifen, Qu Tingchen

2020, 32 (8): 281-294.

Abstract ( 237 )

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Since the 1980s, scholars have changed their traditional cognition on organizational routines that routines represent where the stability comes from, and put forward the new concept that routines may show the significant characteristics of self-change and evolution, which indicates that organizational routines reflect a paradoxical situation with the coexistence of both stability and change. Accordingly, scholars have gradually set up the dynamic theory of organizational routines, and consequently regarded the internal dynamic evolution mechanism as the core research question in this field. Particularly, the two-component view of organizational routines shows that routines consist of the performative aspect and the ostensive aspect and there are consistent interactions between the two aspects, which may be the source of routines dynamics. Based on this two-component view, this research adopts the Transition Probability Matrix (First Order Markov Matrix) and Transition Probability to show the two aspects of organizational routines and their interaction and construct the dynamic evolution model. Through a series of tests which simulate the path dependence and interaction between actions and the process of depending on probability and selective retention, this research confirms the sustainable dynamics of organizational routines and shows the evolution rules.

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Research on Transnational Dual-source Procurement Strategy with Suppliers' Different Supply Lead-time

Chen Chongping, Chen Zhixiang, Shao Xiao

2020, 32 (8): 295-303.

Abstract ( 230 )

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This paper studies the dual-source procurement problem that an assembler procures goods from one overseas supplier with low price but long lead-time and one local supplier with high price but short lead-time. We assume, the demand is normal distribution, a smoothing order strategy is proposed. With this order strategy, the new purchasing quantity is determined using the smoothing technique, i.e., the new purchasing quantity equals to the weighted value of the last period purchasing quantity and the current market demand. We establish optimization models for two situations, one considers warehouse space constraint and another one does not. Then, the optimal smoothing purchasing coefficient and the optimal storage space are obtained. In the last, numerical examples are conducted.

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Construction of Performance Evaluation Index System for Logistics Enterprises Based on Combination Weighting Model

Jiang Xu, Hu Xueqin

2020, 32 (8): 304-313.

Abstract ( 325 )

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Based on the performance evaluation index system of Japanese logistics companies and the SASAC's “Standard Values for Enterprise Performance Evaluation in 2019”, this paper organizes three criteria layers including business activities, logistics activities and the internal and external environment of the company by combing domestic and foreign literature. An evaluation system of 24 evaluation indicators such as employee turnover is established. Taking the 2018 data of 25 5A-level logistics companies as the research object, we combine two weighting methods (G1 method and BP neural network method) through a combined weighting model to establish an index system suitable for the performance evaluation of logistics companies in China. The research results in this paper show that the evaluation results of the performance evaluation index system of China's logistics enterprises are basically consistent with the development status of logistics enterprises. At present, insufficient R&D investment and weak talent attraction are the main reasons why traditional transportation and storage logistics companies lag behind comprehensive service logistics enterprises. The difference in asset return capability and customer service level is an important indicator of the gap between China's 5A-level logistics companies.

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The Black and White of Digital Currency Development: A Case Study of Facebook Libra

Guo Xiaochun, Wang Shouyang

2020, 32 (8): 314-324.

Abstract ( 563 )

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Digital currencies have received remarkable development in recent years. As a new product of the digital economy era, digital currency innovates rapidly, and constantly impacts the existing framework of society, economy, finance and technology. Therefore, understanding the influences of digital currency is of great significance. In June 2019, Facebook publicized Libra, which is a supranational cryptocurrency issued by large-scale institution. Libra, backed by Facebook with a large global user base, has attracted close attention from governments and central banks globally. This paper employs Libra as an important case to explore the impact of supranational digital currency of large-scale institution, and to investigate how to better design and develop digital currency. Libra meets the demand of business model innovation of Facebook, and it is a strategic step of Facebook to diversify business, enter developing market and form business ecosystem. This paper argues that digital currencies like Libra impose huge challenges to the existing legal and regulatory framework, national controllability of important data and international position of sovereign currency. Rational design and strategic development are of primary importance under global competition. This paper also provides guidance for the design and development of digital currencies, and further offers policy recommendations under the specific Chinese environment.

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The Value Multiplication Factor and Creation Mechanism in the Business Model of New Retail Commercial Activities: A Case Study of Yonghui Super Species

Jiang Jihai, Wang Ruojin

2020, 32 (8): 325-336.

Abstract ( 642 )

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The new retail business model reconstructs the relationship among people, goods and market through data-driven reconstruction, thus creating the multiplier effect of value. This paper is aimed at exploring value creation drivers and its mechanism of new retail's business model. First of all, based on the key components of the business model and the thinking of context, we recognizes three value drivers of value creation: “product+product”, “product+context” and “product+data” from the interrelation among people, goods and market centering. Then, based on the logic that value motivates user's behavior to create value multiplication, we analyse the causal mechanism between the three value drivers and value multiplication in virtue of the theory-Schumpeterian Innovation and Synergy Effect. Finally, we verify the above related propositions by a study of a typical case-Super Species. It is found that: (1) the motivation of “product + product” innovates the functional value proposition of enterprises by creating products portfolio, so as to generate product synergies and form a demand-side economy. Then, the unit price of customers, consumption frequency and customer stickiness are increased and improved, which contributes to achieving value multiplication; (2) the motivation of “product + context” innovates the emotional value proposition of enterprises by integrating the product and consumption context, which helps achieve the “Schumpeterian Growth” and increase the customer surplus, recommendation rate and repurchase rate to realize the value multiplication; (3) the motivation of “product + data” innovates digital value proposition of enterprises by embedding data into products, which helps generate connection dividend and realize “Pareto Improvement”, on which basis value multiplication can be realized in the form of higher customer attraction, stronger brand awareness, etc.

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