Management Review

IPO “Hot Issue” and Venture Capital Investment Cycles： Causes and Consequences

Chen Chuang, Xiao Min, Cao Yuxiu, Wen Hai

2020, 32 (11): 3-18.

Abstract ( 345 )

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High correlation between venture capital investment cycles and the shifts of “hot” and “clod” IPO markets has received much attention. Taking the quasi-natural experiment provided by Chinese unique institution as research scenario, this study examines the causes and consequences of the association between venture capital and stock market. We find that there is a significantly positive association between IPO “hot issue” and venture capital investment cycles. The mechanism that consistently explains the correlation is VCs' perception about liquidity risk of IPO exit, rather than VCs' response to attractive investment opportunities signal provided by public market. In terms of consequences, we do not find evidence that the venture capital investments made during “hot” IPO market foster more early-stage firms or inspire innovation.

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Capital Control, Foreign Exchange Reserves and Sudden Stop

Yu Mei, Zhang Kun, Zhou Hang

2020, 32 (11): 19-32,80.

Abstract ( 338 )

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The management of cross-border capital flows is an important issue faced by emerging market countries. This paper discusses the impact of capital controls and foreign exchange reserves on this issue and their combined utility. This paper first analyzes the channels in which foreign exchange reserves affect capital flows, and then constructs a three-phase loan model to derive the relationship between foreign exchange reserves, capital controls and capital flows. Based on the annual data of 22 emerging market countries from 1994 to 2017, panel system GMM method and panel binary selection model are used to do empirical research. Finally, the robustness test is performed by replacing the foreign exchange reserves' proxy variable and China's specific analysis. The results show that for emerging market countries, increasing foreign exchange reserves will help attract short-term capital inflows and curb capital outflows. Capital inflow controls have no significant impact on capital inflows, but strengthening capital outflow controls can effectively reduce capital outflows. Strengthening capital controls will help reduce the probability of “sudden stop”; the stricter capital controls, the more foreign exchange reserves need to prevent “sudden stop”. The two policies complement each other. China, as the largest emerging market country, has its particularities. Capital controls have a small impact on capital flows. There is still a complementary relationship between foreign exchange reserves and capital control policies.

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Anti-takeover Provision, Synchronicity of Stock Price and Investment Efficiency

Deng Wei, Wang Tao, Cheng Yuanyuan

2020, 32 (11): 33-47.

Abstract ( 192 )

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Based on the data of listed companies in China from 2008 to 2015, this paper discusses how the anti - takeover terms of listed companies can influence the investment efficiency of the company through the market feedback of stock price synchronization. The empirical results of this paper first show that the less the reverse acquisition terms, the lower the share price synchronization, the more information on the price information, and thus feed back to the management of more valuable information and make efficient investment decisions. Furthermore, according to the comparison of the concentration of ownership and the nature of the actual controller, it is found that the above-mentioned role of the anti-takeover clauses is lower in the concentration of the stock, and the private enterprise is bigger.

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Financial Development and Dual Economic Structure Imbalance: A New Perspective from Factor Allocation

Yang Zheng, Liu Guanchun, Liu Fang

2020, 32 (11): 48-65.

Abstract ( 230 )

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Using a simple theoretical model, this paper illustrates the efficiency and quantity effects of financial development on dual economic structure imbalance, and explores their relationships using provincial data over 2000-2014 in China. The results show that, there is a “U-shape” relationship between overall financial development and dual economic structure imbalance, mostly occurring in the central and western regions. Considering the fact that most provinces lie on the curve's left side, financial depth is conductive to release dual economic structure imbalance. Moreover, since the quantity effect dominants in banks and the efficiency effect neutralizes the quantity effect in financial markets, banking sector has a positive role, while no significant impacts of financial markets are proved.

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A Study on the Impact of Housing Price-to-Income Ratio on Residents' Choice of Rent and Purchase

Chen Xinyan, Wang Peilong, Dong Jichang, Li Xiuting, Dong Zhi

2020, 32 (11): 66-80.

Abstract ( 228 )

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This paper uses the data of China household finance survey in 2011, 2013 and 2015 to study the current situation of residents' choice of rent and purchase. Based on the existing researches at home and abroad, we select the corresponding independent variables, determine the research framework and research hypothesis, and establish a binary logistic model to study the influence of housing price-to-income ratio on residents' choice of rent and purchase. The model sets the variables of housing price-to-income ratio, demographic characteristics and regional control variables. The results show that the higher the ratio of housing price-to-income, the lower the probability that residents choose to buy a house. In addition, the ratio of housing price-to-income has a greater impact in central China than in eastern and western China, and a greater impact in northeast and central China than in the rest of China. From the perspective of family micro-data, gender has no obvious influence on the choice of rent and purchase, while age, marital status, family population, housing accumulation fund, social security, education background and family assets all have significant influence on the choice of rent and purchase of residents.

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Empirical Test of the Relationship between Renminbi NDF and Onshore Renminbi Exchange Rate

Wei Xing, Ning Xueping, Li Fuyou

2020, 32 (11): 81-91.

Abstract ( 368 )

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The relationship between onshore RMB exchange rate (CNY) and offshore non-deliverable forward exchange rate (NDF) can reflect the effectiveness of the reform of RMB exchange rate formation mechanism, and is helpful to improve the RMB exchange rate formation mechanism. The paper uses Granger causality test and BEKK-MGARCH model to study the returns spillover effect and volatility spillover effect of CNY and NDF. The study finds that the relationship between the two markets has changed significantly before and after the “811”exchange rate reform: from the perspective of returns spillover, the relationship between the two markets has changed from no mutual guidance to a two-way returns spillover; from the perspective of volatility spillover, CNY market had one-way volatility spillover to offshore NDF market before the exchange rate reform, but after the exchange rate reform, this volatility spillover weakened and reversed. Based on the empirical results, the paper suggests such policy recommendations as: establishing RMB exchange rate tracking mechanism, relaxing onshore market control, and establishing onshore NDF market.

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The Influencing Factors of Sharing Behavior of the Industry-University-Research Collaboration

Chen Wei, Wang Xiufeng, Qu Hui, Wei Xuan, Lin Chaoran

2020, 32 (11): 92-101.

Abstract ( 242 )

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Industry-university-research collaborative innovation is a process in which enterprises, universities and scientific research institutions jointly establish collaborative innovation relations in accordance with the principles of complementary advantages, sharing risks, sharing interests and common development, and is an important approach to establish an innovative country. In view of the trust and risk problems in the process of industry-university-research collaborative innovation, this paper constructs the influencing factor model of industry-university-research collaborative innovation and proposes 3 theoretical hypotheses. Using the structural equation model method to verify the proposed theoretical hypothesis, the results show: collaborative innovation main body ability, sharing environment, sharing platform, trust, perceived risk to sharing desire and sharing behavior all play their respective role. It is concluded that the main capacity, sharing environment and sharing platform of collaborative innovation of industry-university-research will affect the sharing willingness of collaborative innovation of industry-university-research through trust and perceived risk, trust and perceived risk have a significant positive driving effect on the improvement of the sharing willingness of industry-university-research collaborative innovation, and the sharing willingness of collaborative innovation can affect it's sharing behavior.

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The Influence of the Number of Solvers on the Contest Performance: Quantile Regression Analysis Based on the Data from Designing and Coding Innovation Contests

Hu Feng, Zhao Hong, Liu Chao

2020, 32 (11): 102-111,259.

Abstract ( 191 )

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The influence of the number of solvers on the contest performance is a long-lasting question in innovation contests research. However, the findings about this effect in the existing literature are not consistent. Some are positive, while others are negative. In order to reconcile those contradictory insights, this research sorts out and sums up the existing researches, defines the measurement of innovation performance in terms of the average quality of solutions or the quality of the best solution, and proposes the incentive effect and the parallel path effect that underline the influence of the number of solvers on the contest performance. Based on these reasoning, this research collects behavioral data of 6,771 innovation contests for designing and coding problems from two well-known online platforms, builds a quantile regression model, and empirically proves the existence of the two effects, namely, the number of solvers negatively influences the average quality of solutions, and positively influences the quality of the best solution. Besides this, compared with the ordinary least square regression, results from quantile regression provide more subtle and comprehensive insights about these effects. At last, academic contribution, managerial implication, and future research direction are presented.

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Coupling Effects of Technology Innovation, Industrial Structure and Financial Development: Based on the Empirical Analysis of Provincial Data in China

Zhang Junnan, Lu Jin, Zhou Huimin

2020, 32 (11): 112-127.

Abstract ( 253 )

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Based on the panel data of 31 provinces and autonomous regions in China in the period from 2001 to 2015, the spatial and temporal coupling model is used to make an empirical analysis of the coordinated development trend and regional difference characteristics of technological innovation, industrial structure and financial development. The results show that,①the technological innovation and financial development in each province show a rapid rise, while the development trend of industrial structure is relatively stable.②The coupling level in all provinces and autonomous regions has been continuously improved, but the overall level of development is not high.③The combination of technology and finance in China is relatively backward and they do not develop in an essentially coordinated manner.④There is a significant difference in the level of coupling between regional technological innovation and financial development, but the gradual increase of the spatial matching of the two will become an important thrust of the continuous evolution of coupling.⑤The spatial matching degree of industrial structure and financial development can support the continuous evolution of coupling, and the promotion of coupling between the two is the key factor of the improvement of the three system coupling relationship.

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Research on the Modeling and Simulation of Network Public Opinion Evolution Considering User's Topic Interest Orientation

Cheng Quan, Liu Guowei, Li Yiquan

2020, 32 (11): 128-139.

Abstract ( 223 )

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Internet public opinion is the emotional expression of social political position and political attitude produced and held by the public on specific social emergencies in cyberspace. The evolution of Internet public opinion is the reflection of the change trend of Interne public opinion over time. The research on the evolution process of Internet public opinion can analyze the development process and development law of public opinion caused by emergencies in the Interne environment, and provide necessary theoretical support for the public decision-making departments to implement effective monitoring and early warning decision-making for public opinion events. Based on the traditional SEIR warehouse model of Internet public opinion communication, this paper constructs an improved SEIR model considering user's subject interest. Through the establishment of Internet public opinion evolution model, the key factors influencing the evolution of public opinion events are simulated and verified. The results show that the evolution of Internet public opinion in emergencies is not only related to the number of users and the status of users, but also has significant relationship with the subject interest and focus of network public opinion users. In the process of public decision-making, the government should not only strengthen the public opinion guidance for key users of Internet public opinion, but also constantly detect the core theme of Internet public opinion, fully disclose the topic focus information of public opinion, evacuate the blind area of public opinion, and guide and control the trend of public opinion.

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Analysis of the Factors that Affect the Number of Positive Reviews in an Idea Crowdsourcing Community ——An ELM Perspective

Ma Yongbin, Xu Qing

2020, 32 (11): 140-150.

Abstract ( 223 )

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Using second-hand data from an idea crowdsourcing community and drawing on Elaboration Likelihood Model(ELM), this study focuses on how the quality (the potential and the feasibility of a creative idea) and the format (the number of words in a creative idea, whether other users can vote and the number of negative affective words in a creative idea) of a creative idea affect the number of positive reviews towards the idea, and the moderating effect of a creative idea's format on the relationship between the quality of the creative idea and the number of positive reviews towards the idea. The results show that the potential of a creative idea positively affects the number of positive reviews towards this idea, while the feasibility of a creative idea does not significantly affect the number of positive reviews towards this idea. Both the number of words in a creative idea and the authority of voting to the idea positively influence the number of positive reviews towards the idea. Furthermore, when the number of words in a creative idea is small or when community members can vote on an idea, the potential of the creative idea has a greater impact on the number of positive reviews; otherwise, it is the feasibility of the creative idea that has a significant impact on the number of positive reviews.

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The Effect of Upward Social Comparison on Status Consumption: Based on the Moderating Effect of Implicit Personality, Power Distance Belief and Comparison Target

Jin Xiaotong, Huang Ershuai, Xu Wei

2020, 32 (11): 151-161.

Abstract ( 334 )

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This paper starts from the perspective of consumer psychology to study the relationship between upward social comparison and status consumption. Beside this, this paper discusses the boundary conditions of upward social comparison and status consumption from three aspects: individual factor, cultural factor and situational factor. This paper designs three experiments to test the relationship between upward social comparison and status consumption. Experiment 1 verifies that upward social comparison has a positive effect on status consumption. Experiment 1 also verifies that implicit personality plays a moderating role in the effect of upward social comparison on status consumption. That is, compared with incremental theorist, entity theorist is more inclined to status consumption after making upward social comparison. Experiment 2 verifies the moderating role of power distance belief in the effect of upward comparison on status consumption. That is, individual power distance belief strengthens the influence of upward social comparison on status consumption. Experiment 3 validates the moderating role of the comparison target in the effect of upward social comparison on status consumption. That is, when upward social comparison with the relevant target (vs. non-relevant target) is performed, the individual is more inclined to status consumption.

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Are Customers Really More Likely to Complain in a Group? The Moderating Role of Brand Strength

Chen Ke, Lei Jing, Zhang Hongxia

2020, 32 (11): 162-169.

Abstract ( 246 )

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Customer complaint handling is an important element in service management for customer satisfaction and loyalty. Little attention has been paid to the influence of social contexts on customer complaining behavior. This paper examines the impact of social contexts (i.e., the presence of a group vs. individual customer in a service failure) on customer complaining behavior. Built on the theory of social loafing effect, in this paper we propose that customers in a group believe that the outcome of a complaint depends on all customers' complaining efforts, and that individual customers' complaints are less useful. As a result, a customer is less likely to complain when the service failure occurs to a group than when it occurs to an individual customer himself or herself. We further propose that brand strength can moderate this effect. Specifically, this difference in complaining behavior between a group and an individual customer is much smaller when the brand has a strong positive impression among customers. Two experiments are conducted to test the predictions. The results of Study 1 demonstrate that participants have a lower intention to complain when they encounter the service failure in a group than when they are alone, and their perceived usefulness of complaining mediates the effect. The results of Study 2 show that for a weak brand, participants have a lower intention to complain when they are in a group than when they are alone. However, for a strong brand, this difference in complaining intention is not significant.

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An Empirical Study on Achievement Motivation and Consistent Culture as Dual Core Drivers of Self-oriented Job-Crafting Behavior: Based on Self-regulatory Theory

Chen Jianan, Cheng Shuang, Chen Rui

2020, 32 (11): 170-183.

Abstract ( 263 )

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Based on self-regulatory theory, this paper uses the dyad data of 283 employees from 31 companies to investigate how consistent culture and achievement motivation drive multi-dimensional and multi-directional behaviors of self-centered job-crafting. The results of multilevel analysis show: Both achievement motivation and consistent culture (as a strong culture) can independently drive individuals to perform more promotion-focused job-crafting behavior (including increasing relational resources, increasing structural resources and increasing challenging demands), but can not inhibit the prevention-focused job-crafting behavior (i.e., decreasing hindering job demands); Consistent culture (as a relationship-oriented culture) can only mitigate the positive impact of achievement motivation on increasing relational resources, but can not moderate the effect of achievement motivation on increasing structural resources, increasing challenging demands and decreasing hindering demands. These results highlight that achievement motivation and consistent culture are the dual core drivers of job-crafting behaviors, and the interaction effects between the dual core driving forces exist only in specific culture type and its corresponding behavior. These conclusions not only enrich the antecedents of self-centered job-crafting behavior but also provide some viewpoints on how to guide the employees to craft their job positively.

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A Multilevel Research on the Relationship between Self-Sacrificial Leadership and Employee Innovation Behavior ——Multilevel Role of Creative Process Engagement and Team Trust

Xu Zhenting, Luo Jinlian, Qu Yiying

2020, 32 (11): 184-195.

Abstract ( 293 )

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Ability to improve employee innovation behavior is a key factor that affects enterprise core competence. Numerous studies have shown that leadership behavior is an important factor in promoting employee innovation behavior. Based on this, by synthesizing theories of social information process and social learning, this paper illustrates the cross-level mechanisms of self-sacrificial leadership on employee innovation behavior. Using data gathered through a survey of 84 valid samples for research and development team in high-tech enterprises, we empirically test all the hypotheses. The results show that (1) self-sacrificial leadership has a significant positive influence on team trust, creative process engagement and employee innovation behavior. (2) Team trust and creative process engagement multilevel respectively play the multilevel mediating role in the relationship between self-sacrificial leadership and employee innovation behavior. (3) Team trust significantly moderate the relationships between process engagement and employee innovation behavior such that the higher team trust is, the stronger the positive relationship between the two will ber.

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The Impact of Minimum Wage on Corporate Risk-taking

Liu Wei, He Weifeng

2020, 32 (11): 196-207.

Abstract ( 241 )

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The effect of labor force on corporate financial behavior is attracting more and more attention. Based on Chinese listed companies, this paper analyzes the impact of labor protection on corporate risk-taking by adopting the external events of government minimum wage policy. The study finds that minimum wage is negatively associated with corporate risk-taking. The conclusions remain unchanged after substituting the measurement method of enterprise risk-taking, balancing panel and constructing DID model. Further research shows that the negative effects of minimum wage on corporate risk-taking is pronounced in companies with larger labor constraints, higher labor dependence, losses in the previous year, poor financial situation and insufficient compensation incentives for the management. The research not only enriches relevant research of corporate risk-taking and labor protection policy, but also provides inspiration for increasing corporate risk-taking level and labor policy making.

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Study on the Effect Mechanism of Abusive Supervision on Team Creativity： A Moderated Mediation Model

Peng Wei, Ma Yue, Chen Kuiqing

2020, 32 (11): 208-219.

Abstract ( 298 )

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In recent years, destructive impacts of abusive supervision in workplace have become a concern in both academic circle and practice, and will affect the process of team interaction and team performance to some extent. However, research on how abusive supervision affects team creativity is relatively lacking, so it is necessary to reveal the inherent mechanism of abusive supervision through empirical research. This paper conducts a questionnaire survey to 61 teams, and obtains 52 sets of valid team data. The empirical study shows that abusive supervision negatively affects team creativity; error aversion climate negatively affects team creativity and mediates the relationship between abusive supervision and team creativity; team prevention regulatory focus not only significantly moderates the relationship between error aversion climate and team creativity, but also moderates the mediating effect of error aversion climate between abusive supervision and team creativity, while the moderation effect of team promotion regulatory focus is not significant. The results not only enrich the theoretical research on team leaders and team creativity, but also provide a new thought for organizations to control and prevent the harm of abusive supervision and to enhance team creativity.

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Research on the Influence of Servant Leadership on the New Generation Employees' Work Passion

Li Yan, Ge Xinquan

2020, 32 (11): 220-232.

Abstract ( 343 )

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With the arriving of the era of VUCA (volatile, uncertain, complex, ambiguous), the external environment of the enterprise has changed dramatically, and the individuals in the organization and their initiative and creativity have become the core elements. Meanwhile, the new generation employees, mainly those born in the 1980s and 1990s, have become the main force in various fields. When the organization faces both the external environment of VUCA and the employees of new generation within the organization, the challenges of human resource management in Chinese enterprises are fierce and complex. The new generation employees have unique characteristics of the era in such aspects as career development goals, personality preferences and work attitudes, especially in terms of work values and sources of work passion. The traditional leadership behavior patterns are facing challenges. In view of this, in this study, a sample of questionnaire survey with 458 employees of large multinational companies in China, the relationships between servant leadership style, work passion, as well as person-organization fit in management have been studied, the results showed: (1) Based on social cognitive theory analysis, servant leadership is positively related to the working passion of new generation employees; (2) Based on the analysis of social information processing theory, person-organization fit plays an intermediary role. The above research results fill the theoretical gap of the influence of servant leadership on the work passion of the new generation employees, and have practical significance and application value on how to stimulate the work passion of the new generation employees by improving the leadership style in daily management.

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Nurturing Next Generation's Willingness: A Qualitative Comparative Analysis Based on Family System Theory

Wang Shuang, Zhang Congqun, Chen Shihui, Wu Bingde

2020, 32 (11): 233-244.

Abstract ( 272 )

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Transferring the leadership from parents to next generation is very common in family business. As the key issue of successor's willingness, family system was ignored in family business research. Based on the theory of family system, this paper uses the Qualitative Comparative Analysis (QCA) and fuzzy sets to analyze the data of twenty-two second generations from family firms, and proposes the SIF Model (Structure-Interaction-Function) to explore the multiple concurrent factors and causal complex mechanisms between the family and succession willingness. We conclude that the driving mechanism of high succession willingness can be classified into three paths: only-daughter succession, functional-governance,functional-communication. The first path refers to the match of the small-size family and the only daughter successor, and the other two paths show that how the functional family system matches formal governance and informal communication. Compared with functional-governance,functional-communication is more likely to nurture the next generation's willingness. Furthermore, in the family with more than one child, high-level communication leads to the high willingness of male successor. For those one-child families, maintaining good level of governance or only heiress may lead to high succession willingness. Finally, the driving mechanism of non-high succession willingness can be classified into two paths: dysfunctional-isolation, dysfunctional-conflict. There is an asymmetric relationship compared with the driving mechanism of high succession willingness.

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Research on SME Loan Pricing under Supply Chain Finance

Kuang Haibo, Du Hao, Zhang Xin, Meng Bin

2020, 32 (11): 245-259.

Abstract ( 332 )

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Based on the emerging financing model of supply chain finance, its financing characteristics and the key influencing factors of commercial bank loans, this paper comprehensively considers the optimal ratio of commercial bank income and cost, and builds a target planning model for SME loan pricing with the greatest benefit and the smallest cost. The Lagrange method is used to calculate the combination coefficient of the objective planning function; at the same time, in order to highlight the characteristics of supply chain finance and the advantages of full-chain loan credit, this paper introduces the reward and punishment mechanism of the supply chain operation as an adjustment factor for the supply chain finance model. Commercial bank loan pricing provides new ideas. This paper takes 940 sample enterprises from the equipment manufacturers listed in Shenzhen Stock Exchange as research objects for an empirical research. The research results show that the loan interest rate of risk-based enterprises is significantly higher than that of non-risk enterprises, and the supply chain financial loan pricing model can bring significant benefits to companies with better performance in supply chain. On the other hand, it can increase the loan interest rate of companies with poor performance in supply chain and obtain more risk compensation.

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Research on Inventory Model of Deteriorating Items Based on Two-level Partial Trade Credit with Customer Credit

Wu Chengfeng, Zhao Qiuhong, Yang Jiaoping, Ma Yanhong

2020, 32 (11): 260-269.

Abstract ( 144 )

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The paper develops an inventory model for deteriorating items based on two-level partial trade credit and customer credit rating, and discusses the retailer's optimal ordering strategy with fixed deterioration rate which fits a more general inventory feature. The model assumes the supplier requires the retailer to take mixed payment mode (prepayment, cash payment and permissible delay in payments), and at the same time, the retailer implements differentiated trade credit strategy based on customer credit. The retailer allows delay in all payments for good credit customers and requires prepayments and cash payment for bad credit customers. The paper derives the existence and uniqueness conditions of the optimal solution of the model, and develops a set of theorems to determine the optimal solutions. Finally, a numerical example is presented to illustrate the proposed strategy and optimal solutions, and a sensitivity analysis is performed for changes in the main parameters to obtain relevant findings on managerial implication.

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The Impact of Logistics Technology Innovation on Supply Chain Flexibility： A Moderated Mediation Model

Wu Qun, Tang Yahui, Li Mengxiao, Hu Yuchen

2020, 32 (11): 270-281.

Abstract ( 254 )

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With the increasingly fierce and complex competition environment of enterprises, more and more enterprises realize the importance of innovative development and supply chain flexibility. Continuously optimizing and upgrading logistics technology has become an important means to achieve rapid response to customer needs. Logistics technology innovation provides basic guarantees and important conditions for supply chain coordination and supply chain flexibility, and improves the dynamic capabilities and competitive advantages of enterprises to deal with uncertainty. This study focuses on the impact of logistics technology innovation on supply chain flexibility, and explores the mediating effect of supply chain collaboration in the relationship between logistics technology innovation and supply chain flexibility. Furthermore, this study also explores the moderating effect of firm size on above relationships. The empirical results show that logistics technology innovation is positively related to supply chain flexibility and supply chain collaboration mediates the relationship between logistics technology innovation and supply chain flexibility. The results also show that firm size moderates the relationship between logistics technology innovation and supply chain flexibility, and firm size moderates the mediation of supply chain collaboration. Specifically, the larger the firm size, the weaker the positive correlation between logistics technology innovation and supply chain flexibility. The larger the firm size, the weaker the positive correlation between logistics technology innovation and supply chain collaboration. The larger the firm size, the stronger the positive correlation between supply chain collaboration and supply chain flexibility.

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Review and Frontier Analysis of Income Distribution Research ——A Bibliometric Analysis

Qiao Han, Wang Jie, Lu Tao

2020, 32 (11): 282-296.

Abstract ( 302 )

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The reform of income distribution is an important part of the reform of economic system and critical concern of the whole society. Fair and equitable income distribution is an important guarantee for the optimal allocation of production factors, and efficiency and fairness of development of society and economy. To do a review and frontier analysis of income distribution research, bibliometric analysis is employed to analyze papers from Web of Science and CNKI. Statistical analysis, keyword networks and citation networks are conducted. The results are as follows: (1) Scholars from various fields such as economics, management and public policy have been attaching great importance to the research of income distribution and fruitful outcomes have been achieved. The United States and European countries are in a leading position while China develops fast in terms of the research of income distribution. (2) During the early time, researchers focused on the relationship between inequality of income distribution and economic growth, and the impact of production factors on income distribution. International income distribution, wage, resident income, the new normal of economy, influence of climate change become new research hot spots in recent years. (3) Production factors including labor, technology, capital and land present new characteristics, but their potential impact on income distribution has not been thoroughly explored. This study argues that education reform and vigorous development of online education, the emergence of new technologies, the development of financial industry and the land reform's impact on income distribution may become the focus of future researches. This research will be illuminating for further research of income distribution and provide reference for the policy making of income distribution reform in the new era.

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Does Public Participation in Social Governance Always Work? A Game Theory Analysis Based on Ecological Water Conservancy Project Construction

Huang Wei, Wang Danfeng, Song Xiaoying

2020, 32 (11): 297-307.

Abstract ( 165 )

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Developing a people-centered society and improving social governance,are key to building China into a modernized country with socialist characteristics. This paper aims to reveal the effectiveness of public participation in social governance, takes the ecological water conservancy project as background, and sets a research framework that focuses on three participants: the government, enterprises and the public. Firstly, this paper analyzes the behavior and motivation of each participant from the perspective of game theory among government, enterprises and the public. Secondly, through the Nash equilibrium analysis of the three parties, this paper explores the reasons for the lack of effectiveness of public participation, and puts forward strategies and paths for improvement. At last, this paper verifies the proposed theory using two actual ecological water conservancy project cases.

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Research on B2B Platform Strategy Based on Co-Evolution: Jingdong New Trade Case

Cao Xin, Ouyang Taohua, Huang Jinsong, Qu Shen

2020, 32 (11): 308-320.

Abstract ( 307 )

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Focusing on the case of Jingdong New Trade, this paper examines the process and strategy of how brand, platform and retailer coevolve and develop the B2B platform based on the perspective of coevolution. The findings are as follows: 1) B2B platform is a typical bilateral trading platform and its development requires the coevolution of multiple participants, namely, the evolutions of the platform's operation mode, the brand's sales mode, and the retailer's procurement mode. 2) To develop B2B platform, the platform should possess certain key capabilities to drive the evolutions of brand and retailer. 3) Based on the difficulties of management and market development, strategies of coevolution can be classified into three types: openness, symbiotic and absorption. The platform can comprehensively utilize the three types of strategies to control the bilateral trading platform in different phases. This study develops a strategic model for the coevolution of multiple participants. The conclusion not only complements the theories related to B2B platforms and coevolution, but also provides guidelines for Chinese Internet companies to develop B2B e-commerce platforms.

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How Can “Qin Jian” Promote Chinese Traditional Enterprises' Healthy Growth? ——Case Study of Xinghuacun Fenjiu Group

Pan Ancheng, Liu Hao, Chang Yufan

2020, 32 (11): 321-336.

Abstract ( 253 )

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As a Chinese traditional virtue, Qin Jian runs through the daily life of Chinese society, but its basic role in traditional Chinese organizations has not attracted the attention of the academic community. Through the case study of Xinghuacun Fenjiu Group, a time-honored brand in China, this study gives the logical relationship of Qin Jian from the behavioral perspective of “Fahuqing Zhihuli”, and puts forward the Qin Jian behavioral mechanism model of Organization Healing by the Chinese traditional enterprises. It is found that under the guidance of relationship maintenance, Qin Jian behaviors promote the long-term growth of traditional Chinese enterprise organizations in the acquaintance society; when the overall modality of the organization is destroyed, the Organizational Healing mode shaped by Qin Jian behavior can enable the enterprise to return to normal and sustainable development. The research shows that, based on the logic of local governance in China, Qin Jian behavior is conducive to the physical and mental health of members, and helps promote the healthy development of traditional Chinese enterprises in the uncertain environment.

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