Table of Content

28 February 2022, Volume 34 Issue 2 Previous Issue    Next Issue
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Economic and Financial Management
Digital Economics
Technology and Innovation Management
Marketing
Organizational Behavior and Human Resource Management
Organization and Strategic Management
Accounting and Financial Management
Public Management
Case Studies


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Economic and Financial Management

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Impact of Media Information on Institutional Investors:Theory and Evidence Based on Institutional Investors' Private Information Zhou Xiaohua, Zhang Fei, Chen Pengcheng 2022, 34 (2):  3-17.  Abstract ( 213 )   PDF (1392KB) ( 282 )   We link public media information with private information of institutional investors and build an IPO pricing model based on Bayes’ rule under the background of Chinese IPO market. Our model gives a theoretical explanation for the micro mechanism of media information influencing institutional investors’ private information and decision-making. The results of the model show that: media information and private information of institutional investors are positively correlated, and the distribution of private information will depend on the implementation value of the media signal. Media information influences institutional investors’ decisions and their expected initial returns through two ways — incentive effect and demand effect. These two paths have negative and positive effects on the expected initial returns respectively, and the final impact of media information will depend on the relative strength of the two paths. We use 874 A-share IPO samples from 2009 to 2014 to conduct empirical tests. The empirical results respectively verify the two paths and their combined effects, which provides satisfactory support for the model conclusion. References | Related Articles | Metrics

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Economic Policy Uncertainty and Corporate Social Responsibility Wang Yonghai, Hao Xiaomin 2022, 34 (2):  18-32.  Abstract ( 502 )   PDF (1339KB) ( 290 )   Based on the sample of Chinese A-share listed companies from 2010 to 2017, this paper examines how economic policy uncertainty affects corporate social responsibility. Empirical results show that the more uncertain economic policies are, the greater extent to which companies are to assume corporate social responsibility. The conclusion is still valid after endogenous treatment and robustness test. This relationship is more pronounced for companies with lower internal control levels and greater earnings volatility. This relationship is more pronounced in state-owned enterprises, and it is more pronounced in non-state-owned enterprises with political connections and in areas with high level of government intervention. Economic policy uncertainty affects the degree of fulfillment of corporate social responsibility by affecting systematic risk faced by companies. The conclusion shows that, in the face of external economic policy uncertainty, on the one hand, companies may use social responsibility fulfillment as a tool to respond to the risk based on their own management risk. On the other hand, the government has incentive to guide companies to actively fulfill social responsibility in order to better achieve government goals when economic policy uncertainty rises. References | Related Articles | Metrics

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The Effects and Paths of Mixed Ownership Reform of State-owned Enterprises on Their Profitability Ni Xuanming, He Yingjie, Peng Fangping, Ou Mingqing 2022, 34 (2):  33-45.  Abstract ( 335 )   PDF (1269KB) ( 271 )   The mixed ownership reform of state-owned enterprises (SOEs) as the pillar of China’s socialist market economy is an important way to reinforce SOE’s dominant position and to expand and strengthen the state-owned economy. This paper uses the data of state-owned manufacturing enterprises in Chinese Industrial Enterprises Database to build a two-way fixed-effects model to explore whether the mixed-ownership reform of SOEs has improved the level of their profitability, and to test the mechanism. The research results show that the mixed reform of SOEs significantly improves their return on assets. Further study shows that the above effects are achieved mainly through two impact paths: reducing agency costs and decreasing leverage ratios. The heterogeneity analysis at the level of subordination shows that the effect of mixed reform of local SOEs is better than that of central SOEs. References | Related Articles | Metrics

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Research on the Interaction between Financial Risk and Macroeconomic Risk Liu Chao, Zhang Ruixue, Zhu Xiangyu 2022, 34 (2):  46-61.  Abstract ( 192 )   PDF (1599KB) ( 129 )   Financial risk and macroeconomic risk are interwoven and closely related, and the research on the interaction between them has always been a hot issue in the academic circle. By building the Financial Stress Index and Macroeconomic Risk Index, this paper employs the detrended cross-correlation analysis (DCCA), multifractal asymmetric detrended cross-correlation analysis (MF-ADCCA), DCCA analysis based on time-delay and TVP-VAR model to analyze the complex interaction behavior of cross-correlation, asymmetry, directionality and time-varying between financial risk and macroeconomic risk. The results show that the financial risk and macroeconomic risk are mutually generated, showing a cross influence relationship; Financial risks have a relatively large impact on macroeconomic risk, and the accumulation of financial risk will increase the macroeconomic downward pressure, while the release of financial risk cannot bring economic prosperity in time; There is a significant time-varying correlation between financial risk and macroeconomic risk, and the promoting effect of macroeconomic risk on financial risk keeps increasing. References | Related Articles | Metrics

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Where Are the Entry Points to Optimizing China's Factors Allocation?——A Comparative Analysis Based on the Seriousness of Multi-dimensional Factors Misallocation Chen Yiran, Li Yidong, Jin Laiqun, Zhang Rui 2022, 34 (2):  62-75.  Abstract ( 195 )   PDF (1963KB) ( 180 )   The reform of factors allocation system is the key to China’s high-quality economic growth. However, an important question is: where are the entry points to optimizing China’s factors allocation? By introducing intermediate input and loosening the assumption that production function has constant returns to scale, this paper makes a multi-dimensional analysis on the misallocation in China’s manufacturing industry. The results show that: (1) Although under the structural reform policy, the inter-sector misallocation has eased up since 2015, that among intra-sector companies has intensified since 2008, which made the overall misallocation worse year by year, especially the intermediate input misallocation. As of 2018, misallocation had caused a 10.23% loss to China’s TFP, with capital, intermediate input and labor being misallocated resepctively to the most, the less and the least extent. (2) By vertical comparison, the intra-sector misallocation is more serious than inter-sector misallocations. So far as the inter-sector misallocation is concerned, the inter-industry, inter-region and inter-ownership misallocations occur resepctively to the most, the less and the least extent. The same is true of the result of the comparison by factors. (3) In terms of intra-sector misallocation, that in the textile industry, petrochemical industry, machinery and electronics industry, southeast and western regions, and local state-owned sectors is relatively serious or rapidly increasing year by year, which needs to be solved urgently. (4) In terms of the structural reform direction, capital in machinery and electronics, labor in metallurgy, various factors in the eastern region and intermediate input in non-state-owned companies are seriously insufficient, which need to be made up. References | Related Articles | Metrics

Digital Economics

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Task-oriented or Social-oriented? Effects of Content Characteristics of Information Interaction on Customers' Participation Performance in Online Customization Zhou Xinxue, Wang Tianmei, Tang Jian 2022, 34 (2):  76-88.  Abstract ( 208 )   PDF (1409KB) ( 159 )   Information interaction in online customization helps companies to solicit customer needs. The design of information interaction content has significant implications for guiding customers to actively participate in online customization communities and improve participation performance. Based on stimulus-organism-response (S-O-R) theory, this paper proposes a model to depict the influence of content characteristics of information interaction on customers’ participation performance. This paper also discusses the interrelationships among goal orientation, customers’ experience value and participation performance. The moderating effect of text-based mental imagery is also considered. A 2 (goal orientation type: task-oriented vs. social-oriented)×2 (text-based mental imagery: present vs. absent) between-subjects experiment is conducted to validate how content characteristics affect participation performance through customers’ experience value. Then, Haier’s community data is used to validate the impact of content characteristics on customers’ participation performance. The results show that goal orientation type has varying effects on the customer’s experience value and participation performance; customer’s experience value has a positive effect on their participation performance; lastly, the impact of goal orientation type on experience value and participation performance is moderated by text-based mental imagery. References | Related Articles | Metrics

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How do Start-ups and Users Develop Opportunities to Achieve Value Creation in the Digital Age? Xiang Guopeng, Gao Ting, Wan Shiyi 2022, 34 (2):  89-101,141.  Abstract ( 322 )   PDF (1670KB) ( 237 )   The advent of the digital age has changed entrepreneurial behavior and results, but the value creation mechanism between startups and users is still in theoretical exploration stage. So, from the perspective of entrepreneurial opportunity development, we construct a research framework of “value proposition—interaction—entrepreneurial opportunity development—value realization”. We find that: the opportunity development is jointly completed by startups and users, and users are included in the value proposition and creation link, and share the value creation results; two value co-creation paths are formed between them, namely, through the entrepreneurial discovery and opportunity creation to realize the value co-creation; in the process of opportunity development, the digital context provides a foundation bridge for the formation of entrepreneurship through the interaction of the two opportunities. This paper introduces the important concept of entrepreneurial theory: entrepreneurial opportunity explains the value co-creation mechanism, and tries to open the theoretical black box of value creation formed by the interaction between users and start-ups in the digital era, and provides enlightenment for the start-up enterprises to effectively coordinate the relationship with users. References | Related Articles | Metrics

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Risk Spillovers between Global Cryptocurrency and Chinese Financial Assets Ji Qiang, Hu Min, Ma Yanran, Zhang Dayong, Guo Kun 2022, 34 (2):  102-111.  Abstract ( 354 )   PDF (2195KB) ( 253 )   The fast development of digital economy has led to larger demand for cryptocurrencies. While they brought clear benefits to the economic progress, cryptocurrencies have also shown significant impacts on financial markets. The volatility of global cryptocurrencies can potentially affect financial markets in China with increasing trends of financial openness. With this concern in mind, this paper aims to measure risk spillovers between global cryptocurrencies and financial assets in China, and then tries to identify the main factors linking systemic risks between financial markets in China and global cryptocurrency markets. Our results show that certain level of extreme risk spillover exists. In the long-term, volatility in the global cryptocurrency markets leads the risk spillover channels, but they receive limited impacts from financial assets in China. When we look at the short-term spillover effects, downward risks dominate upward risks. Meanwhile, market sentiment is shown to be the main factor explaining the systemic risk spillover found in this paper. References | Related Articles | Metrics

Technology and Innovation Management

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Research on the Effect of Coopetition Strategy on Inter-firm Technology Transfer: From the Perspective of Dialectics and Paradox Theory Liu Ruijia, Yang Jianjun 2022, 34 (2):  112-125.  Abstract ( 176 )   PDF (1448KB) ( 128 )   For coopetition strategy, different interpretations of its concept and contradiction nature bring different implementation ways in the inter-firm technology transfer process. Based on the theoretical perspectives of dialectics and paradox, this paper explores the diverse interpretations of coopetition strategy on inter-firm technology transfer under different logics. An empirical analysis based on questionnaire data of 279 manufacturing enterprises in China shows that coopetition strategy of the two logics both have significant positive impact on technology transfer between enterprises. The constructive conflict caused by coopetitive contradiction has a positive moderating effect on the relation between coopetition and technology transfer under paradoxical logic, but is not conducive to the relation under dialectical logic. In this context, the strong tie between firms can weaken the negative impact of constructive conflict on the main effect of coopetition under dialectical logic. Meanwhile, weak tie can further promote the positive effect of constructive conflict on the main effect of coopetition under paradoxical logic. References | Related Articles | Metrics

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A Digital-driven OCEAN Model of Polychronic Knowledge Creation: Concept, Connotation and Theory Validation Chin Tachia, Shi Yi, Qian Zhen 2022, 34 (2):  126-141.  Abstract ( 235 )   PDF (3539KB) ( 166 )   In the new era, the development of digital technology continues to break through the original time and space boundaries, and the knowledge creation of business models among cross-border organizations interweaves with diverse and heterogeneous social and cultural factors, presenting an unpredictable, dynamic pattern. Given the contextual limitations of exiting theories, this study proposes a new phenomenon-driven OCEAN model of polychronic knowledge creation, based on which we further conduct in-depth elaboration and logical reasoning on its conceptualization and connotation. Meanwhile, in light of the qualitative method, this study uses big data from the Oxford COVID-19 Government Response Tracker (OXCGRT), identifying new knowledge-creating activities in six countries under the global public health emergency, so as to validate the theory of our proposed OCEAN model. The results verify the effectiveness of the three stages of the OCEAN model at the practical level. The main contributions of this study are as follows: First, this study echoes the phenomenon-driven research that explores the fundamental theoretical problems behind the major phenomena and issues. Second, it combines the use of big data with systematic analytical methods, achieving the first empirical validation of the OCEAN model. Third, it promotes the interdisciplinary development of cross-cultural management, knowledge management, risk management and other disciplines. Last, it provides theoretical basis and practical references for analyzing and solving problems related to knowledge creation in cross-cultural contexts. References | Related Articles | Metrics

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The Impact of Visualization on Innovative Products: The Matching between Temporal Perspective and Regulatory Focus Zhou Yuanyuan, Zheng Yuhuang 2022, 34 (2):  142-153.  Abstract ( 209 )   PDF (1474KB) ( 195 )   Visualization refers to the mental process in which consumers imagine themselves interacting with a product. In the era of Internet marketing where users are deeply involved, visualization is an effective marketing tool to improve consumers’ evaluation of new products. Through three experiments, this paper explores the interactive effect of the temporal perspective of visualization and consumers’ regulatory focus on new product evaluation. This study finds that the temporal perspective and regulatory focus have a matching effect on new product evaluation: the past perspective is matched with the prevention focus and the future perspective is relatively matched with the promotion focus. Further research indicates that the vividness of imagination is the underlying mechanism of this matching effect. In addition, for consumers with lower imagery capacity, the matching effect would disappear. References | Related Articles | Metrics

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Technological Innovation Capability and Export Trade along the “Belt and Road”: Influence of Market Development Capability and Enterprise Age Zheng Dengpan, Zhou Qing, Yang Wei 2022, 34 (2):  154-165.  Abstract ( 123 )   PDF (1319KB) ( 240 )   Technological innovation and market expansion, as an important corporate ability, have a significant impact on Chinese enterprises’ export trade along the “Belt and Road”. In order to support the expanding international market, existing researches mainly focus on the positive impact of technological innovation capability on enterprises’ export trade. However, facing the uncertainty of the international market environment along the “Belt and Road”, in addition to technological innovation capability, market development capability also plays an important role. On this basis, this study not only analyzes the impact of technological innovation capability on Chinese enterprises’ export trade along the “Belt and Road”, but also analyzes the moderating effect of market development capability on the relationship between them. The results show that: technological innovation ability is conducive to improving enterprises’ export trade along the “Belt and Road”, but too strong technological innovation ability will reduce their export trade, and the market development ability will lead to a smoother inverted U-shaped relationship between them. Finally, the age of enterprises will help improve their export trade along the “Belt and Road”. References | Related Articles | Metrics

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The Impact of Lighting on New Product Adoption Zhang Yu, and Du Jiangang 2022, 34 (2):  166-176.  Abstract ( 141 )   PDF (1384KB) ( 127 )   Product innovation is the driving force for a firm’s sustainable growth, and to some degree it shields a company from fierce competition. The current research examines the effect of lighting conditions in retailing environments on adoption of new products. The results of study 1 reveal that consumers in a high (vs. low) lighting condition are more likely to adopt new products. We use the Inquisit software to explore its underlying mechanism in study 2A, and investigate the mediating role of regulatory focus in study 2B. The results show that a high (vs. low) lighting condition provides greater stimulation and evokes promotion focus (vs. prevention focus), which in turn enhances adoption of new products. Study 3 further demonstrates the moderating role of social exclusion in the above lighting effect. The findings in studies 1 and 2 are replicated when social exclusion is absent. However, when social exclusion is primed, this pattern of effects reverses. As a result, consumers show preference for a new product in a low (vs. high) lighting condition. These findings contribute to literature on new-product adoption and effect of atmospherics. They also provide interesting and readily applicable implications for marketing managers in designing their retail atmosphere and introducing or promoting new products. References | Related Articles | Metrics

Marketing

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An Exploratory Research on Mechanism of Copreneurial Co-leadership Based on Relational Identity Xiao Yujia, Xu Xiaona, Pan Ancheng 2022, 34 (2):  177-191.  Abstract ( 189 )   PDF (1446KB) ( 182 )   Copreneurship is jointly led by the couple, but how they share leadership under dual identities has not been widely explored in the academic community. Based on the perspective of copreneurial identity, this study selects a copreneurial firm as the research object and adopts the exploratory case study method to construct a theoretical model for copreneurial co-leadership behavior. This study finds that: (1) Copreneurial identity promotes the formation of organizational synergy when the spouse leads together. In other words, role identity ensures the balance of power structure of copreneurial co-leadership, while the spouse identity forms the emotional connection between the co-leaders. (2) Copreneurial identity plays an important role in the process of joint decision-making, integrating resources and coordinating actions by couples, which further promotes the identification and utilization of opportunities for new ventures. This study shows that the copreneurial identity not only maintains the structural characteristics of copreneurial co-leadership, but also provides a situational basis for promoting the growth of new ventures. References | Related Articles | Metrics

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Constrained Physical Space Constrains Time Availability:The Mediation of Competitive Mindset and the Moderation of Perceived Economic Mobility Guo Qingqing, Wang Liangyan, Han Bin 2022, 34 (2):  192-202.  Abstract ( 270 )   PDF (1358KB) ( 347 )   Social crowding and time scarcity are two common phenomena in the current society, while there is a lack of research exploring the relationship between these two phenomena. Based on metaphor theory and crowding research, this paper examines the influence of social crowding on time scarcity through four experimental studies. The results indicate that social crowding induces time scarcity. That is, the “constrained physical space constrains time availability” effect. The effect is moderated by consumers’ perceived economic mobility and mediated by competitive mindset. Furthermore, the subsequent series behavior of the effect is fully explored as well. The present paper expands the application scope of metaphor theory, and enriches consumer cognition of social crowding research. References | Related Articles | Metrics

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An Exploration of How the Crossover of Time-honored Brands Impacts Young Consumers' Brand Attitudes Wang Desheng, Li Tingting, Han Jie 2022, 34 (2):  203-214,227.  Abstract ( 438 )   PDF (1473KB) ( 448 )   It’s important for time-honored enterprises to choose appropriate crossover products favored by young people before they engage in crossover marketing. Despite the burgeoning research on brand crossover, the literature lacks an in-depth understanding of crossover mechanism. Thus, based on association-demand theory, this paper investigates the psychological mechanism of how brand crossover affects young consumers’ brand attitudes. The results show that there is an interaction effect between crossover marketing and the degree of difference-seeking. That is, when consumers with a high degree of difference-seeking encounter the “element grafting” type of brand crossover, or consumers with a low degree of difference-seeking encounter co-branding, their perceptions of innovation and brand attitude are more positive. In addition, cultural identity has a moderating effect on this interaction effect. The findings provide theoretical and practical guidance for time-honored enterprises in renewing the value of their brands. References | Related Articles | Metrics

Organizational Behavior and Human Resource Management

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Impacts of Paradoxical Leadership Behavior on Employee Creativity Tao Houyong, Wu Qianqian, Hu Wenfang 2022, 34 (2):  215-227.  Abstract ( 669 )   PDF (1374KB) ( 618 )   Based on social cognitive theory and the dual pathway to creativity model, this paper explores the mechanism of how paradoxical leadership behavior influences employees’ creativity from the perspective of employees’ behavioral response, adopts questionnaire survey data including 256 leader-subordinates dyads from Wuhan, Guangzhou, Suzhou etc. Specifically, this study investigats the mediating role of employees’ hard work and smart work, the moderating role of employees’ regulatory focus between paradoxical leadership behavior and employees’ creativity. The results show that paradoxical leadership behavior has significant positive influence on employees’ creativity. Employees’ hard work and smart work partly mediates the relationship between paradoxical leadership behavior and employees’ creativity. Employees’ one-dimensional regulatory focus negatively moderates the relationship between paradoxical leadership behavior and employees’ hard/smart work. Furthermore, employees’ one-dimensional regulatory focus negatively moderates the indirect effect of paradoxical leadership behavior on employees’ creativity via employee hard/smart work. Paradoxical leadership behavior has a stronger positive effect on employees’ hard work when employees have both high promotion and high prevention regulatory focus. This paper enriches the influence mechanisms of paradoxical leadership behavior on employees’ creativity and echoes the call for further exploring the boundary conditions of the effectiveness of paradoxical leadership. References | Related Articles | Metrics

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Will Regional Culture Affect the Governance Structure of Family Firms?——From the Perspectives of Farming Culture and Family Control Yu Xiaodong, Zhang Yuyin, Zhou Weizhong 2022, 34 (2):  228-240.  Abstract ( 156 )   PDF (1285KB) ( 93 )   Based on the theory of social emotional wealth, from the perspectives of farming culture and family control, this paper explores the differences in family involvement, family ownership and chairman authority of family firms under the influence of regional cultures. Using a sample consisting of all 517 family firms listed on the China Shenzhen SME and GEM, we apply the regression analysis to test the hypothesis. The results show that, compared with dry farming culture, under the influence of paddy farming culture, which is more prevalent in family collective production, local family firms are more inclined to introduce family members to participate in business operations, to maintain a higher proportion of family ownership. Meanwhile, within the family, family firms in paddy fields are also more inclined to strengthen the chairman authority. The research results prove that regional culture is also one of the factors affecting the governance structure of family firms. This paper explains the heterogeneity of family firms based on the macro factor. References | Related Articles | Metrics

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The Choices of Performance Indexes of Executive Compensation Contracts in the Process of Marketization Jiang Tao, Liu Mengning 2022, 34 (2):  241-255.  Abstract ( 220 )   PDF (1299KB) ( 125 )   This paper studies the impact of the process of China’s economic marketization on behaviors of micro-enterprises. We find that in areas with a higher level of marketization, listed companies’ remuneration assessment policies are based more on profit indexes, with no emphasis put on the non-financial indexes related to social responsibility assessments. Then we analyse the ex post economic consequences and find that in areas with a higher level of marketization, the sensitivity of pay-for-performance of the listed company executives, which is related to the accounting profit is higher, and the information disclosure of social responsibility doesn’t increase. The study of macroeconomic phenomena and microcosmic corporate behaviors shows that the process of marketization could indeed enhance corporate governance capabilities, but it cannot encourage companies to assume more social responsibilities for production safety and environmental protection. References | Related Articles | Metrics

Organization and Strategic Management

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The Competitiveness of Maker Space Platform Organization: Structure, Measurement and Effects on Entrepreneur Engagement Chen Wu, Li Xiaoyuan 2022, 34 (2):  256-268.  Abstract ( 170 )   PDF (1437KB) ( 159 )   Based on the semi-structured data with sixty-seven managers of sixty-four maker space platforms, eight officials of four government agencies, and 203 questionnaires from 78 maker space platforms, this paper conducts a qualitative plus quantitative study to explore the structure, connotation and measuring tools of maker spaces platform organization in China. Then we use 68 pairs of data from maker space platforms and entrepreneurs to empirically test the mechanism of how the organizational competitiveness of maker space platforms influences entrepreneurial engagement. The result indicates that the organizational competitiveness of maker space platform is a second-order five-factor structure that includes identity construction, cultural closeness, value proposition, service embeddedness and resource commitment and the scale presents favorable reliability and validity. The competitiveness of maker space platform organization has a positive effect on the entrepreneurial involvement. The results help managers to deeply and comprehenively understand the root cause why maker space platforms are facing the phenominon of “too more temples for monks”, and provide technical and theoretical support for the construction of the theory of competitiveness of maker space platforms. References | Related Articles | Metrics

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Managerial Resilience, Strategy Change and Firm Growth——An Empirical Study on Chinese Listed Companies in Hong Kong Stock Market Qiao Penghua, Zhang Yue, Xu Weibin, Shi Linna 2022, 34 (2):  269-280.  Abstract ( 293 )   PDF (1328KB) ( 196 )   There have been a long paid attention to the influence of managerial personal characteristics on firm growth. The research on the influence of managerial resilience on firm growth is still in its infancy. Taking 625 Chinese listed companies on the Hong Kong Stock market in 2007-2017 as samples, we empirically study the relationship between managerial resilience, strategy change and firm growth, and the regulatory role of gaming culture in this path. The results show that: (1) Managerial resilience has a positive impact on the long-term performance of the companies, and has a negative impact on their short-term performance; (2) Managerial resilience promotes their strategic change; (3) Strategic change plays a mediating role between resilience and firm growth; (4) Gambling culture positively regulates the relationship between managerial resilience and strategic change; gambling culture positively regulates the mediating role of strategic change between managerial resilience and firm growth. This paper expands the research on the influence of managerial psychological traits on the growth of enterprises, enriches the researches of the upper echelons theory, and provides a new idea for enterprises to achieve sustainable growth. References | Related Articles | Metrics

Accounting and Financial Management

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Stock Exchanges Regulation and Stock Price Synchronicity——Evidence Based on Annual Report Comment Letters Yuan Rongli, Wang Qun, Li Ruijing 2022, 34 (2):  281-290,352.  Abstract ( 211 )   PDF (1297KB) ( 175 )   This study investigates the impact of annual report comment letters on stock price synchronicity based on the data of Chinese A-share listed companies from 2015 to 2018. This study shows that annual report comment letters decreases stock price synchronicity significantly. Further analyses suggest that institutional investor’s ownership and product market competition reduce the impact of annual report comment letters on stock price synchronicity. Moreover, we find the reduction effect of annual report comment letters on stock price synchronicity is more strong when annual report comment letters contain more questions and need to be verified by the intermediary. At last, we find information asymmetry is the mechanism through which annual report comment letters reduce stock price synchronicity. Our findings enrich the research about annual report comment letters’ economic consequences and also have implications for regulators to make decisions. References | Related Articles | Metrics

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Does Sharing Auditor Impact Suppliers' Relationship-specific Investment? Hu Zhiying, Tong Menglu, Liu Tongtong 2022, 34 (2):  291-302.  Abstract ( 209 )   PDF (1291KB) ( 213 )   Relationship-specific investment of suppliers may be faced with held-up problem, which means relationship-specific assets should be under-invested if suppliers are not properly encouraged. Information asymmetry will aggravate this problem. Therefore reducing the degree of information asymmetry between suppliers and customers will effectively promote the relationship-specific investment. This paper takes firms listed in China’s capital market from 2009 to 2015 as sample, examines the role of the auditor as an information intermediary and finds that sharing auditor with customers will increase relationship-specific investment, and when customer and supplier have less accounting comparability, customers are less trusted by suppliers and auditor has higher ability to gather or communicate soft information, the information intermediary role of auditor in promoting suppliers’ specific investment is more significant. Further results show that the role of shared auditor in promotion of relation-specific investment is more significant in firms with more competitive customers and more serious financial constraints. References | Related Articles | Metrics

Public Management

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The Optimal Decision-making of Monopoly Manufacturer under the Mixed Carbon Policy and Government Regulation Policy Zhang Yuxiang, Tan Deqing 2022, 34 (2):  303-314.  Abstract ( 258 )   PDF (1506KB) ( 181 )   Most carbon policies focus on the carbon emission in the production process. In practice, more carbon emissions come from the consumption process of many durable goods. It is imperative to curb carbon emissions in the consumption process. Based on this, an exploratory proposal is made to implement the "carbon trade - carbon tax" mixed carbon policy. From the perspective of consumer utility, this paper builds a durables monopoly’s leasing and selling decision model featured with carbon emissions in both production and consumption process, examines the impact of the carbon trading price and the carbon tax rate on the monopoly’s marketing strategy and carbon reduction strategy and discusses how to effectively curb carbon emissions via carbon policy. The results show that: without the carbon tax or loose carbon tax policy, carbon trading price cannot change the status quo of manufacturers' choice of leasing strategy; Given the tightening carbon tax policy, the selling strategy is better when the carbon trading price is lower; The leasing strategy is better when the carbon trading price is higher; The carbon trading price and the carbon tax rate affect the introduction of the emission reduction technology and its effect. The higher the carbon trading price, the weaker the emission reduction effect; No matter which marketing strategy is chosen by the monopoly, the government can curb the emission through adjusting the carbon trading price and carbon tax rate. References | Related Articles | Metrics

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Dynamic Evolution of Urban Households' Poverty Vulnerability in China from Multidimensional Perspectives Wan Liyang, Wu Hecheng, Lu Weixue 2022, 34 (2):  315-325.  Abstract ( 226 )   PDF (1266KB) ( 147 )   Based on two rounds of micro-survey data of Chinese residents, this paper constructs an expected poverty probability model to measure the poverty vulnerability of urban households, and studies the dynamic evolution from the national, regional and family dimensions. The results show that China’s marginal effect on international poverty reduction has declined, urban chronic poverty has continued to improve, but temporary poverty has shown signs of aggravation. Relative poverty is increasingly prominent, and it is becoming more and more serious in developed areas. Meanwhile, the situation of poverty in Heilongjiang has worsened, Henan and Hunan have the widest coverage of invisible poverty, and Henan, Hubei, Hunan and Chongqing are the areas with high incidence of poverty. Over time, poverty vulnerability tends to the young household evidently; the gender of householder has degenerated into a non-influencing factor in poverty vulnerability, while marriage and child-rearing become the main risk of disturbing family stability. Moreover, the investment of individual education has been unable to inhibit the poverty vulnerability unless the family education level is promoted in a balanced way. In terms of effective identification, national relative poverty line applies to chronic poverty vulnerability, regional relative poverty line is suitable for temporary poverty vulnerability, and the identification of high vulnerability is conducive to accurate poverty alleviation. References | Related Articles | Metrics

Case Studies

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Supply Chain Finance Business Model, Scenario Innovation and Risk Avoidance: Based on “Orange Staging” Case Study Li Jian, Qu Ke, Tian Xin, Gao Ying, Cai Baoxiang 2022, 34 (2):  326-335.  Abstract ( 477 )   PDF (2178KB) ( 443 )   Supply chain finance business model realizes value creation through scenario innovation. In supply chain finance, the key to business model innovation is to solve the problems of credit transmission and risk. This paper aims to explore the motivation, path, mechanism of action and risk avoidance measures of supply chain financial model innovation. First of all, business model innovation is driven by business development model innovation and scenario innovation. At the same time, the process of scenario innovation may trigger credit transfer risks. Based on the case analysis of “orange staging”, this paper proposes a supply chain financial scenario-innovative business model, and discusses the innovation mechanism and risk aversion methods of the credit transfer mechanism under this supply chain financial model in the hope of providing the supply chain finance industry with deeper enlightenment on the concept of “scene innovation”, so as to better promote the healthy development of supply chain real economy and supply chain finance. References | Related Articles | Metrics

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An Exploration into the Matching Mechanism between Product Architecture and Distribution Channels: A Longitudinal Case Study of the Yonyou Xia Mengyuan, Gu Yuanxun 2022, 34 (2):  336-352.  Abstract ( 165 )   PDF (2088KB) ( 327 )   The matching of product architecture and distribution channels directly affects the result of product innovation. This paper aims to explore how and in what modes product architecture matches distribution channels. By conducting a longitudinal case study of Yonyou Co. Ltd., this paper formulates a task-based-coordination matching mechanism between product architecture complexity and channel capabilities. Consequently, four dynamic adaptive matching modes are obtained, i.e., exploration, enhancement, exploitation and consciousness. Furthermore, a path to achieving the effectiveness of product innovation is found out. In sum, the matching mechanism establishes an organic link between product architecture and distribution channels, which not only enriches the theory of product architecture innovation, but also provides analytic methods and strategies for the effective implementation of the innovation. References | Related Articles | Metrics