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    Economic and Financial Management
    The Influence of Replacing Business Tax with Value-added Tax on Corporate Labor Demand
    Cao Yue, Peng Keren, Guo Tianxiao
    2022, 34 (11):  3-15. 
    Abstract ( 166 )   PDF (1308KB) ( 160 )  
    Based on the data of Shanghai-Shenzhen A-share listed companies from 2010 to 2014, this paper applies PSM and DID to examines the impact of replacing business tax with value-added tax (RBTVAT) in Shanghai, eight cities and provinces as well as the whole nation on corporate labor demand and its channel mechanism. The results show that compared with non-pilot firms, RBTVAT has significantly increased the labor demand of pilot firms, indicating the capital-labor income effect is greater than the substitution effect. Our further study on the property characteristics and financial development show that the positive relationship between RBTVAT and corporate labor demand is more significant in private firms and firms in less financially developed regions. The results of this extended analysis show that mitigating internal financing constraints is an important channel mechanism for RBTVAT to increase corporate labor demand. This paper, as an important supplement to the existing tax reform researches, provides an alternative insight into influencing factors of corporate labor demand.
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    Research on Influencing Factors of Regional Rural Commercial Banks’ Business Performance
    Li Chuan, Jing Zhongbo, Li Changmeng, Yang Haizhen
    2022, 34 (11):  16-26. 
    Abstract ( 118 )   PDF (1360KB) ( 132 )  
    In recent years, due to the increasing uncertainty of the global economy, the continuous adjustment of China’s industrial structure and the fintech revolution, the fierce competition in the banking industry has been increasing. Therefore, the development and performance of China’s regional rural commercial banks have been significantly affected. Thus, it is of great significance to research the influencing factors of China’s regional rural commercial banks business performance and find solutions to change the operation mechanism, enhance the competitiveness and improve business performance. Based on unbalanced panel data of 85 regional rural commercial banks from 2013 to 2018, this paper firstly evaluates regional rural commercial banks’ business performance from the perspectives of profitability, safety and liquidity using principal component analysis method, and then uses panel regression model to analyze the influencing factors of the regional rural commercial banks business performance from the dimensions of internal factors, regional factors and macro factors. The results indicate that the operation performance of rural commercial banks has declined in recent years, and the main influencing internal factors including the structure and cost of debts, the structure, utilization efficiency and revenue of assets, regional financial competition factor and macro factors significantly affect regional rural commercial banks’ performance. In addition, the results also indicate that rural commercial banks in less economically developed regions are more susceptible to regional and macro factors, compared with rural commercial banks in economically developed regions. Based on the above research results. This paper proposes that regional rural commercial banks should promote business performance through improving their cost control and risk management, taking advantage of the ongoing regional economic development and industrial restructuring, and adapting to financial policies and fintech development.
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    Can High-speed Railways Improve the M&A Performance?
    Sun Qian, Cheng Xiaoke, Yang Mingjing
    2022, 34 (11):  27-41. 
    Abstract ( 181 )   PDF (1313KB) ( 235 )  
    As a "National Name Card", high-speed railway not only highlights " China's speed", but also deeply affects the regional economy and corporate behavior. Using the opening of high-speed railways as an exogenous shock to measure the reduction of agency problems, this study tries to investigate the relationship between the opening of high-speed railways and behavior of listed companies from the perspective of M&A performance. The results show that the opening of high-speed railway can significantly improve the short-term and long-term market performance of acquisition. The results hold after a series of robustness tests. In the mechanism test part, this study finds that the opening of high-speed railway may affect the M&A performance of enterprises through the channel of "alleviating the agency problem". The further test results show that due to the existence of "home bias", the impact of high-speed railway opening on the M&A performance of enterprises is more significant when the listed company and the merged enterprise are not in the same province. Taking high-speed railway as the starting point, this paper discusses the influence of geographic distance on the financial behavior of a company, which can expand the application scope of new geographic economics in the field of corporate finance. In addition, this paper provides empirical evidence and research perspective for the economic consequences of high-speed rail service and the influencing factors of M&A performance.
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    Who Suffers from “Credit Discrimination”?: Based on the Characteristics of Chinese Capital Market
    Tao Ran, Shi Xin, Liu Feng
    2022, 34 (11):  42-53. 
    Abstract ( 148 )   PDF (1574KB) ( 133 )  
    To explore the problem of “credit discrimination” in China, we can’t do without the specific background of Chinese capital market. Based on the fact that Chinese capital market has implemented strict market access control for a long time and the listed companies are very unevenly distributed among regions, this paper takes the companies that issued bonds from 2007 to 2017 as a sample and explores the influence of such factors as whether they are listed or not and the number of listed companies in the region on “ credit discrimination” from the perspective of credit access and bargaining power in credit extension, so as to answer who has encountered “credit discrimination”. It is found that state-owned enterprises get more bank credit, which only exists in non-listed companies, and there is no consistent evidence in listed companies; the “credit discrimination” in listed companies only exists in regions with more listed companies, and there is no significant difference in regions with less listed companies. This paper uses the bilateral stochastic boundary model to verify the bargaining power of enterprises when granted credit. It is found that the state-owned property can enhance the bargaining power of enterprises in the unlisted companies and the listed companies in the regions with a large number of listed companies. In the regions with few listed companies, the state-owned listed companies have no stronger bargaining power. The above results show that the non-state-owned enterprises do not necessarily encounter “credit discrimination” which only occurs in the circumstance where the importance of listed companies to local governments is low. It is the larger number of unlisted non-state-owned enterprises that actually encounter discrimination.
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    Technology and Innovation Management
    Research on the Relationship between Employment Externalization and Enterprise Innovation Performance
    Zhou Huaikang, Peng Qiuping, Liu Shanshi, Guo Zisheng
    2022, 34 (11):  54-64. 
    Abstract ( 152 )   PDF (1322KB) ( 156 )  
    External hiring is a primary way for enterprises to acquire human capital and maintain the competitive advantage. By using the online resume information to identify and obtain employee data of listed companies in China during the period of 2000-2016, this paper explores the impact of employment externalization on enterprise innovation performance. The empirical results show that there is an inverted U-type relationship between employment externalization and innovation performance, and when employment externalization accounts for 40. 51%, employment externalization has the greatest impact on enterprise innovation performance. The boundary test shows that when the past performance of the enterprise is better or the market competition environment of the industry is higher, the effect of employment externalization on the enterprise innovation performance is more obvious. From the perspective of learning-by-hiring, this paper perfects the research on the relationship between employment pattern and enterprise innovation and its boundary conditions, providing a key reference for enterprises to effectively acquire and allocate human capital.
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    CEO Incentive, Risk Appetite and Enterprise Innovation
    Su Rina, Cheng Xinsheng, Yang Xiaoping, Huang Lixin
    2022, 34 (11):  65-74. 
    Abstract ( 160 )   PDF (1270KB) ( 133 )  
    We explore how different CEO innovation incentive methods are associated with corporate innovation, and whether innovation incentive effect varies with CEO’s risk appetite. We focus on two mechanisms: giving CEO innovation management income and accepting CEO innovation failure. For our analyses, we use China’s A-share listed companies from 2012 to 2018 as research objects. We find that both giving CEO innovation management income and accepting CEO innovation failure can promote the innovation of companies. But with the change of CEO risk appetite, the two mechanisms different promotion effects. For CEOs with low risk appetite, providing incentives is better able to promote innovation than accepting CEO innovation failure. For CEOs with high risk appetite, giving them innovation management income is a more effective way to do so. Further analysis shows that the moderating effect of CEO’s risk preference is heterogeneous based on enterprise nature and industry competition. And giving CEO’s innovation management income may lead to inefficiency of innovation incentives because of the CEO’ s high risk preference.This paper expands the research of innovation incentive, reveals the characteristics of CEO innovation incentive, provides empirical evidence and theoretical basis for establishing an effective CEO innovation incentive mechanism, and provides a reference for optimizing corporate governance mechanism.
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    How does Policy Transition Affect R&D and Production Decisions——Exemplified by the Innovation
    Han Jing, Cai Xun, Xian Lu
    2022, 34 (11):  75-87. 
    Abstract ( 129 )   PDF (2463KB) ( 114 )  
    At present, China’s new energy vehicle industry is facing policy transition toward reducing subsidies and forming a dual-credit regime. Therefore, based on the background of policy transition, it is of practical significance to analyze the influences of different policy stages on the R&D and production decision-making in the NEV innovation ecosystem, so as to provide guidance for policy optimization and R&D production management of NEV enterprises. Therefore, this paper constructs a R&D production decision-making model and social welfare model in the new energy vehicle innovation ecosystem based on the policy transition, then the optimal R&D investment, the optimal pricing of new energy vehicles and parts, the optimal government subsidies and point score rate setting are deduced by backward induction method. Finally, mathematical derivation and numerical simulation methods are used to analyze the impact of different policy stages on the optimal R&D and production decisions of new energy vehicles. The results indicate that: the pricing of NEV is positively correlated with the subsidy intensity; the incentive effect of subsidies on the R&D investment of suppliers is conditional, which is mainly reflected in the early stage of technology R&D and promotion; the subsidy intensity is not positively correlated with the social welfare, and there is the optimal subsidy intensity to maximize the social welfare; The implementation of the dual-credit policy can effectively reduce the dependence of the supplier’s R&D on government subsidies and improve the supplier’s core technology investment at the same time; balancing the relationships between score rate of CAFC of fuel vehicles and the score rate of CAFC of NEVs can help maximize the social welfare.
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    Analysis on the Evolution of Green Innovation Path of Highly Patent-intensive Manufacturing——Perspective of the Intensity of Intellectual Property Protection
    Xiao Zhenhong, Li Yan
    2022, 34 (11):  88-98. 
    Abstract ( 76 )   PDF (1682KB) ( 109 )  
    Aiming at the green innovation path of highly patent-intensive manufacturing that existing researches neglect, we construct an evolutionary game model of green innovation path selection for highly patent-intensive manufacturing enterprises exposed to changing intensity of government protection of intellectual property protection based on the heterogeneity of enterprises, the difference of capital investment in different innovation paths and the substitutability of enterprise products, and conduct a stability analysis and numerical simulation analysis on the evolution strategies and evolution paths, so as to promote green innovation of China’ s manufacturing enterprises. The results show that enterprises will make reasonable choices of green innovation path based on government regulations to gain a competitive advantage. The intensity of intellectual property protection has a significant impact on enterprises’ choice of green innovation paths. With the increase in the intensity of intellectual property protection, more enterprises begin to choose independent green innovation paths. When the minimum net benefits brought by independent green innovation to enterprises becomes positive, enterprises will all pursue independent green innovation and this is an desired ideal state. Enterprises with different innovation capabilities may act differently in choosing innovation path. Specifically, enterprises with innovative advantages have a stronger intention to choose independent green innovation and evolve faster, while enterprises with innovative disadvantages have a faster evolution to green innovation imitation.
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    Does the Development of Technology Market Promote IUR Deep Innovation?
    Shao Hanhua, WangYao, Luo Jun
    2022, 34 (11):  99-108. 
    Abstract ( 97 )   PDF (1381KB) ( 99 )  
    The development of the technology market(DTM) is becoming the main method to support Chinese innovation-driven development and enhance international competitiveness in the new era. Based on the panel data of 30 provinces in China from 2004 to 2017, this paper examines the impact of DTM on the IUR deep innovation and its regional differences with an IUR synergy innovation complex system. The results show that DTM promotes IUR deep innovation significantly and plays a more prominent role in the eastern areas. Further research shows that the regional government support, the level of information infrastructure and marketization can effectively strengthen the positive effects. Moreover, we find that the factors show obvious threshold effect and the impact of DTM on IUR deep innovation is obvious different when they are in different threshold intervals. This paper not only proves the effectiveness and importance of deepening the reform of science and technology system, but also offers some clear policy implications on promoting IUR deep innovation, promoting the level of scientific and technological innovation and accelerating the efficiency of scientific and technological achievements.
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    E-business and Information Management
    Product Demand Analysis Based on Online Review Data Mining and Kano Model
    Zhang Zhengang, Luo Taiye
    2022, 34 (11):  109-117. 
    Abstract ( 195 )   PDF (1307KB) ( 264 )  
    Based on Kano model and online review data mining, this paper proposes a method to identify product demand types. Product attributes are extracted from online reviews and sentiment analysis is carried out. Then a classification model for identifying different attribute demands is proposed. Taking the online review data of four 5G mobile phones as an example, this paper analyzes consumers’ attribute demands of 5G mobile phone products, which are divided into four types: one-dimension demand, must-be demand, attractive demand and indifferent demand. The importance degree and the to-be-improved degree of the attributes of 5G mobile phones are ranked by satisfaction degree and attention degree.
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    Scale Development and Validation of Negative Consumer Brand Engagement in Online Brand Community
    Yuan Denghua, Xie Yifan
    2022, 34 (11):  118-132. 
    Abstract ( 126 )   PDF (1550KB) ( 188 )  
    Negative consumer brand engagement has aroused scholars’ attention, but most of the researches were carried out from the aspect of negatively-valenced consumer brand engagement, and its logical framework is still unclear. More importantly, there is a lack of measurement scale, which makes it improbable to provide early warning for the brand crisis. To address these limitations, the coding technique of grounded theory is adopted to encode the negative comments in online brand community. On this basis, this paper abides by scientific procedures, defines the essential construct of negative consumer brand engagement, and develops negative consumer brand engagement scale (NCBE) in online brand community. The empirical results show that the scale, featured by superior reliability and validity, provides a measurement scale for the follow-up empirical researches and also provides managers with a new diagnostic tool in the management practice.
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    Auctioneers’ Strategy and Bidders’ Jump Bidding——Empirical Analysis Based on the Online Collections Bidding
    Li Zhiwen, Wang Shaobo, Thomas Le Texier, Xiong Qiang
    2022, 34 (11):  133-141. 
    Abstract ( 78 )   PDF (1459KB) ( 102 )  
    How bidders’ jump bidding behavior is influenced by auctioneers’ strategy in online auction has not yet been effectively verified by previous studies. This paper analyzes empirically the impact of auctioneers’ strategy on the type of bidders’ jump bidding behavior based on the auction data collected from 7788.com (an online collections auction platform). The research consists of two parts. First, it distinguishes the type of bidders’ jump bidding behavior by cluster analysis, and finds three different types: tentative one, competitive one and sniper one. Second, it builds a Mlogit model to analyze the impact of auctioneers’ ex-ante strategies such as auction rule setting, reputation management and auction item information displaying on the type of bidders’ jump bidding behavior. Results show that, compared with bidders’ tentative type of jump bidding behavior, variables related to auction rule can significantly stimulate bidders’ sniper type of jump bidding behavior; variables about auctioneers’ reputation can significantly stimulate bidders’ competitive type of jump bidding behavior; variables of auction item information, however, have no significant influence on bidders’ either competitive type or sniper type of jump bidding behavior.
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    Marketing
    Research Review on Self-service Shopping: An Integrated Framework of Technology-User-Service
    Zou Yufeng, Yao Xinlin, Lu Xianghua
    2022, 34 (11):  142-156. 
    Abstract ( 121 )   PDF (1455KB) ( 171 )  
    Self-service shopping, especially intelligent self-service shopping driven by emerging technologies, is becoming an integral part of new retailing industry. Despite of various advantages, the current operation of self-service shopping confronts big challenges in service process design and user maintenance. Therefore, to deepen the understanding of self-service shopping for the purpose of promoting the development of self-service shopping industry effectively, this paper firstly reviews the conception of self-service shopping in previous studies. Then, based on the service encounter theory, this paper summarizes the relevant domestic and foreign researches on selfservice shopping based on an integrated framework that incorporates the perspective of technology, user and service. Finally, future directions for researchers are proposed.
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    Cross-channel Return Policies that Take Strategic Customers Behavior into Account
    Yang Guangyong, Ji Guojun
    2022, 34 (11):  157-166. 
    Abstract ( 122 )   PDF (1507KB) ( 162 )  
    Multichannel retailers sell products through online and offline channels, and provide return guarantee to reduce customers’ post-purchase regret. However,goods return by customers is a key factor that makes retailing complex and profit margin decline. In addition, strategic customer behavior (i.e., customers’ rational choice of purchase time in a longer period of time) also affects multichannel retailers. Therefore, the design of goods return policies in relation to strategic customer behavior has a profound impact on multichannel retailers. Aiming at these issues, we examine the base model (no return allowed), the original channel return policy and the crosschannel return policy (online purchase and offline return). Our results show that the quantity of products (including the quantity of online and offline channels) depends on the probability of product meeting the customers’ expectations and does not depend on the refund offered; in addition, if both the match probability of the online and offline channels are relatively low, the cross-channel return policy is conducive to improving the seller’s profit; if the match probability of both channels is high, cross-channel return policy and even original channel return policy may hurt the seller.
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    Pricing Policy and Salesforce Incentive Design that Factors in Sales Agent’s Fairness Concern
    Chen Kegui, Wang Xinyu, Song Xuefeng, Huang Min
    2022, 34 (11):  167-180. 
    Abstract ( 112 )   PDF (1445KB) ( 114 )  
    The paper studies how the rational manufacturer designs the salesforce incentive for fairness-aware sales agent under two different pricing strategies, for which we develop optimal pricing and salesforce incentive models: centralized pricing and delegated pricing settings. The models are further solved and the optimal compensation contracts as well as the pricing are derived, and then the sensitivity analysis of fairness concern are conducted. Extensive comparative studies are conducted to highlight the impacts of the sales agent’s fairness concern on the compensation decisions and on different price strategies. The results show that the fairness behavior prompts the sales agent to exert less sales efforts, and reduces the profits of the manufacturer under the two pricing strategies. The price, incentive coefficient, sales effort and the profit of the manufacturer are higher under the centralized pricing with the same fairness concern, the manufacturer favors centralized pricing over delegated pricing, while the sales agent prefers delegated pricing. The sales agent’s fairness concern is detrimental to the manufacturer and the whole system. All our findings are numerically verified lastly.
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    Organizational Behavior and Human Resource Management
    The Typology, Antecedents and Consequences of Human Resource Attributions: A Literature Review and Agenda for Future Research
    Song Yao, Wang Zhen, Song Meng
    2022, 34 (11):  181-192. 
    Abstract ( 168 )   PDF (1499KB) ( 162 )  
    Human resource attributions are defined as an employee’s inference of intention for his/her organization’s designing and implementing human resource management. This paper conducts a systematic review of HR attributions based on 25 studies. Overall, HR attributions can be categorized into three patterns, and they are determined by both individual differences and the organizational HRM system. Through social exchange theory, social identity theory, conservation of resources theory, and job demands-resources model, HR attributions have been found to have significant effects on employees’ emotions, work attitudes and behavior. In addition, the consequences of HR attribution are contingent on the line manager, team attribution consensus, task idiosyncratic deals and trade unions. Future researches are advised to investigate the connotation and effects of team-level HR attributions and the influences of line managers and employees on HR attributions. Furthermore, further researches should explore both the boundary conditions as well as the mechanisms (i.e., motivational, and emotional mechanisms) of the effects of HR attribution.
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    Effects of Supervisor-Subordinate Guanxi and Subordinate’s Traditionality on Work Engagement and Job Performance: A Moderated Mediation Model
    Su Yongfa, Bai Xinwen, Ming Xiaodong
    2022, 34 (11):  193-205. 
    Abstract ( 189 )   PDF (1456KB) ( 204 )  
    Drawing upon social exchange theory, the current study aims to reveal the effects of supervisor-subordinate guanxi on subordinate’s work engagement and job performance, and to explore the moderating role of subordinate’ s traditionality. Based on a two-wave survey data of 192 employees, results show that: (1) guanxi is positively related to subordinate’s work engagement, and enhances subordinate’s job performance through the indirect effect of work engagement; (2) subordinate’ s traditionality moderates the effects of guanxi on work engagement. Specifically, guanxi is positively and significantly associated with work engagement only when subordinate’s traditionality is high rather than low; and (3) a moderated mediation model is supported in such a manner that the indirect effect of guanxi on job performance via work engagement is significant only when traditionality is high rather than low. The current study contributes to the literature of supervisor-subordinate guanxi and traditionality, both of which reflect the characteristics of traditional Chinese values, and also provides guidance for employee management practices under Chinese organizational context.
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    Exploring the Changing Patterns of Newcomers’ Voice Behavior Based on the AMO Theory
    Zhang Liangting, Feng Xiaoxia, Fu Jingtao, Wang Bin
    2022, 34 (11):  206-217. 
    Abstract ( 172 )   PDF (1341KB) ( 180 )  
    Based on uncertainty reduction theory and ability-motivation-opportunity theory, this study examines how newcomers’ voice behavior changes with the length of their service. We further theorize that newcomers’ relational self-construal and transformational leadership would moderate the trajectory of voice behavior. Using a five-wave longitudinal study among 356 newcomers, our findings confirm that, on average, newcomers’ voice behavior exhibit an inverted U-shaped pattern. In addition, as we predict, relational self-construal moderates the changing pattern of voice behavior such that the inverted U-shaped pattern is steeper for newcomers with higher relational self-construal. Also as expected, the interaction between relational self-construal and transformational leadership can also moderate the changing pattern of voice behavior. This study contributes to a comprehensive theoretical framework of how to motivate employees to remain at a high level of voice behavior.
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    Research on the Construction of Platform Corporate Social Responsibility Symbiosis System
    Xin Jie, Tu Yunfeng, Zhang Xiaofeng
    2022, 34 (11):  218-232. 
    Abstract ( 106 )   PDF (1430KB) ( 171 )  
    In the Internet environment where problems with platform companies’ social responsibilities are often characterized by tremendous harm, wide impact, numerous participants and other new outcomes, symbiotic, collaborative and interactive evolution is becoming increasingly prominent compared with the traditional industrial economic era. Given the widely existing symbiosis in the field of social science and the symbiotic evolution of platforms, this paper combines symbiosis theory with corporate social responsibility (CSR) problems typical of platforms, reviews the four-stage paradigm of corporate social responsibility and summarizes the characteristics of corporate social CSR. On this basis, this paper constructs a platform CSR symbiosis system which contains four elements: symbiotic unit (U), the symbiotic environment (E), symbiotic mode (M) and symbiosis value (V), paraphrases each component definition, analyzes the underlying mechanism and gives the relevant management suggestions. The symbiotic unit (U) mainly involves three subjects: 1) platform CSR operator; 2) regulatory body, industry association and platform technology outsourcing providers; and 3) supplier and demand side, such as settled merchants and registered users. Symbiotic mode (M) refers to the symbiotic relationship and element interaction among the three subjects. It is necessary to optimize and enrich the social responsibility scene, formulate the rules for the symbiotic interface of platforms’ CSR, and ensure the operation of the platform's CSR feedback mechanism. The symbiotic environment (E) is mainly embodied in the symbiotic natural environment and the symbiotic big data empowerment, and the symbiotic value (V) reflects the possibility of using community relationship and network effect to realize value increment. The research in this paper expands the scope of CSR research in the traditional theoretical background, realizes the deepening and integration of CSR theories, guides the symbiosis based social responsibility cooperation and interaction between platform enterprises and participating members, and motivates enterprises to carry out social responsibilities in a larger scope and at a deeper level. The symbiotic scenario, symbiotic interface rules and newly emerging big-data enabled CSR-fulfilling environment for platforms are promoting the CSR-fulfilling management toward a higher level where the symbiotic value and collaborative value of platforms’ CSR can be created and the symbiotic development of both enterprises and environment can be realized in harmony.
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    The Origin of Family Firms and Corporate Social Responsibility
    Cheng Chen, Li Wanrong, Yuan Yuan
    2022, 34 (11):  233-245. 
    Abstract ( 162 )   PDF (1649KB) ( 204 )  
    The origin of a family firm is a long-term factor that shapes its characteristics. Different origins lead to the differences in the inheritance of cultural values and affect corporate decision-making. Using A-share listed family companies from 2012 to 2018 as a sample, this paper finds that family companies established by founders treat corporate social responsibilities (CSR) differently from those originating from public ownership, collective ownership and state-owned enterprise restructure, with the former fulfilling CSR to a higher extent, especially when the CSR is related to their direct stakeholders. Origin has a stronger influence on the CSR of young firms under powerful control of a family. In the mechanism test, we introduce the proxy variables of Confucian culture and divide them into 5 quantile groups to conduct regression (sample regression for Han areas and ethnic minorities living area) and alternative explanation exclusion. We find that origin has a critical impact on decision-making by different culture orientation. Specifically, the results indicate that compared with the restructured family firms, the founders of the entrepreneurial family firms tend to follow the traditional Confucian cultural concept of ‘promoting the social welfare’ and assume more social responsibilities. Our conclusion reveals the influence of the inheritance of Chinese indigenous traditional culture on the corporate decision-making process, which has clear enlightening significance.
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    Can a SOE’s Environmental Performance Be Improved if Party Committee Participates in the Governance?
    Zhuang Mingming, Li Shanmin, Liang Quanxi
    2022, 34 (11):  246-260. 
    Abstract ( 136 )   PDF (1330KB) ( 232 )  
    This paper investigates the impact of political intervention on corporate environmental performance from the unique perspective of Party involvement in governance by using state-owned listed companies in heavy pollution industries for the period of 2004 to 2018. Based on the manually collected information on the overlaps between members of the Party committee and those of the board of directors, the top management team and the board of supervisors (the management team), we find that firms with higher level of Party involvement in corporate governance are more likely to have investment related to environment protection, and have higher level of environmental investment. Moreover, we conclude that the relationship between Party involvement and environmental performance is driven mainly by the effect of Party involvement in the board of directors. Further evidences show that the positive effect of Party involvement on environmental performance is more pronounced for firms (1) that have lower media attention; (2) that have more levels in the pyramid structure of ultimate controller; and (3) whose CEO is a member of Chinese Communist Party. Various robustness tests confirm our main conclusions. Our results provide a new micro perspective for the role of the Party involvement in state-owned enterprises, and have important policy implications for the firm-level environmental governance in China.
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    Accounting and Financial Management
    Research on Default Prediction Based on Loan Description
    Chi Guotai, Dong Bingjie
    2022, 34 (11):  261-271. 
    Abstract ( 80 )   PDF (1286KB) ( 99 )  
    Prediction of default is of great significance to financial institutions’ loan and business credit decisions. This paper aims to explore how to use the unstructured loan description to build a default prediction model thtt can help financial institutions identify default customers more efficiently. The innovative and unique points of this study are reflected in two aspects. First, the use of the pca-foword method to extract the information in the loan description can not only avoid the shortcoming of specific character frequency method through which the loan description information extracted is insufficient, but also preclude the possibility that the information extracted from the loan description is irrelevant for the identification of customer default status; second, the use of both loan description data and digital data to establish a default prediction model avoids the shortcoming of single-data-based model that is not highly accurate in default prediction. The research shows that in the comparative analysis, the default prediction model established by using the optimal critical point logistic regression model and two types of data (loan description data and numerical data) has the highest accuracy of default prediction; Regression analysis shows that there are differences in the ability of different borrowing companies to identify the borrower’s default; description of the basic situation shows a significant positive correlation with the default; description in relation to production and operation shows a significant positive correlation with the default; description of repayment commitment has a significant negative correlation with the default; description in relation to the company that the borrower works in or operates has a significant negative correlation with the default. The above relationship remains so after the borrower’s economic characteristics are controlled.
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    Customer Structure and Market Discount of Private Placement
    Teng Fei, Xia Xue, Xin Yu
    2022, 34 (11):  272-288. 
    Abstract ( 80 )   PDF (1367KB) ( 126 )  
    This study investigates how customer structure influences the market discount of private placement in China’ s listed firms. Using the information hand-collected from top 5 customers of A-share listed companies that conducted private placement during 2010-2016, we find that the higher the customer concentration, the greater the market discount rate of private placement. The positive relationship between customer concentration and market discount rate is strong when the raised capital is used for external expansion and weak when the quality of customers is at a high level. Further analysis based on event study finds that the higher the customer concentration, the lower the cumulative abnormal return when the shares of private placement are listed, and this effect mainly exists in the sample companies that conduct private placement for external expansion. Overall, we conclude that customer concentration increases the uncertainty about firms’ future when they conduct private placement,and the market discounts can be considered as a compensation for higher risk perception in firms with high customer concentration. In the meantime, high customer quality can mitigate this effect, and private placement for external expansion purpose can enhance this effect. This study has important political implications in the practice of customer relationship management and the regulation practice for private placement.
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    Does Related-party Transaction Contain Misstatement Risk? An Analysis Based on the Misreporting Incentive behind Related-party Transactions
    Ma Chen, Jing Shuyi
    2022, 34 (11):  289-302. 
    Abstract ( 74 )   PDF (1330KB) ( 117 )  
    Based on misreporting incentive of related-party transactions (RPTs), this paper examines the effect of RPTs on accounting misstatements. The main findings are as follows: firms engaging in RPTs are more likely to misstate their accounts and the misstatements concentrate in the related transactions of goods and services; the amount of RPTs in goods and service sales is positively associated with the incidence of misstatements, but the amount of RPTs in other segments is not significantly associated with the incidence of misstatements. Furthermore, this paper examines whether firms would adjust RPTs to cope with misstatement risk following financial restatement. The findings indicate that the amount of RPTs in all segments decreases in the first two years after financial restatement, but the change is less pronounced for RPTs in goods and service sales from the second year on. Further analysis indicates that the positive effect that RPTs in goods and service sales have on accounting misstatements mainly exists in RPTs that occur within a business group, and the decrease of RPTs following restatement mainly exists in RPTs that do not occur within a business group. This indicates that the so-called attempt to reduce RPTs following restatement and regain reputation is just to strike an attitude.
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    Emergency Management
    Corporate Philanthropy from the Perspective of Crisis Management——An Empirical Analysis Based on the China’s Listed Companies
    Zhu Lina, Gao Hao
    2022, 34 (11):  303-314. 
    Abstract ( 96 )   PDF (1295KB) ( 123 )  
    The impact of charitable donation on corporate reputation has been supported by many scholars, but is there any specific situation that makes the promotion of corporate reputation particularly important? Based on the data of Chinese listed companies from 2007 to 2016, this paper discusses the relationship between corporate violation and charitable donation. The findings are as follows. First, the illegal corporate will increase their charitable donations in the next year, and this relationship will be more significant in private enterprises. In addition, the degree of attention of corporate will further affect the motivation of charitable donations in private corporate. Specifically, the social behavior of politically related enterprises is often more concerned by stakeholders, and when private enterprises have political connections, they have stronger motivation to increase charitable donations after violations; the media as an external governance mechanism also plays a certain regulatory role, and when private enterprises face high exposure to media, they have stronger the motivation to increase charitable donations after violations. The research of this paper is of great significance for further understanding the crisis management of enterprises and the theoretical research and management implementation of strategic philanthropy.
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    Application Research of Machine Learning in Food Safety Risk Early Warning and Sampling Inspection Program
    Yang Hongyan, Tian Yingjie
    2022, 34 (11):  315-323. 
    Abstract ( 122 )   PDF (1439KB) ( 122 )  
    The problem-oriented sampling inspection program of food safety supervision plays an extremely important role in strengthening food safety risk management. Existing researches on food sampling data rarely consider the unbalanced characteristics of unqualified samples. Based on the food inspection and sampling data of Xinjiang from 2015 to 2017, this paper introduces the solution of unbalanced problems into the research on the construction of early warning models of food safety risks, and constructs a combined algorithm model of multiple sampling methods, cost-sensitive methods and SVM, and random forest . Our analysis and comparison show that sampling methods are inferior to cost-sensitive method in solving the problem of unbalanced data in food sampling. Regarding the construction of the risk warning model, although the cost-sensitive + SVM combination performance is slightly better than the cost-sensitive + random forest combination, the running time of the former is much longer than the latter. The empirical results show that the combined algorithm model based on imbalanced data solution can effectively improve the early warning effect of food safety risks, and provide decision support for formulating scientific and reasonable sampling inspection program of food safety supervision and improving the effectiveness of food safety risk management.
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    Case Studies
    User Entrepreneurship Resource Development Process——Multiple Case Study Based on the Perspective of Collective Creativity
    Yin Miaomiao, Feng Xinying, Liu Xinyi
    2022, 34 (11):  324-336. 
    Abstract ( 102 )   PDF (2133KB) ( 111 )  
    With the development of digital platforms, user entrepreneurial activities become increasingly common and show strong survival and growth advantages, thanks to the unique resource development typical of the activities. However, scholars have not conducted any research deep into the process of user entrepreneurial resource development. To fill this gap, this study adopts the method of multi-case study to reveal the internal mechanism of user entrepreneurial resource development by analyzing the resource development activities of three user entrepreneurship cases. On this basis, this study sorts out the unique connotation of user entrepreneurial resource development and constructs a theoretical model of user entrepreneurial resource development. The findings not only enrich the cognition of user innovation and user entrepreneurship, but also expand the theoretical research on resource development.
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    How does the Sharing Medical Platform Realize Value Co-creation?——An Exploratory Single Case Study
    Liu Kan, Zhou Hongrui, Hou Yueting
    2022, 34 (11):  337-352. 
    Abstract ( 208 )   PDF (1752KB) ( 196 )  
    Sharing medical platform can help alleviate social problems such as uneven distribution of medical resources and tensed doctor-patient relationship. However, due to the lack of an effective and sustainable cooperation and win-win model, users in two-sided market are not motivated to participate, so the platform market grows slowly and cannot bring significant economic and social value. Based on the value co-creation theory and the case of “haodf.com”, this paper constructs a model of value co-creation process of sharing medical platform and inductive value dimensions, which can not only motivate users in two-sided market to participate in a comfortable manner, thus expanding the market scale; but also promote the interaction and sharing of resources, thus maximizing the value co-created by each subject. The results show that the demand side drives suppliers and platforms to optimize service level; the platform side guarantees the interests of two-sided market users; the supply side strives to win itself and platforms a better reputation and achieve better consumer experience; sharing medical platform is fully embedded in the society, and both of them promote each other’ s development; all players co-create informational value, functional value, economic value and social value through interactions. This research provides a good answer to the question of “how a sharing medical platform realizes value co-creation”, and has theoretical contributions to the research in the field of sharing medical care and value co-creation, and also provides practical enlightenment for platform operation and industry development.
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