Management Review

Economic Journey of Women across the Centuries: A Review of the Contributions of the 2023 Nobel Prize Winner in Economics and the Implications for China

Meng Lei

2023, 35 (10): 3-9.

Abstract ( 323 )

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The 2023 Nobel Memorial Prize in Economic Sciences was awarded to Claudia Goldin, who used historical data across the centuries to study the long-term changes of the economic roles of women, and reached important conclusions that enable us to better understand the relationship between female labor market performance and economic development. This paper introduces her major work on female labor force participation rate and gender wage gap, and also discusses in which ways her research can shed a light on the study of the female labor force in China.

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Data Factor Utilization, Intelligence Technology Progress and Endogenous Growth

Liu Zhengchi, Chen Wenwu, Wei Sichao

2023, 35 (10): 10-21.

Abstract ( 294 )

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Data-intelligence transformation is a core driving force for the sustained economic growth in the new era. The existing literature has discussed the mechanisms of how data factor or intelligent technology affect economic growth respectively, but ignored the key role of data factor in promoting the progress of intelligent technology. Based on this, this paper integrates the utilization of data factors and the progress of intelligent technology into the endogenous growth model framework to explore their joint impact on economic growth. It is found that data factor utilization can promote sustained economic growth by promoting the progress of intelligent technology. Further analysis shows that the model economy has two “restricting effects” and a “growth trap”. The promoting effect of data factor utilization on long-term economic growth is restricted by consumers’ aversion to privacy infringement. The contribution of intelligent technology progress to long-term economic growth is restricted by population growth. The difference in the sequence of digitalized transition may lead to diverged long-term economic growth rate, and the economy with a late transition may fall into a growth trap where the growth rate is continuously lower than that of the economy with an early transition. This study not only provides a theoretical reference for understanding the macro growth mechanism in the era of digital economy, but also provides a theoretical explanation for the fierce competition among major economies in the technological and industrial fields such as big data and artificial intelligence.

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Macroeconomic Conditions and Corporate Capital Structure: Empirical Evidence from Chinese Listed Companies

Liu Shuntong, Yang Boyu, Wang Chenghao, Hu Yi

2023, 35 (10): 22-32.

Abstract ( 210 )

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Macroeconomic conditions are vital factors affecting the optimal capital structure of a company. Based on the economic situation of China, this paper systematically analyzes the impact of changes in macroeconomic conditions on corporate capital structure, and adds the shadow banking factor into the research framework for the first time. Using the financial data of listed companies, we construct corresponding static and partial dynamic adjustment models for analysis, and focus on the impact of shadow banking on corporate capital structure and adjustment speed. The empirical results can be summarized as follows. First, total market value and profitability are negatively correlated with book leverage, and book-to-market value ratio, capital expenditure and total non-current assets are positively correlated with book leverage. The influence of total assets is heterogeneous, which pushes up the book leverage of state-owned enterprises and reduces the book leverage of private enterprises. Second, the growth rate of industrial added value and the total market value of listed companies reduce the level of capital structure while inflation increases the level of capital structure. The growth of shadow banking reduces the level of capital structure, highlighting the structural contradictions in China’s financial system. Third, the capital structure adjustment cost and the difference in asset liquidity cause the difference between the adjustment of book leverage and market leverage, in which market leverage adjustment is faster. Fourth, shadow banking reduces the optimal corporate capital structure and positively regulates the speed of capital structure adjustment.

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Indexes of the International Cooperation among “Belt and Road” Financial Institutions and the Factors Influencing the Cooperation

Tang Min, Huang Zhigang, Lin Chaoying

2023, 35 (10): 33-44.

Abstract ( 149 )

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The “Belt and Road” (“B&R”) construction has brought great demand for financial services. Promoting the international cooperation of “B&R” financial institutions is one of the important ways to build a financial service system to match supply and demand. With 55 “B&R” countries as samples, this study constructs, by means of principal component analysis, “B&R” international financial institutions cooperation indexes to measure and compare the degree of financial institutions international cooperation between different countries and Chinese financial institutions. Then, indicators are selected from three aspects, namely politics and security, economy and trade, culture and education, to analyze the influence of the aspects on the international cooperation of financial institutions. Empirical result shows that the international cooperation level of “B&R” financial institutions is seriously polarized. The degree of financial institutions international cooperation is influenced mainly by “B&R” countries’ military expenditure, institutional distance, difference of economic freedom, direct investment in China and container throughput of ports. Specifically, the international cooperation of financial institutions between China and other Asian countries is affected more significantly by political and educational factors while that between China and European countries is affected more significantly by economic and cultural factors.

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The Influence of Environmental Regulation and Factor Allocation on Industrial Green Total Factor Productivity: Output Compensation or Innovation Compensation

Yuan Jiaqi, Bu Wei, Tang Yuni

2023, 35 (10): 45-62.

Abstract ( 125 )

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The reason why environmental regulation can influence industrial green total factor productivity (GTFP) lies in its role in allocating corporate production factors. Based on the assumption that an enterprise is divided into R&D department and production department, this paper constructs a theoretical model of economic growth arising from endogenous technological progress to analyze the influence of environmental regulation on industrial GTFP and the role that environmental regulation plays in factor allocation with and without considering heterogeneity. Drawing upon the industrial panel data of 30 provinces in China from 2000 to 2017, we use the non-oriented EBM-ML model that contains undesirable output to measure their industrial GTFP, and use Tobit panel regression and instrumental variables to test the theoretical hypothesis. The findings are as follows. (1) The relative magnitude of the “output compensation effect” and the “innovation compensation effect” affects the effect of environmental regulation on industrial GTFP. (2) The influence of environmental regulation on industrial GTFP is in an inverted U-shape. A moderate increase in factor allocation to the production department can effectively enhance and prolong environmental regulation’s role in promoting GTFP. This process will gradually change the capital and labor allocation ratio among the departments. (3) The influence of command and control regulations on industrial GTFP is U-shaped. A moderate increase in factor allocation to the production department enables command and control regulation to promote industrial GTFP in advance and more significantly. Market incentive regulation has a U-shaped influence on industrial GTFP and a moderate increase in the proportion of factor allocation enables market incentive-based environmental regulation to promote industrial GTFP in a faster pace. (4) Industrial structure upgrading and regional transfer of industries are external mechanisms through which environmental regulation influences GTFP. Promoting technological innovation and enhancing the synergistic management of environmental pollution can effectively promote the role of environmental regulation in enhancing industrial GTFP.

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Deposit Insurance System, Shareholders’ Risk Preference and the Absence of Market Constraints——From the Perspective of Bank Internal Risk Allocation and Transfer

Ding Xin, Zhou Ye

2023, 35 (10): 63-80.

Abstract ( 107 )

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The establishment of the deposit insurance system has imperceptibly weakened the incentive for depositors’ self-discipline, resulting in the absence of market discipline for banks. In this case, what can constrain banks in place of the market? This paper empirically examines the changes in banks’ internal risk after the implementation of the deposit insurance system by constructing a system of association equations in relation to the risks among depositors, non-deposit creditors and shareholders using data of 185 commercial banks from 2011 to 2019. The findings are as follows. (1) Shareholders’ risk appetite increases after the implementation of the deposit insurance system; depositors are exposed to higher risks when market constraints on them are absent; non-deposit creditors are exposed to lower risk when they play the role of market constraints instead. Shareholder risks are no longer shared mutually by depositors and non-deposit creditors, but predominantly by depositors. This trend is particularly pronounced for small and medium-sized banks and remains the same under the feedback mechanism for overall bank risks. (2) Given that depositors have a motive for earning, shareholders have a motive for asset share and non-deposit creditors have a motive for earning, asset share and overall risk, the 3 subjects at the micro-level of bank adjust their risk-taking through their respective motive. (3) Strengthening external regulation affects market constraints on banks in such a manner as to alleviate the outcome of missing depositor constraints and crowd out market constraints on non-deposit creditors. Therefore, a key to designing the deposit insurance system is to keep in line with the regulatory policy objectives and guide beneficiaries at the micro-level of bank to follow prudent banking practice.

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Information Approach or Measurement Approach: Separately Listed R&D Expenses and Voluntary Innovation Disclosure

Liu Bin, Jiang Chengxin

2023, 35 (10): 81-93.

Abstract ( 130 )

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“Separately list R&D expenses” as required since 2018 reflects a shift in accounting theory from information approach to measurement approach. This paper analyzes the theoretical meaning of “separately list R&D expenses”, and puts forward information approach hypothesis and measurement approach hypothesis from the perspective of voluntary innovation disclosure. The results show that the difference in voluntary innovation disclosure between strong and weak R&D firms decreases after R&D expenses are listed separately, which supports the measurement hypothesis. The results pass the robust tests of parallel trend test, placebo test and so on. The results of investor response test show that, firms with strong R&D get a more positive market reaction, which further supports the measurement hypothesis. The cross-sectional tests show that the measurement hypothesis is stronger when the quality of information disclosure is low, the effect of information intermediary on information transmission is weak, and the ability of investors to identify information is poor.

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Governmental Venture Capitalists and IPO Premium of New Ventures——From an Institutional Logics Perspective

Hao Bin, Liu Xiaoyu, Zhang Shiyun

2023, 35 (10): 94-104.

Abstract ( 121 )

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The effect of governmental venture capitalist (GVC) investment in new ventures has attracted the attention of many scholars. However, most of the existing studies mainly focus on the role of GVC in promoting technological innovation of new ventures, or only analyze its impact on corporate governance, and seldom focus on the IPO performance, which lacks a more systematic theoretical perspective. From the perspective of institutional logics, this paper explores the impact of GVC investment on the IPO premium of new ventures in Chinese context. Different from PVC’s “professional service logic”, GVC is driven by “national logic”, emphasizing the public goods attributes of investment and its promotion of technological innovation or industry, rather than getting financial return, so it will have a negative impact on the IPO premium. Based on the data of 494 firms, this study shows that GVC has a negative effect on the IPO premium of startups. Furthermore, this negative effect of GVC on the IPO premium will be strengthened as the entry time of institutions increases, and it will be weakened as the number of joint investments increases. The paper not only deepens the theoretical explanation of GVC’s role in the growth of new ventures, but also provides a reference for the practice of GVC’s participation in corporate investment.

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Centrality, Technical Influence and Firms’ Sustainable Innovation——The Moderating Role of Environmental Responsibility and Corporate Resilience

Zhao Yan, Qi Niannian

2023, 35 (10): 105-117.

Abstract ( 145 )

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In the open innovation context, how firms participating in alliances affect firms’ sustainable innovation has become an urgent issue to be addressed. Based on the 2-mode alliance innovation network perspective, this paper uses the cooperation data of China’s high-tech firms alliances from 2009 to 2018 and the comprehensive feasible generalized least squares method to explore the internal mechanism of how centrality influences firms’ sustainable innovation and the relevant boundary conditions. The study reaches the following conclusions. Centrality has an inverted U-shaped relationship with firms’ sustainable innovation and technological influence; Technical influence plays a mediating role in the inverted U-shaped relationship between centrality and firms’ sustainable innovation; Both environmental responsibility and corporate resilience play a positive moderating role in the inverted U-shaped relationship between centrality and technical influence, between centrality and firms’ sustainable innovation; However, the above relationship is not the same in the samples of different firm life cycle stages and firms that has or has not passed ISO9001 certification. The research conclusions can provide theoretical guidance for high-tech firms to participate in alliance decision-making, enhance technological influence, and then realize firms’ sustainable innovation.

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A Study on the Relationship between Industrial Policy Uncertainty and Corporate Innovation Quality: Based on the Policy Life Cycle Perspective

Hu Shiliang, Huang Yongchun, Xu Gaoyan

2023, 35 (10): 118-134.

Abstract ( 124 )

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China’s industrial support policy is one of the important means to promote corporate innovation, and its uncertainty will have a great impact on the innovation decision of micro enterprises. Using the data of Chinese A-share listed companies from 2008 to 2017, this paper examines the impact of industrial policy uncertainty on corporate innovation quality and the moderating effect of corporate financial flexibility. The results show that industrial policy change uncertainty facilitates corporate innovation quality, while industrial policy implementation uncertainty inhibits corporate innovation quality. In the process, corporate financial flexibility has a positive moderating effect, and compared with debt flexibility, cash flexibility plays a leading moderating role. The influence mechanism analysis shows that, the perception of policy uncertainty and financing constraint is the core conduction mechanisms of industrial policy uncertainty affecting corporate innovation quality. Further analysis shows that, the incentive effect of industrial policy change uncertainty on high-quality innovation outcomes is stronger than that of low-quality and medium-quality innovation, while the disincentive effect of industrial policy implementation uncertainty on high-quality innovation outcomes is weaker. This paper could provide new empirical evidence for in-depth understanding of the negative externality of policy uncertainty on firms’ innovation decision-making, and also provide decision-making reference for firms to deal with the impact of policy uncertainty and the government to optimize the formulation and implementation of industrial policies.

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Cognitive Style, Entrepreneurial Resilience and Business Model Innovation in New Venture

Wang Lingling, Zhao Wenhong, Kong Lingfu, Xiong Zhuang, Gu Meng

2023, 35 (10): 135-145.

Abstract ( 126 )

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Business model innovation is vital for a new venture to avoid homogeneous competition and obtain competitive advantage. This study explores how entrepreneurs use different cognitive styles to promote business model innovation, and further analyzes whether and how entrepreneurial resilience moderates the roles of cognitive styles. Results from a sample of 217 new ventures demonstrate that intuition has an inverse U-shaped effect, whereas rationality has a positive effect on business model innovation in new venture. Entrepreneurial resilience strengths the inverse U-shaped effect of intuition on business model innovation, and also strengths the positive effect of rationality on business model innovation. This study provides a theoretical support for guiding new ventures to effectively play the role of different cognitive styles to achieve business model innovation under the background of high failure rate.

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Cross-border Mobility: Research on the Influence of Executives’ Changeable Career Paths on Enterprise Innovation Investment

Wang Xiaoyan, Jin Yuhang, Zhang Lu, Guo Jianluan

2023, 35 (10): 146-162.

Abstract ( 162 )

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Cross-border mobility promotes the diversity of senior executives’ career paths, which helps to enhance their personal characteristics and professional competence, and achieve their personal goals and career success. However, the impact of executive changeable career paths on organizational innovation investment is still unclear. Taking Chinese A-share listed companies from 2007 to 2020 as samples, this paper distinguishes executive changeable career paths into changeable-challenging type and changeable-stable type according to the manual data of executives’ cross-border career track, and investigates the impact of executive changeable career paths on innovation investment. The results show that, compared with the single-minded career path, the executive changeable career paths is more conducive to enterprise innovation investment, and both executives’ changeable-challenging career path and changeable-stable career path have a positive relationship with enterprise innovation investment. Seen from the viewpoint of ownership, state-ownship attribute weakens the promoting effect of executive changeable career paths, especially changeable-challenging career path, on innovation investment. Further research shows that risk-taking spirit and entrepreneurship play a mediating role in the relationship between senior executives’ changeable career paths and enterprise innovation investment. The above research conclusions provide new evidence for the impact of executives’ diversified career paths on enterprise innovation investment, and also provide micro-empirical evidence for guiding enterprises to cultivate innovative entrepreneurs and their innovative characteristics.

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Business Ecosystem Governance, TMT Social Capital and Business Model Innovation

Zhang Suping, Hu Baoliang, Xiang Yiming

2023, 35 (10): 163-174.

Abstract ( 80 )

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Affected by the transformation and application of digital technology, the boundaries of a firm’s value creation are gradually expanding, which in turn leads to the business ecosystem replacing bilateral partnerships as the main context for firms to carry out business model innovation. In this context, we focus on the mechanism of how firms in the business ecosystem adapt to business ecosystem governance for business model innovation. From the perspective of non-core firms in the business ecosystem, we mainly discuss the impact of business ecosystem governance on business model innovation, analyze the mediating role of Top Management Team (TMT) social capital in the relationship between business ecosystem governance and business model innovation, and then explore the moderating effects of business ecosystem openness and corporate niche overlap. Research findings show as follows. (1) Business ecosystem relational governance and contractual governance positively impact business model innovation; (2) TMT internal social capital and external social capital play diverse mediating roles in the influence of business ecosystem governance on business model innovation; (3) Business ecosystem openness and corporate niche overlap degree positively moderate the relationship between TMT internal social capital and business model innovation, and negatively moderate the relationship between TMT external social capital and business model innovation.

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Evolution of Data Sharing Behaviors between Platform Firms and the Government: Game Mechanism, Path Analysis and Policy Formation

Feng Zhenhua, Pei Xin

2023, 35 (10): 175-187.

Abstract ( 156 )

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Data sharing is a critical way to fully release the value of data resources. This paper starts from opening up data circulation channels between the government and platform manufacturers and promoting data sharing, constructs an evolutionary game model between platform firms and the government, studies the strategic choices of the two in the game process, simulates the equilibrium point of the evolutionary stable strategy between them in different situations, and explores the influence of data transformation ability, supervision cost, sharing cost and other factors on the sharing behaviors of platform firms. The study finds that when the social reputation coefficients of platform firms and the government increases, the distribution coefficient of government economic benefits declines, and the amount of data shared by platform firms rises, the system can evolve from “worst”, “ineffective” and “bad” states to the “ideal” state respectively, and finally achieve the Pareto optimality of both platform firms and the government; where there exists differences in the data conversion capability of platform firms and the government, only when the government has a significantly stronger data conversion capability than platform firms, will the choice of data sharing behaviors be significantly promoted; at the same time, the improvement of data conversion capability and the increase of supervision cost will also prompt platform firms to choose sharing; however the rise of sharing cost will delay or inhibit the data sharing behaviors of platform firms. Finally, this paper puts forward corresponding policy recommendations.

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The Influence of Information Source on Weibo Users’ Cognitive and Emotional Responses in Sudden Natural Disasters——The Moderating Effect of User Involvement

Lu Yanxia, Qiu Jiangnan, Xu Liwei

2023, 35 (10): 188-204.

Abstract ( 149 )

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Information source is a key factor affecting the psychological response of Weibo users in social media. Effectively identifying the cognitive and emotional response of Weibo users in sudden natural disasters is of great significance for accurate public opinion guidance. From the perspective of information source, based on the characteristics of credibility and influence, and in combination with the dual system theory and involvement theory, this paper constructs a user psychological response model of cognitive and emotional in sudden natural disasters. Taking the public opinion data of “Jiuzhaigou Earthquake” on Weibo as an example, this paper uses the simultaneous equation model for empirical study. The results show that credibility negatively affects users’ cognitive response, while influence positively affects users’ cognitive response. Credibility and influence both negatively affect users’ positive emotional responses and positively affect users’ negative emotional response. User involvement weakens the effect of credibility on psychological response, while the moderating effect of user involvement between influence and users’ psychological response is not significant. From the perspective of heuristic and analytical dual process of information processing, this paper enriches the dual system theory to the field of sudden natural disasters and expands the research field of user involvement in combination with user characteristics. The conclusions have important implications for the online public opinion guidance of social media users in sudden natural disasters.

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The Trickle-down Effect of Unethical Behavior in Organizational Management

Xiao Jincen, Cheng Bao, Luo Wenhao

2023, 35 (10): 205-217.

Abstract ( 222 )

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In organizational management, it is interesting and crucial to investigate whether top managers’ unethical behavior trigger employees to behave unethically even though they have little chance to directly interact with each other. Academia has defined such indirect social influence alongside the organizational hierarchy as trickle-down effect. However, less is known about the mechanisms and boundary conditions of the trickle-down effect of unethical behavior. Based on the framework of trickle-down effect and social learning theory, this study develops a multilevel moderated mediation model linking top managers, middle managers and employees. By collecting time-lagged and multisource data (87 teams and 450 employees) in a national high-tech industrial park and analyzing the data using Mplus 7.4, the present study finds that: (1) top managers’ unethical behavior is positively related to middle managers’ unethical behavior, and middle managers’ unethical behavior is positively related to employees’ workplace deviance; (2) middle managers’ unethical behavior mediates the relationship of top managers’ unethical behavior and employee workplace deviance; (3) the social exchange between top and middle managers moderates their positive influence of unethical behavior; (4) the social exchange between middle managers and employees moderates the relationship of middle manager unethical behavior and employee workplace deviance. This study not only enriches research on the spread of unethical behavior in organizations, but also inspires leaders to lead by example. Contributions, limitations, and future research direction are also outlined.

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Idiosyncratic Deals and Followship Behavior: A Cultural Self-representation Perspective

Fan Zili, Cheng Ken, Ma Jun

2023, 35 (10): 218-227.

Abstract ( 160 )

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In recent years, considerable researches have been undertaken to examine the importance of idiosyncratic deals, which are regarded as a new method of human resource management in the workplace. However, scholars have mainly focused on the influences of idiosyncratic deals on talents’ performance promotion and ignored the effects of idiosyncratic deals on talents’ stability. Drawing on cultural self-representation theory, we develop a moderated-mediation model to associate idiosyncratic deals and followship behavior. Through a multi-phase questionnaire survey, we test our theoretical model on 331 employees of 6 local enterprises in Shanghai. Results show that idiosyncratic deals are positively related to followship behavior and that perceived insider status mediates the effect of idiosyncratic deals on followship behavior. Furthermore, we find that traditionality and modernity moderate the effect of idiosyncratic deals on perceived insider status as well as the indirect effect of idiosyncratic deals on followship behavior via perceived insider status.

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Enhance Moral Awareness or Produce Moral Licensing? A Research on the Double-edge Effects of Reputation for Helping Others

Lu Junting, Liu Chang, Chen Chang

2023, 35 (10): 228-236.

Abstract ( 202 )

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Unethical behavior is widely present in various organizations and poses great harm to their development. Existing research on the causes of unethical behavior focuses mainly on leadership, team climate, and so on. However, little is known about how employee reputation affects unethical behavior. This research utilizes social information processing theory and moral licensing theory to explore how reputation for helping others affects unethical behavior. 391 valid matching questionnaires were collected in a multi-period survey. Our findings show that: (1) Reputation for helping others positively affects moral awareness. (2) Reputation for helping others reduces unethical behavior by enhancing moral awareness. (3) Reputation for helping others positively affects psychological entitlement. (4) Reputation for helping others promotes unethical behavior by increasing psychological entitlement. This research verifies the double-edged sword effect of reputation for helping others on employees. This, to some extent, breaks the traditional view that reputation always has a positive impact on employees.

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Policy Resource Access, Vertical Integration Capability and Organizational Performance of Small Firms Embedded in Rural Area——An Analysis of the Configuration Paths Based on fsQCA

Liu Hang, Deng Guosheng, Li Yanyan

2023, 35 (10): 237-250.

Abstract ( 128 )

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This paper explores the linkage effects of various factors on organizational performance of small business embedded in rural era, using fuzzy set qualitative comparative analysis (fsQCA). It is found that local capability, network structure opportunity and vertical integration capability “interact and match with each other” to form diverse configuration paths for high organizational performance of small enterprises. The policy-escorted path of “policy resources + local capabilities/structural opportunities” and the self-reliance path of “vertical integration capabilities + local capabilities/structural opportunities/technology level” are manifested. Among them, policy resource access and vertical integration capability are the core drivers of high organizational performance of small enterprises embedded in rural area, while local capability, network structure opportunities and technology level are important complementary mechanisms that have obvious complementary effects on organizational performance. These findings provide guidelines and insights for the rural embedding of late-developing small enterprises.

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Analysis of Credit Risk Contagion Based on the Knowledge Graph of Enterprise Equity Relations

Peng Yao, Zhang Lingling, Deng Zhibin, Ye Hanrui

2023, 35 (10): 251-267.

Abstract ( 163 )

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Credit risk is easily contagious in manufacturing industry where the large number of enterprises and their frequent interactions and transactions with outside enterprises lead to a complex relationship. Based on the existing researches, this paper uses knowledge graph as a research tool to explore the credit risk contagion in manufacturing industry from a new perspective. Firstly, this paper constructs the required equity relationship knowledge graph; then, the credit risk contagion path is analyzed based on the constructed knowledge graph, and different risk contagion models are established for the obtained direct and indirect credit risk contagion paths; finally, through Monte Carlo simulation experiments, we find that in the case of direct shareholding, the contagion intensity of credit risk is not only related to the shareholding ratio, but also increases with the increase of the asset liability ratio of normal enterprises, enterprises/normal enterprises’ asset scale ratio and the correlation coefficient of enterprise asset value. Under indirect shareholding, the contagion intensity of credit risk of target enterprises increases with the increase of asset scale of intermediate enterprises, asset liability ratio of intermediate enterprises, shareholding ratio of intermediate enterprises to dishonest enterprises and asset liability ratio of target enterprises. However, it is less affected by asset scale of dishonest enterprises, shareholding ratio of target enterprises to intermediate enterprises and asset value correlation coefficient, and there is no obvious correlation.

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To Join or Not: Private Hospitals under the Volume-based Procurement Policy

Yue Dianmin, Luo Yuqing, Wu Xiaodan, Yu Tianzhi

2023, 35 (10): 268-282.

Abstract ( 86 )

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With the growing quantity of private hospitals, their participation in the volume-based procurement policy is critical for further reducing medicine prices and improving people’s access to medicine. This paper develops a model of dynamic game among medicine manufacturers, GPO and hospitals, in which private hospitals’ price sensitivity and negotiation ability are considered. Our analysis examines engagement strategies of private hospitals when the price is open or not open under the volume-based procurement policy. The research shows that, compared with the open selected price of volume-based procurement, private hospitals’ purchasing price and cost are higher when the price is not open, which leads to an increase of their willingness to join the policy. At the same time, the medicine price of public hospitals decreases and social welfare increases. Whether the price is open or not, the willingness of private hospitals to join volume-based procurement increases when the direct negotiation cost is higher than a certain threshold, but the threshold is lower when it is not open. The above conclusions have important reference value for improving the volume-based procurement policy and encouraging private hospitals to participate.

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A Supply Chain Decision Research that Factors in the Platform Differentiation in Competitive Environment

Li Xuge, Qiu Ruozhen, Sun Yue

2023, 35 (10): 283-297.

Abstract ( 90 )

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Assuming a supply chain consists of one supplier and two competing retail platforms, this paper investigates supplier pricing and retail platform revenue sharing decision in a competitive environment considering the degree of platform differentiation. Based on the analysis of consumer purchase behavior, this paper discusses the demand function under three pricing strategies (high pricing strategy, medium pricing strategy, and low pricing strategy) of the supplier, and constructs a Nash-Stackelberg game model with the competitive retail platforms as the leader and the supplier as the follower. The equilibrium decisions under three pricing strategies of the supplier are given, and the influence of the degree of differentiation between the platforms on equilibrium decisions and profits for the supply chain members is analyzed. At last, this paper validates the results by numerical examples, and gives the corresponding managerial insights and decision-making suggestions. The results show that: (1) the supplier and the two platforms should make different pricing decisions and revenue sharing decisions based on different pricing strategies and platform differences; (2) an increase in platform differentiation under different pricing strategies will harm the profit of suppliers, but may benefit competitive retail platforms; the platform has a stronger motivation to provide consumers with a characteristic shopping experience to increase the platform differentiation; (3) although the supplier and the two platforms get the highest profits under different pricing strategies, additional mechanisms (Nash bargaining) can be designed to ensure the transaction. This study provides decision-making recommendations for the supplier and competitive retail platforms on how to price products and set revenue sharing rates when consumers consider the degree of differentiation between the platforms.

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Tolerance vs. Suppression: Research on Carbon Audit Mechanism for Supply Chain’s Noncompliance with Emission Reduction Standards

Fu Hongyong, Lei Yifeng, Zhang Shuguang, Li Yujie

2023, 35 (10): 298-309.

Abstract ( 119 )

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The “3060” dual carbon goals set a new requirement for low-carbon development. The lowering cap of total carbon quota objectively confronts carbon-emitting enterprises with uncertainty in terms of their compliance with emission reduction standards. To this end, we draw on the practices of HP and Huawei incentivizing the supplier emission reduction compliance, and use carbon audit, a tool that can identify carbon emission reduction noncompliance, to design tolerance-based carbon audit mechanism and suppression-based carbon audit mechanism and further explore the impact of self-interest strategy and win-win strategy on the two carbon audit mechanisms. The results show that the optimal carbon audit mechanism under the two strategies depends on the buyer’s goodwill loss coefficient and sourcing price. Specifically, under the self-interested strategy, when the loss coefficient is low, or when the loss coefficient is moderate and sourcing price is low, the tolerance-based carbon audit mechanism is the dominant mechanism; when the loss coefficient is moderate and sourcing price is high, or when the loss coefficient is high, suppression-based carbon audit mechanism is the dominant mechanism. Under the win-win strategy, when the loss coefficient is low or moderate, the tolerance-based carbon audit mechanism is dominant if the sourcing price meets certain conditions. In addition, we also find that compared with the win-win strategy, the dominant mechanism under the self-interested strategy is more helpful to supplier carbon emission reduction compliance.

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Research on the Mining and Quantitative Evaluation of Intelligent Manufacturing Policies——Theory and Evidence Based on Nine Cities in the Greater Bay Area of China

Song Tiebo, Yao Hao, Huang Jianbin

2023, 35 (10): 310-319.

Abstract ( 123 )

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The mining and quantitative evaluation of smart manufacturing policies are conducive to the implementation of such policies, the formulation of subsequent supporting policies and the growth of China’s smart manufacturing sector, but the existing studies in this area are scarce. In this paper, based on the text mining and analysis of 38 smart manufacturing policies released by nine cities in the Greater Bay Area from 2014 to 2020, and by classifying the policy dimensions in the literature, we construct a PMC index model of smart manufacturing policies containing 9 primary variables and 39 secondary variables, and select one typical programmatic policy of each of the above nine cities for empirical evidence. It is found that these policies are generally at an excellent level, but still can be optimized in terms of policy strength, policy nature, policy timeliness, incentives, synergy objects, etc. The problem of duplication of focus among regional policies should also be paid attention to. The model provides a basis for the optimization of smart manufacturing policies in nine cities in the Greater Bay Area, and also provides a reference value of policy dimensions for other regions that are still in the exploration stage of smart manufacturing.

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Identification of Influencing Factors in Long-term Care System Design Based on Rough Set-interval Grey Number-Dematel Model

Li Yixuan, Chu Fuling

2023, 35 (10): 320-327.

Abstract ( 79 )

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The long-term care for disabled elders has become a social security issue that need to be settled urgently in China. The design of the long-term care system is an important basis for solving this problem, and identifying the influencing factors of the system is a key premise of system design. In light of this, initial influencing factors of long-term care system design are collected and summarized based on academic studies and practices regarding to the long-term care. Information repetition is reduced with the help of the rough set theory to derive 16 influencing factors of long-term care system design. Interval gray number and DEMATEL techniques are jointed used to observe the impacts of each indicator on the design of long-term care system. The results demonstrate that nine indicators including long-term care top-level design, long-term care service demand, long-term care insurance type selection, long-term care legislation, long-term care payment content, long-term care service system design, evaluation criteria for disability grade, learning from international experiences, payment standard of long-term care insurance are direct influencing factors and are the essence of long-term care system design. In the meanwhile, the remaining seven indicators are indirect influencing factors, which play an assistant role in the system design. During this process, the relationships and influence degree of various factors should be comprehensively taken into account to promote the steady progress of the long-term care system design. This study provides a new research perspective and method for determinants identification of the long-term care system design in China, and also provides a theoretical reference for the design of long-term care system.

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Research on Strategic Action and Competitive Advantage of Crowd Maker Space——From the Perspective of Attention-based View

Ni Hui, Wei Wu

2023, 35 (10): 328-339.

Abstract ( 139 )

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Crowd innovation space, as an important carrier of “Mass Entrepreneurship and Innovation”, is facing the dilemma of survival and development, so how to make a breakthrough is well worth a deep exploration. The existing studies focus on the perspectives of social network theory and dynamic capability theory, ignoring the micro basis of the strategic actions of crowd innovation space. Based on the perspective of attention-based view, this study uses the grounded theory approach to reveal the generation mechanism of the strategic actions of crowd innovation space. The core of the framework is “trait attention-explanation-action-ability generation”. The findings of the study are as follows. (1) Attention to different environmental factors will promote two kinds of attention orientations: entrepreneurial environment orientation and technical industry orientation. (2) The two kinds of attention orientations influence the strategic actions of crowd innovation space organizations through different cross-layer action construction processes. (3) Platform-based organization strategy promotes the resource integration ability and network breadth advantage while professional organization strategy promotes the resource extension ability and network depth advantage of crowd innovation space. This study explores the micro basis and mechanism of the strategic actions of crowd innovation space, which has an important enlightenment and theoretical guidance for crowd innovation space to break through its development dilemma.

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Research on the Construction Mechanism of Data-driven Dynamic Capabilities of Traditional Manufacturing Enterprises: Based on the Case Study of Digital Practice of Wahaha Group Co., Ltd.

Chen Yu, Chen Yantai, Xie Fuji

2023, 35 (10): 340-352.

Abstract ( 272 )

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Traditional manufacturing enterprises are facing both new opportunities and challenges in the digital environment. How to build data-driven dynamic capabilities is the key to the success of traditional enterprise transformation. Taking Hangzhou Wahaha Group Co., Ltd. as a case study, this paper discusses the construction mechanism of data-driven dynamic capabilities. There are some main findings as follows. First, the data-driven dynamic capabilities of traditional manufacturing enterprises are composed of four dimensions: data-driven opportunity perception capability, data-driven industrial chain synergy capability, data-driven organizational transformation capability and data-driven value ecosystem capability. Second, these four capabilities can be subdivided into 13 main categories. Third, these four capabilities are progressive and mutually reinforcing. Among them, data-driven opportunity perception capability is the basis and prerequisite. Data-driven industrial chain synergy capability is the key and means of implementation. Data-driven organizational transformation capability is the guarantee and the supporting condition. Data-driven value ecosystem capability is leverage, with an amplification effect. The contribution of the paper is that a four-dimensional analysis framework is proposed, then the sources and interaction mechanisms of different dimensions are deeply analyzed. The conclusion of the paper has implications for how traditional manufacturing enterprises should carry out digitalization and transform digital resources into their data-driven dynamic capabilities.

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