Management Review

The Decomposition of Dual Circulation and External Dependence of Economy

Zhang Zengkai, Zhu Kunfu

2024, 36 (2): 3-13.

Abstract ( 118 )

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This study proposes a new decomposition framework of China’s economic dual circulation, divides external dependence of economy into different types (i.e., simple/complex; forward/backward), and analyzes the relationship between the external dependence of economy and the growth of economy. We find that the scale of internal circulation is greater than that of dual circulation, and simple dual circulation corresponds to the smallest volume. After reaching the peak in 2006, the external dependence of economy has decreased gradually, and the peak of backward external dependence appeared earlier. During the rapid economic growth period, the external dependence of economy is positively related to the growth of economy, and the relationship during the slow economic growth period is just the reverse. The decrease in foreign demand has a significant impact on the sectors with a greater degree of forward external dependence, so an effective solution is to stimulate internal demand. The findings of this study are supportive for China to anchor its economic growth at internal circulation and gain extra impetus from dual circulation.

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Research on the Relocation Paths of Xinjiang’s Typical Manufacturing Industry from the Value-chain Perspective

Huang Rongrong, Gao Xiang, Xu Ran, Yang Cuihong

2024, 36 (2): 14-26.

Abstract ( 99 )

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Amidst the restructuring of the world order, China has proposed expediting the implementation of a “dual circulation” development pattern. One of the crucial strategies for achieving it is to scientifically guide the redistribution of domestic value chains across different regions. Moreover, as an essential conduit for energy and resources and a vital processing base for primary products in China, Xinjiang is playing an increasingly significant role as a gateway, transit point, and hub in the “dual circulation” development pattern. Thus, based on the proposed new measurements for industry relocation, this paper estimates the value of industry relocation between Xinjiang and other provinces in China from 2012 to 2017, exploring the heterogeneity of the relocation path for Xinjiang’s typical labor-intensive industry, “textiles”, and capital-intensive industry, “metal smelting and calendaring products”. Empirical findings show that, for labor-intensive industries with high employment, Xinjiang should continue to participate in industry relocation driven by both intermediate inputs and final products, and transform the industrial upgrading mode from the market share expansion to the industrial chain extension; for capital-intensive industries with high energy and resource inputs, the focus should primarily be on increasing industry relocation driven by final products, while also extending and complementing the industrial chain of core products.

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Study on the Effect of Trade Frictions against China on the Restructuring of Global Value Chains under the New Pattern of Dual Circulation

Qiao Xiaoyong, Li Xingyao, Zhu Heliang

2024, 36 (2): 27-39.

Abstract ( 87 )

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Under the new development pattern of dual circulation, this paper takes China as a sample to investigate the mechanism and effect of trade friction on global value chain (GVC) restructuring by matching GTAP model and GVC accounting decomposition model and using social network analysis method. The study finds that the effects of trade friction on the GVC restructuring are mainly reflected in retraction of GVC production chain, embedding and profits distribution reconstruction, industrial transfer and upgrading, transition of GVC production network, and regional agglomeration and block evolution; and the trade frictions against China has inhibited China’s participation in GVC on both the demand side and the supply side, resulting in a sharp contraction of the enterprises import and domestic intermediate demand, and a great damage on China’s trade income and participation in GVC. The negative effect caused by the upstream and downstream industrial associations is significant. The resonance effect in GVC inhibits trade barrier initiators and non-directly-related third parties from participating in domestic value-addition and complex GVC in China. However, Japan, South Korea and ASEAN have undertaken more intermediates trade transfers; the trade friction has also caused an overall contraction of the GVC trade network, and changed the community structure of the original network.

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Research on Collaborative Improvement Mechanism of Infrastructure PPP Project Performance

Zheng Chuanbin

2024, 36 (2): 40-53.

Abstract ( 66 )

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With the significant increase in the role of the public in the implementation of infrastructure PPP projects, this study constructs an evolutionary game model for the synergistic performance enhancement of infrastructure PPP projects with government incentives, social capital enhancement, and public participation, constructs a social capital benefit distribution model considering the target interval of performance enhancement, and through a simulation analysis explores the behavioral strategy choice and its influencing factors for the collaborative performance improvement of the three parties. The study shows that: the behavioral strategy choice of any party and its evolution path is closely related to the behavioral strategies of other game players, and their influence on each other’s initial strategies is different; the benefits such as credibility enhancement, rewards from higher authorities, and fines have positive effects on the government’s incentive behavior, while the government’s incentive costs have negative effects on the government’s incentive behavior. The benefit distribution of social capital is closely related to the parameters of the target range, reward factor, and penalty factor, and the benefit distribution of social capital decreases with the increase of the target range of performance. The benefit distribution of social capital is related to the parameters of target scope, reward factors, and penalty factors, and the benefit distribution of social capital gradually decreases as the scope of the performance target increases. The research results are conducive to enriching and improving project performance management theories, and providing reference for government to introduce relevant policies and design performance enhancement mechanisms for PPP projects.

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The Innovation Enrichment Effect of Government’s Fund-guiding Policies: A Difference-in-Difference Model

Li Xiaowei, Li Chuanming, Guan Caifeng, Luo Junmei

2024, 36 (2): 54-65.

Abstract ( 65 )

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Based on the event of local government launching fund-guiding policies from 2008 to 2018 and the corresponding large sample data of firm innovations, a difference-in-difference model of the quasi-natural experiment is constructed to examine the actualization of the long-term innovation-driven goal of the fund-guiding policies. It is found that local government’s fund-guiding policies play a role of supportive hand in enriching firm innovation, as evidenced by the synergy effect generated by the complementation between the fund-guiding policies and traditional public financial policies like tax preference and government subsidy, and resource availability provided by the fund-guiding policies to improve firms’ asset turnover efficiency and relieve the resource constraints on firms. The innovation enrichment effect of fund-guiding policies is mainly applicable to non-state-owned firms, the manufacturing sector, and in the cities with a lower marketization index.

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Entrepreneurship Research in Emerging Industries： A Review and Prospects

Zhang Jingwei, Jin Xiujuan, Cui Lianguang, Tu Yuqi

2024, 36 (2): 66-79.

Abstract ( 66 )

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Starting a new business to initiate a new industry is a key hallmark of entrepreneurship. Exploring the entrepreneurial phenomenon in emerging industries is essential for understanding both the entrepreneurial behavior and decision-making logic of new ventures and the formation patterns of emerging industries. Although the existing literature has extensively explored entrepreneurship in emerging industries, no systematic review has been conducted so far. Emerging industries represent a unique, even extreme entrepreneurial context. A systematic review of entrepreneurship researches concerning emerging industry contexts for the purpose of identifying important research themes and their research threads, can significantly contribute to the knowledge of entrepreneurship research in general settings. Given this, this paper first defines the connotation and characteristics of an emerging industry; next employs the systematic literature research method to search, select and code the literature on new venture entrepreneurial behaviors in emerging industries, thus identifying four prominent themes, i.e., strategy, legitimacy, entrepreneurial opportunity and identity; then constructs an integrated research framework and conducts a comparative analysis to clarify the distinctive value of entrepreneurship research in emerging industries; and finally proposes future research prospects for promoting the progress of entrepreneurship research in emerging industry.

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Profit Distribution Decision for Collaborative Innovation of Green Product under the Guarantee of Minimum Shipment

Xing Qingsong, Ren Yangyang, Deng Fumin

2024, 36 (2): 80-91.

Abstract ( 28 )

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Patent buyouts or non-guaranteed partial payments are not conducive to collaborative innovation of green product with long research and development cycles and high market risks. Based on the contingent asset theory of real options, this research firstly constructs a value evaluation model of green product collaborative innovation with or without the minimum shipment guarantee by entrusting the academic research party with the guarantee of green technology or patent minimum shipment and considering the technology or patents’ fair share of risks during engineering verification to commercial mass production. Secondly, this research develops a revenue distribution decision model for green product’s collaborative innovation projects based on the Shapley Method by maximizing the overall objective of the green product collaborative innovation alliance as the decision goal, and fully considering the marginal contribution of each entity during the research and development process of green product. Lastly, this research analyzes the degree of patent share payment and the market demand threshold for minimum shipments of green product by means of specific cases and numerical simulations, which is to verify the effectiveness and rationality of the green product collaborative innovation revenue distribution decision model compared with the model without minimum shipment guarantee and dynamic adjustment of value distribution.

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The Mode and Operational Mechanisms of E-commerce Poverty Alleviation Supply Chain

Pu Xujin, Lai Deling, Jin Delong

2024, 36 (2): 92-105.

Abstract ( 64 )

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There are two typical modes in the e-commerce poverty alleviation supply chain. One is “e-commerce + farmers” mode, where each farmer cooperates with the e-commerce directly as a wholesale price taker. The other is “e-commerce + cooperative + farmers” mode, under which farmers establish a cooperative first and then the cooperate negotiates the wholesale price with the e-commerce. A game model of poverty alleviation supply chain considering the e-commerce’s social responsibility and the cooperative’s cost of management is developed to analyze the operational mechanisms of these two different modes. The optimal choices of both farmers and the e-commerce facing different market conditions are discussed. The results show that: (1) Farmers are more willing to expand the planting area within a cooperative. (2) The lower the cooperative’s cost of management or the higher farmers’ risk aversion, the more likely farmers will choose the “e-commerce + cooperative + farmers” mode. (3) Only when the e-commerce’s degree of social responsibility is weak, will farmers and the e-commerce have the same preference of the mode. More specifically, when the cooperative’s cost of management is relatively low (high), both farmers and the e-commerce will prefer the “e-commerce + cooperative + farmers” mode (the “e-commerce + farmers” mode). When the e-commerce’s degree of social responsibility is strong, farmers and the e-commerce will not have the same preference of the mode. Our analysis leads new managerial insights for the development of e-commerce poverty alleviation.

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Definition of Big Data Context and Construction of Dimension Structure

Yuan Junxia, Wu Haining, Xie Jiaping

2024, 36 (2): 106-116.

Abstract ( 47 )

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Big data context plays a facilitating or constraining role for enterprises to effectively develop and utilize big data-related resources. However, its conceptual definition and dimensional structure are vague, and its impact on specific behaviors is not fully recognized and valued. Rooted in the big data application practices of digital pioneer retail enterprises, this paper defines and constructs the concept and dimensional structure of big data context. It is found that big data context contains two levels: Omnibus context and Discrete context. The Omnibus context is the leading development environment created by the enterprise in the process of promoting the application of big data technology, and its basic elements include executive data awareness, data strategy, data life cycle and data value. The Discrete context is a more micro and specific operational environment that directly affects employees’ actual work behaviors and attitudes, and its basic elements include data attributes, big data organizational image and big data organizational climate. The Omnibus context is conducive to shaping the Discrete context and can be regarded as the antecedent variable of the Discrete context. The Discrete context supports the Omnibus context and mediates the action of the Omnibus context on employee behavior. This theoretical framework enriches and deepens the perception of big data context and makes the definition of context, which is more broadly or vaguely treated, clearer.

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Research on the Influence of Perceived Social Mobility on Consumers’ Willingness to Pay for Knowledge

Song Xiaobing, Lu Yi, Yu Zewei

2024, 36 (2): 117-129.

Abstract ( 96 )

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In the era of burgeoning online knowledge monetization and fierce industry competition, a plethora of knowledge-paying platforms have implemented captivating ‘class anxiety’ marketing approaches to drive product sales. Through these innovative propaganda methods, they ignite consumers’ thirst for superior knowledge and foster the inclination to invest in knowledge acquisition by evoking varied perceptions of social mobility. The existing body of research on social mobility in the realm of social psychology has reached a high level of maturity, revealing that variances in perceived social mobility can result in divergent individual behaviors. In the field of marketing, while an increasing number of scholars have explored social mobility as an independent variable, few have specifically examined the integration of perceived social mobility with a specific marketing approach. Consequently, building upon the current landscape of knowledge-paying platforms in marketing, this study sheds light on the influence of perceived social mobility on consumers’ willingness to pay for knowledge which was examined by the methods of second-hand data analysis and behavioral experiments. Study 1 delves into the relationship between variations in consumers’ perceived social mobility and their WTP (willingness to pay) for knowledge through the analysis of secondary data, meanwhile Study 2 replicates and demonstrates the causal effect of perceived social mobility on consumers’ WTP for knowledge. To further unpack the psychological mechanism, Study 3 tests the prediction concerning the mediating role of long-term goal commitment manipulating consumers’ perceived social mobility. Additionally, Study 4 employs another manipulative approach to investigate whether self-esteem functions as a boundary condition for the impact of perceived social mobility on consumers’ willingness to pay for knowledge. The results show that perceived social mobility can improve consumers’ commitment to long-term goals, thus having a significant positive impact on their willingness to pay for knowledge. Furthermore, in comparison to consumers with lower self-esteem, perceived social mobility exerts a more pronounced influence on the willingness to pay for knowledge among consumers who possess a heightened perception of their self-esteem. This research not only offers a valuable reference for knowledge-paying platforms in devising marketing strategies and targeting their markets, but also integrates sociological concepts with marketing, thereby providing a wider theoretical foundation for future research.

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Can Digital Transformation Reduce a Firm’s Dependence on Big Customers?

Song Yuanyang, Chen Zhengyi, Yan Haifeng

2024, 36 (2): 130-142.

Abstract ( 97 )

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Firms highly dependent on a few big customers are likely to face higher operating risk and weakening profitability. Then, can a firm reshape its relationship with big customers through digital transformation to reduce its dependence on big customers ultimately? This paper constructs an index of firm digital transformation using text mining technology. Based on the data of listed Chinese manufacturing firms, we find that digital transformation helps a firm to sense customers’ needs, seize and retain customers, and reduce the firm’s costs of providing products and services for more broad and more diversified customers, thus significantly reduces a firm’s dependence on a few big customers by broadening the firm’s customer base. The influence of digital transformation on a firm’s dependence on big customers is related to the firm’s product characteristics: the lower product standardization, the higher product innovation, and product demand uncertainty, the more helpful digital transformation will be in reducing the firm’s dependence on big customers. This study reveals the antecedents of a firm’s dependence on big customers from a new perspective of digital transformation, which not only complements current studies that pay little attention to the antecedents of a firm’s dependence on big customers, but also has important practical implications for firms to reduce their dependence on big customers through digital transformation.

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A Study on the Impact of Career Mobility on Research Outputs: New Evidences from a Temporal Perspective

Lu Xiaoyang, Tang Chaoying

2024, 36 (2): 143-153.

Abstract ( 77 )

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How does scientific researchers’ career mobility affect their research output over time? What is the mechanism of its influence? Both questions have never been adequately answered. On the one hand, mobility brings heterogeneous knowledge, research questions, perspectives and methods, which can facilitate research exploration and improve research output. On the other hand, mobility is also accompanied by the cost of adapting to the new environment, which tends to decline with time. Thus, the impact of mobility on research output should change with time. In this study, we analyze curriculum vitae of 847 scientific researchers and their 44,593 papers. The results show that the quantity and quality of scientific researchers’ paper show a short-term decline in the first four years after mobility, but a significant increase from the fifth year on. The positive effect of mobility on paper quality disappears in the sixth year, but the effect on paper quantity is still significant in the sixth year. Compared with paper quality, the positive effect of mobility on quantity lasts longer. The research exploration of scientific researchers due to mobility affects the quantity of papers within six years after the mobility, but can only improve the quality of papers in the first three years after the mobility. The above conclusions enrich the theory of mobility and research output, and have practical value for talent management and policy.

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Are You Asked to Work Overtime? Exploring Proactive and Reactive Work Connectivity Behaviors After-hours and Their Multi-path Effects on Emotional Exhaustion

Gong Shuo, Li Hai, Xia Ming, Zhu Jinqiang

2024, 36 (2): 154-166.

Abstract ( 112 )

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Recent years have witnessed the increasing popularity of work connectivity behavior after-hours (WCBA), and thus new problems are brought in the work-family interface. Previous studies on this kind of behavior mainly investigate its negative outcomes from the perspective of resource. On the other hand, some scholars argue that such behavior has a positive influence on employees. However, these two viewpoints have failed to be synthesized. Based on boundary theory, we divide WCBA into proactive WCBA (PC) and reactive WCBA (RC), and examine the pros and cons of WCBA on emotional exhaustion and its mediating mechanism and boundary conditions. The experience sampling method is adopted to test the proposed theoretical model. The data are collected from part time MBA students or employees with a MBA degree. The participants are required to answer questionnaire once a day at 9 p.m. for 7 consecutive days, during which 5 variables (WCBA, work control, work in conflict with family, personal accomplishment, and emotional exhaustion) are measured. Demographic information is gathered from participants prior to the 7-day measurement. WCBA is assessed by the scale adapted from a mature scale, while the rest of variables are measured by mature scales. After the data cleaning, there are 380 valid questionnaires (82-97%) from 98 participants (90-74%). Confirmatory factor analyses and average variance extracted are performed to check the discriminant validity and convergence validity of the key variables. Multilevel structural equation modeling is taken to verify the hypothesis, and Monte Carlo simulation procedures processed by open-source software R is used to assess mediation effects. Results show that PC has an inverted U-shaped effect on work control, and that work control is negatively related to emotional exhaustion. The moderated mediation effect of work control is significant. RC negatively affects work control, and there is also a negative relationship between work control and emotional exhaustion. The indirect effect of work control is significant. PC is positively associated with work in conflict with family, and work in conflict with family has a significantly positive effect on emotional exhaustion. The mediation effect of work in conflict with family is significant. This study suggests that there is a significant positive effect of RC on work in conflict with family, and that work in conflict with family has a significantly positive effect on emotional exhaustion. Work in conflict with family could serve as a mediator to connect RC and emotional exhaustion. It is also found that the product term between PC and personal accomplishment is significant. Personal accomplishment moderates the relationship between PC and work in conflict with family, that is, the mediating effect of work conflict family is stronger for employees with low personal accomplishment. Based on boundary theory, the present study enriches the literature on WCBA and boundary theory by classifying WCBA into PC and RC, illustrating the advantages and disadvantages of different types of WCBA on emotional exhaustion, and explaining its mediating mechanism and boundary conditions. Practically, the shift of WCBA from reactive to proactive can weaken its negative effects to a certain extent and even produce positive effects, thereby improving the emotional state of employees.

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Chinese Companies’ Choice of Post-reverse-M&A Integration Models—A Research Based on the Configuration Analysis of Strategy Tripod Framework

Chen Xiaomei, Wu Xiaojie, Wang Xiuqiong

2024, 36 (2): 167-180.

Abstract ( 47 )

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Based on the cases of 76 Chinese multinational firms’ acquisition of and integration with firms in developed countries from 2001 to 2017, this paper makes a clear-set qualitative comparative analysis to explore the linkage effects of various factors such as M&A experience, corporate control, corporate ownership attributes, M&A motivation, industry relevance, formal institutional distance, cultural distance, and other factors on Chinese firms’ choice of post-reverse-M&A integration models, and further dynamically compares the possible paths for the evolution of different integration models. The study finds that: (1) there are four equivalent paths for “light-touch” integration model choice, i.e., unrelated M&A with exploratory M&A or experience-led high control M&A in the institutional constraint context, and low control M&A with exploitative M&A or experience-led exploratory M&A in the institutional shortage context; (2) there are two equivalent paths for the “do-nothing” integration model, i.e., exploitative M&A with a low control motive or unrelated M&A with a resource disadvantage in the context of institutional shortcomings prefer the “do-nothing” integration model; (3) there are three equivalent paths for the “supportive partner” integration model, i.e., related M&A in an institutional arbitrage context, or M&A experience-driven high-control M&A in a cultural diversity context, or high-control M&A in a cultural diversity context; and (4) there are two equivalent paths for the “re-touch” integration model, i.e., experience-driven exploratory M&A with high control in the institutional arbitrage context or high-control M&A with high control in the cultural diversity context. In the case of institutional arbitrage, the “re-touch” integration model is preferred for experience-led exploratory M&A with high control or resource-advantaged M&A with high control. The findings of this study enrich the research results on post-merger integration model selection and provide practical insights for firms to choose the appropriate integration model.

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The Influence of Managerial Power on Myopia Fluctuations

Ren Shengce, Du Mei, Cao Yougen

2024, 36 (2): 181-193.

Abstract ( 73 )

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Where should companies go under the pandemic? As important decision makers, managers are caught in the dilemma of balancing short-term benefits and long-term development, and myopia fluctuations become more and more obvious. Based on managerial cognition and resource dependence theory, this paper constructs myopia fluctuation indexes by using all A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2019 to 2020 to explore the impact of managerial power on myopia fluctuations and the moderating effect of ownership, slack resources and manager tenure. The results show that managerial power has a significant negative effect on myopia fluctuations. The ownership and slack resources have a negatively moderating effect between managerial power and myopia fluctuations, while manager tenure has a positively moderating effect between managerial power and myopia fluctuations. The findings extend the application of managerial cognition and resource dependence theory, enrich the related literature of managerial power on myopia fluctuations, expand the context from the perspectives of ownership, slack resources and manager tenure, and provide practical guidance for avoiding myopia fluctuations and stabilizing decision-making horizon under the pandemic.

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Investor Service Center Shareholding and Stock Price Synchronicity—Based on a Quasi-natural Experiment

Sun Zeyu, Sun Fan

2024, 36 (2): 194-209.

Abstract ( 74 )

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Protecting small and medium investors properly has been viewed as the internal requirement for high-quality development of capital market. The China Securities Investor Service Center (CSISC) established by China Securities Regulatory Commission in 2014 is an important institutional innovation for this purpose. In February 2016, the CSISC has been the public welfare shareholder of listed firms located in Shanghai, Hunan and Guangdong firstly. We utilize the above quasi-exogenous event to construct a difference-in-difference model and investigate the impact of CSISC shareholding on the capital market information efficiency. We find that compared with listed companies located in non-pilot provinces, the stock price synchronization of listed companies located in the pilot areas is significantly lower, which represents the improvement of capital market information efficiency. The mechanism tests show that CSISC shareholding mainly affects the stock price synchronization through improving the information environment and promoting the activism of small and medium investors. Heterogeneity analysis finds that the above relationship is more pronounced in samples with lower protection degree of investors, higher institutional shareholdings and higher media attention. This paper not only expands the research perspectives of the CSISC shareholding and stock price synchronization respectively, but also provides plausible solution about how to improve China capital market information efficiency through the protection of small and medium investors.

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Carbon Abatement Pressure and Debt Distribution of Business Groups: Evidence from Listed Business Groups in Energy-intensive Sector

Tong Yan, Li Xin, Xu Guoquan

2024, 36 (2): 210-221.

Abstract ( 85 )

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Under the background of carbon peak and carbon neutralization, this paper empirically finds that carbon abatement pressure of business groups positively affects their level of centralized liability with the data of Chinese A-share listed business groups in energy-intensive sector from 2008 to 2020. We further find that carbon abatement pressure affects centralized liability via the channel of financing constraints and operational risks. The positive relationship is more pronounced when business groups do not obtain the environment management system certification, receive more media attention, have centralized organizational structure, expose to an environment of poor financial marketization, operate in more competitive sectors or when the local governments pay more attention to carbon abatement. This paper expands the literature by exploring the institutional factors of debt distribution of business groups from the perspective of environmental regulation. It also sheds lights on how a business group can improve its efficiency of financial resource allocation.

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Digital Finance and Disruptive Innovation: An Analysis Based on Dual Channels of Monitoring and Financing

Sun Jian, Li Hanmin, Yuan Chun, Li Zhe

2024, 36 (2): 222-235.

Abstract ( 91 )

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Disruptive Innovation represents a major breakthrough of the existing technologies and has a profound impact on future technologies. This paper investigates how the development of Digital Finance in one area benefits the Disruptive Innovation of listed companies and reaches a conclusion: companies in booming Digital Finance make more progress in Disruptive Innovation in the following year. There are two mechanisms. Digital finance not only relieves the financing constraints but also plays a role in monitoring by reducing agency costs. Also, compared with depth of usage of Digital Finance, the coverage of Digital Finance shows its promotion effect on Disruptive Innovation. In addition, we find that in non-SOEs, companies in growing stage and companies that have more executives with IT background, Digital Finance can promote Disruptive Innovation better. At the macro level, there is a regional spillover effect, that is, the development of Digital Finance in surrounding cities can also promote the development of Disruptive Innovation of local listed companies. Above all, this paper may make significant incremental contributions to the research on the consequences of Digital Finance and the influence factors of Disruptive Innovation.

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Credit Decisions in the Two-level Supply Chain in the Presence of the Retailer’s Bankruptcy Risk

Ding Wen, Zhao Wenhui, Wan Guohua

2024, 36 (2): 236-245.

Abstract ( 36 )

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For capital-constrained retailers, bank financing and supplier financing are two important sources of funding. In this paper, we compare the two financing methods when the retailer has the risk of bankruptcy. Our analyses show that because of higher profit, the supplier with sufficient capital is more inclined to finance the retailer. For suppliers lacking capital, they are willing to finance the retailer even if they must borrow from outside using financing methods such as mortgage. However, when the retailer has the bargaining power, these results may not hold any more. In fact, the supplier who provides financing may get a lower profit. The analyses show that with supplier financing, the supplier’s profit increases with the retailer’s risk of bankruptcy.

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Research on Coordination Mechanism of Urban Emergency Supply Chain Based on Quadrilateral Evolutionary Game under Emergencies

Jiang Xu, Zhao Kai, Tang Yunqing

2024, 36 (2): 246-256.

Abstract ( 74 )

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In recent years, emergencies have had an impact on the supply and price stability mechanism of urban living materials, resulting in shortage of materials and soaring prices, which exposes the poor operation of China’s urban emergency supply chain and other problems. As important subjects of urban emergency supply chain, the behavioral strategies of government emergency departments, logistics platform enterprises, material guarantee enterprises and urban residents will directly affect the final effect of urban living materials emergency supply. Based on this, this paper uses a quadrilateral evolutionary game model to explore the evolutionary rules of the construction and operation of the urban emergency supply chain coordination mechanism in China. At the same time, numerical experiments are conducted to simulate and analyze the evolutionary stabilization strategy. The results show that the active participation of government emergency departments, the efficient operation of logistics platform enterprises, the move-in of material preservation enterprises, and the platform procurement by city residents are the key factors to achieve the evolutionary equilibrium of the system. Therefore, the government emergency department should use subsidies, penalties and other policy tools to guide multiple parties to participate in the construction of synergistic mechanisms, so as to better cope with the impact of various emergencies and ensure “the smooth circulation, production and supply” of living materials.

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An Analytical Framework of Derivatives Sniper Attack Risk Based on the Case Study of Tsingshan Group’s Forced Liquidation Incident in LME Nickel

Xu Yang, Bu Hui

2024, 36 (2): 257-272.

Abstract ( 97 )

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The nickel futures prices on the London Metal Exchange (LME) experienced a sharp surge during the two trading days from March 7th to 8th, 2022. As a result, Tsingshan Holdings Group, a Chinese company heavily involved in nickel hedging, suffered a significant loss, which marks another risk event where a domestic enterprise participating in overseas derivative trading was targeted by international capital. This paper provides a detailed case analysis of the sniper activity among “LME nickel futures incidents”, and proposes an analytical framework for analyzing sniper events and sniper risk in the futures market from four dimensions: objective conditions, market environment, sniper strategies, and sniper motivation behind. The study reveals that the weak physical delivery capacity caused by cross-hedging became an objective condition for Tsingshan Group to be targeted, and the market environment of low-level nickel inventories triggered by geopolitical risks further limited Tsingshan Group's inventory control and delivery capacity. The design of LME contracts exposes trading positions and motivations, while the LME trading system facilitates short-term price manipulation and other sniper behaviors, allowing the inference of the using contract, timing, and price manipulation ways employed in this sniper attack. Analysis of large position reports reveals that the essence of this sniper attack may be a battle for nickel resources. Finally, this study utilizes event analysis to confirm that the sharp increase in nickel futures prices on March 7th, 2022, was driven by trading factors rather than fundamental factors. The analytical framework proposed in this research, which combines case analysis, data analysis, and empirical analysis, is of significant value in identifying sniper risks, recognizing market manipulation, and better evaluating related risks for early warning and prevention.

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Growth through Adversity: An Exploration of How China’s Inborn Global Enterprises Develop Their Resilience in the Face of External Repressions—Exemplified by TikTok’s Response to the United States Ban

Liang Lin, Duan Shiyu

2024, 36 (2): 273-288.

Abstract ( 87 )

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China’s inborn global enterprises (IGEs) are under increasing external continuous pressure. Whether they can develop resilience becomes a key for organizations to cope with the crisis and achieve survival and subsequent development. This paper adopts the vertical single-case study method, and takes TikTok, which was banned by the United States, as an example to explore how China’s IGEs develop their resilience in the face of external respressions typical of the current era. The study finds that: (1) the external pressure faced by IGEs can be divided into conventional and unconventional continuous pressure. In the two types of pressure scenarios, the development process, development strategies and manifestation of organizational resilience are different; (2) under the composite impact of the two types of continuous pressure, organizations adopt different resilience formation strategies; under the conventional continuous pressure, the development of organizational resilience depends on three strategies: strain, adjustment and self-improvement; under the unconventional continuous pressure, the development of organizational resilience also needs three special strategies: aggregation, reconfiguration and transmutation; (3) corresponding to the three stages of resilience development, namely, passive resistance, active response and reflective learning, the organizational resilience of IGEs is a three-level dynamic morphology of defensive ability, predictive ability, resolving ability and evolutionary ability. This paper constructs the research framework of “continuous pressure (stimulation) → organizational resilience development process (reaction) → organizational resilience morphological change (result)”, and clarifies the development process and three-level morphology of IGEs’ organizational resilience. It is not only a new exploration of the theoretical law of organizational capacity upgrading in China’s IGEs, but also provides practical reference for the crisis of China’s IGEs.

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