Management Review

Research on Stock Asset Pricing Based on Investor Interaction Network Motif

Cao Hongduo, Li Ying, Qiu Wenjun

2024, 36 (3): 3-16.

Abstract ( 128 )

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The traditional asset pricing model prices assets from the perspective of the market, but asset prices cannot be fully explained because the investor interaction behavior behind the market is closely related to the stock asset price. This paper uses the complex network method to model the investor interaction relationship, describes the interactive patterns of online investors through the motif structure of the investor interaction network in the stock forum. Based on the Fama-French three-factor model, the investor interaction factor is added to construct a four-factor pricing model. It is found that investor interaction factor has certain pricing power, and the pricing effect of the four-factor model with interaction factor is stronger than that of the traditional three-factor model and the four-factor model with momentum factor. This study provides empirical evidence for the market value of unstructured text information under the big data framework.

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Herding or Boldness? The Uncertainty and the Analysts' Herding Behavior from a Risk Perception Perspective

Yang Jing, You Jiaxing, Xiong Yan

2024, 36 (3): 17-29.

Abstract ( 96 )

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This paper investigates the impact of economic uncertainty on analysts’ herding behavior. In order to explore potential asymmetry effects in this relationship, we examine the impact of both domestic and international uncertainty levels on herding behavior, considering analysts’ risk perception. The results show that domestic uncertainty induces analysts’ herding behavior due to higher risk perception, while international uncertainty induces analysts’ brave behavior due to lower risk perception. Further tests find that the relationship between uncertainty and analysts’ herding behavior is not caused by differences in actual business risks, but rather by differences in psychological perception levels. Analyst site visits do not affect the relationship between uncertainty and herding behavior, excluding the possibility of pseudo herding. Cross-sectional heterogeneity tests find that the proportion of foreign revenue intensifies analysts’ brave forecasting behavior under the influence of international uncertainty; star analysts inhibit herding forecasting behavior under domestic uncertainty; and female analysts exhibit a diminished tendency either for herding forecasting behavior under domestic uncertainty or for brave forecasting behavior under international uncertainty. This study expands our understanding of the economic consequences of an uncertain environment by focusing on analysts’ behavior. By examining variations in analysts’ behavior under different levels of risk perception from a geographical perspective, we provide a novel research perspective and empirical evidence for the causes of analysts’ herding behavior.

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Fund "Holding Together": Performance and Crash Risk

Su Zhi, He Xu, Zhang Yongji

2024, 36 (3): 30-44,145.

Abstract ( 65 )

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From 2006 to 2020, China’s mutual funds “held together” four times, each of which witnessed a process of deepening and rapid disintegration. In this paper, we take China’s open-ended active equity funds as a sample and use the funds’ shareholding matrix and industry matrix to construct a fund overlap index to study their “holding together” and its impact on them. The results show that: first of all, China’s funds have obviously similar stock portfolio and industry portfolio, funds show obvious characteristics of “holding together” and “holding together” can significantly improve the performance of funds; second, “holding together” help funds with weaker investment abilities and more conservative investment styles to achieve higher returns, but it is not conducive to funds with stronger investment abilities. Further research finds that “holding together” increases fund crash risk, which is not conducive to the stability of the securities market. The research of this paper is of great significance to the investment strategy selection of fund managers and the prevention of fund market risks.

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Impacts of US-China Trade Tensions on Renminbi Bloc Forming Process in Asia

Su Danhua, Cui Xiaoning, Bao Qin

2024, 36 (3): 45-59.

Abstract ( 81 )

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The forming process of Renminbi bloc in Asia plays an important role in Renminbi internationalization. The US-China trade tensions have accelerated the structure changes of global industrial specialization and international trade. With part of China’s industries transferring to other Asian countries, China’s trade and economic relations with Asian countries have strengthened, which may affect the forming process of Renminbi bloc in Asia. Based on the currency weights estimated from a modified Frankel-Wei regression model with a 48-month rolling window, a currency influential index and a renminbi’s relative influence indicator are proposed and the currency bloc forming process in whole Asia and Asian countries are studied. Besides, an event study method is applied to explore the impacts of US-China trade tensions on how Renminbi bloc in Asia and Asian countries changes. The results indicate that the US dollar and Renminbi are the most influential reserve currencies in Asia, while the US dollar is still the dominant international reserve currency. Countries covered under Renminbi bloc are located in Southeast Asia, South Asia and Central Asia. The US-China trade tensions have a positive impact on Renminbi bloc forming process in Asia, and further escalation of tensions has no significant negative effect on it. The US-China trade tensions help strengthen the Renminbi bloc in Indonesia, Bhutan and India, and also have a positive impact on improving the influence of Renminbi on Yemen, Nepal and Afghanistan’s national currencies. However, the further escalation of US-China trade tensions accelerate the deviation of Kyrgyzstan and Turkey’s national currencies away from Renminbi bloc, which weakens the influence of Renminbi in these countries.

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Is a Policy Mix More Effective? The Effect of Innovation Policy Mix on High Quality Innovation inChina and the Mechanism Underlying the Effect

Ma Wencong, Ye Yangping, Chen Xiude, Su Tao

2024, 36 (3): 60-72.

Abstract ( 104 )

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Based on the data of listed companies in China from 2008 to 2018 and the findings regarding the effect of the R&D subsidy policies on the supply side and the government procurement policies on the demand side, this paper uses a fixed-effect model to examine the impact that each of the policies and their combination have on companies’ innovation quality and builds a mediating effect model to verify the process mechanism underlying the impact. After eliminating the hidden treatment effect between the two kinds of policies, it is found that neither of the policies alone are able to improve companies’ innovation quality, but their combination proves to be effective. This result is supportive of the hypothesis of Policy Synergy Effect. Furthermore, the policy mix can improve firms’ innovation quality not only by encouraging them to increase input and conduct more exploratory activities, but also by improving their ability of risk-taking and eye-catching. Theoretical and practical implications are finally discussed.

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The "Belt and Road" Initiative and Innovation Ambidexterity of China's BRI-participating Enterprises: Insights from the Strategy Tripod Perspective

Song Jing, Li Xiaoqing

2024, 36 (3): 73-85.

Abstract ( 48 )

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Enterprise innovation behavior and consequences should be jointly shaped by institution-, industry-, and resource-related factors. Drawing on the “Strategy Tripod” perspective to integrate the institution-, industry-, and resource-based views, we propose that balancing between exploitative and exploratory innovation (i.e., innovation ambidexterity) among China’ enterprises participating in the “Belt and Road” initiative (BRI) can be affected by the BRI policy itself, which is further moderated by product market competition, and firm financial slack, respectively. Treating the BRI implementation as a natural experiment, we employ the China’s A-share listed companies’ data from 2010 to 2019 and the differences-in-differences (DID) approach to empirically test the impact of BRI on innovation ambidexterity. Our findings provide evidence that the implementation of BRI significantly improves innovation ambidexterity of the BRI-participating enterprises, and this effect is more pronounced for privately-owned companies, and those in emerging advantageous industries and located in export-oriented node cities along the Belt and Road. Furthermore, product market competition significantly enhances the impact of BRI on innovation ambidexterity of the BRI-participating companies which tend to use innovation as a weapon to cope with the increasing competition pressure, whereas financial slack dampens such an effect due to the increasing threat of agency problems.

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Analysis of Business Model Innovation Path from the Perspective of Individual and Organization Matching: An Explanatory Framework Based on the Theory of Planned Behavior

Wang Bingcheng, Fu Xiaohui, Yu Hao

2024, 36 (3): 86-95.

Abstract ( 58 )

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Both individual and organizational factors will affect business model innovation. However, the existing researches fail to clarify how the matching relationship between them affects business model innovation. Therefore, based on the theory of planned behavior and 217 effective questionnaires, this paper explores the direct effect and matching effect of legislative thinking style, resource bricolage, double-loop learning in individual factors, and innovation culture in organizational factors on business model innovation, and expounds the mechanism. The findings are as follows. (1) The direct impact of resource bricolage, double-loop learning and legislative thinking style on business model innovation has reached a significant level, while that of innovation culture is not significant; (2) The matching function forms two configurations: self forming and rational creation; and (3) The double-loop learning and innovation culture, as core elements, exist in both configurations, and resource bricolage and legislative thinking style, as marginal elements, have some substitution relations. The results can be used as a reference for promoting business model innovation.

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Give Fish and Teach How to Fish: CVC and Start-up Companies Innovation fromthe Perspective of Resource and Governance Empowerment

Gao Lei, Sun Lu

2024, 36 (3): 96-106.

Abstract ( 51 )

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Innovation is an important strategic choice to help start-up companies cross the “valley of death” and achieve sustainable innovative development. However, due to the disadvantages of being “new” and “weak”, the innovation resources and governance experience of start-up companies are relatively insufficient, which restricts the smooth progress of innovation activities. CVC is a new equity financing method derived from IVC, which can effectively alleviate the resource and governance constraints of start-up enterprises to carry out innovative activities. This paper takes the venture capital events of listed companies before the D round investment from 2009 to 2021 as samples to empirically study the impact of CVC on start-up companies innovation, and verifies the mechanism of resource empowerment and governance empowerment between CVC and start-up companies innovation. It is found that CVC can better meet the innovation needs of start-up companies and can significantly promote the innovation of start-up companies. Further research shows that CVC alleviates the constraint of innovation resources and achieves resource empowerment by providing financial resources, non-financial resources and innovative human resources support for start-up companies. CVC provides governance experience and governance decision support for start-up companies by appointing directors and supervisors to reduce the cost of innovation system and achieve governance empowerment. Resource empowerment and governance empowerment are the intermediary variables that influence the innovation of start-up companies. These conclusions theoretically deepen the understanding of the effect and mechanism of CVC in the context of China’s start-up companies innovation, and provide useful enlightenment for all kinds of enterprises to carry out CVC activities and make innovation policies in practice.

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Research on the Impact of Entrepreneurial Learning on Business Model Design underthe Moderation of Information Cocoons

Huang Mingrui, Zhang Fan, Hou Yongxiong, Guo Xiuli

2024, 36 (3): 107-118.

Abstract ( 54 )

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Entrepreneurial learning plays a significant role in promoting business model design. In the information age, everyone will fall into the information cocoon effect. Will the information cocoons have an impact on entrepreneurs’ business model design decisions? Based on the cognitive perspective of business model research, starting from the two entrepreneurial learning levels of individual learning and organizational learning, this study constructs a logical relationship model that drives the business model design of start-ups through entrepreneurial learning. At the same time, it is also taken into consideration that the phenomenon of information cocoons in the mass media environment exists in this process and has an impact on the business model design outcome. Through a questionnaire survey and empirical analysis of 322 entrepreneurs, the research finds that in the process of entrepreneurship, organizational learning matches the design of novelty-centered business models; information cocoons objectively exist in the process of business model design driven by entrepreneurial learning, and it, to a certain extent, limits the innovative behavior of entrepreneurs.

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Research on the Impact of Moment-to-Moment Comment Information Characteristics onCustomer Stickiness in E-commerce Livestreaming: Based on the Cognitive Theory of Emotion

Jiao Yuanyuan, Gao Xue, Du Jun

2024, 36 (3): 119-131.

Abstract ( 92 )

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In the fiercely competitive e-commerce live streaming industry, retaining customers has become a major challenge in order to secure long-term revenue. Therefore, exploring customer stickiness is particularly important. Most existing studies have focused on customers’ purchase intentions and behaviors, extensively analyzing the role of anchors as sources of information. However, in e-commerce live streaming, customers also serve as sources of information and post moment-to-moment comments through bullet screens, which in turn affects customer stickiness. First, this study utilizes qualitative research to identify five characteristics of moment-to-moment comment information based on the hierarchy of information needs. These characteristics include synchronicity, diagnosticity, entertainment, relevancy, and innovativeness. Measurement scales are then developed to assess these characteristics. Based on the cognitive theory of emotion, a research model is constructed to examine the evolution path of “moment-to-moment comment information characteristics→emotional reaction→customer stickiness”, and an empirical research is made to reveal the mechanism of how moment-to-moment comment information characteristics influence customer stickiness. This provides practical insights for retaining customers in e-commerce live streaming.

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Research on the Identification and Analysis of Opinion Leader Groups in the UnconfirmedInformation Propagation under the Echo Chamber Effect in Social Media

Jiang Cheng, Shen Jie, Zhu Jianming

2024, 36 (3): 132-145.

Abstract ( 39 )

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Unconfirmed information is one of the most important research topics in the field of crisis management, because of its fast, wide and derivative dissemination. The “echo chamber” effect in social media sharply increases the complexity of propagation of unconfirmed information, bringing new challenges to management decision-making. Therefore, exploring the propagation mechanism and intervention strategies of unconfirmed information in social media is significant to social governance and policy making. This paper takes the “Shuanghuanglian incident” spread on the Weibo platform during the Covid-19 period as an example to carry out an experimental analysis. Firstly, we use complex network theories to build a micro network of user forwarding and propagation, and analyze the process of information propagation through clustering models and the designed indicators under the “echo chamber” effect. Secondly, we explore the topic tipping points in the propagation of unconfirmed information, and establish an opinion leader identification model based on the shallow and deep propagation of “echo chamber”. Thirdly, we validate the proposed model through various datasets of multiple platforms and some other unconfirmed information datasets. Finally, we propose unconfirmed information intervention strategies and policy recommendations from the perspectives of government agencies, enterprise platforms and platform users, in order to help decision makers to better manage and control the spread of unconfirmed information.

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Gain at Sunset but Lose at Sunrise: The Effect of Employees' Upward Ingratiation on Their Status in Workplace

Wei Xuhua, Cui Daiyu

2024, 36 (3): 146-158.

Abstract ( 130 )

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Ingratiation is a common impression management strategy in organizations. Existing studies generally believe that employees can benefit from their upward ingratiation behavior, with little attention paid to the negative impact of upward ingratiation on employees themselves. Based on social information process theory, this study examines the relationship between employees’ upward ingratiation and their status in workplace through two different research designs (i.e., survey and experiment), and examines the mediating mechanism and boundary conditions of the above relationship. Both the survey and the experimental results show that employees’ upward ingratiation can reduce colleagues’ perception of employees’ integrity level, which in turn has a negative impact on employees’ status in workplace, and this indirect effect is moderated by employees’ competency. Compared with low-competence employees, high-competence employees’ upward ingratiation has a weaker negative indirect effect on their status in workplace through colleagues’ perception of employees’ integrity. The results of the study can not only improve the academic understanding of employees’ upward ingratiation from a third-party perspective, but also help employees avoid the potential harm of upward ingratiation to themselves.

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The Impact of Leader-Member Exchange Differentiation: Beneficial or Detrimental?

Zhang Yijie, Guo Yirong, Zheng Xiaoming

2024, 36 (3): 159-170.

Abstract ( 116 )

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Leader-member exchange (LMX) differentiation captures the phenomenon that leaders develop differentiated relationships with subordinates, ranging from low-quality transactional relationships to high-quality socio-emotional relationships. Despite the prevalence of LMX differentiation in teams, the impacts of LMX differentiation are still controversial. These contradictory findings neither help researchers clarify the psychological states and behavioral responses of individuals and groups when faced with different management styles, nor do they help managers use different management styles to achieve team goals. To this end, through a systematic review of Chinese and English literature in the area of LMX differentiation, this study summarizes the theoretical perspectives and empirical findings of three perspectives on the positive, negative, and inverted U-shaped effects of LMX differentiation on individual and team effectiveness. In addition, this study points out that the main reasons behind the inconsistent findings of current research are differences in moderating variables, different configurations of LMX differentiation, different bases of LMX differentiation, and different measurement approaches. Future researches should clarify the conceptual definition of LMX differentiation, enrich the methods for LMX differentiation, broaden the research perspectives on LMX differentiation, and pay attention to unique LMX differentiation phenomena in the era of digital intelligence.

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Director Network and Enterprise Digital Transformation

Zhang Yuming, Zhang Xinyue

2024, 36 (3): 171-184.

Abstract ( 84 )

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Finding a solution for enterprises that can’t, won’t or daren’t implement digital transformation is the key to promoting their digital transformation. Taking A-share listed companies in 2015—2021 as the research sample, this paper empirically examines the effect of director network on the level of enterprise digital transformation, the internal mechanism, and its heterogeneous performance. The study finds that director network significantly improves the level of enterprise digital transformation, and the conclusion still holds after several robustness tests; mechanism analysis shows that through its resource effect, learning effect, and governance effect, director network provides support for enterprises that can’t, won’t or daren’t implement digital transformation. Heterogeneity analysis shows that the differences in external contextual mechanisms and internal characteristics of enterprises lead to asymmetry in the effects of director networks. Further, this paper also finds that there is a peer effect of enterprise digital transformation within the same director network. This study enriches the research on the economic consequences of directors’ networks and the factors influencing the digital transformation of enterprises. It provides possible paths and entry points for improving the level of digital transformation and cracking the dilemma of digital transformation in the current digitalization context.

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Two-stage Evolutionary Game Study on "Patent Unqualified Agency" in the Era of Digital Economy

Zhang Junyan, Zhang Yunling, Wang Di, Zhang Qing

2024, 36 (3): 185-196.

Abstract ( 63 )

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A two-stage game model for the regulation of “patent unqualified agency” in e-commerce platforms is constructed based on the theory of dynamic new collaborative regulation. The game evolution process and stable strategies of merchants, e-commerce platforms, and the government are systematically analyzed. The effective path for regulating the behavior of “patent unqualified agency” is studied through simulation. The results indicate that: (1) the stability strategy of the first stage game without government participation does not meet expectations. In the second stage, after coordinated supervision between the government and the platform, the tripartite game can reach an ideal evolutionary stable state; (2) with the participation of the government, improving the professionalism of e-commerce platforms, the accuracy of government “Internet plus” regulation, fines for unqualified agents, and e-commerce interview losses can promote the rapid evolution of the tripartite game to an ideal stable state; (3) the best regulatory measures to promote the evolution of the system to an ideal stable state with government participation vary depending on the regulatory targets. For merchants, direct regulation is more effective than indirect regulation, and for e-commerce platforms, in-process regulation is more effective than post regulation.

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Research on the Corporate Social Responsibility and Price Decisions of Two CompetitionPlatforms with Continuous Distribution of User Preferences

Li Qin, Xu Bing

2024, 36 (3): 197-209.

Abstract ( 67 )

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The platform’s performance of corporate social responsibility (CSR) is an important factor affecting the choice of users. Based on two-sided market theory and game analysis methods, the price decisions of two competition platforms are modeled in three cases where CSR is performed by neither, both or only one of the platforms, with the preference of bilateral users for platform responsibility obeying continuous distribution. The model solution and numerical simulation are carried out to analyze the influence of the CSR behavior of the platform on the competition equilibrium and social welfare. The results show that under the competition of two platforms, the CSR level, price level, user scale and profit of the CSR-performing platform will decrease monotonically with its CSR cost coefficient; the price level, user scale and profit of the CSR-nonperforming platform will change inversely. Under the competition of two platforms, the CSR-performing platform holds the upper hand, but the profit of both CSR-performing platforms is lower than that of both CSR-nonperforming platforms, hence the phenomenon of prisoner’s dilemma. Nevertheless, the consumer surplus and social welfare will increase when both platforms perform CSR.

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Healthcare Effort Decision on Online-Offline Service Allocation

Wu Xiaodan, Yang Yue, Zhang Xiaoya, Yu Tianzhi

2024, 36 (3): 210-224.

Abstract ( 37 )

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In the post epidemic era, online-offline integration has become an effective method to ensure the continuity of healthcare services and improve the service quality. In this study, we develop a game-theoretical model between a Healthcare Provider (HCP) and a government under Fee-for-Service (FFS), Prospective Payment System (PPS), Bundled Payment (BP) and Pay-for-Performance (P4P). We consider the behavior of the HCP in transferring patients from offline to online at a later stage and discuss reimbursement schemes that incentivize the HCP to rationally allocate online and offline healthcare resources. The results show that FFS does not inspire the HCP to make efforts in online treatment. PPS and BP can improve online treatment efforts, but they cannot coordinate to the social optimum, and the increase of payment amount does not improve online treatment efforts. Under the Hospital Readmission Reduction Program (HRRP) based on the P4P, increasing the punishment is not always the best choice, nor can it always coordinate to the social optimum. We also find that the hybrid payment, canceling the upper limit of HRRP fine and setting reward rules, can make up for the shortcomings of HRRP and effectively coordinate to social optimum.

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Research on Extended Recovery Model of Power Battery Producer Responsibility Considering Informal Organization

Gao Yanhong, Li Zhendong

2024, 36 (3): 225-236.

Abstract ( 42 )

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Based on the realistic background that a large number of used power batteries were dismantled and resold privately by informal organizations, this paper designs a recycling mode of cooperation between informal organizations and responsible enterprises to recycle power batteries. By constructing a tripartite evolutionary game model among local governments, responsible enterprises and informal organizations, we analyze the stability of the respective strategies of the three parties in the game and the influence of each factor on the strategy selection. Secondly, the stability of pure strategy equilibrium point of tripartite game system is analyzed by Lyapunov indirect method, and the conditions for optimal strategy combination are obtained. Finally, Matlab2017 is used to make a simulation analysis, which verifies the effectiveness of the model analysis under different initial conditions. Combined with the conclusion, the realization of cooperative recycling mode and the timing of government exit are deduced in stages.

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Research on the Formation Mechanism of Moral Hazard in Targeted PovertyAlleviation and Its Avoidance in Rural Revitalization

Zhang Yongli, Ren Sichao, Li Qingyuan, Chen Jianzhong

2024, 36 (3): 237-245,257.

Abstract ( 30 )

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Guided by the principal-agent theory and mechanism design theory, this paper makes a research into the working mechanism of “overall plan by the central government, responsibility by provincial governments, and implementation by lower-level governments” that underlies the practice of targeted poverty alleviation. By establishing a three-tier principal-agent framework among the central government, local governments, village committee and farmers, this paper sums up the incentive and restraint mechanisms and behavior choices of each participant in the process of targeted poverty alleviation, and analyzes the formation mechanism of moral hazard problems such as elite capture problem, poor people’s welfare dependency, “digital poverty alleviation”. Furthermore, we put forward corresponding countermeasures for consolidating the achievements of poverty alleviation and promoting rural revitalization from the perspective of incentive compatibility.

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Online Social Media Public Emotions Mining during a Public Health Emergency

Song Shenming, Wang Chen, Zhan Dongyuan

2024, 36 (3): 246-257.

Abstract ( 74 )

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Online social media is a critical channel for regulators to disseminate information and for the public to express feelings during public health emergencies. Understanding public’s emotions in response to different news can help the public health department develop effective risk communication strategies. This study applies natural language processing methods to categorize social media news, and identify public emotions expressed in the corresponding news comments by proposing a method for mining public emotions on online social media during public health emergencies. Specifically, taking the recent COVID-19 pandemic as a case, this study adopts word embedding and clustering to analyze the epidemic-related news from three representative official Weibo accounts, and identifies eight categories of the news contents, including official news release, domestic epidemic updates, emotional support, transportation notification for tracking, treatment information, etc. Based on the Plutchick’s emotion framework, this study builds a discriminant model to classify and rate emotions expressed by a Weibo comment through crowdsourcing questionnaires and an emotion dictionary. Furthermore, this study analyzes the impact of different news contents on public emotions and the correlation between emotions during different stages of the epidemic life cycle (the prodromal, outbreak, containment, and recovery stages). The study reveals the effectiveness of emphasizing certain risk information to nudge public emotions and increase risk awareness, providing empirical basis for risk communication strategy analysis.

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Growth Mechanism of Digital Start-ups: Based on the Longitudinal Case Study of Hangzhou Yowant

Ma Hongjia, Lin Yue, Pu Qinghua

2024, 36 (3): 258-268,288.

Abstract ( 71 )

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In the context of the rapid development of digital economy, digital entrepreneurship has become a key way for enterprises to create value by using digital dividends. Accordingly the theory of digital entrepreneurship needs improvement to catch up. On the basis of literature review, this paper proposes the theoretical research framework of “MOA-Digital Entrepreneurship Network Building-Innovation Performance”. Taking the growth process of digital entrepreneurship of Hangzhou Yowant Network Co., Ltd. as the research object and adopting the longitudinal single case study method, this paper constructs the theoretical model of the growth mechanism of digital entrepreneurship. The research shows that, as far as the antecedent conditions of digital entrepreneurship are concerned, the motivation of digital entrepreneurship evolves from learning orientation to technology orientation and then to market orientation; opportunity comes from market matching, that is, the matching between digital business and market demand; ability comes from the realization of digital empowerment process through continuous innovation and improvement of digital platform and digital technology, so as to enable enterprises to obtain sustainable competitive advantage; growth process depends on multi-agent interaction in digital entrepreneurial network, and the network structure is initially composed of four basic actors: government, financial institutions, cooperative enterprises and digital users in the initial period, and gradually joined by incubators, universities and research institutions; the breadth, strength and diversity of digital entrepreneurial network increase with the growth of enterprise; and in terms of value growth, by resource accumulation and recycling, the innovation performance of each stage helps the enterprise gradually form mature digital technology and digital platform, maintain a stable digital user base, establish cooperation relations in many areas, form a whole industry chain based on diversified operation and drive the development of relevant industries.

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Contingency Strategy of High-tech Manufacturing Firms' Internationalization in the VUCA Era: A Case Study Based on Uniview

Gao Yuan, Wang Rui, Peng Siqing

2024, 36 (3): 269-288.

Abstract ( 48 )

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This paper focuses on the typical industries related to data security and chip technology, especially the latecomer groups in the market with insufficient resource endowment. From the perspective of contingency, this paper discusses the process of their fighting against repressions and breaking out of marine blockade when the characteristics of VUCA in the international environment become increasingly serious. Based on the exploratory case of Uniview’s internationalization progress, we find that with its reach deep into the international market, Uniview first identifies the evolution and combination of market risk, institutional risk and industry risk, meanwhile gives full play to the entrepreneurship of “ambition, moral integrity and confidence” to develop an organizational culture of efficient execution, openness, autonomy and synergistic progress, and then re-directs its strategy from steady progress, exploration and innovation to circular enhancement, so as to survive and grow in a mixed environment of risks and resources throughout all stages. This research provides theoretical supplement for the internationalization of high-tech manufacturing enterprises under special circumstances, and provides practical suggestions for such enterprises to overcome disadvantages typical of latecomers, create a “dual circulation”, make use of overseas markets to achieve “corner overtaking”, and truly distinguish themselves as independent innovators.

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