Management Review

The Cyclical Transition Characteristics of the Bull and Bear States in China's Stock Market: Based on the DMCPSO-HSMM Model

Yang Jie, Feng Yun, Yang Hao

2024, 36 (11): 3-13.

Abstract ( 204 )

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This paper studies the periodic transition of the state of China’s stock market and discusses the time-varying distribution characteristics of returns of CSI300 in depth. By introducing the dynamic population reorganization based on the K-means + + clustering algorithm and the chaotic search strategy into the standard particle swarm optimization algorithm, a dynamic multi-population chaotic particle swarm optimization algorithm is proposed, and the initial values of hidden semi-Markov model are further optimized based on this algorithm. The empirical analysis shows that there exist three states in China’s stock market, namely the bear, bull, and volatile markets. A bull market generally follows a bear market, and after a bullish situation, the market has a greater probability of turning to a volatile situation. The volatile state and the bearish state play key roles in the leptokurtic and heavy-tailed characteristics of the stock market, respectively. Based on the decoding results, a mode transformation network is constructed using the coarse-grained method, and key hub modes are identified. Further analysis is conducted on the co-movement of bull and bear states of large-, medium-, and small-cap stocks. There is a significant cyclical polarization between large-cap and medium-or small-cap stocks. Finally, we propose a more accurate out-of-sample forecasting method for the hidden semi-Markov model and prove the practical value of our model via a simple market timing strategy.

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Can the Outline of the Yangtze River Economic Belt Development Plan Promote the Construction of Ecological Civilization in the Yangtze River Basin

Xu Guangyue, Jiang Hongyu, Jiang Mingqi

2024, 36 (11): 14-25.

Abstract ( 113 )

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This paper uses panel data from 30 provinces and cities in China from 2003 to 2019 to construct a comprehensive indicator system for ecological civilization construction from six dimensions. Then, 11 provinces and cities in the Yangtze River Economic Belt are selected as experimental groups, and the generalized synthetic control method (GSCM) and double difference method are used to consider the policy impact of the promulgation of the Development Planning Outline of the Yangtze River Economic Belt on the construction of regional ecological civilization, Further the mediation effect model is used to empirically test its mechanism of action. The results indicate that the plan has a significant promoting effect on the ecological civilization construction of the Yangtze River Economic Belt, and to be specific, the effect is most, less and least significant respectively on eastern, western and central Yangtze River Basin. Moreover, the promoting effect on the ecological civilization construction of Shanghai, Jiangsu, Yunnan, Chongqing, Jiangxi, and Zhejiang is more obvious. The mediating effect of environmental regulation, new urbanization, and employment structure optimization in promoting regional ecological civilization construction is more significant than that of technological innovation, industrial structure upgrading, opening-up, and regional economic growth.

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Evaluation of the Business Environment and Countermeasures Research—Evidence from China's Port Cities along the Belt and Road

Liu Jiaguo, Wu Juanjuan, Wu Zhipeng

2024, 36 (11): 26-37.

Abstract ( 103 )

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The development of port cities plays quite an important role in the high-quality development of the Belt and Road Initiative. Optimizing the business environment is an effective measure to enhance the comprehensive strength of port cities and seize the development opportunities of the Belt and Road Initiative. In this paper, 17 port cities are taken as the research object. Focusing on urban resource endowment and functional orientation, this paper redefines and quantifies the business environment of port cities, then constructs an evaluation index system of business environment from five dimensions: economic and market environment, law and policy environment, human resources and innovation environment, pollution control, and environmental governance. Based on this, the business environment scores of 17 port cities are calculated by adopting a subjective and objective combined method. In the end, the circumstances of the business environment and its temporal and spatial change trend are analyzed from the overall and individual perspectives, and relevant policy suggestions for port cities to optimize the business environment are given.

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Research on the Effect of Active Monetary and Fiscal Policies in Promoting Both State-owned and Private Enterprises

Wang Yanping, Tao Huifang, Li Zheng, Wen Zhiqiang

2024, 36 (11): 38-49.

Abstract ( 101 )

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Under the socialist market economy system with Chinese characteristics, monetary policy and fiscal policy have different mechanisms, transmission paths and policy effects in promoting the development of state-owned enterprises and private enterprises. In order to clarify the influence mechanism and promoting effect of active monetary and fiscal policies on the employment, investment and output of state-owned enterprises and private enterprises, this paper constructs a DSGE model based on China’s economic reality, and studies the dynamic effects of exogenous shocks such as technological progress, taxation, government expenditure and monetary policy on the employment, investment and output of the two types of enterprises. Moreover, the theoretical model simulation results are empirically tested by using the data of listed companies of state-owned and private enterprises in Shanghai and Shenzhen A-shares from 2010 to 2019. It is found that the tax reduction policies of consumption tax, capital income tax and labor income tax can better benefit and promote the development of private enterprises, while active fiscal expenditure and loose monetary policy are more conducive to improving the efficiency of state-owned enterprises, and at the same time lead to state-owned enterprises crowding out the financing and development space of private enterprises; In addition, the “institutional advantage” reflected by the elasticity of labor substitution affects the policy implementation effect of various macroeconomic policies. Therefore, in order to avoid the phenomenon that a single macroeconomic policy benefits either state-owned enterprises or private enterprises, active fiscal policy and sound monetary policy should be combined together to benefit both state-owned enterprises and private enterprises.

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China's Financial Cycle: Index Construction and Its Interaction with Business Cycle

Lu Xiaofan, Wang Pin, Hou Chengqi

2024, 36 (11): 50-60.

Abstract ( 78 )

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Because there is no unified standard to choose related financial variables in measuring financial cycle, according to the characteristics that financial variables are the leading indicators of business cycle and can predict the economic recession, this paper builds multiple financial cycle indexes, tests the ability of financial cycle indexes to predict economic recession by receiver operating characteristic curve, and then chooses the best financial cycle index. We find the best method is to measure credit scale by the credit provided by banks to the private non-financial sector, and estimate the dynamic factors by using credit, credit / GDP, housing price and stock price. The empirical analysis using TVP-SV-VAR model shows that, the impact on business cycle of positive financial cycle shock has obvious hump line characteristics and there is no significant time-varying effect; the impact on financial cycle of positive business cycle shock has obvious U-shaped curve characteristics and there is a significant time-varying effect; the impact on financial cycle of positive business cycle shock in the COVID-19 period is significantly different compared with other periods; the impact on business cycle of monetary policy shock gradually increases with the increase of the number of lag periods and is very lasting, and the impact on the financial cycle of it will peak very quickly and begin to weaken.

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A Blessing in Disguise: The Impact of Managers' Mobility on Firms' Network Formation

Shen Rui, Lu Qingyun, Lin Qixin, Lu Jiangyong

2024, 36 (11): 61-69.

Abstract ( 91 )

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Extant studies on managers’ mobility have contended that the mobility of managers is often accompanied by the transfer of human and social capital, thus acting on interfirm relationships. Since the venture capital (VC) industry is characterized as knowledge-intensive, the interpersonal network formed by managers’ mobility plays a crucial role in VC firms’ network formation. Anchored in the resource-based view, this paper explores the impact of VC managers’ outflow on losing VC firms. Leveraging China’s VC industry as the research context, this study empirically tests the hypotheses based on the managers’ mobility and investment data of 1,015 active VC firms. This study finds evidence for the positive effect of VC managers’ outflow on VC firms’ network formation. More importantly, the findings suggest that the positive effect is more pronounced for VC firms in peripheral syndication network positions and VC firms with small TMT sizes, both of which are in vulnerable strategic positions. The study contributes to the employee mobility literature by revealing the positive effect of managers’ outflow on losing firms’ network formation and sheds light on the interplay between needs and opportunities in interfirm alliance formation by uncovering their microfounations.

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Research on the Development Method of Firms' Green Innovation Based on the Perspective of R&D Alliance Portfolio

Bi Jingyu, Xie En, Cheng Lulu

2024, 36 (11): 70-83.

Abstract ( 114 )

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Based on the perspective of alliance portfolio and the patent application data of Chinese high-tech manufacturing firms from 2000 to 2019, this research uses a panel two-way fixed effect model to analyze how the average degree and dispersion degree of R&D partners’ green innovation affect firms’ green innovation output. The empirical study indicates that: the average green innovation degree of R&D partners has a positive effect on firms’ green innovation output, and the dispersion green innovation degree of R&D partners has a negative effect on firms’ green innovation output; the breadth of the R&D alliance technological resources reduces the negative effect of the dispersion green innovation degree of R&D partners on firms’ green innovation output; the depth of the R&D alliance technological resources enhances the positive effect of the average green innovation degree of R&D partners on firms’ green innovation output, and enhances the negative effect of the dispersion green innovation degree of R&D partners on firms’ green innovation output. This research aims to provide theoretical guidance and decision-making reference for firms to develop green innovation activities from the perspective of alliance portfolio.

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Employees' Social Responsibility and Innovation Performance—Mechanism and Evidence

Zheng Lili

2024, 36 (11): 84-97,109.

Abstract ( 107 )

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This study investigates the impact of employees’ social responsibility (ESR) on firm innovation using financial data from Chinese listed companies spanning from 2007 to 2019. The findings reveal a significant positive relationship between ESR and innovation, as evidenced by an increase in patent authorizations and enhanced labor productivity. Particularly noteworthy is the pronounced effect observed in non-state-owned, high-tech, and well-established firms, with considerable benefits also observed in central urban companies. The robustness of the findings is confirmed through various analytical methods, including Instrumental Variables and Propensity Score Matching. This research highlights the pivotal role of ESR in fostering innovation within firms and suggests avenues for future exploration, particularly regarding ESR’s influence on the efficiency of innovation processes.

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Executives' Overseas Experience and Corporate Innovation

Wang Ren, Zhou Yuting, Chen Jiajing, Huang Ruiqin, Zhang Shaoyong

2024, 36 (11): 98-109.

Abstract ( 115 )

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With the acceleration of global economic integration, innovation has become the core of corporate competitiveness. The existing literature explores the impact of executives’ background on corporate innovation mostly from the perspective of their social relationships, but seldom from the perspective of their personal experiences. Can executives’ overseas experience promote corporate innovation? What are the underlying mechanisms? This paper finds that the overseas experience background of executive teams can promote corporate innovation, and there is heterogeneity in this promotion effect, which is more significant in non-state-owned enterprises. In the mechanism test, it is found that the background of the executive team’s overseas experience promotes corporate innovation by alleviating their firm’s financing constraints, suppressing the degree of management myopia, and improving their firm’s risk-taking ability, and that external support positively regulates the financing constraints, and negatively regulates the management myopia and risk-taking. The findings of this paper will provide theoretical basis and practical guidance for improving the allocation structure of corporate managers to promote corporate innovation.

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The Effect of Financial Constraints on Firm Innovation: An Empirical Study Based on the Panel Data Model

Zeng Yuan, Chen Xiaojun, Huang Anqiang

2024, 36 (11): 110-118.

Abstract ( 104 )

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In order to explore the relationship between financial constraints and firm innovation, this paper employs a threshold panel data model to analyze the effect of financial constraints on firms’ innovation level and efficiency based on A-share listed companies in China. Moreover, this paper analyzes the effect of enterprise property and internal control on the relationship between financing constraints and firm innovation. The empirical results clearly show: (1) financial constraints are significantly negatively related to firms’ innovation level, while positively related to the innovation efficiency; (2) firms’ property and their internal control degree play an important role in the relationship between financial constraints and firms’ innovation level and efficiency. Financing constraints impose more significant negative effects on state-owned enterprises’ innovation level, while more significant positive effects on private enterprises’ innovation efficiency. For state-owned and private enterprises, internal control is able to strengthen both the negative effects of financing constraints on innovation level and the positive effects on innovation efficiency.

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R&D Spillovers and Industrial Total Factor Productivity in the Backdrop of Dual Circulation—Moderating Effect Based on Global Value Chain Upgrading

Song Wei, Cao Wenjing, Zhou Yong

2024, 36 (11): 119-130,143.

Abstract ( 139 )

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The high-quality development of industry in the new round of technological revolution and industrial transformation is not only dependent on R&D spillovers in the backdrop of dual circulation, but also largely influenced by the rise of the global value chain. This paper constructs a 2×2×3 open economy model which has two spillovers, two sectors and three elements, and uses China’s industrial dynamic panel data from 2000 to 2019 to estimate the effect of R&D spillovers on industrial total factor productivity in the backdrop of dual cycle. After controlling the effect of variables such as R&D efficiency and so on, it is found that with the high-quality transformation of innovation, the ownership advantage of international R&D spillovers leads to “market grabbing”, which increases the cost of global value chain upgrading, weakens the spatial correlation of knowledge products in adjacent spatial clusters, and has an insignificant improvement effect on industrial total factor productivity. The global value chain upgrading contributes to the sustained release of international R&D spillovers, strengthens the effective absorption of domestic R&D spillovers to a certain extent, enhances the internal and external correlation advantages of R&D spillovers, and has a significant positive effect on the improvement of industrial total factor productivity. The above conclusions have profound policy implications: in order to improve the high-quality development capability of industry, it is required not only to further resolve the institutional barriers of domestic and international R&D spillovers, but more importantly, to build a new development pattern of spatial synergy and linkage between domestic and international R&D spillovers, and enhance the spatial leading role of domestic and international R&D spillovers on industrial total factor productivity in the global value chain upgrading.

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Health-oriented or Taste-oriented? The Impact of Advertising Appeals and Self-accountability on Consumers' Food Purchase Intention

Jiang Hongyan, Liu Tian, Liu Huiwen

2024, 36 (11): 131-143.

Abstract ( 82 )

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With the enhancement of people’s health awareness, advertisers have launched various health appeal advertisements that have gained popularity among consumers. However, taste appeal advertisements also enjoy considerable popularity. Which approach should enterprises adopt—health-oriented marketing or taste-focused messaging—in order to more effectively stimulate consumers’ food purchase behavior? To address this, based on the self-discrepancy theory, this study, taking into consideration that people have different tendencies to narrow the difference between their actual and ideal selves, explores the interaction effect of (health vs. taste) advertising appeal and (high vs. low) self-accountability on consumers’ food purchase intention, while considering the moderating role of product type (unhealthy vs. healthy). Study 1a and 1b demonstrate that under the condition of high (low) self-accountability, healthy (taste) appeals will significantly enhance consumers’ food purchase intention. Based on the theoretical basis of the goal-based choice model, Study 2 shows that the extent ot which functional/hedonic goal is activated mediates how advertising appeal and self-accountability interactively act on food purchase intention. Furthermore, Study 3 reveals that product type (unhealthy vs. healthy) can serve as a boundary condition under which the above effect holds. Specifically, for unhealthy products, the interaction effect between advertising appeal and self-accountability is significant; for healthy products, the above effect is not significant. The conclusions of this study expand the theoretical connotation of the self-discrepancy theory and the goal-based choice model, and provide important practical enlightenment for enterprises in the aspects of different appeal advertising design and product promotion.

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Are Consumers More Supportive of Stronger Brand?—The Influence of Balance Maintenance and Topdog Antipathy

Jin Xiangdong, Fan Xiucheng, Song Wenhao, Liu Jianxin, Kong Fanchang, Wang Min, Yuan Jingbo

2024, 36 (11): 144-155.

Abstract ( 98 )

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Advertising competition between strong and weak brands is a very common phenomenon. Weak brands sometimes adopt underdog advertising positioning strategies. Current research on weak brands adopting underdog advertising positioning strategies in advertising competition situations is in blank, and such strategies’ effects and mechanisms are still unknown. This study focuses on the impact of advertising competition intensity on the underdog positioning advertising strategy of weak brands, and the mediating and moderating mechanisms underlying the impact. The results of three experiments show that as the intensity of advertising competition increases, consumers’ purchase intention for weak brands that adopt the underdog advertising positioning strategy continues to increase. Consumers’ advertising empathy, balance maintenance and topdog antipathy, have a chain of mediating effects and consumer power distance beliefs have a moderating effect. This study reveals the mechanism of the underdog advertising positioning strategy adopted by weak brands in the advertising competition between strong and weak brands, including the mediating and moderating mechanisms of weak brands’ underdog advertising positioning strategy in the competitive situation, which has great theoretical and practical value.

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Are Professional Livestreamers or Celebrity Livestreamers More Favored by Consumers?—A Mediated Moderation Model

Zhang Qilin, Wu Yun

2024, 36 (11): 156-167.

Abstract ( 124 )

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Based on the role theory and three experiments, this paper investigates the different effects on sales brought by professional livestreamers and celebrity livestreamers, who equally dominate the livestream marketing sector. The results show that professional livestreamers are better able to increase consumers’ purchase intention than celebrity livestreamers. Furthermore, product type moderates the above relationship. Specifically, the relationship is significant for products not endorsed by celebrities and not significant for products endorsed by celebrities. In addition, livestream marketing type also moderates the above relationship. Specifically, the relationship is significant for products sold for commercial purpose and not significant for products provided for public welfare. These two moderating effects are mediated by perceived fit. These conclusions not only enrich relevant researches on livestream marketing, but also offer valuable insights for social responsibility marketing. Ultimately, our research provides targeted practical guidance for livestreamers to optimize their live-streaming approach, and for governments to improve public welfare live-streaming.

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A Multi-dimensional Measurement Model Based on Spiritual Capital and Its Effect on Creative Problem Solving

Tu Xingyong, Zhang Qiao, Chen Huiyan

2024, 36 (11): 168-180.

Abstract ( 77 )

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Spiritual capital, as a new model of capital driven by individuals’ higher-level motivation and achievement motive, is characterized by a new paradigm of spiritual examination and devotional exploration for continuous growth and fulfillment. Most of the existing researches on employee spiritual capital merely discuss this concept, rather than use a reliable and valid tool to measure it. In the process of upgrading spiritual elements into management behavioral science to further guide management practice, re-investigation and quantitative measurement become crucial. This study builds a measurement system of spiritual capital, develops a multi-dimensional conceptual model of spiritual capital based on the grounded theory with introspection, multiple openness, challenge exploration and transposition and empathy as the central categories to initially verify the content validity of these four dimensions through exploratory factor analysis, and develops a spiritual capital scale including 16 items. PROCESS is used to verify the mechanism of how spiritual capital influences creative problem solving. The results show that cognitive investment and emotional investment mediate the relationship between spiritual capital and creative problem solving, problem-solving demands modulates the indirect effect of spiritual capital on creative problem solving. This study provides new evidence and new findings on the mechanism of how spiritual capital works, and provides meaningful management implications for helping employees effectively improve creative problem solving.

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The Cross-organization Transmission of Re-employed Newcomers' Social Worth Affirmation Sense and Its Impact on Intellectual Territorial Behavior

Yang Jiaoping, Liu Junjie, Wang Shujun

2024, 36 (11): 181-193.

Abstract ( 83 )

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It is worth studying how to encourage re-employed newcomers to contribute their heterogeneous knowledge by implementing organizational socialization management in the context of increasingly normalized employee cross-organization mobility. Based on simulated experimental data and statistical survey data, this paper uses variance and regression analysis methods to explore the transmission process of social worth affirmation in new and old organizations, as well as the mechanism of how the perception of social worth affirmation in new organizations affects intellectual territorial behavior. It is found that inter-organization contact helps re-employed newcomers gain a sense of social worth affirmation in the new organization, and the sense of social worth affirmation negatively affects their intellectual territorial behavior through the chain mediation of organizational socialization and psychological security. The results enrich the theory of organizational socialization, expand the application of resource conservation theory in organizational socialization and intellectual territorial behavior, and provide useful insights for relevant organizations to manage re-employed newcomers as well.

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Algorithmic Control, Facades of Conformity and Gig Workers' Service Performance: The Moderating Effects of Perception of Challenge and Hindrance Stress

Guo Tongmei, Guo Qiuyun

2024, 36 (11): 194-205.

Abstract ( 125 )

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In the era of the new gig economy, algorithms have become a crucial link between platform enterprises and gig workers, serving as a key mechanism for controlling and rewarding gig workers. Gig workers under algorithm control are task-oriented and lack emotional commitment to the platform enterprises, leading them to respond to algorithm control through surface compliance and resulting in lower service performance. Drawing upon resource conservation theory, this study aims to explore facades of conformity behavior of gig workers under algorithm control and examines its mediating role between algorithm control and service performance. Additionally, this study finds that the perceived challenge and hindrance stress of gig workers moderate the relationship between algorithm control and surface compliance. The empirical findings suggest that algorithm control positively promotes gig workers’ facades of conformity, which in turn leads to lower service performance. However, when gig workers perceive algorithm control as a challenging stress, it reduces their facades of conformity behavior. On the other hand, perceiving algorithm control as hindrance stress intensifies gig workers’ surface compliance. These results provide insights into the behavioral strategies and psychological perceptions of gig workers under algorithm control, offering practical implications for platform enterprises to optimize algorithm control strategies and the platform ecosystem.

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Valuation Adjustment Mechanism of M&A and Acquirer's Expectation Management

Yang Shengzhi, Chen Qinyuan, Wang Hao

2024, 36 (11): 206-217.

Abstract ( 61 )

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This paper investigates the impact of valuation adjustment mechanism (VAM) on acquirer’s performance meeting or beating market expectation during the period of VAM as well as the mechanism underlying the impact. Unlike most of the existing VAM researches that focus on acquirees (constrained parties), this paper examines the impact of VAM on the performance of acquirers (protected parties). The research reveals a significant increase in the probability of acquirer meeting or surpassing analyst consensus earnings forecasts during the period of VAM. This may be attributed to the active management of performance expectations downward by acquirer during the period of VAM. Further analysis indicates that, prior to performance forecasts, there is no significant correlation between analyst consensus earnings forecasts and whether listed companies are involved in VAM. However, after performance forecasts, listed companies engaged in VAM experience a significant decline in analyst consensus earnings forecasts. During the period of VAM, acquirer’s meeting or beating market expectations triggers a more pronounced market reaction, providing insights into the motivations behind expectation management. Additionally, it is observed that this phenomenon is significantly attenuated in companies where corporate governance mechanisms effectively constrain managers. Lastly, the study finds that listed companies also tend to engage in earnings management operations during the period of VAM, but the extent of earnings management is limited and does not significantly impact whether their performance meets investor expectations. In conclusion, this study identifies a “spillover effect” of VAM on acquirers, where listed companies, as acquirers, compromise investor interests through expectation management. This finding theoretically addresses gaps in the existing research on VAM and expectation management, offering crucial insights for the development of effective investor protection systems in capital markets.

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Information Disclosure, Delisting Mechanism and Market Operation under the Registration-based IPO System—From the Perspective of Agent-based Modeling

Cui Yian, Yang Zonghang, Wei Lijian, Xiong Xiong

2024, 36 (11): 218-226,247.

Abstract ( 69 )

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The registration-based IPO system is the flagship project in the comprehensive reform of the China’s capital market. This paper focuses on two core elements of this reform: information disclosure and delisting mechanisms, aiming to analyze and prevent the micro-mechanisms and risks. By constructing an artificial stock market and simulating potential risks and their evolution, the study finds that: first, the different information processing capabilities of individual and institutional investors may increase market information asymmetry; second, the disappearance of shell value and implementation of delisting mechanisms may lead to short-term market volatility; third, the reasonable combination of information disclosure and delisting mechanisms may enhance market operation quality. Our recommendations: first, build a differentiated information disclosure system guided by investor demand; second, prevent increased market volatility due to the disappearance of shell value and implementation of delisting mechanisms; third, seek synergistic solutions for the market mechanism design of the registration-based IPO system from a system perspective. The paper provides valuable insights for policymakers in effective market regulation and mechanism design.

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Impact of Platform Empowerment on Platform Routines Formation

Song Jing, Chen Jin, Sun Yonglei

2024, 36 (11): 227-234.

Abstract ( 83 )

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Digital platform has become an important support for enterprises to achieve competitive advantage, and it also plays a key role in platform routines formation, but few studies pay attention to this role. On the basis of related literature, we establish a system dynamics model, and with the help of Vensim PLE, we simulate the validation and sensitivity of the model. The simulation results show that: the impact of platform empowerment on the platform routines formation presents an inverted U-shaped trend over the time; enterprise organization routines will be gradually assimilated by platform conventions, and the degree will gradually decrease; in the same period, platform routines will increase with the increase of platform empowerment degree. The research contributes to revealing the dynamic mechanism of how platform empowerment influences platform routines formation, extends the research on digital economy and digital platform, and provides a theoretical reference for enterprises’ digital transformation and digital platform management.

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Prediction of Cultural UGC Communication Effectiveness from the Perspective of Multi-source Heterogeneous Data Fusion: A Combination Modeling of GRA-PSO-WRF Method

Ni Yuan, Li Xiaona, Zhang Jian, Fang Jinyu, Li Siyuan

2024, 36 (11): 235-247.

Abstract ( 80 )

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Forecasting the dissemination effect of cultural UGC in the short video platform environment is not only helpful to improve the operation efficiency of the platform for massive videos and achieve accurate recommendation service, but also important for content resource trading and high-quality UGC creation. Based on Laswell’s “5W” communication theory, we construct a cultural UGC communication effect prediction index system, and propose a combined GRA-PSO-WRF prediction model by integrating multiple sources of heterogeneous data such as operation statistics, third-party statistics and user comment data. The model uses comprehensive gray correlation analysis to extract the features of the fused data, achieves the prediction of UGC dissemination effect by particle swarm optimization weighted random forest algorithm, and finally conducts an empirical analysis based on the dissemination data of 90 cultural UGCs in four short video platforms. The study results show that the prediction index system of cultural UGC based on Laswell’s “5W” theory can systematically portray the key factors in the process of cultural content resource dissemination, and has good predictive applicability. The prediction accuracy of GRA-PSO-WRF model with multi-source heterogeneous data integration is significantly better than that of single RF model and BP model, and has certain interpretability. The influence of different features on the UGC spreading effect presents three levels: high-level, medium-level and low-level, and the optimal weights of the spread content factor and the spread channel factor are relatively higher, which is the key to influencing the spread effect of cultural UGC. The conclusion of this paper effectively complements the relevant techniques of combined prediction, multi-source heterogeneous data fusion modeling, and interpretable machine learning, and has practical insights for UGC creation and platform content operation.

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A Study of Production Platformization and Its Coordination Strategy Based on Internal Competition

Zou Jia, Ma Xiao Xia

2024, 36 (11): 248-258.

Abstract ( 57 )

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This paper investigates whether a manufacturer of internally competing products would platformize itself, how the platformization-based internal competition is coordinated, and what effect will be generated on social welfare. Firstly, the competition model of horizontal differentiation within a manufacturer and the principal-agent model with platform as the principal and producer as the agent are constructed based on the internal competition situation. Then, by solving and comparing the equilibrium profits of platformized and non-platformized production, and constructing a social welfare function, we draw the following conclusions: the lower fixed unit cost a manufacturer spends on diversifying its products, the more inclined it is to platformize itself, but the platformization leads to increased internal competition to the detriment of social welfare due to the price pass-through effect of production agents; by adjusting the price structure to weaken the price pass-through effect of production agents, platformized manufacturers can not only enhance their own incentives for platformization, but also achieve Pareto improvements at the social level.

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How to Become the Industry Chain Leader Driven by Mission—Based on the Perspective of Network Orchestration

Zhu Fangwei, Guan Yue, Yang Xiaotian

2024, 36 (11): 259-273.

Abstract ( 104 )

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The core mission of state-owned enterprises is to lead the economy and society, reflect the will of the country, and obey the strategic needs of serving the country. However, enterprises do not know “how to become the industry chain leader”, and theoretical studies do not provide answers, so it is urgent to explore the key issue of “how to become the industry chain leader”. Based on the theories of dominant logic and network orchestration, this study deeply analyzes the formation mechanism of “cognition-behavior-result” in the process. The study finds that the“bottom-up”emergence of an industry chain leader is a mission-driven process “from organizational dominant logic tonetwork orchestration to industry shaping and to identity realization”. Dominant logic is the guidance to allocation activities formed under the multi-level mission penetration of national mission, state-owned enterprise mission and enterprise mission. Embedded with mission-driven logic, it forms co-opetition dominant logic and symbiotic dominant logic at different stages, further guides enterprises to adopt layout allocation and integration allocation activities, and then realizes the interactive paradigm construction under strengthened rules and the industrial consensus shaping under value guidance. The process of leading the value increment of the industry and the realization of the value of each subject is accompanied by an identity leap from rule maker to value leader. Different from the national “top-down” selection of chain leaders, this paper finds a “bottom-up” chain leader realization path, constructs a mission-driven industrial chain leader realization mechanism, answers the question of “how to do”, expands and enriches the theoretical connotation of industry chain leader, and provides inspiration and reference for industry chain leaders to promote high-quality development.

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The Evolution Mechanism of Value Co-creation between Digital Platform and Cluster Enterprises

Wang Jiexiang, Heng Yujing, Hu Qiantao, Zhang Yongqiang

2024, 36 (11): 274-288.

Abstract ( 123 )

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Digital platform is an important infrastructure underlying the digital transformation of cluster enterprises, and its construction requires the deep participation of cluster enterprises. However, previous researches study platform construction mainly from a unilateral perspective, making it difficult to reveal the co-creative mechanism between the digital platform and cluster enterprises under the new situation of industrial digital transformation. In order to reveal the evolution mechanism of the value co-creation between the digital platform and the cluster enterprises, this paper analyzes the case of Bincube, an enterprise based on the mold industry cluster in Ningbo, Zhejiang Province, which collaborates with cluster enterprises to build a digital platform and promote industrial digital transformation. This study finds that the value co-creation between digital platform and cluster enterprises covers the processes of “single-point breakthrough”, “vertical depth” and “horizontal extension”. In the “single-point breakthrough” stage, “knowledge coupling” is promoted through “bilateral co-creation concept recognition, user introduction of digital technology, and platform deconstruction of business experience”; in the “vertical depth” stage, “module decoupling” is promoted through “value-compatible conceptual recognition, user feedback on diverse propositions, and platform extraction of common needs”; in the “horizontal extension” stage, “loose coupling of systems” is promoted through “ecological expansion of conceptual identity, user demand traction complementary, platform to stimulate complementary innovation”, thus gradually leading to the value creation evolution of “personalized solution-industry replicable solution-cross-industry overall solution”. This study introduces a value co-creation perspective, contributes to the study of digital platform building strategies in the industrial sector, and extends the mechanisms of value co-creationbetween organisations.

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