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    Economic and Financial Management
    Does the Policy of VAT in Lieu of BT Increase the Total Factor Productivity of Enterprises?——Empirical Evidence from Service Companies
    Xie Huobao, Hui Lili
    2021, 33 (1):  3-12. 
    Abstract ( 179 )   PDF (1274KB) ( 181 )  
    The fundamental goal underlying the policy of VAT in lieu of BT is to balance fair tax burden, guide resources allocation, and improve performance of enterprises. Due to the differences in the areas of service companies, the tax burden of the industry, and the maturity degree of the deductible chain, the economic consequences that China's taxation transformation from BT to VAT brings to micro-enterprises have been controversial. This research takes samples from the listed companies in pilot areas where the policy of VAT in lieu of BT is put in place, and builds a difference in difference model to test the influence of the policy on the total factor productivity of service firms and the influencing mechanism. First, we find that after the implementation of the policy, the total factor productivity of the service industry enterprises increases. Second, the reduction of the nominal tax burden actually paid by the pilot companies is conducive to realizing the wealth distribution effect between the state and enterprises, and improving the total factor productivity of service industry enterprises. The increase in operating efficiency of pilot enterprises will help realize the value creation effect and improve the total factor productivity of service enterprises. The conclusion of this study contributes to a better understanding of the micro-economic effect and its specific mechanism in the macro-tax reform, and provides empirical evidence for the positive effects of the policy of VAT in lieu of BT.
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    Inflation, Portfolio Selection and Household Leverage
    Yu Mei, Li Zhiyong
    2021, 33 (1):  13-22. 
    Abstract ( 176 )   PDF (1288KB) ( 173 )  
    Based on a two-period model, we use data from China Family Panel Studies(CFPS) to study the impact of inflation on household portfolio and financial leverage. The study finds that inflation and inflation expectations would reduce household cash deposit but have no influence on risky assets. Due to the substitution effect caused by relative price changes, households have increased consumption of durable goods, and short-term inflation has a negative impact on housing investment. As housing debt is dominated by long-term debt, long-term inflation significantly increases household debt and financial leverage, which in turn increases property income. Our findings can be used as a microscopic mechanism for inflation welfare costs.
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    From Predation Symbiosis to Mutualism Symbiosis: Research on the Survival Strategy of P2P Online Loan Platform Based on Moral Hazard and Reputation Value Analysis
    Xue Weixian, Zuo Li
    2021, 33 (1):  23-36. 
    Abstract ( 169 )   PDF (1408KB) ( 96 )  
    The survival problems exposed in the current P2P platform operation are mainly related to the "Predation Symbiosis" strategy commonly used in the development of P2P online lending platform in the early stage. The identifiability of borrower default probability, the value of physical collateral, the probability of discovery of platform moral hazard behavior, the punishment power and the social average discount coefficient are gradually increased along with the reputation construction, and the fee rate and reputation construction cost gradually decrease, the utility of platform "Predation Symbiosis" strategy has experienced a high-to-low change process, while the value of reputation brought to the platform has experienced a process of change from low to high, and the strategy of "Predation Symbiosis" has gradually been replaced by the strategy of "Mutualism Symbiosis".
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    Effect of Information Dissemination in Corporate Executives on Contagion of Credit Risk——A Dual-network Perspective
    Qian Qian, Yang Yang, Zhou Zongfang
    2021, 33 (1):  37-43. 
    Abstract ( 155 )   PDF (1293KB) ( 98 )  
    The risk information dissemination among the executives and the credit risk contagion among enterprises is interactive. Based on the complex network theory, this paper constructs a model to describe interaction between the risk information dissemination and the associated credit risk contagion. We find that the credit risk contagion threshold is affected by the network structure and the dissemination scope of the risk information; and under certain conditions, the risk information dissemination among executives may inhibit the associated credit risk contagion among enterprises. By accelerating the dissemination of risk information, enterprises or government regulators can effectively inhibit the associated credit risk contagion in the affiliated enterprise network.
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    The Spatial Difference and Dynamic Evolution of China's Science and Technology Financial Efficiency
    Shen Li, Fan Wenxiao
    2021, 33 (1):  44-53,67. 
    Abstract ( 181 )   PDF (5292KB) ( 132 )  
    The efficient operation of science and technology finance has become one of the key fulcrums of China's innovation-driven development. In order to timely adjust and optimize the development modes of science and technology finance in various regions, super efficiency SBM model and Dagum Gini coefficient decomposition method are used to calculate and analyze the regional differences of the efficiency of science and technology finance in China. Based on the consideration of spatial factors, spatial Kernel density estimation is used to investigate the distributed dynamic evolution of the efficiency of science and technology finance in China. The results are as follows:The efficiency of science and technology finance in China fluctuates significantly and its spatial distribution is unbalanced, the main source of spatial difference is inter-regional difference; the efficiency distribution of each region has the multi-polarization trend of different degrees; in the eastern, central and western regions, the spatial spillover exists in the dynamic evolution of the distribution of science and technology finance efficiency, while the spatial spillover is not obvious in the northeast. Based on this, this paper puts forward policy suggestions on how to reduce the regional differences in the efficiency of science and technology finance and promote the coordinated development of science and technology finance in China.
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    The Spatial Spillover Effect of Port Development on Economic Openness: Research Based on Two-Regime Spatial Durbin Model
    Diao Shujie, Kuang Haibo, Li Ze, Luo Jiaqi
    2021, 33 (1):  54-67. 
    Abstract ( 136 )   PDF (1538KB) ( 167 )  
    As crucial gateways to global market, ports play a radiating and exemplary role in regional growth. This paper explores the spatial effects of port development on regional economic openness for a sample of 43 cities located in Bohai Rim region. We measure the opening level of cities through 8 indicators via G1-Entropy method from the perspective of economic base and the degree of opening, then use spatial correlation test to demonstrate spatial dependence and heterogeneity among cities. Based on the above result, we utilize one-regime spatial Durbin model to investigate the direct and indirect effect of port development on economic openness and two-regime spatial Durbin model to take the gradient of openness spillover into consideration. This paper is featured with three innovative points:Firstly, the analysis of spatial spillover effect of port development on economic openness enriches the current port-city relation research; secondly, the discussion of spatial dependence and spillover overcomes the disadvantage of isolating the research object geographically; thirdly, the application of two-regime spatial Durbin model explains the difference of spillover effect. Results suggest that economic openness is influenced by both local and neighboring ports. Furthermore, the spatial spillover effects are significant among 43 cities. We also find that the overall openness spillover effect of Bohai Rim falls into the mutual benefit development type while Liaoning province belongs to independency type, and role model type for Shandong province. Hebei-Tianjin subgroup falls into the type featured by being the weak when encountering the strong, and being the strong when encountering the weak.
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    Research on the Mechanism of Chinese FDI Enterprises' Environmental Performance——Double Mediating Model of Different Environmental Behavior
    Jin Jiyao, Du Jianguo
    2021, 33 (1):  68-79. 
    Abstract ( 144 )   PDF (1398KB) ( 74 )  
    Based on the path of "factor-behavior-performance", the perspective of host country government and parent company, the conceptual SEM is built according to the existing researches. This paper investigates parts of FDI enterprises in China, then validates the relationship among environmental regulation, cross-border environmental management and high level environmental performance. In addition, we use Bootstrap method to test the mediating effect of coordinated mediating variables of environmental technology innovation behavior and environmental management innovation behavior respectively. Our research reveals that (1) Environmental regulation and cross-border environment management have no direct effect on high level environmental performance, and innovation behavior plays a full mediating role. (2) Environmental regulation could both stimulate the environmental innovation behavior directly and by the effect on parent company indirectly. However, the effect of cross-border environment management is much greater than environmental regulation. (3)The total effect of two mediating variables is greater than any of them obviously, but they have different roles between different independent variables. Finally this paper puts forward some suggestions based on the above conclusions.
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    Dynamic Modeling on Chinese Composite PMI Output Index: A Time-lagged Effect Research
    Wang Siyang
    2021, 33 (1):  80-91. 
    Abstract ( 121 )   PDF (2550KB) ( 88 )  
    PMI composite output index, one of the reliable early indicators of national economic growth, is composed of manufacturing PMI output and services PMI business activity in weighted average method. This paper establishes dynamic models for the first time of manufacturing PMI output, services PMI business activity and PMI composite output using ARDL, based on lag effects of demand-supply. It shows that firstly, new orders, purchases, gap of new orders and inventory of finished goods as well as the profit trend (new orders-input prices) have significant hysteresis effects on PMI output and business activity, especially in new orders; secondly, new orders, gap and services profit trend have significant hysteresis effects on PMI composite output, especially in service new orders and gap; and thirdly, manufacturing new orders have negative hysteresis effect on composite output during the short period. This paper concludes at the sectoral level, expanding domestic demand respectively is still the most essential way to boost production. However, destocking and services demand determine to a large extent the growth pattern for sector-wide production growth.
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    Technology and Innovation Management
    The Heterogeneous Effects of Different Types of Environmental Regulation on Technological Innovation of Industrial Enterprises
    Zhang Guoxing, Feng Yichen, Wang Ailing
    2021, 33 (1):  92-102. 
    Abstract ( 170 )   PDF (1454KB) ( 217 )  
    Technological innovation is an effective way to protect environment. It's a question worth researching in the field of environmental regulation, whether different types of environmental regulation can become the driving force to promote technological innovation of industrial enterprises, and whether they have the heterogeneous effects in the aspect of regulation. This paper divides existing environmental regulation into three different types:command-control regulation, market-incentive regulation and public-participation regulation. We can get the intensity index of the three types environmental regulation based on the quantitative research of policy text, and use panel-data analysis methods to study their roles in technological innovation of industrial enterprises. The results show that the three different types of regulation have heterogeneous effects on technological innovation of industrial enterprises. Command-control environmental regulation has positive spot effect and negative lag effect. Market-incentive regulation can stimulate the technological innovation in a long period of time. Public-participation regulation only has a small incentive effect on enterprise technological innovation in the short term. There is a lack of synergies among different types of environmental regulation. Only the synergies between market-incentive and command-control environmental regulation have significant incentive effect on enterprises' technological innovation input. Therefore, in the process of promoting sustainable development, the government should pay attention to the timeliness of the effect of command-control environmental regulations, give sufficient time for market-incentive environmental regulation to play a role and promote the enthusiasm of public participation in environmental protection through the formulation of relevant policies.
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    The Consumer's Purchase Intention Model of Trajectory-transformed Hi-technoloical Products at the Stage of Market Launch——The Multiple Comparative Studies Based on China Automotive Industry
    Xiao Hailin, Zhang Shudan
    2021, 33 (1):  103-119. 
    Abstract ( 128 )   PDF (1666KB) ( 101 )  
    Green-oriented trajectory-transformed hi-technological(GTTT) innovation, which is characterized by the triple trajectory-transforms of technology, market and product utility, is the common strategic path that leads to the national green development, the industrial restructuring and upgrading, and the disruption of market competition. For solving the strategic difficulties and theoretical dilemma of the market launch of GTTT product, by means of aiming at the special complexity of management situation of the market launch of GTTT product, as well as taking automobile industry as a case and the research path of integrating multiple consumer behavior theories and the multiple empirical comparative studies being different from the research paradigm of available literature, this paper studies the impacts of eight possible variables, namely attitude towards products, attitude towards environmental responsibility, subjective norms, group consensus, face consciousness, perceived behavioral control, self-consciousness and fashion awareness which are all obtained through theoretical analysis and literature review, on the consumer's purchase intention at the stage of market launch of GTTT product, as well as the differences of the impacts on trajectory-untransformed technological (TUT) products. The study finds that all of attitude towards products, attitude towards environmental responsibility, perceived behavioral control, self-consciousness and fashion awareness have a significant positive impact on the consumer's purchase intention of GTTT products at the stage of market launch, subjective norms found by the scholars in western countries, as well as group consensus and face consciousness being used to substitute subjective norms by Chinese scholars have no significant effect. While for the consumer's purchase intention of TUT products, all of attitude towards products, subjective norms, face consciousness, group consensus have a significant positive impact, but all of attitude towards environmental responsibility, perceived behavioral control, self-consciousness and fashion awareness have negative or no significant effect. This paper further tests and analyzes the suitability of the four consumer's purchase intention models, namely the theory of reasoned action, the theory of planned behavior, the Chinese consumer's purchase intention model developed by Chinese scholars, and the model developed by this paper, for both GTTT products and TUT products, and both launch stage and mass stage of market development, and finds the innovative type and the market stage of new products which is most suited by one of the four consumer's purchase intention models, respectively. Through above studies, this paper successfully builds the consumer's purchase intention model that reflects and suits the special complex management situation of GTTT product at the stage of market launch, reveals the differences in the factors influencing the consumer's purchase intentions between GTTT product and TUT product, as well as between the launch stage and the mass stage of GTTT product, and produces the theoretical tool adapted to the relevant research and marketing decision. The above findings have both theoretical and practical significance.
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    The Positive Effect of Innovation Ecosystem Strategy on Entrepreneurial Performance——An Empirical Study Based on Technological Spin-offs in CAS
    Ding Xuechen, Liu Xielin
    2021, 33 (1):  120-132. 
    Abstract ( 215 )   PDF (1398KB) ( 152 )  
    The development of university spin-offs is an engine of regional economy and technological innovation. Through theoretical analysis and empirical study, this paper explores the relationship between technological capability and entrepreneurial performance of technological spin-offs and the moderation effect of innovation ecosystem strategy. Combing absorptive capability and innovation ecosystem perspective and taking 225 spin-off start -ups during 2008-2017 from various research institutes of the Chinese Academy of Sciences as samples, the empirical test is carried out using GLS random effects panel regression model. The results show that the technological capability of the spin-offs has significant positive effect on entrepreneurial performance, which is significantly enhanced when spin -off start-ups choose to embed industrial ecosystem with higher level of ecosystem maturity and higher level of ecosystem similarity. From the perspective of emerging economy, this study expands the factors which influence the development of spin-off start-ups, and provides suggestions and basis for the strategic choice of technological spin-offs.
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    Speculative Culture, Managers' Characteristics and Corporate Innovation
    Chen Xin, Chen Deqiu
    2021, 33 (1):  133-143. 
    Abstract ( 169 )   PDF (1292KB) ( 221 )  
    We study whether culture plays an important role in affecting corporate governance and behavior as an informal institution. Using a dataset of Chinese A-share non-financial listed companies from 2006 to 2017, this paper investigates the relationship between regional speculative culture and innovation. We find that a high level of speculative culture of corporate location and managers' speculative preference significantly enhances corporate innovation, and will lead to the increase in the number of patents. Moreover, the speculative culture of chairman birthplace enhances the connection between regional speculative culture and corporate innovation. Furthermore, the positive correlation between regional speculative culture and corporate innovation stems from the increase of innovation input; this correlation is more significant in private enterprises. A potential mechanism between regional speculative culture and corporate innovation is that speculative culture enhances companies' risk-taking ability, helping companies overcome fears of innovation risks and implement innovation behavior. Our results shed new light on the impact of regional culture on the micro-real economy.
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    Research on the Risk Assessment of Scientific Communication Manuscripts Based on Writing Process
    Shuai Junquan, Qi Mingliang, Sha Mengyi, Tan Xiongkai, Li Bo
    2021, 33 (1):  144-151. 
    Abstract ( 140 )   PDF (1317KB) ( 85 )  
    In scientific communication, the public's understanding of scientific information may deviate from the expectation of the science agency who wants to disseminate scientific knowledge, methods, or results. "Science communication risk" is defined as the probability that this deviation occurs. The manuscript of scientific dissemination is the core element that may pose a risk. And the manuscript writing process is divided into three parts:composing an initial manuscript, editing the manuscript, and reviewing the manuscript. Then this paper identifies the risk factors of each part, including the sensitivity, specificity, scientific controversy of the original scientific materials, and the scientific literacy and professionalism of the authors, editors and reviewers. Based on expert knowledge and Sigmoid function, this paper investigates the quantitative relationship between the risk level of the writing process and the risk factors of each part. At last, a numerical example is carried out to verify the effectiveness of the methods.
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    E-business and Information Management
    Research on Enterprise Generated Content Communications of Online Social Media: An Example of the Film Industry
    Liu Jiaqi, Qi Jiayin, Zhu Ge
    2021, 33 (1):  152-163. 
    Abstract ( 195 )   PDF (1936KB) ( 198 )  
    In social media platforms, enterprise generated content (EGC) provides an important channel for enterprises to communicate with consumers. Informative content describes some details related to products or services to users, while persuasive content is able to strengthen emotional ties with fans. However, there is no clear answer to the question how enterprises should release EGC to idealize the communication effect? In order to enrich social media marketing research, this paper first proposes fine-grained EGC content feature evaluation criteria, then distinguishes user engagement behaviors at different levels, and evaluates the effectiveness of enterprise communication based on engagement scale. Finally, taking the official micro-blog of cinema chain enterprise as research object, this study conducts a content analysis of 3,437 pieces of EGC messages, and examines the difference of communication effect among various types of content in aggregation and independent level respectively. The findings are as follows:informative content plays a more important role in promoting reposting which is in high-level of engagement than persuasive content, while the opposite is true of the situation where commenting is in medium-level of engagement. And in low-level of engagement, liking is only triggered by persuasive content. Furthermore, the conclusions about the communication ability of each independent feature are conducive to guide enterprises to formulate EGC releasing strategy and manage EGC content.
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    Provision Model Choices of Online Video Content under Social Influence
    Wang Wenyi, Guo Qiang, Shi Chunlai
    2021, 33 (1):  164-176. 
    Abstract ( 197 )   PDF (1528KB) ( 138 )  
    We make an analysis about the mode choices of online video content under social influence. The equilibrium solution of the video platform is calculated under three situations, that is pay-per-view model, free-to-watch model and hybrid model. Our analysis shows that:when a video has a less social influence, its platform prefers the pay-per-view model. When a video has a great social influence, its platform prefers the hybrid model. When a video has a moderate social influence and a smaller consumer utility discount coefficient, free-to-watch model will become the optimal strategy of its platform. The price of the video has no connection with social influence in the pay-per-view model, so does the advertising in the free-to-watch model. In the hybrid model, both the price of the video and the advertising are positively related to the social influence. In addition, the consumer surplus under the three situations is also related to the consumer utility discount coefficient and social influence.
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    A Research on How to Ensure Normative Use of an Increasing Number of Shared Bicycles
    Ma Yuanhong, Cao Yunzhong, Zhang Jing, Li Liangqiang
    2021, 33 (1):  177-187. 
    Abstract ( 208 )   PDF (1321KB) ( 91 )  
    In order to explore the spreading mechanism of shared bicycles and the theoretical root reason why shared bicycles are not used as they are supposed to, this paper, based on both theory and reality, studies the psychological process underlying the normative use of an increasing number of shared bicycles. We propose four factors:subjective norms, social models, social norms and tolerance to anomalies, which have direct or indirect effects on the normative behavior of shared bicycles. Through the test of the direct effect, the moderating effect and the test of triple interaction effect, the conclusion is drawn as follows:subjective norms and social models are important influencing factors of normative behaviors of shared bicycles; the role of government-led social norms and company-led tolerance to anomalies in shared bicycles is limited; and social models play an important transfer and model role in the normative behavior of shared bicycles. Finally, we discuss the theoretical contribution of the study, and put forward a few specific recommendations for managers to take effective intervention measures.
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    Organization and Strategic Management
    A Review of Gratitude Research in Organizational Management: A Multi-level Theoretical Model
    Guo Yirong, Song Jiwen, Zheng Xiaoming, Chen Limei
    2021, 33 (1):  188-200. 
    Abstract ( 217 )   PDF (1859KB) ( 299 )  
    In recent years, organizational scholars and practitioners have gradually realized the positive role of gratitude in management. However, given the relatively short research history in organizational management, relevant theories and empirical studies need to be enriched and improved urgently. Based on the existing researches, this paper specifies the concept, characteristics and measurement of gratitude, and reviews relevant literature on factors affecting gratitude at event, individual and organizational level. Further, this paper investigates the mechanism of gratitude based on the Amplification Theory of Gratitude, Broaden and Build Theory, Find-Remind-and-Bind Theory and Gratitude as A Moral Affect Perspective, and constructs a multi-level theoretical model of gratitude. Finally, concerning the limitations of the existing researches, this paper proposes six future research directions, specifically, to pay attention to the interpersonal interaction of gratitude, to examine the mechanisms and boundary factors related to gratitude, to broaden research on gratitude from different theoretical perspectives, to explore the spillover effect on gratitude, to enrich gratitude from different levels and domains, and to optimize the research methods of gratitude, in hope of promoting the research on gratitude in organizational management.
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    Policy Uncertainty and Corporate Agency Costs
    Luo Jingbo, Li Xiaorong
    2021, 33 (1):  201-214. 
    Abstract ( 175 )   PDF (1359KB) ( 189 )  
    Policy uncertainty is an important factor affecting the operating activities of listed companies. Based on the policy uncertainty caused by the change of local officials, and we studies the impact of policy uncertainty on agency costs and reach the following conclusions. The external policy uncertainty faced by an enterprise will significantly increase its agency costs, and it is more so for enterprises in a low-level marketization environment and state-owned enterprises. Especially, when the new official is transferred from a non-local regions and the enterprise operates in a regulated industry, such uncertainty play a more significant role in increasing the enterprise's agency cost. The economic consequence inspection shows that the impact of policy uncertainty on an enterprise's agency cost directly impairs its enterprise value. This paper enriches the research literature regarding the influencing factors of policy uncertainty and agency cost.
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    Research on the Evolution of Corporate Social Responsibility Based on Organizational Sense-making Theory and Institutional Theory
    Qi Liyun, Wang Ying, Lv Zhenggang
    2021, 33 (1):  215-228,241. 
    Abstract ( 216 )   PDF (1456KB) ( 320 )  
    Corporate social responsibility has stages. Studying the evolution of corporate social responsibility is helpful to analyze the nature of corporate social responsibility. Based on the research framework of Basu and Palazzo, this paper constructs an evaluation model of the evolution of corporate social responsibility, which includes three criteria levels of "cognitive, linguistic and conative". According to the model, this paper applies the combination of G1 method and fuzzy comprehensive evaluation method to quantify the evolution process of corporate social responsibility of Shell (from 1995 to 2019) and PetroChina (from 2006 to 2019), then explores their evolution stage characteristics and evolution rules, and reveals the differences between their evolution processes of corporate social responsibility. This paper points out that the institutional factors are effective external forces to promote the evolution of corporate social responsibility. The main factor promoting the evolution of Shell's corporate social responsibility is social culture, and the main factor promoting the evolution of PetroChina's corporate social responsibility is policy pressure. At the same time, this paper further demonstrates that the interaction between organizational sense-making process (internal) and institutional factors (external) promotes the evolution of corporate social responsibility.
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    Study on the Growth Path, Corporate Strategy, and Management Tactics of Chinese Internet Enterprises
    Lou Runping, Li Bei, Qi Xiaomei
    2021, 33 (1):  229-241. 
    Abstract ( 248 )   PDF (1516KB) ( 215 )  
    This paper divides China's Internet enterprises into two types of growth, puts forward the corresponding growth path model, describes the growth curve of Internet enterprises, and divides them into S-type growth curve and platform-type growth curve. Each type of growth curve is composed of three periods, and the corresponding corporate strategy and management strategy framework are proposed and summarized for each period. Secondly, this paper selects the user data of Tencent QQ and WeChat, Alibaba Alipay, Qihoo 360 mobile phone guard, Jumei and Dangdang, and studies the growth curve of these six enterprises and products. The empirical test results show that the actual growth process meets the path model to a high degree. Finally, this paper takes Didi as an in-depth case study, and empirically studies Didi's growth path, corporate strategy and management tactics. The results of the case study verify the theoretical model proposed in this paper, and provide useful enlightenment.
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    Research on the Effect of Organizational Factors on the Mega-project Performance
    Wang Dedong, Fang Shaoze, Wang Xincheng
    2021, 33 (1):  242-253. 
    Abstract ( 155 )   PDF (1446KB) ( 107 )  
    Organizational management aims to coordinate stakeholder relationships and achieve close collaboration among all parties, which is critical to the improvement of mega-project performance. Based on the perspective of organizational management, the reasons for driving the improvement of mega-project performance are analyzed. The organizational factors of mega-projects are identified by literature review, 35 mega-projects are selected as research cases, and the data are collected through semi-structured interview and focus group interview, csQCA is applied to analyze the combination of factors and test the consistency and coverage. The results show that the effect of organizational factors on the mega-project performance is not achieved by single factor, but by the form of a combination of factors. "formal communication mechanism + friendly relationship + fair benefit allocation + team collaboration and organizational integration" and "trust + fair benefit allocation + team collaboration and organizational integration" can promote the mega-project performance significantly. Friendly relationship, fair benefit allocation, team collaboration and organizational integration are the necessary conditions for the improvement of mega-project performance. Formal communication mechanism, trust and flat organization are important but not necessary factors that can effectively improve project performance.
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    Accounting and Financial Management
    Management Earnings Forecasts and Insider Trading
    Zhou Donghua, Zhao Yujie, Chen Minjie
    2021, 33 (1):  254-268. 
    Abstract ( 160 )   PDF (1359KB) ( 101 )  
    As one of the mechanisms to reduce the information asymmetry, management earnings forecast is of great significance to investors and management. This paper studies the relationship between insider trading and management earnings forecasts. The results show that insider sell trading has a significant positive relationship with management earnings forecast when companies disclose the good news earning forecast, which conforms to the information hierarchy hypothesis. Furthermore, the significant relationship between insider sell trading and management earnings forecast is centralized in the board members sub-sample. We further finds that the effective mechanism of external corporate governance weakens insider selling.
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    Executive Power, Internal Control and SOEs' Expense Classification Shifting
    Fu Shaozheng
    2021, 33 (1):  269-277. 
    Abstract ( 162 )   PDF (1270KB) ( 77 )  
    Using the data of two years pre-Eight Rules and two years post-Eight Rules, the paper empirically researches whether executive power could influence SOEs' expense classification shifting and the governance effect of internal control. This paper finds that SOEs' expense classification shifting within the firms with bigger executive power is more serious, internal control can reduce the positive relation between executive power and SOEs' expense classification shifting. Classification, SOEs' expense classification shifting within the firms which have longer CEO tenure, CEO also is the chairman and CEO selected from inside is more serious. The robust test does not change the empirical result. The results indicate that executive power can enhance SOEs' expense classification shifting, especially when executive power is free from supervision and constraint.
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    Logistics and Supply Chain Management
    Empirical Study on the Constructs of Supplier Network Insight
    Li Suicheng, Li Yuzhong, Li Na
    2021, 33 (1):  278-290. 
    Abstract ( 95 )   PDF (1404KB) ( 68 )  
    Supplier network becomes an increasingly important source of value resources needed for the development of a manufacturing firm. However, many value resources in the supplier network do not exist in a transparent and concentrated form and their valuation will also vary from firm cognition differences. Therefore, the emphasis on firm's subjective initiative and cognitive heterogeneity makes supplier network insight especially important. In order to clarify the concept, content composition and measure of supplier network insight, this study, based on the relevant literature review and theoretical analysis, summarizes and extracts the main components of supplier network insight and develops its scale. This study also carries out factor analysis and empirical test on 332 valid sample data using SPSS and AMOS statistical analysis software, and further discusses the results from the perspective of network level and value resources. The results show that the developed scale of supplier network insight has good reliability and validity. Supplier network insight consists of five interrelated dimensions which are classified into three aspects. First, environment insight at network environment level mainly influences the determination of the type of resources required by the development strategy. Second, structure insight at network horizon level, including "network scale" and "network positioning", mainly affects the excavation process of network value resources. Third, relation insight at network context level, including "focus perception" and "interaction perception", mainly affects the acquisition process of network value resources. This study not only enriches the theoretical research of supplier management practice in the field of network cognition, but also provides some practical reference for firms to systematically understand and manage their supplier network.
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    Supply Chain Relationship, Information Superiority and Shadow Banking——Empirical Evidence Based on Listed Non-financial Companies
    Yan Endian, Xie Jiajia
    2021, 33 (1):  291-300,329. 
    Abstract ( 155 )   PDF (1292KB) ( 114 )  
    The re-lending business among non-financial enterprises which exists outside the banking supervision system constitutes an important part of Chinese-style shadow banking activities and has received widespread attention from regulators and academia. Based on the sample of Chinese listed companies from 2007 to 2015 provided by the Standard & Poor's Compustat Global database, this paper constructs the metrics of China's non-financial corporate shadow banking activities. Based on the perspective of "structural hole", this paper starts from the information superiority contained in the supply chain relationship of enterprises. The empirical test examines the impact of information superiority on the scale of shadow banking business of non-financial companies. The research in this paper finds that the more information the enterprise has on the upstream and downstream enterprises, the larger the scale of the shadow banking business. Our further research finds that the positive correlation between shadow banking and information superiority is more obvious in enterprises with political connection and earnings management; in the enterprises with high degree of marketization, this positive correlation is weakened. The results show that in the institutional environment of information asymmetry and credit constraint in China, supply chain relationship can transmit more extensive and richer company trait information to enterprises, so that enterprises can gain information advantage and increase shadow banking business. The paper also finds that the results are still robust after using the surrogate indicators of shadow banking, information superiority and testing endogeneity. The research in this paper not only theoretically supplies the literature on the causes of shadow banking business and information acquisition, but also has important policy significance for current shadow banking supervision and supply chain management.
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    An Ordering Policy with Two-level Trade Credit under Partial Customers Credit Risk
    Wu Chengfeng, Zhao Qiuhong, Zhang Chong, Lin Shuaicheng
    2021, 33 (1):  301-309. 
    Abstract ( 98 )   PDF (1335KB) ( 38 )  
    Trade credit risk has gradually become a research hotspot in the field of the supply chain decision-making. The paper takes the retailer's ordering strategy with two-level trade credit as the research object where the retailer provides partial trade credit to the end-customers under the credit risk of some customers in the market. In this study, we assumes that the bad credit customers have a default risk associated with the credit period, and the demand is function of trade credit amount and customers' trade credit period and the increasing demand coefficient. Based on the theoretical framework of the economic ordering model, the paper studies an ordering policy with two-level trade credit under partial customers credit risk. Finally, an analysis of numerical example is given. The results show that in this context, the larger the proportion of bad credit customers, the greater the loss of retailers. Besides, the credit period and trade credit amount have positive and negative effects on the retailer's profit, which is largely affected by the increasing demand coefficient.
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    Public Management
    The Contagion Mechanism of Public Trust by Government Scandals: A Quasi Experimental Study
    Xu Biao, Zhang Xun
    2021, 33 (1):  310-321. 
    Abstract ( 145 )   PDF (1354KB) ( 165 )  
    This paper divides public trust into three levels:role trust, system trust and institution trust, and uses experimental methods to investigate the influence of scandal on different levels of public trust. The conclusions are as follows. (1) Government scandal will lead to the damage of role trust, system trust and institution trust. (2) Role trust plays a mediating role in the relationship between the government scandal and system trust. (3) The more similar role is, the more serious damage of role trust, system trust and institution trust would be caused by scandal; the more similar system is, the more serious damage of system trust and institution trust would be caused by scandal. (4) The stronger stability attribution is, the more easily scandals will damage role trust and system trust; the stronger externality attribution is, the more easily scandals will damage system trust and institutional trust. (5) Role similarity positively regulates the effect of interaction terms of stability attribution and scandal on public trust damage; (6) Role trust plays a mediating role in the relationship between interaction terms of stability attribution and scandal and system trust, and the relation between interaction terms of external attribution and scandal and the institution trust. These conclusions can promote the theoretical dialogue between public trust and public crisis, and bring inspiration to the relevant government practices.
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    Decision Making of Collaborative Governance Subjects and Logical Conflict of Public Cultural Service Projects
    Wu Zhenghong, Chen Tong, Hou Guanghui
    2021, 33 (1):  322-329. 
    Abstract ( 154 )   PDF (1299KB) ( 172 )  
    From the project perspective, the collaborative governance mechanism of the project is described, and an evolutionary game model is used to study public and private sectors decision-making process in the long-term provision process of public cultural services with and without public participation. The results show that the value of governance gains, speculative gains and public penalties are the key to influence the public and private sectors to choose the ESS. The logical conflicts which are the national dominant versus the local autonomy, and the bureaucratic performance-oriented versus the demand-oriented are described through the case analysis. The following countermeasures are proposed:increasing the profitable attributes of public cultural services, optimizing the way of government subsidies, introducing public supervision mechanism, enhancing the supervision awareness of the public, increasing the intensity of penalties and raising governance gains.
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    Case Studies
    Identification and Development of Organizational Value Proposition in Digitalization——Lessons from the Work WeChat Case Study
    Chen Chunhua, Mei Liang, Yin Jun
    2021, 33 (1):  330-339. 
    Abstract ( 394 )   PDF (1653KB) ( 560 )  
    The digitalization drives the boundary extension of traditional organizations and guides organizations to interact and collaborate with clients and other stakeholders in a wider range. As a bridge that connects the focal corporate and customer for value co-creation, the identification and development of corporate value propositions are regarded important both from researches and practices. This paper takes the case of Work WeChat organization of China's leading high-tech enterprise Tencent, extends the content analysis and coding on the interview data of internal and external personnel of the Work WeChat, and systematically explains the identification and development process of the value proposition of Work WeChat. The research findings indicate that:three streams of literature explain the connotation of corporate value proposition, involving the perspective of focal firm's unique value, the perspective of relationship between focal firm and customers, and the value portfolio perspective between focal firm and stakeholders; in addition, the identification and development corporate value proposition can be embedded in a process-based framework "All Benefits-Favorable Points of Difference-Resonating focus of Value Combination". The research contributes to the concept and development process of corporate value proposition, and provides implications for the practice of corporate value proposition in the digital context.
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    Positive Information Rendering and Stock Price Crash Risk——A Case Study of Amarsoft
    Cheng Xiaoke, Sun Qian, Gao Shenghao
    2021, 33 (1):  340-352. 
    Abstract ( 155 )   PDF (2047KB) ( 157 )  
    The existing literature is mainly based on the perspective that various factors affecting the motivation or ability of managers to hide negative information, which results in the insufficient response of investors to the negative information, and then influences the stock price crash risk. Based on the overreaction theory of behavioral finance, investors not only under-react to negative news due to the hiding of negative news from the management, but also overreact to positive information due to the rendering of positive information from the management, which in turn affects the risk of stock price crash. With the case of Amarsoft, this study analyzes the main way of positive information rendering and its influence mechanism on stock price crash risk. This study finds that major shareholders tend to render positive information of the company to achieve their own interests by colluding with the seller's analysts to spread propaganda emails and research reports, adjusting the answer of institutional investor research and company announcement. Besides, this study finds that various influencing factors make investors overreact to positive information, which may cause stock prices to exceed their intrinsic value and increase the risk of stock price crash.
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