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    Economic and Financial Management
    Incremental Loans Portfolio Optimization Based on Nonlinear Superposition of Unexpected Loss
    Chi Guotai, Yu Shanli
    2021, 33 (7):  3-15. 
    Abstract ( 163 )   PDF (1395KB) ( 99 )  
    Research Objectives:Controlling the unexpected loss risk of all loans, and optimizing bank loan allocation. Research Methods:Based on the principle of nonlinear superposition of unplanned losses, with the maximum RAROC of all "stock + incremental" loans as the objective function, the economic capital limit of all "stock + incremental" loans as main constraint and 0-1 planning used to configure new loans, this paper establishes an optimization model based on nonlinear superposition of unexpected losses. Research Findings:Banks should pay more attention to unintended losses of all loans when allocating their loans. Research Innovations:First, we get unexpected losses of total loans by establishing the nonlinear function between unexpected losses of existing loans and incremental loans, which is an improvement to the existing researches that ignore unexpected losses of existing loan. Second, we use RAROC maximum of bank's total loans as objective function to ensure both RAROC maximum and risk minimum of bank's total loans, which is anohter improvement to the existing researches that ignore existing loan and opens up a new idea of the optimal allocation of incremental loans. Third, using economic capital of total loans less than or equal to bank's economic capital limit as constraint to control risk, we overcome the drawback of existing researches that ignore economic capital of all loans.
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    A Study of Linkage between Crude Oil and Natural Gas in North American Market: Based on the Empirical Analysis of Bayesian DCC-GARCH Model and LSTAR Model
    Chai Jian, Lin Jie, Liang Ting
    2021, 33 (7):  16-28. 
    Abstract ( 159 )   PDF (2788KB) ( 85 )  
    The characteristic of oil and gas as substitutes for each other makes the two show a certain correlation. The changes and linkage of oil and gas prices in the world's largest oil and gas consumer market will affect the global energy development pattern and investment strategy. Firstly, the paper studies the overall correlation between crude oil and natural gas yields in North America based on the Bayesian DCC-GARCH (Dynamic Conditional Correlation GARCH) model. In the case that the overall correlation between the two was less significant, the dynamic correlation characteristics of the two in trend, season and remainder are studied by STL decomposition. And then we analyze the nonlinear characteristics of correlation between oil and gas in trend through the LSTAR (Logistis Smooth Transformation Autoregressive) model. The results show the dynamic correlation between crude oil and natural gas yields in North American market is always positive, with a correlation range of[0.137,0.216] and a median of 0.181, the result of which could better reflect the time-varying characteristics of oil and gas linkage compared with the CCC-GARCH model (Constant Conditional Correlation GARCH). The correlation range of oil and gas is small, showing that there is no significant correlation between them. The results of STL decomposition show that there is a significant correlation between oil and gas yields in trend. And, LSTAR model could better characterize the correlation fluctuation and have a higher degree of fitting than AR model. The correlation between oil and gas in trend has a smooth transition at 2.026, and the transform speed from low zone to high zone is very fast. The results of the study have guiding significance for investors to increase their income, producers to control their costs, and the relevant government departments to formulate corresponding energy strategies.
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    Risk Factor Disclosure of IPO Firms and Its Impact on IPO Underpricing——Empirical Evidence from U.S. Listed Chinese Firms and Domestic A-shares
    Li Xuan, Bai Yunxia
    2021, 33 (7):  29-42. 
    Abstract ( 147 )   PDF (1327KB) ( 84 )  
    This paper compares the risk factors disclosure of IPO firms between China and America from two levels which are institution and company practice. On this basis, this paper tests whether the disclosure of risk factors reduces IPO underpricing. We firstly find that compared with U.S. listed Chinese firms, domstic A-share listed companies generally display a lower level of risk factors disclosure, tend to be more homogeneous in the disclosure of risk factors and pay more attention to risk information integrity and financial risk. This means that the motivation of domestic A-share listed A-share companies that disclose their information is to meet regulatory requirements. Secondly, the risk disclosure of U.S. listed Chinese firms significantly reduces IPO underpricing, whereas the risk disclosure of domestic firms has no significant influence on IPO underpricing. Thirdly, in Chinese Growth Enterprise Market with higher degree of information asymmetry, the risk disclosure has the effect of reducing IPO underpricing. Lastly, the risk disclosure of U.S. listed Chinese firms significantly reduces spread, whereas the risk disclosure of domestic firms has no significant influence on spread. The conclusions of this paper can help improve risk factor disclosure level and the further reform China's IPO system.
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    A Risk Assessment and Early Warning Method for Emerging Industries from the Perspective of “Distance” and “peed”——-A Case Study in Spacecraft Manufacturing Industry
    Yang Zaoli, Qi Meng, Huang Lucheng, Tang Zhongjun
    2021, 33 (7):  43-53. 
    Abstract ( 101 )   PDF (1355KB) ( 49 )  
    Emerging industries develop with uncertainty and complexity. Risks exist throughout their growth history. Given the risk of no standard reference throughout the developmet of emerging industries, a novel risk assessment model based on vertical projection distance with nearly ideal standard reference value is established; Considering the velocity inertial of emerging industry growing and its exposures change, a new risk early-warning model in line with speed variation characteristic is proposed. Empirical study on risk assessment and early-warning of Chinese spacecraft manufacturing industry in 2006-2014 show that four types of risk in spacecraft manufacturing industry display a multi-stage and variant evolution state, and comprehensive risks evolution is in disorder. Besides, in the future development of spacecraft manufacturing industry, the growth risk is the most serious of the four risks, and is the emphasis of risk early-warning; technical risk and environmental risk are weaker, but still need to be monitored; and market risk has no warning signals, meaning that the market outlook remains bright.
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    The Effect of Political Connection on Stock Price Crash Risk
    Su Kun
    2021, 33 (7):  54-67. 
    Abstract ( 182 )   PDF (1330KB) ( 99 )  
    The 2008 global financial crisis stimulated the research interest in stock price crash risk. It is of great theoretical and practical significance to analyze the determinants of stock price crash risk. However, the determinants of stock price crash risk are still unclear, especially in transition economies. Much less explored are from the perspective of informal institutions, such as political connection, which is very common around the world and has important effect on firm decision making. Using a firm-level dataset of Chinese listed companies over the period of 2007-2015, this paper studies the influence of political connection on stock price crash risk and the difference of above effect under different profitability and financial development level. The results show:The private company's political connection is more in line with the resource dependent theory. Political connection alleviates firm manager's incentive to hide bad news, and thereby potentially reduces stock price crash risk of private companies. The stronger the political connection degree, the more obvious of the inhibitory effect on stock price crash risk. The influence of political connection is restrained by company characteristics and external institutional environments. The influence of political connection on stock price crash risk is relatively more obvious in companies with poorer profitability and regions with lower financial development. The influence of the political connection on stock price crash risk in state-owned enterprises is not significant. It has important implications for us to recognize the value of political connection and reduce the stock price crash risk.
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    Technology and Innovation Management
    Does Profitability Affect Companies' R&D Decision-making? An Empirical Research of Chinese Listed Manufacturing Companies
    Sun Xiaohua, Zhai Yu
    2021, 33 (7):  68-80. 
    Abstract ( 147 )   PDF (1313KB) ( 115 )  
    R&D investment is characterized by high input, high risks and long return cycle, and profitability is one of the important factors which companies need to consider in R&D decision-making. Distinguished from traditional studies, this paper first analyzes the theoretical relationship between profitability and companies' decision-making from three dimensions:level of earnings, quality of earnings and sustainability of earnings. In the empirical studies, the R&D investment is divided into two stages:the first focus on "whether or not to start the R&D activity" and second focuses on "how much to invest". This paper chooses Heckman two-step estimation and 2SLS to solve the problem of sample selection bias and endogeneity. Based on the micro-data of Chinese listed manufacturing companies, this paper examines the impact of profitability on R&D investment from three dimensions, and the results show that both quality and sustainability of earnings have a significant positive effect on the two stages of R&D investment, but the effect of level of earnings on R&D intensity is not obvious. What's more, the results of heterogeneity test show that the improvement of profitability can promote the R&D investment of private enterprises but can not effectively improve the R&D intensity of state-owned and foreign-funded companies. For technology-intensive companies, quality and sustainability of earnings play a vital role in the promotion of R&D investment, but for labor and capital-intensive companies, there is still a long way to go to achieve transformation and upgrading through innovation.
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    Research on the Relationship among Big Data Capacity, Technological Innovation and Competitiveness of Human Resource Service Enterprises
    Zhou Xiaogang, Chen Shuilin, Li Liqing
    2021, 33 (7):  81-91. 
    Abstract ( 166 )   PDF (1509KB) ( 134 )  
    Human resource service is an important productive service trade to match the supply and demand of the labor market. The application of new technologies, such as big data, cloud computing, and artificial intelligence, can not only promote the innovative development of human resource service enterprises, but also promote the realization of high-quality employment. This paper explores the impact mechanism of the big data capacity and the technological innovation on the competitiveness of human resource service enterprises based on the innovation theory and the resource integration theory. The empirical analysis is carried out by applying hierarchical linear regression and structural equation model based on the data of 257 valid samples of human resource service enterprises. The Bootstrap method of deviation correction is applied to test the mediating effect of the technology innovation between the big data capability and the competitiveness of human resource service enterprises. The outsourcing of human resources for online recruitment is the mainstream service projects of human resource service enterprises, while the middle-high end talent search service project is relatively weak. The big data resource integration capacity and the big data predictive analysis capacity have a significantly positive impact on the competitiveness of human resource service enterprises. Technological innovation has a significantly positive impact on the competitiveness of human resource service enterprises. Moreover, technological innovation has to some extent mediating effect both on the relationship between the big data resource integration capacity and the enterprise competitiveness, and on the relationship between big data prediction analysis capacity and enterprise competitiveness as well. The mediating effect of technological innovation between the big data resource integration ability and the enterprise competitiveness is greater than that between the big data predictive analysis ability and the enterprise competitiveness. In view of this, these ways are all beneficial to enhance the competitiveness of human resources service enterprises, such as strengthening the enterprise's big data resource integration ability, the big data prediction and analysis ability, and the integrating the enterprise's technological innovation with the help of big data ability.
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    Research on the Growth Mechanism of Product Architecture in the Absence of Dominant Design
    Duan Caili, Gu Yuanxun
    2021, 33 (7):  92-106. 
    Abstract ( 107 )   PDF (2013KB) ( 47 )  
    Product architecture design is an important way to realize product innovation. Before the dominant design appears in the market, the product development of enterprise faces great challenge. This paper aims to address how to explore a feasible path of architecture growth through architecture innovation in the absence of dominant design. Taking Bizchat of Chanjet Company as the research object, this paper uses case study method to explore the growth mechanism of architecture in the context without dominant design. The results show that the growth mechanism is different in different periods. Based on this, the cycle model of product architecture growth mechanism is proposed. Secondly, through the analysis of the transformation of organizational binary learning in the process of architecture growth, we find that exploratory learning has a positive impact on the external innovation of product architecture, and exploitative learning has a positive impact on the internal innovation of architecture. Besides, the balance of exploratory learning and exploitative learning is conducive to architectural innovation of product.
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    Innovation Element Flow, Local Protectionism and Spatial Knowledge Spillovers——-From Provincial Experience Evidences of 2000-2016
    Song Wei, Zhou Yong
    2021, 33 (7):  107-119. 
    Abstract ( 140 )   PDF (1325KB) ( 167 )  
    Spatial knowledge spillovers not only depend on the flow of innovation factors in regions, but also are largely affected by local protectionism in economic transition countries. Using China provincial panel data of 2000-2016, the paper estimates the effect that the flow of innovation factors and local protectionism makes to spatial knowledge spillovers. The research shows that the flow of innovation factors contributes to continuous improvement of relational degree of creative commons. It makes positive effect remarkably to spatial knowledge spillovers. The research shows that local protectionism impedes the flow of innovation factors in regions. It accelerates the polarization of innovation factors advantage in regions. It makes negative effect remarkably to spatial knowledge spillovers. Considering economic distance and endogenous influence, the conclusion is still correct. The research has profound policy meaning:to improve the spill-over level of spatial knowledge, first, the flow of innovation factors must be ensured, more importantly, a modern economic system has to be established to integrate regional development, remove administrative barriers of innovation element flow and enable factor market allocation to play a decisive role in spatial knowledge spillovers.
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    Economic Structure Transformation, Mixed Ownership and Upgrading of State-owned Enterprises' Innovation
    Ma Hong, Hou Guisheng
    2021, 33 (7):  120-129. 
    Abstract ( 123 )   PDF (1331KB) ( 64 )  
    This paper focuses on the impact of economic structure transformation on the upgrading of state-owned enterprises' innovation, and by taking account of mixed ownership reform, further examines the moderating effect of mixed ownership as a factor of ownership structure. On the basis of theoretical analysis, this paper takes the data of state-owned listed manufacturing companies in China as samples to conduct an empirical research. The results show that:(1) Firstly, seen from such three aspects as innovation input, innovation output and upgrading level, the economic structure transformation has a significant positive effect on the upgrading of state-owned enterprises' innovation; (2) The mixed ownership system optimizes the internal governance structure of state-owned enterprises and amplifies the positive influence of economic structure transformation on the upgrading of state-owned enterprises' innovation; and (3) For the state-owned enterprises with different level of governance performance and different level of technological finance, there are significant differences in the impact of the economic structure transformation on the upgrading level of state-owned enterprises.
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    Research on the Driving Effect of Technological Convergence Innovation on the High Level of Industrial Structure: Based on the Perspective of Vertical Knowledge Spillovers
    Zhou Xuan, Tao Changqi
    2021, 33 (7):  130-142. 
    Abstract ( 169 )   PDF (1745KB) ( 194 )  
    This paper creatively puts forward the concept of technology integration innovation and constructs a vertical knowledge spillovers spatial weight matrix from the perspective of forward knowledge spillovers and backward knowledge spillovers and a two-regime spatial econometric model to empirically research the driving mechanism and spatial effects of technologically integrated innovation on the heightened industrial structure. The results show that technological integration innovation has regional agglomeration characteristics. The external performance of the technology integration innovation in the region significantly drives the industrial structure heightening of the surrounding area. High-tech industries in the provinces (excluding Tibet) have significant vertical knowledge spillover effects on low- and medium-tech industries. The results also show that provincial high-tech industry incurs backward knowledge spillover to adjacent areas mainly through the form of technology spillovers to promote the industrial structure heightening of low-tech industries in neighboring regions. The provincial low-tech industry incurs forward knowledge spillover to adjacent areas mainly through the form of imitate innovation to promote the industrial structure heightening of high-tech industries in neighboring regions. Institutional quality, foreign trade dependence, investment in R&D staff and financial development degree promote industrial structure heightening through the positive role in technology integration innovation.
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    E-business and Information Management
    An Empirical Study on the Impact of Cloud-based Management Information System on Value Chain Performance:The Mediating Effect of Collaboration
    Wang Ping, Chen Mingtao, Ge Shilun, Wang Nianxin, Pan Yanhua
    2021, 33 (7):  143-153. 
    Abstract ( 110 )   PDF (1527KB) ( 81 )  
    To cope with external environment changes and enhance competitiveness, value chain enterprises find an effective way in collaboration, which can be strongly supported by management information system based on Cloud Computing Technology (C-MIS). Since most of the existing researches focus on the impact of cloud computing technology and business value from the perspective of a single enterprise, this paper intends to explore its impact on the inter-enterprise collaboration in a value chain. Based on information system capability theory, collaboration theory, the paper first constructs a research model of enterprise performance affected through strategic and operational collaboration by dynamic configuration and system integration of C-MIS with a consideration of the moderating effects of technology compatibility, organization structure complexity and the volatility of the market. After that, a questionnaire survey is conducted to top managers of 318 manufacturing enterprises that have already adopted C-MIS, and data analysis and model fitting are carried out with SmartPLS. The results show that the strategic and operational collaboration completely mediate the dynamic configuration and system integration of C-MIS and enterprise performance. It is also found that strategic collaboration can affect corporate performance through affecting operational collaboration. Finally, as to the moderating effects, it is found that technology compatibility and organization structure complexity positively regulate the relationship between C-MIS capability and operational collaboration, while the effect between C-MIS capability and strategic collaboration is not significant, and the market volatility has a significant positive moderating effect on the relationship between C-MIS capability and strategic collaboration as well as operational collaboration.
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    The Influence Mechanism of Combined Policy on Dual-channel Healthcare Service Supply
    Yang Hualong, Du Helen S., Zhan Baoqiang, Li Zhanyao, Yu Xiuli
    2021, 33 (7):  154-169. 
    Abstract ( 105 )   PDF (1834KB) ( 75 )  
    During the outbreak of new coronavirus, the advantage of online healthcare became prominent, and many patients resorted to online medical resources. Online healthcare platforms have become an effective supplementary medical treatment channel for medical institutions. Under the background of uneven distribution of healthcare resources in China, the key to solving the difficulty of seeing a doctor is to formulate reasonable policies to guide the development of online healthcare platform. This paper constructs a two-channel medical service supply model to explore the performance of single protection policy and combination protection policy on protecting online medical platform, and to find out the most suitable protection policy. The results show that when the service quality ratio between online medical platform and offline hospital is low, combined protection policy performs better than single policy because combined protection policy can not only expand the market demand of online medical service, but also reduce the government's financial expenditure. On the contrary, when the ratio of dual-channel medical service quality is relatively high, single price policy performs better than combined protection policy. This paper extends combined protection policy to the research of spatial competition model to explore the impact of government policy on the performance of online healthcare platforms. The results of our study not only help expand the relevant research on the combination of policy intervention under the background of dual-channel service supply, but also provide policy recommendations and theoretical guidance for China's medical reform and the development of online healthcare.
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    Online Patients' Intentions of Office Visit: An Empirical Study Based on Elaboration Likelihood Perspective
    Cao Xianye, Liu Yongmei, Liu Jiaqi, Dong Wei, Zhu Zhangxiang
    2021, 33 (7):  170-181,215. 
    Abstract ( 161 )   PDF (1445KB) ( 122 )  
    This paper explores the influence mechanism of reply information and electronic word of mouth (eWOM) of the online physician on online patient's intention of an office visit to the physician. Based on the Elaboration Likelihood Model, we build the theoretical model and the logit model of office visit intention. In the model, we set the influence of the amount of information and readability of physician's response contents on offline visit intention as the central route, and the influence of physician's eWOM on offline visit intention as the peripheral route, and patient involvement as the moderator variable of the two routes. We collect 15,314 patients' consulting data from good physician online (www.haodf.com) by web crawlers and test the hypotheses. The result shows that the amount of information and readability and eWOM have positive effects on the intention; Patient's involvement increases the importance of readability and amount of information on patient's offline visit intention. Furthermore, patient's involvement decreases the influence of eWOM on patient's offline visit intention.
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    Research on the Service Pricing under the Network Platform Based on System Management
    Liu Wei, Wang Zongshui, Zhao Hong, Dong Feng
    2021, 33 (7):  182-189. 
    Abstract ( 125 )   PDF (1409KB) ( 95 )  
    The system engineering methodology has been widely used in business management area and has access to solving complex pricing problems. Combining network platform service features, this paper divides customers into regular customers and priority customers based on systematic management. Specifically, from a perspective of system optimization, this paper takes the customer complaining and customer satisfaction together into account and identifies the optimal ratio of priority customers and optimal service pricing to explore the service pricing with the service platform of network economy and to maximize the platform revenue through system simulation. The results suggest that the ratio of priority customers, service pricing and platform revenue increases with the increase of the difference between complaining parameter and satisfaction parameter. The increase in the ratio of priority customers does not mean increase in revenue, and when the ratio exceeds the critical value, the ratio negatively affects platform revenue.
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    A Grounded-theory-based Study of Customer Offline Experience in the Context of E-Retailing
    Lu Tingyu, Zhuang Guijun
    2021, 33 (7):  190-202. 
    Abstract ( 241 )   PDF (1396KB) ( 291 )  
    Adopting a grounded-theory approach and based on the customers' words on their offline experiences for e-retailing, this paper explores the meaning, antecedents and consequences of customer offline experience in this exclusive context and constructs a model of customer offline experience for e-retailing. It is found that first, customer perceived product uncertainty, including quality, fit and preference uncertainty, plays a key and direct role in the model. Second, customer perceived uncertainty mediates the impact of product factors, channel factors and customer personal factors on customer offline experience. Third, the consequences include buying behaviors and post-purchase behaviors. In addition, environmental factors may have direct impact on customer offline experience. The paper finally discusses the theoretical and practical significance of the results, and points out some limitations of the present study and directions for future studies.
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    Calculate More or Feel the Uniqueness: How does Decision Base Influence Consumers' Preference for Product Attributes' Alignability
    Gao Cheng, Zhu Hong, Qiao Jun
    2021, 33 (7):  203-215. 
    Abstract ( 131 )   PDF (1442KB) ( 75 )  
    Two experiments are applied to explore how decision base influences consumers' preference for attributes alignability. We find that when priming calculation-base, consumers relatively pay more attention to alignable attributes, and they are likely to select and pay more for alignable superior option; while when priming feeling-base, consumers relatively pay more attention to nonalignable attributes, and their selection tendency and paying willingness for nonalignable superior options are higher (experiment 1). This interaction is influenced by the type of product attributes, as the attributes alignability decreases, consumers are incline to lower their selection tendency and premiums paying for function dominant products. However in the same context, consumers are more likely to choose the product with experiential dominance, as well as increase their premiums paying willingness (experiment 2).
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    Organizational Behavior and Human Resource Management
    Relationship between Future Work Self Salience and Feedback Seeking Behavior: The Impact of Transformational Leadership and Work Engagement
    Lin Xinqi, Xu Yangyang
    2021, 33 (7):  216-226. 
    Abstract ( 223 )   PDF (1624KB) ( 239 )  
    From the perspective of resource conservation theory, this paper explores the mechanism and boundary condition of future work self salience and feedback seeking behavior in order to verify the mediating role of job engagement and the two-stage moderating role of transformational leadership in the model. Using confirmatory factor analysis, hierarchical regression and moderated-mediation effect test, the model is validated by 255 sample data. The results show that future work self salience has a positive effect on feedback seeking behavior, future work self salience indirectly influences feedback seeking behavior through work engagement, transformational leadership has a magnifying effect in the process of future work self salience affect feedback seeking behavior through work engagement. Finally, based on the conclusions of the study, we propose a potential direction for companies to increase feedback seeking behavior.
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    Mechanism of Supervisors' Off-job Experience on Abusive Supervision
    Wu Wenbing, Deng Hui, Wu Wen, Ni Dan, Zhang Yihua
    2021, 33 (7):  227-236. 
    Abstract ( 151 )   PDF (1326KB) ( 116 )  
    Most researches have focused on how abusive supervision can affect their employees' work behaviors rather than on antecedents of abusive supervision. Few studies have examined the impact of supervisors' experience in areas outside the workplace on abusive supervision. Based on the basic framework of ego depletion theory, this study aims to examine the influencing mechanism of supervisors' off-job experience on abusive supervision and the moderation mechanism of supervisor regulation of emotion. We match 118 supervisors and 669 employees as empirical samples to test the hypothesized model. The results indicate that:(1) supervisor off-job hassles are positively related to ego depletion and supervisor off-job relaxation is negatively related to ego depletion; (2) ego depletion mediates the relationship between off-job hassles and abusive supervision and the relationship between off-job relaxation and abusive supervision; (3) regulation of emotion not only negatively moderates the relationship between off-job hassles and abusive supervision, but also negatively moderates the indirect effect of the relationship between off-job hassles and abusive supervision; (4) regulation of emotion not only negatively moderates the relationship between off-job relaxation and abusive supervision, but also negatively moderates the indirect effect of the relationship between off-job relaxation and abusive supervision.
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    The Impact of Self-serving Leadership on Employees' Deviant Behavior: A Cognitive and Affective Dual-Pathway Model
    Zhou Fangfang, Lu Lu, Zhang Yajun, Zhang Junwei
    2021, 33 (7):  237-248. 
    Abstract ( 249 )   PDF (1352KB) ( 267 )  
    In enterprises, leaders sometimes are involved in corruption by using company's resources for their own benefit. We define such leaders who place their own well-being and interests above both their followers' needs and the goals of the organization as self-serving leadership. Though researchers have examined the negative influences of self-serving leadership on groups and employees, we still know little about how self-serving leadership impacts subordinates' behavior. Drawing on cognitive-affective processing system framework, the current study propose a dual-pathway model that self-serving leadership influences subordinates' deviant behavior, and examines the mediating effects of moral disengagement and anger emotion, as well as the moderating effect of justice sensitivity. We use HLM to analyze data collected from 444 employees of 75 groups. Results show that self-serving leadership positively influences subordinates' organizational and interpersonal deviance behavior through the mediating effects of moral disengagement and anger. Justice sensitivity moderates these indirect effects, such that when justice sensitivity is high, the indirect effect is stronger. Our study extends the research on the outcomes of self-serving leadership and reveals the process mechanisms through which self-serving leadership influences subordinates' deviant behavior, as well as the boundary conditions.
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    Accounting and Financial Management
    Mandatory Corporate Social Responsibility Report and Audit Fee: Evidence from a Quasi-Natural Experiment
    Wang Jianling, Chang Yuyuan
    2021, 33 (7):  249-260. 
    Abstract ( 188 )   PDF (1290KB) ( 93 )  
    Based on the mandatory disclosure background, this paper investigates how the audit fee responses to Corporate Social Responsibility (CSR) reports, using a propensity score matching and Difference-in-Differences (PSM-DID) model. We find that:(1) the auditor reduces audit price as a response to clients' issue of CSR reports; (2) the disclosure of CSR reports reduces audit pricing by inhibiting earnings management, which leads to a decrease in audit effort and audit risk; (3) the above effect is more pronounced in CSR reports with superior disclosure quality, and firms with stricter external monitors or stronger motivations to build reputation. Our findings not only enrich the literature related to audit fee, but also have important implications for further mandatory disclosure policies improvement.
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    Intergenerational Succession Process and the Trade Credit Financing: Empirical Evidence from Chinese Listed Family Companies
    Wu Sirui, Gong Guangming
    2021, 33 (7):  261-273. 
    Abstract ( 113 )   PDF (1349KB) ( 65 )  
    The paper investigates the impact of intergenerational succession on family firms' trade credit financing based on the perspective of succession process. We find that:(1) in the period of new generation's initial involvement in management, the new generation plays non-critical role in family firms and thus family succession has no significant effect on trade credit financing. (2) in the period of co-management by both old and new generations, intergenerational succession has a negative impact on trade credit financing, and this effect is especially significant in family firms that have more than one successors in the new generation. (3) in the period of takeover by new generation, intergenerational succession has a positive impact on trade credit financing, and this effect is especially significant in family firms whose successors have overseas experience. Further analysis shows that both the negative effect in the period of co-management and the positive effect in the period of takeover are more significant in firms located in areas with better institutional environment and in firms with stronger market power. The paper focuses on the trade credit, which plays a significant role in the financing activity of family firms, providing reference for family leaders to make financing strategies aimed at the specific succession stage.
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    Logistics and Supply Chain Management
    Centralized Shop Strategy with Two Orders
    Gong Qiguo, Ma Yundanlamu, Wang Hui
    2021, 33 (7):  274-281. 
    Abstract ( 126 )   PDF (1356KB) ( 62 )  
    In China's supermarket industry, there are both foreign brands represented by Carrefour and a variety of domestic brands. The business strategies of the two are totally different. Carrefour operates a small number of large stores, while domestic supermarkets operate a large number of small stores. This paper constructs a model of centralized shop strategy with two orders by combining centralized shop and the quick response supply chain innovatively. Then we obtain the optimal number of stores which should be centralized and the profit comparison between centralized shop model and decentralized shop model by solving the model. A numerical study ia also applied to verify the conclusions intuitively. Based on the study, we sum up a management mode characterized by "Centralized Shop + two Orders" of large retail enterprises, which might provide enlightenments and references for the development of domestic retail enterprises.
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    The Effects of Premium and Penalty Mechanism on Manufacturer's Cooperative Strategies in the Closed-loop Supply Chain
    Shi Chunlai, Cui Chunhui, Hu Pei, Zhang Zongming
    2021, 33 (7):  282-289. 
    Abstract ( 118 )   PDF (1353KB) ( 60 )  
    This paper studies the impact of government's premium and penalty mechanism on the cooperation strategies of the manufacturer in closed-loop supply chain (CLSC). We construct four cooperative models based on game theory:no cooperation mode (model N), cooperation only with the recycler (model MC), cooperation only with the retailer (model MR), and cooperation with both the retailer and the recycler (model MCR).The results show that the manufacturer has both incentives for cooperation with the retailer and incentives for cooperation with the recycler. Under different cooperation strategies, the supply chain has the highest profit when the manufacturer cooperates with the retailer and the recycler, and the total profit of supply chain is lowest when the three have no cooperation with each other. However, whether the supply chain profit under the manufacturer-retailer partnership is higher than that under the manufacturer-recycler partnership is associated with the potency dimension of government's rewards and punishments and the recycling efficiency of old products. If the government's rewards and punishments are small, the supply chain has the higher profit when the manufacturer only cooperates with the retailer; If the government rewards and punishments are large, the supply chain has the higher profit under the manufacturer-retailer partnership than under the manufacturer-recycler partnership when the recycling efficiency is low, but the supply chain has the higher profit under the manufacturer-recycler partnership than under the manufacturer-retailer partnership when the recycling efficiency is high. Besides, the manufacturer choosing to partner with the retailer or the recycler can always increase consumer surplus and social welfare.
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    Public Management
    A WSR-based Research on Evaluation System Construction of Environmental Pollution Control in Coastal Areas
    Zhang Hongyan, Song Yinqiu, Wang Deqing, Pan Shengjie
    2021, 33 (7):  290-300. 
    Abstract ( 171 )   PDF (1496KB) ( 77 )  
    This paper takes 11 coastal provinces in China as examples to study the situation of environmental pollution control in China's coastal areas from 2011 to 2017, and builds a new evaluation system for environmental pollution control in coastal areas. Firstly, this paper employs the Wuli-Shili-Renli (WSR) methodology to determine a comprehensive element and indicator system for assessing the environmental pollution control situation in coastal areas. Game theory is applied to determine weights by combining the results of subjective and objective weighting method. Finally, fuzzy matter-element analysis method is used to evaluate the environmental pollution control in China's coastal areas. The results show that most of the coastal provinces in China are in general condition, the performance of each province in the treatment of environmental pollution in coastal areas has its own advantages and disadvantages from the perspective of Wuli, Shili and Renli. It is suggested to improve the current situation of environmental pollution control in coastal areas, improve the technology of environmental protection and the ability of comprehensive utilization, encourage public participation in environmental protection, and promote the sustainable development of ecological environment, economy and society.
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    The Influence of Trust on Public Service Satisfaction and Its Regional Differentiation——-Based on CGSS 2015 Cross-Sectional Data of 28 Provinces in China
    Bao Haixu
    2021, 33 (7):  301-312. 
    Abstract ( 150 )   PDF (1384KB) ( 77 )  
    Trust determines the destiny of a society. Although the level of social trust in China is low, due to the accumulation of high government trust, China has continuously created economic miracles and achieved high performance in the fight against the epidemic. This study aims to explore how trust affects the government performance, especially the subjective government performance. Using the CGSS 2015 cross-sectional data of 28 provinces in China, this paper empirically examines the respective relationship between social trust, or government trust and public service satisfaction by building a cross-sectional threshold model with individual income as the threshold variable. It also introduces the cross-layer effect of regional economic development level to explore the regional differentiation of the relationship. The results show that:(1) Trust is structural, both social trust and government trust have a positive impact on public service satisfaction, but their transformation efficiency is different; (2) There are structural differences between citizens' trust in society and government:China has a low degree of social trust, but a high degree of government trust; (3) In the national sample, when individuals reach the income threshold, the transformation efficiency of social trust and government trust tends to be consistent; (4) When individuals are in different regions with different economic development levels, the efficiency, effect, and mechanisms of trust transmission are different.
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    The Resident-Government Agent Game Analysis of NIMBY——Based on the Perspective of Fairness Perception
    Li Yadong, Zou Anqiong
    2021, 33 (7):  313-325. 
    Abstract ( 129 )   PDF (1839KB) ( 70 )  
    This paper builds a resident-government agent game model with fairness perception. It tries to abstract the negotiation between resident and government as a multi-stage game based on the benefits of agents in NIMBY problem, to find the equilibrium of optimal compensation strategy. We further combine case analysis and numerical simulation to explain the results. Our study shows that:(1) Resident's expectation compensation increases with the degree of correlation between the total social benefit and the project scale and the degree of improvement of the project hazard, decreases with the number of resident project benefit. The optimal government compensation increases with the degree of improvement of project hazards, decreases with the degree of correlation between the total social benefits and the project, increases with the number of resident project benefit. (2) The higher the project harmfulness, the greater the public psychological loss and the devaluation of fixed assets, and the longer the non-cooperation time, the lower the resident's optimal expectation compensation. (3) The resident's adjusted optimal expected compensation will also increase with the government performance, tax revenue and project profits, and the government compensation should also increase with it. However, the greater the impact of project hazards on the number of damaged residents, the higher the resident's expected compensation in the next round of game, the lower the compensation the government should pay. (4) The expectation of distance-sensitive public for optimal compensation is relatively low and increases with fair perception; the expectation of distance-insensitive public for optimal compensation is higher and decreases with fair perception. (5) Government compensation is slightly higher than the public expectations, and the government should give the distance-insensitive public lower compensation, but the compensation increases with the public's fair concern; the distance-sensitive public should be given higher compensation and decrease with the fair concern, so as to maintain the fairness of compensation. These results have important practical reference for the government to control the cost of compensation and to solve the NIMBY conflict.
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    Case Studies
    Local Environmental Governance Behavior Generation Mechanism under the Central Environmental Protection Inspection——-Fuzzy-set Qualitative Comparative Analysis Based on 30 Cases
    Zhang Guoxing, Lin Weichun, Lang Mei
    2021, 33 (7):  326-336. 
    Abstract ( 183 )   PDF (1295KB) ( 173 )  
    The Central Environmental Protection Inspection is an important system of "supervision" in the environmental field. Its direct object is the environmental governance behavior of the local government. The behavior of the local government is the result of a comprehensive interweaving of multiple factors in the two dimensions of motivation and constraint. Based on this, this paper starts from the motivation and constraints of local government's pollution control behavior, and builds an analysis framework of the local environmental governance mechanism under the pressure of the central environmental protection inspection. Taking 30 cases inspected in 2018 as the research objects, the fuzzy set qualitative comparative analysis method (fsQCA) is adopted to explore the complex mechanism of the interaction of six conditional variables of pressure and constraint on local environmental governance behavior. The results show that there are two paths for the occurrence of local environmental governance behaviors:①Environmental protection pressure-driven mode, environmental pressure is the key factor in the occurrence of local environmental governance behavior; ②Inflection point model, economic constraints and resource constraints are important for local environmental governance behaviors Influencing factors. Based on the above analysis, this paper proposes that policies should be aimed at improving the local government's ecological performance evaluation system, improving the transfer payment system and fiscal and taxation policies in the field of environmental governance, and improving the public participation mechanism.
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    User Experience, Entrepreneurship Traits and Corporate Opportunity Identification——-An Exploratory Case Study Based on JD
    Zhang Hongjin, Hu Longying, Gu Yanzhang
    2021, 33 (7):  337-352. 
    Abstract ( 214 )   PDF (1584KB) ( 155 )  
    In this paper, Beijing Jingdong Century Trading Co., LTD (JD for short) is taken as the research object and the single-case study method of grounded theory coding is used to explore how user experience and entrepreneur traits act on the identification of entrepreneurial opportunities. It is found that user experience is a predisposing factor of entrepreneurial motivation and identification of entrepreneurial opportunity. Entrepreneurial motivation is an intermediary factor in the relationship between user experience and identification of entrepreneurial opportunity. Entrepreneur traits is a regulatory factor of user experience and identification of entrepreneurial opportunity. The internal and external environment is a regulatory factor in the relationship between user experience, entrepreneur traits and identification of entrepreneurial opportunity. The research results enrich the theoretical connotation of identification of entrepreneurial opportunity and expand the theoretical boundary of user experience and entrepreneur traits. The research conclusions provide theoretical basis for the incumbent enterprises to identify entrepreneurial opportunities and practical enlightenment for enterprises to achieve sustainable development under the background of experience economy.
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