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    Invited Article
    A Survey and Comment on the Work of Nobel Prize Winner in Economic Sciences in 2021
    Hu Yi, Ma Jian
    2021, 33 (10):  3-11. 
    Abstract ( 226 )   PDF (1274KB) ( 201 )  
    The 2021 Nobel Prize in Economic Science was awarded to three American economists, namely David Card, Joshua Angrist and Guido Imbens. Among them, the reason for Card won the prize for his "contribution to empirical research on labor economics". Angrist and Imbens won the award for their "methodological contribution to causality analysis". This paper attempts to sort out and summarize the research work of the three winners, and discuss what enlightenment and inspiration can be gained from of their research to guide the research on labor economics and causal inference theory in China.
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    Visualizing the Landscape of Anti-monopoly Research in the Digital Economy——Based on a Bibliometric Method
    Ji Xu, Li Xuerong, Lin Chen, Lin Ping, Qiao Han
    2021, 33 (10):  12-21. 
    Abstract ( 272 )   PDF (7065KB) ( 698 )  
    In a digital era, an increasing number of emerging Internet platform companies have risen rapidly, profoundly changing the way the economy and society operate. While the platform economy is booming, governance concerns regarding platform competition and monopoly are increasing, calling researchers to re-examine the issue of anti-monopoly, which relates to various aspects such as fair market competition, enterprise innovation, and social public interests. In this paper, we conduct a bibliometric analysis of papers which research anti-monopoly issues from database in Web of Science and CNKI. Research history, current situation and trends of anti-monopoly issues are identified by descriptive statistics, keyword co-occurrence analysis and co-citation network analysis and other bibliometric methods. The results indicate that:(1) Domestic and foreign scholars mainly from economics and law have conducted comprehensive research on anti-monopoly. Among which, research from developed countries in Europe and the United States is prevailing, meanwhile, domestic research develops rapidly. (2) Early research focuses on the anti-monopoly impact at the macro level such as laws, industries, and policies. Afterwards, monopoly behaviors and antitrust cases have been further studied. Moreover, new research focuses such as bilateral market theory, market dominance, digital economy, and platform economy have emerged in recent years. (3) Difficulties and challenges still exist in anti-monopoly research. In the digital era, business model innovation keeps a fast speed, and artificial intelligence technologies make monopolistic behaviors difficult to identify, define, and analyze. There is also a gap between academic research and policy regime. This paper proposes a future research agenda and the promising research area, such as big data and anti-monopoly, related market definition, platform supervision, and competition policy design.
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    Economic and Financial Management
    Research on the Effect of Specialized and Diversified Industrial Agglomeration on Regional Green Development
    Wei Lili, Hou Yuqi
    2021, 33 (10):  22-33. 
    Abstract ( 160 )   PDF (1278KB) ( 125 )  
    Industrial agglomeration has an important impact on the dual engines of regional green development:regional environmental governance and economic development. This paper attempts to examine the differential effects of different industrial agglomeration models on regional green development from the perspective of spatial correlation, and analyze specialized industrial agglomeration and the impact mechanism of diversified industrial agglomeration on the level of regional green development. Then the data of 30 provinces in China from 2005 to 2017 and the spatial panel Durbin model are used to conduct an empirical test. The research results show that:(1) the concentration of specialized industries can promote the level of green development in the region, but the increase in the proportion of the secondary industry will weaken the role of agglomeration of specialized industries in promoting the level of local green development; (2) agglomeration of diversified industries has a restraining effect on the level of green development in the region, and the increase in the proportion of the secondary industry in the industrial structure will intensify this restraint; (3) the level of regional green development has a negative spatial spillover effect, and specialized industries have an indirect inhibition effect on the level of green development in related regions. This correlation is not only reflected in geographical proximity, but also in economic links and human capital links, but the parameter estimation results of the influence of diversified industrial agglomeration on the level of green development in adjacent areas are not significant.
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    The Research on the Relationship among Capital Adjustment, Ris k-taking and Reinsurance Levels: Evidence from Property Insurance Industry
    Wang Lizhen, Li Xiang, Zhou Yi
    2021, 33 (10):  34-47. 
    Abstract ( 117 )   PDF (1366KB) ( 99 )  
    Based on the panel data of Chinese property insurance companies from 2010 to 2018, this paper uses simultaneous equation model and threshold regression model to study the interaction and threshold effect among capital adjustments, risk-taking and reinsurance levels, and conducts a robustness test and heterogeneity analysis. The study finds that capital adjustment has a significant negative impact on investment risk; reinsurance level has a significant negative impact on capital adjustment; the relationship among capital adjustment, investment risk and underwriting risk has a single threshold effect. But there is no threshold effect in the relationship between capital adjustment and risk-taking on reinsurance. The results show that the interactive relationship between capital adjustment and underwriting risks needs to be strengthened, the role of "contingent capital" in reinsurance needs to be deepened, and the differentiated regulatory system needs to be improved.
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    Research on Land Directional Reserve and Its Cost Control Mechanism
    Sun Jun, Zhang Nan, Peng Ting, Yu Tianshu
    2021, 33 (10):  48-54. 
    Abstract ( 61 )   PDF (1246KB) ( 43 )  
    This paper is based on the land value capture theory to explore the cost control mechanism of the predetermined land reserve operation model. By constructing the incentive and restraint model of predetermined land reserve, discussing the relevant parameter settings of the optimal incentive contract, it can provide a basis for the city government to reasonably control the reserve cost and achieve the financing goal. The results show that integrating supervision intensity into the incentive and restraint mechanism can reduce the degree of information asymmetry between the government and the land reserve entity. Increased incentives or strengthened supervision by the government can guide the land reserve entity towards working hard and weaken speculation, and the supervision and punishment measures can only restrain their speculation. In the case that the land reserve entity does not speculate, the government can adjust the supervision intensity according to its mastery of the type information of the land reserve main body, and the adjustment should be positively correlated with the incentive level. The government's supervision measures are conducive to increasing the income and output of the land reserve entity. The research conclusions of this paper can provide reference for relevant government departments to reasonably formulate incentive and restraint measures for predetermined land reserve and supervise the reserve entity to an appropriate extent, so as to ensure the cost control of predetermined land reserve and the realization of urban infrastructure financing goals.
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    Impact of the New “Environmental Protection Law” on the Efficiency of Listed Companies in Heavily Polluting Industries in China——Based on the Research Perspective of “Porter Hypothesis”
    Yang Youcai, Niu Xiaotong
    2021, 33 (10):  55-69. 
    Abstract ( 135 )   PDF (1471KB) ( 97 )  
    This paper takes the new Environmental Protection Law as a quasi-natural experiment, and uses the data of listed companies in heavy polluting industries in China from 2011 to 2019 to analyze whether the policy is consistent with the "Strong Porter Hypothesis" by using the differential propensity score matching method (PSM-DID). The results show that:(1) The new Environmental Protection Law, as the strictest environmental regulation law in history, significantly improves the efficiency of listed companies in heavy polluting industries in China, and the policy effect becomes more significant with the extension of the implementation time in the policy window period. (2) The implementation of the new "Environmental Protection Law" has effectively promoted the innovation of heavy-polluting enterprises, thereby improving the efficiency of enterprises, that is, there is a channel mechanism for technological innovation. (3) The impact of the new Environmental Protection Law on the efficiency of listed companies in heavy polluting industries in China is heterogeneous. The higher the ownership concentration, the more significant the impact of the policy is. Compared with non-state-owned holding enterprises, state-owned holding enterprises are not significantly affected by the policy. The policy has a significant impact on smaller companies. In other words, the new Environmental Protection Law conforms to the "strong Porter hypothesis" for listed companies in heavy polluting industries in China.
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    Can Abnormal Local Investor Attention Be Used to Predict Stock Market?
    Fan Xiaoqian, Yuan Ying
    2021, 33 (10):  70-80. 
    Abstract ( 121 )   PDF (1278KB) ( 66 )  
    In this paper, we select 187 listed companies in Growth Enterprise Market as samples and extract more than 1 million posters' addresses from Guba Eastmoney to build a local preference index, i.e., abnormal local investor attention. We test how able abnormal local investor attention is to interpretate and predict stock return, volatility and abnormal trading volume respectively. The results show that abnormal local investor attention significantly positively affects stock returns of that very day and next two days, but there is a reversal over time. In addition, we find that abnormal local investor attention has significant positive influence on volatility of that very day and the next two days, and it has some continuity. Besides, we also find that abnormal local investor attention significantly positively affects abnormal trading volume of that very day and the next two days, but it has a short-term effect and will reverse in the future. The results can not only help better understand how local preference can be used to interpretate and predict stock market, but also provide some decision-making basis for investors and regulators.
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    Study on Multifractal Fluctuation and Resonance of Securities Market Liquidity
    Chun Zhengjie, Tang Xiaowo
    2021, 33 (10):  81-89. 
    Abstract ( 63 )   PDF (1374KB) ( 51 )  
    The securities market is an important part of the financial system and its liquidity and resonance bear heavily on the stable operation of the financial system. If the abnormal fluctuation of securities liquidity and the resultant resonance cause liquidity drying-up, the securities market may face disaster and even fall into financial crisis. Considering that studying the characteristics of liquidity fluctuation and resonance in securities market is an important premise and theoretical basis for predicting abnormal liquidity fluctuation and complex resonance, this paper examines the multifractal characteristics of liquidity fluctuation and resonance by using the multifractal detrend correlation analysis method based on the Shanghai Stock Exchange 50 Index and 18-industry data. It is found that the liquidity of Shanghai 50 Index and 18-industry indexes all have multifractal characteristics, and the liquidity resonance between industry index and market index also has multifractal characteristics. Therefore, liquidity volatility and liquidity resonance are both predictable, so regulators can achieve the goal of preventing and resolving systemic financial crisis by monitoring liquidity volatility and resonance.
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    Consumer Confidence and China's Macroeconomic Fluctuations Based on Mixed Frequency Data
    Jiang Wei, Li Yidie
    2021, 33 (10):  90-102. 
    Abstract ( 286 )   PDF (1394KB) ( 77 )  
    This paper introduces consumer confidence index into MIDAS, and investigates the influence of consumer confidence index on China's macroeconomic fluctuations under the new economic normal. Based on the monthly consumer confidence index, the export, the total retail sales volume of social consumers and the fixed asset investment, this paper predicts the quarterly GDP growth rate and reaches the following three conclusions. Firstly, according to the MIDAS that includes consumer confidence index, the prediction accuracy tends to be higher and the mean square residual ratio tends to be lower. Secondly, MIDAS with more variable is less volatile when consumer confidence index is included, so it can provide a more accurate reference range. Thirdly, compared with other variables, macroeconomy is more sensitive to the change of consumer confidence index.
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    Technology and Innovation Management
    Relational Feature of R&D Alliance Portfolios and Firms' Innovation: The Moderating Effect of Geographic Diversity
    Bi Jingyu, Xie En
    2021, 33 (10):  103-114. 
    Abstract ( 119 )   PDF (1398KB) ( 217 )  
    Although existing literature has paid more attention to the effect of the average ties' strength on firm's innovation in R&D alliance portfolio, the conclusions are inconsistent. This study attempts to fill this gap by drawing on social network theory to examine how two relational features of R&D alliance portfolio, including average ties' strength and ties' strength dispersion (measured by standard deviation of the strength of ties between the focal firm and its partners), affects firms' innovation, and also explores the moderating effect of R&D partners' geographic diversity. At the same time, this study also divides firms' innovation into critical innovation and incremental innovation in order to explore the relationship between relational features of R&D alliance portfolio and firms' innovation in a more complete way. The empirical study, leveraging Chinese listed biopharmaceutical firms during a twenty-year period (1996-2016), reveals that average ties' strength imposes an insignificant influence on firms' critical innovation, but has an inverted U shaped effect on firms' incremental innovation; ties' strength dispersion positively relates to critical innovation, but negatively relates to firms' incremental innovation; geographic diversity will enhance the effect of average ties' strength and ties' strength dispersion on firms' critical innovation, reduce inverted U shaped effect of average ties' strength on firms' incremental innovation, but insignificantly moderate the relationship between ties' strength dispersion and firms' incremental innovation.
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    Research on the Influence of Knowledge Distance and Institutional Distance on Innovation Catch-up of Emerging Market Multinational Enterprises: The Double Moderating Effect of Enterprise Characteristics
    Xiao Xiao, Lin Shanshan, Li Qing, Zhuang Meier
    2021, 33 (10):  115-129. 
    Abstract ( 108 )   PDF (1382KB) ( 86 )  
    The outward foreign direct investment (OFDI) strategy of emerging market multinational enterprises (EMMEs) is seen as an attempt to catch up with innovation, in which the distance between home and host countries is critical. However, most of the prior researches on the effect of distance on EMMEs' innovation catch-up studied institutional distance in general, or only analyzed the single dimension of institutional distance, which leads to one-sided conclusion without regard to the richness and multi-dimension of the concept of distance. Therefore, this paper examines the impact mechanism and the effect boundary of the knowledge distance and the institutional distance on the innovation catch-up process of EMMEs. Using the panel data of family firms listed in Shanghai and Shenzhen stock exchanges from 2004 to 2015, the empirical study reaches the following conclusions:(1) The knowledge distance between the host country and the home country strengthens the promotion effect of OFDI on innovation output, while the institutional distance weakens the effect of OFDI on innovation output; (2) Firm's R&D ability positively moderates the moderating effect of knowledge distance, while political connection negatively moderates the moderating effect of institutional distance; (3) In addition, we further conduct a pairwise combination of knowledge distance and institutional distance, and find through subgroup regression analysis that the benefits brought by knowledge distance are not enough to compensate for the costs caused by institutional distance. This paper not only enriches the application of institutional distance in the multinational strategy of enterprises, but also deepens the research on the innovation catch-up performance of OFDI of EMMEs from the macro and micro composite levels, which is of practical significance to the internationalization and innovation strategy of Chinese enterprises.
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    On the Innovation Path of Traditional Manufacturing Firms' Business Model in the Era of Industrial Internet
    Shang Yanying, Jiang Junfeng
    2021, 33 (10):  130-144. 
    Abstract ( 126 )   PDF (1525KB) ( 113 )  
    The emergence of industrial Internet provides the technological possibility for the innovation of business model of manufacturing enterprises. At the same time, how the external and internal influencing factors adapt to each other in the process of interaction constitutes a new challenge of business model innovation of manufacturing enterprises. Based on the case data of Haier from 1984 to 2019 and Changhong from 1958 to 2019, combined with rooted theory and case analysis method, this paper puts forward the analytical framework of business model innovation path based on "external environment-internal environment" in the era of industrial Internet. After the Changhong case saturation test, it is revised to the three-factor theoretical framework of "external environment-internal environment-internal and external interaction". It highlights the important role of innovation learning in business model innovation under the influence of internal and external environment. The empirical analysis of large samples shows that innovation learning (including open learning and Internet innovation ecological creation) has a positive impact on the innovation of business model of manufacturing enterprises. The research reveals the business model innovation path of manufacturing enterprises in the context of industrial Internet, and provides a new analytical framework for manufacturing enterprises to drive business model innovation with the help of industrial Internet.
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    Marketing
    The Effect of Temporal Landmarks on Consumers' Product Preference
    Shang Ziqi, Pang Jun, Liu Xiaomei
    2021, 33 (10):  145-158. 
    Abstract ( 200 )   PDF (1404KB) ( 166 )  
    In recent years, the rapid development of market economy and electronic commerce has greatly enriched consumers' product choices. However, the excessive information accompanied with the development increases the difficulty of making choices and the risk of irrational consumption. This paper examines consumers' trade-offs between desirability and feasibility. We propose that temporal landmarks affect the relative importance of desirability and feasibility, and consequently impact consumers' product choices. Across five studies, we show that the starting temporal landmarks increase the relative importance of desirability, leading consumers to prefer desirability-superior products over feasibility-superior products. In addition, we identify promotion focus as the underlying process and age of consumers as the moderators. Our research extends the literature on temporal landmarks, and provides important implications for companies to decide how to choose the right time for product promotion. It also helps consumers better understand the influencing factors of their decision making and make right choices at the right time.
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    Research on the Relationship between Marketing Investment, Corporate Social Responsibility and Corporate Reputation under Uncertain Environment
    Liu Yanbo, Geng Xiulin
    2021, 33 (10):  159-170. 
    Abstract ( 139 )   PDF (1289KB) ( 256 )  
    By using China's A-share listed manufacturing companies over the period of 2014-2017 as the research object, based on the theory of signal transmission, stakeholder theory and resource dependence theory, this paper discusses the relationship between marketing investment and corporate reputation, and the impact of corporate social responsibility and environmental uncertainty on this relationship. The research results show that marketing investment can significantly enhance the reputation of the company. Corporate social responsibility and environmental uncertainty both positively moderate the relationship between marketing investment and corporate reputation. Further research shows that the higher the environmental uncertainty is, the more strongly the corporate social responsibility can moderate the relationship between marketing investment and corporate reputation.
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    E-business and Information Management
    The Influencing Factors and Empirical Research of Knowledge Sharing in Large Engineering Projects Based on WSR System Approach from the Perspective of Knowledge Ecology
    Jiang Jiading, Xiao Xiao, Zhang Lingling
    2021, 33 (10):  171-184. 
    Abstract ( 68 )   PDF (1705KB) ( 52 )  
    In view of the characteristics of project knowledge sharing activities in the implementation process of large-scale engineering projects, this paper starts from the perspective of knowledge ecology and applies the Wuli-Shili-Renli (WSR) system approach. The influencing factors of knowledge sharing effect of large-scale engineering projects are systematically and comprehensively discussed from four aspects:subject, object, knowledge environment and knowledge technology of knowledge ecosystem, and we construct a model of influencing factors of knowledge sharing effect of large engineering projects based on WSR, then put forward the relevant research hypothesis. Combined with the survey data, the structural equation model is used to empirically study the influence of the above factors on the knowledge sharing effect of large-scale engineering projects. The analysis results show that Wuli, Shili and Renli factors can significantly affect the knowledge sharing effect of large-scale engineering projects, which provides a direction for the improvement of knowledge sharing effect and the formulation of control strategy for large-scale engineering projects.
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    Network Public Opinion Propagation Mechanism of Major Projects Based on Behavior Game Theory
    Sun Lei, Sun Shaorong
    2021, 33 (10):  185-194. 
    Abstract ( 77 )   PDF (1310KB) ( 70 )  
    Construction of major project attracts wide attention from the public as it bears heavily on national economy and people's livelihood. Public opinion will have a negative impact on government credibility and project reputation. It will also weaken the social benefits of major projects and affect social stability and regional economic development. Based on the different interest concerns of network groups, a dissemination model of public opinion is established. Firstly, the interaction between public risk perception and the choice of government public opinion disposal behavior is analyzed. Secondly, the government decision-making behavior and the government critical value management model under the consideration of public trust value are studies, and a calculation model of optimal time node for the government to choose the positive disposal measures under different directions of public opinion dissemination is established. Finally, the validity of the model is proved through case study and this study provides decision support for decision-making management departments to effectively deal with public opinion information and resolve public opinion crisis.
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    Organizational Behavior and Human Resource Management
    Research on the Formation Mechanism and Conduction Path of Executive Compensation Stickiness——Based on the Perspective of Compensation External Equity
    Sun Shimin, Zhang Hannan
    2021, 33 (10):  195-207. 
    Abstract ( 119 )   PDF (1319KB) ( 96 )  
    Most of the existing studies classify executive compensation stickiness under the agency topic and hold that executive compensation stickiness is caused by poor corporate governance. Taking the Chinese A-share listed companies from 2013-2016 as research object, this paper explores the formation mechanism and conduction path of executive compensation stickiness in the perspective of compensation external equity. The main conclusions are as follows:(1) The external negative unfairness of compensation intensifies the executive compensation stickiness and the external positive unfairness of compensation relieves the compensation stickiness, which proves that compensation stickiness is not always an agency issue and possibly an alternative compensation mechanism of alleviating the negative unfair compensation to a certain extent. (2) The compensation structure adjustment will be caused by the compensation external negative unfairness and the increase of implicit compensation proportion has an intermediary cover-up effect when compensation external negative unfairness aggravates executive compensation stickiness. (3) The effect of compensation external negative unfairness aggravating executive compensation stickiness is more obvious when compensation regulation is strong, which proves that compensation stickiness is not a simple management loophole and the compensation control system is an important contribution to the executive compensation stickiness.
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    Followers'Active Action in Leadership Process: Concept, Relationship and Mechanism
    Du Yishan, Xu Liguo, Xi Youmin
    2021, 33 (10):  208-221. 
    Abstract ( 148 )   PDF (1483KB) ( 158 )  
    This study explores followers' active action in leadership process from follower perspective through case study approach. After analyzing the data collected from seven organizations, this study explores the process, mechanism and results of followers' role in the leadership process from follower perspective, identifies the relationship between related concepts, and proposes a concept map of leadership process from follower perspective. This study finds that followers' active action in leadership process is relfected in four aspects, which are followers' implicit cognition, followers' identification of leaders, followers' reaction to leaders and followers' influence on leaders, and the mechanism of action between the four aspects is described next. This study provides an integrated framework for follower-centered leadership research, focusing on the initiative of followers in the leadership process, which helps us further open the black box of the leadership process.
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    The Driving Effect of Contract Flexibility on the Contractor's Proactive Performance: The Moderating Role of Information Transparency
    Yan Ling, Guo Liang, Ning Yan, Yan Min
    2021, 33 (10):  222-236. 
    Abstract ( 78 )   PDF (1444KB) ( 56 )  
    Contract flexibility has an important effect on the contractor's performance of a contract in an environment where uncertainty hangs over construction projects, but there is a lack of empirical evidence for the specific mechanism. Based on the existing literature, this paper divideds flexible contract into three dimensions, i.e. price, control rights and negotiations. Furthermore, project information transparency is introduced as a moderating variable to verify the amplifying effects between the three dimensions of contract flexibility and the contractor's perfunctory performance behavior or consummate performance behavior. The collected questionnaires are analyzed by using partial least square method. The results show that when the information transparency is at a high level, price flexibility, control rights flexibility and negotiations flexibility have a positive impact on the perfunctory performance, particularly with the control rights flexibility having the strongest impact. In addition, the transparency of information plays no role in moderating the contractual flexibility and the contractor's consummate performance behavior. Finally, the control rights flexibility and the renegotiation flexibility have a significant positive effect on the contractor's consummate performance behavior, but the price flexibility does not. Our study sheds significant light on the theoretical study of contractual flexibility in construction project and provides a theoretical basis for the design of flexible contracts for clients and contractors.
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    Organization and Strategic Management
    Research on the Collaborative Value Creation Mechanism of Consolidated Enterprises from the Perspective of Resource Actions——Exemplified by the Merger and Reorganization of China Minmetals and China Metallurgical
    Cui Yongmei, Li Rui, Zeng Delin
    2021, 33 (10):  237-248. 
    Abstract ( 97 )   PDF (1604KB) ( 201 )  
    Taking the merger and reorganization of China Minmetals and China Metallurgical as the research object, this paper analyzes and summarizes the formation mechanism and innovation path of collaborative value creation of consolidated enterprises from the perspective of resource actions. After conducting a longitudinal case study of the collaborative value creation process of the merger and reorganization of China Minmetals and China Metallurgical, this paper further discusses how consolidated companies choose resources and action models according to their strategic positioning and organizational resource situation, then analyzes and summarizes the formation mechanism and innovation methods of collaborative value creation of consolidated enterprises under resource bricolage model and resource optimization mode. Results of the analysis show that strategic positioning and organizational resource context mutually affect resource actions in consolidated companies. Resorting mainly to resource bricolage and resource optimization to carry out merger and consolidation, companies respectively focuses on the absorptive integration based on internal development and facilitated integration of internal and external development, the realization mode of collaborative value creation undergoes the transformation from business leveraging to platform leveraging, and finally realizes the evolution from transactional collaborative value creation to integrated collaborative value creation.
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    From Resource Bricolage to Resource Orchestration——An Explanation from the Institutional Context Perspective
    Lin Jingjing, Zhang Yanming, Su Jingqin
    2021, 33 (10):  249-262. 
    Abstract ( 114 )   PDF (2114KB) ( 229 )  
    During the development of enterprises, the resource-focused action usually evolves from "resource bricolage" to "resource orchestration". The evolution is influenced not only by internal endogenous factors, such as capabilities and entrepreneurship, but also by external factors, such as institutions. However, the influence of the external institutional dimensions hasn't been explored specifically in the existing literature. Therefore, based on the perspective of institutional context, this study explores the mechanism between institutional context and the evolution of resource-focused action through a typical single case study. The result shows:(1) Policy situation and market situation as external situational context promote the evolution process of resource-focused action from "bricolage" to "orchestration"; (2) Strategic cognition combines the opportunities and complexity of the task which corresponding to the policy situation and market situation, matches the resource stock of the enterprise itself, and transmits the effect of the institutional situation on the evolution of resource-focused action; (3) There is a close interaction mechanism between institutional context, strategic cognition and resource action evolution. This study explores the evolutionary mechanism of resource-focused action from the perspective of institutional context. With the introduction of strategic cognition, this research supplements and refines the existing research on resource-focused action evolution mechanism, so can be used as a reference for enterprises' practice of resources-focused action.
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    Incentive Mechanism of Targeted Poverty Alleviation by Enterprises——Evidence from Local SOE Executives
    Huang Yujing, Yu Minggui, Zhang Qing
    2021, 33 (10):  263-272. 
    Abstract ( 98 )   PDF (1236KB) ( 50 )  
    The 13th five-year poverty alleviation plan released by the State Council in November 2016 emphasizes that local governments should mobilize local state-owned enterprises to actively undertake poverty alleviation and development tasks. Based on the sample of local state-owned companies listed from 2016 to 2019, this paper studies whether executive promotion is an effective incentive mechanism for the government to promote the participation of state-owned enterprises in poverty alleviation work. The results show that the local state-owned enterprises involved in poverty reduction can increase executive promotion probability. After controlling for the endogeneity problem through instrumental variables two-stage regression, propensity score matching, Heckman two-stage regression, the results remain robust. The incentive effect is more significant when the promotion expectation is higher and the poverty alleviation demand is stronger. In addition, targeted poverty alleviation by enterprises can reduce the local poverty in the future. The above results indicate that the promotion mechanism is effective for the government to mobilize SOEs to participate in poverty alleviation. From the perspective of targeted poverty alleviation, this paper has enriched the literature on the executive promotion, governance for poverty alleviation and corporate social responsibility. At the same time, this paper has reference significance for improving the assessment of state-owned enterprises, and also provides theoretical basis and policy reference for comprehensively promoting rural revitalization and accelerating agricultural and rural madernization.
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    Policy Uncertainty and Firms' Non-Market Strategy——An Empirical Analysis Based on Listed Chinese Family Companies
    Zhu Lina, He Xiaogang, Gao Hao
    2021, 33 (10):  273-288. 
    Abstract ( 93 )   PDF (1374KB) ( 77 )  
    In what context family firms tend to resort to non-market strategies? This academic issue has attracted wide attention, but there is no consistent conclusion. Based on the perspective of policy uncertainty, this paper examines the construction mechanism of family firms' non-market strategy during the change of officials by using the event of "quasi-natural experiment" such as the replacement of the secretary of the regional municipal party committee. An empirical analysis is carried out based on the panel data of listed companies in Shanghai and Shenzhen in China. The results show that policy uncertainty significantly increases the non-market strategic investment, but this role is also affected by corporate performance and media reports. Specifically, the response of those family firms in the state of aspiration gap will be more obvious, that is, with the increase of aspiration gap, the positive effect of policy uncertainty on family firm's non-market strategic investment will also increase. At the same time, this paper finds that media reports correct the positive effect of policy uncertainty on family firm's non-market strategic investment to a certain extent.
    Further study finds that lower policy uncertainty (the municipal party secretary comes from the local or the implementation of anti-corruption policies) will weaken the non-market strategic motivation of family firms. The results of this paper show that the policy uncertainty caused by the change of local leaders is an important reason for the non-market strategic investment of family firms. However, the external governance and anti-corruption policies of the media can restrain the behavior of firms to a certain extent. The above research conclusions support the ongoing political system reform and anti-corruption policies.
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    Logistics and Supply Chain Management
    Simulation of Optimal Urban Travel Mode Structure
    Hou Liwen
    2021, 33 (10):  289-296. 
    Abstract ( 67 )   PDF (2500KB) ( 55 )  
    In order to sufficiently satisfy various travel demands and in the meantime take into account the development of urban economy and different travel modes, transportation management department has to optimize the travel mode structure according to the long-term contribution of all modes. Based on state-dependent utility function and logit model, this study builds a dynamic programming model which incorporates mode shares as the state variable as well as previous supply to reflect the influence of state inertial. MCMC algorithm from hierarchical Bayes method is introduced to estimate the weights of factors in the logit model. Then a four-share structure by the given shares of dynamic ridesharing and a transition probability matrix given the previous supply are constructed respectively. The simulation experiment displays the relationship of optimal policy and total revenue, the relationship of DR with previous supply and total revenue, the difference of mode structure between the beginning and end of period and, influence of total revenue on mode supply probability.
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    Research on Supply Chain Pricing of Manufacturer Channel Invasion under New Retail Model
    Li Qiuxiang, Deng Qing, Huang Yimin
    2021, 33 (10):  297-312. 
    Abstract ( 108 )   PDF (6132KB) ( 200 )  
    From the perspective of new retail, this paper constructs a new retail sale channel that consists of manufacturer and experience store, and studies the supply chain evolution model before and after the invasion of new retail channel. The optimal prices under decentralized decision and centralized decision models are compared, and the impact of various variables on channel pricing and participant profits before and after the channel invasion is analyzed. The results show that:(1) Under the decentralized and centralized decision models after channel invasion, with the increase of new retail channel preference rate, the new retail price increases, the traditional retail price decreases, and the online direct selling price may increase or decrease. (2) No matter whether before or after channel invasion, the profit of supply chain under centralized decision is always higher than that under decentralized decision. (3) The increase of new retail channel preference rate will increase manufacturer's profit and decrease retailer's profit, so new retail channel preference rate will enhance manufacturer's channel invasion motivation. Finally, a numerical analysis shows that under certain conditions, channel intrusion can increase the profit of manufacturer and retailer, and then realize Pareto improvement, which is beneficial to the supply chain system.
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    Manufacturer Optimal Alliance Pricing Decision in Many to One Supply Chain with Cross Elasticity of Demand Taken into Account
    Pan Lin, Ma Shihua, Leng Kaijun, Chu Yeping
    2021, 33 (10):  313-324. 
    Abstract ( 77 )   PDF (1481KB) ( 57 )  
    This paper explores the cooperative pricing decisions problem for two related products in a two-echelon supply chain that consists of two manufacturers and one common retailer from the perspective of cross elasticity of demand. The results indicate that:for manufacturers, in the complementary supply chain, the vertical alliance pricing is the optimal strategy when the cross elasticity effect of negative demand is low; otherwise, the centralized alliance pricing is the dominant strategy. These two strategies both can achieve Pareto improvement. In the competitive supply chain, the centralized alliance pricing is an optimal strategy when the cross elasticity effect of positive demand is low; otherwise, the horizontal alliance pricing is the dominant strategy, but both retailers and consumers' profit will suffer, the Pareto improvement cannot be obtained.
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    Case Studies
    Research on Internet Enterprises' Internal Control of Procurement Business
    Huang Lixin, Cheng Yu, Cheng Xinsheng, Li Na
    2021, 33 (10):  325-339. 
    Abstract ( 138 )   PDF (1313KB) ( 119 )  
    with the rapid development of Internet technology and the continuous refinement of professional division of labor, purchasing business is becoming more and more important to the operation of Internet enterprises. Taking KPY company, the leading Internet service platform in China, as the case study object, and comprehensively using the grounded analysis and questionnaire survey method, the study finds that the internal control of purchasing business of Internet enterprises performs well in risk assessment and supervision, while there is still room for improvement in control environment, control activities, information and communication; further, from the aspects of human resource construction, procurement management, this paper analyzes and sums up the main problems from five aspects, which are mode, supplier management, acceptance, information and communication. Based on this, the optimization strategy is put forward. This study not only enriches the relevant research of internal control evaluation to a certain extent, but also expands the existing case study paradigm. It also has important guiding significance for the construction of internal control in procurement business of the same type of Internet enterprises and the establishment and improvement of internal control policies and schemes by government departments.
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    Research on Early Warning of Typhoon Disasters Based on Social Media Data——A Case Study of Typhoon Lekima
    Zheng Sujin, Guo Hairuo, Song Shuning, Hu Haitao
    2021, 33 (10):  340-352. 
    Abstract ( 116 )   PDF (4134KB) ( 95 )  
    Catastrophes are happening more and more frequently, and the timeliness of social networks takes an increasingly important role in the rapid assessment of disaster situation and post-disaster recovery. This paper conducts a case study of the typhoon Lichma that happened on August 9, 2019 and collects 2.6 million relevant short-text messages posted from August 9 to 14, 2019 on the Sina Weibo platform. This paper compares the results of sentiment analysis on Weibo short texts using the machine learning and the optimized sentiment dictionary. Firstly, this paper finds that under the same time cost, the effect of machine learning for natural language processing is far inferior to the sentiment dictionary. The analysis accuracy of machine learning is greatly affected by both the topic and the corpus. Then, this paper uses the sentiment dictionary based on typhoon to analyze the sentiment of the short-text of Weibo, and finds that the sentiment curves of the severely damaged provinces show greater fluctuations, and the emotional fluctuations caused by personal injuries are much greater than those caused by property losses. In the Linhai event, there was a two-hour time lag between the ‘good’ emotional curve and the ‘fear’ emotional curve, implying that the peak of the ‘rejoicing’ mood is a sign that there could be more serious damage to come soon, and the time lag provides a new idea for disaster early warning.
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