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    Economic and Financial Management
    Mergers and Acquisitions under Financial Constraints: Agency Problem, Cautious Investment or Signal Transmission?
    Li Shanmin, Yang Ruoming
    2022, 34 (1):  3-16. 
    Abstract ( 189 )   PDF (1289KB) ( 246 )  
    This paper uses the 2009-2015 China A-share listed company merger and acquisition (M&A) events as research samples to explore the motivations of mergers and acquisitions under financial constraints. In addition to Agency Theory and Caution Investment Hypothesis of the existing researches, this paper proposes a Signal Transmission Hypothesis to test the impact of financial constraints on the consequences of M&A. We find that the higher degree of financing constraints faced by an acquirer, the better short-term M&A performance and the worse long-term M&A performance it will have, indicating that the M&A events under financing constraints can be better explained by the Signal Transmission Theory. Further research finds that the above effects are more pronounced in non-state-owned enterprises and cash-payment M&A events; the signal will have a positive effect for about 14 months and then the positive effect will gradually weaken until it becomes negative after the 29th month. This study believes that it is necessary to deepen the reform of the financial system and release private enterprises from information asymmetry and extra cost. Only by solving the financing constraints of enterprises can they be provided good conditions for long-term development.
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    The Effects of Electricity Price Marketization Mechanism on Cost——An Analysis Based on Input-Output Price Model with Price Heterogeneity
    Zhang Hongxia, Shi Minjun
    2022, 34 (1):  17-25. 
    Abstract ( 108 )   PDF (1173KB) ( 85 )  
    This paper constructs an input-output model with price heterogeneity, and proves that the model has non negative solution. Then the model is used to analyze the effects of marketization of electricity price on the production cost of various industries and the living cost of households at different levels of income. Based on the data of 2012 Chinese input-output table, the cost effects of coal price increase, considering the scenarios of coal-electricity price linkage and electricity price marketization, are simulated. According to the rules of the electricity price marketization policy in China, the cost effects of 10% increase and 15% decrease of electricity price are analyzed. The result shows electricity price marketization would increase the industrial production cost and living cost of households more significantly than the policy of coal-electricity price linkage when the coal price goes up. However, the policy of electricity price marketization could resolve the structural contradictions of coal and electricity prices. The fluctuations of electricity price would significantly affect the costs of energy-intensive industries, and the decrease of electricity price could lower the costs of industries effectively. Yet for the production of electricity, the decrease of cost originating from electricity price cutting could not cover the decrease of electricity price, which means that the electricity firms would make smaller profits or suffer larger loss. For urban households at various levels of income, the effects of increase of coal price on their living costs are regressive, and for the rural households at various levels of income, the effects are almost the same; the effects of electricity price fluctuation on urban households are greater than those on rural households, and for both kinds of households, the effects are progressive. When electricity price decreases, the households with higher income would benefit more than the households with lower income.
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    The Effectiveness of Government-sponsored Venture Capital Investors:A Comparative Study on Certification and Value-adding
    Peng Tao, Huang Fuguang, Li Ya
    2022, 34 (1):  26-36. 
    Abstract ( 94 )   PDF (1225KB) ( 64 )  
    As a policy instrument to promote entrepreneurship and innovation, government-sponsored venture capital investors (GVCs) are believed to help ease market failure, and contribute to the development of small and high-tech firms. This paper investigates the effectiveness of Chinese GVCs in promoting entrepreneurship and innovation by evaluating the certification and value-adding effects. Based on firms listed on the SEM (small and medium-sized enterprise) board and GEM(Growth Enterprise Market)during 2004-2016, our results show that, compared to private or foreign venture capital investors, firms funded by GVCs can obtain more outside financing from banks, government and institutional investors, but grow more slowly and have fewer innovation output. We also find a positive and significant impact of syndicated investments by investors with different ownership on firm growth and innovation output. These findings suggest that GVCs are better at certification but not value-adding, and syndication with other investors could combine certification and value-adding.
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    Corporate Financialization and Industrial Investment of Chinese Listed Companies——A Reexamination of the Motives and Regulatory Effects of Financialization
    Liu Jingjian, Zhang Dongni, Li Huizhu
    2022, 34 (1):  37-50. 
    Abstract ( 103 )   PDF (1268KB) ( 117 )  
    This paper reveals the mechanism of how corporate financialization affects industrial investment and the motivation under corporate finanialization. A-share listed manufacturing companies are selected as the research object, and our empirical results prove that corporate financialization inhibits industrial investment out of both speculative and interest motivations, but not of finance; Considering operating state and financialization decomposition indicators, corporate financialization significantly inhibits the industrial investment in the situation of less opportunities and large speculative space. We can infer that speculative motive is the key factor giving rise to the inhibiting effect that financialization has on industrialinvestment. A series of policies intended to drive enterprises out of virtual economy and toward real economy have played a regulatory role in weakening the negative impact of financialization on industrial investment since 2015. Finally, policy recommendations are made in order to improve financing via corporate financialization, curb speculation opportunities and promote industrial investment.
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    An Evolutionary Game Study on Abnormal Trading in Securities under the Influence of Limited Rationality
    Li Mingkun, Ge Yibo, Li Hui
    2022, 34 (1):  51-58. 
    Abstract ( 91 )   PDF (1208KB) ( 84 )  
    A variety of irrational investment decisions are caused by information asymmetry and market noise in the securities market. As a result, individual investors might be hunted by institutional investors and stock price manipulators. In this research, the behavior of individual investors is studied, and evolutionary games are proposed to simulate the behaviors of players in abnormal stock trading including abnormal rise and fall of prices. Analysis of stable equilibrium points shows that “trading suspension of rising stocks” makes individual investors more cautious in buying transactions. That helps to curb some institutional investors using the herd effect to manipulate stock prices. In contrast, “trading suspension of downward stocks” is influenced by factors, such as the credibility of the regulatory authorities, long-term and short-term losses and is easy to cause panic of investors. When continuous selling leads to increasing decline of stock prices, it is difficult to stabilize the market. The conclusion of this study provides some inspiration for explaining the effect and failure of circuit breakers in China from the perspective of evolutionary game analysis.
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    Fluctuation Feedback, Share Pledge and Acceleration Effect of Stock Price Cyclic Volatility
    Lu Hengzhen, Zhu Xiaoyu
    2022, 34 (1):  59-68. 
    Abstract ( 77 )   PDF (1783KB) ( 125 )  
    To explore the impact of stock pledge behavior on the periodic fluctuation of stock price, this paper builds an EGARCH-M model by taking market-specific characteristics into consideration and using stock pledge behavior as the influencing factor from the fluctuation feedback perspective. The research shows that excessive increase of stock pledge plays as fluctuation amplifier in the market, and has certain negative impact on the decline of stock index. The empirical results show that stock pledge behavior can accelerate the periodic fluctuation of stock price. Moreover, at the significant level of 5%, the acceleration effect of stock pledge behavior on the periodic fluctuation of stock price is asymmetric. In a bear market, the increase of stock pledge indicates higher possibility of closing positions in the market, which can be regarded as a warning signal of bad market. Under the influence of stock pledge, the negative volatility of stock index is far stronger than the positive volatility, which indicates that the behavior can deepen the cyclical decline of stock price and hinder the rebound of stock price.
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    Banking Competition and Heterogeneity of Financial Asset Allocation Structure
    Dai Jing, Yang Zheng, Liu Guanchun
    2022, 34 (1):  69-78. 
    Abstract ( 107 )   PDF (1194KB) ( 71 )  
    Using the data of city-level commercial bank branches and parent companies of China’s non-financial listed companies in 2009-2018, this paper investigates the effects of bank competition on heterogeneity of financial assets structure. The results show that bank competition significantly reduces the short-term financial assets of companies and alleviates the “reservoir effect”. However, bank competition increases long-term financial assets and intensifies the “substitution effect”. And both effects are prominent in non-state-owned enterprises and small enterprises. Further tests indicate that bank competition affects financial asset allocation of companies by improving credit availability. This paper emphasizes the key role of financial constraints for heterogeneity of financial asset structure.
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    Technology and Innovation Management
    Pay, Equity and Promotion, Which Is More Effective Incentive for Executives in Academic Spin-offs?——Evidence from Listed Companies in China
    Xiao Jianhua, Wang Ruofan
    2022, 34 (1):  79-91. 
    Abstract ( 114 )   PDF (1228KB) ( 94 )  
    Establishing academic spin-offs is one of the important means to transfer scientific and technological achievements from academic organizations to industries. In recent years, academic spin-offs arise sharply in China, but their performance is not as satisfactory as expected. Since executive incentive mechanism is a proven key factor for firms’ performance, this paper conducts an empirical study on the relationship between executive incentive modes and corporate comprehensive performance from the perspective of different actual controllers. Based on the samples of 94 academic spin-offs of listed companies in China, the study finds that executive incentive modes are not in common in spin-offs with different actual controllers. Moreover, data shows that pay incentive and promotion incentive have a positive effect on corporate comprehensive performance, while equity incentive does not.
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    Is It Better to Work Both Ways? The Research on the Consistency of Tax Preferential Policy Mix for Enterprise R&D
    Kou Mingting, Wei Jianwu, Xiao Ming, Chen Kaihua
    2022, 34 (1):  92-105. 
    Abstract ( 71 )   PDF (1256KB) ( 53 )  
    The existing literature lacks the attention to the interaction between different R&D tax preferential policies from the perspective of consistency of policy mix. Based on the negative binomial regression model, this paper focuses on the moderating effect between R&D cost additional deduction policy and high-tech tax incentives policy to analyze the consistency between them by using the micro-data of high-tech enterprises. Our empirical findings support the following: when considering the effects of the two policies separately, R&D cost additional deduction policy and high-tech tax incentives policy both have positive incentive effects on capital input, personnel input and output of R&D activities. Moreover, the effect of R&D cost additional deduction policy is better. However, when considering the impact of the policy mix on R&D activities, R&D cost additional deduction policy and high-tech tax incentives policy both have a negative moderating effect on the R&D input and output. That is to say, the two policies will interfere with each other in stimulating the input and output of R&D activities, and the consistency of policy mix is weak, resulting in the loss of policy incentive effect. The results of this study can provide policy enlightenment for improving the effectiveness and accuracy of R&D incentive policies in China.
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    An Exploration on How Tech-based Innovation could Play Its Role in Guarding against the Undesired Outcome of Ethnocentrism
    Zhang Sixue, Lin Hanchuan, Tang Fangcheng, Lv Ying
    2022, 34 (1):  106-117. 
    Abstract ( 85 )   PDF (1318KB) ( 59 )  
    A key negative effect of ethnocentrism on enterprises is that it may impair their intangible equity. This study examines the influence of national identity on intangible equity under different consumer ethnocentrism scenarios. We find that consumer-based equity of an intangible is significantly associated with the national identity of origin of the products. In addition, product national identity and tech-based innovation by foreign consumer partially mediates the relationships between national identity and intangible equity. Furthermore, ethnocentrism moderates the strength of the direct relationships between national identity and intangible equity, and it does not moderate the strength of the relationships between national identity and intangible equity via product national identity and tech-based innovation. Our survey to 54 countries and 3,601 foreign consumers illustrates a direct and important strategic and practical significance for managers to implement the intangible strategy of internationalization.
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    Market Competition, Market Demand and Firm Innovation: A Rearch Based on Firms’ Micro-data of Manufacturing Industries in China
    Kong Lingwen, Xu Changsheng, Yi Ming
    2022, 34 (1):  118-129. 
    Abstract ( 93 )   PDF (1241KB) ( 261 )  
    Based on the micro data of the industrial enterprise database published by the National Bureau of Statistics from 2005 to 2007, this paper studies the mechanism of how market competition and demand scale impact on the technological innovation of Chinese enterprises. We find that the impact of market competition and the scale of market demand on an enterprise’s investment in technological innovation takes on an inverted U shape. This paper uses enterprise (industry) profitability indicators and industry concentration of 5 companies to measure the degree of market competition, and finds that only in competitive markets dominated by large companies (i.e, about 60% of the market shares are taken by top 5 companies whose gross profit margin keeps stable at around 34%), enterprises have the highest intensity of technological innovation, too much competition or lack of competition are not conducive to technological innovation. We use the enterprises’ total industrial output value, main business income and sales income to measure the market demand scale. We find that when the scale of demand is too small or too large, technological innovation is not active; only when the market demand scale is stable at a certain mediun high level, enterprise technological innovation is the most active. At the same time, the innovation of large enterprises is both demand-driven and competition-driven, while small enterprises’ innovation is driven mainly by competition. There is a positive correlation between advertising investment and enterprise technological innovation investment. This paper puts forward several policy recommendations: Firstly, pay full attention to the unique huge market size of China and create competitive markets in various industries and allow large enterprises to compete and obtain a considerable market share and profitability. Secondly, continue to support and optimize tax incentive policies to encourage technological innovation. Thirdly, make larger efforts to optimize and improve enterprises’ marketing capabilities.
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    E-business and Information Management
    The Impact of the Internet Use on the Income of Farmers in Poor Areas——Based on the Survey Data of Farmers in Poor Villages in Gansu Province
    Zhang Yongli, Li Qingyuan
    2022, 34 (1):  130-141,204. 
    Abstract ( 122 )   PDF (1340KB) ( 184 )  
    Based on the survey data of poverty-stricken villages in Gansu Province, with endogeneity and heterogeneity taken into consideration, this paper uses TE and IVQTE models to study the impact of Internet use on the income of farmers in poverty-stricken areas. In order to explore the path of making full use of Internet to increase income and reduce poverty in poor areas, this paper identifies and measures the threshold of Internet. The results show that: (1) the Internet use significantly increases farmers’ income, and the marginal income of farmers using the Internet is as high as 1.25 after correcting endogenous errors; (2) the impact of Internet use on farmers’ income differs from one another. Specifically, the impact on farmers at low quantiles of income is significantly higher than that at high quantiles of income, that is, the Internet use reduces the income gap among farmers to a certain extent. And further research finds that the Internet has a greater effect on the income of poor households and is an effective way for poor households to increase their income. (3) there are thresholds for the impact of the Internet on the income of farmers. When the household Internet penetration rate and network cost increase to a certain value, the income effect of Internet increases obviously. However, 21.8% of the poor households and 3.3% of the non-poor households failed to reach the minimum threshold, and the distribution level of the poor households near the threshold value is inferior compared to that of the non-poor households, which makes it difficult for Internet to exert its income effect on some poor groups.
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    Research on Optimal Portfolio Strategy of Free Trial Quality and Trial Duration in SaaS Model
    Peng Huijie, Cheng Yan
    2022, 34 (1):  142-154. 
    Abstract ( 106 )   PDF (1571KB) ( 109 )  
    Free trial is a primary and expensive method for SaaS cloud service operators to acquire users. Therefore, a key issue for decision-makers is to determine what trial strategies are most profitable in what market contexts for operators. In this study, the SaaS user experience model is proposed to describe the perceived quality distribution before and after the trial experience of SaaS users. The optimization model for the portfolio strategy of trial quality and trial duration is constructed for SaaS cloud service. The research finds that: When SaaS service market underestimates service quality and its perceived uncertainty is in a “high uncertainty” situation, SaaS operators should adopt the time-limited trial strategy of “high trial quality + low trial duration”; When the market is in the situation of “underestimation + low uncertainty”, operators should adopt the mixed trial strategy of “high trial quality + high trial duration” to reverse the market’s underestimation of service quality; When the market overestimates SaaS service quality and the quality perception is in the situation of “high uncertainty”, operators should adopt the functional-limited trial strategy of “low trial quality + high trial duration”; When the market is in the situation of “overestimation + low uncertainty”, operators should adopt the mixed trial strategy of “low trial quality + low trial duration”. This paper also analyzes the impact of SaaS operators’ learning factor on trial strategies in four market contexts.
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    Marketing
    Dynamic Pricing and Service Quality Decision of Product Service Supply Chain Considering Consumer’s Strategic Behavior
    Wang Dafei, Zhang Xumei, Zhang Shuguang, Guan Zili, Dan Bin
    2022, 34 (1):  155-167. 
    Abstract ( 125 )   PDF (1673KB) ( 139 )  
    Based on a product service supply chain consisting of a manufacturer that provides the product, a service provider that provides integration of product and service and a strategic consumer, and in consideration of the fact that higher service quality will lead consumers to make different decision on purchasing, a two-period dynamic game model is built to study the optimal two-period dynamic pricing of the manufacturer and the service provider, and the optimal service quality decision of the service provider. We analyze the value for the service provider to improve service quality, and investigate the impact of service value proportion on two-period equilibrium decision and improvement of service quality value for the service provider. The following results are obtained: the improvement of service quality for the service provider will relieve the consumer’s strategic behavior, increase the profit of the manufacturer and the service provider, and improve consumer surplus and social welfare; the high service value proportion can improve the service quality, increase the profit of the supply chain participants, consumer surplus and social welfare, and moreover, broaden the gap between the profit of the supply chain participants and social welfare no matter whether the service provider decides to or not to improve the service quality.
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    Optimal Pricing and Showroom Strategies of Online Retailers Faced with Product Returns
    Jin Liang, Zheng Benrong, Li Zhipeng
    2022, 34 (1):  168-179. 
    Abstract ( 131 )   PDF (1495KB) ( 145 )  
    This paper analyzes the optimal pricing policies, sales effort strategies and contracts design within a O2O mode that consists of a supplier and an online retailer. The online retailer offers a money-back guarantee, which allows customers to return unsatisfactory products to the online retailer for a full refund. Based on the rational expectations hypothesis, a function of consumers’ expected utility and a two-stage dynamic game mode are constructed in this paper. By the solutions, we derive, for each participant, the optimal profit of system and the optimal equilibrium point among pricing, demands and profits. Then, we investigate the impact of the showroom on the consumer purchasing behaviors and consumer surplus. The results show that, the introduction of the showroom can increase the demand for the products and decrease product return rates, and it is favorable for the expected profit of the online retailer. Moreover, the introduction of showroom can effectively increase the supplier and system’s profit. Customers who give relatively low valuations will be attracted by the introduction of showroom, and thus consumer surplus can be increased.
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    Organizational Behavior and Human Resource Management
    The Development and Prospect of Team Faultlines: The Evolution Trajectory from Static to Dynamic
    Du Juan, Lin Xinyue, Zhao Shuming
    2022, 34 (1):  180-190. 
    Abstract ( 158 )   PDF (1827KB) ( 173 )  
    Given the fact that team as a work unit is generally viewed more positively compared to individuals and diversification has become an important characteristic underlying a team, it is necessary, both theoretically and practicaly, to study team faultlines from the perspective of combined characteristics of individuals. The existing researches on team faultlines have inconsistent conclusions on its connotation, state and efficiency mechanism. Based on a detailed review of the concept, classification, measurement and efficiency mechanism of team faultlines, this paper theoretically studies the dynamics of team faultlines based on the event system theory, discusses the activation process, time effectiveness and the development of subgroup solidification, and captures the evolution trajectory of team faultlines, thus opening up a new direction for the team faultlines research.
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    Does Salient Future Necessarily Lead to Work Engagement? Qualitative Comparative Study from a Systematic Perspective
    Yang Yang, Su Yingying, Li Zhongqiu, Liu Baowei
    2022, 34 (1):  191-204. 
    Abstract ( 120 )   PDF (1338KB) ( 200 )  
    Employees’ work engagement has been a research focus in the field of management, and it can be affected by a variety of factors, including future work self, perceived organizational support, etc. But how do these factors jointly lead to work engagement? This is a matter of concern to researchers and managers recently. On the basis of literature research, this paper collects data through questionnaires and uses fuzzy set qualitative comparative analysis to analyze the factors that influence the work engagement. Finally, this study gets six equivalent configurations, and divides them into three categories: For employees with proactive personality, enterprises can improve their work engagement by shaping salient future work selves; for employees without proactive personality, enterprises can stimulate their work engagement by shaping employees’ salient future work selves and shared values; for employees who are not clear about their future work selves, enterprises can improve their engagement by building shared values and meeting employees’ self-actualization needs.
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    Energetic Learning: The Effect of Organizational Identification and Thriving at Work on Innovation Performance
    Guo Shenghao, Hu Qianqian
    2022, 34 (1):  205-217. 
    Abstract ( 145 )   PDF (1332KB) ( 153 )  
    As the implementation subjects of organizational innovation, the innovation performance of employees has attracted enormous attention in management research and practice. However, external innovation-oriented management often works for short-term innovation performance only. The active and long-term one that organizations expect requires endogenous initiative of employees and the help of knowledge learning and spiritual vitality. Based on the theory of social identification, we study the effect of employee organizational identification on their innovation performance, especially focusing on the mediating role of thriving at work and the moderation role of servant leadership. Using questionnaire survey data including 202 leader-subordinate dyads which are collected in four batches, the hypotheses are tested by the method of structural equation of latent variables based on partial least squares (PLS-SEM). The results show that: organizational identification is significantly and positively related to employee innovation performance through the mediation of thriving at work, in which the mediating role of learning dimension is more prominent than vitality dimension. In addition, servant leadership moderates the indirect effect of organizational identification on innovation performance via thriving at work, that is, the indirect effect is stonger under the condition of higher servant leadership, and the moderation effect of learning dimension is more prominent than vitality dimension. These fingings provide several implications on inspiring initiative of employees and sustainable development.
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    The U-shaped Impact of Perceived Over-qualification on Employee Creative Deviance: The Paradox Perspective
    Wang Zhaohui, Duan Haixia
    2022, 34 (1):  218-227. 
    Abstract ( 150 )   PDF (1251KB) ( 209 )  
    Employees’ skills, knowledge and experiences are important factors to promote their innovation. However, researches show that a large number of employees’ skills, abilities, education and experience are neither required nor utilized on the job. Based on a paradox theory, this study proposes that there is a U-shaped relationship between perceived overqualification and individual paradox mindset, and it in turn plays a non-linear mediating role between perceived overqualification and creative deviance, so it is necessary to further investigate the moderating role of individuals’ experience of tensions. We collect 287 individuals questionaire data and the results show that (1) there is a U-shaped relationship between perceived overqualification and employees’ paradox mindset. (2) paradox mindset plays a non-linear mediating role between perceived overqualifications and employees’ creative deviance. (3) individuals’ experience of tensions modertes the U-shaped relationship. When individuals have strong conflict experience, the negative or positive relationship between perceived overqualification and paradox mindset tends stronger. (4) individuals’ experience of tensions moderates the curvilinear indirect effect through which perceived overqualification affects employee creative deviance behavior. This study enriches the non-linear mechanism of perceived overqualification on employees’ positive behaviors and finds that paradox mindset plays an important role in promoting employees’ creative deviance. The results of this study suggest that human resource managers should cultivate individual paradox mindset and guide employees to effectively integrate the tension between positive emotions and negative emotions when there is a mismatch between people and their position.
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    Organization and Strategic Management
    The Opening Process of Opportunity Windows: A Case Study Based on Organizational Alertness
    Hu Haibo, Mao Chunbing, Lu Haitao, Fei Meiju, Hu Yuchen
    2022, 34 (1):  228-241. 
    Abstract ( 102 )   PDF (1429KB) ( 83 )  
    Under the crisis situation, whether an enterprise can be alert to the potential opportunities and turn it into opportunity window has become a key for the enterprise to survive crisis. Based on the case study of Ebidding, this paper explores the opening process of opportunity window in crisis situation and the influence mechanism of organizational alertness on the opening of windows of opportunity. The results show that: (1) the one-way matching mechanism generated by organizational alertness affects the opening of technological window of opportunity and institutional window of opportunity, and the two-way matching mechanism affects the opening of demand window of opportunity; (2) in crisis situation, the key to opening the three kinds of windows of opportunity are internal promotion, external connection and internal and external interaction; (3) in crisis situation, the opening of opportunity window is based on the matching theory, and the main organizational behavior is initiative. The three kinds of opportunity window are to be opened in a certain order, that is, firstly, the technological window of opportunity, secondly, the institutional window of opportunity, and finally the demand window of opportunity.
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    Attainment Discrepancy and Corporate Strategic Orientation——An Empirical Analysis Based on Chinese Listed Companies
    Zhong Xi, Song Tiebo, Chen Weihong, Weng Yimin
    2022, 34 (1):  242-254. 
    Abstract ( 110 )   PDF (1403KB) ( 121 )  
    Existing literature has examined the impact of strategic orientation, but revealed little about the antecedents of strategic orientation. Based on firm behavior theory, this paper explores the relationship between attainment discrepancy and corporate strategic orientation, and the moderating role of performance volatility and financial slack. Using the empirical data of Chinese A-share listed companies from 2007 to 2016, this study finds that: Negative attainment discrepancy has an inverted U-shaped relationship with prospector strategy; Positive attainment discrepancy has an inverted U-shaped relationship with corporate defensive strategy; Performance volatility enhance the inverted U-shaped relationship between the negative attainment discrepancy and the corporate prospector strategy, as well as the inverted U-shaped relationship between the positive attainment discrepancy and the corporate defensive strategy; Financial slack enhances the inverted U-shaped relationship between the negative attainment discrepancy and the corporate prospector strategy, but weakens the inverted U-shaped relationship between the positive attainment discrepancy and the corporate defensive strategy.
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    Accounting and Financial Management
    Audit Committee Transparency and Accounting Information Quality——Empirical Evidence Based on Performance Disclosure
    Chen Hanwen, Wang Jinmei, Liu Siyi, Yang Daoguang
    2022, 34 (1):  255-267. 
    Abstract ( 92 )   PDF (1229KB) ( 87 )  
    In recent years, the contradiction between the increasing information demand of investors and the lack of transparency of the audit committee has become increasingly prominent, and an important controversy over regulatory reform is how to balance the benefits and costs of audit committee information disclosure. Based on that, this paper empirically tests the benefits of audit committee transparency from the perspective of accounting information quality by using the quasi-natural experiment of the Shanghai Stock Exchange mandatory disclosure of audit committee work information in 2013. Empirical evidence shows that the improvement of audit committee transparency has significantly improved the quality of corporate accounting information, and this effect is more pronounced in companies with higher misstatement risks and agency costs; further, the improvement of audit committee transparency improves the quality of accounting information by promoting the effectiveness of audit committee performance. The conclusion confirms the benefits of audit committee transparency from the perspective of accounting information quality, and provides supporting empirical evidence for the supervision reform of audit committee transparency being explored in various countries.
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    Trade-off between the Timeliness and Credibility of Management Earnings Forecasts: Perspective from Economic Policy Uncertainty
    Song Yunling, Song Yanheng
    2022, 34 (1):  268-282. 
    Abstract ( 96 )   PDF (1295KB) ( 175 )  
    Based on A-Share companies, this paper examines the impacts of economic policy uncertainty (hereafter as EPU) on the timeliness and credibility of management earnings forecasts (hereafter as MEFs).The results indicate that when management can have discretion on the timing of MEFs, they tend to postpone the timing of MEFs when EPU is higher. Therefore, EPU has no significant impact on the accuracy of MEFs in that case. Otherwise, the accuracy of MEFs is negatively associated with EPU. Further analysis shows that the optimistic bias of MEFs is the path that EPU affects the accuracy of MEFs. What’s more, the impacts of EPU on the accuracy of MEFs are most profound for companies whose performance is of low predictability. But the forecasting ability of management has no significant impact on the relationship between EPU and the accuracy of MEFs. Our results indicate that regulators should consider of giving companies more choices and urging management to disclose MEFs according to macro-economic factors and firm fundamentals.
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    Logistics and Supply Chain Management
    Pricing Decision for Closed-loop Supply Chain Considering Corporate Social Responsibility and Channel Power Structure
    Yao Fengmin, Yan Yingluo, Teng Chunxian
    2022, 34 (1):  283-294. 
    Abstract ( 100 )   PDF (1316KB) ( 167 )  
    To research the influence of corporate social responsibility (CSR) behaviors of different member enterprises on pricing decisions for closed-loop supply chain (CLSC) under three channel power structures, six pricing decision models of CLSC are constructed with CSR behaviors and channel power structures taken into consideration. The equilibrium results based on the model’s analysis show that the recycling rate of waste products is the highest when the manufacturer undertakes CSR under the channel power structure dominated by the retailer. However, the recycling efficiency of waste products is the lowest when the manufacturer undertakes CSR under the channel power structure dominated by the manufacturer. In the Nash equilibrium Game between the manufacturer and retailer (without channel power), regardless of whether the manufacturer or retailer undertakes the CSR, the retail price of new products is always the lowest, the market demand is the highest, and the overall profits of CLSC is always the largest. When there is a channel power in the CLSC, compared with the channel leader is responsible for the CSR, it is more advantageous for channel followers to undertake CSR in order to expand the market demand of new products, improve the recycling rate of waste products and increase the overall profits of CLSC.
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    Exploring the WSR Influencing Factors of Multi-channel Construction for Brands——The Case of LINING Company
    Wang Yixin, Gong Qiguo, Wang Qian
    2022, 34 (1):  295-305. 
    Abstract ( 149 )   PDF (1272KB) ( 142 )  
    With the rise of E-commerce and Mobile-commerce, as well as the intensification of channel competition, how to successfully carry out multi-channel strategy has become a hot issue for both brand owners and retailers. Based on Wuli-Shili-Renli (WSR) System Approach, we propose a brand new theoretical framework for exploring the influencing factors, and reveal the causes why LINING Company can implement multi-channel strategy successfully. The case study shows that brand owners should pay attention to “Renli”, “Wuli” and “Shili” factors, and reasonably coordinate cognition, profit and technology. This paper demonstrates the effectiveness and validity of WSR System Approach in strategic and operational decision analysis for brand owners, and gives some guidance for multi-channel practices of both brand owners and retailers.
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    Case Studies
    Business Model Diversification and the Mechanism of Value Creation: Resource Synergy or Context Interconnection? A Case Study of Meituan from 2010 to 2020
    Jiang Jihai, Tang Qian, Wang Fengquan
    2022, 34 (1):  306-321. 
    Abstract ( 205 )   PDF (1647KB) ( 439 )  
    Business model diversification is a typical innovation path for companies seeking value creation, but the causes and consequences of its value creation are still unclear. This paper starts from a new perspective of business model contextualization, discussing the value drivers of business model diversification and the intrinsic mechanism of value creation. First of all, through the coding of case materials, we recognize three value drivers of business model diversification: time-based context interconnection (such as frequency, time, continuity, etc.), space-based context interconnection (such as location-based services, efficient connection, etc.), and proposition-based context interconnection (such as user portrait, functional needs, emotional needs, etc.). Secondly, based on the theoretical basis of service-dominant logic, network effects, and customer collaboration, combined with the case of Meituan, this paper deeply analyzes the intrinsic mechanism of the effect of various value drivers on value creation. Finally, the theoretical framework of the relationship between the value drivers of business model diversification and the results of value creation is summarized. The results of this study show that time-based context interconnection provides users with a one-stop consumption experience, and promotes the increase in the number of users, conversion rate, transaction frequency and other indicators; space-based context interconnection provides diversified and three-dimensional insight into consumer demand and reduces transaction cost, can increase user stickiness, transaction frequency, customer unit price, and monetization rate; proposition-based context interconnection provides users with accurate overall solutions and more value, and promotes the increase in the number of users, conversion rate, customer unit price, monetization rate and other indicators. The three value drivers work together to enhance the creation of value in context.
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    Case Study on the Mechanism of Industrial Internet Platform Enablement to Promote the Construction of Digital Business Ecosystem
    Sun Xinbo, Zhang Mingchao, Wang Yongxia
    2022, 34 (1):  322-337. 
    Abstract ( 145 )   PDF (1541KB) ( 183 )  
    This study adopts the exploratory case study method, takes Haier COSMOPlat as the case study object, and explores the mechanism of industrial internet platform enablement to promote the construction of digital business ecosystem. The study finds: (1) From the perspective of “Fan-Management”, the industrial internet platform and data value nodes, data value chains, and data value networks have a symmetrical adaptation consistency in self-discovery/anti-discovery, and they are also in the same way from self-discovery to anti-discovery in deepening inheritance. From the perspective of “Fan-Management”, the industrial internet platform is unified with data value nodes, data value chains and data value networks. This is doomed to the inevitable feasibility of the realization of organizational enablement, structural enablement and field enablement; (2)The realization of enablement follows the process path of “data resource actions-data capabilities generation-ecological value realization”; (3)Industrial internet platform realizes organizational enablement, structural enablement and field enablement to complete the ecological strategic tasks of data value node deployment, data value chain cultivation and data value network architecture. The value structure system interwoven by data value nodes, data value chains and data value networks reflects the construction and formation of digital business ecosystem. (4) Structural enablement is based on further vertical value expansion based on organizational enablement, and field enablement is based on further horizontal value expansion based on structural enablement.
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    The Construction Mechanism of Data-driven Dynamic Managerial Capabilities——The Case of Fanscar
    Chen Yantai, Xu Yanfei, Guo Yanlin
    2022, 34 (1):  338-352. 
    Abstract ( 146 )   PDF (1646KB) ( 184 )  
    Based on the reflection of traditional capability research and the rise of microfoundations research, the existing researches focus on the concept of dynamic managerial capabilities (DMC), as well as the relationships between it and organizational strategic change/performance/capability, but lacks theoretical supplement to the DMC mechanism under the data-driven background. In this paper, we take Fanscar as the case to explore the new connotation of DMC in data-driven enterprises. The findings are as follows: (1) Data-driven DMC presents new changes on the basis of managerial cognition, managerial human capital and managerial social capital. (2) Each foundation interweaves with each other and acts on the construction of DMC. (3) Executive behavior as an explanatory mechanism externalizes individual characteristics. Unlike previous studies, which are based mainly on the perspective of enterprise as a whole, this paper reveals the DMC construction model based on data-driven from the perspective of individual, which has practical significance for the ability training of top management team and digital innovation decision-making.
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