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    28 September 2019, Volume 28 Issue 5 Previous Issue    Next Issue
    An Empirical Study of the Relationship Between Social Capital, Uncertainty and Opportunistic Behavior in Supply Chain
    LI Qian, MA Cong, ZHAO Nan
    2019, 28 (5):  793-801.  doi: 10.3969/j.issn.1005-2542.2019.05.001
    Abstract ( )   PDF (1036KB) ( )  
    Opportunistic behavioral risks prevail in supply chain cooperation, but existing literatures are mainly based on the transaction cost theory, lacking the consideration of social relationships in supply chain. This paper made a deep analysis of the internal relationship between the structure, cognition and relationship dimension of social capital, and gave the path of social capital to suppress opportunistic behavior. Besides, it established the structural equation model of social capital, uncertainty and opportunistic behavior. Moreover, it tested the hypothesis of the model by collecting 300 valid questionnaires of supply chain members from different manufacturing industries, petrochemical industry, and other industries. The empirical research results show that information exchange in the dimension of social capital structure has a significantly positive correlation with cultural understanding and process integration, and there is a significant positive correlation between cultural understanding with trust and cooperation norms in the relational dimension. However, process integration has a significantly negative relationship with trust in the relational dimension but has a significantly positive relationship with cooperation norms. In the cognitive dimension, cultural understanding is negatively correlated with internal uncertainty to a large extent, while in the relational dimension, trust is negatively correlated with behavioral uncertainty. Uncertainty between members of the supply chain significantly increases the likelihood of opportunity behavior.
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    Manufacturer Competition Model and Market Entry Considering Consumer Privacy
    BAO Lei, ZHANG Yulin
    2019, 28 (5):  802-812.  doi: 10.3969/j.issn.1005-2542.2019.05.002
    Abstract ( )   PDF (1062KB) ( )  
    To get better services, consumers sometimes choose to provide their personal privacy to manufacturers. In this paper, a circle city model was developed, in which consumers decided how much privacy information they were willing to provide to manufacturers while the manufacturers competed for consumer privacy information and derived revenue from consumer purchases and privacy disclosure. It also analyzed the impact of disclosure of consumer privacy on the marketplace, and investigated the impact of optimal market entry on social welfare. The result shows that the market is not fully covered when the consumers’ willingness to pay is low and the differentiation is great. In this case, the optimal pricing of the manufacturers may be negative, and the optimal pricing and maximizing profits of the manufacturers increase but the privacy disclosure decreases with the willingness to pay. The market is fully covered when the consumers’ willingness to pay is low and the differentiation is small, or when the consumers’ willingness to pay is high. In this case, the manufacturers choose not to disclose consumer privacy if the consumers’ willingness to pay is high. Otherwise, the manufacturers derive revenues from both consumer purchase and privacy disclosure. Pricing and profit increase with the increase of differentiation, and decrease with the increase of the number of manufacturer. The optimal market entry analysis shows that the number of manufacturers under the condition of free entry is excessive compared with the number of manufacturers under the maximization of social welfare. However, the level of privacy disclosure with free entry equals that with maximum social welfare. From the perspective of regulation, it means that the provision of consumer information and the disclosure of privacy information can realize the requirement of social optimum if the level of disclosure is informed to consumers.
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    Remuneration Mechanism and Analysis of Agent Behavior Under Electronic Surveillance #br#
    WU Kai, ZHANG Huiying, MU Jing WU Kai
    2019, 28 (5):  813-822.  doi: 10.3969/j.issn.1005-2542.2019.05.003
    Abstract ( )   PDF (1175KB) ( )  
    Under the background of intelligent manufacturing, enterprise control is gradually changing from the traditional manual surveillance to intelligent surveillance. Therefore, the integration of electronic surveillance with information technology to form an effective incentive mechanism has become a serious problem to be solved. Based on the moral hazard model with hidden actions, which is part of the principal-agent theory, the information acquired by the electronic surveillance system is added to the remuneration incentive system, and the remuneration configuration and agents’ behavior under different information situation are analyzed. Through the optimal remuneration incentive, the win-win effect of the joint growth of agents’ salary and principal utility is realized. From the perspective of management theory, the moral hazard model with hidden actions in the principal-agent theory, especially the role of information in incentive mechanism is enriched. From the perspective of enterprise practices, the configuration of remuneration contract under different information situations is defined. The conclusion provides practical guidance for enterprise incentive mechanism and information application from electronic surveillance.
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    Platform Pricing Structure of Online Retailers Considering Retailer Participation
    FAN Xiaojun, WANG Junbing, LIU Yan
    2019, 28 (5):  823-832.  doi: 10.3969/j.issn.1005-2542.2019.05.004
    Abstract ( )   PDF (2303KB) ( )  
    As the competition in the online retail market intensifies, the platform format becomes the trendy choice for online retailers. In order to strengthen the regulation of platform format, online retailers try to enter the respective product market as a merchant. In this paper, a stylized theoretical model was established to answer a crucial question that online retailers were facing: Which kind of platform fee should be charged when online retailers enter the respective product market as a merchant? The results show that the participation of online retailer has a positive spillover effect because it increases the demand and decreases retail prices. Under the retailer participation, compared with the model of fixed per-transaction fees, the proportion fees could increase the demand for product and reduces the retail prices. The results also show that the proportional fees will improve the channel efficiency, and the profits of all channel participants will be improved.
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    E-Business Value Creation Based on IT Ambidexterity: The Roles of Ambidextrous Capability and IT Governance
    CHI Maomao, LI Yanhui, WANG Weijun, LU Xinyuan
    2019, 28 (5):  833-845.  doi: 10.3969/j.issn.1005-2542.2019.05.005
    Abstract ( )   PDF (1632KB) ( )  
    Under the digitized background characterized by hyper-competition and transparency, the realization of e-business value has become a new subject for academic circles. Previous studies pointed out that using IT technology could generate firm agility and ambidexterity, thereby increasing revenue and creating value. However, these studies neglected the fact that IT could also realize e-business value through risk control and cost reduction. Based on IT ambidexterity, this paper examined the value creation mechanism of e-business, including the increase of revenue through the e-business ambidextrous capability and reduction of risk and cost of digitization through the use of IT governance. The empirical study of the data of 204 firms confirms that the e-business ambidextrous strategy has a positive effect on the e-business ambidextrous capabilities, and the e-business ambidextrous capability partially mediates the relationship between the e-business ambidextrous strategy and competitive performance. In addition, contractual governance positively moderates the positive relationship between the e-business ambidextrous strategy and e-business ambidextrous capability, while the e-business ambidextrous capability mainly mediates the moderating effect of contract governance in the relationship between the e-business ambidextrous strategy and competitive performance. Finally, relational governance positively moderates the positive relationship between the e-business ambidextrous strategy and the e-business ambidextrous capability, but the moderating role of relational governance on the relationship between e-business ambidextrous strategy and competitive performance does not exist, thus relational governance does not mediate the moderating effect of relational governance in the relationship between the e-business ambidextrous strategy and competitive performance.
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    Impact of Top Management Support on Information Security Performance: A Exploration into the Mediating Role of Institutionalization
    ZHEN Jie, XIE Zongxiao, CHEN Lin, LIN Runhui
    2019, 28 (5):  846-856.  doi: 10.3969/j.issn.1005-2542.2019.05.006
    Abstract ( )   PDF (1072KB) ( )  
    Based on the upper echelons theory and the neo-institutional theory, this paper explored the relationship between top management support, institutionalization, and information security performance. A questionnaire survey was conducted among 148 enterprises which had passed the certification of information security management system ISO/IEC 27001, and Smart PLS 3.0 and Bootstrap method of SPSS 22.0 were used for statistical analysis and mediation effect test. The results show that top management support has a positive effect on information security performance, identification, implementation, and internalization while identification and implementation have a positive effect on information security performance. In addition, top management support affects information security performance via the mediating effect of identification and implementation. The findings have important management implications for enterprises on the promotion of the process of information security institutionalization with the  top management support and the improvement of information security performance via institutionalization.
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    Establishment of an Evaluation System for IT Service Providers in Crowdsourcing Market
    LIU Jingfang, JIANG Xiaoyan
    2019, 28 (5):  857-863.  doi: 10.3969/j.issn.1005-2542.2019.05.007
    Abstract ( )   PDF (1029KB) ( )  
    IT crowdsourcing is a new manifestation of IT outsourcing in the e-commerce era. The establishment of a suitable evaluation system for IT service providers is an essential requirement for the healthy development of IT crowdsourcing market. Based on the relevant researches on IT outsourcing and online reviews in China’s IT crowdsourcing market, this paper extracted factors related to the comprehensive strength of service providers by combining theoretical analysis and empirical methods, pointed out the unreasonable aspects of the original evaluation system, and established a new evaluation system. Then, it analyzed the performance of all kinds of stores under the new evaluation system and proposed reasonable suggestions for their operation using the evaluation system established in this paper. The findings indicate that the evaluation system established by comprehensive use of theoretical analysis and empirical methods is a scientific way to explore the commercial value of online reviews, which is of great significance to improve the function of crowdsourcing market and improve the operation level of IT service providers in China.
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    A Differential Game of Transboundary Pollution for Carbon Capture and Storage
    NG Susu, YI Yongxi, LI Shoude
    2019, 28 (5):  864-872.  doi: 10.3969/j.issn.1005-2542.2019.05.008
    Abstract ( )   PDF (983KB) ( )  
    Considering the influence of knowledge accumulation on carbon capture and storage, this paper extended the transboundary pollution control differential game model of Bertinelli to analyze the game behavior and game results in carbon capture and storage of two symmetrical countries which adopted the open-loop, the Markovian Nash, and the cooperation strategy, respectively. The results show that the cooperation strategy can lead to the highest overall environmental quality, followed by the Markovian Nash equilibrium strategy. The participants who adopt the open-loop strategy make the least effort in carbon capture and storage. In addition, knowledge accumulation has an important influence on transboundary pollution control. The cost of carbon capture and storage declines with the increase of knowledge accumulation. In particular, improving the efficiency of knowledge accumulation leads to more carbon capture and storage.
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    Bi-Level Programming of Charging Station Distribution Based on Stochastic User Equilibrium Principle
    QIU Heting, LI Xuemei, LI Xuewei, LI Xueyan
    2019, 28 (5):  873-882.  doi: 10.3969/j.issn.1005-2542.2019.05.009
    Abstract ( )   PDF (3499KB) ( )  
    To optimize the layout of charging stations, the impedance function of fuel cars and electric cars was established respectively by considering the travel time and energy consumption of fuel vehicle, the travel time, the charging time, and the waiting time of electric vehicles (EVs). Besides, a charging station planning model was established using the stochastic user equilibrium principle. A numerical example confirmed the validity and practicability of the proposed model and algorithm. In addition, the optimal charging station distribution in hybrid traffic flow with different percent of EVs were proposed and the traffic network operating characteristics were further analyzed. The results show that the proposed model and the algorithm are effective and feasible. The construction of charging facilities should be scientifically adjusted according to the ratio of electric cars in the road network and the location and capacity of charging stations should be optimized according to drivers’ behavior to ensure stable and efficient operation of traffic networks.
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    Dynamic Control of Product Innovation and Goodwill in a Monopoly Market with Network Externality
    DING Yishan, LI Shoude
    2019, 28 (5):  883-888.  doi: 10.3969/j.issn.1005-2542.2019.05.0010
    Abstract ( )   PDF (925KB) ( )  
    This paper discussed a dynamic control problem of a monopolist who invested in the product innovation and goodwill in a market with network externality and adopted the regulated price. Under the monopoly optimum, it is concluded that there exists a unique stable steady state equilibrium, which is a saddle point. When the symbol of the change rate of investment in improving product quality and goodwill investment is the same (opposite), the two kinds of investment are complementary (substitutable). As the fixed strength of network externality increases with other parameters being kept constant, it is very likely that the steady-state investment of the monopolist in product innovation increases with the product quality. The steady-state equilibrium investments of the monopolist are substitutes when there are some slight variations in product quality in the neighborhood of the steady-state equilibrium.
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    First-Day Yield Limitation, Chinese-Style IPO Underpricing and the Phenomenon of “Speculation of New Stocks”: A Survival Analysis Approach with Comparison Between China and US Stock Market
    ZHOU Shiying, YANG Chaojun
    2019, 28 (5):  889-898.  doi: 10.3969/j.issn.1005-2542.2019.05.0011
    Abstract ( )   PDF (1079KB) ( )  
    Since the first-day yield of new shares in China was limited in 2014, the price of new stocks have often reached extremely very high yield after days of continuous increasing. Thus the understanding and analysis of the phenomenon of IPO underpricing should be different from the past in terms of recognition and algorithm. This paper proposed, for the first time, the “Chinese-style IPO underpricing”, and analyzed the impact of the first-day yield limitation on IPO underpricing by comparing China’s and US stocks using the survival analysis approach. The results show that first-day yield limitation further improves the IPO underpricing rate in China. Besides, this paper demonstrates, for the first time, the relationship between IPO underpricing and the phenomenon of “speculation of new stocks” in China, and finds that the IPO underpricing and the phenomenon of “speculation of new stocks” in China essentially complement each other.
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    Risk Contagion in China’s Interbank Based on Interbank Lending Network
    HUANG Weiqiang, FAN Mingjie, ZHUANG Xintian
    2019, 28 (5):  898-906.  doi: 10.3969/j.issn.1005-2542.2019.05.0012
    Abstract ( )   PDF (1129KB) ( )  
    The interbank lending network is an important contagion channel of bank failures. This paper indirectly inferred the interbank lending networks by applying the bank balance sheet data using both maximum entropy and minimum density methods. Besides, it analyzed the topological structure differences between the two kinds of interbank lending networks. Moreover, it demonstrated the contagion path and severity of bank stochastic failures in different networks. Furthermore, it analyzed the systemic importance and risk resistance ability of banks and their influencing factors by synthesizing the contagion results in different interbank lending networks. The empirical results show that the interbank lending network under the minimum density methods has the characteristics of lower density, disassortative connections and scale-free degree distribution, which are similar to those of real networks. Compared with the network under the maximum entropy methods, the conation scope is wider and contagion effects are more severe under the minimum density networks. On the one hand, the larger the size of the bank is, the higher the bad debit reserve ratio is, and the higher the interbank lending ratio is, the more severe the failure contagion effects will be. On the other hand, the larger the size of the bank is and the higher the bad debit reserve ratio is, the weaker risk resistance ability of the bank will be. The results of the study are conducive to the macro-prudential supervision of banks and the prevention or suppression of systemic risks.
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    Piecewise-Defined Severity Distribution Approach of Operational Risk Based on Truncated Data and Its Application
    CHEN Qian
    2019, 28 (5):  907-916.  doi: 10.3969/j.issn.1005-2542.2019.05.00113
    Abstract ( )   PDF (1117KB) ( )  
    Choosing a proper loss distribution is the most important step and an important prerequisite to correctly measure operational risks. Based on the “truncation” of operational risk data, the traditional piecewise-defined severity distribution approach (PSD-LDA) which defined loss intensity by stages was extended to a doubly-truncated distributions-POT (DTD-POT) model, which was used to characterize the doubly-truncated characteristics of loss data instead of the traditional single complete distribution. First, the impact of truncated data on the loss of distribution fitting was analyzed. Then the DTD-POT model was proposed, in which both the influence of minimum collection threshold and the cut-off point between HFLS and LFHS were considered. After that, the simulation steps of Monte Carlo were proposed while the separated distribution and truncated distribution were applied instead of the traditional single and complete distribution. Finally, all the models and methods were tested with hand-collected samples of 549 operational losses from 1994 to 2013. The result reveals that compared with PSD-LDA, the DTD-POT model has a better fitting effect on data, a better stability in measurement, and less error caused by improper selection of loss distribution.
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    Distribution Vehicle Scheduling Problem Based on Aggregation and Prediction of Random Customer Demands
    YANG Hualong, ZHAO Liang, JIN Lizhe, WANG Zheng
    2019, 28 (5):  917-926.  doi: 10.3969/j.issn.1005-2542.2019.05.00114
    Abstract ( )   PDF (1212KB) ( )  

    In order to handle the vehicle scheduling problem caused by the emergence of random customer demands in the logistics distribution process, this paper generated the emergence probabilities, locations, and demands of dummy customers by employing the aggregation and prediction methods with past random customer demand information and experiences empirical data. Based on the analysis of the function of customer dissatisfaction, the objective of minimization of weighting generalized total delivery distribution cost was proposed with the consideration of two factors of the economy of vehicle scheduling plan and customers’ satisfaction. A vehicle scheduling model was established in accordance with the principle of real customer first and dummy customer next. The revised genetic algorithm with local search was designed. The numerical example of Solomon Standard Test verifies the effectiveness and applicability of the proposed model and algorithm. The results show that compared with other existing methods, the vehicle scheduling plan proposed in this paper not only effectively reduces the total delivery cost of logistics company, but also quickly responses to customers demands, which improves the customers satisfaction and the service level.

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    A Partheno-Genetic Hybrid Ant Colony Algorithm for Solving the MOVRPFTW Based on Customer Satisfaction
    ZHANG Huizhen, LIU Yun, NI Jing
    2019, 28 (5):  927-933.  doi: 10.3969/j.issn.1005-2542.2019.05.0015
    Abstract ( )   PDF (982KB) ( )  
    For solving the multi-objective vehicle routing problem with fuzzy time windows (MOVRPFTW), which involves the restriction of maximum vehicle transportation time and two types of customer satisfaction resulted by time windows and food freshness respectively, a novel model is formulated. Besides, several partheno-genetic hybrid ant colony algorithms are proposed for solving the MOVRPFTW by combining the partheno-genetic algorithm and the ant colony algorithm, in which three genetic operators and two operating measures different from the classical genetic algorithm are separately adapted to overcome the premature convergence of the basic ant colony algorithm. In addition, these proposed algorithms are tested in the same numerical experiment. The results show that the average objective values obtained by using the partheno-genetic hybrid ant colony algorithm are better than those obtained by using the basic ant colony algorithm. The monogenepartheno-genetic hybrid ant colony algorithm has a better effectiveness and efficiency than the polygenic partheno-genetic hybrid ant colony algorithm, and genetic shift operator has a better computational performance than the other two genetic operators (genetic transposition operator and genetic inverse operator).
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    Neural Network Model of Wind Power Prediction Based on Improved Flower Pollination Algorithm
    HU Wei, HU Yawei, YANG Feng
    2019, 28 (5):  934-940.  doi: 10.3969/j.issn.1005-2542.2019.05.0016
    Abstract ( )   PDF (1639KB) ( )  
    Aiming at the disadvantages of conventional Elman neural network such as easily falling into local optimum and insufficient generalization ability, a novel wind power forecasting method combining the flower pollination algorithm and Elman neural network was proposed. By using the logic self-mapping function, the chaotic sequence was constructed, and the chaotic variables were mapped to the solution space of the problem, which made the pollen grains without mutation mechanism had a strong adaptive ability and effectively prevented the convergence of the optimal solution in the later stage of the algorithm, and reduced the probability of the algorithm falling into local extremum by dynamically shrinking the range of the variable coefficients. Combining the forecast demand and network characteristics, the parameters of pollen grains were coded to determine the optimal weights and thresholds of Elman neural network. The numerical example shows that the proposed neural network model has a better predictive effect under the condition of guaranteeing the accuracy of probabilistic prediction, which provides a feasible solution for short-and-medium term wind power forecasting.
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    Simulation and Satisfying Policy of Secretary Problem in Bounded Rationality
    WU Xinlin, TUHuonian
    2019, 28 (5):  941-945.  doi: 10.3969/j.issn.1005-2542.2019.05.0017
    Abstract ( )   PDF (1005KB) ( )  
    The optimal policies of the standard secretary problem are based on the hypothesis of complete rationality, which ignores the actual operability in reality. In this paper, the rationality hypothesis of the standard secretary problem was weakened, and a satisfying policy based on the hypothesis of bounded rationality was proposed. Besides, based on the premise of the bounded rationality of the decision maker, a kind of satisfactory solution strategy for solving secretarial problems was proposed by assuming that the decision maker cannot rank all the options, and the probability formula for obtaining satisfactory options was deduced. Moreover, the formula of probability calculation of the decision-maker to choose the satisfactory item was derived. Furthermore, the relationships between the probability of choosing the satisfactory item and the cutoff threshold were studied by conducting computer simulation experiments.
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    Combinatorial Optimization of Free Size and Advertising Intensity of Online Content in Mixed-Revenue Mode
    CUI Huayu, CHENG Yan
    2019, 28 (5):  946-954.  doi: 10.3969/j.issn.1005-2542.2019.05.0018
    Abstract ( )   PDF (1480KB) ( )  
    The mixed-revenue mode of online content refers to the fact that providers obtain advertising revenue from free online content and subscription revenue from paid content with high service quality, in which, one of the main decision-making problems for providers is the determination of the optimal combination of free size and advertising intensity to maximize profits. Based on the difference of consumers’ perception of quality before and after free-experience, this paper constructed a stochastic behavior model of ‘free to pay’. Besides, it developed an optimization model for the combination of free size and advertising intensity. Moreover, through numerical experiments, it analyzed the optimization combination strategies under two different contexts, where consumers might overvalue or undervalue the quality of the online content websites. The results show that in the context of undervaluation, providers should adopt the strategy of “greater free size and smaller advertising intensity” to attract customers. However, as the consumer base tends to stabilize and perceived uncertainty decrease, providers should increase advertising intensity to improve revenue. In addition, in the context of overvaluation, if consumers have a low perceived uncertainty, providers should adopt the strategy of “smaller free size and greater advertising intensity”, otherwise, providers should adopt the strategy of “larger free size and lower advertising intensity” because it is the best choice where consumers have a high perceived uncertainty.
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