28 May 2023, Volume 32 Issue 3 Previous Issue   

Review and Prospect of Evolution of System Science Technolog and Engineering

LING Wen, SHU Minglei
2023, 32 (3):  429-437.  doi: 10.3969/j.issn.1005-2542.2023.03.001
Abstract ( )   PDF (1346KB) ( )  
China has achieved substantial development and great success in science, technology, and engineering projects, which has become an important support for building China’s strength in science and technology and one of the driving engines for the great rejuvenation of the Chinese nation. System science, technology, and engineering play an important role in infrastructure construction, national defense and military science, deep space exploration, livelihood economy, and other fields, which has effectively boosted socialist modernization with Chinese characteristics. Accurately analyzing and understanding the connotation and extension of system science from the perspectives of science, technology, and engineering can contribute to further adhering to the concept of systems, and accelerating the realization of the strategic goal of scientific independence and self-reliance of the country.

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Quality Incentive Strategies in Supply Chains Based on Product Liability Under Different Power Structures

FAN Jianchang, WAN Nana, LI Yuhui, NI Debing
2023, 32 (3):  438-462.  doi: 10.3969/j.issn.1005-2542.2023.03.002
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In the context of a supply chain in which a downstream firm is responsible for compensating consumers for the harm caused by defective products of an upstream firm, this paper, considering three types of quality-incentive contracts, i.e., a liability cost-sharing contract, a revenue-sharing contract, and a combination contract consisting of the liability cost-sharing and revenue-sharing contracts, investigates the impact of these quality-incentive contracts on the quality improvement decisions and the profitability of the supply chain under different channel power structures. The results show that if the upstream firm is the leader of the supply chain, the liability cost-sharing contract does not have any motivating effect, whereas the revenue-sharing contract and the combination contract have the same positive motivating effect on the incentive of the upstream firm for quality improvement and supply chain system profit. If the downstream firm is the supply chain leader, both the revenue-sharing contract and the combination contract can result in a higher product quality but also a lower the profitability of the supply chain in some cases. However, the liability cost-sharing contract can effectively improve the product quality and profitability of the supply chain and bring them to the highest level in a given condition. Under the revenue-sharing contract, the product quality and profitability of the entire supply chain are higher when the upstream firm is a leader in the supply chain than when the downstream firm is a leader. However, if the downstream firm leads under the liability cost-sharing contract and the combination contract, the product quality and profitability of the entire supply chain will be higher if the liability cost-sharing rate is high enough.

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Emergency Material Purchase Reserve Model  Based on Bidirectional Option Contract

LI Jian, LI Mengchun, DONG Xuefan
2023, 32 (3):  463-475.  doi: 10.3969/j.issn.1005-2542.2023.03.003
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Emergency supplies have the characteristics of large demand and high demand uncertainty. In the process of reserve, it is easy to have insufficient or excessive reserves. This problem is more prominent in the process of emergency material reserve with a short shelf life, which aggravates the capital pressure of the reserve subject. According to the characteristics of bidirectional option contract, this paper introduces bidirectional option contract into the procurement process of emergency supplies, and designs a procurement model of emergency supplies based on the bidirectional option contract under the condition of considering the probability of emergency. In addition, it analyzes the optimal reserve decision of the purchaser, and derives the parameters of supply chain coordination. By comparing with the wholesale price procurement model and the call option procurement model, it is found that the bidirectional option procurement model can reduce both the shortage risk and the shelf life risk of the government. Finally, it gives a numerical example to show that the option premium is positively correlated with the purchaser’s cost and supplier’s profit, and obtains the properties of the put option reserves and the call option reserves.

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Mathematical Modeling and Optimization Algorithm for Fever Clinics Scheduling Combining Benders Decomposition and  Column Generation

WANG Chengkai, FAN Xiaoyu, XU Jie, LIU Ran, YANG Zhitao
2023, 32 (3):  476-487.  doi: 10.3969/j.issn.1005-2542.2023.03.004
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Fever clinics are critical sectors as the front lines of fighting against the Covid-19 outbreak. Physician scheduling in fever clinics is essential for both the efficiency of system operation and the quality of medical services, which requires scientific scheduling optimization algorithms. This paper, focusing on the physician scheduling problem in fever clinics, proposed a pointwise stationary fluid flow approximation method to quantitatively evaluate the queue length of patients. Based on this method, it developed a mathematical optimization model for physician scheduling considering patient queue length constraint. In addition, it designed an efficient algorithm combining benders decomposition and column generation to solve the model. Further, it conducted numerical experiments based on real data from fever clinics in a large hospital in Shanghai, which verified the superiority of the flexible scheduling plan obtained by the proposed algorithm. The numerical results validate that the algorithm can also be adapted to physician scheduling requirements in severe pandemics. The model and the algorithm have a significant practical value for improving the operational management of fever clinics.

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Multi-Attribute Procurement Auctions Considering Green Degree of Buildings in Different Subsidy Objects

CAI Dong, GUO Chunxiang, BAI Lian, HUANG Haizhen
2023, 32 (3):  488-498.  doi: 10.3969/j.issn.1005-2542.2023.03.005
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Total carbon emissions throughout the life cycle of buildings are enormous. Adopting green buildings and improving their green degree are important means to realize carbon neutrality, subsidy policies and procurement mechanisms being the key factors affecting their designed and operational green degree. Taking this into consideration, when the government subsidizes the buyer or bidder, this paper introduces the reward and punishment mechanism into the procurement auctions to study the design of the aforementioned factors. The results indicate that whether the subsidy object is the buyer or the bidder, the mechanism has different effects on the designed green degree by various bidders. Only the bidders designed green degree is more effective, and increasing the reward and punishment intensity can encourage the bidder to improve the designed green degree. When the subsidy object is the buyer, increasing the subsidy intensity of design can improve the designed green degree, but increasing the subsidy intensity of operation does not improve the designed green degree. When the subsidy object is the bidder, increasing the subsidy intensity of design or operation can improve the designed green degree. Compared to subsidizing the buyer, subsidizing the bidder effectively encourages the bidder to improve the designed and operational green degree and its achievement level. The study reflects the effectiveness of procurement auctions with a reward and punishment mechanism, suggesting that governments should subsidize bidders as opposed to subsidizing buyers.

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Interruptible Program Scheduling Model Under the Constraints of NCRPE

LI Ming, XU Rong, FENG Jingchun, CHEN Yongzhan, LU Changbing, WANG Longbao
2023, 32 (3):  499-511.  doi: 10.3969/j.issn.1005-2542.2023.03.006
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The constraints of non-renewable resources can lead to delays or even interruptions for each contracted project in the program. In view of the limitations of theoretical research on the constraints of non-renewable resources, this paper studies interruptible program scheduling under the constraints of multi-NCRPE. First, the diversity of resource allocation may cause uncertainty to the progress of program. Therefore, based on the dual-objective optimization model of construction duration and delay cost of the program, the multi-objective particle swarm optimization (MOPSO) with the improved coding method is adopted for the solution and obtaining the resource allocation plan of the program, while the serial scheduling generation mechanism (SSGS) is used to obtain the program schedule. Then, by comparing the MOPSO algorithm with the NSGA-II algorithm, indicators IGD and HV are adopted to measure the effectiveness of the MOPSO algorithm used to solve thproblem. Finally, the model is solved and analyzed based on a real case. In the case of NCRPE constraints and interruptible projects, the program scheduling model constructed in this paper can effectively achieve the double objective optimization of program duration and contracted project delay cost. The result provides owners with a theoretical basis for reasonable allocation of NCRPE and the scheduling of program.

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Privacy Protection Strategy Based on Intelligent Decision Efficiency in Duopoly Market

MA Tao, YE Yuyang, DU Fang, LIU Yunhui
2023, 32 (3):  512-525.  doi: 10.3969/j.issn.1005-2542.2023.03.007
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In the era of digital intelligence economy, privacy protection has become an important dimension for enterprises to gain competitive advantage. This paper constructs a multi-dimensional differentiated competition model of duopoly enterprises under the dominant position of brand preference or privacy preference, and examines the effect of intelligent decision efficiency on privacy protection strategy and equilibrium profit. It is found that if only one enterprise makes intelligent decisions, unlike the complementary relationship between privacy protection behavior and intelligent decision behavior of high privacy protection enterprises dominated by brand preference, there is a substitute relationship between the two under the dominant position of privacy preference. At the same time, under the dominant position of brand preference, only when intelligent decision efficiency is higher than a certain threshold, the equilibrium profit of enterprises taking intelligent decision is positively related to the intelligent decision efficiency. In addition, under the dominant position of privacy preference, the equilibrium profit of enterprises adopting intelligent decision is positively related to the intelligent decision efficiency, while the equilibrium profit of enterprises adopting experience decision is negatively related to the intelligent decision efficiency. Moreover, if both enterprises adopt experience decision under the dominant position of privacy preference, the enterprise equilibrium profit is negatively related to the information security cost. However, under the dominant position of brand preference, the enterprise equilibrium profit is positively related to the information security cost.

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Selection of Optimal Sharing Reward Mechanism in Social Marketing

JIANG Fenfen, MEI Shu’e, ZHONG Weijun
2023, 32 (3):  526-537.  doi: 10.3969/j.issn.1005-2542.2023.03.008
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By fully considering the informative utility and sales output of consumers sharing behavior, this paper develops a mathematical model to analyze the effectiveness of two different sharing reward mechanisms (share-click” reward mechanism and “share-convert” reward mechanism). In the “share-click” reward mechanism, the merchant rewards the sharer when his or her sharing behavior produces valid browsing. In the “share-convert” reward mechanism, the merchant rewards the sharer when his or her sharing behavior produces product sale. This paper further discusses the optimal selection of these two reward mechanisms and the corresponding optimal price and reward. The results show that, only when the consumers unit sharing cost is lower than a certain level can the merchant benefit from the sharing reward mechanisms. Under this condition, the higher the proportion of target consumers who have demand for the product, the more effective the “share-convert” reward mechanism is, and the merchant is more inclined to choose “share-convert” reward mechanism, and vice versa. When the unit sharing cost is at a higher level, the merchant is also willing to pay the existing consumers the reward above price.

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Standard Alliance Network Position and Digital Innovation: A Test of Moderated Mediation

WANG Haihua, LI Ye, WANG Ying, TAN Qinying
2023, 32 (3):  538-548.  doi: 10.3969/j.issn.1005-2542.2023.03.009
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Based on the resource-based theory and the signaling theory, from the perspective of social network, this paper explored the intrinsic mechanism of standard alliance network position influencing digital innovation through standardization capability and the moderating role of network diversity on the above process. With the data of enterprises participating in standard alliance network in the ICT industry in China from 201to 2021, a hierarchical regression analysis was conducted for the empirical test. The research results show that the standard alliance network position positively affects digital innovation, and the standardization capability plays a mediating role. Network diversity not only positively moderates the relationship between standard alliance network position and standardization capability, but also positively moderates the mediating effect of standardization capability between standard alliance network position and digital innovation. The research conclusion expands related research on standard alliance network and digital innovation, and provides valuable references for enterprises to build appropriate standard alliance network to implement digital innovation.

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Impact of Transportation Infrastructure and Information Infrastructure on Factor Mismatch: On Regulatory Role of Industrial Agglomeration and Factor Marketization

WANG Yafei, LIU Jing, BAI Ying
2023, 32 (3):  549-559.  doi: 10.3969/j.issn.1005-2542.2023.03.010
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The construction of transportation and information infrastructure is an important support for accelerating the formation of a unified national market and building a new development pattern. This paper attempts to integrate two types of infrastructure, industrial agglomeration and factor marketization such as transportation infrastructure and information infrastructure into the factor mismatch analysis framework, based on the data of 30 provincial panels in China from 2005 to 2020 except Tibet, Hong Kong, Macao and Taiwan, through the combination of theoretical analysis and empirical testing, to discuss the impact of transportation and information infrastructure on the mismatch of capital and labor factors, as well as the  regulatory role of manufacturing agglomeration, productive service industry agglomeration, industrial agglomeration, and factor marketization such as manufacturing-productive service industry synergy agglomeration in the above-mentioned impacts. The main conclusions are as follows: both transportation and information infrastructure have corrected China’s capital mismatch and labor mismatch to varying degrees, and the correction effect of both types of infrastructure on labor mismatch is more obvious. The heterogeneity tests show that the corrective effect of transportation and information infrastructure on factor mismatch is mainly present in southern China or areas with excessive factor allocation, but is not significant in northern China or areas with insufficient factor allocation. Industrial agglomerations such as manufacturing agglomeration, productive service agglomeration, manufacturing-productive service industry collaborative agglomeration, and factor marketization play a positive regulatory role in the correction of factor mismatch between the two types of infrastructure.

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A Cost-Sensitive Default Prediction Model Based on Optimal Combination of Indicators: A Case Study of A-Share SMEs

SHEN Long, ZHOU Ying
2023, 32 (3):  560-579.  doi: 10.3969/j.issn.1005-2542.2023.03.011
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Corporate default prediction is to infer the default probability in the future, which is related to the economy and society. The contribution of this paper is three folds. First, it constructs a multi-objective function that considers the performance of default prediction and the number of indicators. It transforms the mayfly algorithm into a binary mayfly algorithm using a sigmoid function, which is introduced into the financial risk field to select the optimal indicator combination. Then, in the log-likelihood function of the logistic regression, it adds a penalty coefficient to defaulted enterprises to maximize the F-measure and compute the optimal penalty coefficient to improve the accuracy of defaulted enterprises under the premise of ensuring the overall discriminatory accuracy. It makes the objective function of the logistic regression more closely match the actual situation and ensures that the estimated weight vector more accurately reflects the functional relationship between the indicator data and its default status. It is  found that internal non-financial factors such as executive salary disclosure, whether the top ten shareholders are related” and supervisory board shareholding” and the macroeconomic factors such as per capita GDP, benchmark interest rate for medium and long-term loans” and money and quasi-money supply growth rate” have a key influence on default prediction of small and medium-sized enterprises (SMEs). The proposed methodology can improve the identification of corporate credit risk and reduce the non-performing loan rate of commercial banks.

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Whole Chain Risk Management and Decision-Making for Hog Insurance Plus Futures

YU Xing, YAN Siyang, LI Yanyan
2023, 32 (3):  580-588.  doi: 10.3969/j.issn.1005-2542.2023.03.012
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This paper innovatively studies the risk transfer and hedging methods in the “insurance plus futures” model from the perspective of the whole chain. Aimed at the “insurance plus futures” of hogs, this paper constructs the decision-making models between farmers and insurance companies, insurance companies and futures companies, and futures companies and external markets, and makes numerical analysis by adopting the Monte Carlo method. The research results show that under the risk-sharing mechanism proposed in this paper, farmers get positive returns, which indicates that the the “insurance plus futures” model can play a positive role in improving farmers’ returns. To minimize the risk measured by VaR (Value-at-Risk), the strike price of the put option purchased by insurance companies is greater than the insurance price. Under capital constraint, futures companies can achieve the goal of fully risk-neutral hedging by adopting an under-hedging strategy. In addition, futures companies can also get a certain amount of gain accordingly and make a reasonable profit. Government premium subsidies to farmers can increase farmers’ motivation to farm and reduce their financial pressure, thus increasing their profitability. The additional premium rate is an objective factor affecting the operational efficiency of the “insurance plus futures” model. It is recommended that insurance companies reduce premium rates appropriately or subsidize insurance premiums through external channels. By simulating different volatility, it is found that farmers are still motivated to breed even if the price of hogs increases, and the profit of each party is not affected by the increased price uncertainty. This further demonstrates the positive role of the “insurance plus futures” model in counteracting the price risk of agricultural products and protecting the interests of all parties.

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Product Pricing Model Considering Consumer Anticipated Regret Behavior

YE Xinlan, LI Jinfeng, GUAN Zhenzhong
2023, 32 (3):  589-604.  doi: 10.3969/j.issn.1005-2542.2023.03.013
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Consumers’ anticipated regret behavior has a significant impact on pricing decisions of a firm. In the hybrid consumer market, using the consumer surplus theory, a decision model is constructed under dynamic pricing and commitment pricing strategies with and without considering anticipated regret, and the optimal pricing strategy of the firm is explored. The result shows that when the product availability rate during the liquidation period is low, the firm always chooses the commitment pricing strategy without considering anticipated regret. However, when considering anticipated regret and consumers are more sensitive to high price regret, the firm turns to a dynamic pricing strategy. When the product availability rate during the liquidation period is high, there is no difference between choosing the two pricing strategies. Under the dynamic pricing strategy, when consumers are more sensitive to high price regret and product availability rate during the moderate liquidation period, or consumers are more sensitive to out-of-stock regret and product availability rate during the low liquidation period, it is beneficial for the firm to consider anticipated regret. Under the commitment pricing strategy, it is always beneficial for the firm to consider anticipated regret when consumers are more sensitive to out-of-stock regret.

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Influence of Occupational Stigma on Craftsman Spirit of Industrial Workers: A Dual Path Study Based on Cognition and Emotion

ZHU Yongyue, WANG Shixian, OUYANG Chenhui
2023, 32 (3):  605-616.  doi: 10.3969/j.issn.1005-2542.2023.03.014
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Industrial workers with craftsmanship spirit are very important for the high-quality development of China’s manufacturing industry. However, the objective existence of professional stigma inhibits the cultivation and development of industrial workers’ craftsmanship spirit. Taking manufacturing workers as the research object, and based on the dual path of cognition and emotion, this paper constructs a mediated regulation model, and collects 618 effective survey data through questionnaire survey to explore the specific mechanism of occupational stigma on craftsman spirit. The results show that professional stigma has a significant negative impact on craftsman spirit, in which professional identity and emotional exhaustion play a partial mediating role. Developmental human resource management practice plays a negative regulatory role in the process of professional stigma affecting craftsman spirit. At the same time, this regulatory role is realized through the intermediary mechanism of professional identity and emotional exhaustion. This paper reveals the influence mechanism of occupational stigma on industrial workers’ craftsman spirit, and enriches the research on the antecedent variables of craftsman spirit.

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Completeness of Law and Stock Price Manipulation:A Perspective from Equity Incentive Contract
JIANG Hudong, QIAO Xiaonan
2023, 32 (3):  617-633.  doi: 10.3969/j.issn.1005-2542.2023.03.015
Abstract ( )   PDF (3285KB) ( )  

This paper develops a rational expectations model of executive compensation to analyze stock price manipulation. Combining the market characteristics, it also discusses the manipulation in the sci-tech innovation board of China’s securities market. The evidences show that promoting the completeness of law can help curb manipulation. Meanwhile, some characteristics may result in an increase of manipulation. The incentive elasticity, managers’ reputation preference, and market volatility may lead to an increase in the quantity and revenue of stock price manipulation.

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Does Short-Selling Mechanism Restrain Stock Pledge by Controlling Shareholders? —— Evidence from a Quasi-Natural Experiment in China

LI Meng, LI Bingxiang, ZHANG Taotao
2023, 32 (3):  634-650.  doi: 10.3969/j.issn.1005-2542.2023.03.016
Abstract ( )   PDF (4016KB) ( )  

Taking the step-by-step expansion of security financing in China as natural experimental scenarios, this paper investigates the impact of the introduction of short selling mechanism on the controlling shareholders’ pledge willingness and extent, taking the A-share listed companies in Shenzhen and Shanghai Stock Exchange from 2003 to 2020 as samples, and using the difference-in-difference model and staggered difference-in-difference model. The results show that the enforcement of short selling has a significant inhibition effect on equity pledge of controlling shareholders. The mechanism test shows that via reducing corporate information asymmetry and improving the quality of accounting information, the short selling mechanism restrains stock pledge of controlling shareholders, and promotes corporate internal control, which backs up the “information enhancement effect” and the “governance effect” of short selling. Additional analyses indicate that the governance effect is more pronounced in companies with severe financing constraints, higher stock-holding for large shareholders, higher degree of industry competition and in private enterprises. The conclusion is conducive to the profound understanding of the market function of short selling and provide empirical evidence for the scientific regulation of equity pledge in China’s capital market.

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