28 May 2022, Volume 31 Issue 3 Previous Issue   
Dynamic Quality and Marketing Decisions with Envision of Brand Crisis in a Dual-Channel Supply Chain
WANG Weihao, HU Jinsong
2022, 31 (3):  413-427.  doi: 10.3969/j.issn.1005-2542.2022.03.001
Abstract ( )   PDF (2487KB) ( )  
This paper aims to study the impact of potential brand crisis upon dynamic quality and marketing decisions in a dual-channel supply chain system consisting of a manufacturer, an online retailer, and an offline retailer. To this end, it constructs a dynamic dual-channel supply chain model potentially confronted by a random brand crisis. By employing the Bellman dynamic programming theory, it derives the optimal decisions of supply chain members on both pre- and post-crisis stages. The results show that the manufacturer’s quality investment and online retailer’s advertising investment are lower than those with no crisis while offline retailer’s promotion investment will not be affected by the crisis. If the long term effect of the crisis outweighs its short term effect, the manufacturer and the online retailer should lower their investment after the crisis but if the long term effect is less dominant than the short term effect, the manufacturer and the online retailer have to refer to the value of hazard rate before making their decision after the crisis. The manufacturer’s cost-sharing strategy can not only boost online retailer’s advertising investment but also enhance his own quality investment. This paper depicts the brand crisis by introducing the random occurrence process and relax the usual assumption that goodwill is always continuous during the whole planning period. Based on these work, it conducts the study of brand crisis in the dual-channel supply chain.
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Dynamic Simulation Analysis of Urban Infrastructure Investment Structure: A Case Study of Beijing
SONG Jinbo, SHI Qingbin, GAO Jingxin
2022, 31 (3):  428-439.  doi: 10.3969/j.issn.1005-2542.2022.03.002
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Infrastructure plays a key role in the process of urbanization, and a reasonable choice of its investment structure is crucial for sustainable urban development. Considering the multi-system compound characteristics of infrastructure, system dynamics is combined with the coupling coordination theory to build a simulation model of urban infrastructure system benefits. By adjusting the parameters of the proportions of various infrastructure investment, four types of infrastructure investment scenarios with limited total investment are designed. The levels of coupling and coordination among infrastructure benefit subsystems in four scenarios in Beijing from 2018 to 2030 are simulated, and a reference for optimizing the infrastructure investment structure during the simulation period is proposed. The results show that there are differences in the level of coupling and coordination among infrastructure benefit subsystems, and the overall evolution shows an increasing trend which is from low coupling coordination to extremely coupling coordination. The level of coupling and coordination among urban infrastructure benefit subsystems under the balanced and current status continuation scenarios will perform best in the 2018 to 2027 period and the 2028 to 2030 period respectively, which are more conducive to promoting sustainable urban development. The parameters of the proportion of urban infrastructure investment in these two scenarios can be applied as a reference for urban infrastructure investment in the corresponding period.
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Co-Evolution Simulation Analysis of Transaction Behavior Supervision for Major Construction Projects under Digital Construction Situation
LV Lelin, WANG Zhuofu
2022, 31 (3):  440-452.  doi: 10.3969/j.issn.1005-2542.2022.03.003
Abstract ( )   PDF (11535KB) ( )  
The construction of digital construction platforms improves the sharing degree of project transaction information and reduces the degree of information asymmetry in the process of project transaction. Therefore, it has become a powerful tool for supervision of major construction projects transaction. In order to explore the strategy formation and behavior evolution process for transaction the behavior supervision system of major construction projects under the context of digital construction, based on the evolutionary game theory and system dynamics, this paper constructed an evolutionary game model for the transaction behavior supervision of major construction projects under digital construction situation supervision, and explored the influence of different external variables on the strategy changes of the project supervisor, the project contractor, and the project owner, as well as the influence of the level of the digital construction platform on the stability of the evolutionary game strategy. The simulation results show that the punishment intensity, the supervision cost, and the expected gain from violation have a great impact on the transaction behavior of the participants. The improvement of the level of the digital construction platform can effectively curb the illegal behavior of the project supervisor and the project contractor. Finally, some reasonable suggestions are proposed concerning the design of scientific and reasonable management of digital construction platforms and the behavior of game players, so as to effectively achieve the construction objectives of major projects.
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Production Network and Industry Stock Returns:Spatial Factor Model Based on Time-Varying Network Dependent Parameters
SHI Zelong, FU Qiang, LI Shan
2022, 31 (3):  453-466.  doi: 10.3969/j.issn.1005-2542.2022.03.004
Abstract ( )   PDF (8018KB) ( )  
A complex and closely related production network has been formed in the industry through the input-output relationship, which has an important impact on the financial market. Meanwhile, the traditional factor pricing model ignores the influence of the production network, which can easily lead to model misspecification and confusion of systemic risk sources. Therefore, this paper constructs a spatial factor pricing model based on the time-varying network dependent parameters of the production network, by embedding into the traditional factor pricing model the time-varying production network constructed based on the input-output table released by the National Bureau of Statistics. By using this new pricing model, this paper studies the impact of the interaction between production networks and systemic risk factors on the rate of return of industries in China, by discomposing the total risk exposure of industry returns to factors into direct risk exposure and indirect risk exposure. The results show that compared with the traditional factor models, the spatial factor pricing model is more applicable to the rate of return and asset pricing of the industry in China. Compared with developed countries, China’s industrial structure has undergone significant changes in the past two decades, and the production network formed based on input-output relationship has also changed greatly. Therefore, the assumption of setting time-varying parameters as the spatial dependence parameters is more applicable to the economic reality in China, which will produce better empirical results. The decomposition of factor risk exposure also indicates that the spillover effect of the production network can amplify the risk exposure of industry returns to factors.
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A Financial Distress Relief Method Based on Perpetual Bond Replacement and Equity Refinancing
TAN Chunping, QIN Xuezhi, SHANG Qin, WANG Lin, LIN Xianwei
2022, 31 (3):  467-475.  doi: 10.3969/j.issn.1005-2542.2022.03.005
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In order to relieve the financial distress from liquidity shortage to zero liquidation value, a comprehensive strategy combining perpetual bond replacement and equity refinancing is adopted. By setting the liquidity index as the threshold of financial distress and setting the asset accumulated index as the threshold of bankruptcy, a pricing model in this comprehensive strategy is constructed. The empirical analysis verifies the applicability of this comprehensive strategy. The result indicaates that the financial distress can be effectively relieved by using a reasonable comprehensive strategy which combines perpetual bond replacement and equity refinancing. The main reason for this is that the extension of bond maturity can reduce the current debt service pressure of enterprises, and the short-term liquidity pressure of enterprises can be further relieved after the replacement of perpetual bonds. Besides, within a certain range of asset value, this comprehensive rescue strategy can increase the values of both the enterprise and the equity, and ensure that the debt value does not decrease.
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Option Pricing Based on Machine Learning Algorithm
ZHOU Rencai
2022, 31 (3):  476-485.  doi: 10.3969/j.issn.1005-2542.2022.03.006
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This paper designs a new training algorithm which fuses parameter models and nonparameter models. By using the machine learning model to simulate parameter models as prior distribution, optimizing it with Bayesian learning, and dynamically adjusting distribution, this algorithm can avoid the excessive volatility of mode parameters and increase the generation ability. Based on the BS model (Black Scholes option pricing model), the Heston model, and neural network, this paper constructs the fusion modes of BS_BR and HS_BR for option pricing. The result of the empirical study shows that the fusion model can combine the advantages of the two modes, which has not only a better calibration efficiency in the sample, but also a better prediction performance out of the sample.
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Internet Application,Information Connectivity, and Innovation of Manufacturing Enterprises
WU Qinqin
2022, 31 (3):  486-499.  doi: 10.3969/j.issn.1005-2542.2022.03.007
Abstract ( )   PDF (1022KB) ( )  
Based on the informationization and digitalization of innovation knowledge in the digital economy era, this paper constructs a model of the influence of Internet application on innovation of manufacturing enterprise, analyzes the intermediary effect of information connectivity and heterogeneity factor by taking the survey data of manufacturing enterprises of the World Bank as samples, using the Logit regression method and the intermediary effect model. The results show that use of the Internet by manufacturing enterprises has a significant positive impact on decision-making of innovation input, intensity of innovation input and innovation output. The information connectivity between enterprises and suppliers or customers in the upstream and downstream of the industrial chain plays an intermediary role. Among them, Internet information connectivity has a significant intermediary effect on the innovation of consumer goods manufacturing enterprises, but has an insignificant effect on industrial product manufacturing enterprises. The information connection with customers has a significant mediating effect on the innovation output of small and medium-sized enterprises. The results of research are helpful to explore the influence mechanism of information elements on enterprise innovation in the era of digital economy, and provide reference for different types of enterprises to implement the digitalization strategy and obtain “connection dividend”.
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Enterprise Research and Dvelopemnt,Industry-University-Research Cooperation Innovation,and Regional Innovation Output:The Moderating Role of Openness
WANG Xiaohong, LI Na, ZHANG Ben
2022, 31 (3):  500-508.  doi: 10.3969/j.issn.1005-2542.2022.03.008
Abstract ( )   PDF (978KB) ( )  
As an important innovation subject in the regional innovation system, enterprises have an important impact on promoting regional innovation output. Using Chinese provincial panel data from 2012 to 2018, this paper empirically investigates the promotion of enterprise research and development investment to regional innovation output by introducing two important variables, i.e., industry-university-research collaborative and openness. The results show that there is a positive and significant effect of enterprise research and development investment on regional innovation output. Enterprise research and development investment promotes industry-university-research cooperation development which plays a partial mediating role between enterprise research and development and regional innovation output. The degree of openness plays a positive moderating role between enterprise research and development and university-industry research cooperation development. The research findings have important theoretical and practical implications for promoting regional innovation development.
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Mismatch of Human Capital and Contribution Rate of Human Capital: Systematic Measurement and Empirical Test
WANG Yafei, BAI Ying, LIAO Meng
2022, 31 (3):  509-521.  doi: 10.3969/j.issn.1005-2542.2022.03.009
Abstract ( )   PDF (1201KB) ( )  
This paper attempts to integrate human capital mismatch into the analysis framework of human capital contribution rate to economic growth (hereinafter referred to as human capital contribution rate), and systematically measure and analyze the human capital mismatch index and human capital contribution rate of 30 sample provinces in China except Tibet, Hong Kong, Macao, and Taiwan from 2005 to 2018. It empirically tests the impact and effect of human capital mismatch on the contribution rate of human capital, and further discusses the regulatory role of industrial agglomeration in the above impact. The results show that the overall human capital mismatch in China tends to ease, but there is regional heterogeneity in the evolution trend. The eastern, central, and western regions are characterized by improvement, repeated fluctuation, and deterioration respectively. The mismatch of human capital has a significant negative effect on the contribution rate of human capital, and this effect still exists after distinguishing the two mismatch types of insufficient allocation and excessive allocation, but the negative effect of excessive allocation of human capital on the contribution rate of human capital is more obvious. Producer services and manufacturing producer services collaborative agglomeration have corrected the negative effect of human capital mismatch on human capital contribution rate to varying degrees, while manufacturing agglomeration strengthens the inhibitory effect of human capital mismatch on human capital contribution rate. This paper helps to enrich and improve the theory of factor allocation and economic growth in theory. The relevant problems and influence mechanism revealed provide rich policy implications for tapping China’s economic growth potential.
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Digital Economy,Regional University Knowledge Transfer,and High-Tech Enterprise Innovation Performance
MA Yonghong, LI Baoxiang
2022, 31 (3):  522-533.  doi: 10.3969/j.issn.1005-2542.2022.03.010
Abstract ( )   PDF (998KB) ( )  
This paper discusses the impact of the digital economy on regional high-tech enterprise innovation performance, and the influencing mechanism of regional university knowledge transfer on the above path. Based on the provincial panel data of China from 2011 to 2018, it measures the regional digital economy development index, and conducts multidimensional econometric analysis. The results show that the digital economic development index significantly promotes high-tech enterprise innovation performance, which is still true after the robustness test of selecting the historical data of posts and telecommunications as the instrumental variable. University knowledge transfer and digital economy have a positive driving interaction effect. Under the influence of university knowledge transfer, digital economy has a U-shaped effect on high-tech enterprise innovation performance. Based on the spatial model, it is found that the digital economy has negative spatial spillover characteristics for high-tech enterprise innovation performance. The results of the region and enterprise heterogeneity analysis show that the impact of the digital economy on high-tech enterprise innovation performance is different under the natural location, enterprise scale, enterprise ownership structure, and enterprise registration type. The research results provide a useful reference for high-tech enterprises to optimize the technology transfer strategy of university-enterprise collaboration, and explore effective driving paths for high-tech enterprise innovation. They also provide a useful reference for government departments to actively plan the strategic layout of digital economy development.
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Impact of Research and Development Subsidies,Tax Incentives,and Their Mix on Corporate Research and Development Investment:Based on the Perspective of Financing Constraints
MA Wencong, WONG Yinjiao, CHEN Xiude, SU Tao
2022, 31 (3):  534-544.  doi: 10.3969/j.issn.1005-2542.2022.03.011
Abstract ( )   PDF (971KB) ( )  
Based on the propensity score matching method, this paper explored the impact of research and development subsidies, tax incentives, and their mix on corporate research and development investment from the perspective of financing constraints using the data of Chinese listed companies from 2008 to 2019. It removed confounding factors to make the research results more accurate. The results show that there is a significant difference between the results of removing confounding factors and not removing confounding factors, indicating that the presence of confounding factors would lead to biased results. Under the condition of removing confounding factors, the research and development subsidies or tax incentives have a promoting effect on corporate research and development investment without financing constraints but it is difficult for research and development subsidies or tax incentives to have the original promoting effect on corporate research and development investment when there are financing constraints. However, regardless of whether the corporate is faced with financing constraints, the policy mix of research and development subsidies and tax Unmarked can significantly promote corporate research and development investment. Therefore, the policy mix has a more significant and stable impact on corporate research and development investment than a single policy. This paper contributes to enriching the theoretical research in this field, and providing important reference significance for the formulation of relevant policy mixes in China.
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Influence of Innovation Correlation Network Structure on Technology Niche of Intelligent-Manufacturing Enterprises
SU Yi, FU Ningning
2022, 31 (3):  545-554.  doi: 10.3969/j.issn.1005-2542.2022.03.012
Abstract ( )   PDF (4380KB) ( )  
This paper, taking the number of invention patents granted by listed intelligent-manufacturing enterprises in China from 2015 to 2020 as a sample, reveals the evolution law of innovation correlation network of intelligent-manufacturing enterprises using social network analysis. It makes a regression analysis on the innovation correlation network structure of intelligent-manufacturing enterprises and the “state” and “momentum” of technology niche. It is found that the innovation correlation network of intelligent-manufacturing enterprises is significantly related, and the correlation tends to be increasingly close. There is a significant inverted U-shaped relationship between the centrality of network degree and the “state” and “momentum” of technology niche but a significant inverted U-shaped relationship between the relationship intensity and the “state” and “momentum” of technology niche. The relationship between the structural hole and the “state” of technology niche is in a positively linear correlation. In the initial stage, the government should play a guiding role in policies, encourage more enterprises to invest in related fields of intelligent-manufacturing enterprises, and promote the development of their innovation correlation network. In the developing stage, the government should improve the centrality of network degree, structural hole and relationship strength, and avoid reducing the innovation ability of intelligent-manufacturing enterprises due to excessive dispersion. In the mature stage, the government should eliminate redundant links, obtain effective network resources, optimize network structure, and further ensure the innovation ability of intelligent-manufacturing enterprises.
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Logistics Optimization in Truck-Drone Joint Pick-Up and Delivery
MENG Shanshan, GUO Xiuping,
2022, 31 (3):  555-566.  doi: 10.3969/j.issn.1005-2542.2022.03.013
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To effectively coordinate forward and reverse logistics, taking advantage of the characteristics of low cost and less impact of ground traffic conditions of drones, a truck-drone joint pick-up and delivery model was built and a two-stage solution method was proposed, considering the payload-induced battery consumption and the simultaneous pick-up and delivery services. In the first stage, the “maximum weight judgment method” was proposed to construct the initial feasible solution, assign pickup or delivery vehicles for the goods, and determine the required number of trucks. In the second stage, an improved simulated annealing algorithm based on node characteristics was used to optimize the truck-drone path and minimize the total cost. The two stages were all implemented using Python programming. The simulation results show that the truck-drone joint pickup and delivery model can effectively reduce logistics cost compared with other modes. The “maximum weight judgment method” can significantly improve the convergence speed and effect of the algorithm.
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Optimal Decision Model of Micronet Group Carbon Trading Based on Blockchain
HU Wei, PEI Ying
2022, 31 (3):  567-576.  doi: 10.3969/j.issn.1005-2542.2022.03.014
Abstract ( )   PDF (1135KB) ( )  
Aimed at the problems of irrational carbon rights allocation mechanism of microgrid groups, low carbon rights trading efficiency, and low node participation, a blockchain-based microgrid group carbon rights trading optimization decision-making model is proposed. Combining the information transparency, decentralization, security, and credibility of the blockchain, a microgrid group carbon rights trading structure is established and a microgrid group default penalty mechanism is adopted to quantitatively calculate the reputation value of the microgrid node and achieve the reputation value and in-depth integration of microgrid node transaction priorities. The improved PBFT consensus mechanism is used to classify the nodes in the alliance chain to achieve the purpose of restricting the consensus authority of the nodes. On this basis, a carbon rights transaction process and a penalty mechanism is designed based on default. The algorithm realizes the automatic execution of many-to-many transactions within the microgrid group, ensuring the efficiency of carbon rights trading. According to the microgrid node carbon emission threshold, the microgrid nodes are classified to complete the pertinence of the microgrid group carbon rights allocation plan design. In a buyer’s market environment, the carbon rights trading optimization decision-making model is established based on the maximum total utility benefit of users as the objective function, which greatly improves the enthusiasm of microgrid users to participate in the carbon rights trading market, and protects the economic interests of microgrid node users. The calculation example analysis shows that the model can ensure the rationality of the carbon rights distribution of the microgrid group, improve the efficiency of carbon rights trading while improving the utility income of the microgrid node users, and further increase the enthusiasm of the microgrid nodes to participate in market transactions.
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State-Owned Equity,Implicit Government Guarantee,and Bank Loans in SOEs
CHEN Qi’an, WANG Wen, ZHOU Hongjun, HUANG Yile
2022, 31 (3):  577-588.  doi: 10.3969/j.issn.1005-2542.2022.03.015
Abstract ( )   PDF (982KB) ( )  
A mathematical model is constructed to analyze the theoretical mechanism that the state-owned equity of state-owned enterprises (SOEs) affects bank loans through implicit government guarantee. Then, taking listed SOEs as samples, a multiple panel regression model and an intermediary effect model are built to empirically study the influence of state-owned equity on bank loans through implicit government guarantee. It is found that implicit government guarantee will have a significant positive impact on bank loans, and the state-owned equity boosts both the implicit government guarantee and the bank loans. In addition, the implicit government guarantee will play an intermediary role between the state-owned equity and the bank loans. Moreover, compared with the local SOEs, implicit government guarantee has a more important  intermediary effect in the impact of state-owned equity central SOEs on bank loans. This paper clarifies the influence of state-owned equity and implicit government guarantee on bank loans of SOEs, which provides a theoretical and empirical evidence for optimizing the equity structure of SOEs, standardizing the implicit government guarantee behavior, and promoting the reform of mixed ownership.
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Voluntary Internal Control Audit, Stability of Audit Contract,and Audit Cost
ZHANG Zijian, SHEN Yujing
2022, 31 (3):  589-603.  doi: 10.3969/j.issn.1005-2542.2022.03.016
Abstract ( )   PDF (1051KB) ( )  
Based on A-share Chinese listed companies from 2007 to 2016, this paper examines the impact of voluntary internal control audit on audit contract in the change of internal control audit system, and expands the research literature on the economic consequences of voluntary internal control audit. The results indicate that the voluntary internal control audit of listed companies is accompanied by a lower auditor turnover, but after entering the stage of mandatory internal control audit, the once voluntary internal control audit has no significant effect on the stability of audit contract. Although the voluntary internal control audit of listed companies does not significantly  increase their overall audit costs in the current period, the work experience accumulated in the early stage of the voluntary internal control audit of listed companies can significantly reduce the audit burden in the mandatory internal control audit stage. However, the impact of the cooperative relationship established due to voluntary internal control audit on the audit contract is only applicable to the non-big four or high importance customers, that is, local accounting firms may take the initiative to meet the voluntary internal control audit needs of listed companies in order to retain (important) customers. There is no significant difference between the big four and the non-big four and whether the customer is important or not as far as the learning effect of the audit experience accumulated in the past voluntary internal control audit is concerned, which can reduce the audit cost in the stage of mandatory internal control audit to a certain extent.
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A “Dark Side” of Interfirm Multimarket Contacts: Multimarket Contact, Competitive Pressure Perception,and Corporate Collective Moral Behavior
DENG Xinming, SHU Mei
2022, 31 (3):  604-618.  doi: 10.3969/j.issn.1005-2542.2022.03.017
Abstract ( )   PDF (1049KB) ( )  
This paper discusses the relationship among multimarket contact, perception of competitive pressure, corporate collective moral behavior, and the regulatory role of institutional environment. It extends the research perspective of multimarket contact to the third party of competitors (such as consumers), and reveals the “dark side” in multimarket competition. The results show that multimarket contact has a positive impact on the perception of competitive pressure, and the perception of competitive pressure plays a complete mediating role between multimarket contact and corporate collective moral behavior, which indicates that enterprises will alleviate the competitive pressure caused by multimarket contact by engaging in collective moral behavior. At the same time, the institutional environment weakens the positive relationship between the perception of competitive pressure and collective moral behavior, which shows that the perfect institutional environment has a restraining effect on the tendency of enterprises to engage in collective moral behavior. The results not only enrich the relevant theoretical research in the field of multimarket contact, but also provide empirical and theoretical support for government departments to supervise the illegal activities of enterprises, and offer some implications for the strategic choice of enterprise decision makers in the multimarket contact environment.
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