Table of Content

29 September 2020, Volume 29 Issue 5 Previous Issue    Next Issue

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Incentive Model of Emergency Equipment Reservation System Based on Principal-Agent Theory#br# LIU Yang, TIAN Jun, FENG Gongzhong, GAO Xiaoning 2020, 29 (5):  833-846.  doi: 10.3969/j.issn.1005-2542.2020.05.001 Abstract ( )   PDF (8182KB) ( )   To reduce the serious social harm caused by sudden emergencies, the government requires that the enterprises should strengthen daily emergency equipment reservation. In fact, the goals that the government and the enterprise pursue are generally inconsistent, and the information the government and the enterprise get is often asymmetric. Therefore, the total effort of the enterprise will decline, which brings potential risk to equipment supply in emergency. In order to solve this problem, in this paper, the principal-agent relationship between the government and the enterprise was studied, and the interest game between the two parties under the condition of asymmetric information was analyzed. Besides, the incentive model of emergency equipment reservation was built. Moreover, the optimal solutions to the reward-punishment coefficient and incentive coefficient of the government, the optimal effort of the enterprise, as well as the profits of both parties were attained. Furthermore, numerical examples and sensitivity analysis were used to verify the effectiveness of the proposed model, and the influence of several exogenous variables on the optimal decision strategies of the enterprise and the government as well as their benefits was discussed. Finally, some practical management implications were proposed. Related Articles

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Regional R&D Investment, Industry-University-Research Coupling Coordination and Scientific and Technological Performance XIAO Zhenhong, FAN Jundi 2020, 29 (5):  847-856.  doi: 10.3969/j.issn.1005-2542.2020.05.002 Abstract ( )   PDF (978KB) ( )   Based on the coupling coordination degree measurement model, principal component analysis, and the panel threshold regression model, using the panel data of 30 provinces and cities in China from 2013 to 2017, taking the coupling degree of industry, university, and research as the threshold variable, this paper explores the heterogeneous impact of R&D staff input and R&D funding on technology performance by dividing regional R&D investment into R&D personnel input and R&D expenditure. The empirical results show that when the coupling degree of industry, university, and research is used as the threshold variable, there is a significant double threshold effect on the R&D personnel input and the R&D expenditure and a three phases of the scientific and technological performance. There is a positive effect of R&D personnel input on the scientific and technological performance when the threshold value increases. When the coupling degree of industry, university, and research is higher than 0.6135, the R&D personnel input has a significant positive effect on the scientific and technological performance. R&D expenditure does not always positively promote the performance of science and technology. When the coupling degree of industry, university, and research is less than 0.5290, the R&D investment will have a negative effect on the scientific and technological performance. When the regional industry, university, and research coupling coordination degree is higher than 0.5290, the R&D expenditure will have a positive effect on the scientific and technological performance, and the role of R&D personnel in investment in the scientific and technology performance is more significant. Related Articles

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#br# Probabilistic Self-Rostering Model and Its Application  DING Xianghai, YU Yao, ZHANG Junna 2020, 29 (5):  857-865.  doi: 10.3969/j.issn.1005-2542.2020.05.003 Abstract ( )   PDF (1033KB) ( )   Deterministic self-rostering (DSR) did not fully consider the difference in employees’ preferences on shift, which reduced the labor efficiency. In order to solve this problem, the concept of probabilistic shift was introduced, and a model of probabilistic self-rostering (PSR) was established with minimum labor cost as the goal. With a general distribution of employee preferences, it was proved that when the probability value of probabilistic shift was 0.5, PSR had the lowest labor cost. Besides, the problem of setting salaries for each shift when the employment strategy was changed from DSR to PSR was analyzed, and the source of labor cost advantage of PSR was discussed. In addition, the correctness of the conclusion was verified when the employee’s preference is in a specific uniform distribution. Moreover, the scientific nature of PSR in practical application was analyzed through example experiment. Related Articles

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A Segmented Dimensionless Method Induced by Ranking Percentage and Its Influencing Factors YI Pingtao, LI Weiwei, LI Lingyu 2020, 29 (5):  866-873.  doi: 10.3969/j.issn.1005-2542.2020.05.004 Abstract ( )   PDF (989KB) ( )   In order to consider the situation of outliers in dimensionless processing of the evaluation data, and to reduce the imbalance distribution between the dimensionless data caused by outliers, this paper proposes a novel nonlinear dimensionless method, namely, the  segmented dimensionless method induced by ranking percentage, based on the extremum method, which takes the ranking percentage of initial data as the inducing variable to segment the initial data, and performs dimensionless processing in different intervals based on the extremum method. The property analysis shows that this method can greatly improve the satisfaction degree of the dimensionless data to the property of the “constant total”. Moreover, this dimensionless method has a better anti-interference ability for outliers, and as the segment increases, its sensitivity to outliers decreases. Related Articles

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Lagrangian Relaxation Algorithm for Order Acceptance and Scheduling in a Single Machine Environment XIE Xingzi, WANG Xiuli 2020, 29 (5):  874-881.  doi: 10.3969/j.issn.1005-2542.2020.05.005 Abstract ( )   PDF (1028KB) ( )   This paper studies the single machine order acceptance and scheduling problem under the practical production situation that a setup time is incurred whenever there is a switch from the processing of an order in one class to one in another class. The objective is to maximize the total net revenue of the enterprise. Since this problem is NP-hard, a Lagrangian-based heuristic algorithm is developed in which the constraints on occurrences of successive orders are embedded to improve the relaxation solutions. The relaxation problem is solved by a dynamic programming with dynamic programming recursive formulas. After that, by utilizing the optimal properties and greedy rule, a feasible solution is obtained. The experimental results show that for problems of different scales, the proposed algorithm can obtain satisfactory near-optimal solutions within a reasonable time. Related Articles

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Influence of Main Characteristics of PPP-Related Project on Tunnel Behavior: An Empirical Analysis Based on Improved Panel Threshold Model LIU Jicai, HU Jia, GAO Ruolan 2020, 29 (5):  882-894.  doi: 10.3969/j.issn.1005-2542.2020.05.006 Abstract ( )   PDF (1572KB) ( )   Tunnel behavior frequently occurs in PPP projects. Based on the relationship between the characteristics of various stakeholders and the tunnel behavior, the panel data of 360 companies in the A-share PPP concept section are selected as samples to construct an improved panel threshold model that can solve the critical and potential threshold variables. The second-stage improved panel threshold model is used to empirically analyze the influence of the separation of two weights on the PPP stakeholder tunnel behavior at each variable. The result shows that there are threshold characteristics on the government-private cooperation degree and the size and nature of the enterprise as well as the general threshold variables under the classification. Specifically, for enterprises with a higher government-enterprise cooperation in the PPP project, more separation of the two powers can reduce the tunnel effect with conditions of a higher debt and equity balance as well as a lower bank debt and equity concentration. For the enterprise with a bigger nature size parameter, more separation of the two powers can reduce the tunneling effect at a lower bank debt ratio, equity concentration, and equity balance, while a lower or higher debt will lead to the tunnel behavior. Related Articles

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Contingent Convertible Bond with the Properties of Debt-to-Equity and Write-Down and Their Pricing WANG Wenhua, QIN Xuezhi, ZHANG Xiang, ZHANG Maojun 2020, 29 (5):  895-904.  doi: 10.3969/j.issn.1005-2542.2020.05.007 Abstract ( )   PDF (3022KB) ( )   A novel dual-trigger contingent hybrid bond, i.e., DEWDCC, is designed and priced in this paper which can be converted into common equity, i.e., debt-to-equity, or into an ordinary write-down contingent convertible bond, i.e., write-down CoCo, when the financial systemic risk is accumulated to a dangerous level. A Parisian exogenous trigger is employed which is helpful in providing debt-issuer and investors with an early warning of the accumulation of the financial systemic risk, and in suppressing the motivation of manipulating debt-to-equity. Moreover, the write-down property with the endogenous trigger is helpful in absorbing the losses of the troubled bank in time. The Monte Carlo simulation is employed to analyze DEWDCC. The results indicate that the effects of two triggers on debt-to-equity and write-down are complex, and can even offset each other. Besides, inappropriate CoCos may lead to instability of the financial market. In addition, the property of debt-to-equity can provide the bank with an opportunity to increase countercyclical buffer capitals, while the write-down property can effectively maintain the subsisting of the troubled bank. In a word, the conversion option makes DEWDCC more attractive than normal CoCos. Related Articles

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Incentive and Restraint Mechanisms of Collusion in Rating Agencies Based on Markov-Dual Reputation Rating Shopping Model ZHOU Xiangyun, TIAN Yixiang 2020, 29 (5):  905-914.  doi: 10.3969/j.issn.1005-2542.2020.05.008 Abstract ( )   PDF (5032KB) ( )   This paper introduces the transition limiting probability matrixes of economic states and the dual reputation to improve the rating shopping game model. It builds a Markov-dual reputation rating shopping model to analyze the conditions of the dual rating incentive mechanism and the constraint mechanism for preventing the collusion among rating agencies. Based on the numerical analysis and the simulations, it concludes that when the reputation effect is in certain conditions, the dual rating incentive mechanism can prevent inflated ratings and higher rating fees. In the state of economic development separation, the constraint mechanism is more effective in preventing the collusion among rating agencies and reducing the regulatory cost. Related Articles

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Decision-Making Model for Privatization and Delisting of China Concept Stock Companies Based on the Hypothesis of Underestimation TAN Qingmei, GENG Peixuan, LU Fangqin 2020, 29 (5):  915-923.  doi: 10.3969/j.issn.1005-2542.2020.05.009 Abstract ( )   PDF (1048KB) ( )   Based on the background of the privatization and delisting of China stock concept, this paper models the tradeoff that the controlling shareholders of China concept stock companies face when deciding whether to privatize from foreign capital market. It models the value of the company that keeps overseas-listing and the value of the company that privatizes. The results show that there is a threshold of net cash flow used by the controlling shareholder to determine whether to privatize or not. The value of the company which keeps overseas-listing will be greater when the net cash flow is greater than the threshold, which means the controlling shareholder should keep the China concept stock listing on foreign market in order to maximize the value of the company. Otherwise, the China concept stock company should privatize when the net cash flow is smaller than the threshold. As the overseas-listing compliance cost and the capital cost increase, the ability to get net cash flow weakens if the firm keep overseas-listing, and the threshold of net cash flow increases. As the capital cost decreases and the ability to get net cash flow after privatizing strengthens, the threshold of net cash flow increases. Both the simulation using Matlab and the case study of Zhaopin’s privatization support the above conclusions. The conclusions have practical significance for the privatization and delisting decision-making of China concept stock. Related Articles

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An Empirical Study of Purchase Rate and Dropout Rate Between Mobile and PC Customers WU Banggang, YANG Liu, CHEN Yubo 2020, 29 (5):  924-933.  doi: 10.3969/j.issn.1005-2542.2020.05.010 Abstract ( )   PDF (941KB) ( )   In the mobile Internet era, one critical question for marketers is whether the purchase behavior of mobile customers is different from that of PC customers. To address this issue, this paper extends the classical BG/NBD model in customer relationship management, and studies the impact of adopting mobile e-commerce on customer purchase rate and dropout rate. It also examines the moderating effect of customer cross-buying behavior. An empirical analysis of a sample of 19189 customers from the leading online B2C platform JD.com in China indicates that mobile customers have a higher purchase rate and a lower dropout rate after the adoption of the mobile channel, and cross-buying enhances both effects. This paper provides important managerial implications for mobile commerce and customer relationship management in the mobile internet era. Related Articles

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Impact of Capital Investment on Inter-Provincial Spillover Effect XU Li, ZHUANG Ying, SUN Hao 2020, 29 (5):  934-942.  doi: 10.3969/j.issn.1005-2542.2020.05.011 Abstract ( )   PDF (3064KB) ( )   The flow of factors lead to spillover effect, and the coordinated development of regional economies cannot be separated from the continuous effect of inter-provincial spillover effects. By constructing a GVAR model and using the panel data of 29 provinces (cities), it is demonstrated that there exist the spatial spillover effects of economic growth in Shanghai, Wuhan, and Chongqing, and there exist mutual spillover effects between the three cities, considering the heterogeneity of each region’s mutual influence. The results indicate that the linkage between economic growth in the eastern provinces is stronger, followed by the central region and the western region, while the economic relationship between the three central cities is not significant. Further regression analysis of the spillover effect suggests that the capital investment and foreign direct investment (FDI) of the region are positively correlated with the spillover effect, while the capital investment and FDI of the other region are negatively correlated with the spillover effect. The empirical results help to plan the economic development model of different regions, correctly understand the development relationship between each other, and promote regional innovation and development. Related Articles

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Cooperation Mechanism Between the Owner and the Engineering Investigation Contractor in Mega Project Based on Evolutionary Game Theory ZHU Jianbo, ZHOU Xiaoyuan 2020, 29 (5):  943-948.  doi: 10.3969/j.issn.1005-2542.2020.05.012 Abstract ( )   PDF (1107KB) ( )   To study the cooperation mechanism between the owner and the engineering investigation contractor in the early stage survey of mega projects, and based on the premise of the bounded rationality of the owner and the engineering investigation contractor, an evolution model was established, based on which, the influence of a variety of parameters on evolution results was discussed, and verified by numerical simulations. It is found that a reasonable excess income distribution has a positive effect on the cooperation of both parties, and there exists an optimal coefficient that maximizes the possibility of the cooperation between the two parties. The influence of the cost of both parties on the equilibrium results is different, and the risk allocation mechanism can effectively promote cooperation. Related Articles

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Impact of Interaction Between Self-Construal and Promotion Framework on Perception of Price Inequality LUO Jin, LV Wei, DOU Wenjing 2020, 29 (5):  949-956.  doi: 10.3969/j.issn.1005-2542.2020.05.013 Abstract ( )   PDF (1055KB) ( )   Price comparisons may lead to the perception of price inequality. The impact of the interaction between self-construal and promotion framework on the perception of price inequality was examined in this paper. Two experimental studies indicate that when paying more than they used to, consumers who are interdependent self-construal feel more unfair than consumers who are independent self-construal. In addition, the promotion framework also moderates the impact of self-construal on price equality perception. When the positive framework of promotion ends, independent self-construal consumers have a stronger sense of inequality. In contrast, when the negative frame promotion ends, the interdependent self-construal consumers have a stronger sense of price inequality. Related Articles

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Lagrangian Wolf Pack Algorithm and Its Application for Solving the Location Problem of Un-Capacitated Facilities ZHANG Huizhen, CHEN Yuting, YE Yong, NI Jing 2020, 29 (5):  957-963.  doi: 10.3969/j.issn.1005-2542.2020.05.014 Abstract ( )   PDF (907KB) ( )   The un-capacitated facility location(UFL) problem is a classical combinatorial optimization problem which has been applied in various fields. First, by using the specific characteristics of the UFL problem, the intelligent behaviors of cooperative predation in the wolf pack algorithm were redesigned, and a wolf pack algorithm for solving the UFL problem was presented. Next, a Lagrangian wolf pack algorithm for solving the UFL problem was proposed by combining the wolf pack algorithm with Lagrangian relaxation. Finally, a part of instances from the UFL benchmark database were solved by using the wolf pack algorithm and Lagrangian wolf pack algorithm, respectively. A comparison of the solutions obtained by using the two algorithms proposed in this paper with the ones obtained by using the hybrid ant colony algorithm, the semi-Lagrangian relaxation method, and the optimization software CPLEX shows that the Lagrangian wolf pack algorithm outperforms the wolf pack algorithm, the hybrid ant colony algorithm, and the semi-Lagrangian relaxation method, and it can also alleviate the disadvantages such as long computation time and large memory which are required by the optimization software CPLEX. On the whole, the Lagrangian wolf pack algorithm has a good solution performance for solving the UFL problem. Related Articles

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Optimal Inventory Control Under Logistics Path Closure and Congestion Risks WANG Feng, QI Yuan, LONG Jing, LI Ruihai 2020, 29 (5):  964-973.  doi: 10.3969/j.issn.1005-2542.2020.05.015 Abstract ( )   PDF (1326KB) ( )   A supply chain consisting of a manufacturer (buyer), a supplier, and a customer faces the logistics path closure or congestion risks brought about by large activities in metropolis. The manufacturer runs in the policy of ‘order-up-to-level’ inventory under quantity uncertainty, customer order uncertain, and subsided by the government. A multi horizon Markov state updating model involves in the expected cost optimization when there is a state transfer between the state of logistics path closure or congestion and the normal state. An approximate optimal solution may be found in the optimal ‘order-up-to-level’ inventory. It is found that the best ‘order-up-to-level’ inventory is more affected by the mean of congestion quantity and customer order service level. It is also found that the ‘order-up-to-level’ inventory is little affected by government subsidies but can decrease expected inventory cost. The best way to reduce the risk of logistics path closure or congestion is to increase the order quantity. Related Articles

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Differential Game of Dynamic Closed-Loop Supply Chain Considering Altruistic Behavior Preference MA Deqing, HU Jinsong 2020, 29 (5):  974-986.  doi: 10.3969/j.issn.1005-2542.2020.05.016 Abstract ( )   PDF (4167KB) ( )   Considering a dynamic closed-loop supply chain system consisting of a manufacturer and a retailer, Stackelberg differential game models under three kinds of behavior mode—the altruism of manufacturer, the altruism of retailer, and the altruism of both parties were built. By using the Bellman’s continuous dynamic planning theory, the recycling effort input, the wholesale price strategies of manufacture, the sales price strategy of retailer and recovery rate of waste product, as well as the value function of both parties in the three kinds of altruism modes were obtained and analyzed. A numerical example was given to verify the previous conclusion, and further analyze the effects of altruism coefficient of the manufacturer and that of the retailer on the steady-state index. Besides, the time-evolution of supply chain performance in the three altruistic models is compared and analyzed while using the self-supporting situation as the benchmark model. The result shows that altruism is a positive social preference. The altruistic behavior of the manufacturer can effectively reduce the double marginal effect of the supply chain and improve the consumer surplus, while that of the retailer may increase profit of the manufacturer at the expense of himself and can make consumer demand more sensitive to price changing. In contrast, the altruistic behavior of both parties is the optimal behavior pattern of the supply chain, which can improve the triple-bottom-line performance of economy, environmental protection, and society. Related Articles

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College of Transport and Communications, Shanghai Maritime University, Shanghai 200135, China YU Dayong, QIAN Jia, CHEN Xuerou, XU Zui 2020, 29 (5):  987-993.  doi: 10.3969/j.issn.1005-2542.2020.05.017 Abstract ( )   PDF (1817KB) ( )   When the probability distribution function of random demand is not completely known, retailers can deduce the demand according to the historical demand data. If the retailer does not share the demand data with the manufacturer, the latter can only infer the demand based on the historical order data. This paper studies the price decision of the manufacturer under the condition of whether there is historical information or not, the corresponding order decision of the retailer, and the demand information sharing decision among members of the supply chain. The result shows that when the demand information is asymmetric and the demand inference of the manufacturer is too high, the manufacturer will set a higher wholesale price, the expected profit of the retailer will be less than that when sharing demand information with the manufacturer, and the retailer is more likely to share demand information with the manufacturer. Besides, this paper further analyzes the coordination mechanism of encouraging the retailer to share demand information and increasing the profit of the supply chain. Related Articles

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Coordination Mechanisms of Green Supply Chain with Reference Price Effect SANG Shengju, ZHANG Qiang 2020, 29 (5):  994-1002.  doi: 10.3969/j.issn.1005-2542.2020.05.018 Abstract ( )   PDF (2486KB) ( )   The coordination mechanisms of the green supply chain are studied with the consideration of the reference price effect of the consumer. Four optimal supply chain models based on the reference price effect, including the centralized supply chain model, the decentralized supply chain model, the cost sharing contract, and the revenue sharing contract are provided to obtain optimal equilibrium solutions, and their optimal strategies are also compared. The results show that the cost sharing contract and the revenue sharing contract result in high supply chain profits, but fail to reach the optimal one in the integrated setting. The revenue sharing contract is superior to the cost sharing contract. With the increase in the reference price effect, the greenness of product, the wholesale price, and the retail price decrease, while the profits of both the manufacturer and the retailer increase. Moreover, the profits of the manufacturer and the retailer increase when taking into consideration the reference price effect of the consumer. Related Articles

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Selection of Take-Back Mode of Closed-Loop Supply Chain Considering Product Modular Design CHEN Zhangyue, WANG Yong, WANG Yili 2020, 29 (5):  1003-1010.  doi: 10.3969/j.issn.1005-2542.2020.05.019 Abstract ( )   PDF (1933KB) ( )   Product modular design can not only better meet the personalized needs of customers, but also effectively reduce the production cost of new products and remanufactured products. Based on the consideration of product modular design, this paper, taking the manufacturer-led remanufacturing closed-loop supply chain as the research object, analyzes the modularity products, the retail price, the take-back price, and the manufacture profit in the self-operation take-back mode and the outsourced take-back mode, in order to provide reference for the manufacturer’s choice of take-back mode. The result shows that manufacturer’s choice of take-back mode is related not only to the cost parameters of the modular design parameters, but also to the size of the product cost saving between the new products and remanufactured product brought by the product modular design. Related Articles

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Cost Sharing Contract Between Retailer and Financial Enterprise Under Seller’s Consumption Credit JING Youguo, WANG Di, QIN Kaida, YANG Hongjuan 2020, 29 (5):  1011-1017.  doi: 10.3969/j.issn.1005-2542.2020.05.020 Abstract ( )   PDF (889KB) ( )   The problems of the optimal ordering decision of the retailer, the optimal service decision of the financial enterprise, and system coordination are studied taking into consideration the fact that the credit consumption demand of the retailer depends on the credit service of the financial enterprise, in this paper. Consequently, the centralized decision-making model, the decentralized decision-making model, and the cost sharing contract coordination model are established respectively. By solving the above three models, it is concluded that the optimal ordering quantity, the optimal service, and the optimal system profit of the decentralized decision-making model are lower than those of the corresponding decisions of the centralized decision-making model. Besides, when the retailer shares a certain proportion of the credit cost of the financial enterprise and the financial enterprise shares a percentage of retailer’s unit actual product cost, the cost sharing contract can achieve the system coordination. A numerical analysis shows that the proposed cost sharing contract can achieve both system coordination and a win-win situation for the retailer and the financial enterprise. Related Articles

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Analysis of Investment Timing and Debt Scale Based on Financing Constraints XIANG Hua, ZHOU Weifeng 2020, 29 (5):  1018-1024.  doi: 10.3969/j.issn.1005-2542.2020.05.021 Abstract ( )   PDF (970KB) ( )   Based on financing constraints, in this paper, the investment timing and financing scale of small and medium-sized enterprises are investigated. Besides, the closed-form prices of corporate bonds, equity, company value, and the guarantee cost are derived by using the risk neutral pricing approach. In addition, the functional relationship between investment and debt scale is determined and the advantages of the swap are explained. The numerical analysis shows that the investment trigger decreases first and then increases with the financing scale, where there is a U-shaped relationship between them. The company value with guarantee is greater than that of equity financing. But with the increase in risk, the difference between the two values becomes smaller. The comparative static analysis also indicates that the company value is increased and the investment is accelerated. Related Articles