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28 March 2021, Volume 30 Issue 2 Previous Issue    Next Issue

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Optimization of Local Freight Train Transship System Based on Branch-Shaped Siding Network LI Bing, ZHANG Zhining, XUAN Hua 2021, 30 (2):  201-214.  doi: 10.3969/j.issn.1005-2542.2021.02.001 Abstract ( )   PDF (2026KB) ( )   Aimed at the optimization problem of local freight train transship system based on the branch-shaped siding network, the process of shunting local train in railway terminal was analyzed. Besides, based on the time point of each wagon group arriving at the marshalling station, the handling station of wagon group, the loading/unloading time of wagon group in handling station, the engine’s traction number, etc., the problem was formulated as a programming model which minimized the waiting cost for engine early arrival, the penalty cost for engine late arrival, and the operating cost of engine and the wagon. In view of the model complexity and the difficulty in solving it, the HH-GAP&AIP solution strategy was provided. First, the greedy strategy which makes placing-in and taking-out wagons shunting based on the handling emergency level, wagon accumulation number and time was proposed to generate the initial scheduling scheme. Then, asynchronous iteration heuristic was proposed to complete the iterative optimization of the solution. Next, an updating approach based on the checking-detection-transformation procedure was given to prevent the mentioned algorithm from falling into local optimum and expanding the search scope. After that, the experimental scenarios were designed to test the algorithm proposed. Finally, the algorithm proposed was compared with some other algorithms and the performance of the algorithm proposed was evaluated by some different sized cases. Related Articles

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Integrated Optimization Between Project Proactive Scheduling and Reactive Scheduling Under Stochastic Environment with Minimal Total Uncertain Cost WANG Yanting, HE Zhengwen, SUO Qi 2021, 30 (2):  215-226.  doi: 10.3969/j.issn.1005-2542.2021.02.002 Abstract ( )   PDF (1147KB) ( )   From the perspective of cost economy, the integrated optimization of proactive scheduling and reactive scheduling is studied in dealing with uncertain environment with stochastic activity durations. The objective is to generate a stable baseline schedule that minimizes the total uncertain cost both in project planning and execution phases. First, an integrated optimization model with the objective of minimizing the total uncertain cost was constructed. Then, based on the features of the model, a hybrid variable neighbourhood and probabilistic tabu search heuristic algorithm was design, and tested on a large-scale dataset generated by ProGen. The research results show that the hybrid heuristic algorithm based on probabilistic property performs well for large-scale problem instance. Moreover, by allocating time buffers in a reasonable way in the baseline schedule, the optimal total cost of the project can be obtained by sacrificing some robustness. Related Articles

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Relationship Between Knowledge Spillover and Regional Innovation Performance from the Perspective of Knowledge Source Heterogeneity: Threshold Effect Analysis Based on Intellectual Property Protection LIN Zhouzhou, SU Yi 2021, 30 (2):  227-237.  doi: 10.3969/j.issn.1005-2542.2021.02.003 Abstract ( )   PDF (1955KB) ( )   From the perspective of knowledge source heterogeneity, this paper divided knowledge spillover into inter-provincial knowledge spillover and international knowledge spillover. Then it constructed nonlinear panel threshold models by using the panel data of 30 regions in China from 2009 to 2016, taking intellectual property protection as the threshold variable, and empirically analyzed the nonlinear relationship between knowledge spillovers and regional innovation performance. The result shows that the impact of double-channel knowledge spillover on regional innovation performance has a complex nonlinear characteristic with the double threshold of intellectual property protection, and they have the same threshold. When intellectual property protection is less than －4.348, [－4.348, －2.286] and greater than －2.286, the elastic coefficients of inter-provincial knowledge spillover are 0.294, 0.279 and 0.339 respectively, which shows that the promotion effect first descends and then rises. The elastic coefficients of international knowledge spillover are －0.094, －0.128 and 0.146 respectively, which shows that the spillover effect is first negative and then positive. The promotion effect of inter-provincial knowledge spillover is stronger overall. Based on the empirical results, this paper proposes some strategies for improving regional innovation performance in reducing barriers to inter-provincial knowledge spillover, reasonably controlling international knowledge spillover, and improving intellectual property protection. Related Articles

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New Green-Trajectory-Transformed Hi-Technological Product: Normative Factors and Consumer’s Purchase Intention XIAO Hailin, LI Shupin 2021, 30 (2):  238-252.  doi: 10.3969/j.issn.1005-2542.2021.02.004 Abstract ( )   PDF (1080KB) ( )   Green-Trajectory-Transformed Hi-Technological (GTTT) innovation, which is characterized by the trajectory transformations of core technology, market paradigm, and product-utility development direction, is a strategic path for realizing national green development, industrial transformation, and disruption of market competition, which faces the strategic and theoretical dilemmas for the market startup of new product originated from it. Based on the complex management scenarios at the market startup stage of the new GTTT product, this paper selected motor industry as a case and conducted the comparative studies on the influences of the various normative factors on the consumer’s purchase intentions of new products from various types of innovations and at various stages of market development. It is found that the injunctive and descriptive norms are not real influential factors on the consumer’s purchase intention of new GTTT product at the market startup stage. Besides, the individual norm has a significant positive impact on the consumer’s purchase intention, whereas the injunctive and descriptive norms have no significant impacts. Moreover, for such three moderating variables as interdependent self-construal, collective self-esteem, and self-monitoring, only collective self-esteem has a negative moderating effect on the relationship between individual norm and consumer’s purchase intention of new GTTT products. Furthermore, for the products originated from different types of innovations at different market stages, the influential factors and the moderating effects of moderating variables on their consumer’s purchase intention are different. These findings reveal that the theory of reasoned action (TRA) and the theory of planned behavior (TPB) do not suit all new products from different types of technological innovations and at different stages of market development, and falsify the suitability of TRA and TPB for the new GTTT products at the period of market startup, and then eliminate the theoretic misguidance of TRA and TPB for GTTT innovation. Related Articles

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Commodity Futures Quantitative Investment Strategies Based on Information Fusion and Strategy Switching ZHOU Zhizhong, YU Zuqing 2021, 30 (2):  253-263.  doi: 10.3969/j.issn.1005-2542.2021.02.005 Abstract ( )   PDF (1062KB) ( )   Based on the cointegration theory and the fractal market theory, this paper constructed a new quantitative investment strategy for commodity futures based on information fusion and strategy switching. It verified the effectiveness and robustness of the strategy by empirical analysis. Price linkages are common among commodities. Previous studies have constructed statistical arbitrage strategies for commodity futures based on price linkages. However, this paper used price linkages to construct trend-following strategies based on information fusion. Moreover, it designed a strategy switching regime based on the fractal market theory, i.e., using trend-following strategies in trending markets and switching to statistical arbitrage strategies in mean-reverting markets. The empirical results show that information fusion can improve the performance of trend-following strategies, while applying strategy switching can further improve the investment performance. Furthermore, this paper uses Monte Carlo simulation to verify the robustness of the empirical results, and gives optimal trading strategies in different model assumptions. Related Articles

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Pricing of Shanghai Copper Futures Based on a Three-Factor Model OUYANG Ruolan, XIAO Xiaoxia, CHEN Jilong, XIE Yonghong 2021, 30 (2):  264-273.  doi: 10.3969/j.issn.1005-2542.2021.02.006 Abstract ( )   PDF (4021KB) ( )   Based on the price of Shanghai copper futures, a three-factor model, including spot price, convenient yield, and stochastic volatility, was proposed. Before constructing the model, the mean-reverting feature of the copper spot price and the convenient yield were examined by using the method of seemingly unrelated regression analysis (SUR) and the features of stochastic volatility were verified by using AR-GARCH model. The analytical solution to the price of futures was obtained. The model was further estimated by using the data from 2010 to 2019, via the state-space model and the extended Kalman filter technique. The results show that the spot price, convenience yield, and volatility are all positively correlated. Besides, the three-factor model can capture the changes in volatility very well, especially in the periods of price slumping and booming. In addition, compared with the classic Schwartz two-factor model, the three-factor model has a much higher fitting accuracy. Related Articles

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Equity Pledge，Management Risk Preference，and Enterprise Innovation Performance XU Changxin, GAN Mengxi 2021, 30 (2):  274-282.  doi: 10.3969/j.issn.1005-2542.2021.02.007 Abstract ( )   PDF (948KB) ( )   Equity pledge has gradually become one of the financing channels for controlling shareholders, and the resulting risk of transfer control affects the innovation activities of enterprises. This paper, taking A-share listed companies from 2013 to 2018 as the research object, discussed the relationship between equity pledge and enterprise innovation and constructed the research route of “equity pledge management risk preference innovation effectiveness”. By using the fixed effect model, it reached the following conclusions: The controlling shareholders’ pledge of stock rights will inhibit the substantive innovation of enterprises in the first phase of lag, but it has no effect on the strategic innovation of the lagging phase. Besides, management risk preference plays an intermediary role in the relationship between controlling shareholders’ equity pledge and firm’s substantial innovation. Moreover, compared with the state-owned sample, the shareholder’s equity pledge in the private sample has a higher degree and explanatory power to inhibit substantive innovation by weakening management risk preference. It is further found that the degree of restraint on substantial innovation of shareholders’ equity pledge in the case of “two jobs in one” is higher than that in the sample of non-combination of two positions. It is, therefore, suggested that controlling shareholders should treat equity pledge dialectically. In addition, management should play a role of internal governance to restrain shareholders’ opportunism behavior. Furthermore, external investors should judge the real operation status of enterprises with the help of innovative achievements, and revise investment decisions. Related Articles

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CEO Overconfidence，CEO Power，and Corporate Performance Variability ZHONG Xi, CHEN Weihong, SONG Tiebo, ZHU Zijun 2021, 30 (2):  283-295.  doi: 10.3969/j.issn.1005-2542.2021.02.008 Abstract ( )   PDF (1035KB) ( )   Based on the upper-echelons theory, the logical relationship between CEO overconfidence and corporate horizontal and vertical performance volatility was analyzed from the perspective of CEO power. An analysis of the empirical data of China’s manufacturing companies from 2009 to 2016 indicates that CEO overconfidence has a positive effect on corporate horizontal and vertical performance volatility. In addition, CEO power significantly regulates the relationship between CEO overconfidence and corporate horizontal and vertical performance volatility. Moreover, CEO duality, high CEO ownership, and the proportion of internal directors strengthen the positive effect of CEO overconfidence on corporate horizontal and vertical performance volatility, while CEO term weakens the positive impact of CEO overconfidence on vertical performance volatility. Furthermore, R&D expenditure plays a mediating role in the process of CEO overconfidence, affecting the volatility of corporate horizontal and vertical performance. Related Articles

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TMT Interlock Network of Listed Firms and Earnings Forecast Accuracy of Analysts CAO Shijiao, WANG Jianqiong 2021, 30 (2):  296-306.  doi: 10.3969/j.issn.1005-2542.2021.02.009 Abstract ( )   PDF (997KB) ( )   Using the sample of A-share listed firms in China from 2011 to 2017, this paper attempted to examine the impacts of the interlock network centralities of the top management team (TMT) of firms on the accuracy of  earnings forecast of analysts, from the perspective of private information supply. The results show that the network centralities of firms significantly improve the accuracy of the forecasts of analysts. This effect is more pronounced with firms whose public information is not sufficient. Besides, this effect is more pronounced with firms whose senior managers have more opportunities to interact with the senior managers in interlocked firms. These findings show that there exists private information in the interlock network of TMT of firms, which can be captured by analysts to enrich the information supply in the financial market. Further tests show that the private information existed in the social network of firms contains the bad news that is often delayed and even hidden in the public channel, which rectifies the  information biases of analysts. These findings may enrich the research on the forecasts of analysts, and contribute to a better understanding of private information flow of listed firms. Related Articles

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Marketization of Interest Rate and Debt Distribution Law of Group Companies: Empirical Evidence Based on Debt Distribution Between Parent and Subsidiary Companies LI Mangmang, WANG Hongjian, WU Jinghua 2021, 30 (2):  307-317.  doi: 10.3969/j.issn.1005-2542.2021.02.010 Abstract ( )   PDF (1037KB) ( )   It is of academic value and practical significance to explore the effect of deregulation of loan interest rate on the debt financing of group companies for revealing the law of debt distribution between parent and subsidiary companies and its mechanism. The quasi-natural experiment based on the gradual liberalization of the upper and lower limits of loan interest rates by the People’s Bank of China, and the empirical study based on the double-difference model constructed depending on the nature of property rights indicate that the liberalization of the loan interest rate ceiling significantly eases the financing constraints of non-state-owned enterprises, thereby reducing the concentration level of debt, while the lower limit of the loan interest rate significantly increases the financing constraints of non-state-owned enterprises, thereby significantly increasing the concentration level of debt, showing an asymmetry effect. Besides, the restraining effect of concentrated liabilities is more significant in the sample group where the profitability of the parent company is worse. The intensifying effect of concentrated liabilities is more pronounced in the sample group with a better profitability of the parent company. The conclusions above are still valid after the series robustness test. From the perspective of debt distribution between the parent and subsidiary companies, this paper examines the effects of interest rate liberalization on the form of debt of the corporate groups and its mechanism, which not only helps to reveal the specific motivation of the debt concentration of the enterprise from the perspective of China’s unique financial regulation and environment, but also has important implications for further promoting the deleveraging of corporate groups. Related Articles

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Comparative Study of Platform Selling and Wholesale Selling Considering Consumer Utility of Wearable Devices CHEN Ting, HOU Wenhua, XUE Kelei 2021, 30 (2):  318-331.  doi: 10.3969/j.issn.1005-2542.2021.02.011 Abstract ( )   PDF (4557KB) ( )   Integrating consumer information security sensitivity, BDA efficiency, and network value into the value system of wearable devices, this paper constructed a consumer utility model, based on which the impacts of three factors—consumer information security sensitivity, BDA efficiency, and network externality on optimal selling strategies of online retailer was analyzed to characterize the optimal choice of the online retailer over distribution selection. In model extension, it further validated the conclusions in the basic model by extending the model to a more realistic background. This paper provides managerial insights on improving the profitability of manufacturers and online retailers concerning different consumer characteristics and BDA competitive advantages. Related Articles

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Decision-Making and Innovation Investment of CLSC under Fairness Concern WANG Yuyan, LU Lingxue, SU Mei, SHEN Liang 2021, 30 (2):  332-343.  doi: 10.3969/j.issn.1005-2542.2021.02.012 Abstract ( )   PDF (1391KB) ( )   Under the influence of the old and new kinetic energy conversion policies, three decision-making models, i.e., decentralized decision-making models with and without retailers’ fairness concern and centralized decision-making model, considering government rewards were constructed. Then, the optimal decisions of the three models were given, and the impacts of new kinetic energy innovation cost and fairness concern coefficient on pricing, new kinetic energy innovation investment, recovery rate and profit of all participants were analyzed, based on which, the “income sharing joint fixed cost-cost sharing” contract was designed to achieve coordination. The research shows that with the increase of innovation cost, the conversion efficiency of new and old kinetic energy decreases, and the negotiation space between the manufacturer and the retailer reduces. However, the wholesale price and the sales price decreases with the innovation cost, which is different from the opinion that “the price increases with the increase in investment”. Moreover, as the fairness concern coefficient increases, the innovation investment, the recycling rate, the consumer effect and the profits of the members reduce, but retailer’s share of the profits of the system increases. Furthermore, in centralized decision-making, the innovation investment, the profit of all parties, and the recycling rate are the highest, while the sales price is the lowest, which can be achieved by designing the coordination mechanism of “income sharing joint fixed cost-cost sharing”. And in this mechanism, who benefits more from recycling activities will bear more recycling costs. Related Articles

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Portfolio Selection with Cardinal Constraint ZHAO Lei, ZHU Daoli 2021, 30 (2):  344-352.  doi: 10.3969/j.issn.1005-2542.2021.02.013 Abstract ( )   PDF (1021KB) ( )   Simplicity of portfolio selection is one of the main challenges faced by investors. In this paper, a family of portfolio model: minimizing risk function while considering cardinal constraint and budget constraint was considered. Besides, a branch and bound algorithm based on the branch and bound framework was proposed. Moreover, the relaxation problem was solved by using the first order method. Furthermore, computational experiments were conducted based on the Fama-French benchmark data. The computational results show that the algorithm proposed in this paper can effectively solve the problem of industrial investment portfolio with cardinality constraints, and can give a global optimal portfolio plan with arbitrary cardinality requirements. Related Articles

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Green Technological Innovation and Financial Performance of Enterprises in Dual Uncertainty of Technology and Market WANG Mingyuan, LI Yingming, WANG Zitong 2021, 30 (2):  353-362.  doi: 10.3969/j.issn.1005-2542.2021.02.014 Abstract ( )   PDF (1568KB) ( )   Green technological innovation is an important driving force to achieve high-quality development. The uncertainty of technology and market will have a significant impact on the green technological innovation behavior and financial performance of enterprises. Based on existing studies, a conceptual model of the relationship between green technological innovation and financial performance in environmental uncertainty was constructed. An empirical analysis conducted using the information of 302 industrial enterprises obtained by questionnaires as samples shows that green process innovation can improve the financial performance of enterprises through the mediation effect of technology upgrading (from green process innovation to green product innovation). Technological uncertainty has a negative moderating effect on the relationship between green process innovation and green product innovation, while market uncertainty has a positive moderating effect on the relationship between green product innovation and economic performance, and vice versa. At the same time, the moderating effect of technology and market uncertainty has certain boundaries, only in this interval can the moderating effect be activated. The above research is of great significance for deepening the understanding of green technological innovation process and optimizing policy design. Related Articles

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Analysis of Host’s Pricing Behavior of Shared Accommodation Based on Data from xiaozhu.com WANG Chunying, CHEN Hongmin 2021, 30 (2):  363-372.  doi: 10.3969/j.issn.1005-2542.2021.02.015 Abstract ( )   PDF (1002KB) ( )   Based on the data of shared houses from xiaozhu.com which is a sharing platform on accommodation rental, this paper analyzes the characteristics of houses and the hosts. It is found that the proportion of professional hosts with a certain size of housing gradually increases. To analyze the impact of host characteristics on housing pricing, an empirical study is conducted on 5388 housing properties in 10 domestic cities. The results show there is a clear difference between the housing pricing of professional hosts with a certain scale of houses and amateur hosts. The pricing of professional hosts who have a certain scale of shared houses is higher than that of amateur hosts. The pricing of accommodation rental will increase if the scale of shared houses increases. On the other hand, the pricing of professional hotels has a significant positive impact on the pricing of short-term rental houses, which shows that there is a certain competitive relationship between these two types of platforms. The pricing of shared houses is also affected by such factors as the characteristics of housing, supporting facilities, second-hand house price and location, as well as consumer comments. The host should also pay attention to these factors when pricing accommodation, especially the evaluation of the consumer side. Related Articles

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Influencing Mechanism of Consumers’ Privacy Attitude on Behavioral Intention Within Targeted Advertising ZHAO Jiang, HE Shinan 2021, 30 (2):  373-383.  doi: 10.3969/j.issn.1005-2542.2021.02.016 Abstract ( )   PDF (2537KB) ( )   To explore the correlation among consumer privacy attitude, the cognition of targeted advertising, and the behavioral intention from the perspective of consumers’ privacy, a total of 258  random samples of consumers were used for the empirical analysis of the differences between individual characteristic variables in privacy attitudes, privacy control, and privacy sensitivities. Then, the structural equation modeling was used to test the assumptions. The research results show that consumers’ privacy has a positive and significant effect on their cognition and behavioral intention of targeted advertising. Additionally, consumers’ cognitive level on targeted advertising has a significant negative correlation with their behavioral intentions. Finally, targeted-advertising cognition has a significant partial mediation between consumers’ privacy attitudes and behavioral intentions. Therefore, firms should pay more attention to consumers’ privacy concern, and focus on user perception to optimize targeted advertising, thereby achieving the balance between accurate delivery of targeted advertising and consumers’ privacy concerns. Related Articles

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Relationship Between Internal Social Capital Within Top Management Team, Transactive Memory System, and Decision Performance WANG Chuanzheng, GE Yuhui 2021, 30 (2):  384-392.  doi: 10.3969/j.issn.1005-2542.2021.02.017 Abstract ( )   PDF (980KB) ( )   Social capital provides a channel for information and improves managers’ ability to discover new opportunities. Existing literature has shown that the internal social capital within the top management team (TMT) has a positive impact on team performance, but the mechanism of the internal social capital of the TMT affecting decision performance within the TMT has not been clear. Based on the upper echelons theory and the social capital theory, a theoretical model of the relationship between social capital, transactive memory system, and decision performance in TMT was proposed from the perspective of cognitive process. The structural equation model based on 392 sample data shows that TMT relational social capital dimensions of trust, the cognitive social capital dimension of shared vision on decision quality and satisfaction have positive effects, but the direct effect of structural social capital dimension of network ties is not significant. The influence of TMT internal social capital dimensions on the transactive memory system is cognitive dimension of share vision, relational dimension of trust and structural dimension of network ties in order. The TMT transactive memory system has a significant positive influence on decision quality and satisfaction. The transactive memory system mediates the relationship between the decision quality and satisfaction of internal social capital of TMT. Related Articles

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Mechanism of Benefit Distribution in Medical Consortia Based on the Principle of Effective Distribution of Graph-Restricted Cooperative Game 2021, 30 (2):  393-400.  doi: 10.3969/j.issn.1005-2542.2021.02.018 Abstract ( )   PDF (1619KB) ( )   The establishment of medical consortia is an important measure to improve the overall effectiveness of the medical service system, and it is also the need to promote the establishment of a reasonable and orderly model of graded diagnosis and treatment. The best referral model is to make reasonable referrals between the members of the medical consortia based on the difficulty level of the disease. However, since the opportunity cost of referral is not consistent, the members of the medical association do not necessarily conduct two-way referral according to the level of disease difficulty due to the consideration of economic interests, which leads to the problem of “linked but not passable”. Based on the effective distribution principle of the cooperative game, this paper discussed the reasonable distribution method of incremental economic benefits of the medical consortia, and introduced some examples. Based on the composition structure of different medical consortia, it proposed a reasonable distribution scheme of incremental economic benefits among the members. In addition, it predicted the income distribution value by using the method of the probability graph cooperative game. This paper, combining the theoretical research of medical consortia with the theory of cooperative game, explored the solution to the referral bottleneck through the fair distribution of economic benefits, which is of practical significance. Related Articles