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28 May 2021, Volume 30 Issue 3 Previous Issue    Next Issue

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Participation of Communist Party Organizations in Corporate Governance and Innovation: Empirical Evidence from Listed State-Owned Enterprises LI Minghui, CHENG Haiyan 2021, 30 (3):  401-422.  doi: 10.3969/j.issn.1005-2542.2021.03.001 Abstract ( )   PDF (1244KB) ( )   This paper investigates the effect of the participation of the committee of the Communist Party of China (CPC) in corporate governance on the innovation of the enterprise, by using the data of Chinese state-owned A-share non-financial listed enterprises from 2007 to 2017. The participation of the CPC committee in corporate governance is measured by PARCG (two-way entry) and PARCR (cross-appointment). PARCG takes the value of 1 if there is at least a party committee member who serves as a director, a supervisor, or a top manager. PARCR takes the value of 1 if the secretary of the party committee serves as the chairman of the corporate board, or the chairman of the corporate board serves as the deputy secretary of the party committee and the vice chairman is also the secretary of the party committee. The results show that the participation of the CPC committee in corporate governance significantly reduces the research and development spending, but increases the innovation output (measured by number of patent applications and patent authorizations) and innovation efficiency of the state-owned enterprise. The above results demonstrate that although the participation of the CPC committee in corporate governance may reduce the innovation input but increase the innovation performance of the enterprise. Further tests show that the negative impact of the participation of the CPC committee in corporate governance on research and development spending only exists when the research and development spending is too high. The tests also indicate that the participation of the CPC committee in corporate governance has an ongoing significant effect on invention patent and that the role that the participation of the CPC organization plays in innovation cannot be attributed to the increase of low-level innovation output. Although government subsidies can strengthen the negative effect of the participation of the CPC organizations in governance on innovation input, they do not have the mediation effect. Overall, the participation of the CPC committee in corporate governance of state-owned enterprises helps to optimize the structure of innovation resources and improve the level of innovation performance. This paper provides empirical evidence on the role of the participation of the CPC committee in corporate governance and corporate innovation. It helps to comprehensively and objectively understand the role party organizations play in the governance in state-owned enterprises and enriches the literature on the association between corporate governance and corporate innovation activities from the perspective of political governance. Related Articles

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Influence of Founder Control on Board Structure and Managerial Compensation LI Jingyuan, XIE Fuji, LIU Yamei 2021, 30 (3):  423-437.  doi: 10.3969/j.issn.1005-2542.2021.03.002 Abstract ( )   PDF (1101KB) ( )   The role of founders in corporate governance is examined in this paper by looking into their influence on board structure and managerial compensation of an enterprise. By using the Heckman two-stage model, a fixed effect regression analysis is conducted on the panel data of listed A-share enterprises that have released the identity information of their founders from 2010 to 2015. The analysis indicates that as the ultimate controller of an enterprise, founders will decrease the size of board of directors, but at the same time increase board independence. Founder control will have a negative impact on the overall managerial compensation and performance sensitivity of managerial compensation, but has no significant impact on the internal pay gap of mangers. Related Articles

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Resource Parameter Inversion and Inverse Optimization Method for Production Plan Adjustment ZHANG Lili, LOU Yuan, HU Xiangpei 2021, 30 (3):  438-450.  doi: 10.3969/j.issn.1005-2542.2021.03.003 Abstract ( )   PDF (2294KB) ( )   The original production plan is a production plan that minimizes the cost to meet the needs of forecasted product types and quantities. However, the actual demand often does not match the forecast, and the original production plan needs to be dynamically adjusted. Based on this, this paper, by utilizing the inverse optimization methodology, transforms the resource reconfiguration problem for production plan adjustment into a problem of inversion of resource parameters, which is a known practical optimal production plan, and the reverse solution makes the plan the optimal solution of the original production planning model under the new parameters. Taking the changes in market demand as the driving force, with the goal of adjusting the minimum amplitude of the production time parameters of various types of products of each production line, the adjustment cost is minimized from the two dimensions of resource change quantity and change item, the production resources are reallocated, and the resource adjustment cost is minimized while meeting new market demands. The inverse optimization model is a non-convex nonlinear problem. The three-stage method of “relaxation constraint-median constraint-tight relaxation constraint” determines the production capacity constraint of the production line, which can enhance the accuracy of the optimal solution and improve the solution efficiency. In order to minimize resource adjustment, the   norm is introduced to reduce the number of resource changes and further reduce the cost of production changes. The global equipment efficiency OEE is used to measure the production efficiency of the operation link, making the production resource allocation process more global and systematic. This paper introduces inverse optimization into the adjustment of production resources driven by goal factors and market changes demand, which helps to promote supply and demand matching, stabilizes production, and reduces the cost of enterprise production adjustment. Related Articles

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Cost Optimization Under the Condition of Minimum Employer Cost of Program FENG Jingchun, ZHAO Yue, CHEN Rundong, FENG Haiyu 2021, 30 (3):  451-460.  doi: 10.3969/j.issn.1005-2542.2021.03.004 Abstract ( )   PDF (4175KB) ( )   In the program that needs non-commercial resources provided by employer(NCRPE), establishing a shared resource pool for program that can control the resource cost is a prerequisite for the owner to minimize the cost of a program. In this paper, the resource-cost optimization of a program is studied. First, the NCRPE is defined according to the characteristics of resources, and the analysis on the advantage of resource providing mode is clarified. Next, the resource-cost optimization models of the two stages before and during the construction of the program in the fixed construction period are established respectively for the employer to dynamically control the production and scheduling costs of the NCRPE, and the cuckoo algorithm is used for the simulation experiment. After that, the resource-cost optimization model is verified by a case study of program Z. The results show that compared with GA and PSO, the cuckoo algorithm can obtain the minimum cost of NCRPE more efficiently and stably, further reduce the preliminary optimization cost, improve the utilization rate of resources, and minimize the payments of the employer. Related Articles

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Impact of Sentiment Contagion on Spatial Stock Price Co-Movement：From the Perspective of Psychological Safety JIANG Shangwei, JIN Xiu, WANG Jia 2021, 30 (3):  461-472.  doi: 10.3969/j.issn.1005-2542.2021.03.005 Abstract ( )   PDF (1052KB) ( )   Based on the theory of “psychological safety zone”, this paper studies the influence mechanism of sentiment infection on spatial share price co-movement, and explores the law of and the reason for spatial differences of stock price co-movement. It utilizes the information from eastmoney.com to construct high frequency sentiment index and uses the space distance to measure psychological security. In addition, it studies the sentiment contagion and its impact on stock price co-movement under different psychological safety conditions. The results indicate that sentiment co-movement is the intermediary variable that affects the stock price co-movement by sentiment contagion, and the theory of “psychological safety zone” can provide a theoretical explanation for the influence mechanism of sentiment contagion on stock price co-movement. Moreover, stock price co-movement has spatial differences, the farther the space psychological safety distance, the weaker the stock prices co-movement. Further studies suggest that the stock price co-movement caused by sentiment contagion is driven by noise traders. The hourly high-frequency data can better capture the market performance of the impact of sentiment contagion on stock price co-movement. These conclusions provide a reference for scholars to further study stock price co-movement, for regulators to strengthen market management, and for investors to make investment decisions. Related Articles

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Identification of Systemically Important Listed Companies with Share Pledge：from a Systematic Risk Contribution Perspective of Share Pledge Default 戴阳、张欣欣、杨俊杰 2021, 30 (3):  473-480.  doi: 10.3969/j.issn.1005-2542.2021.03.006 Abstract ( )   PDF (6073KB) ( )   Under the background of the continuous decline of China’s stock market, the number of announcements of stock pledge liquidation of listed companies has significantly increased. Once the risk of share pledge breaks out, it will have a linkage effect and the impact will quickly spread to the stock market, banks, securities and funds, and other markets. It is very likely to trigger a systemic risk which will bring great harm to the entire financial market and the real economy. Faced with this serious situation, this paper focuses on the core issue of the default risk contagion of share pledge between the stock market and the fund market. By using the research tools of network science, it explores the contagion path of the share pledge risk between the stock market and the fund market from the perspective of interconnected market networks based on the system science and network science theory. First, a bipartite network model of share pledge was built. Then, the threshold contagion model was borrowed to explore the contagion dynamics of the default risk between the stock market and the fund market. After that, the data of the share pledge and fund product ownership in A-share market of Shanghai and Shenzhen stock markets were collected at the end of 2017, and a real network was established. Finally, the Monte Carlo simulation technology was used to simulate the process of share pledge default and check the impact of the parameters such as liquidation probability and closing price of pledge share. As the source of risk contagion, the systematic risk contribution of each listed company with share pledge were calculated. The systemic importance of share pledge companies was identified. Related Articles

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Identification of Comparative Information from Chinese Online Reviews Based on a Hybrid Class Sequential Rules Method ZHU Maoran, JIANG Kaiyan, GAO Song, WANG Hongwei 2021, 30 (3):  481-489.  doi: 10.3969/j.issn.1005-2542.2021.03.007 Abstract ( )   PDF (1959KB) ( )   Comparative information found in online reviews can reveal the competitive relations between brands and commodities, providing a strong basis for consumers to make purchase decisions. Usually, comparative information exists either in an explicit way or in an implicit way. Thus, this paper intends to propose a hybrid algorithm for identifying comparative sentences, which combines syntax, rules, and features. In order to identifying explicit comparison comments, it raises an algorithm combining the CSR algorithm and the dependency parsing method. The proposed algorithm enables the improvement of efficiency for comparative sentence recognition by comparing structure and syntax between sentences. Regarding implicit comparison comments, it proposes a method based on product name recognition to effectively identify the implicit comparison sentences by using the data from the online reviews in JD.com website. The experiment results show that the proposed method can achieve significant improvement in identifying comparative online reviews. Related Articles

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Consumer Generated Advertising：A Field Experiment on Referral Reward LIU Juan, ZHANG Jianqiang, ZHONG Weijun 2021, 30 (3):  490-499.  doi: 10.3969/j.issn.1005-2542.2021.03.008 Abstract ( )   PDF (2474KB) ( )   Word-of-mouth has been one of the most important marketing tools in the new economy of the internet plus era. Consumer generated advertising is a new combination of word-of-mouth and advertisement. This paper studies consumer generated advertising and its relationship between factors including reward level, privacy cost, and product type, based on the social exchange theory, the reciprocity theory, and the prospect theory. It proposes six hypotheses, adopts the between-subject design, and tests the hypotheses based on field experiment. It is found that the reward level, the privacy cost, and the product type have a significant impact on consumer generated advertising. The effect of reward level on consumer generated advertising is moderated by privacy cost and product type. There are significant differences regarding the impact of reward level on consumer generated advertising at different privacy costs or different product types, but there is no significant interacting effect among the three factors. For different product types, the effect of reward level and privacy cost on consumer generated advertising has no significant difference. The results will help firms rationally guide consumer generated advertising and enhance their capability of word-of-mouth marketing management. Related Articles

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Influence of Policy Mix on Innovation Performance of Chinese Photovoltaic Enterprises ZHANG Yongan, GUAN Yongjuan 2021, 30 (3):  500-507.  doi: 10.3969/j.issn.1005-2542.2021.03.009 Abstract ( )   PDF (1028KB) ( )   This paper empirically analyzes the impact of innovation policies, environmental policies, and their combinations on the quantity and quality of corporate innovation by using the panel data from China’s A-share listed photovoltaic companies from 2015 to 2019, and using the panel threshold regression technology based on the CAS theory. The results show that, for Chinese photovoltaic enterprises, in the stage of innovation quantity accumulation, the combined effect of innovation policy and environmental policy is positive synergy, and in the stage of innovation quality improvement, the combined effect of the two is negative synergy. In addition, government subsidies have a significant inverted U-shaped threshold effect on innovation quantity. Moreover, the impact of environmental regulations on innovation quantity has a positive non-linear effect which presents a feature of diminishing marginal efficiency. Environmental regulations have a significant inverted U-shaped threshold effect on innovation quality. Furthermore, when there are differences in the intensity of environmental regulations, the impact of government subsidies on the innovation quantity presents a U-shaped nonlinear relationship. Related Articles

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Relevant Knowledge Push Service of Organizations Based on Three-Way Decision ZHANG Jianhua, LIU Ke, YE Jianwen 2021, 30 (3):  508-515.  doi: 10.3969/j.issn.1005-2542.2021.03.010 Abstract ( )   PDF (1957KB) ( )   Faced with the rapid growth of knowledge and the gradual formation of its dominant position in value creation, as a basic knowledge service method, knowledge push can effectively solve the problem of being lost in the direction of knowledge and accelerate the realization of knowledge value. A relevant knowledge push algorithm based on three-way decision was proposed based on a review of the existing recommendation techniques, and taking into account the importance of knowledge relevance, the dichotomy of traditional push decisions, and the cost of  knowledge push. Specifically, the association rule algorithm was used to mine the potential relationship between knowledge, and the knowledge relevance model which incorporates the knowledge attribute similarity and knowledge relevance was constructed, whose score could be predicted accordingly. In addition, in order to reduce the cost of misclassification in the traditional dichotomy, three-way decision ideas were introduced into the final recommendation decision to realize three-way push. Moreover, the superiority of the proposed knowledge push algorithm in terms of push effect and cost was verified by conducting a comparison experiment based on the Movielens datasets. Related Articles

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Investor Sentiment, Ownership Structure Characteristics, and Innovation Efficiency of Listed Companies TANG Shulin, GUO Jie, HAO Yu, SU Yi 2021, 30 (3):  516-525.  doi: 10.3969/j.issn.1005-2542.2021.03.011 Abstract ( )   PDF (1063KB) ( )   Irrational investor sentiment and excessive “care” of the stock market of stock market regulators have distorted the investment structure of China’s A-share listed companies and affected the capital allocation efficiency of the capital market. This paper explores the impact of investor sentiment and ownership structure characteristics on innovation efficiency of listed companies by using the data of listed companies. It is found that A-share listed companies have a more obvious attitude of catering towards investment, and there is a nonlinear relationship between investor sentiment and innovation efficiency of listed companies. When the market sentiment is low, the loss of innovation efficiency is very sensitive to investor sentiment; when market sentiment is high, the growth of innovation efficiency becomes dull for investors. In addition, the three conclusions drawn in this paper should be paid sufficient attention to: First, corporate ownership will significantly adjust positively to meet innovation efficiency catering to investor sentiment, the impact of investor sentiment on innovation efficiency is stronger for state-owned or state-controlled listed companies who are catering to investor sentiment. The government should actively use market sentiment to promote the mixed ownership reform of state-owned listed companies, which aims to improve conservative investment orientations of state-owned listed companies by non-public capital and realizes the expression of innovative genes for industrial transformation and technological upgrading. Moreover, the government should create capital tuyere in industries related to the national innovation-driven development strategy, encourage, and guide nongovernmental capital to enter high-tech and other real industries with a high innovation efficiency. Furthermore, separation of ownership and operation can significantly promote to the efficiency of listed companies who are catering to investor sentiment. Therefore, the separation of ownership and management rights of listed companies should be vigorously promoted, and the investment capacity of the management team and the sustainability of investment should be improved for maintaining a high level of investment and innovation efficiency. Related Articles

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Analysis of Stochastic Catastrophe Mechanism of Occupational Well-Being of Nursing Practitioner Servicing for the Elderly MA Yueru, YI Dan, HU Bin 2021, 30 (3):  526-538.  doi: 10.3969/j.issn.1005-2542.2021.03.012 Abstract ( )   PDF (1877KB) ( )   Aimed at the problem of random mutation in the occupational well-being of nursing practitioner servicing for the elderly due to external disturbances, this paper proposed a stochastic cusp catastrophic model to analyze the discrete mutation in the occupational well-being of nursing practitioners, and to fit the actual survey data by using the R software considering the influence of work characteristics and organizational climate on the occupational well-being of nursing practitioners. The results show that, in the area studied, the nursing occupation for the elderly has obvious work characteristics of “high work intensity and low wages” and group characteristics of “females, mostly migrant workers, older age, lower education level, and greater mobility”. Most nursing staff are in an steady unhappy working state. The discrete sudden mutation in the occupational well-being of nursing practitioners are determined by work characteristics and organizational atmosphere perception. Work characteristics determine the location of the sudden mutation while organizational atmosphere perception determines the degree of the sudden mutation. Compared with the linear model and the logical model, the cusp model has a better fitting effect on the survey data of occupational well-being of nursing practitioners and can better reveal its internal nonlinear mutation mechanism. In order to improve the extrapolation of the model and the robustness of the conclusions, the data from 14 elderly service agencies were collected and an empirical analysis was conducted. It was found that the conclusion reached by the second collection of data fitting stochastic catastrophe model was in line with the conclusion drew from the cusp catastrophic model and the sample data analysis results of the first time, which proved the good robustness of the model proposed. Related Articles

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Decision Analysis of Supply Chain with a Risk-Averse Retailer in Supplier-Guaranteed Loan LI Yanhai, OU Jinwen 2021, 30 (3):  539-551.  doi: 10.3969/j.issn.1005-2542.2021.03.013 Abstract ( )   PDF (1318KB) ( )   A supplier may provide guarantee for a retailer to get the bank loan. A Stackelberg game-theoretic model is presented to capture the interaction between a risk-neutral supplier and a risk-averse retailer under the CVaR criterion. The supplier’s expected profit and the retailer’s order quantity at equilibrium are demonstrated to be decreasing in the retailer’s internal capital and the degree of the retailer’s risk-aversion. By providing guarantee, the supplier can improve both his expected profit and the efficiency of the supply chain. Numerical examples show that the supplier’s guarantee is beneficial to the retailer only if the retailer’s internal capital is higher than a threshold value. Finally, the model is extended to consider the supplier’s risk-aversion. It is found that the supplier prefers not to provide guarantee as his risk-aversion increases to a threshold level. Related Articles

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Decision-Making Model of a Supply Chain Considering Fairness Preference and Information Sharing of the Retailer WANG Wenbin, ZHANG Meng 2021, 30 (3):  552-561.  doi: 10.3969/j.issn.1005-2542.2021.03.014 Abstract ( )   PDF (1902KB) ( )   Considering the fact that the fairness preference of the retailer affects the decision-making of enterprises in supply chain, a dynamic game model of supply chain is established under the fairness neutrality condition and fairness preference condition. In the model, the retailer predicts market demand information and decides whether or not to share the information with the manufacturer. An analysis of the impact of the fairness preference behavior and the information sharing strategy of the retailer demonstrates that as the fairness preference increases, the wholesale price increases, but the retail price stay unchanged, the utility of the retailer increases, and the utility of the manufacturer decreases. Moreover, information sharing enables the manufacturer to make more accurate decisions and obtain a higher utility. The improvement of information accuracy compensates for the manufacturer’s utility loss caused by the fairness preference of the retailer. However, information sharing reduces the utility of the retailer. Therefore, the retailer will not share information with the manufacturer voluntarily. Furthermore, within a reasonable proportional range of allocation coefficient, the information sharing compensation mechanism enables the retailer with fairness preference to share information voluntarily. Related Articles

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A Queueing Model of 1-N Interactive Service Mode in Online Customer Service 2021, 30 (3):  562-570.  doi: 10.3969/j.issn.1005-2542.2021.03.015 Abstract ( )   PDF (2667KB) ( )   Using the instant messaging software, online customer service is widely applied in e-commerce, banking, and other commercial fields. Different from that of telephone-based customer service, an online service agent can use the chat software to serve several customers at the same time, which is named as the 1-N service mode. The basic queueing formulas are no longer suitable in such mode. First, the characters of the online customer service were extracted. Besides, based on the newly introduced service performance metrics, a 2-layer queueing model was proposed. Moreover, the functions for the number of customers, average total time in system, and average waiting time were formulated. Furthermore, the analytical formulas were proved by a simulation experiment, in which the 3 key metrics calculated by the proposed model can be approximately matched with simulation results. Related Articles

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Launching Time and Seed Selection Optimization for Updated Products Based on Social Influence WENG Kerui, ZHOU Jing 2021, 30 (3):  571-577.  doi: 10.3969/j.issn.1005-2542.2021.03.016 Abstract ( )   PDF (1021KB) ( )   In recent years, the delayed launch of updated products has become one of product operation strategies in many enterprises. At present, researches on the timing of launching updated products are mainly based on the Bass model which assumes homogeneous users without considering specific social networks, and without optimizing initial seed selection. Based on the social influence maximization model, this paper considers the optimization of launching time and seed selection for updated products: in a social network with the existence of old products, products spread their influence in the form of diffusion model , and the old products would stop the spread when the updated products were launched, and how to choose the stage   and the   seeds for launching new products maximizes the sum of the profits from both the old and the updated products. In the diffusion model  , if the influence of a user from the neighbors of the purchased product exceeds a certain threshold, the user remains active and influences his/her inactive neighbors, and the diffusion stops when there is no new active user. In this paper, an integer programming model was established for the timing and seed optimization of product diffusion, and a multi-stage greedy algorithm was designed to solve large-scale instances. The computational experiments show that this algorithm has a higher solution efficiency than the traditional greedy algorithm, and a better solution quality than the degree discount algorithm and the random algorithm. Meanwhile, simulations in a real network exhibit that when the profit of the updated product is small, the number of seeds is small, and the planning stage restrictions are larger, the delayed launching time will easily make the manufacturer obtain a higher profit and market effect. Related Articles

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Bidding Strategies of Bidders in All-Pay Auction Based on Extended Milgrom-Weber Model CHEN Shaogang, ZHANG Naiqiao 2021, 30 (3):  578-583.  doi: 10.3969/j.issn.1005-2542.2021.03.017 Abstract ( )   PDF (935KB) ( )   The Milgrom-Weber model is extended by assuming that the number of bidders is a random variable obeying the Poisson distribution, and the method of static game is used with incomplete information to obtain the equilibrium bidding function of bidders in the first price all-pay auction, which overcomes the difficulty in determining the number of bidders in practice. Besides, the objective function of bidders is modified, two parameters are introduced to reflect the  preference of bidders for winning probability and net income, and the corresponding equilibrium bidding function of bidders is obtained, which can better conform to the actual situation. Moreover, the analytic expression of equilibrium bidding function is further deduced, and a scientific reference is provided for bidders to make decisions. Related Articles

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Vehicle Routing Problem with Hard Time Windows for Instant Delivery of O2O Fresh Takeout Orders YU Haiyan, TANG Wanqian, WU Tengyu 2021, 30 (3):  584-591.  doi: 10.3969/j.issn.1005-2542.2021.03.018 Abstract ( )   PDF (2953KB) ( )   Aimed at the characteristics of online to offline (O2O) fresh takeout orders with a high dynamic and strong timeliness of delivery service, an O2O instant delivery routing model with hard time window and minimization of distribution distance is established. According to the requirements of hard time window and the idea of combined delivery, a rolling time delay delivery algorithm is designed to solve the problem. A large number of numerical simulation experiments show that the algorithm is effective in both actual network and general simulation network. A sensitivity analysis of various parameters indicates that the rolling time length should not been designed too long or too short. Besides, the time window of the order has no obvious effect on the distribution distance. In order to shorten the distribution distance, the capacity of the car can be increased. The research results can provide theoretical guidance for the real-time distribution vehicle scheduling of fresh food enterprises. Related Articles

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Analysis of the Influence of Internet Communication on IPO Underpricing Based on an Empirical Research of Chinese A-Share Market GONG Xiao, ZHANG Guoliang 2021, 30 (3):  592-600.  doi: 10.3969/j.issn.1005-2542.2021.03.019 Abstract ( )   PDF (972KB) ( )   With the rapid development of the securities market today and with the advent of the information age and the emergence of various forms of network platforms, the revolution in science and technology has brought about a revolution in information dissemination.  Investors can use the characteristics of network media to exchange information, and at the same time have an impact on investors’ investment judgments and investment behaviors, and finally affect the system efficiency and operating environment of the entire securities market. Through a model analysis of the information disseminated by different types of network media (including forums, Weibo, and WeChat) and the related IPO underpricing, this paper aims to verify whether the IPO underpricing is intensified or restrained due to changes in communication channels, and to reveal the deep relationship between network communication and the performance of new stocks under the condition close to the real environment. Related Articles