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28 January 2022, Volume 31 Issue 1 Previous Issue    Next Issue

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A Dynamic Incentive Model for the Prepositioning System of Relief Supplies Based on Reputation Effect LIU Yang, TIAN Jun, FENG Gengzhong, ZHOU Kun 2022, 31 (1):  1-15.  doi: 10.3969/j.issn.1005-2542.2022.01.001 Abstract ( )   PDF (3580KB) ( )   The demand for relief supplies after the sudden strike of disasters is growing at an explosive rate. Sufficient relief supplies play a vital role in guaranteeing the post-disaster relief effect and reducing economic losses. The governments, as central organizations against disasters, usually entrust one or more enterprises to reserve relief supplies prior to disasters. Once a sudden disaster occurs, those prepositioned relief supplies are immediately allocated to disaster-affected areas as soon as possible. However, in practice, the enterprises are prone to moral hazard such as laziness and slackness, because of the incomplete contract, the differences of targets, and the asymmetry of information between the governments and the enterprises. Therefore, it is difficult to guarantee adequate and available relief supplies in hand. This paper introduced the reputation effect mechanism into the prepositioning system of relief supplies, which consisted of a single government and two enterprises. It established a dynamic incentive model for the prepositioning system of relief supplies, and derived the optimal punishment-reward coefficient of the government and the optimal effort level of the enterprises. It also gave the condition for the reputation effect mechanism to play a long-term incentive role. The results show that the proposed dynamic incentive model not only improves the optimal effort level of the enterprises, but also realizes Pareto improvement of the members in the supply chain system of relief supplies under a certain condition when compared with the static incentive model. It also reduces the possibility of the moral hazard of the enterprises and is conducive to maintaining the long-term and stable cooperative relationship between the government and the enterprises. Related Articles

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Vehicle Routing Problem with Simultaneous Delivery and Pickup Considering Temporal-Spatial Distance in Time-Dependent Road Network 2022, 31 (1):  16-26.  doi: 10.3969/j.issn.1005-2542.2022.01.002 Abstract ( )   PDF (4334KB) ( )   Aimed at the vehicle routing problem with simultaneous delivery and pickup in the time-dependent road speed and soft time window, a routing optimization model is established with the goal of minimizing the sum of vehicle dispatch cost, time window penalty cost, and vehicle transportation cost. According to the characteristics of the problem, a hybrid genetic algorithm with variable neighborhood search considering the temporal-spatial distance is designed. Customers are clustered according to the temporal-spatial distance to generate initial solutions, which improves the quality of the algorithm. The depth search capability of the variable neighborhood search algorithm is applied to the local search strategy of the genetic algorithm to enhance the local search capability of the algorithm. An adaptive neighborhood search number strategy and a novel solution acceptance mechanism of simulated annealing are proposed to balance the breadth and depth required for population evolution. The model and algorithm are verified by several sets of examples of different scales. The research results not only deepen and expand the relevant research on vehicle routing problem with simultaneous delivery and pickup, but also provide theoretical basis for logistics enterprises to optimize vehicle scheduling plan. Related Articles

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On-Ramp Traffic Control and Optimization of Urban Expressway CHEN Qun, YAN Jiao 2022, 31 (1):  27-36.  doi: 10.3969/j.issn.1005-2542.2022.01.003 Abstract ( )   PDF (4189KB) ( )   Aiming at the on-ramp traffic signal control of urban expressway, based on the traffic wave theory, this paper analyzed the spatio-temporal characteristics of the traffic flow inside the intersection, and described the queuing process of the traffic flow on expressways and that on ramps. In addition, an optimization model of on-ramp traffic control of urban expressway is established with the objective of minimizing the average traffic delay at the intersection, and taking the green light time assignment and signal cycle of urban expressway and on-ramp as the optimization parameters. Moreover, the model is verified by a numerical example. The research result shows that all the remaining passable time should be allocated to expressways to minimize the total traffic delay at the intersection, when the green light time of expressway and that of the ramp meet the minimum requirements and there is still excess effective passable time (the difference between signal cycle and cycle lost time). The average vehicle delay has been reduced from 16.76s to 13.18s in the expressway on-ramp intersections, with a decrease of 21.36%, and the maximum queue length on the on-ramp has been shortened from 48.82m to 33.28m, with a decrease of 31.83%. Related Articles

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Symbiosis and Evolution of Enterprise Species Groups in Corporate Venture Capital from the Perspective of Innovation Ecosystem Based on Logistic Extended Model MENG Fanglin, TIAN Zengrui, ZHAO Yuanjun, Chang Beiquan 2022, 31 (1):  37-52.  doi: 10.3969/j.issn.1005-2542.2022.01.004 Abstract ( )   PDF (8121KB) ( )   With the proposal of the “mass entrepreneurship and innovation” strategy in China, the corporate venture capital industry has ushered in an explosive growth. As an effective form of incentive innovation, it is a special form of venture capital, and has become an important strategic choice for large enterprises at home and abroad. In the innovation ecosystem, the CVC ecological community is formed by the CVC as the symbiotic interface between the large enterprise population and the start-up enterprise population. Based on the 20-year venture capital practice of Listed Companies in China, this paper, using the logistic expansion model, verified the symbiotic evolution relationship between the two groups through the patent innovation data of large enterprises and venture enterprises. Besides, it compared the symbiosis coefficient of the two populations from the perspective of direct and indirect investment mode. Moreover, it summarized and analyzed the common and differential changes in the evolution process in combination with the organizational characteristics, and proposed relevant countermeasures from the perspectives of government, large enterprises, and start-up enterprises. Related Articles

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Time-Consistent Investment Policy for Insurance Portfolio with Dependent Risk in the CEV Model LIU Xiaotao, LIU Hailong 2022, 31 (1):  53-65.  doi: 10.3969/j.issn.1005-2542.2022.01.005 Abstract ( )   PDF (1752KB) ( )   This paper investigates the time-consistent investment policy for insurance portfolio with the mean-variance criterion. The price process of the risky asset follows the constant elasticity of variance (CEV) model, and the surplus process is described by a diffusion approximation model. Moreover, considering the imperfect risk correlation between the financial market and the insurance sector, it is assumed that the Brownian motion driving CEV model is imperfectly correlated with the Brownian motion driving earnings process. By solving the associated extended Hamilton-Jacobi-Bellman (HJB) equations, the value functions and the optimal time-consistent investment policy in explicit form are obtained. It is found that the mean-variance insurance portfolio choice problem is equivalent to a mean-variance common portfolio choice problem and an optimal time-consistent hedging problem for insurance portfolio after introducing the risk dependence. The risk-averse investor will suffer significant economic cost if ignoring the risk dependence. Related Articles

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Nonlinear Inter-Dependence Between Chinese Stock Market and Forex Market Under the Condition of International Stock Market Co-movement YUAN Ying, FENG Jingyu, LIU Na 2022, 31 (1):  66-79.  doi: 10.3969/j.issn.1005-2542.2022.01.006 Abstract ( )   PDF (6535KB) ( )   Different from the previous static and isolated research on the inter-dependent relationship between markets, this paper measures the inter-dependent relationship between the Chinese stock market and the forex market from a global perspective under the condition of international stock market co-movement. The Shanghai and Shenzhen 300 Index, the central parity of RMB/USD exchange rate, the S&P500 Index of the United States, the STOXX50 Index of Europe, the Hang Seng HSI Index of Hong Kong, the N225 Index of Japan, the FTSE100 Index of the United Kingdom, and the MSCI Index of the Global Stock Market from January 4, 2006 to February 28, 2019 are selected as research samples. Focusing on the two extreme volatility periods before and after the 2008 global financial crisis and the 2015 Chinese stock market crash, this paper studies the nonlinear inter-dependent relationship between the Chinese stock market and the forex market under the condition of international stock market co-movement by using the R-vine Copula method, and constructs a dynamic R-vine Copula method with dynamic parameters to test the robustness. The results show that there is a positive co-movement between the international stock market and the Chinese stock market, and the forex market, respectively. In addition, under the condition of international stock market co-movement, the Chinese stock market plays a guiding role in the forex market, and the inter-dependence between the two can be explained by the portfolio balance model. Moreover, the inter-dependence between the China stock market and the forex market is weaker when considering the international stock market linkage than when not considering the international stock market linkage, and this deviation will increase significantly after extreme fluctuations such as financial crisis and stock market crash. This paper has an important reference significance for international investors to rationally allocate assets to avoid risks and for government supervision departments to formulate relevant policies. Related Articles

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Design of Contingent Convertible Bonds of Companies with Both Financial Bailout and Revenue Sharing Mechanism LIN Xianwei, QIN Xuezhi, WANG Lin 2022, 31 (1):  80-88.  doi: 10.3969/j.issn.1005-2542.2022.01.007 Abstract ( )   PDF (2318KB) ( )   In order to encourage creditors to actively participate in the process of financial distress relief of the company, based on the loss absorption mechanism of CoCos, creditors can share the upward potential of the bond issuing company by incorporating a revenue-sharing mechanism. When the issuing company reaches a certain level of financial soundness, creditors can get more returns through the revenue sharing mechanism. Therefore, this paper designed a double-faced contingent convertible bond (DCCs), constructed a pricing model of contingent convertible bond based on the revenue sharing mechanism, and obtained its analytic solution by utilizing the path decomposition pricing method. In addition, by decomposing the possible path of the underlying stock price in the bond duration, it analyzes the impact of different clauses on DCCs. The numerical results show that the DCCs are released at a discount. Both the value of revenue sharing clause and the value of loss absorption trigger clause decrease with time. The value of DCCs decreases with the increase of annual stock price volatility and increases with the increase of conversion threshold of loss absorption clause and income sharing clause respectively. Related Articles

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Paternalistic Leadership and Craftsmanship of Manufacturing Employees: Influence of Job Involvement and Team Positive Emotional Climate ZHU Yongyue, MA Yuan, OUYANG Chenhui, GUO Minyu 2022, 31 (1):  89-103.  doi: 10.3969/j.issn.1005-2542.2022.01.008 Abstract ( )   PDF (1124KB) ( )   Since the term “Craftsmanship” was formally proposed in the Report of the Work of the Government in 2016, the cultivation and propagation of craftsmanship has become a hot topic concerned by both the business community and academic circles. This paper, by introducing the paternalistic leadership widely existed in the Chinese management situation, constructs a cross-level function model, and discusses the specific mechanism of paternalistic leadership on employee craftsmanship in benevolent leadership, moral leadership, and authoritarian leadership. The leaders and employees from 103 work teams were investigated, and 434 paired data were obtained. Data analysis and hypothesis testing were conducted with the help of data analysis software such as HLM, SPSS, AMOS and so on. The results show that benevolent leadership and moral leadership can significantly positively predict the craftsmanship of employees, while authoritarian leadership can significantly negatively predict the craftsmanship of employees. Employee job involvement plays a partial mediating role in the positive correlation between benevolent leadership, moral leadership, and employee craftsmanship, as well as in the negative correlation between authoritarian leadership and employee craftsmanship. Team positive emotional climate positively moderates the positive correlation between benevolent leaders, moral leaders, and employee job involvement. Based on the these results, some suggestions are proposed for relevant management practices. Related Articles

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Impact of Spin-Offs Transformation Motivation of Research Institutes on Firm Performance: the Moderation of Market Disturbance GAO Yufeng, YANG Yang, WANG Yeyin, YU Jie, WANG Feng, WANG Rui 2022, 31 (1):  104-111.  doi: 10.3969/j.issn.1005-2542.2022.01.009 Abstract ( )   PDF (965KB) ( )   The market of domestic technology enterprises has been greatly disturbed since the trade war between China and the U.S. The analysis of the first-hand data from a survey of spin-off firms in the Chinese Academy of Sciences indicates that different types of transformation motivation, i.e., capital, learning, and mission have different impacts on firm performance, and market disturbance will attenuate the positive relationship between spin-off firms’ learning motivation and firm performance. These results show that the government and research institutes should encourage various transformation motivations of spin-off enterprises, and give appropriate policy preference to the spin-off enterprises founded with learning motivation, so as to ensure that such enterprises can cope with the market disturbance caused by the trade war. Related Articles

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Influence of Digital Transformation on Firm Performance Based on Meta-Analysis WANG Haihua, LI Ye, TAN Qinying 2022, 31 (1):  112-123.  doi: 10.3969/j.issn.1005-2542.2022.01.010 Abstract ( )   PDF (1137KB) ( )   Based on 59 independent empirical literatures, 75 effect values, and 44316 independent samples, this paper, using the meta-analysis method, analyzed the relationship and found the possible contingent roles between digital transformation and firm performance from digital technology, digital strategy, digital capability, and digital culture. The results show that digital technology, digital strategy, digital capability, and digital culture have strong positive correlations with firm performance, and digital culture has the most significant effect. Firm size, industry category, measurement method moderate the relationship between digital technology, digital strategy, digital capability, and firm performance, but there were differences. In addition, cultural background only moderates the relationship between digital technology, digital strategy, and firm performance. This paper enriches the relevant theoretical achievements of digital transformation and firm performance, and provides a management basis for improving firm performance in the digital transformation context. Related Articles

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Desertification Control in Different Technology Authorization Modes TAN Deqing, SUN Jiayi 2022, 31 (1):  124-133.  doi: 10.3969/j.issn.1005-2542.2022.01.011 Abstract ( )   PDF (1152KB) ( )   Based on the dynamic changes of desertification control scale and enterprise goodwill, a differential game model of desertification control between two competing enterprises is constructed. The product pricing, the desertification control investment level, the desertification control scale, and the revenue changes of both parties are studied in different governance technology authorization modes. It is found that the optimal pricing of products with desert characteristics of the two enterprises and the investment level of the technology licensor are not affected by the technology authorization mode. Without technical authorization, the revenues of both enterprises are the lowest. In the license fee technology authorization mode, the investment level and desertification control scale of the licensee and the revenues of both enterprises are improved, and the revenue growth rate of the licensee is greater than that of the licensor. In the fixed fee technology authorization mode, the investment level, the desertification control scale of the authorized party, and the revenues of the two enterprises are the highest, and the desertification control scale of the two enterprises are the same at this time. Related Articles

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Internal Mechanism of Entrepreneurship on Technological Innovation Diffusion: a Test of Moderated Mediation 哈尔滨工程大学 经济管理学院, 哈尔滨 2022, 31 (1):  134-142.  doi: 10.3969/j.issn.1005-2542.2022.01.012 Abstract ( )   PDF (1023KB) ( )   Based on Schumpeter’s innovation theory, this paper explored the internal influence mechanism of entrepreneurship on technological innovation diffusion, and discussed the mediating role of knowledge sharing as well as the moderating role of environmental turbulence on the above process. Based on 279 questionnaires, a hierarchical regression analysis was conducted for the empirical test. The results show that entrepreneurship not only directly promotes innovation diffusion, but also indirectly facilitates technological innovation diffusion by enhancing knowledge sharing. Environmental turbulence, i.e., both technological turbulence and market turbulence, negatively moderated the promoting effect of knowledge sharing on innovation diffusion. Moreover, the mediating role of knowledge sharing is significantly different under different circumstances of environmental turbulence, i.e., environmental turbulence has a contingency effect on the mediating effect of knowledge sharing. Related Articles

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Mode of Virtual Power Plant Operation and Dispatching in Energy Blockchain Network 国网上海市电力公司 经济技术研究院, 上海 2022, 31 (1):  143-149.  doi: 10.3969/j.issn.1005-2542.2022.01.013 Abstract ( )   PDF (1998KB) ( )   In order to improve the efficiency of user transactions in virtual power plants and the security of operation and dispatching, in view of the high cost, high risk, and low efficiency in the operation and dispatching of traditional virtual power plants, an energy blockchain network based on multiple power users is proposed. A mode of virtual power plant operation and dispatching is given. The power transaction consensus algorithm is used to intelligently match multiple users with different needs in the virtual power plant to improve the reliability and economy of user transactions. The energy blockchain network is introduced and an improved virtual power plant operation scheduling model is proposed, which not only ensures the information storage security, but also makes operation and dispatching more stable and transparent. The case analysis shows that the model proposed in this paper can effectively improve the security and efficiency of transaction and dispatching in virtual power plants, and can provide reference for energy transaction in virtual power plants. Related Articles

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Dynamic Buffer Allocation and Monitoring Based on Comprehensive Activity Sensitivity ZHANG Junguang, RAN Wenjuan, WAN Dan, LIU Nian 2022, 31 (1):  150-158.  doi: 10.3969/j.issn.1005-2542.2022.01.014 Abstract ( )   PDF (9331KB) ( )   The classical buffer management methods only consider the sensitivity of activities to project duration. However, the impact of cost on the project is also very important, and these two factors have different impacts on different projects. In this paper, the sensitivity of activity to cost is considered for the first time, and the comprehensive sensitivity coefficient of activity to duration and cost is determined, based on which, the project buffer is allocated according to the comprehensive sensitivity and the duration of activity, which makes the allocation of buffer more reasonable. Then, according to the comprehensive sensitivity of activities, activities are divided into high, general and low sensitivity activities, so that the monitoring focus of the project can be more effectively determined. After that, monitoring trigger points are set respectively, and buffer consumption is monitored dynamically. Finally, Matlab simulation is used to verify the optimization results, in combination with a practical case. The experimental results show that the proposed method makes buffer utilization more efficient and monitoring focus clearer, which can achieve the dual goals of duration reduction and cost saving. Related Articles

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Intelligent Generation of Personalized Exercise Scheme Based on Fuzzy Petri Nets LIU Yuchuan, ZHANG Pengzhu 2022, 31 (1):  159-166.  doi: 10.3969/j.issn.1005-2542.2022.01.015 Abstract ( )   PDF (1327KB) ( )   An intelligent generation mechanism based on fuzzy Petri nets is proposed in order to provide a scientific personalized exercise scheme for different users based on their health information. Following FITT(Frequency-Intensity-Time-Type) principle, the mechanism constructs fuzzy Petri nets of exercise frequency, intensity, time and type respectively based on large scale of exercise knowledge. Users’ personalized information is fused for generation of exercise scheme and matrix calculation is adopted. The exercise type is the first to be generated, based on which exercise time, intensity and frequency are also generated. Different exercise schemes are then combined according to users’ willingness. In the end, a complete and operable personalized exercise scheme is formed. Related Articles

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A Risk Management System of Venous Thrombosis Based on Intelligent Analysis Engine LIU Junqing, WANG Hongtao, ZHOU Fei 2022, 31 (1):  167-172.  doi: 10.3969/j.issn.1005-2542.2022.01.016 Abstract ( )   PDF (3873KB) ( )   In recent years, relevant national departments have gradually attached importance to the construction and management of the VTE prevention and control system, revised and improved relevant guidelines and management suggestions. Medical institutions at all levels have also explored VTE prevention and control informatization. The traditional VTE risk assessment makes judgement based on doctors’ experience or on paper-based comprehensive assessment data. Some hospitals embed assessment forms in their systems to realize manual checking assessment. This paper extracts the text data related to risk factors in the medical information system by utilizing the natural language processing method and forms an intelligent analysis engine in combination with the assessment rule base. The risk management of venous thromboembolism is electronized and intelligentized, so as to achieve the standardized management of the whole process of assessment, prevention, diagnosis, and treatment of venous thrombosis. It has realized the seamless connection of medical information system, full coverage of assessment and screening, full coverage of monitoring and management, which effectively guarantees the safety of patients and improves the quality of medical management. Related Articles

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Donation Expectation Shortfall, Cash Flow Rights, and Enterprise Response SONG Yuanyang, ZHANG Han, KUANG Qian 2022, 31 (1):  173-190.  doi: 10.3969/j.issn.1005-2542.2022.01.017 Abstract ( )   PDF (1257KB) ( )   If the amount of charitable donation of an enterprise is lower than expected (i.e., if there is a donation expectation shortfall), the reputation and legitimacy of the enterprise will be reduced. How the enterprise should respond to the shortfall is an important theoretical and practical problem. Based on the data of Chinese listed companies from 2008 to 2018, this paper discusses how enterprises can reduce the negative impact of the donation expectation shortfall by adjusting their subsequent social responsibility behavior. The results show that the greater the historical and social donation expectation shortfall, the more likely enterprises are to increase donations to eliminate negative effects. In addition, the donation expectation shortfall has no significant impact on the increase of other social responsibility behaviors, which indicates that enterprises do not tend to increase other social responsibility behaviors to reduce the negative impact of donation expectation shortfall. Moreover, different types of donation expectation shortfalls have different impact intensities on enterprise behavior. Compared with the historical donation expectation shortfall, the  social donation expectation shortfall has a stronger impact on the increase of donation. However, there is no significant difference between the two on the increase of other social responsibility behaviors. Furthermore, the higher the proportion of cash flow right of the actual controller, the more sensitive it is to the increased cost of donation, and the weaker the impact of the historical and social donation expectation shortfallon the increase in donation. This above conclusions extend the performance feedback theory from financial performance to social performance, which not only enriches the performance feedback and donation literature, but also has practical implications for enterprises to deal with the donation expectation shortfall. Related Articles