Table of Content

28 July 2022, Volume 31 Issue 4 Previous Issue    Next Issue

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Supply Chain Capacity Strategy and Coordination with Promotion Effort CHANG Shan, , HU Bin, WANG Tingting 2022, 31 (4):  619-633.  doi: 10.3969/j.issn.1005-2542.2022.04.001 Abstract ( )   PDF (2886KB) ( )   In a two-level supply chain in which the manufacturer has multiple capacity strategies and the retailer performs promotional activities, this paper uses the Stackelberg game method to compare and analyze the decisions and profits of the two firms in different capacity strategies. In the strategy of capacity expansion, this paper coordinates the supply chain by designing a two-part tariff contract. The results show that, first, when the initial capacity level is below a certain threshold, capacity expansion is a dominant strategy for the manufacturer and can improve the profits of both firms. Then, whether efforts to improve the promotion efficiency benefit the retailer depends on the cost coefficient of capacity expansion. Nevertheless, it is always beneficial for the manufacturer. Finally, the designed contract can coordinate the supply chain with capacity expansion, but the contract items should be adjusted according to the initial capacity level. Related Articles

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Selection Strategies and Pricing Decision of On-Demand Ride-Sharing Platforms Considering Temporary and Long-Term Agents ZHAO Xiuyan, LI Tao, LIU Bin 2022, 31 (4):  634-645.  doi: 10.3969/j.issn.1005-2542.2022.04.002 Abstract ( )   PDF (2487KB) ( )   The emergence of on-demand ride-sharing platforms has greatly influenced the way people travel, and the question of how to balance the platform supply is an interesting one. In this paper, the impact of three different strategies on the platform performance, namely temporary agent, long-term agent and hybrid agent is explored. The study shows that the temporary agent strategy is the optimal strategy for the platform when consumer acceptance of public transportation is small. When consumer acceptance of public transportation is large, the mixed agent strategy is optimal if the temporary drivers are much more sensitive to subsidies than to permanent drivers’ wages. Otherwise the long-term agent strategy is optimal. In addition, when the platform only employs long-term drivers, the employment of temporary drivers cannot improve the platform service level. When only temporary drivers are employed, the employment of long-term drivers can not only improve the platform service level, but also improve the platform profit to a certain extent. Related Articles

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Persuasive Advertising Competition Between Platform Self-Operated Seller and Third-Party Seller ZHANG Hua, LI Li, HE Xiang, ZHU Xingzhen, HU Jiao, YANG Wensheng 2022, 31 (4):  646-658.  doi: 10.3969/j.issn.1005-2542.2022.04.003 Abstract ( )   PDF (1320KB) ( )   In view of the competition between self-operated seller and third-party seller on platform, this paper models persuasive advertising competition between self-operated seller and third-party seller, considering three scenarios: platform domination, third-party seller domination, and both parties have the same market position. The effects of horizontal differentiation, vertical differentiation, and advertising cost coefficient on optimal decision and profit are analyzed. The result shows that when the horizontal differentiation (the strength of consumer preference) increases, the platform price and advertising level increases, the advertising level of the third-party seller decreases, and the price decreases first and then increases. When both parties have the same market position, their price and advertising levels are equal, the price of both parties increases with the strength of consumer preference increasing, and the advertising level is independent on the strength of consumer preference. In addition, the platform (the third-party seller) price and advertising increase (decrease) with the vertical differentiation (the quality difference between the platform and the third-party seller) increasing, regardless of the market position. Moreover, the coefficient of advertising cost is not the higher the better. The profit of platform will increase with the coefficient of advertising cost only when the third-party seller dominates the market and the coefficient of advertising cost coefficient is sufficiently high. Related Articles

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Value Complementarity, Data Disclosure, and Transaction Strategy MA Tao, LIU Ting, HUANGFU Zhen, LI Zhendong 2022, 31 (4):  659-668.  doi: 10.3969/j.issn.1005-2542.2022.04.004 Abstract ( )   PDF (3044KB) ( )   In the era of digital intelligence economy, aggregating user data of different dimensions can be of great value. Based on the complementary purchase behavior of data users, this paper constructs a two-stage game model of data disclosure and data transaction to investigate the disclosure price of data owners and the transaction price of data brokers. The result shows that when brokers do not obtain data, the degree of complementarity between transaction price and data value presents a nonlinear relationship. Compared with brokers who do not obtain data, when a broker obtains data, if the data value is highly complementary, the transaction price of the broker who obtains the data increases, and the transaction price of the broker who does not obtain the data remains unchanged. If the degree of data value complementarity is low, the transaction price of brokers who obtain data increases but that of brokers who do not obtain data decreases. Compared with brokers who do not obtain data, when brokers obtain data, the transaction price remains unchanged. It is generally believed that the data is non-exclusive and non-competitive, which will promote the multiple sales behavior of the data owner. However, this paper finds that under a certain degree of data value complementarity, the data owner will set the optimal disclosure price and disclose the data to only one data broker. Related Articles

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Commissioned Research and Developemnt Strategy of Public Goods Technological Innovation Considering Fairness Preference of Subcontractors WU Baiyu, ZHONG Weijun, MEI Shu’e 2022, 31 (4):  669-677.  doi: 10.3969/j.issn.1005-2542.2022.04.005 Abstract ( )   PDF (4087KB) ( )   Enterprise participation is very important for the success of public goods technological innovation. In the contract design, traditional factors cannot be ignored, and internal characteristics of agents and external environment also need to be considered. A dual agent model based on fairness was constructed to study the influence of subcontractors’ fairness on optimal contract and expected revenue of the public sector. The results show that the greater the difference in the strength of fairness preference between the two subcontractors, the more favorable it is to improve the expected utility of the public sector. However, two prerequisites must be met. First, the subcontractor with a higher level of ability has a stronger strength of fairness. Second, the public sector must redesign the size and combination of incentive coefficients based on fairness and random dependence so that subcontractor with stronger fairness and higher levels of ability has incentive advantages. Related Articles

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Probabilistic Language Multi-Attribute Large Group Decision-Making Method Based on Group Consistency in Social Network Analysis ZHANG Faming, ZHU Shuqi 2022, 31 (4):  678-687.  doi: 10.3969/j.issn.1005-2542.2022.04.006 Abstract ( )   PDF (4094KB) ( )   Aimed at the multi-attribute large group decision-making problem that the decision-makers’ preference information are probabilistic language information in social network analysis, this paper proposes a new probabilistic language multi-attribute large group decision-making method based on group consistency. First, for the situation that decision-makers belong to multiple community clusters to participate in decision-making, this paper proposes the concept of community sub-module membership degree and preprocesses it. Next, considering the social network relationship between decision-maker, it improves the Louvain community detection algorithm to divide the community of large group decision makers. Then, it extends the maximum consensus sequence mining algorithm to the field of probabilistic language information, and proposes a consensus measurement method and consensus achievement model based on group consistency to obtain the final solution. Finally, it applies an example to verify the effectiveness of the proposed method, and illustrates its rationality and advantages by comparative analysis. Related Articles

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Informed Trading Strategies Under Liquidity Constraints and Information Risk MA Dan, FANG Zhenming, WANG Chunfeng 2022, 31 (4):  688-697.  doi: 10.3969/j.issn.1005-2542.2022.04.007 Abstract ( )   PDF (1149KB) ( )   Based on the framework of continuous trading, this paper constructs a theoretical model to investigate the characteristics of market equilibrium and order strategies of informed traders, considering liquidity constraints and information risk. It is revealed that order strategies vary by different levels of liquidity constraints and information risk from the aspects of transaction size, the uniformity of order splits, and transaction delays. Informed traders would submit conservative orders to control liquidity shocks and aggressive orders to deal with information risks. The optimal trading strategy is an equilibrium strategy in a specific market state. The conclusions not only reveal the information transmission in the process of “market conditions-investor behaviors-price discovery”, but also provide theoretical shreds of evidence for order strategy decisions and policy development. Related Articles

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Token Based Platform Operation Management Under Knightian Uncertainty SUN Duohao, FEI Weiyin, DENG Shounian 2022, 31 (4):  698-707.  doi: 10.3969/j.issn.1005-2542.2022.04.008 Abstract ( )   PDF (1736KB) ( )   The shock of investors’ investment efficiency has an impact on platform productivity in platform operation, thus affecting the platform token issuance strategy, token price, and platform franchise value. Considering the Knightian uncertainty of investors’ investment efficiency impact, a dynamic model of platform productivity is established by using the nonlinear expectation theory. In addition, the Hamilton Jacobi Bellman equation (HJB equation) satisfied by the franchise value of platform developers is derived. Moreover, the impact of Knightian uncertainty on the optimal investment of investors, the franchise value of the platform, the marginal value of platform productivity, and the market clearing price of tokens is analyzed. Furthermore, the theoretical results are numerically simulated. The simulation shows that the optimal investment of investors in the platform and the franchise value of the platform are affected not only by the issuance of platform tokens, but also by the Knightian uncertainty. As the Knightian uncertainty degree increases, the optimal investment and franchise value of the platform decrease. Therefore, in addition to paying attention to the token issuance strategy of the platform itself, the operators of the platform also need to consider the impact of Knightian uncertain factors on the operation of the platform. Related Articles

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Impact of Entrepreneurial Orientation and Network Orientation on New Venture Growth in Digital World CHEN Yu, HAO Shengbin 2022, 31 (4):  708-720.  doi: 10.3969/j.issn.1005-2542.2022.04.009 Abstract ( )   PDF (995KB) ( )   Based on the resource-based theory and the strategic fit theory, taking exploration innovation and exploitation innovation as mediators and strategic flexibility as the moderator, a theoretical model of the relationship between entrepreneurial orientation, network orientation, and new venture growth was built in the digital world. An empirical study of 403 new ventures show that entrepreneurial orientation has a greater impact on new venture growth during the start-up and growth stages than network orientation. Exploration innovation mediates the relationship between network orientation and new venture growth. Exploitation innovation is the mediator between entrepreneurial orientation, network orientation, and new venture growth. Strategic flexibility moderates the relationship between entrepreneurial orientation, exploration innovation, exploitation innovation, and new venture growth. In the start-up period, exploitation innovation has a greater impact on new venture growth. However, in the growth period, exploration innovation has a greater impact on new venture growth. Related Articles

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Mechanism of Data Empowerment Driving Manufacturing Enterprise Service: An Exploratory Analysis Based on Grounded Theory of Multi-Cases SHANG Yanying, JIANG Junfeng, WANG Xiulai 2022, 31 (4):  721-735.  doi: 10.3969/j.issn.1005-2542.2022.04.010 Abstract ( )   PDF (1188KB) ( )   Most of the existing research focus on analyzing the influence of data empowerment on the service transformation of manufacturing industry through technical support from the “supply side”. However, whether the empowered enterprises can get the opportunity depends on the market environment created by other empowered entities for the focus enterprises. At the same time, the diversity practice of data empowerment driving manufacturing enterprise servitization shows that data empowerment driving manufacturing enterprise servitization also depends on the shaping effect of relevant factors on the relationship between data empowerment and manufacturing enterprise servitization. In view of the differentiated practice of data empowerment to drive the servitization of manufacturing enterprises in different situations, data empowerment is incorporated through the driving way that market demand affects the service of manufacturing enterprises. The core power is the adaptive matching of dynamic capability and market environment. With the help of the internal mechanism to capture the invariance of data empowerment driving manufacturing enterprise servitization and the external mechanism to capture relevant factors to shape the difference of data empowerment driving manufacturing enterprise servitization, a theoretical framework of the internal/external mechanism interaction influencing manufacturing enterprise servitization is constructed. Based on the grounded theory of qualitative research, the mechanism of data enabling driving manufacturing enterprises servitization by the case studies of three manufacturing enterprises is explored. The results show that the invariance of the relationship between data empowerment and manufacturing enterprise servitization is characterized through the internal mechanism of “data empowerment - dynamic capability and market environment adaptability matching - servitization”. The context dependence of the relationship between data empowerment and manufacturing enterprise servitization is captured through the external mechanism of “entrepreneurship - digital intelligence servitization strategic orientation - service trial and error - dynamic capability and market environment adaptability matching - servitization”. With the help of the category involved in the paradigm model, the key links of data empowerment driven manufacturing enterprise servitization are service resource reorganization, digital intelligent servitization strategy orientation and service trial and error. This paper extends the mechanism that data empowerment affects the matching of dynamic capabilities and market environment to drive the service transformation of manufacturing enterprises. It uses internal mechanism and external mechanism to coordinate the tension between the relationship invariance and practice diversity of data empowerment driving the service transformation of manufacturing enterprises, so as to provide reference, management framework, and theoretical tools for service transformation of manufacturing enterprises. Related Articles

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Influence of Energy Intensity on Industrial Green Transformation: from an Innovation Effect Perspective HOU Jian, BAI Wanting , CHEN Jiancheng, YAN Wenhua 2022, 31 (4):  736-745.  doi: 10.3969/j.issn.1005-2542.2022.04.011 Abstract ( )   PDF (2180KB) ( )   At present, the environmental problems caused by the excessive consumption of energy and resources in China are rapidly becoming prominent. Improving energy efficiency is a key to promote the green transformation of industry, ecological construction, and high-quality economic development. Based on super-SBM and the dynamic panel threshold model, this paper focuses on the heterogeneity of green transformation among industrial sectors in China, and introduces innovation effect as threshold variable to further explore the impact of energy intensity on industrial green transformation. The results show that the level of green industrial transformation in China is low, there is a large space for development, and the industry heterogeneity is significant, showing a relatively significant trend of fluctuation during the transformation. It is worth explaining that energy intensity has an obvious innovation effect and heterogeneous threshold effect on China’s industrial green transformation. The low level of innovation effect is not conducive to reducing energy intensity and driving industrial green transformation. With the improvement of innovation effect level and breaking through the “critical point”, energy intensity has played an effective role to a certain extent, and then promoted the green transformation of industry. Related Articles

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Formation of Regional Industrial Organization Network Based on ERGM: Evidence from Yiwu LI Min, HU Zaizhou, LU Qianqian 2022, 31 (4):  746-757.  doi: 10.3969/j.issn.1005-2542.2022.04.012 Abstract ( )   PDF (6779KB) ( )   There are intricate supply and demand relationships between various market objects in the economic market, which in turn form an industrial organizations network. This paper uses the transaction data from the bank to present the inter-firm relationships in the city of Yiwu, and overcomes the limitation that the input-output method can only reflect the inter-industry connections. In addition, it also introduces the exponential random graph model to investigate the impact of the diverse social processes in the formation of inter-firm relationships and their role in shaping the industrial organizations network from a more microcosmic perspective. The results show that there is a strong tendency of reciprocity in the inter-firm relationships in Yiwu, and there are more two-way interactions than one-way trading. The firms in Yiwu are more likely to choose transaction objects through middleman, which means that transitivity plays an obviously positive role in the network, while popularity and activity mainly play a negative role, that is, firms are not willing to expand commercial channels. Compared with non-profit organizations, firms play more of the role of suppliers, and firms located in relatively affluent and less populated areas have higher export capabilities. Related Articles

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Research and Development Spillover, Consumer Environmental Awareness, and Horizontal Research and Development Strategy of Supply Chain YU Ping, WEI Shoudao 2022, 31 (4):  758-769.  doi: 10.3969/j.issn.1005-2542.2022.04.013 Abstract ( )   PDF (1203KB) ( )   Considering a supply chain consisted of two manufactures and a retailer, in the face of consumers with low-carbon preferences, manufactures take the initiative to perform carbon reduction research and development, and the retailer shares the manufactures’ research and development costs, the effects of research and development spillover and consumers’ environmental awareness on the manufactures’ carbon reduction research and development strategy are analyzed. It is shown that when the research and development spillover is much lower and consumer environmental awareness is very high, the manufactures will choose the strategy of research and development competition if the retailer can properly compensate them. Then, when the research and development spillover is much lower and consumer environmental awareness is especially high, the manufactures will choose the strategy of research and development cooperation. However, when both research and development spillover and consumer environmental awareness are much higher, the manufactures will choose the strategy of research and development cooperation if they can share the retailer’s revenue. Finally, when research and development spillover is much higher and consumer environmental awareness is especially high, the manufactures will also choose the strategy of research and development cooperation without any revenue sharing contract. Related Articles

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Accounting Information Quality，nvestment Return，and Cost of Capital SHA Feiyun, XU Xiaodong, CAO Youjia, WU Yanqin 2022, 31 (4):  770-793.  doi: 10.3969/j.issn.1005-2542.2022.04.014 Abstract ( )   PDF (1386KB) ( )   According to the theory of information economics, in the case of information asymmetry, by disclosing high-quality financial report audited by independent accountants, enterprises can eliminate the market friction cost of external financing caused by information asymmetry to a certain extent, and help enterprises obtain a competitive advantage in the product market. Meanwhile, the quality of accounting information is also a function of the governance of enterprises. However, most of the current literature mainly focuses on the signal role of the quality of accounting information in the capital market and its impact on the capital cost for external financing, while ignoring its signal role in the product market and its impact on the return of competitive advantage of enterprises. Using the data of listed companies in Chinese Stock Market from 2011 to 2019, this paper conducts a systematic study in the relationship between the quality of accounting information and the return of investment and the cost of capital. It is found that, consistent with theoretical expectations, the better quality of the accounting information during the reporting period, the higher the return on the investment of enterprises, and the lower the corresponding capital cost in the next year. At the same time, the positive correlation between the quality of accounting information in the current year and the return on investment in the next fiscal year, and the negative correlation between the quality of accounting information and the cost of capital have become more significant to a certain extent with the improvement of the governance of enterprises. Further research shows that high-quality accounting information can help enterprises gain the competitive advantage in the product market, build a more stable ustomer relationship, and generate a stronger bargaining power in the supply chain. Related Articles

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Risk InformationDisclosureand Stock Liquidity:Based onTextual AnalysisofAnnualReportofA-shareListed Firmsin China YANG Mo, DONG Dayong, XUYongan 2022, 31 (4):  794-810.  doi: 10.3969/j.issn.1005-2542.2022.04.015 Abstract ( )   PDF (1068KB) ( )   This paper empirically examines the relationship between corporate risk information disclosure and stock market liquidity by taking Chinese A-share listed firms from 2012 to 2018 as the survey sample and measuring the level of risk information disclosure by extracting risk-related words with textual analysis and regular match expression in the annual report.The results show that risk information disclosure is negatively correlated with stock market liquidity,indicating that more risk information disclosed leadstoa stronger market risk perception,a more cautious trading behavior of investors,and a lower stock market liquidity. Investor sentiment plays an incomplete intermediary role in the proces of risk information disclosure affecting stock liquidity.The negative correlation between risk disclosure and liquidity is more significant in enterprises with characteristics of non-state-owned nature,low information quality, and poor regional legal environment, compared with state-owned enterprises, enterprises with a higher information quality and a better regional legal environment. The tone and non-templating degree of risk disclosure are Related to a higher liquidity. The relationship between risk disclosure and short-term abnormal liquidity is distinctly different from the relationship with long-term liquidity. This paper systematically analyzes the impactofrisk disclosure in the China’s stock market, and enriches the literature on risk factor disclosure and market liquidity. Based on the empirical evidence, this paper proposes policy recommendations to strengthen the supervision of risk information disclosure of listed firms,improve the quality of information disclosure,and enhance marketr egulations, so as to better protect the benefit of investors and improve the efficiency ofmarket resource allocation. Related Articles

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Tenure Staggered Tenure of Officials, and Corporate Environmental Governance Based on Empirical Evidence of Staggered Tenure of Director of Environmental Protection Department and Secretary of Municipal Committee HUANG Xijia, ZHU Shuai, LI Mangmang 2022, 31 (4):  811-821.  doi: 10.3969/j.issn.1005-2542.2022.04.016 Abstract ( )   PDF (931KB) ( )   Unlike the director of the environmental protection department (DEPD) who is only subject to the single assessment objective of “environmental performance”, the secretary of the municipal committee (SMC) of the Communist Party of China is faced with the two objectives of “economic growth” and “environmental performance”, thus the environmental governance of enterprises in the jurisdiction can be summarized as the “staggered effect” and “coordinated effect”. Therefore, based on the data of non-financial enterprises from 2006 to 2019, and using the data of environmental investment collected by hand, an empirical study is conducted to test the above problems. It is found that the enterprise environment investment shows a significant periodic pattern of DEPD and SMC’s tenure, which indicates that the longer tenure is, the more environmental governance will be. In the case of DEPD and SMC’s tenure mismatch, the degree of temporal mismatch is negatively related to the level of environmental governance, which is manifested as the “coordination effect”. From the perspective of staggered tenure, the above results reveal the specific mechanism of “consistency of tenure assessment objectives” on the environmental governance of enterprises in the jurisdiction, which provides theoretical evidence for further improving the top-level system design of China’s environmental governance system. Related Articles