Table of Content

28 January 2023, Volume 32 Issue 1 Previous Issue    Next Issue

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The Vertically Differential Product Introduction Strategy Considering Strategic Consumers and Enterprise Cost Reduction DU Huafeng, GUAN Zhenzhong 2023, 32 (1):  1-22.  doi: 10.3969/j.issn.1005-2542.2023.01.001 Abstract ( )   PDF (4487KB) ( )   Driven by consumer strategic behavior and enterprise cost reduction, this paper developed dynamic game models of two kinds of vertically differentiated product introduction strategies, i.e., the decreasing quality strategy and the increasing quality strategy, and discussed the optimal strategy and implementation conditions of the enterprise. The results demonstrate that when the cost reduction is small, the increasing quality strategy is optimal for the enterprise. However, the decreasing quality strategy can effectively alleviate the  delayed purchase behavior of consumers when the product quality difference is limited and the cost reduction is large. Furthermore, this paper also considered the mixed consumers and fixed investment for cost reduction, respectively. It concludes that the decreasing quality strategy is always the best choice in the mixed market. The intrinsic relationship between sales revenue and the total cost in period 1 depends on the fixed investment cost, product quality difference, the degree of consumer strategy, and the magnitude of cost reduction. Related Articles

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Learning Algorithm for New Product Advertising Budget Allocation Based on Customer Arrival and Purchase Data GAO Qiushuang, HUANG Diyuan, YANG Chaolin 2023, 32 (1):  23-41.  doi: 10.3969/j.issn.1005-2542.2023.01.002 Abstract ( )   PDF (1427KB) ( )   During the introduction period of a new product, companies usually set a certain budget for advertising. The product sales process in this period can be divided into two stages: “customer acquisition” and “conversion”. Advertising first attracts potential consumers to the consumption platform, and then consumers purchase with a certain probability depending on the product characteristics. To solve the advertising budget allocation problem for the promotion of a new product given the total advertising budget and total inventory constraint, this paper proposes a non-parametric learning algorithm that uses customer arrival and purchase data to simultaneously learn the relationship between customer arrivals and advertising, as well as the probability of product purchase. It is proved that the learning algorithm proposed is asymptotically optimal. Numerical experiments verify its performance in a variety of scenarios, illustrating the robustness of the strategy. Related Articles

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Design of a Solar Power Generation/Storage Micro-Grid System in Community Based on Game Theory SHOU Jianan, CUI Weiwei 2023, 32 (1):  42-52.  doi: 10.3969/j.issn.1005-2542.2023.01.003 Abstract ( )   PDF (1627KB) ( )   The utilization of distributed photovoltaic (PV) generation and electricity storage battery is the most important method to reach the goal of carbon peaking and carbon neutrality by transforming the energy structure in China. Compared with the popularization of centralized PV grid-connected plant, the household distributed PV system is in the transition period from starting to commercialization. This paper, by considering the residents living in a community and developers who plan to invest in a PV generation/storage micro-grid system when constructing buildings for the community, establishes a two-layer mathematical model for the leader-follower game, in which the autonomous behavior pattern of stakeholders is the core. In the outer layer, the developer needs to decide the capacity size and selling price of the micro-grid system in order to maximize its profit. In the inner layer, the residents in the community need to decide whether they should agree with the construction of the micro-grid system by considering the difference between the electricity bill before the construction and that after joining the framework. In addition, the residents will not only change their power consumption behavior to maximize benefits, but also pay attention to the fairness when they use the micro-grid system. Through solving the model and analyzing the relationship between the two sides of the game, it can be seen that the developer and residents of all walks of life can benefit from the project considering the current market data only if the system configuration is designed well and coordinated with the weather conditions of better sunshine intensity. Some managerial insights can be obtained as follows. First, the households with a higher power consumption benefit more from the micro-grid system in different types of residents. Secondly, although the PV subsidies of the government can greatly increase the revenue of the system developer, it does not promote the increase of installed capacity, nor does it bring more benefits to the residents. Finally, the unified management of micro-grid can bring more benefits to both sides and encourage the developer to build larger installations compared with the independent operation mode, which shows the advantage of sharing facilities in the community. Related Articles

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Allocation Optimization of NCRPE for Program Based on Merge-Event Time-Estimation Technique FENG Jingchun, LIU Qin, CHEN Rundong, FENG Haiyu, WANG Tengfei 2023, 32 (1):  53-63.  doi: 10.3969/j.issn.1005-2542.2023.01.004 Abstract ( )   PDF (2685KB) ( )   The non-commercial resource provided by employer(NCRPE) is the bottleneck material required for the construction of the program, which has an important impact on the investment and schedule of the program of the employer. First, based on traditional resource optimization theories and methods, this paper comprehensively considers the risk of construction delay caused by the use of slack time in non-critical contracted projects. It studies and constructs an optimization model aiming at minimizing the present value of risk-based costs of NCRPE, and introduces the merge-event time-estimation technique to calculate this risk. Next, it designed a hybrid particle swarm algorithm to solve the model. After that, it conducts a case analysis of the X program, calculates the optimal solution, and compares the results of the optimal capital cost present value plan, the earliest time starting plan, the latest time starting plan, and the traditional resource balance plan. The results show that the optimal cost present value plan can not only realize the minimum cost present value, but also ensure a high completion probability and low risk of construction delay of the program to a certain extent. The findings provide a new idea for the employer to formulate the allocation plan of the NCRPE of the program. Related Articles

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A Cross-Chain Transaction Model of Electricity Carbon Emission Rights Considering Energy Blockchain HU Wei, XIA Xue 2023, 32 (1):  64-72.  doi: 10.3969/j.issn.1005-2542.2023.01.005 Abstract ( )   PDF (1819KB) ( )   Aimed at the problems that traditional power trading produces excessive carbides and does not follow China’s low-carbon goals, a cross-chain trading model taking into account the power carbon emission rights of energy blockchain is proposed in the microgrid. Using cross-chain protocols, a joint and supplementary alliance mechanism is established to effectively control the upper limit of carbon quotas based on reducing costs and increasing efficiency. By deeply coupling carbon factors, correction coefficients and carbon rights trading, and implementing reward and punishment measures through the assessment price of regulatory nodes, energy conservation and emission reduction are achieved. By using the quantum blockchain technology, attackers are prevented from eavesdropping on ciphertext or tampering with data, and a safe and credible carbon rights trading environment is created. The experimental results show that the cross-chain trading model of carbon emission rights can greatly reduce carbon emissions while saving operating costs and improving transaction efficiency, providing theoretical support and decision support for optimization of the stability of carbon rights trading. Related Articles

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An Optimization Model of Future Distribution  Networks Based on Blockchain YUAN Jingzhong, FU Shouqiang, CHEN Xiangyu, ZHAO Fuwang 2023, 32 (1):  73-80.  doi: 10.3969/j.issn.1005-2542.2023.01.006 Abstract ( )   PDF (4516KB) ( )   In view of the low efficiency of new energy utilization, slow information transmission, and poor network security in the current distribution network system, a blockchain-based future distribution network optimization planning model is proposed. Combining the characteristics of blockchain decentralization and information traceability, a blockchain-based future distribution network architecture is built. Considering the high penetration rate of renewable energy within the future distribution network, the multi-scenario analysis method is used to complete the design of the distribution network optimization planning model in multi-scenarios, which effectively solves the volatility problem caused by distributed power generation. The improved ant colony algorithm is adopted to dynamically process the pheromone heuristic factor and the expected heuristic factor to improve the global search capability of the algorithm. Based on this, by drawing on the advantages of distributed computing algorithms, the PoW consensus mechanism is combined with the idea of the distributed algorithm, which greatly improves the efficiency of the planning model solution and verification process. The analysis results of the calculation examples show that the proposed blockchain-based future distribution network optimization planning model can not only improve the utilization rate of new energy, but also ensure the safety and efficiency of the distribution network system. Related Articles

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Should Medical Crowdfunding Programs Be Hyped? A Study of the Hype of Medical Crowdfunding from  the Perspective of Negative Word of Mouth Communication HU Sen, DING Long, HU Bin, XIAO Jiaoyan 2023, 32 (1):  81-90.  doi: 10.3969/j.issn.1005-2542.2023.01.007 Abstract ( )   PDF (9347KB) ( )   Medical crowdfunding has become an important fund-raising source when the ordinary people cannot afford the medical expenses. However, the “Luoer event” (i.e., hype behavior) makes medical crowdfunding widely questioned by netizens. In view of the important role of negative word-of-mouth in the reversal of public opinion in “Luoer event”, this paper establishes a diffusion simulation model based on the Bayesian learning mechanism, simulates the dynamic process of netizens’ views on medical crowdfundings based on positive and negative word-of-mouth, and studies the impact of speculation and related factors on the fund raiser’s income. It is found that hype can bring short-term benefits to the funding raiser, but it is likely to reduce his/her long-term benefits. The long-term or short-term benefits from hype are affected by relevant factors, such as the authenticity, prior impression, susceptibility, and network structure. Specifically, the authenticity and prior impression have a positive impact on the short-term benefits from hype, but a negative impact on the long-term benefits from hype. Susceptibility has a negative impact on short-term earnings, but its impact on long-term earnings varies with the network structure. Related Articles

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Which APPs Are More Popular with Users: An Analysis of User Download Data Based on Third Party Platforms YANG Lv, LU Yaobin, HU Peng 2023, 32 (1):  91-100.  doi: 10.3969/j.issn.1005-2542.2023.01.008 Abstract ( )   PDF (2516KB) ( )   Nowadays, in the era of mobile Internet, various apps emerge endlessly, but the market competition of apps is becoming increasingly fierce. Only apps that are popular with users can survive. It is necessary for app developers to improve the user scale and retention of their products by sorting out which factors will affect the popularity of apps. Most of the previous studies are based on the unilateral perspective of users, which ignore the user behavior of deleting reviews. This paper, by combining the perspective of users and developers, and considering the deleted reviews and the mechanism behind them, systematically explores the influencing factors of app popularity. The results of the econometric models based on the data of 2 528 apps in Apple App Store show that there is an inverted “U”-shaped relationship between deleted reviews and app downloads. Whether there is a payment item has a negative impact on app downloads, while the number of reviews, user ratings, online duration, and package size also have a positive impact on app downloads. Based on the in-depth study of “deleted comments” and related factors, this paper proposes some strategies and suggestions for app developers and marketers to expand their app market, such as focusing on long-term user experience and enriching app functions with marketing strategies. Related Articles

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A Dynamic Optimal Control of a Monopolist’s Product and Process Innovation Under the Influence of Consumer Reference Quality LI Shoude 2023, 32 (1):  101-110.  doi: 10.3969/j.issn.1005-2542.2023.01.009 Abstract ( )   PDF (1033KB) ( )   Based on the consideration of the influence of consumer reference quality, a dynamic control model of product innovation and process innovation of a monopoly firm is established, in which, the demand function depends not only on the price and quality, but also on the reference quality of consumers. The optimal control theory is used to study the innovation input decision-making of the monopoly firm in the case of profit maximization and government in the case of social welfare maximization, and the paths of innovation input and product price change with time near steady-state equilibrium are compared and analyzed by data simulation. The results show that there is a unique saddle point steady-state equilibrium in the two cases. The rate of change of the two inputs increases with the increase of the reference mass, but the steady-state input decreases accordingly. When other parameters remain unchanged, the monopoly firm will increase steady-state input to product innovation with the decrease of memory parameters. The social incentives of the monopoly firm to the two kinds of innovation are higher than the private incentives. Related Articles

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Influencing Mechanism of External Knowledge Source on High Quality Innovation in Manufacturing Industry: A Perspective of Innovative Human Capital HOU Jian, LI Siyu , ZHUANG Caiyun, FANG Yiliang 2023, 32 (1):  111-117.  doi: 10.3969/j.issn.1005-2542.2023.01.010 Abstract ( )   PDF (1724KB) ( )   In the strategic background of high-quality innovation and development in China’s manufacturing industry, a panel threshold model of the influencing mechanism of external knowledge sourcing on high-quality innovation in the manufacturing industry is constructed from the perspective of innovative human capital, and the nonlinear influence of external knowledge sourcing driving high-quality innovation under the heterogeneous effect of innovative human capital in different industries is explored. The results show that the influence of external knowledge sourcing on high-quality innovation in the manufacturing industry is influenced by the heterogeneous threshold effect of innovative human capital level. The low level of innovative human capital significantly promotes the effect of high-quality innovation based on external knowledge sources. With the improvement of innovative human capital level and the breakthrough of the “critical value”, the effect of high-quality innovation based on external knowledge sources is inhibited to some extent, and the relationship between external knowledge sources and high-quality innovation is in an inverted U-shape. In addition, the innovative human capital of most manufacturing industries in China is at a medium level, and external knowledge source is a significant driving force to promote high-quality innovation. However, it is necessary to be aware of the negative threshold effect of innovative human capital in order to maintain the vitality of high-quality innovation. Related Articles

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A BM-Linear Credit Loan Evaluation Model Based on Multi-Head Attention ZHAO Xuefeng, WU Delin, WU Weiwei, WANG Shixuan, LONG Sen 2023, 32 (1):  118-129.  doi: 10.3969/j.issn.1005-2542.2023.01.011 Abstract ( )   PDF (8100KB) ( )   The credit evaluation model can accelerate the lending efficiency and reduce the lending time. This paper uses the Pytorch deep learning framework and combines bag of words and the multi-head attention mechanism in Bert to obtain the BM-Linear evaluation model. On the premise of introducing credit training set, it conducts a comparative experiment of parameter independent training and parameter sharing training. The experiment shows that BM-Linear weakens the correspondence with the credit training set, solves the problem that the credit model is limited by the credit scenario and reduces the low lending efficiency caused by the repeated training model. In addition, BM-Linear ignores missing features and converts discrete features into credit text, which reduces the credit interference caused by feature processing. Moreover, BM-Linear overcomes the problem of word vector solidification caused by the correspondence between bag-of-words and credit words, realizes the dynamic word vector process, which improves the evaluation accuracy. The BM-Linear evaluation model proposed in this paper can provide support for efficient evaluation and rapid lending of credit institutions. Related Articles

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Design and Pricing of CoCos Aimed at Mitigating Risk-Incentive Effect on Issuing Banks QIN Xuezhi, LIU Yang, WANG Lin, SONG Yu 2023, 32 (1):  130-140.  doi: 10.3969/j.issn.1005-2542.2023.01.012 Abstract ( )   PDF (2785KB) ( )   To mitigate the inherent risk-incentive effect of CoCos on issuing banks and enhance its market attractiveness, a write-down clause related to the causes of financial distress of issuing banks is design. Unlike the existing CoCos, if the financial distress is caused by poor management, the trigger event would not occur. Then, the values of CoCos, the asset of issuing banks, the equity, and the endogenous thresholds are given by using the Markov-switching method along with the structural credit derivatives pricing method. The numerical analysis shows that the risk-incentive effect of CoCos on issuing banks can be mitigated by appropriate design. The write-down clause provided is scenario-dependent. The issuing bank is more vulnerable to the state of economy when its operating capacity decreases. Besides, the values of both the asset of issuing banks and CoCos decrease with the increase of risk. Particularly, due to the influence of risk preference and other factors, the corresponding effects above are in “smile” shapes in a booming economy. Related Articles

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Effect of Power on Competitive Behavior of Organizational Members: Moderated Mediation Model WEI Xuhua, ZHANG Yifei 2023, 32 (1):  141-153.  doi: 10.3969/j.issn.1005-2542.2023.01.013 Abstract ( )   PDF (1307KB) ( )   The effect of power on behavior has been a heated topic in the field of organization and management in recent years. Although lots of studies report that individual power in an organization promotes interpersonal conflict and competitive behavior, it is still unclear what mechanism the power uses and when it will increase the competitive behavior of the members of the organization. To compensate for the above shortcomings, based on the integration of power approach-inhibition theory and the self-evaluation theory, this paper uses two different research designs (i.e., experimental and survey studies) to explore the internal mechanism and boundary conditions of the effect of power on competitive behavior of organizational members. The results show that power indirectly affects the competitive behavior of organizational members through confidence (Studies 1 and 2), which is moderated by the perception of power legitimacy (Study 2). Specifically, when organizational members perceive that they own a high legitimacy of power, the positive mediating effect of power on competitive behavior through self-confidence is significant; when organizational members perceive that they own a low legitimacy of power, the above-mentioned mediating effect is not significant. Related Articles

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Development of the Scale of Symbolic Action and Its Impact on the Legitimacy of New Ventures: Moderating Effect of Environmental Munificence ZHANG Yan, ZHOU Xiaohu, ZHANG Hui, SUI Yue 2023, 32 (1):  154-166.  doi: 10.3969/j.issn.1005-2542.2023.01.014 Abstract ( )   PDF (1415KB) ( )   Under the conditions of limited resources and asymmetric information, how new ventures act to gain legitimacy is a difficult problem. Studies have shown that symbolic actions are characterized by high flexibility and low cost, which can help new ventures obtain resources. However, there is no consensus conclusion in the theoretical circle on whether symbolic action can help new ventures obtain legitimacy, and relevant studies have not provided empirical evidence to prove the relationship between the two. Based on this, this paper first developed a measurement scale for symbolic action. Then, based on the signaling theory, it empirically studied the impact of symbolic action on the legitimacy of new ventures and their boundary conditions. The analysis of self-reported questionnaires of 211 entrepreneurs shows that symbolic actions can significantly promote the legitimacy of new ventures. Environmental munificence plays a moderating role between symbolic actions and the acquisition of the legitimacy of new ventures. In a low environmental munificence, the effect of symbolic actions on the legitimacy of new ventures is more significant. The conclusions of this paper deepen the research of symbolic action and provide management practice enlightenment for new ventures to obtain legitimacy. Related Articles

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Growth Opportunities, Heterogeneous Beliefs, and Firm Valuation LIU Hao, , LI Qiang, ZENG Yong 2023, 32 (1):  167-177.  doi: 10.3969/j.issn.1005-2542.2023.01.015 Abstract ( )   PDF (1009KB) ( )   By building a two-period economic model, this paper theoretically studies the effect  of heterogeneous beliefs on firm valuation through growth opportunity, and then conducts empirical tests based on a sample of 2 973 A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2020. The results show that heterogeneous beliefs have positive effect on firm valuation. The positive effect is more pronounced for firms with a higher research and development intensity, more patents granted, or firms in high-tech industries because these firms are endowed with more growth opportunities. Moreover, the positive effect would disappear once their growth opportunities are exercised. The Empirical results are robust even considering endogenous problems and changing measures of the key variables. Related Articles

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Early Poverty Experience of Board Chair and Targeted Poverty Alleviation: Empirical Evidence from Chinese A-Share Listed Companies TAN Qingmei, LI Shuning 2023, 32 (1):  178-191.  doi: 10.3969/j.issn.1005-2542.2023.01.016 Abstract ( )   PDF (1337KB) ( )   Based on the data of Chinese A-share listed companies from 2016 to 2019, this paper explores the impact of the early poverty experience of the board chair on targeted poverty alleviation of companies, and the moderating effects of both monetary compensation and CEO duality. The empirical results show that the early poverty experience of the board chair has a significant positive impact on targeted poverty alleviation. Monetary compensation enhances the positive effect of the early poverty experience of the board chair on targeted poverty alleviation, while CEO duality weakens the positive effect. The grouping analysis shows that the early poverty experience of the board chair has a significant positive impact on different kinds of targeted poverty alleviation, including industrial targeted poverty alleviation, education poverty alleviation, health poverty alleviation, etc. The positive effect of the early poverty experience of the board chair on targeted poverty alleviation is more significant in companies with more cash holdings and facing higher marketization. The results expend the research perspective of the early experience of the manager and the social responsibility of the company, and provide empirical evidence for promoting companies to better implement targeted poverty alleviation. Related Articles

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Abnormal Asset Sales of Listed Companies and Modified Audit Opinions SUN Jie, LI Minghui, YE Chao 2023, 32 (1):  192-215.  doi: 10.3969/j.issn.1005-2542.2023.01.017 Abstract ( )   PDF (1200KB) ( )   Using the data of A-share non-financial listed companies from 2008 to 2018, this paper examines the impact of abnormal gains and losses on asset sales (proxied by Abgain) on the  tendency of auditors to issue modified opinions. The results show that a higher Abgain significantly improves the probability of the company to receive modified audit opinions. Besides, there exists the relationship between Abgain and modified audit opinions only in the companies with relatively stronger earnings manipulation suspicion, weaker profitability or lower market competitive status, which implies that auditors will issue audit opinions more carefully to deal with the risk of the abnormal asset sales of clients. Moreover, Abgain reduces corporate earnings quality, damages future operating performance, and increases performance volatility, which may be the mechanism through which abnormal asset sales affect the audit opinion decision. Additional analysis shows that the positive relationship between Abgain and modified audit opinions only exists when the company obtains abnormal gains through asset sales. This paper expands the research on the reactions of auditors to the real earnings management activities of clients from the perspective of asset sales manipulation, which helps to enrich the research on the economic consequences of corporate asset sales in China. Related Articles