Table of Content

28 July 2023, Volume 32 Issue 4 Previous Issue    Next Issue

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Hierarchical Auction Enabled Integrated Purchasing and Delivering Mechanism for Digital Wholesaler Platform KONG Xiangtianrui, WANG Chao, XU Suxiu, LUO Hao 2023, 32 (4):  651-663.  doi: 10.3969/j.issn.1005-2542.2023.04.001 Abstract ( )   PDF (3954KB) ( )   The usual operating situation of megacity wholesalers may be summarized as the isolated development and decentralized individual logistics network self-construction. However, to meet the present delivery requirements of fragmented orders, omni-channel, high-frequency, and limited-fulfilment time, this paper proposes a hierarchical auction enabled integrated purchasing and delivering mechanism for a digital wholesaler platform. In the upper auction mechanism, a digital platform (seller) and multiple wholesalers (buyer) are considered. Aimed at maximizing social welfare, it constructs a one-side Vickery-Clarke-Groves (O-VCG) auction mechanism to match supply and demand in the multi-item and multi-unit situation. In the lower auction mechanism, it considers one wholesaler (seller) and multiple carriers (buyer). Based on the idea of O-VCG auction mechanism, it realizes the two-echelon city logistics service procurement from urban consolidation center to stores and from stores to customers. The lower-level mechanism uses multiple rounds of O-VCG auctions to meet the delivery needs of multiple wholesalers. The proposed O-VCG auction mechanism achieves incentive compatibility, individual rationality, and allocative efficiency. Wholesalers construct bidding strategies for upper auction based on demand prediction and inventory control. Moreover, it constructs an approximate optimization algorithm for two-echelon capacitated vehicle routing problem (2E-CVRP), which is used to solve the bid generation problem (BGP) based on inventory limit in the lower auction mechanism. To solve the winner determination problem (WDP) in hierarchical auction, it also proposes an effective WDP algorithm. Furthermore, it conducts numerical experiments based on the real data of the world’s largest pharmaceutical distribution group. The results show that the hierarchical auction enabled integrated purchasing and delivering mechanism for digital wholesaler platform can efficiently allocate commodity administration privileges and transport orders, reasonably determine the wholesale price and delivery price, improve the total social welfare, and reduce the cost of two-echelon city logistics. Related Articles

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Online Product Pricing Strategies Considering Customer Switching Behavior LIU Xuwang, ZHANG Qiannan, QI Wei, LUO Xinggang 2023, 32 (4):  664-675.  doi: 10.3969/j.issn.1005-2542.2023.04.002 Abstract ( )   PDF (1805KB) ( )   Considering platform reputation and customer switching purchase behavior between platforms, a two-stage dynamic pricing model is constructed based on the expected utility theory and game theory. The pricing strategy choice of E-commerce platforms with reputation differences is examined, and the influence of customer switching on the online product pricing mechanism is discussed. The results show that the reputation difference between platforms has an important impact on the pricing strategy choices of the platforms. The pricing strategies of both sides of the platforms are similar and easy to fall into the dilemma of "deer hunting game". Compared with uniform pricing, behavior-based pricing reduces the price and profit of enterprises in the second stage, but increases the market share of the high reputation platform. When both parties choose behavior-based pricing, the cost of information collection does not affect the pricing and optimal profit in the second stage. When the consumer transfer cost is not zero, behavior-based pricing further reduces platform profit. As the switching cost increases, the platform profit decreases. Related Articles

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Multi-Objective Optimization of Transport Route of Imported Marine Refrigerated Containers in the Context of Pandemic MA Qianli, GAO Zihui , SHAO Shuai, JIA Peng, DONG Jiong 2023, 32 (4):  676-686.  doi: 10.3969/j.issn.1005-2542.2023.04.003 Abstract ( )   PDF (6542KB) ( )   In recent years, international public health emergencies have occurred frequently, which severely affect shipping and trade exchanges between the affected areas. In particular, the stagnation and conversion of refrigerated containers affected by the pandemic prevents the demand for cold chain goods from being continuously met. At the same time, viruses adhere to the cold chain environment. As a result, the risk of transmission is relatively high. Therefore, it is necessary to study the optimization of international cargo transportation routes in a pandemic. Based on the designated cold storage mode of the first station, scientific planning for the transportation of refrigerated containers is conducted, and the safe and efficient transportation of cold chain goods is finally realized, aiming to minimize the transportation cost of refrigerated containers and the shortest transportation completion time, and establish a dual-objective optimization model for reefer container transportation route planning under the epidemic situation. The transportation volume of refrigerated containers on routes and ship schedules is determined by the real-time transportation volume sent from the destination port to the secondary cold storage during the land transportation phase. Asian ports A and B that have cold-chain goods with China are selected as the import locations, and domestic ports C and D that have a large overlap in hinterland demand are selected as the transportation route nodes for refrigerated containers. According to the established transportation routes, schedules, ship information and freight rates and other data are used to optimize the route planning of the refrigerated container transportation route in the marine and land transportation stages, and the non-dominated sorting genetic algorithm with elite strategy (NSGA-II) is used to solve the problem. The calculation results show that when the detection capability is 20TEU, the transportation cost of the refrigerated container is USD $44 210 to 75 350, and the transportation time is 1 422 to 3 000 h. The route analysis is conducted on one group of Pareto optimal solutions, and it is found that the route selection in each cycle is different. The first stop sensitivity analysis is performed on the detection capability of the designated cold storage. When the detection capability Aj is 20, the maximum transportation completion time is 3 000 h. When the detection capability Aj is expanded to 50, the maximum transportation completion time is 2 280 h, and the transportation completion time is reduced by 24%. The results show that the greater the detection capability of the first station designated cold storage, the smaller the total transportation time, but when the detection capability reaches a certain value, the impact on the entire cold chain transportation process is no longer significant. Related Articles

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A Multi-Objective Joint Optimization Model for Engineering-Procurement-Construction Tasks in Concurrent Execution in EPC Mode: Multi-Parameter Grey GERT Network Based on z Tags WANG Ting , FENG Jingchun 2023, 32 (4):  687-700.  doi: 10.3969/j.issn.1005-2542.2023.04.004 Abstract ( )   PDF (1302KB) ( )   In order to solve the multi-objective joint optimization problem of engineering-procurement-construction task concurrent execution in EPC mode, a multi-parameter grey graph review technology model based on Z tags is constructed. First, a multi-parameter grey graph review technical network analysis model is constructed, which is composed of three sub-graphical evaluation review technique network graphs representing the engineering-procurement-construction task execution process respectively. Next, based on the discussion of the functional relationships between the time and cost of normal execution and rework execution, as well as the cost and quality, a moment generating function construction method of concurrent execution time, cost and quality is proposed based on the ternary interval number form to characterize the uncertainty of input parameters and output parameters. Afterwards, based on the analysis of the solving methods of various parameters of the multi-parameter grey graph review technology network under the concurrent execution of engineering-procurement-construction tasks, the solving methods of the start execution time and the total execution time of the key time nodes of the network are given. Finally, according to the requirements of construction projects in the EPC mode, the progress oriented and quality oriented multi-objective joint optimization models are constructed respectively, and a conference center project is taken as an example to verify the effectiveness of the constructed models. The research results provide a scientific quantitative analysis method for evaluating the progress, cost and quality objectives of engineering-procurement-construction tasks in the concurrent execution process in the EPC mode, and lay a theoretical foundation for the promotion of EPC mode in China. Related Articles

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Grey Wolf Optimizer with Distribution Estimation for  Low Carbon Location Routing Problem ZHANG Kun, ZHANG Huizhen, MA Liang, ZHANG Bo 2023, 32 (4):  701-711.  doi: 10.3969/j.issn.1005-2542.2023.04.005 Abstract ( )   PDF (5619KB) ( )   First, this paper proposed a mathematical model of the low-carbon location routing problem under the carbon pricing policy considering the sum of location cost, vehicle cost, and routing consumption including fuel economy. Then, it proposed a hybrid grey wolf optimizer with estimation of distribution algorithms (GWOEDA) to solve the problem by using the probability model to lead wolves to search the routes, and by using the multi-parent sequential constructive crossover and two local search operators to reinforce the global search and local search performance of the algorithm. The experimental results show that the algorithm using the probability model has a better optimization ability and the model proposed in this paper can effectively reduce the total cost under the carbon pricing policy, thereby reducing carbon emissions. Related Articles

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Cooperative Derivation of New Distribution Network Based on Cooperative Derivation Entropy FU Shouqiang, YANG Lin, CHEN Xiangyu, ZHAO Fuwang, TIAN Jingyi 2023, 32 (4):  712-718.  doi: 10.3969/j.issn.1005-2542.2023.04.006 Abstract ( )   PDF (1371KB) ( )   Aimed at the problem of uncoordinated and ununified development in the source-network-charge-storage distribution network, a collaborative evolution path of the new distribution network is planned, and development of collaborative evolution is divided into germination, transformation, and intellectual integration. An evaluation model of carbon emission intensity and carbon emission economic benefit is proposed to evaluate, analyze, and monitor carbon emission at each stage of collaborative evolution. According to the theory of dissipative structure, the cooperative derivation entropy for evaluating the cooperative situation of source network and charge storage is constructed, and the Shannon theory is used for data processing of the cooperative derivation entropy. The conclusion can provide decision support for the construction of new distribution network in the future. Related Articles

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Merchant Ranking Based on Intuitionistic Fuzzy Sentiment and Dual-Attention BILSTM KONG Rong, Narisa (ZHAO Narisa) 2023, 32 (4):  719-732.  doi: 10.3969/j.issn.1005-2542.2023.04.007 Abstract ( )   PDF (1548KB) ( )   How to make full use of the sentiment information in online word-of-mouth and consumers’ personalized preferences to achieve online merchant ranking with high accuracy is of great practical significance and theoretical value to improve the efficiency of consumers’ decision making in massive information. In this paper, a ranking method is proposed based on deep learning that considers fuzzy sentiment, personalized preferences, incorporates online reviews, ratings, and popularity. First, an aspect-level sentiment classification model based on dual-attention BILSTM (Bi-directional long short-term memory) is constructed to identify the sentiment orientation of online reviews. Then, the sentiment value is converted to IFV (intuitionistic fuzzy values), and the intuitionistic fuzzy TOPSIS (technique for order preference by similarity to an ideal solution) method is used to calculate the closeness degree. After that, the attribute weighted score and popularity value are calculated based on consumer ratings and the number of reviews. Finally, the ranking of alternative restaurants is determined by integrating the three factors. Comparative experiments with standard datasets show that the dual-attention BILSTM model outperforms traditional models such as LR, SVM, BILSTM, and single-attention BILSTM models. The ranking results of eight restaurants in the example analysis have higher average overlap scores with the platform ranking, which indicates the effectiveness of the merchant ranking method proposed in this paper. Related Articles

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Pricing Mechanism of ‘Internet Plus Medicine’ Platform Cooperation in the Context of Cross-Regional Medical Association LIANG Feng, JI Zexin, WANG Yajie, WANG Qian 2023, 32 (4):  733-745.  doi: 10.3969/j.issn.1005-2542.2023.04.008 Abstract ( )   PDF (6139KB) ( )   The ‘Internet plus Medicine’ platform is an important measure to deepen the reform of the medical system and promote the rational allocation of medical resources in the context of new medical reform. In order to rationally allocate high-quality medical resources and funds in the less developed areas and promote the “Internet plus Medicine” platform and the income of medical institutions in less developed areas, in this paper, the ‘Internet plus Medical’ platform composed of secondary hospitals, tertiary hospitals, and platform operators is considered, and the cooperative operation mechanism of the platform is studied based on pricing strategy. The platform operator provides two types of payment methods and corresponding payment prices for secondary and tertiary hospitals respectively: annual payment and per patient visit payment. The revenue model of each participant in the ‘Internet plus Medicine’ platform is established, and the participation strategies of secondary and tertiary hospitals are obtained based on the optimization theory using the integer programming method, and the participation strategies of hospitals are incorporated into the revenue model of the platform operator. On the basis of meeting the participation thresholds of secondary and tertiary hospitals, the pricing strategy of the platform operator is developed using the genetic algorithm. The impact of requesting the assistance probability and revenue sharing coefficient of other hospitals on the participation and platform revenue of secondary and tertiary hospitals is analyzed. The results show that in the operation of the ‘Internet plus Medicine’ platform, both secondary and tertiary hospitals preferred to use the annual payment method, and the cooperative operation mechanism established by the platform operator could replace the financial subsidies from government agencies to realize the sustainable operation of the platform itself and promote the rational allocation of high-quality medical resources. Related Articles

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Effect of Risk-Taking Mechanism of Digital Finance Development on Enterprise Innovation CHEN Xiude, , CHEN Yajing, , MA Wencong, SU Tao 2023, 32 (4):  746-760.  doi: 10.3969/j.issn.1005-2542.2023.04.009 Abstract ( )   PDF (1314KB) ( )   Digital finance, as a new type of financial service industry, whether it can spur enterprise innovation and through what mechanism can digital finance empower enterprise innovation, is an advanced theory and practical issue that is highly concerned by the government, industry, and science circles and urgently needs to be answered. Based on the cross-hierarchy structure of “prefecture-city-enterprise”, this paper matches the data of China’s listed manufacturing enterprises with the Digital Financial Inclusion Index of Beijing University from 2011 to 2018, and theoretically and empirically tests the impact of the development of digital finance on enterprise innovation and the possible mechanism role of risk-taking in it. The results show that the development of digital finance can help spur innovation in China’s listed manufacturing companies. Risk-taking plays a partial mediation role in the process of enabling enterprises to innovate by the development of digital finance, that is, the development of digital finance encourages enterprises to participate in innovation activities more actively by improving the level of risk-taking of enterprises. The mediating mechanism of risk-taking is more obvious in non-state-owned enterprises, small enterprises, and external capital-dependent enterprises. The coverage breadth of digital finance plays a major role in the effect of risk-taking mechanism of the development of digital finance on enterprise innovation. This paper provides an empirical evidence for the first time that regional digital finance development can affect the innovation behavior of micro-enterprises through the risk-taking mechanism at different levels, which has a great theoretical significance for opening the “mechanism black box” of digital finance influencing enterprise innovation. Related Articles

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Influence of Innovation Entities and Innovation Action on Enterprise Innovation Performance: A Meta-Analysis Based on the Perspective of Innovation Chain SUN Jiayi, YANG Zhong, XU Sen 2023, 32 (4):  761-773.  doi: 10.3969/j.issn.1005-2542.2023.04.010 Abstract ( )   PDF (1177KB) ( )   What is the relationship of collaborative innovation between Chinese enterprises and innovation entities in the innovation chain, such as industry-university-research, suppliers or the government, on their innovation performance? What are the differences in the impact of different innovation structures and connection modes adopted by Chinese enterprises on their innovation performance? Regarding these questions, there are theoretical disputes in the existing research. From the perspective of innovation chain, this paper conducts a meta-analysis of 37,257 independent samples from 93 studies. It is found that the collaboration between enterprise and industry-university-research is moderately positively related to innovation performance. The connection between enterprises and subjects of the supply chain is moderately positively related to innovation performance, while the connection between enterprises and the government has a low degree of positive correlation with innovation performance. The structure mode enterprises adopt point-to-point and network and the connection means to cooperation are moderately positively related to innovation performance, while the structure mode of transaction is positively related to innovation performance. This paper provides practical certain implications on enterprise innovation, the enact of national innovation system, and fusion on innovation chain and industrial chain.  Related Articles

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Price and Volume Trends, Information Asymmetry and Stock Returns: An Empirical Study Based on China Stock Market ZHU Shunwei, LIU Hailong, ZHOU Chunyang 2023, 32 (4):  774-783.  doi: 10.3969/j.issn.1005-2542.2023.04.011 Abstract ( )   PDF (1796KB) ( )   In this paper, the relationship between price/volume trend and future stock returns is investigated based on China’s A-share market. The empirical results show that the price/volume trend has a significant predictive power on the cross-sectional stock returns. Stocks with a stronger price/volume trend have lower returns. Meanwhile, the predictive ability is more significant for stocks with a high degree of information asymmetry, such as stocks with a small market capitalization, a high volatility, and a poor liquidity. By synthesizing the volume and price trend factors with equal weight, it is found that the synthesized factor has a better performance than a single factor. The information friction theory and investors’ behavioral biases are helpful in explaining the findings of this paper. In the robustness analysis, it is found that for different variable calculation windows, different time periods and market states, the price and volume trends can provide useful information on cross-sectional stock returns. Related Articles

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Contagion Effect of Investor Sentiment Among Chinese Stock Market Industries Based on the VMD-WA Model LI Helong, YUAN Yichen, ZHANG Weiguo 2023, 32 (4):  784-795.  doi: 10.3969/j.issn.1005-2542.2023.04.012 Abstract ( )   PDF (7273KB) ( )   The contagion of investor sentiment among industries will accelerate the spread of financial risks in the stock market. Therefore, with the rapid spread of information today, it is of great significance to study the contagion effects of investor sentiment among industries. This paper first extracts the low-frequency part (long-term trend) and high-frequency part (short-term fluctuations) of industry investor sentiment based on the VMD-WA model, and then establishes a VAR model for the impulse response analysis of the low-frequency part of the inter-industry sentiment to test the industry investor sentiment, the mean spillover effect of the industry. The DCC-GARCH model is established for the high-frequency part to analyze the volatility spillover effect of industry sentiment. The research results show that for the industry sentiment trend item, when the sentiment of an industry changes positively, the sentiment of the infected industry is always positively contagious first, and then reverses to negative contagion after a period of time. Only the sentiment of the pharmaceutical industry affects the information. Industry sentiment has no significant contagious effect. For industry sentiment fluctuation items, inter-industry emotional contagion presents different relationships in different periods, and the change trend of emotional contagion between different types of industries is different. Based on the above content, this paper proposes policy recommendations that should focus on the risk contagion of upstream and downstream industries in the industrial chain and should do a good job in risk control at the time of policy announcement. Related Articles

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High-Quality Development Path of High-Tech Enterprises Based on fsQCA Method: An Example of Shaanxi Province ZHANG Fan, LUO Yi, SONG Chunxiao, PAN Jieyi 2023, 32 (4):  796-811.  doi: 10.3969/j.issn.1005-2542.2023.04.013 Abstract ( )   PDF (1195KB) ( )   China’s economy is transforming from high-speed growth into a new stage of quality priority. Taking the high-tech enterprises in Shaanxi Province as an example, this paper identifies the constituent elements of the high-quality development of high-tech enterprises based on the grounded theory, and then uses questionnaire surveys and the fuzzy-set qualitative comparative analysis method (fsQCA) to explore the high-quality development path of high-tech enterprises. The research results show that high-tech enterprises can achieve high-quality development through four paths: culture and strategy driven development under the support of external environment, resource based and corporate culture dual driven development, strategic planning and green development dual driven development, and strategic planning and dynamic ability dual driven development. Related Articles

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A Cross-Lagged Study on Spiral of Abusive Supervision in Workplace MA Jun, ZHU Mengting 2023, 32 (4):  812-824.  doi: 10.3969/j.issn.1005-2542.2023.04.014 Abstract ( )   PDF (1318KB) ( )   As a typical representative of negative leadership behavior, abusive supervision has a significant impact on supervisor-subordinate relationship. However, most of the existing studies are based on one-way and static perspectives. Ignoring its sustained behavior may unconsciously aggravate the negative reciprocal relationship of “tit for tat” between superiors and subordinates, and further push abusive supervision into a cumulative vortex. Based on the dual perspective of the negative reciprocity theory and the shame theory, and using the shame from the leader as a mediator, this paper examines the causal cycle effects of abusive supervision, the shame from leader, and ego-depletion in a cross-lagged longitudinal design with an interval of six months, with 369 leaders as the subjects. The results show that there is a cross-lagged relationship between abusive supervision and the shame from the leader, and a cross-lagged relationship between the shame from the leader and ego depletion, after controlling for the autoregressive effect of latent variables at three time intervals. The results show that under the control of negative reciprocal relationship, the abusive supervision behavior induces the shame from the leader, and causes the self-depletion under the effect of the internal accumulation mechanism. In addition, the aftereffects of ego depletion will further strengthen the accumulation of the shame from the leader, and finally break through the bondage of emotional regulation motivation, and intensify the implementation of abusive supervision under the effect of the outgoing vent mechanism. Thus, a vicious spiral of abuse supervision is formed in the workplace. This paper enriches and expands the research on the dynamic and two-way perspectives of abusive supervision, and warns managers to have systematic management thinking, avoid turning abusive supervision into a means to maintain their own authority, and avoid falling into the the spiral of abusive supervision. Related Articles

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Can Executive Ability Reduce the Cost of Equity Financing: An Analysis of Situational Effect on Embedded Director Network Relationship LI Yang, WANG Tingting, LUO Jianzhi 2023, 32 (4):  825-838.  doi: 10.3969/j.issn.1005-2542.2023.04.015 Abstract ( )   PDF (1139KB) ( )   With the continuous advancement of financial supply-side structural reform, controlling the market risk premium and reducing the cost of equity financing are the key tasks to revitalize the steady growth of real economy. As the core force of enterprise value creation, does the executive ability have an inhibitory effect on the financing cost? Using the data of A-share listed companies on the Shanghai and Shenzhen mainboards, this paper empirically tests the influence mechanism of executive ability on the cost of equity financing, and brings the director network relationship into the analysis framework as a supplementary mechanism of formal institutional defects. It is found that the enhancement of executive ability reduces the cost of equity financing; the improvement of director network position promotes the negative correlation between them, and this conclusion excludes the substitution effect of enterprise size, but is subject to political factors interference brought by the nature of property rights. Further distinguishing the internal structure characteristics of director network, and analyzing the situational effect by introducing the director interlocks strength and the director intimacy, it is also found that both the weak interlocks of external director and the low director intimacy promote the governance effect of director network position. However, enterprises need to be alert to the negative impacts of strong interlocks of internal director and high director intimacy. Related Articles

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Debt Capacity, Liquidity, and Risk Management:Perspective from Endogenous Credit Constraints NIU Huawei 2023, 32 (4):  839-852.  doi: 10.3969/j.issn.1005-2542.2023.04.016 Abstract ( )   PDF (1240KB) ( )   Under the framework of the contract theory, this paper establishes a theoretical model with endogenous credit constraints to study optimal policies of the debt capacity, liquidity demand, and risk management of the firm. Endogenous credit constraint condition unifies the moral hazard caused by the entrepreneur’s limited commitment on debt repayment at maturity and the recovery rate of the asset value of the firm, which are internal and external factors that affect the debt financing ability of the firm respectively, within a theoretical framework. The theoretical results of the model show that in the case of liquidity shock, the debt capacity of the firm tradeoffs the cost of debt repayment default and the opportunity cost of abandoning the investment. The explicit formulae of the optimal solution for the model indicate that the marginal debt capacity of the recovery of the asset, the return rate, and the success probability of investment project of the firm are all increasing. Considering that the firm expects the maximum return of income, the entrepreneur should hold the liquid assets in advance to insure that the potential liquidity demand is the best strategy, and the optimal amount of holding liquid assets increase as the volatility of liquidity shock increases. Moreover, for the uncertainty of the short-term income, to overexpose the firm to this idiosyncratic risk with nonzero hedging costs is the optimal risk management strategy which would maximize the expected return of the firm. Related Articles

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Research on Quality Supervision Mechanism of Third-Party E-Commerce Platform in Information Asymmetry Based on Two-Sided Markets Theory LI Jianhong, LUO Xiaomeng, SHI Weiyang 2023, 32 (4):  853-864.  doi: 10.3969/j.issn.1005-2542.2023.04.017 Abstract ( )   PDF (1508KB) ( )   Based on the two-sided markets theory and the fact that some third-party sellers sell counterfeit goods on e-commerce platforms in China, this paper investigates the quality supervision strategy of e-commerce platforms in single-circle and multi-circle cases in information asymmetry. It proposes a game-theoretic model considering factors such as “consumer numbness” and network externalities, and conducts a numerical simulation. The results show that in the single-cycle case, the intention of the platform to conduct quality supervision is affected by the proportion of numb consumers in the market and its own regulatory cost coefficient. While in the multi-cycle case, with the increase of the number of games, there are three sets of evolutionary stable strategies for e-commerce platforms and third-party sellers, i.e., ((no supervision, deceptive operation), (no supervision, honest operation) and (supervision, deceptive operation)). This paper provides decision support for the quality supervision strategy of e-commerce platforms. Related Articles