Table of Content

28 July 2024, Volume 33 Issue 4 Previous Issue   

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Interaction Between Quality Investment and Private Label Encroachment in Different Sales Modes LI Chunyu, ZHANG Cuihua, MA Yong 2024, 33 (4):  849-864.  doi: 10.3969/j.issn.2097-4558.2024.04.001 Abstract ( )   PDF (5058KB) ( )   As an online resource allocation medium, platforms are changing market consumption patterns and industrial structure. Based on sales contracts, the interaction between quality investment and private label encroachment is studied. Considering consumers’ strategic preference, eight decision models are established in different cases. Furthermore, the strategy of quality investment, sales mode selection, and channel configuration are discussed through numerical analysis. The results show that the supplier and platform have different preferences for sales mode. However, through exogenous parameter change, supply chain Pareto can be partially realized. The supplier can always benefit from his/her quality investment, but the private label encroachment of the platform would raise the threshold of quality investment. Counterintuitively, the platform is not inclined to introduce its own brand when the consumer acceptance is high, and the platform would choose the mixed operation strategy only when the acceptance is low. Therefore, it can alleviate competition, promote consumption and be more beneficial to operation for implementing differentiated product strategy in supply chain. Related Articles

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Advertising and Content Producers’ Subsidy Strategies for UGC Platforms Considering Same-Side and  Cross-Side Network Effects LI Li, ZHU Xingzhen, HU Jiao, ZHANG Hua, HE Xiang 2024, 33 (4):  865-877.  doi: 10.3969/j.issn.2097-4558.2024.04.002 Abstract ( )   PDF (1837KB) ( )   The user-generated content (UGC) platform connect content producers and consumers, and the same-side and cross-side network effects between bilateral users attract them to enter one or more platforms, resulting in different partial multi-attribution structures. Based on the Hotelling model, this paper investigates the advertising and content creator subsidy decisions of platforms under the influence of same-side and cross-side network effects under three partial multi-attribution structures and their effects on market shares and platform profits by constructing a competitive model of UGC platforms. It is found that when consumers belong to the same side (SS) or single-homing (SH), the ad placement on the platform decreases monotonically with the same-side network effect; when consumers belong to multiple sides (MS) or multi-homing(MH), the  content creation subsidy and consumer size of the platform increase monotonically with the same-side network effect, which is non-monotonically affected by the level of consumer aversion to advertising. When the consumer side is MH, as the cross-side network effect on the consumer side increases, the platform will adopt the strategy of increasing the level of advertising and content creator subsidies, i.e., to obtain more advertising revenue from consumers while subsidizing content producers; while as the cross-side network effect on the content producer side increases, the platform will reduce the level of advertising and increase content creator subsidies, i.e., to adopt the strategy of conceding to users on both sides at the same. When the content producer side is MH, as the cross-side network effect on the consumer side increases, the platform will give out benefits to users on both sides; and as the cross-side network effect on the content creator side increases, the platform will reduce the ad placement and content producer supplementation level, i.e., reduce the subsidy to content producers while allowing consumers to view fewer ads. When users on one side are more attributed, the size of users on that side grows with the increase in cross-side network effects. A cross-sectional comparison of equilibrium results in different scenarios also reveals that the presence of multiple attributions among bilateral users presupposes a stronger cross-side network effect, while platforms are more likely to subsidize content creators when they are MH. Related Articles

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Location-Routing Problem for Electric Bus Charging Stations Considering Balance of Regional Resource Utilization LIU Bingsheng, WANG Lang, CHEN Yuan, SHEN Yinghua, LIN Yingcheng 2024, 33 (4):  878-889.  doi: 10.3969/j.issn.2097-4558.2024.04.003 Abstract ( )   PDF (4467KB) ( )   In the dual context of the new infrastructure promoting balanced regional development and low carbon development, a two-phase multi-objective decision model is established for the location-routing problem for electric bus charging stations. With the goal of maximizing economic benefits and balancing regional resource utilization, the built decision-making model considers the possible charging timing of bus drivers, and constraints such as charging demand, operating time, and utilization rate. Multiple nested genetic algorithms are designed to solve the model, and the feasibility of the model is verified through numerical examples. The results indicate that only considering the objective of economic benefits will trigger drawbacks such as charging congestion and long distance travel to reach charging stations. However, the model established in this paper can effectively reduce the differences in bus charging efficiency among regions and enhance the balance of regional resource utilization. Reducing the capacity of charging stations can improve their utilization rate and economic benefits, but the balance of regional resource utilization is weakened and the capacity of charging stations is more sensitive to the travel time spent on bus charging. Appropriately increasing the objective weight of the balance of regional resource utilization is more beneficial to improving the overall optimization performance. The research results above can provide decision-making support for the location-routing planning of bus charging stations. Related Articles

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Competitive Pricing Strategies of Vehicle Manufacturers Considering Smart Manufacturing Technical Subsidy Policy CHEN Yujing, SUN Yanming 2024, 33 (4):  890-900.  doi: 10.3969/j.issn.2097-4558.2024.04.004 Abstract ( )   PDF (2844KB) ( )   The proposal of the “dual carbon” strategy further clarifies the development direction of new energy vehicles in the automotive industry, thus requiring them to achieve innovation and breakthroughs in intelligent manufacturing technology. In this paper, starting from the subsidy policy for intelligent manufacturing technology of new energy vehicles, and taking into consideration consumer purchasing preferences for new energy vehicles, a competitive pricing decision model for traditional and new energy vehicle manufacturers is constructed, and the optimal pricing and production strategies of automobile enterprises at different subsidy levels are solved. Moreover, the social welfare situation is analyzed, and numerical simulation and analysis are conducted on the model. The research results indicate that the subsidy policy for intelligent manufacturing technology of new energy vehicles has intensified market competition between traditional and new energy vehicle manufacturers, thereby lowering the prices of both types of vehicles. Faced with the competitive environment of new energy vehicles under subsidy policies, although the prices of traditional types of vehicles continue to decrease, consumer demand for them continues to decline. When the government focuses on considering the impact of environmental pollution, it should increase the subsidy level for new energy vehicles, and when consumers have asymmetric preferences for new energy vehicles and traditional vehicles, the government should reduce the level of technology subsidies to maximize social welfare. Related Articles

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A Node-Flow Fusion Location Model for Charging Stations Based on Robust Optimization XU Wei, LU Weijie, CHEN Zhiqiang 2024, 33 (4):  901-913.  doi: 10.3969/j.issn.2097-4558.2024.04.005 Abstract ( )   PDF (6390KB) ( )   With the development of battery technology, the range of electric vehicles (EVs) has greatly increased. As a result, EV users choose to charge near their destination instead of on-route. It can be seen that the charging demand of EVs has formed a kind of node-demand-based, flow-demand-assisted comprehensive demand pattern. Therefore, it is very necessary to take both node-based and flow-based demand into account in the deployment of the fast-charging station, so that the facility layout can fully match the charging demand pattern and improve their utilization. By combining the set covering location model and flow capturing location model (FCLM), this paper proposes a node-flow fusion location model that can serve the comprehensive charging demand. Considering the uncertainty of charging demand, it uses robust optimization to minimize the total planning cost of charging facilities and takes into account the grid restrictions and capacity expansion costs of power equipment. It establishes a robust location model under uncertain demand and solves it by equivalent dual transformation.  Finally, it conducts numerical analysis on two numerical experiments. The result demonstrates that compared with classic models, the node-flow fusion model proposed can effectively reduce the overall planning cost of charging facilities while fully covering different types of charging needs. Related Articles

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Sustainability Assessment of Photovoltaic systems Under the Background of “Carbon Neutrality” Based on Granular Decision-Making Model with Hybrid Information MA Xiaoyu, BAI Chunguang 2024, 33 (4):  914-926.  doi: 10.3969/j.issn.2097-4558.2024.04.006 Abstract ( )   PDF (6117KB) ( )   In response to the practical issue of how to assess the photovoltaic(PV) systems from multi-perspectives and assist the green and low-carbon development of China’s PV industry under the background of “carbon peak and carbon neutrality”, a data-driven decision-making model for PV systems is proposed under the dimension of sustainable development assessment. First, the comprehensive assessment criteria system of PV system is established based on the sustainable assessment dimension. Next, to address the uncertainty and volatility in the performance level of PV systems, interval-based granules, and interval type-2 fuzzy sets (IT2FSs) are constructed to quantize the information. Then, to address the preferences of unknown weights of PV system evaluation criteria, the Monte Carlo method is used to generate criteria weight space, and the stochastic multi-criteria acceptability analysis(SMAA) is applied to acquire the criteria weights vector. Afterwards, the adaptive particle swarm optimization(APSO) algorithm is arranged to find the optimal PV system and obtain the ranking result. Finally, the feasibility and effectiveness of this model are verified by a real-world PV systems case. Related Articles

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Evaluation of Public Transport Service Benefit Based on Two Stages of Neutral Cross-efficiency Evaluation and Shannon Entropy: A Stakeholder Perspective LIU Meng, ZHANG Chunqin, WANG Mengmeng 2024, 33 (4):  927-942.  doi: 10.3969/j.issn.2097-4558.2024.04.007 Abstract ( )   PDF (4328KB) ( )   To obtain evaluation results with a higher level of discrimination, this paper proposes a benefit evaluation method that combines two-stage neutral cross-efficiency evaluation and the Shannon entropy aggregation model. First, the network data envelopment analysis model is used to calculate the self-evaluation score. Then, the peer-evaluation efficiency score is calculated based on the self-evaluation score. Afterwards, the self-evaluation and peer-evaluation scores are aggregated to obtain the cross-efficiency score based on the Shannon entropy aggregation model. Finally, a public transport service benefit evaluation index system is constructed from the perspective of three stakeholders (i.e., the operators, the public, and government), and the cases of the Yangtze River Delta from 2011 to 2016 are studied. The results reveal that most of the tested enterprises are inefficient, but the comprehensive benefits are growing slowly. The evaluation result of the service process is significantly higher than that of the production process. Small-scale enterprises have the highest comprehensive benefits, followed by medium-scale enterprises, and large-scale enterprises have the lowest comprehensive benefits. The large amount of government subsidies and the excessive resource investment of public transport enterprise will have a negative impact on benefits. Related Articles

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Optimization Model of Program Employer’s Cost with Periodic Forbidden Time Window Under the Constraint of NCRPE NIE Ruiqi, FENG Hui, ZHANG Yan, LI Ming 2024, 33 (4):  943-958.  doi: 10.3969/j.issn.2097-4558.2024.04.008 Abstract ( )   PDF (6657KB) ( )   The contracted project with a periodicity forbidden time window (special contracted project for short) is the key to affect the implementation effect of the program. How to effectively control the progress of the contracted project with periodicity forbidden time window is not only a theoretical problem, but also a practical problem. First, the problem is defined, the principle of employer cost optimization of program is analyzed in detail, and the special contracted projects are divided into two categories: contracted projects that can be completed within the original time window and contracted projects that can be completed in the next time window. Then, considering the particularity of the contract project with a periodic prohibition time window, an optimization model of the program owner’s cost before and during the implementation of the program are constructed. Afterwards, a case study was conducted in combination with program R to verify the feasibility and effectiveness of the model. Finally, the management enlightenment is proposed. The research results show that in the program with a periodic forbidden time window, the degree of adverse impact of contracted project delay on the program depends not only on the degree of adverse impact on general contracted projects, but also on whether special contracted projects can be completed within the original planned time window. To this end, the employer should improve the probability of completing the special contracted project within the original time window by arranging the start time of the program and the special contract, so as to significantly reduce the cost of the program employer. Related Articles

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A Stratified Health Management Framework and Multi-Dimensional Metabolic Index Data Mining Method for Non-Alcoholic Fatty Liver Risk People WU Zhuoqing, GUO Chonghui, CHEN Jingfeng, ZHENG Yunchao, DING Suying 2024, 33 (4):  959-972.  doi: 10.3969/j.issn.2097-4558.2024.04.009 Abstract ( )   PDF (10164KB) ( )   Non-alcoholic fatty liver disease (NAFLD) is the most common chronic liver disease, with an increasing incidence in recent years. The current clinical strategy for managing the health of NAFLD risk groups adopts a “one-size-fits-all” approach, disregarding the difference among various risk stratification patients. Therefore, this paper proposed a framework for stratified health management and multi-dimensional metabolic index data mining method for NAFLD-risk people. First, it measured the metabolic index time series data of the patients using the dynamic temporal warping method, and utilized the similarity network fusion algorithm to combine the similarity matrix of multiple metabolic-related indicators. Next, it constructed a patients’ metabolism-related indicators social network, and used the Leiden community detection algorithm for risk stratification. Then, it conducted knowledge discovery using the structured and unstructured textual data of each sub-community, mining typical patterns, TOP-N keywords, and medical recommendations. Finally, it applied the framework to real-world datasets and developed prototype systems. It is found that the framework and method proposed in this paper can enable clinicians to better grasp the risk level and accompanying characteristics of the risk people, thus implementing more refined health management with a stratified medical approach. Related Articles

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Benefiting Others by Digital Technology: Impact of Digital Innovation Capability of Private Enterprises on the Depth and Breadth of Targeted Poverty Alleviation XIA Chengcheng, ZHANG Hengyuan 2024, 33 (4):  973-990.  doi: 10.3969/j.issn.2097-4558.2024.04.010 Abstract ( )   PDF (1415KB) ( )   This paper examines the impact of digital innovation capability of private enterprises on the depth and breadth of targeted poverty alleviation. From the perspective of resource allocation theory, digital innovation capability creates abundant reproducible, repeatable, and iterative digital resources, which break through the limitations of resource scarcity and depletability in traditional theories. Hence, private enterprises are engaged by digital innovation capability to deeply combine digital resources with the characteristics of poverty-stricken areas and people, and participate in local “blood-making” poverty alleviation, thereby further increasing the poverty alleviation depth. Meanwhile, digital innovation ability enables private enterprises to put similar digital resources into different areas, and derive different poverty alleviation methods according to divergent needs of certain areas, thereby further increasing the poverty alleviation breadth. Data are collected from multiple databases (i.e., CSMAR, CNINFO, and Incopat), and a panel population average effect regression is conducted on the final dataset of 8840 observations of 2259 listed companies from 2016 to 2020. The empirical analyses prove that the digital innovation capability enhances both poverty alleviation depth and poverty alleviation breadth. In addition, the empirical results demonstrate that industrial concentration enhances the positive effect of digital innovation capability in both the depth and breadth of poverty alleviation. Political connections strengthen the positive effect of digital innovation capability on poverty alleviation depth, while lessening its positive effect on poverty alleviation breadth. Unlike previous case studies that investigated poverty alleviation of particular enterprises, this paper empirically draws an empirically-based conclusion with high generalization. Digital innovation capability promotes private enterprises to invest extensively and deeply in targeted poverty alleviation, and this paradigm enables private enterprises to implement prosocial practice as “folding a branch for the elderly” rather than “carrying Mount Tai in arms to surpass North Sea.” Related Articles

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Environmental Regulations，Executive Incentive Perceptions，and Green Manufacturing in State-Owned Enterprises and Private-Owned Enterprises REN Hesong, WANG Nengmin, HE Zhengwen, JIANG Qi 2024, 33 (4):  991-1007.  doi: 10.3969/j.issn.2097-4558.2024.04.011 Abstract ( )   PDF (1463KB) ( )   Green manufacturing is a crucial pathway to achieving high-quality green development in the manufacturing industry and meeting the requirements of dual carbon goals. However, local entrepreneurs often have varying incentive preferences, leading to differences in the mechanisms through which environmental regulations affect executive incentive perceptions and executive incentive perceptions affect green manufacturing in state-owned enterprises (SOEs) and private-owned enterprises (POEs). Based on 297 questionnaires for executives in the manufacturing industry, a multigroup analysis was conducted. It was concluded that both command-and-control environmental regulations and market-based incentive environmental regulations positively affect green manufacturing, political incentive perceptions, and wealth incentive perceptions. The relationship between market-based incentive environmental regulations and political incentive perceptions is stronger in SOEs than in POEs. The relationship between market-based incentive environmental regulations and wealth incentive perceptions is stronger in POEs than in SOEs. In addition, both political incentive perceptions and wealth incentive perceptions positively influence green manufacturing. The relationship between political incentive perceptions and green manufacturing is stronger in SOEs than in POEs. The relationship between wealth incentive perceptions and green manufacturing is stronger in POEs than in SOEs. Moreover, the mediating effect of political incentives perceptions in the positive relationship between market-based incentive environmental regulations and green manufacturing is stronger in SOEs, and the mediating effect of wealth incentives perceptions in the positive relationship between market-based incentive environmental regulations and green manufacturing is stronger in POEs. Furthermore, environmental regulations and incentives perceptions have a stronger impact on green manufacturing in the building materials and construction manufacturing industries, as well as in the general equipment manufacturing industry. This paper enriches the impact mechanism of environmental regulations on  green manufacturing in enterprises from executive incentives perceptions in SOEs and POEs, and extends the application of the stimulus-organism-response theoretical framework. Related Articles

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Technical Standardization of Standards Alliance Considering Delay Effect CAO Xia, LI Weijia 2024, 33 (4):  1008-1024.  doi: 10.3969/j.issn.2097-4558.2024.04.012 Abstract ( )   PDF (3390KB) ( )   Technical standard alliance is an important carrier to achieve technical standardization. Due to the disparity between different enterprises in technical basis, absorptive capacity, and market control, the technical standardization of alliance has the characteristic of delay. However, the impact of delay on alliance technical standardization is not yet clear. Therefore, a differential game model for the technical standardization of alliance enterprises is established considering the influence of delay. The optimal strategy, optimal income, standard research and development, and diffusion of alliance leading and supporting enterprises under three different game mechanisms are investigated, and the influence of standardization delay on strategy selection of alliance enterprises is discussed. The results show that the delay has a positive impact on the degree of standardization effort, technology level, and standard market share of the alliance enterprises, but has a negative impact on the proportion of standardization cost borne by the leading enterprises for supporting enterprises and the overall income of the alliance. Moreover, there are three thresholds for the delay. Only when the delay is less than the minimum threshold, the cooperative mechanism is significantly better than that of other mechanisms. When the delay is greater than the maximum threshold, alliance members reach the optimal decision under Nash non-cooperative mechanism. Furthermore, the three mechanisms have different promoting effects on the standardization of the alliance. The Nash non-cooperative mechanism can only slowly promote technical standardization when the alliance has a low degree of development, and the collaborative mechanism can promote the technical standardization to a large extent and accelerate the diffusion of technical standards on the basis of the high development degree of the alliance. Related Articles

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Huddle Together for Warmth: Mutual Fund Clique and End-of-Quarter Stock Price Inflation WANG Chunfeng, LI Tong, YAO Shouyu, FANG Zhenming 2024, 33 (4):  1025-1042.  doi: 10.3969/j.issn.2097-4558.2024.04.013 Abstract ( )   PDF (3543KB) ( )   The high-quality development of the mutual fund industry is of great significance to the active capital market and the promotion of the construction of a modern capital market with Chinese characteristics. This paper identifies mutual fund cliques based on detailed stock holding data of actively managed mutual funds from 2005 to 2021, and explores the behavior of manipulating end-of-period performance and the underlying motives by analyzing the stock price performance of fund clique holdings around the quarter-end. The findings indicate that there is a significant upward effect on the excess stock return by mutual fund cliques in the final two days of the quarter, and this conclusion still holds after a series of robustness checks. Moreover, fund cliques exhibit a preference for boosting the prices of stocks with high liquidity and high valuation toward the end of the quarter. In the mechanism analysis, this paper employs the net buying pressure of large transaction order flow to validate the stock price boosting behavior of fund cliques at the end of the quarter. It examines the motivation behind the behavior of pushing up stock prices of mutual fund cliques at the end of the quarter by using mutual fund net flows and the proportion of mutual funds near key rankings. The results show that mutual funds are driven by career concerns and engage in cliques to jointly push up stock prices to mask poor performance in the current period. Additionally, the significant rise in the end-of-quarter stock price inflation by fund cliques during economic downturns indirectly substantiates the career concerns motive. The findings provide an important theoretical basis and reference value for improving the regulatory mechanism, information disclosure system and performance evaluation system of the mutual fund industry. Related Articles

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Analysis and Prediction of the Characteristics of  Time Periods of Fluctuations in Chinese Crude Oil Futures Prices REN He, XU Jianjun, CUI Miaosen, CHEN Shu, CHEN Rongda 2024, 33 (4):  1043-1056.  doi: 10.3969/j.issn.2097-4558.2024.04.014 Abstract ( )   PDF (3281KB) ( )   Research on forecasting the price volatility of crude oil futures has focused primarily on foreign markets. Crude oil futures contracts in China are divided into three trading sessions within a single trading day, which differs greatly from those in foreign markets. The segmentation of trading hours may lead to differences in the structure of volatility between the Chinese market and foreign markets. Through the heterogeneous autoregressive realized volatility (HAR-RV) model framework and high-frequency futures contract trading data sampled at a half-second frequency, this paper studies the structural characteristics of price volatility and forecasting issues. It verifies the feasibility of forecasting over smaller time scales from daily to intraday trading session scales in the Chinese market. It is found that Chinese crude oil futures price volatility exhibits interval volatility characteristics, and the inclusion of interval features significantly improves the predictive performance of the model. In addition, it is also found that reducing the forecast horizon facilitates improved stability of the realized volatility series. This paper expands HAR-RV model research to non-stationary time series, and the volatility forecasts can enable investors and risk managers to develop more precise risk management tools tailored to the Chinese crude oil futures market. Related Articles

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Influence of Coopetition on the Resilience of Startups: From the Perspectives of Entrepreneurial Learning and Institution Capital ZHANG Mengjie, YAO Kai 2024, 33 (4):  1057-1068.  doi: 10.3969/j.issn.2097-4558.2024.04.015 Abstract ( )   PDF (1656KB) ( )   In the VUCA (volatility, uncertainty, complexity, and ambiguity) era, the survival and development of startups becomes more difficult, and organizational resilience is the key ability for startups to respond to crises and growth against the trend. Based on the knowledge-based theory, this paper explores how startups learn and build resilience in the process of coopetition in the context of ecosystems. From the perspective of broad perspective, it employs the structural equation model to analyze the survey data from 479 companies. The results indicate that coopetition positively influence resilience and learning, and entrepreneurial learning positively mediates the relationship between coopetition and resilience. The results also reveal the moderating effects of institution capital, that is, it positively moderates the coopetition-learning relationship and negatively moderates the coopetition-resilience relationship. This paper expands coopetition to the field of resilience and entrepreneurial ecosystem, which may provide a new perspective for the resilience literature from the broad perspective and deepen the understanding of the knowledge-based view in the context of entrepreneurial ecosystem. Related Articles

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Multilevel Trust, Role Conflict, and Buying Decision of C2C WeChat Business Buyer: A Differential Mode of Association Perspective ZHOU Jing, ZHANG Chuang, LI Zhenyue, SHEN Lu 2024, 33 (4):  1069-1085.  doi: 10.3969/j.issn.2097-4558.2024.04.016 Abstract ( )   PDF (2579KB) ( )   Given the localization background and the characteristics of social network of C2C(customer to customer) WeChat business, this paper, from the perspective of differential mode of association, discusses the influence of different levels of trust on buyer’s purchase intention in different initial relationship categories between buyers and sellers, as well as the moderating effect of buyer’s perception of role conflict on the relationship between purchase intention and purchase behavior. The results suggest that when the initial relationship between the seller and the buyer is quasi-family, the promoting effect of interpersonal trust on the buyer’s purchasing intention is the strongest, while quanzi-based and institutional trust make no difference. When the initial relationship is acquaintance, the three levels of trust make no significant difference. When the initial relationship is stranger, the promoting effect of institutional trust on the buyer’s purchasing intention is the strongest, while quanzi-based and interpersonal trust make no difference. The buyer’s perceived role conflict positively moderates the relationship between purchasing intention and behaviors under the condition of “friends after businesspeople”, while negatively moderates the relationship under the condition of “businesspeople after friends”. These findings promote the localization of marketing research, enrich online marketing theory and trust theory research, and provide advice for C2C Wechat business sellers to increase performance. Related Articles

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Regulatory Uncertainty and Auditing Choice: Evidence Based on Audit Fees XU Xiaodong, YE Zifan 2024, 33 (4):  1086-1099.  doi: 10.3969/j.issn.2097-4558.2024.04.017 Abstract ( )   PDF (1335KB) ( )   Utilizing the data of A-share listed firms from 2012 to 2021, this paper investigates the effect of regulatory uncertainty caused by differences in regulatory styles on auditor choice by new chairpersons of the China Securities Regulation Commission (CSRC) at the beginning of their tenure, based on a quasi-natural experiment of leadership transition of CSRC. The empirical evidence shows that facing a high regulatory uncertainty, auditors will claim higher audit fees to cover the audit costs and hedge the practice risks. The rise in audit risk is an important mechanism to cause this effect, that is, regulatory uncertainty will significantly increase audit risk, thereby leading to a greater audit input and higher audit fees. Further analysis shows that the higher the expertise of auditors in the industry, the more significant the impact of regulatory uncertainty on audit decisions when the company has no past financial violations, and there are expectations for market-oriented regulation. This paper has enlightening significance for reducing regulatory uncertainty, improving the earnings quality of listed companies, and stabilizing audit fees. Related Articles

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Client’s Excess Goodwill and Auditor Change YE Chao, LI Minghui 2024, 33 (4):  1100-1118.  doi: 10.3969/j.issn.2097-4558.2024.04.018 Abstract ( )   PDF (1428KB) ( )   Excess goodwill not only carries operational risk, but is often associated with the risk of financial misstatements, thereby increasing the risk faced by auditors. Will excess goodwill affect the stability of audit contract？This paper, using the data of Chinese A-share non-financial listed companies from 2007 to 2019,  examines the impact of excess goodwill of listed companies on auditor change. The results show that the higher the excess goodwill of the client, the more unstable the audit contract, i.e., the greater the possibility of auditor change. Moreover, this impact only exists in situations where the client’s control risk and legal risk are high. Further tests show that the client’s excess goodwill has a significantly positive correlation with the possibility of auditor’s resignation and upward change, but there is no significant correlation of goodwill risk with the possibility of auditor’s downward change. In addition, the mechanism analysis finds that excess goodwill will increase the client’s operation risk and financial misstatement risk, which then leads to an auditor change. This paper expands the literature on auditors’ attitudes and responses to client’s excess goodwill risk from the perspective of stability of audit contract. Related Articles

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Effect and Impact Mechanism of Value-Added Services of Investors on Startups SUN Jiwei, MO Naqing, SHI Haiwei 2024, 33 (4):  1119-1134.  doi: 10.3969/j.issn.2097-4558.2024.04.019 Abstract ( )   PDF (6443KB) ( )   Value-added services have an important impact on the interactive development and win-win outcomes of startups and investors. Exploring the effects and impact mechanisms of value-added services of investors on startups is conducive to helping startups to achieve sustainable and sound development, enabling investors to achieve investment appreciation, and promoting the healthy development of the equity investment industry. Four enterprises that receive value-added services from investors are selected as typical cases, and an SETC theoretical model is then constructed by using the grounded theory. The main influencing mechanism of value-added services effect is extracted. The findings indicate that the types of value-added services not only directly affect the effectiveness of the value-added services, but also may cause principal-agent conflict between investors and startups, which can be influenced by the external environment and the characteristics of both parties. Driven by the external environment and characteristics of both parties, the effectiveness of the value-added services is affected. The type of value-added services is the internal direct driving factor affecting the effectiveness of value-added services effect, the external environment is the external direct driving factor affecting the effectiveness of value-added services, while the characteristics of both parties are the situational driving factor, and conflict between the two sides is the intermediary driving factor. Related Articles