Abstract:Based on 11718 acquisition events data during 1999 - 2009 in Chinese listed companies, the positive study results show that the severer the tunneling behavior, the worse the performance of the company. Tunneling of all samples prior to the acquisition is significantly higher than that after the acquisition , indicating the behavior of tunneling of these listed companies weakened after the acquisition. The group with the lowest level of tunneling has a negative wealth effect of shareholders after being acquired, nd the group with the highest level of tunneling has a positive wealth effect． Regression analysis found that the greater the degree of separation of control rights and cash flow rights is, the greater the negative impact of tunneling on performance; the smaller the degree of restriction of the block shareholders，the smaller the negative impact of tunneling on performance; if the position of chairman and general manager is occupied by the same person before being acquired, the wealth effect will weaken after the acquisition to improve tunneling; the greater the degree of the separation of control rights and cash flow rights in the target company before the acquisition，the smaller the wealth effect of the target company is．

Abstract:Based on a case study of ERP implementation，this study investigates reflective learning sessions as a method of facilitating user participation. Drawing upon the psychological empowerment theory and a variant of the grounded theory approach，a theoretical model was constructed to characterize how the reflective learning sessions were conducted, and to explain why the reflective learning sessions facilitated user participation. It reveals that several properties of reflective learning sessions enhanced users’feelings of competence, impact，meaningfulness and self-determination. Changes in users’cognition and attitudes brought about enthusiastic participating behaviors. It provides an approach to enhancing psychological empowerment in the ERP implementation context．

Abstract:Most of the overseas listed firms in the world are cross listed in the domestic market． However, most of the Chinese overseas listed firms are single listed. In this paper，we examine the implicit costs of single overseas listings from the perspective of the information acquisition costs of investors. The theoretical and empirical analysis in this paper show that compared with the cross listed firms, the single listed foreign share has higher informed trading，lower liquidity，and lower prices. Our analysis provides a new perspective in analyzing overseas listings of Chinese firms and the results have direct policy implications on attracting the redchips back to mainland China, especially the launching International Board of Shanghai Stock Exchange．

Abstract:Wikipedia as a largest knowledge base is an important platform for sharing knowledge in the world．It can help understand the developing trend in the science，technology and society through the macro-level statistical properties of knowledge and their evolution regularities. The semantic of the article in Wiki can be derived from the labels and the info box in the pages, which can be formally represented by ontology. Two important characters of Wiki ontology are proposed. One is there are n-ary relations in it. The other is the size of this ontology is enlarging. Moreover，we propose the evolution mechanism of the ontology of Wiki. The main contents of the paper are shown as follows. 1) With the data from YAGO, the method of constructing hypernetwork of Wiki ontology is proposed. 2) After the analyzing the basic topological quantities of the hypernetwork，we propose an evolving mechanisms of the hyperedge growth. 3) The results of analyzing and numerical simulations are given at last．

Abstract:Ｒesearches on entrepreneurship have the shortcomings of success bias and underdeveloping the value of learning from failure，which isolates the linkage of failure and subsequent success. Based on the information processing theory and experiential learning theory，the paper explores the causal relationship between the learning behaviors from failures ( LBF) and innovation performances of high-tech new start-ups，and the moderation effects of strategic decision comprehensiveness ( SDC) and technological uncertainty. The results reveal that both LBF on the individual level and on the organizational level have positive effects and negative interaction effects on the innovation performance; SDC positively moderates the relationship between the LBF on the organizational level; the technological uncertainty positively moderates the relationship between LBF on the individual level，but negatively moderates the relationship between the LBF on the organizational level． The results suggest that learning from failures can facilitate the improvement of innovation performance，but a failure with comprehensive plans beforehand is a much better learning opportunity than the one without．

Abstract:Wide applications of Information and Communication Technology ( ICT) drive the upgrading of service industries and a fusion of different industries，which lead to a blasting increase of modern service industries. In this process，platform service in the network environment is becoming a dominant pattern of modern service. The definition and features of platform service are explained． Through comparing platform service and platform economics，the paper pointed out that the impacts of ICT on service resource integration and on the behavior of service providers are major issues to be addressed in the platform service researches. Some key science problems are expected to be studied on improving the academic status of the research on service science in China to upgrade the core competence of Chinese modern service industries．

Abstract:The paper considers a typical two-echelon supply chain，where the retailer buys a single product from the supplier，and sells it with a fixed price in a retail market． Since the retailer is capital-constrained，the supplier offers the retailer a trade credit contract，which allows the retailer to make a delayed payment to the supplier． This paper shows trade credit can encourage a capital-constrained retailer with limited liability to make a greater ordering level，and the ordering level is decreasing in the retailer’s initial budget. Furthermore，the paper shows trade credit contract is able to relax the retailer’s capital constraints，partly coordinate the capital-constrained supply chain，and create new value for all the players．