Abstract:According to the dual identities of affiliated firms of business groups，we analyze the dual attributes of the legitimacy and put forward the concept of ambidexterity of legitimacy． We divide the concept into two dimensions: balanced legitimacy and combined legitimacy，based on which we analyze the relationship between the ambidexterity of legitimacy and growth of affiliated firms． The result shows resource acquisition plays a significant mediation role in the relationship between the combined dimension and growth of affiliated firms，while the relationship between the balanced dimension and growth of affiliated firms is not supported． We also identify two moderating factors: environmental uncertainty and environmental munificence． The empirical study reveals that environmental uncertainty plays a significant positive moderating role in the relationship between the combines dimension and resource acquisition，while it plays a negative moderating role in the relationship between the balanced dimension and resource acquisition． However，environmental munificence plays a negative moderating role in the relationship between the combined dimension and resource acquisition，while it plays a positive moderating role in the relationship between balanced dimension and resource acquisition

Abstract:Based on the method of numerical simulation，this paper studies the impact of small worldliness on innovation performance of networks with low，medium and high openness in the dynamic evolution process of cluster formation and disruption． As many existing studies found the inverted U relationship between small worldliness and innovation performance，the study further finds that this inverted U relationship only appears in certain phases of network evolution． In networks with low openness，the inverted U relationship is significant in the phases where new clusters are being established，and not significant in the phases where former clusters are disrupting． In networks with high openness，the inverted U relationship is totally contrary． In the other phases of network evolution，small worldliness does not impact innovation performance significantly． This is because when innovation performance increases at a relatively high rate，individuals are more motivated to learn new knowledge． In networks with low openness，the increasing intervals are mainly in the phase where new clusters are being established，while in highly opened networks it is mainly in the phase where former clusters are disrupting． Regression result with the patent co-authorship data in China provides evidence for our conclusions． Policy implications of this study are that we should always keep a moderately clustered network，so that less redundant information are transmitted; Different levels of openness in different phases should be adopted，so that the advantage of different openness in different phases are taken． Organizations should actively react to emerging technology and make the adjustment of network relationship．

Abstract:This article focused on the impact of organizational inertia in the evolution process of cluster network．Firstly，an analysis framework of organizational inertia was proposed based on structural and cognitive dimensions． Secondly，the network behaviors of individual firms were defined in the consideration of organizational inertia． Then，a comparative analysis was conducted based on multi-agent simulation in the existence of different inertia． The main conclusions of this article are: (1) Organizational inertia comes from two aspects:one is structural inertia，derived from structural elements such as institutions，standards，routines，etc． ; the other is cognitive inertia，rooted in the cognitive system，environment perception mode，previous knowledge and experience; (2) Organizational inertia enhances the sustainable development capability of cluster networks． The structural inertia is much more significant than the cognitive inertia． (3) Organizational inertia reduced the small world phenomenon and made the factions’differentiation even worse． At the same time，the increasing efficiency of interior fractions enhanced the overall efficiency of the cluster network．

Abstract:To meet the carbon reduction targets proposed in the 12th Five-Year Plan and 2020，China will establish its carbon trading market in seven provinces and cities in 2013 and all over the country by 2015． With the EU experience，to start the carbon trading market the government needs to set the total carbon emission permits． For the government to effectively allocate these permits across the enterprises participating in the emission reduction，there are several allocation formats，such as auction，unilateral and bilateral transactions．It is a natural question to explore whether the different allocation formats will allow China to minimize the emission reduction cost，given the emission reduction target． To answer this question，this paper studies the enterprises’emission reduction pathways and associated investment channels based on the production process，develops a cost minimization model of emission reduction investment and deduces its explicit solutions，and then discusses the implementation of the optimal abatement investment under several allocation formats． According to the results，some policy suggestions for implementing relevant policy measures are put forward．

Abstract:This paper aims to study the conditions of traffic flow evolving to stability and the stability of equilibrium under demand time-varying of traffic networks． A general framework of the evolution of flow dynamics by adopting evolutionary game theory and dynamic system stability theory is proposed． A multi-group and multicriteria travel choice flow evolution dynamic model is given． The equivalence of the balance position of flow evolution dynamic model and equilibrium solutions of dynamic traffic assignment model is proved．Furthermore，the existence，uniqueness and stability of the solutions are discussed． Theoretical analysis results show that unique solutions of evolutionary dynamic model always exist in a local region． Different stability properties will emerge nearby the equilibrium solutions of flow evolution dynamic model under the hypothesis of traveler individual income parameters satisfying certain conditions． Rationality and validity of the proposed model are addressed through a simple numerical example． Links between travelers’game behavior and dynamic traffic assignment are established． These conclusions deepen our understanding of urban traffic flow evolution law．

Abstract:Accurate measure of the risk of stock information is of great significance for asset pricing，risk management，and the measure of market performance． To overcome the shortcoming of assuming constant probabilities of the states of news and symmetric order-flow shock of the model of Duarte and Young，we extend the methodology of Duarte and Young． We model the probabilities of the states of news and the probabilities of symmetric Order-Flow shock by using trade volumes． Our method allows both the probabilities of the states of news and the probabilities of symmetric Order-Flow shock to vary． Our APIN and PSOS estimates can be computed daily as well as over intraday intervals． Then，we select some actively traded stocks to do an empirical research and our model are compared with the model of Duarte and Young． Our empirical results show that our model provides a better fit for our data and has better explanatory power for spread． At last，we do an empirical research for the inter-day pattern of information risk．

Abstract:Using methodologies in computational finance，this paper constructs an artificial stock market including stock options，forms a relative complete financial market including derivative trading． In the option trading module，different types of option traders are employed; multi-agent matchmaking tradeoff model is introduced in option pricing，based on information conduction between option market and stock market． The experiment results show that after the options being introduced，the volatility of the stock market increases，the strength of high peak and fat tail decreases，and the persistence of volatility of stock return strengthens． The amount of information of option market and the proportion of different types of option traders also have significant impact on the stock market．