Abstract:Trans-generational entrepreneurship is the key to the succession and growth of family businesses. It involves resource orchestration between two generations and innovation in succession processes. Recent researches have paid much attention to the effects of idiosyncratic resources in family businesses on entrepreneurship without noticing the resource heterogeneity between incumbents and successors as well as the dynamic changes of resource structure during the succession processes. Resource orchestration between two generations provides the resource base and dynamic for portfolio entrepreneurship. The generational involvement brings the heterogeneous resource base while resource bundling between two generations provides the dynamics for portfolio entrepreneurship. Based on RBV, this paper studies the influence of trans-generational resource heterogeneity and bundling on the behaviors of family business entrepreneurship. By using the data of public family business successions in China during 1999 － 2012 and regression analysis, the following conclusions are obtained. First, when the knowledge base and personal values between two generations are heterogeneous, firms tend to involve in portfolio entrepreneurship. Second, resource orchestration between two generations makes family businesses more inclined to involve in portfolio entrepreneurship. Third, market liberalization level has a negative effect on the relationship between resource heterogeneity and portfolio entrepreneurship. This study contributes to the implication of resource based view and resource management perspective in the family business field and researches on portfolio entrepreneurship in a transitional economy.

Abstract:In the e-commerce era, an e-tailer sells a single product to consumers in two ways: either through the traditional direct selling, or through the rebate selling with the participating of a third party rebate store. The optimal pricing strategy for the e-tailer and rebate strategy for the third party rebate store is studied using the consumer utility theory. The results show that, whether the e-tailer introduces a rebate channel is dependent on the fill rate of rebate product, the extra cost that consumers buy the rebate product, and the rebate redemption. Comparing with the centralized system, the optimal retail price in the decentralized case will decrease, while the rebate store will reduce the rebate value to consumers. As a consequence, it aggravates the channel conflicts and system inefficiency. Furthermore, a revised revenue sharing contract is designed to coordinate the system, which can maximize the system profits and achieve a win-win situation for both partners. Finally, numerical examples are used to verify the effectiveness of the contract.

Abstract:To analyze the robustness of complex interdependent supply chain networks suffering disruption events, the cascading failure mechanism of both intra-network and inter-network is studied. Without loss of generality, the undirected information layer network and directed physical layer network comprising the interdependent supply chain network are generated via the stochastic rule. Then, the network characteristics, i.e., node load and node capacity, are expressed by parameters α, β, σ, etc. The redistribution strategies of failure loads corresponding to the condition of existing edge flow constraints are presented. Through giant component functions, the valid nodes still with function could be judged when the redistribution is finished. Furthermore, the time-varied state equations are constructed based on one to one interdependent relationship between the cyber-layer network and physical-layer network, which can depict the dynamic propagation throughout the interdependent supply chain network. Finally, numerical simulations including two cases: single node removal and multi-node removal, are given and the robustness of interdependent supply chain networks with different parameters is compared. In particular, multi-node removals are classified in three ways, i.e., degree ascending, degree descending, and random degree. The simulation results show that the multi-node removal in the ascending degree way leads to the worst robustness performance among the three removal ways, if β = 0. 5, 1, 1. 5, 2. Meanwhile, the first phase transition of the cascading failure for interdependent supply chain networks, after multi-node removal, is more obvious than for isolate layer networks, i.e., a small fraction of nodes removal will result in the crash of the whole interdependent supply chain network.

Abstract:Under the conditional Value-at-risk (CVaR) criterion, a risk-averse retailer who jointly determines the investment of demand information forecasting and the product order quantity from a supplier is studied. The impacts of the risk-averse degree on the retailer’s optimal investment in information forecasting and optimal order policy are analyzed. The results show that under the decentralized decision situation, the investment in information forecasting is increasing in the retailer’s risk-averse degree in order to reduce the demand uncertainty risk, whereas the order quantity is decreasing in risk-averse degree to reduce the risk of over-quantity order. It is found that a revenue sharing contract can achieve the coordination of the risk-averse supply chain under certain business conditions. Furthermore, a revenue sharing and cost sharing contract is designed, compared with the traditional revenue sharing contract, the new combined contract can achieve the coordination of the risk-averse supply chain in a wider range and eliminate the risk-averse and double marginal effects, so that the retailer chooses the same investment in information forecasting and order quantity as in a risk-neutral centralized system.

Abstract:This paper describes an industrial structure of a circulatory economy and builds a systematic dynamic model and its equation system for resources recycling utilization based on Compartment Model Theory. A circulation multiplier and its computational formula are defined to measure the efficiency of resources recycling utilization. The simulated results indicate that the resources recycling utilization can not only realize the amount accumulation of natural resources and improve the resources recycling efficiency, but can minimize discharges into the natural environment by using industrial innovation to adjust each compartment parameter in the circulatory economy. The compartmental model and simulations of the circulatory economy can be used to test or inspect the efficiency of material accumulation and the effects of environment discharges in resources recycling utilization in real economic systems like national economy, regional economy, industrial eco-parks, And so forth.

Abstract:This paper aims to provide a basis for the differentiated macro-control policy of regional housing markets by studying the heterogeneous convergence of regional house prices. Using the nonlinear time varying factor model, this paper empirically studies the house prices of 30 regions in China with data covering from 2001: M1 to 2013: M12. The results show that the conventional de? nitions of economic or administrative regions may not be appropriate to analyze housing price segregation in China. There exists a heterogeneous convergence in regional house prices which could be divided into three convergent subgroups. Geographical factors or economic factors are not the dominant factors in regional housing prices convergence, and important real estate macro-control policies can essentially alter the convergence of regional house prices, with generally a time-lag effect of 4 to 5 months after the issued policy.

Abstract:Based on the relationship between financial capability and financial efficiency, over-investment behaviors are discriminated for 68 banks from 2007 to 2013 in China, and a hypothesis of Financial Service Feature is proposed to explain this phenomenon. Generally speaking, over-investment is very popular in all banks. The Hypothesis of Financial Service Feature is true really. Investors overly invested in banks in order to control those bank’s financial resources which are accumulated in the financial services. The investments in the Nationalized banks and City banks are the most excessive. The investments in unlisted banks are more excessive than that in those listed banks. The hypothesis of Financial Service Feature is verified in the Nationalized banks and City banks, including in those unlisted banks. As for the different investment channels, the debt capitals are most extravagant. But equity investors have the strongest motivation to control the financial resources. It’s useful to relieve the over investment and correct the harmful investment motivation by improving the regulation and information transparency.

Abstract:This paper employs agent-based modeling to study the impact of the T + 0 trading mechanism on market quality. The artificial stock market is built up according to the investor characteristics and market microstructure of Chinese stock markets. The experiment results show that when compared to T + 1, T + 0 increases pricing efficiency and market liquidity, and reduces market volatility, which in turn improves market quality. The reason is that T + 1 does not allow investors to sell when they have observed large changes in the fundamental value, so that they need to sell in the next opening session, which in turn generates large price impacts and high volatility; while T + 0 solves this problem since the large change of fundamental value can release in intraday transactions, and the actively intraday order submission also increases market liquidity. The results suggest that T + 0 can be applied in EFT markets of large stock indexes as a pilot project.

Abstract:This paper analyzes the risk transmission among corporate, bank and government sectors in a background of economic downturn based on the balance sheet, and builds a risk feedback model to analyze the risk feedback between the bank and government sectors using the explicit liabilities and implicit guarantee items in the contingent claim balance sheet. At last, the relationship between government implicit bailout and the cost of bank bailouts is analyzed. The empirical analysis shows that money supply and exchange rates can influence the risk transmission among the three sectors. The implicit guarantee leads to risk feedback between the bank and government sector. Regulatory forbearance increases the government’s implicit bailout costs. Therefore, the government should control the money supply and the volatility of foreign exchange rates, reduce the regulatory forbearance levels, and set up dynamic and systematic risk loss reserves.

Abstract:Currently, the loan demand of small and micro enterprise is rapidly increasing, thus the establishment of an effective credit rating model for small and micro enterprises has become the focus of attention in the academic and practical fields. On the basis of the model and the index system, this paper puts forward the research steps of small and micro enterprises credit rating based on fuzzy neural network. This paper takes the micro data of the small and micro enterprises in a rural commercial bank as the empirical sample, and carry out the small enterprises and micro enterprises credit rating test separately. The empirical results show that the fuzzy neural network model in the small and micro enterprises credit rating research brought a higher detection accuracy than the BP neural network model. The model can realize the combination of subjective and objective ratings; can be used for qualitative adjustment and batch processing of data; and has explicit calculation process and decision rules. Therefore, it is suitable for the research of credit rating and has robustness.