Abstract:This paper discusses how an enterprise can enhance the manufacturing agility of complex products through the application of information technology． There are completely contradictory findings in the existing literature regarding whether information technology can promote the manufacturing agility of complex products．It is found that by identifying the information processing requirements of complex product manufacturing， building the information processing network structure of different levels of hierarchy and the degree of centrali-zation，and introducing the corresponding organizational control way，the company is capable of using informa-tion technology to promote the manufacturing agility of complex products． The study finds that the information processing capability is formed by mutual adapting of the information processing network and organizational control way． The information processing capability includes information decomposition，information accelera-tion and information sharing． This study opens the “black box”between the information technology and the manufacturing agility of complex products from a dynamic perspective． It has profound guiding significance to develop information processing theory and promote manufacturing agility of complex products in Chinese com-panies．

Abstract:In this paper，the firm’s Ｒ＆D decision is separated into two stages: whether to invest and how much to invest． The influences of government subsidy on Ｒ＆D decisions in firms with different ownership structures are discussed． Theoretically，a two-stage model of firms’Ｒ＆D decisions is constructed to investi-gate the mechanism of subsidy on Ｒ＆D investment． Empirically，using the sample data of Chinese industrial firms，the Heckman two-step method and two-stage least square are used to deal with sample selective bias and endogeneity respectively． The sub-samples of state-owned，private and foreign firms are also tested separately．The results show that under different ownership structures，the influences of government subsidy on firms’ Ｒ＆D decisions are different． To undertake social responsibility，the state-owned firms usually have a high probability of engaging in Ｒ＆D activities under preferential policies． However，because of special property re-lations and soft budget constraints，the state-owned firms lack incentives to increase Ｒ＆D investments． For the well-organized foreign firms and less competitive private firms，the incentive effects of government subsidy on Ｒ＆D are more obvious．

Abstract:By giving explicit analytic expressions for the component differences of the Shapley value，egalitari-an Shapley value，discounted Shapley value，Solidarity value，generalized Solidarity value，consensus value， Banzhaf value，and least square prenucleolus，this paper proposes a simplified algorithm for simultaneous cal-culation of these linear and anonymous values of transferable utility cooperative games． Specially，the algo-rithm is also suitable for calculating more than one of them． So as to illustrate the computational process and the advantages of the algorithm，a numerical example，as well as comparison between the simplified and tradi-tional algorithms，is provided． Ｒesults show that the simplified algorithm can decrease the time complexity of calculating more than one values contemporaneously．

Abstract:Ｒecent literature on two-sided market theory mainly focuses on single-period game theory，and o-mits dynamic pricing in multi-period games． This disagrees with the reality that agents always make multiple transactions and that platforms face dynamic pricing． After building a two-sided duopoly platforms model con-sidering consumer satisfaction，the paper analyzes the optimal prices under different pricing strategies ( uniform pricing or discrimination pricing) and different strategic targets ( short-term profits or long-term profits) ，and then discusses their applicability and validity． It is found that a higher first-period market share can ensure neither a higher second-period market share nor the repeated purchase ratio; Discrimination pricing strategy is good for the platform’s profit，but bad for agents’utility and social welfare． ( Discrimination pricing，Dis-crimination pricing) strategy is a Pareto-dominant equilibrium，and the total social welfare of the two periods is not related to the platform’s strategic target，but related to its pricing strategy．

Abstract:A cross-decision and competition-cooperation model constituted by an online retailer and a franchi-see is formulated． The model takes the existing operation mode of the online retail platforms as a reference and takes the online channel as the object of the research． Meanwhile，the consumer’s utility function which is af-fected by price and service simultaneously is defined from the perspective of consumers． First of all，the equi-libria of three power structures—the online retailer and the franchisee as the stackelberg leader respectively and that they are equal in power—are obtained according to the optimization method and game theory． Then， these equilibria are compared with each other to give the decision makers some references under the online channel． The results reveal that whether the dominator can realize the optimization or not is restricted by cer-tain conditions，and that the follower can always realize the optimization according to the dominator’s deci-sions． While，participants will always achieve the optimization at the same time if their powers are equal to each other． The results also suggest that the sensitivity of consumers to service has a positive impact on the price，service，and demand． At last，the numerical simulation further refines the analysis and its findings pro-vide some references to participants．

Abstract:This paper extends the multiple agency theory by exploring the joint effect of the venture capital and the founder on the compensation schemes in new public firms． The paper finds that the venture capital who has a motivation to sell out the shares during the post-IPO，is inclined to increase the salary level for the top man-agement team，enlarge the compensation gap，and increase the executive compensation-performance sensitivi-ty． Conversely，the existence of the founder causes the compensation level to decrease and alleviates the effect of VC．

Abstract:Existing models to evaluate the performance of multi-period diversification portfolio are mainly based on the actual returns of portfolios at each period，so that the dynamic characteristics of portfolios cannot be reflected． Since the links of portfolios at different periods are mainly reflected during the dynamic wealth process，thus multi-period evaluation models should be constructed according to the dynamic wealth process to reflect the actual investment． In this paper，the definition of multi-period portfolio efficiency is proposed based on the distance between the portfolio and its projection on the efficient frontier． Under the mean-variance framework，and considering the dynamic wealth process，models are developed to evaluate the performance of the fully linked multi-period diversification portfolios with different orientations． Also，the analytic expression of multi-period portfolio efficiency is given by using the dynamic programming approach． The numerical simu-lations show that the models are better and there exist significant differences between the traditional multi-peri-od diversification models and the proposed models．

Abstract:This paper investigates the price impact of agent heterogeneity on market rational expectation from the technical analysis aspect by building an inter-temporal model under heterogeneous agent economy． It finds that the condition for stabilizing that market price is related to the sensitivity of the technical analysts to the ex post price，the ratio of the technical analysts in the market，and the value of risk-free interest rate． The analy-sis shows that the impact on price exists in the long run unless the analytic strategy holds a special condition．Furthermore，the high sensitivity may lead to market bubbles which are represented by the divergence of the price sequence． To control this type of bubbles，the interest rate should increase as much as possible．

Abstract:In recent years，financial crisis broke out frequently，causing traditional market theory，such as ef-ficient markets hypothesis and behavioral finance，to fail to give reasonable explanations in the face of a com-plex real financial world． Lo’s adaptive markets hypothesis bridged the differences between these two schools，and gradually attracts the attention of the academic circles． Through an empirical study，this paper tries to ex-plore whether adaptive markets hypothesis can explain China’s capital markets from three perspectives:dy-namic market efficiency，time-varying risk beta，and technical trading strategies evolving，respectively． The research finds that the efficiency of Chinese stock markets changes dynamically，and that the inefficiency time intervals can be associated with major exogenous events such as finance crisis and policy changes． It also finds that the beta of stock markets style index changes with market conditions，and that the performance of techni-cal trading strategies evolves with traders’adaptive property to the change of the environment． The research results show that adaptive markets hypothesis can explain better the above-mentioned phenomena in China’s capital markets than both efficient market hypothesis and the classical CAPM model． Finally，some suggestions are given on how investors can develop adaptive investment strategy based on changing market conditions．