Abstract:Flow-of-funds(FOF)analysis is an important part of SNA (System of National Accounts)．However，the collecting of a large amount of data causes the problem of long time lag for flow-of-funds table of physical transactions in many countries．The common methods used to update FOF tables were based on the assumption that transaction structures of the base and forecast periods remain constant．Yet this assumption does not always hold，especially in countries which experience significant changes in the economic structure． To solve this problem，a more flexible framework to forecast FOF table of physical transaction is proposed． Firstly，the elements in the physical transaction FOF table are divided into four categories． Secondly，based on the constraints that must be met by the elements in the table，the FOF table makes predictions in the target year by establishing a mathematical model to relieve the relevant constraints and by using the dynamic trend of historical data．The validity and stability of the proposed method are verified by a simulation experiment．Finally，the proposed method is applied to China's 1992－2014 FOF table and satisfactory results are achieved.

Abstract:With the rapid urbanization and motorization，a few cities in China join the line to regulate private car ownership and the policy performance should be systematically evaluated．With some statistical learning methods like Principal Component Analysis (PCA) ，Hurst Index，Gaussian Process Ｒegression (GPＲ) and the econometric method like Difference-in-Difference (DID) and OLS，this paper tries to discover the main characteristics of the auction market by formulating a linear equation of key variables of Shanghai license quota auction market，changing rate and prediction of the auction prices，in order to evaluate the performance of policy instruments like the released quota and the price cap．The PCA analysis shows that there is a positive bidirectional relationship and a positive incentive effect between the quota and the price in the auction market．Meanwhile Hurst Index analysis shows the changing rate of the prices will return to the mean value．It further shows with three comparative groups by DID that the auction regulation slows down the increase of private vehicles at an annual rate of around 27% ～ 36% and the quota increment significantly makes the auction market stable by decreasing both the price volatility and the bidders’competition.Finally，with the prediction precision worsening with GPＲ after 2014，the improvement of the regulation such as deregulating the price cap hasalso been discussed to give some light on enhancing the implication of quota strategies.

Abstract:Building an effective innovation network is an important path for latecomers to catch-up．What kind of innovation network is effective to different latecomers? To deepen innovation network research，this study sets out from the perspective of knowledge configuration and focuses on network level partners’allocation.A logic model is built which chooses industry characteristics as the context，the knowledge base breadth / depth as focal firm characteristics，knowledge heterogeneity / quality as the innovation network’s composition condition，and high innovation catch-up performance as the outcome variable． Finally，three configuration types are found which can lead to high innovation catch-up performance．What’s more，different latecomers should adopt different configuration types to achieve higher performance under different industry characteristics．Thus，this study offers both theoretical and practical references to building effective innovation networks for latecomers．

Abstract:Supplier efforts regarding product quality is an important issue in outsourcing and plays a critical role in a manufacturer’s choice of sourcing strategy． Considering a manufacturer that wants to outsource the manufacturing of two substitute products to external suppliers，the paper studies the strategic interactions under two sourcing strategies: single and dual sourcing． A four-stage non-cooperative game model is established to describe each member's decisions．Four decision scenarios are proposed: single sourcing with and without sharing of the manufacturer's quality investment，and dual sourcing when suppliers cooperate or do not cooperate in quality decisions．An analytical equilibrium solution is analyzed for each decision scenario．By comparing each pair of equilibrium profiles，it is found that an appropriate proportion of quality investment sharing by the manufacturer causes a cooperating strategy with a single supplier to be the dominant strategy．When the manufacturer does not want to share or does not want to share a relatively large portion of its quality investment，it will always prefer to develop two competing suppliers when the cost of dual sourcing is sufficiently low．Moreover，the case where the manufacturer partially shares the suppliers'quality investment for the dual sourcing strategy is also investigated．It is found that the strategy could be the dominate one when the sharing portion and sourcing cost are sufficiently small.However，dual sourcing can be extremely risky for the manufacturer as the suppliers could provide a relatively low product quality by cooperating in the quality decision．

Abstract:With the increasingly furious competition and the changes in the market environment，the choice and the adjustment of business models become more and more important for retailers．The retailer’s business model selection conditions，and the condition of transforming when market environment changes are studied．By comparing the retailer’s profit under the reseller model，the marketplace model，and the hybrid model，the condition of the retailer’s business models selection is given．When the market environment changes，the profits of the retailer when not changing the business model and when turning into hybrid model are compared，and the transformation mechanism of retailer’s business model is obtained．Finally，considering the development of China’s online retail industry，the main conclusions of this paper are verified．Our results suggest that the reseller model would be the equilibrium when the competition (complementarity) intensity，commission rates，and fixed costs are small; while the marketplace model will be the equilibrium when the competition (complementarity) intensity，fixed costs and commission rates are big．Interestingly，the hybrid model would also be the equilibrium if the competition ( complementarity) intensity，fixed costs，and commission rates are intermediate．Meanwhile，the equilibrium structure is also moderated by the indirect network externalities if the indirect network externalities are low，and the marketplace model will be the equilibrium model; while the indirect network externalities are high，the reseller model will be the equilibrium model; the hybrid model would also be the equilibrium if the indirect network externalities are intermediate． Finally，if the potential demand of the product changes to positive and commission rates are big ( small) ，the retailer taking the reseller model ( marketplace model) is more inclined to change to the hybrid model with the increase of the potential demand; if the potential demand of the product changes to negative and commission rates are small (big) ，the retailer will not change business model with the increase of the potential demand．

Abstract:This paper analyzes the e-suppliers’decisions in low-end markets．Famous e-suppliers such as Taobao，T-mall and Jingdong are used as real cases in the paper．The following main conclusions are derived．Firstly，e-suppliers with little resource prefer to provide low-quality products，and the products’quality and price are lower in the decentralized supply chain than in the centralized supply chain due to double marginalization． Secondly，from the perspective of e-suppliers，both developing centralized supply chain and designing product lines can improve the quality of products and e-suppliers＇profits．However，developing centralized supply chain can improve quality of products supplied more efficiently than designing product lines，while designing product lines can improve e-suppliers’profits more efficiently than developing centralized supply chains．Thirdly，with the increasing of consumers mistaking low quality products for high quality ones，the e-suppliers’profit goes down． Under these circumstances，the quality of the high quality products remains the same while the quality of low quality products supplied improves．

Abstract:Equity financing activated the ability of the upstream and downstream of collaboration supply chains of growth-type enterprises to capture opportunities for development． However，the arbitrage pricing theory could not alleviate the conflict of valuation between the investment and financing sides，which makes it more urgent to explore a reasonable valuation of equity financing.This paper depicts the essential characteristics of supply chains and game theory in a new perspective，constructs a retailer equity financing model and analyzes the cooperative and win-win situation to mitigate the valuation conflict．In addition，the paper also discusses the existence of a reasonable valuation in equity financing．The key finding is that there exists a“cooperative valuation interval”and an optimal valuation.At the same time，the optimal valuation is affected by the retailer in supply chain structure．

Abstract:It is vital for enterprises to design effective incentive contracts，with fairness and efficiency balanced，to make full use of the human capital they possess．Choosing the A-share listed firms in China from 2003 to 2014 as the sample，the paper empirically studies corporate strategy and its influence on the pay gap between chief executive officers and rank-and-file employees．The results show that: the more offensive a company’s strategy is，the more likely it pays higher executive pays and lower rank-and-file employee wages，thus resulting a larger CEO-employee pay gap; the relationship between corporate strategy and CEO-employee pay gap is more significant in private enterprises than in local and central state-owned enterprises．After a further examination，it is found that the CEO-employee pay gap caused by the differences in strategies could promote a firm’s investment efficiency and performance．The results are of some reference value to objectively evaluate the CEO-employee pay gap and optimize the compensation control policy in China．

Abstract:BDI index is one of the main international marine market indexes.In this paper，the mean reversion theory of BDI index“critical growth rate band”is proposed to describe the equilibrium operation law of the logarithmic growth rate deviating from the central asymmetry．Meanwhile，a nonlinear mean reversion analytical model for BDI index logarithmic growth rate based on 3Ｒ-SETAＲ is constructed．The model effectively avoids the shortcomings of the existing mean reversion models，which can not directly divide the stage threshold，and have poor accuracy，lack of robustness and application complexity．Finally，an empirical analysis of daily /weekly /monthly BDI index data from 1985 to 2015 arrive at these main conclusions: BDI index is a three regime nonlinear mean reversion process，and has a“critical growth rate band”．The daily logarithmic growth rate is mainly in the internal regime and the weekly /monthly logarithmic growth rate is mainly running in the high regime．The low regime’s and high regime’s volatility of BDI index is higher than the internal regime’s．The low regime reversion cycle is shorter，and the high regime reversion cycle is longer．