Abstract:Firms' managing earnings to get more bank loans have attracted academic attentions. While, when firms reach the bank loans targets, would they continue to manage earnings to get excess bank loans? This paper studies this question from the aspects of real and accrual-based earnings management using the data of Chinese A-share listed firms from 2003 to 2016. The results show that real and accrual-based earnings management both are positively related to the excess bank loans. In addition, when taking the financial marketization into account, the positive relation between accrual-based earnings management and excess bank loans is weakened, but the relation between real earnings management and excess bank loans is enhanced. This paper expands the study perspectives of earnings quality and credit resources allocation from excess bank loans and enriches the research of the macro environments' influences on firm behaviors.

Abstract:This paper develops an integrated model applying queueing theory and game theory for the referral system. Patients may have severe or moderate illness. Physicians could report moderate illness as severe illness and conduct overtreatment. This paper studies how a government could allocate the capacities of hospitals and adjust medical pricing to influence the physician-patient game so that the patients could get more primary care in community hospitals and the physicians could tell the truth. The study indicates that the community hospital competes with class 3-A hospitals via their capacities. Induced demand is restricted by larger community hospitals or smaller class 3-A hospitals. When the price of the treatment for moderate illnesses is low, induced demand occurs with positive probability; when that price is larger than some threshold, induced demand disappears. Raising the difference between the prices of treatments for severe and moderate illnesses could restrict induced demand, but could not eliminate it, nor could this action enhance patients' welfare. In enhancing patients' welfare, community hospitals are better than class 3-A hospitals.

Abstract:According to the policy recommendations concerning remanufacturing in “Regulations on collection and dismantling management of discarded vehicles”, this paper studies the cooperation decision-makings for used vehicle collection and dismantling between an automobile manufacturer and an automobile dismantling provider. According to the substitution relationship between demand for the new and for remanufactured automobiles, game models of four cooperation modes between the two parties are constructed, and the remanufacturing effect, environment impact and the two parties' profits of the four cooperation modes are compared and analyzed. It is found that the yield and the rate of remanufactured vehicle dot not always increase in the deep collaboration circumstance; when the manufacturer does not provide technical support, automobile dismantling according to the requirements of remanufacturing will improve the environmental effect of both the collection and dismantling process and the two categories of cars; the implementation of “Regulations on collection and dismantling management of discarded vehicles”will reduce the profits of the automobile dismantling enterprises; however, the two parties' deep collaboration can be ensured by compensation strategies under certain conditions.

Abstract:Innovation is the driving force for sustainable economic growth. The employment of enterprises is the cornerstone of maintaining social stability. Under the background of Chinese economic development and transformation, the paper distinguishes product innovation from process innovation, and uses a mathematical model to separate the mechanisms of both direct and indirect effects of innovation on employment growth in small and medium-sized manufacturing enterprises. By using the World Bank's survey data, which focus on the operating environment of small and medium-sized enterprises in China, this study empirically examines the impact of SMEs' technological innovation on their employment growth. The results indicate that technological innovation will not only affect the employment growth of SMEs through four direct ways——which are referred to as “price effect”and “productivity effect”of process innovation and “market effect”and “substitution effect”of product innovation, but also through an indirect route which are referred to as “advancement of employee skill structure”. The difference of our study from foreign studies is that, for small and medium-sized manufacturing companies in China, the “productivity effect ” of process innovation and the “substitution effect”of product innovation are the main ways to hinder their employment growth. At the same time, unlike domestic research, the “advancement of employee skill structure”is an important way for technological innovation to promote the growth of employment in Chinese SMEs. The paper further finds that the impact of technological innovation on employment growth in low-tech manufacturing companies is more sensitive. From the micro level, the results of this study confirm the influence of skill-biased technical progress on the employment in Chinese SMEs and provide a policy basis for alleviating the structural problems of“employment difficulties”and “recruitment difficulties”in China.

Abstract:The traditional unilateral governance model of shareholders is difficult to balance and ensure the interests of stakeholders. The common governance model based on symbiosis meets the demand, and the logical starting point for the symbiosis of stakeholders is to jointly create and share value-added. Therefore, how to balance the stakeholders' relationship and maintain their dynamic growth under the current population scale has become a scientific issue worth studying. This paper firstly analyzes the mechanism of the co-creation and sharing of value-added between employees and shareholders, and uses the Logistic growth model in biology to construct a general model of symbiotic evolution of stakeholders based on value-added. Then, the dynamic evolving model of labor-capital symbiotic is derived. The mode of equilibrium and the stability of labor-capital symbiotic are analyzed by using different values of equilibrium point and dependence coefficient, and reasonable economic explanations and a mapping of existing management practices are given. Finally, taking Haier as an example, the effects of the periodical changes of labor-capital symbiotic mode of action and the impact on value-added of enterprises are analyzed both before and after the reform of the innovation mode of “individualgoal combination”, and the rationality and necessity of constructing the symbiosis model are validated.