Abstract:Slack resources have an important influence on firm’s temporary competitive advantages，however， there are conflicting views on whether slack resources will increase temporary competitive advantages. In addition，scholars know little about how slack resources are translated into firm temporary competitive advantages and what conditions enable such translation. To fill these gaps，this paper integrates the behavioral theory of the firm and resource constraints literature to explore and test a U-shaped relationship between slack resources and temporary competitive advantages as well as its mediating mechanism and moderating conditions. Our empirical research on the 279 validated questionnaires from software firms indicates: 1) slack resources have a U-shaped relationship with temporary competitive advantages; 2) slack resources have a U-shaped relationship with entrepreneurial bricolage; 3) slack resources indirectly influence temporary competitive advantages through entrepreneurial bricolage along a U-shaped path from slack resources to entrepreneurial bricolage; 4) both environmental uncertainty and resources flexibility strengthen the U-shaped relationship between slack resources and entrepreneurial bricolage; 5) environmental uncertainty and resources flexibility jointly strengthen the mediating role of entrepreneurial bricolage in the relationship between slack resources and temporary competitive advantages. The results suggest that slack resources are important sources of firm’s transient competitive advantages within the broad context of hyper-competitive conditions，while firms should be cautious about ‘middle slack resources trap’. Moreover，entrepreneurial bricolage is an important mediator between slack resources and temporary competitive advantages，particularly when the levels of environmental uncertainty and resources flexibility are high. The research conclusions have important practical implications for firms with slack resources，especially those with excess capacity.

Abstract:Using data from both the industrial sector and China City Statistical Yearbook from 2002 to 2008， this paper studies the effect of the central government’s policy of “11th Five-Year National Total Emissions Control Plan of the Major Pollutants”proposed in 2006. The popular quasi-experiment treatment effect method is used to empirically investigate the impact of this environmental regulation on city level economic efficiency in China. Furthermore，the channels through which this environmental regulation took effect is analyzed. The dynamic Olley-Pakes method is introduced to decompose the components of city’s manufacturing productivity， so as to explore how the regulation policy affect these components. The paper finds that，compared with cities with low emission reduction targets，the TFP of cities with high emission reduction targets was 8. 8% higher on average in the short run after the implementation of the policy. It is argued that this city-level TFP increase was mainly due to the improving of the TFP of surviving enterprises and hindering the entry of low-TFP enterprises as a result of this policy. However，the policy also causes withdrawal of some enterprises with high TFP and the inefficiency of resource allocation. These findings could help local governments to clarify the relationship between environmental regulation and city economic efficiency and promote more effective implementation of the central government’s environmental protection policies.

Abstract:Thin capitalization is a common means of tax avoidance for multinational corporations. China’s thin capitalization rule was established in 2008. However，there is few research on the effect of China’s thin capitalization rule on foreign-funded enterprises at present. Based on data from Chinese manufacturing enterprises database in 2004 -2011，this paper uses difference in difference model to test the impact of the thin capitalization rule on the tax avoidance behavior through thin capitalization of foreign-funded enterprises empirically. The results show that China’s thin capitalization rule has effectively reduced the degree of thin capitalization of some foreign-funded enterprises，especially those whose debt-equity ratio is higher than 2，and inhibited the tax avoidance through thin capitalization of foreign-funded enterprises. Due to the strong tax avoidance motive， the actual tax burden of foreign-funded enterprises is far lower than the statutory tax rate. Though the thin capitalization rule has effectively improved the actual tax burden of foreign-funded enterprises，the tax burden of foreign-funded enterprises with high degree of thin capitalization is still less than that of foreign-funded enterprises with low degree of thin capitalization. At the same time，the thin capitalization rule has a learning effect on foreign-funded enterprises that fail to meet the regulatory requirements: foreign-funded enterprises whose debt-equity ratio does not exceed the statutory standards will increase their degree of thin capitalization.

Abstract:The paper is to improve the famous contingent claims analysis (CCA) approach. It first demonstrates that the core assumption of Merton-CCA model is unrealistic and is not apt to measure risk in a realistic，dynamic economic environment. Then，a probability model with ambiguity，which incorporates model uncertainty，volatility uncertainty and mean uncertainty，is proven to be more effective for measuring and managing risk in the real business world. Based on the recent progress in stochastic analysis and calculus，the paper proposes a G-CCA model，a more risk sensitive，thus a more prudential risk measurement model，especially in emerging financial markets. Moreover，adding to all the valuable advantages of the Merton-CCA model，the new model extends the risks covered by traditional CCA models by taking into account risks arising from the uncertainty of expected asset returns.

Abstract:Along with the process of urbanization，how rural migrant workers can get in line with the endowment insurance for urban employees to realize higher old-care utility are urgent issues remain to be solved. Since 2015，some areas including Shandong Province have introduced one-time payment policy for endowment insurance，allowing the employees of enterprises，including migrant workers from rural areas，to buy the urban employees’basic endowment insurance through one-time payment. Nonetheless，workers’concern about the circumstance that the total amount of benefits would be lower than the total amount of contributions leads to their unwillingness to buy insurance. This paper primarily aims to depict the risk preference of the insured with limited rationality based on Cumulative Prospect Theory，and calculates the intrinsic value under this conservative estimation. The results indicate that the amount required by the one-time payment policy is still significantly lower than the intrinsic value，even considering the loss aversion and the subjective probability distortion. In addition，after fulfilling the required minimum payment，continuous payment until retirement could further improve the old-care utility.

Abstract:Treasury has been one of the most important financial funding instruments of the Chinese government and the core of Chinese financial system. The primary market is the initial stage of issuance，and the auction results affect future interest costs directly. However，because of limited data published by the Ministry of Finance，there is a lack of related studies on treasury auctions in China，which impedes the development of Chinese treasury market. Based on data from January 2014 to July 2017，an innovative method is proposed to calculate the three parameters of market bid functions by solving nonlinear equations so as to analyze the factors influencing Chinese treasury auctions bidding. The result illustrates that the primary market of treasuries is highly correlated with the yield curve and trading volumes in the secondary market，and is influenced by the liquidity of the banking system.

Abstract:Two trading networks based on the transaction data of a stock and its warrant in China’s financial market are constructed to analyze the market information implied by the microstructure of trading networks and the influence of diversity of trading behaviors on immediate price. The trading networks contain nearly one million traders. At a given significance level，the paper eliminates most of the noise traders，constructs the“core”trading network，and finds the noise traders have greater impact on immediate prices. By analyzing the microstructure of the trading networks and identifying 30 network positions in the triadic motifs，the diversity of trading behavior is calculated by the frequency at which the trader appears at the network position. The traders with larger diversity of trading behaviors have a more sensitive impact on immediate prices. The microstructure of trading network provides a new perspective for studying trader behaviors and price behaviors.

Abstract:This paper studies a supply chain with one supplier and one buyer and explores the effects of inspection mechanism，traceability mechanism，and combination mechanism (sampling inspection and traceability) on product quality control based on newsvendor model considering quality uncertainty and inspection error in both the decentralized and centralized supply chain. It is found that when quality uncertainty is high，the traceability mechanism is more beneficial to retailers in both types of supply chains; however，with the improvement of product quality，the combination mechanism becomes better than the other two mechanisms in the decentralized supply chain，while the inspection mechanism is better in the centralized supply chain. It is also found that inspection accuracy，traceability cost，and responsibility cost will not affect the trend of the retailer’s profit as the defective rate changes and have little effect on the retailer’s selection of the quality control mechanism. When the defective rate is low，increasing the threshold of the defective rate of the directly-acceptance strategy may increase the retailer’s profit whereas increasing the threshold of the defective rate of the acceptance and traceability strategy will decrease the retailer’s profit; but when the defective rate is high，the conclusion is the opposite.