Abstract:This paper takes the implementation of state-owned capital management budget system as a natural experiment to realize the "government-capital separation", which is an important direction of depening the reform of state-owned enterprises (SOEs) in the new era of socialism with Chinese characteristics. The paper finds strong evidence of positive impact of this capital management budget system on the investment efficiency of state-owned enterprises. Efficiency improvement is greater in those SOEs with over investment, greater soft budget constraints and in high-intervention area. Furthermore, efficiency has been improved through two mechanisms: Reducing the government's intervention on SOEs and restricting the investment behavior under soft budget constraints. These findings offer strong implications for deepening the reform of SOEs, optimizing the allocation of state-owned capital, and enhance compatibility of public ownership and market economy.

Abstract:Increasing export sophistication is an important goal of the reform of the scientific and technological system. However, few literature have focused on the impact of financial distortions and innovation restraints on China's export sophistication in various regions. Based on the financial distortion index and provincial-level data of China's high-tech industries, this paper empiricaly examine show financial distortions, innovation restraints and their interaction affect export sophistication. The study found that financial distortions and innovation restraints have a significant inhibitory effect on export sophistication. Financial distortions have exacerbated the eroding effect of innovation restraints on export sophistication, and this eroding effect of innovation restraints is even more pronounced when financial distortions exceed a certain threshold. In high-tech enterprises with low extroversion, small output value and low technology intensity, the inhibitory effect of financial distortions on export sophistication is particularly strong. Distorted earnings, R&D restraint, and technology lock-in are important channels through which financial distortions impede export sophistication. A series of robustness tests confirms the reliability of the above conclusions. This article provides a new research perspective and decision-making reference for deepening the reform of the financial and technological system and reshaping the international competitive advantage of China's industries.

Abstract:Entrepreneurial proclivity, a critical trait for entrepreneurs, is also a universal personality trait. However, previous research failed to scrutinize its effects at employee level. This paper integrates the achievement motivation theory and Maslow's hierarchy of needs theory to study the relationship between employee entrepreneurial proclivity and job performance as well as the moderating effect of intrinsic/extrinsic satisfaction. The results reveal that there are inverted U relationships between achievement motivation & risk-taking propensity and job performance, while there is a U relation between preference for innovation and job performance. Intrinsic job satisfaction strengthens the inverted U relationship between achievem ent motivation and job performance. This study advances the development of entrepreneurial proclivity theory and its application in employee management by providing theoretical evidence for the relationship between employees and "Widespread Entrepreneurship and Inovation" for the first time. The research conclusion has profound theoretical enlightenment and practical significance.

Abstract:More and more enterprises and organizations have been using social media service platforms (such as WeChat public platform) to promote user engagement behaviors (like, comment, etc.)for publicity and marketing. However, there is no clear understanding of the influencing factors of users' engagement behaviors and their different effects. Taking WeChat public platform as there search object and drawing upon Elaboration Likelihood Model, the paper investigates the influencing mechanisms of the central route (information quality) and the peripheral routes (source credibility and emotional factors) on user engagement behavior intention (sharing and adoption). In order to test the proposed hypotheses and research model, alarge-scale scenario-based survey was conducted among users of enterprise WeChat public platform. The results show that: 1) information quality and source credibility both exert a stronger impact on like than oncomment; 2) negative emotion has no impact on comment but has a significantly negative impact on like; 3) the impacts of positive emotion and source credibility on user engagement behaviors are stronger than those of information quality.

Abstract:This paper studies a online retailer's pricing and inventory decisions and consumer returns policy with consideration of consumers' anticipated regret. A game-theoretical model, in which a retailer sells a single product to consumers, is developed. The retailer faces demand uncertainty and makes pricing and inventory decisions before the demand uncertainty is realized. Moreover, consumers face valuation uncertainty and may experience buyer's regret or hesitater's regret. They decide whether to purchase in anticipation of potential regret. Besides， consumers care about the retailer's return policy: If the retailer allows returns, then consumers may return the product to the retailer at a return cost when the realized valuation is low. Several interesting results are obtained: First, in the case of no return, consumers' reservation price and the retailer's optimal price，optimal ordering quantity and expected profit decrease with the buying regret and increase with the hesitation regret. Second, although a full return policy increases consumers' reservation price and may allow the retailer's price and quantity decisions to be independent of consumers' anticipated regret, it does not necesarily increase the retailer's expected profit. Whether a retailer should adopt a full return policy is affected by consumers' anticipated regret, return cost, marginal cost and salvage value of the product. When the return cost is low and the expected regret satisfies certain conditions, it is beneficial to adopt a full return policy; Otherwise，a full return policy will decrease the retailer's profit. This study emphasizes the importance of considering the consumer's expected regret and return cost when making product return decisions.

Abstract:This paper establishes an asset pricing model considering consumption and investor sentiment factors based on current research literature. Then the data of A-share listed companies in China, as well as the data of consumption and investor sentiment, from May 2005 to April 2018, is selected to empirically test and comparatively analyze our new model considering consumption and investor sentiment factors, CAPM, Fama-French three-factor model and five-factor model. The results show that the introduction of consumption and investor sentiment factors in asset pricing model can rationally modify and expand CAPM, Fama-French three-factor and five-factor models in theory. Moreover, in terms of overall pricing efficiency, using consumption and investor sentiment factors to replace the scale and book-to-market ratio factors in the Fama-French three-factor model, and the profit and investment factors in the Fama-French five-factor model, respectively, can improve asset pricing efficiency. Considering consumption and investor sentiment factors, the profit and investment factors in Fama-French five-factor model can no longer improve the efficiency of asset pricing. Our asset pricing model based on consumption and investor sentiment factors improves the asset pricing efficiency of the Fama-French models, enriches and improves the asset pricing theory to a certain extent.

Abstract:This paper examines the phenomenon that corporate executives tend to give irrelevant answers during performance briefings. Transcripts of performance briefings of companies listed on the SME and GEM are collected. Various textual analysis methods are used to measure the degree of management's irrelevant answers during performance briefings; and then the relationship between irrelevant answers and market reaction/the company's future performance is examined. The results show that after controlling other factors, there is a significant negative correlation between irrelevant answers and market reaction. For companies followed by fewer analysts, this negative correlation is more significant. Our findings also illustrate that providing irrelevant answers negatively affects a company's future performance.