Abstract:Improving the level of commercialization of scientific and technological achievements is the “gateway” for effectively connecting scientific and technological innovation with industrial innovation, and is key to the smooth commercialization of scientific and technological achievements into new quality productive forces. Based on quasi-natural experiment of the National Regional Center for Technology Transfer, this study establishes a staggered DID model to explore the influence and mechanism of the transformation of scientific and technological achievements on the cultivation of new quality productive forces in enterprises.Empirical results show that the establishment of the National Regional Center for Technology Transfer can significantly improve the level of new quality productive forces in enterprises, primarily by promoting technology trading behavior and improve human capital.The heterogeneity analyses show that the establishment of the National Regional Center for Technology Transfer has a stronger promoting effect on the cultivation of new quality productive forces for high-tech enterprises, enterprises without established R&D alliances, those with a low degree of knowledge diversification, and those in regions with a low level of local intellectual property protection. The expansion analyses reveal that the establishment of the National Regional Center for Technology Transfer can improve the application of digital and intelligent technology, innovation abilities, labor productivity, and ESG performance. This study has important implications for promoting the commercialization of scientific and technological achievements and cultivating new quality productive forces, with emerging industries and future-oriented industries as the core carriers.

Abstract:This study investigates a dedication-timing game and provides theoretical predictions, experimental designs, and empirical analyses for the dilemma of public goods provision, incorporating the timing aspect that often prevails in reality. The results show that individuals’ dedication behavior is significantly affected by the information environment. Compared with an imperfect information environment, in which the timing of public goods activities cannot be observed, both the expected initiation time of the activity and the expected participation time of group members occur earlier when timing information is perfectly observable in real time. However, the likelihood of public goods provision is lower under perfect information. Overall, higher social welfare is achieved in the perfect information environment than in the imperfect one. This study not only provides theoretical support and empirical evidence for these findings but also highlights the important role of the information environment in shaping policy objectives. Specifically, policies aimed at promoting the coverage of public goods provision should limit information diffusion, whereas policies targeting the timeliness of provision should foster an open and transparent information environment.

Abstract:Interest subsidies to banks and enterprises are two types of green financial incentives supported by the government to aid enterprises in their low-carbon transition. This paper investigates green loan pricing decisions of a bank in perfectly competitive and monopolistic financial markets, as well as the production and carbon emission reduction decisions of a capital-constrained enterprise. Then, this paper compares the economic-environmental values contributed by green credit under two incentive policies. The research finds that:1) The enterprise’s emission-reduction technology level, initial capital size, and carbon asset jointly affect the economic-environmental values of green credit. Moreover, there exist parameter regions in which green credit results in positive economic and environmental values; 2) When the enterprise borrows without default risk, the two interest subsidies are equivalent from economic and environmental perspectives; 3) When the enterprise borrows with default risk and the bank is in a perfectly competitive financial market, subsidizing the bank is superior to subsidizing the borrower from both economic and environmental perspectives; the converse holds when the bank is in a monopolistic financial market.

Abstract:In the context of comprehensively advancing the rule of law, the question of how the State-owned Assets Supervision and Administration Commission (SASAC) promotes state-owned enterprises (SOEs) to deeply implement the requirements of “comprehensive rule of law in enterprises” through compliance supervision policies has gradually become a focus of academic attention. This paper constructs a quasi-natural experiment based on the issuance of the “Compliance Management Guidelines (Trial)” by SASAC to empirically examine the impact and mechanism of compliance management on the internal control of SOEs from the perspective of institutional spillover. The study finds that compliance management has an institutional spillover effect that enhances the level of internal control in SOEs, and this impact can spill over from central SOEs to local SOEs. Mechanism analysis indicates that when external transaction costs and internal control costs are high, SOEs are more motivated to enhance their internal control levels according to compliance supervision policy requirements. Furthermore, the institutional spillover effect of compliance management can further reduce operational and compliance risks in SOEs. This research not only reveals the mechanism by which compliance supervision policies impact the internal control of SOEs and the economic consequences of risk prevention and control, but also provides micro-level evidence for integrating compliance management, internal control, and risk management. It has significant policy value for improving the standards of compliance supervision and internal control, thereby promoting the high-quality development of state-owned assets and enterprises.

Abstract:Under the current difficult employment situation, many companies are facing the problem of employees’ turnover. Identifying employees turnover intentions, understanding the underlying causes, and implementing preemptive interventions are pivotal strategies to mitigate such intentions. Although prior studies have delved into the factors precipitating turnover intentions, their findings lack robust predictive power. This study aims to examine the determinants of employee turnover intention in real-world corporate settings, with the goal of enhancing firms’capability to predict such intentions and address this issue. This study first identifies imperative predictive variables through feature engineering and employs machine learning algorithms. It then leverages the random forest algorithm to determine the hierarchy of turnover determinants and develop a forecasting model. Meanwhile, a quasi-experimental approach is utilized to validate the predictive model in a corporate setting. Finally, the predictive model is applied to test its validity again across the entire company. Moreover, this research tests the correlation between turnover features and turnover intention and finds that these relationships are consistent with previous studies. This research not only comprehensively explores the influencing factors of employee turnover intention using machine learning but also provides useful advice for companies to reduce employee turnover by intervening early and expressing concern in advance.

Abstract:Traditional culture significantly affects corporate charitable donations, but the extant research predominantly focuses on the role of “big traditions” such as religious beliefs and Confucian culture. Compared with existing literature, this paper explores the “little tradition” of the zodiac year, constructing a model of entrepreneurs’ charitable donation behavior driven by psychological security motivation. Using the data of Chinese publicly listed firms, the paper finds that: 1) Private entrepreneurs significantly increase their charitable donations during their zodiac year. This result is still robust after a series of tests such as placebo and PSM, indicating that the charitable giving behavior of private entrepreneurs in China is deeply constrained by the “little tradition” of culture; 2) The effect of Confucianism and Taoism are found to complement the zodiac year, enhancing charitable donations; 3) Private entrepreneurs will not only “be lenient with others” but also “be strict with themselves” during the zodiac year. This study has theoretical implications for understanding the “positive energy” embedded in the “little tradition” of Chinese culture, as well as the volatility and non-systematic characteristics of Chinese corporate charitable donations.

Abstract:This study incorporates economic and financial cycles into asset allocation to enhance portfolio efficiency. Utilizing wavelet decomposition and principal component analysis, the paper constructs variables that broadly represent economic and financial cycles. Then, this study proposes the WISE Clock, a new data-driven investment strategy that extend the traditional Merrill Lynch Investment Clock by incorporating financial cycle. Employing machine learning techniques and cyclical information, this study forecasts asset returns for the U.S. and Chinese markets and integrates these predictions into a Black-Litterman framework. Backtesting results confirm that the approach significantly surpasses traditional models, enhancing portfolio risk-return performance.

Abstract:Supply chain innovation has become a critical driver for firms to enhance their international competitiveness and plays a pivotal role in promoting industrial upgrading and fostering sustainable economic development. This paper takes the establishment of national supply chain innovation pilot firms as a quasi-natural experiment, and combines the event study method with the difference-in-differences approach to test the effectiveness of the supply chain innovation pilot policy. The results show that pilot firms achieved significant abnormal returns during the event window. Mechanism tests reveal that the increase in firm value is primarily attributable to the supply chain innovation pilot policy, which significantly enhances firm innovation. Further analysis reveals that the impact of the supply chain innovation pilot policy is particularly significant in state-owned firms, firms with lower supply chain concentration, firms in industries with higher concentration, and firms located in regions with strong innovation capabilities. This study provides credible evidence for the government to evaluate the effectiveness of the supply chain innovation pilot policy. The results also serve as scientific guidance for the government to formulate and improve supply chain innovation policies in the future. These findings provide management implications for firms to establish supply chain innovation pilots.

Abstract:The rapid growth of express business has led to a significant increase in the complexity of sorting, driving the rapid development of automated sorting systems. Therefore, a floor-based sorting system has been developed to enhance the flexibility, economy and scalability of automated sorting systems. In this paper, parcel assignment and conflict-free routing of automated guided vehicles in a floor-based sorting system are studied. Two mixed integer programming models are proposed to minimize the parcel dwell time in the system. To solve the models efficiently, two column generation-based solution algorithms are designed with embedded acceleration techniques such as the variable neighborhood search algorithm and the A* algorithm. Numerous numerical experiments are performed to verify the validity of the models and the efficiency of the algorithms. Sensitivity analysis experiments are also performed to provide some management insights.

Abstract:With the development of technology, drones have demonstrated convenient and efficient delivery advantages in last-mile urban logistics. This study investigates the dynamic collaborative distribution route planning problem for truck-multiple drones in urban logistics systems. Each truck carries multiple drones for parallel deliveries, and each drone can serve multiple customers per flight. A mixed-integer programming model is developed with the objective of minimizing total delivery costs. A three-stage hybrid heuristic algorithm is designed to solve the problem based on the characteristics of the problem and the model. Through various experimental cases, the correctness of the model and the effectiveness of the algorithm are verified. The results show that the proposed model and algorithm can effectively reduce logistics costs, shorten delivery times, 〖JP3〗and improve delivery efficiency, providing valuable decision-making support for urban logistics distribution.

Abstract:Choosing reasonable pricing strategies has become key for platform enterprises to maximize profits. A platform supply chain consisting of a manufacturing platform, a manufacturer, and an offline retailer is considered. A noncooperative-cooperative biform game is constructed to discuss the pricing competition and profit-sharing among the platform supply chain’s members. In the noncooperative game part, the wholesale price of the manufacturing platform and the retail prices of the manufacturing platform, manufacturer, and offline retailer are chosen arbitrarily as strategies. In the cooperative game part, the manufacturing platform and offline retailer share showrooming profits to form a cooperative coalition. They optimize the profit-sharing ratio and service level to maximize the coalition’s profit. The Shapley value is used to distribute the coalition’s profit. A numerical example is used to analyze the effects of online channel preference, manufacturer product recognition, and service cost coefficient on Nash equilibrium strategies, the optimal profits, consumer surplus, and social welfare. Some findings are as follows: Under price competition, cooperation between the manufacturing platform and offline retailer is effective in improving the service level and their profits. When online channel preference increases, maintaining stable sales of offline channel can help the manufacturing platform cope with the competition among alternative products. A tripartite win-win can be achieved among the manufacturing platform, offline retailer, and consumers, leading to improved social welfare.