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    Routing problem of multiple trucks and drones cooperative delivery
    ZHEN Lu, GAO Jia-jing, TAN Zhe-yi
    2024(7):1-18
    [Abstract] (132) [PDF 1.30 M] (342)
    Abstract:
    The application of collaborative delivery systems based on trucks and drones have attracted more and more attention from the academia. This study investigates a routing problem of multiple trucks and drones cooperative delivery, and formulates a mixed-integer programming model with the objective of minimizing the total cost. A solution method based on column generation is proposed to solve the model. An accelerating technique based on variable neighborhood search is also embedded in the solution method to reduce the computation time. Numerical experiments are also conducted to validate the effectiveness of the proposed model and efficiency of the proposed solution method. Some potentially useful managerial implications are also outlined based on some sensitivity analysis.
    Tapping the value of free users in B2B e-commerce platforms: A study of the dynamically network effects of free users on fee paid users
    LI Xiao-ling, WANG Ling-piao, BAI Yin, LI Man-li
    2024(7):19-33
    [Abstract] (70) [PDF 1.25 M] (234)
    Abstract:
    With the booming development of the network economy, B2B e-commerce platform companies generally adopt the freemium business model, accumulating the amount of platform users through free strategies and promoting seller users to pay with the help of network effects. Despite the proliferation of studies on the network effects of platform marketplaces, it remains unknown whether the presence of free users will promote or discourage seller users from paying. From the perspective of dynamic management of free user engagement differences, this study explores the dynamic impact of the increase in free users with different engagement levels （ad-led traffic users and registered resident users) on the payment behavior of platform sellers’ users in the context of B2B e-commerce platforms. This research uses the VAR model to analyze 366 days of data from a B2B e-commerce platform and finds that search ad-led users are more likely to motivate the participation of seller users and boost the number of resident sellers; while social media ad-led users are more likely to facilitate the participation of buyer users and boost the number of resident buyers; but in both the short and long term, the number of resident sellers is more likely to boost the willingness of platform sellers to pay than the number of resident buyers.
    Service reshaping: How does digitalization bridge the service divide?An exploratory case study based on “Internet +”healthcare
    XU Hui, ZHOU Qi, ZHUANG Wei-fen, SHAN Yu
    2024(7):34-55
    [Abstract] (62) [PDF 1.42 M] (179)
    Abstract:
    With the emergence of new consumer behaviors and the continuous awakening of demand individuation on the service demand side, the innovation model of the service supply side needs to be reconstructed urgently. Deep digitalization represented by the Internet has become a new engine to bridge the “service divide”. This article focuses on the healthcare industry that is deeply integrated with the “Internet +” trend. It selects the service model cases of Xiamen “healthcare+Internet” and WeDoctor “Internet+healthcare”, and systematically explores the service reshaping mechanism that bridges the service divide based on digital empowerment. The study found that the service divide can be deconstructed into three aspects: information asymmetry, resource mismatch, and data islands. The process of service reshaping based on digital empowerment is the key path to bridging the service divide, which could be mainly manifested in the reshaping process of service design, service delivery and service interaction. The service reshaping mechanism of “healthcare+Internet” and “Internet+healthcare”follows the service digitization logic and digital servitization logic respectively. Specifically, the former focuses on service-dominant logic and the transformation of the service nature based on digital technology, while the latter focuses on the application and innovative diffusion of digital technology. The theoretical framework finally formed in this article can contribute to the theoretical gap caused by the existing literature on the path of bridging the service divide. The logic of service digitization and digital servitization, based on the service reshaping mechanism under digital empowerment, further deepens the exploration of the theoretical laws behind the deep integration of digital technology and service fields.
    The construction of organizational multi-level paradox network in the context of strategic change: A study based on classical grounded theory
    LIN Hai-fen, QU Ting-chen
    2024(7):56-83
    [Abstract] (42) [PDF 4.23 M] (239)
    Abstract:
    The strategic change context is full of various paradoxical problems that are intertwined, influenced, pried, and transmitted, forming a complex and chaotic strategic change context. This context increases the difficulty for decision-makers to explore the root causes of new strategy formulation, making it urgent to summarize the linking law between paradoxes and systematically portray the strategic change contexts. Coupled with the fact that paradoxes tend to be hidden and not easily identifiable in non-change contexts but highlighted and easily identifiable in strategic change contexts, strategic change contexts offer the possibility of systematically exploring organizational paradoxes and their interlinked relationships. Using the strategic change data of ten firms as a sample, this study adopts a mixed research method consisting of classical grounded theory and cognitive mapping to analyze the paradoxical problems in strategic change situations from the perspective of multi-level paradoxes and to construct a model of an organizational multi-level paradox network. The study found that: 1) There are 18 pairs of paradoxes, such as “financial-responsibility” in strategic change contexts, categorized into six types of paradoxes, such as performing paradox, which align with the logic of the division of “policy orientation-requirements-objectives-directions-values-processes”; 2) The paradoxes are distributed vertically at the individual, operational, strategic, and institutional levels of the organization, and horizontally across the five functional departments of regulation, operations, R&D, production, and marketing, which intersect, constituting the positional form of the organizational multi-level paradox network; 3) Paradoxes consist of causal or sequential relationships between four primary conditions. There are two kinds of relationships between paradoxes of the same level, namely, “same-layer chain order” and “same-layer nesting,” and three kinds of relationship between the cross-layer paradox types, namely, “cross-layer chain order,” “cross-layer chain co-existence” and “cross-layer nesting,” which constitutes the relational form of the organizational multi-level paradox network; 4) Integrating the positional and relational forms of the organizational multi-level paradox network to construct a model of organizational multi-level paradoxical network, which systematically demonstrates the complexity of a strategic change situation composed of paradoxical relationships and positions. Based on the perspective of a multi-level paradox, this study clarifies the complex and chaotic strategic change context. It provides theoretical references for decision-makers to correctly perceive the strategic change context, accurately grasp the root causes of organizational dilemmas, and make effective strategic decisions.
    The effect of leader-member exchange combinations on followership: The moderating role of traditionality and perceived strength of human resource management
    JIA Jian-feng, ZHAO Ruo-nan, CAI Ya-hua, LIU Wei-peng
    2024(7):84-99
    [Abstract] (44) [PDF 1.24 M] (173)
    Abstract:
    As the employees’positions rise, the stimulation of employee followership has become an important issue for organizations. Starting from the phenomenon that employees and leaders have unequal perceptions of their relationship quality (LMX), based on role theory, this study constructs a theoretical model of the effects of LMX combinations on followership and examines the boundary conditions of traditionality and perceived strength of human resource management. By collecting data from paired sample of 75 leaders and 350 employees and conducting latent profile analysis, polynomial regression and response surface analysis, the results show that: There are four combinations of LMX between employees and leaders. Specifically, “high-high” combination is more likely to stimulate followership than “low-low” combination, and “high-low” combination is more likely to stimulate followership than “low-high” combination. Moreover, the relationship between different LMX combinations and followership is moderated by employees’ traditionality and perceived strength of human resource management (PHRMS). Specifically, when employees’ traditionality is high, the relationship between the “high-high” combination and followership is enhanced compared to the “low-low” combination, and the relationship between the “low-high” combination and followership is enhanced compared to the “high-low” combination. What’s more, when employees’ PHRMS is high, the relationship between the “low-low” combination and followership is amplified compared to the “high-high” combination, and the relationship between the “high-low” combination and followership is amplified compared to the “low-high” combination. This study deepens our understandings of the different influences and boundary conditions of LMX combination on followership, and provides theoretical sights and practical implications to address unbalanced relationship between employees and leaders.
    Government spending management, demand structure, and structural transformation
    GUO Kai-ming, DING Zi-han
    2024(7):100-117
    [Abstract] (63) [PDF 1.82 M] (180)
    Abstract:
    China’s experiences during the reform and opening-up era have presented a novel model for the government to efficiently promote growth and manage fluctuations. As China’s economy enters a new era of high-quality development, how should the government proceed to boost structural transformation and promote steady growth? To answer this question, the paper presents a multi-sector dynamic general equilibrium model with government spending structure, based on the facts that the structural composition of government spending is different from that of private consumption or investment. The model is applied to China’s economy to estimate the effects of government spending on structural transformation through the mechanism of demand structure. It is found that a decrease of government spending or an increase of government investment rate would increase the share of industry and improve the structure of services, with the effects of the former being more significant than the latter. The paper offers a theoretical basis for China’s reform of government spending structure, and derives policy implications for the government to further promote high-quality development.
    The Belt and Road Initiative, market entry, and long-term firm performance
    DING Hao-yuan, LI Yi, JIN Yu-ying
    2024(7):118-141
    [Abstract] (51) [PDF 1.41 M] (215)
    Abstract:
    With a sample of Chinese listed companies from 2009 to 2018, we adopt an event study approach to proxy the short-term capital market response of the Belt and Road Initiative (BRI). Subsequently, a general difference-in-differences framework is employed to explore the long-term impact of the initiative on corporate performance and market entry with BRI as a quasi-natural experimental. Our findings are as followed: 1) The cumulative abnormal returns induced by the BRI are positive, but the proportion of enterprises with negative abnormal returns slightly exceeds those with positive returns; 2) The BRI significantly promotes the expansion of investment, the growth of scale, the increase in returns, and the enhancement of market entry. And we find financing constraints as the main mechanism of the above findings; 3) We further provide some heterogeneities according to firm features, regional institutional environments, and industry characteristics. This study provides empirical evidences for the construction of the BRI, the development of economic globalization, and how to build a new development pattern under the current background of trade protectionism.
    The industrial chain effect of zombie firms and private investment crowding out
    LI Xu-chao, ZHAO Jing, ZHANG Xuan
    2024(7):142-158
    [Abstract] (65) [PDF 1.12 M] (195)
    Abstract:
    Given the limited scope and effectiveness of monetary policy and fiscal policy， how to stimulate the vitality of private investment is an important policy issue. This paper takes the industrial chain effect of zombie firms as the starting point to discuss how trade credit and product pricing affect the investment decisions of private firms， striving to provide new theoretical and policy perspectives for stabilizing private investment. The empirical results show that downstream zombie firms will significantly reduce the investment scale of upstream private firms. In terms of trade credit channel， when upstream firms suffer accounts receivable defaults from downstream zombie firms， their “endogenous financing” will be reduced and their financing constraints will be strengthened. In terms of product pricing channel， downstream zombie firms reduce the markup of upstream firms， thereby squeezing the marginal income of their investment and profit margins. Solving the debt payment default and downward pressure on pricing by zombie firms to private firms is an effective tool to stimulate private investment.
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    Mode selection and pricing strategy of paid membership video platforms
    Jiang Zhongzhong12, Li Kunyang12, Zhang Yingxiang3, He Na12
    Available online:  March 15, 2023
    [Abstract] (2547)
    Abstract:
    With the development of online video industry, a new profit model (paid membership), and a new supply chain mode (account sharing mode) were emerged. However, the existing online video pricing theories and methods based on the traditional supply chain mode (buyout mode) are difficult to meet the needs of practical development. Therefore, we study the pricing strategies of paid membership video platforms under two different supply chain modes, and then analyze the impact of supply chain modes and video quality on the pricing, profit and demand of the paid membership video platform. The result shows that: the video platform will adopt “free to members”, “discount to members” and “symmetrical pricing” successively with the increase of video quality in the buyout mode, while only “discount to members” and “symmetrical pricing” will be adopted successively with the increase of video quality in the account sharing mode. Meanwhile, the selection strategy of the optimal supply chain mode is mainly determined by video quality. Further analysis indicates that the high copyright rate under the buyout mode has a negative impact on the development of the online video industry, and the account sharing mode can make up for the deficiency of the buyout mode. At the same time, the research shows that the paid membership video platform does not directly obtain VOD revenue from ordinary users, and its revenue structure is determined by the proportion of existing members. In addition, the results of extending the model to member-only videos prove the robustness of the main conclusions of the paper. The conclusion of the study can provide useful management implications for paid membership video platforms and online video industry.
    Research on the value co-creation incentive mechanism of platform ecosystem in the context of emerging field
    Wei Jiang, Yang Jia Ming, Yang Sheng Xi
    Available online:  July 06, 2023
    [Abstract] (1234)
    Abstract:
    The blurred boundaries, temporary absence of regulation, and dynamic changes in the roles and interactions of members in the emerging field have led to the difficulty for actors with complementary resources in the field to form a clear perception of the "advanced" value proposition of platform enterprises, challenging the original logic of value co-creation within the platform ecosystem based on the premise of the comprehensible value proposition. In this vein, how platform enterprises promote the value co-creation in the context of emerging field has become an important theme that needs to be clarified in practice and theoretical research. Through the comparative analysis of two case companies, i.e., Weiyi and Xinye, this paper identifies two major value co-creation dilemmas in the platform ecosystem in the emerging field context, namely "ambiguous co-creation goals" and "ambiguous co-creation modes", which impede the complementors ' initiative to co-creating value in the focal platform ecosystem. Based on this, we further refines the strategic paths for platform enterprises to stimulate value co-creation of complementors in this context - the "traction" model with the core of explaining value proposition and the "boost" model with the core of co-creating value proposition. The identity positioning of platform enterprises as "leader of the ecosystem" or "partner of other complementors" is the core motive of their strategic actions. Overall, the theoretical model of "co-creation dilemma—identity position—strategic actions" is built, which is the driving mechanism of value co-creation in the platform ecosystem. Based on the characteristics of the emerging field, this paper proposes a strategic path for platform enterprises to promote ecological value co-creation under the premise of participants within the ecosystem have ambiguous perceptions of platform value proposition, and contributes to the research on value co-creation in platform ecosystems.
    The “Fourth Statement” of enterprises driven by big data: Theoretical analysis, data realization, and research opportunities
    CHEN XINYUAN, HE XIANJIE, ZOU RUKANG, HAN SONGQIAO
    Available online:  June 20, 2023
    [Abstract] (1115)
    Abstract:
    An enterprise’s financial statements provide investors with highly verifiable and comparable information about its financial position, operating results, and cash flows, and this information plays an important role in company valuation, contract formation, and capital market supervision. The advent of big data, however, has presented many challenges for traditional financial statements in terms of integrity and timeliness due to strict reviews of information, requirements of accounting standards, and restrictions on the form and frequency of disclosure. Based on the valuation function and contract function of accounting information, this paper researches the elements and the methods of realization of the “Fourth Statement”. Then, this paper further proposes the potential application scenario of the “Fourth Statement” in company valuation, contract signing, and capital market supervision.
    Stock Market Asymmetric Information Would Have an Effect of Contributing to Stock Price Crash: From a New Perspective of Uncertainty
    MAO Jie, LIU Hongzhong
    Available online:  August 02, 2022
    [Abstract] (1901)
    Abstract:
    We build a market microstructure model within the framework of Rational Expectations Equilibrium and deliberately factor uncertainty into our model so as to study from the perspective of uncertainty whether and how stock market information asymmetry would contribute to stock crash. Our model demonstrates that market information asymmetry does contribute to stock crash, and that the greater the information asymmetry, the deeper stocks would plunge, the greater the uncertainty in the market, the greater the impact information asymmetry would have on stock crash. We then calculate the probability of informed trading of A equities listed on the Shanghai and Shenzhen stock markets according to the relevant tick data from 2010 to 2015 and use the calculated probability of informed trading as a measure of information asymmetry of the Shanghai and Shenzhen stock markets. And we conduct empirical tests according to the calculated probability of informed trading to find that there exists a significant positive correlation between market information asymmetry and stock crash, and usually the greater the market information asymmetry, the deeper stocks would plunge. In addition, we also formulate uncertainty indexes for A equities listed on the Shanghai and Shenzhen stock markets, using the uncertainty indexes for measuring stock market uncertainty, and in the light of the uncertainty indexes we discover that market uncertainty tends to increase the impact information asymmetry would have on stock crash, i.e. the greater the uncertainty in the market, the greater the impact information asymmetry would have on stock crash. Our findings do not only add to the existing knowledge about the causes of stock crash, but also sheds new light on how to prevent abnormal volatility on stock markets.
    Do convex incentives boost asset prices and volatility?: Based on the perspective of investors' heterogeneous beliefs
    Xu Si, Sheng Jiliang
    Available online:  August 02, 2022
    [Abstract] (755)
    Abstract:
    This paper analyzes the impact of convex incentives in delegated portfolio management to prices and volatility of the risky assets by using a theoretical model in continuous-time financial framework. First of all, we establish a multiple-stock dynamic equilibrium pricing model in which the institutional and retail investors have heterogeneous beliefs, and the institutional investors facing convex incentives which are associated with a benchmark portfolio's performance. Secondly, using the martingale method, we derive closed-form solutions for the risky asset’s equilibrium price and volatility. Finally, numerical results show that the stock in benchmark portfolio has higher price and volatility than the stock not in. The convex incentives to institutional investors can always boost the risky asset prices and the volatility of stock in benchmark portfolio. When institutional investors are more pessimistic than retail investors, the increase of convex incentives will reduce the volatility of the stock not in benchmark portfolio, and the increase of institutional market share will reduce the degree of bubble of stock not in benchmark portfolio.
    Born in Drought, Save against A Rainy Day: Does CEOs’ Childhood Drought Experience Improve Corporate Water Protection Performance?
    DU Xing-qiang, XIAO Liang, LIN Qiao
    Available online:  August 02, 2022
    [Abstract] (1383)
    Abstract:
    As an important and basic resource of social production and civil life, water plays a crucial role in constructing national ecological civilization and realizing healthy economic development. Based on the utilization efficiency of water resources and water pollution of Chinese listed firms during 2007-2017, this study examines the impact of the CEO's drought experience in the childhood on water protection performance. The findings show that the CEO's drought experience in the childhood (5-15 years old) is significantly positively associated with water protection performance, implying that the drought experience and risk awareness towards water imprint the CEO's behavior and improve water protection performance. In addition, CEOs' current perception of water shortage strengthens the positive effect of the CEO's drought experience in the childhood on water protection performance. Above results are still valid after a series of robustness tests and using the change model to address the potential endogeneity. Furthermore, results in additional tests show that the pollution control department has an intermediary effect between CEOs’ childhood drought experience and corporate water protection performance, the implementation of the Environmental Protection Law strengthens the positive effect of the CEO's drought experience in the childhood on water protection performance, and the positive relation between CEOs’ childhood drought experience and corporate water protection performance is more pronounced for firms in manufacturing and polluting industries.
    Market Sentiment and Fund Investment Strategy: Catering or Contrarian
    WANG JIAN, Yi Shangkun, Jiang Zhongzhong, Qin Xuwei
    Available online:  August 02, 2022
    [Abstract] (1224)
    Abstract:
    The investment strategy of mutual funds is the focus of common concern among academia, regulators and market participants. Based on the behavioral asset pricing theory, this paper quantifies fund investment strategies as the market sentiment sensitivity of portfolio returns and it is classified as sentiment catering strategy and contrarian strategy according to market conditions for the first time at the micro-level. To explore the systematic influence of investment strategy selection on fund flow, risk and manager’s effort by theoretical models and empirical tests, and analyze the influence mechanism of fund performance from the perspective of behavioral principal-agent. The result shows that, funds are more attractive to investors, especially individual investors when adopting the sentiment catering strategy, however, it will cause hidden infringements on the interests of investors, which is manifested by increased risks and reduced returns of the fund in the future, and fund managers achieve higher returns without having to pay more efforts. Further analysis shows that the passive laissez-faire behavior of fund managers only to please investors is an important reason for their poor performance; when the fund adopts the contrarian strategy, the effects are completely opposite. This study provides new approaches and enlightenment for the investment practice of small- and medium-sized, fund governance and supervision, and the explanation of fund market anomalies.
    SOEs Reform, Optimization of State-Owned Capital and Value Creation: Evidence from M&As of Chinese Central SOEs
    zhangchenyu, maoxinshu, maoju
    Available online:  August 02, 2022
    [Abstract] (976)
    Abstract:
    This paper examines the effectiveness of the optimization and adjustment of state-owned capital layout from the perspective of value creation using the setting of Chinese central state-owned enterprises (CSOEs) M&As. The results show that the optimization and adjustment of state-owned capital layout has the effect of value creation, which can improve the efficiency of state-owned capital, but this effect only exists after the reform of the Third Plenary Session of the 18th CPC Central Committee. Further research shows that the value creation effect of state-owned capital layout optimization is heterogeneous. Compared with the CSOEs of specific functional and public service, the value creation effect of state-owned capital layout optimization is more significant in the commercial CSOEs, and the value creation effect of CSOEs through professional integration and holding merger is more significant. The study also confirm that the optimization of state-owned capital layout reduces the competition among CSOEs, and achieves the advantage of resource integration. Overall, this paper provides a new perspective for understanding the optimization of state-owned capital distribution, which has important practical guiding value for SASAC to promote the strategic reorganization of state-owned capital at microcosmic level and achieve the goal of state-owned economy.
    China’s Banking Systemic Risk under the Shock of Cross-border Lending
    Fang yi, Jing Zhongbo, Zeng Yanqi
    Available online:  August 02, 2022
    [Abstract] (787)
    Abstract:
    Based on the improved Greenwood et al. (2015) model, this paper studies China’s banking systemic risk caused by cross-border lending. The results show that: (1) Under the impact of cross-border lending, the systemic risk is mainly determined by the asset side’s shock, and China’s banking systemic risk has four stage characteristics. (2) Systemic risk is affected by risk exposure, institutional asset size, leverage and indirect correlation, and these factors play different roles in different shocks and different stages. As an external shock, the risk exposure is less important than the internal characteristic factors such as the scale of institutional assets and indirect correlation. (3) The increase of systemic risk caused by cross-border lending can lead to adverse changes of macroeconomic variables in the future, and the systemic risk’s index is effective.
    Bank income tax and the deposit insurance price
    Ming Lei, Tang Hui, Yang Shenggang, Huang Yuanbiao
    Available online:  June 25, 2022
    [Abstract] (733)
    Abstract:
    In the context of continuous economic downturn, China has launched a fiscal policy of tax and fee reduction in recent years. This paper studies the pricing problem of deposit insurance considering bank income tax and obtains the explicit solution of deposit insurance price. We also test the mechanism of bank income tax affecting deposit insurance price. It clearly shows that the premium per unit deposit decreases with the decrease of income tax rate, which proves the positive effect of tax and fee reduction policy on banks. The empirical results show that the increase of bank income tax rate will increase the deposit insurance rate by increasing the risk-taking level of the bank. The study in this paper provides theoretical basis and practical reference for further promoting the implementation of tax and fee reduction policies in the commercial bank system in the future.
    Asymmetric Time-Varying Effects of zone transfer Monetary Policy on consumer Prices: A Study based on Pigou Effect and Overadjustment Theory
    HuaYufei, lujin, wangqiusu
    Available online:  June 25, 2022
    [Abstract] (498)
    Abstract:
    Based on the theory of price overadjustment and Pigou wealth effect, this paper first analyzes the dynamic mechanism of monetary policy on CPI from the theoretical level. It is found that the increase of money supply will not only directly increase CPI, but also indirectly affect CPI through the overshoot effect of asset prices. Secondly, markov zone transfer model is further introduced to analyze the zone system of monetary policy. Finally, TVP-SV-VAR model and NARDL model are used to measure the dynamic influence relationship of monetary policy on asset price and CPI from the perspective of time variation and asymmetry. The results show that: first, monetary policy has obvious characteristics of two zones of expansion and contraction. Second, in the short run, monetary policy has an overshoot effect on asset prices compared with CPI, while in the long run, monetary policy indirectly affects CPI through the Pigou vian intermediary effect of asset prices. Thirdly, monetary policy has asymmetric effects on both asset prices and CPI. The effect of expansionary monetary policy is smaller than that of contractionary monetary policy. Meanwhile, asset prices also have asymmetric effects on CPI, and the "loss aversion" effect is obvious.
    Investor Irrationality and Stock Anomalies in China
    LI Linbo, LIU Weiqi, HE Yanan, ZHAI Xiaoying
    Available online:  June 25, 2022
    [Abstract] (899)
    Abstract:
    The investor irrationality in China"s stock market has always been important in asset pricing. In order to test the influence of investor irrational, Using stock trading data from 1997 to 2018, this paper builds an irrational belief variable based on the heterogeneous belief variable, and empirically explores the influence on stock anomalies. The results show that irrational beliefs have negative predictive power for future returns. To test the variable to explain the anomalies returns ability, this paper builds a belief factor model including market factor (MKT), size factor (SMB) and belief factor(FMG). And we copy the 102 anomalies of market friction, momentum-reversed, value-growth, investment, profits and intangible assets. Finally, this paper uses the CAPM model, FF-5 model, CH-3 model and B-3 model and finds that belief factor model has relative advantage from the results of both adjust alpha and significance of GRS tests. This suggests that irrational belief may be the main factor of stock anomalies.
    Estimating time-varying higher-order co-moments with single factor semi-nonparametric model and its application in portfolio selection
    HUANG Guang-lin, Lu Wanbo
    Available online:  June 25, 2022
    [Abstract] (746)
    Abstract:
    We proposed a time-varying higher-order co-moment estimate based on a single factor time-varying semi-nonparametric (SF-TVSNP) model. The model specification, model estimation and model selection approaches are given in this paper. The single factor model can efficiently reduce “the curse of dimensionality” problem in the time-varying higher-order co-moments estimation, and the semi-parametric structure can improve the robustness of the SF-TVSNP model. The empirical studies show that the SF-TVSNP model can effectively capture the time-varying structure of higher-order co-moments of asset returns, and it is more suitable for the latent structure of asset returns. High-dimensional dynamic portfolio based on the SF-TVSNP model can generate higher and stable economic value, which is further confirmed by robust analysis.
    Research Hotpots and Thematic Evolutionary Trends of Management Science and Engineering in China
    Zhang Peng, Xie Yundong, Wu Qiang, Liu Yuanyuan, Hou Li, Gao Xingyu, Ding Xiulian, Zheng Shengming, Yu Yugang
    Available online:  June 25, 2022
    [Abstract] (2636)
    Abstract:
    Revealing the subject research hotpots and thematic evolutionary trends have been the focus of the academic community. Using 12,920 papers published in 46 international authoritative journals from the year 2010 to 2019, this study explores the research progress and development trends of Management Science and Engineering (MSE) subject in China using the author keywords of the papers. The results show that: first, the MSE research hotspots of China have changed significantly; second, the MSE research hotspots of China have fully considered its own actual scenario, and show a trend of keeping in line with the global research hotspots; third, the MSE of China has maintained a stable expansion in core research fields, and have made significant shifts in new research themes; fourth, the research hotspots of the main MSE subfields of China focus on the topics such as China, pricing, dynamic programming, social networks and supply chain management.
    Spatial spillover and credit risk of urban investment bonds: Based on the gravitational network of production factors within Yangtze River Delta Urban Agglomeration
    LI Hao-hua, FANG Li-bing, YAO Chu-han
    Available online:  June 24, 2022
    [Abstract] (983)
    Abstract:
    The technical default of urban investment?bonds and the default of urban?investment companies' non-standard financing have broken the long-standing “belief” in the rigid payment of urban investment?bonds, and the credit risk has become the focus of attention. Under the background of the implementation of the urban agglomeration strategy in China, based on the gravitational network of production factors within the Yangtze River Delta Urban Agglomeration, this paper empirically analyzes the impact of urban agglomeration spatial spillover on the credit risk of urban investment bonds. The study finds that: 1) There is a spatial overflow of credit risk within the urban agglomeration, and the credit risk premiums of urban investment?bonds in different cities fluctuate in the same direction. 2) The financial development of other cities especially peripheral cities is positive externality, which can reduce the risk. 3) There may be negative externalities in the economic development of urban agglomerations especially the peripheral cities, which will increase the credit risk. It provides a theoretical and factual basis for local governments to make effective use of the development opportunities of urban agglomeration, reasonably formulate fiscal policies and prevent and control regional financial systemic risks.
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    Exploring the relationship between institutional investor holdings and stock price crash risk: A test based on market variables
    DONG Ji-chang, PANG Jia-qi, LI Xiu-ting, DONG Zhi
    2020,23(3):73-88
    [Abstract] (541) [PDF 756.66 K] (87675)
    Abstract:
    Researches have not agreed on the relationship between institutional investor holdings and stock price crash risk yet. This article thinks this problem needs to be studied by subdividing market conditions. Therefore， using the Chinese A-share listed companies from 2011 to 2015 as a sample，this paper adopts a threshold model to explore the impact of institutional investor holdings on the stock price crash risk from the perspective of market efficiency and marketization degree. The study finds that market efficiency and marketization degree have a threshold effects on the relationship between institutional investor holdings and stock price crash risk. When the market efficiency is high，institutional investor holdings will reduce the stock price crash risk and when the market efficiency is at a low level，institutional investor holdings will increase the stock price crash risk. When marketization degree of listed companies is high，institutional investor holdings will reduce the stock price crash risk and when the marketization degree of listed companies is low，institutional investor holdings will increase the stock price crash risk. Under current overall market environment in China，institutional investor holdings will increase the stock price crash risk.
    The impact of stock market policies on stock market: From the perspective of investor social interaction
    YANG Xiao-lan, WANG Wei-chao, GAO Mei
    2020,23(1):15-32
    [Abstract] (740) [PDF 760.67 K] (11949)
    Abstract:
    This papertests the policy effect in the stock market and the impact of social interaction on policy effect. The stock market policy is divided into five categories. Based on Sina Finance and Economics Blog,variables about social interaction,investor sentiment,and social network centrality are built by making use of the technology of text mining and social network. Empirical studies show that public opinion-oriented policies have a significant positive impact on stock market returns,that securities supply-demand policies and monetary policies significantly increase stock market volatility,and that market innovation and market trading policies significantly reduce market volatility. Furthermore,as investors' interpretation of the professional policy is significantly dependent on social interaction,which can magnify the impact of securities supply-demand policy and monetary policy on the stock market and alleviate the impact of market innovation and market trading policy on the stock market. However,the effect of public opinion policy on the stock market is not influenced by social interaction.
    Financial constraints and real sector firms’financialization
    ZHOU Hong, ZHANG Si-cheng, TANG Huo-qing
    2020,23(12):91-109
    [Abstract] (654) [PDF 628.64 K] (8418)
    Abstract:
    This paper constructs a portfolio choice model to depict the portfolio selection decisions in fixed investments and financial investments made by real sector firms under financing constraints． The theoretical model shows that the relative risk of fixed investment，the difference between the adjusted rate of return of financial assets and the interest rate on liabilities，the difference between the adjusted rate of return of fixed assets and the interest rate on liabilities all affect the portfolio choice decisions of firms with financing constraints． The former two factors promote the financial investment，while the third one suppresses the financial investment． The influence of the second factor is larger than the third one． Moreover，the difference between the rate of return on financial assets and the rate of interest on liabilities has a greater impact than the difference between the rate of return on fixed assets and the rate of interest on liabilities． The paper uses firm-level panel data of non-listed real sector firms from 1998 to 2009 for the empirical research，and finds that the influencing factors of the financial assets’ratio in the portfolio of non-listed real sector firms are consistent with the factors proposed by the theoretical model． Through the theoretical model and the empirical results，this paper shows that the rise of the rate of return on financial assets can promote the financialization of financial-con-strained firms to a greater extent than the decline of the rate of return on fixed assets．
    Behavior-based pricing strategy of quality-differentiated products
    MA Dong-sheng, SONG Hua-ming, GU Xiao-yu, WU Jia-wei
    2021,24(6):76-87
    [Abstract] (1120) [PDF 1.01 M] (8114)
    Abstract:
    A two-period dynamic pricing model for competing firms is established with game theory to investigate the behavior-based pricing (BBP) strategy of quality-differentiated products and its impact on firms' profits. The main results show that: 1) The relative production efficiency and firms' decision order are two key factors influencing the choice of firms' BBP strategy; 2) When the relative production efficiency differs greatly, BBP protects disadvantageous firms’ profits but damages advantageous firms' profits, thereby intensifying competition; 3)If the firm who can monopolize customer information uses BBP, contrary to our intuition, not only this firm's own profits but also its competitor's profits will be hampered, and resulting in a "lose-lose" situation. Finaly, an actual enterprise example verifies our models and reveals management implications.
    Network analysis of global value chain and coping with international risk transmision
    刘景卿，车维汉，夏方杰
    2021,24(3):1-17
    [Abstract] (688) [PDF 1.47 M] (7777)
    Abstract:
    In a nevolving globalized production environment, how does every country avoid the external shock while sharing the benefits through participating in international division of labor? Some new insights might be obtained if it is studied from the perspective of value chain trade network that a country has with other countries. Based on world input-output data from 2000-2014, this paper finds global value chain trade network has some complex net work properties such as"small-world phenomenon" and "scale-free characteristics", and that the evolution of this whole network is agradual process. Then, the paper concludes that a country can increase its importance in the global value chain trade network by strengthening its intensity and extensity features, to weaken the impact from external shock. Finally, this paper verifies the above conclusions from both import (input) and export (output) directions: A country can increase the number of trade partners both upstream and downstream and reduce their trade intensity distribution concentration to make the world trade development layout broad and even, to weaken the shock of internal and external risk transmission and to increase the robustness of global value chain trade network.
    Idiosyncratic volatility，investor preference and stock returns: An analysis based on prospect theory
    ZHAO Sheng-min, LIU Xiao-tian
    2020,23(3):100-115
    [Abstract] (741) [PDF 1.05 M] (6490)
    Abstract:
    The relation between idiosyncratic risk and expected return is an academic central issue. This paper investigates the relation among idiosyncratic volatility ( IVOL) ，investor preference and stock returns. A theoretical model is established to explore the effect of idiosyncratic volatility on investor preference. The result shows that，for stocks with unrealized capital losses，investors will prefer high idiosyncratic volatility stocks，so the IVOL-return relation is negative among stocks with unrealized capital losses. While for stocks with unrealized capital gains，investors will prefer low idiosyncratic volatility stocks; so the IVOL-return relation is positive among stocks with unrealized capital gains. Fama-French five-factor model is used to estimate the idiosyncratic volatility，and prospect theory value is used to measure investor preference. The empirical results from group sorting test and Fama-MacBeth regression based on Chinese stock market supports the conclusion of the theoretical model. Our work based on prospect theory not only contributes to the theoretical research of idiosyncratic volatility puzzle，but also provides theoretical support and realistic guidance for the risk management of investors and the sustainable development of the capital market.
    Tone，sentiment and market impacts: The construction of Chinese sentiment dictionary in finance
    YAO Jia-quan, FENG Xu, WANG Zan-jun, JI Rong-rong, ZHANG Wei
    2021,24(5):26-46
    [Abstract] (1605) [PDF 672.42 K] (6393)
    Abstract:
    Tone and sentiment in financial contexts，containing emotional information expressed by managers in public listed firms and individual investors，affect stock market． By restructuring dictionaries and using deep learning model LSTM，the paper constructs two Chinese sentiment dictionaries for formal and informal texts in Finance respectively． Based on the constructed dictionaries，tone measures of annual filings and sentiment proxies of social media for Chinese public firms are proposed． Our tone measures of annual filings and sentiment proxies of social media can effectively predict stock return，trading volume，return volatility，unexpected earnings and other market factors and perform better than indices made by other commonly used sentiment lexicons． Additionally，our tone measures of annual filings and sentiment proxies of social media have predictive abilities for crash risk of public firms． This research provides an analytical tool for big data application in financial market and offers decision-making supports in financial market forecasting，monitoring，and other activities in the big data era．
    Status and trends in big-data-driven managerial decision-making on bibliometric
    WU Zhi-ang, ZHAO Xin-yuan, HUANG Bin, WU Gang
    2021,24(6):117-126
    [Abstract] (1041) [PDF 1.61 M] (6299)
    Abstract:
    Big data and data science are emerging as a new paradigm and tool in management research. In such contexts, the National Natural Science Foundation of China (NSFC) has launched a major research program since 2015: Big Data driven Management and Decision (BDMD), so as to promote China's fundamental research on big data. Text mining and bibliometric analysis are applied to studing the textual information of 114 granted projects under the BDMD major research program as well as nearly 6000 articles from 51 leading international journals over the last 8 years. Our comparative analysis is performed at both the keyword-level and topic-level. The paper also attempts to examine those literatures explicitly claiming big data along with the PAGE framework and by classifing them into different categories. Our research highlights the dynamic BDMD research landscape, with its focus constantly moving to new challenges due to new technological developments. Our findings are able to reveal the current research interests and the revolution trends in the field of BDMD. Furthermore, the comparative analysis between NSFC grants data and bibliometric data provides a robust roadmap for future research in the BDMD field.
    Probability of informed trading and risk pricing: A comparative study on different PIN measures
    LI Ping, TANG Huai-lin, WANG Zhang-qi, ZENG Yong
    2020,23(1):33-46
    [Abstract] (1065) [PDF 965.28 K] (6185)
    Abstract:
    This paper adopts an EKOP model,VPIN model,and VWPIN model to measure the probability of informed trading( PIN) in China's stock market,and empirically examines the effect of PIN factors on asset pricing. It is found that the volume-weighted probability of informed trading( VWPIN) model based on clocktime developed in this paper combines the advantages of both classical PIN model and VPIN model. Meanwhile,the VWPIN modelcan conveniently estimate the information asymmetry over any time window during a trading day. Furthermore,the empirical results of the asset pricing suggest that PIN factor estimated by the VWPIN model is significantly and positively correlated with stock returns after controlling other pricing factors,which is consistent with the theoretical implications.
    Inventory and consumer returns policies under consumers' anticipated regret
    KUANG Yun-juan, FU Ke
    2021,24(4):69-85
    [Abstract] (978) [PDF 1.23 M] (5726)
    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.
    Understanding antecedent differences across online users' like and comment behaviors: The case of healthcare enterprise WeChat public platform
    JIN Xiao-ling, ZHOU Zhong-yun, YIN Meng-jie, YU Xiao-yu
    2021,24(4):54-68
    [Abstract] (669) [PDF 1.10 M] (5682)
    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.
    No news is bad news: The information asymmetry in China’s stock market
    CAI Xiang-gao, DENG Ke-bin
    2019,22(4):75-91
    [Abstract] (696) [PDF 651.68 K] (5292)
    Abstract:
    This paper presents an augmented probability of informed trades ( APIN) ，and evidences its better ability to measure the informational asymmetry in China’s stock market than PIN． Information would determine the profit of stock tradings in a transitional stock market with insider-trading and a strict restriction for short-sale． In this case，“no news”investors would prefer more sales to buys to avoid loss． On one hand，investors without any news would attribute themselves to “inferior participants”in the trading game，meaning that“no news”is bad news; then they are apt to sell stocks． On the other hand，the sales ratio of“no news”investors would boost with the rise of informational asymmetry． Since“no news”investors always ask for higher bid prices than investors with real“bad news”，their sales would lead to a number of reductions of bid-ask spreads，resulting in significantly negative APIN-Spread connections and undervaluation of PIN for information asymmetry． In all，compared with PIN，APIN depicts the information asymmetry of China’s stock tradings more clearly，and better illustrates the case in which“no news”is“bad news”．
    Economic policy uncertainty and risk-taking: Evidence from venture capital
    彭涛，黄福广，孙凌霞
    2021,24(3):98-114
    [Abstract] (446) [PDF 1.13 M] (5004)
    Abstract:
    This paper models economic policy uncertainty into venture capitalists' decision-making process, proving that economic policy uncertainty reduces venture capitalists' risk-taking both directly and indirectly. Using the matched data of China's economic policy uncertainty and venture capital investments over the period of 1996~2016, this paper empirically examines the impact of economic policy uncertainty on risk taking and provides suportive evidence for the hypotheses. It is found that economic policy uncertainty negatively impacts risk taking and reduces venture capital investments into early-stage and high-tech entrepreneurial firms. Further, the exit success performs a mediating effect between economic policy uncertainty and risk-taking. Specifically, as the economic policy uncertainty increases, the number of venture capitalists' successful exits from entrepreneurial firms through IPO or M&A declines. Venture capitalists are less able to successfully exit, or they have to hold shares for a long time and receive low returns even though they managed to successfully exit from entrepreneurial firms with increasing economic uncertainty, so that they are less inclined to take risks. The results suggest that providing and maintaining stable economic policies are crucial to guide venture capital towards early-stage and technological firms.
    Transmission mechanism and spillover effects between RMB' sonshore and offshore market: Empirical analysis based on VAR-GARCH-BEKK model
    TAN Xiao-fen, ZHANG Hui, YANG Nan, JIN Yue
    2019,22(7):52-65
    [Abstract] (518) [PDF 1.11 M] (4419)
    Abstract:
    With the advance of RMB internationalization,the scale of RMB offshore market has been expanding. It is important to study the linkage mechanism and interaction between the offshore and onshore market exchange rates to explore the RMB pricing power and risk management in the RMB internationalizationprocess.This paper employ the VAR-GARCH( 1,1)-BEKK model to analyze the impact transmission effect between the onshore/offshore spot and forward RMB exchange rates,especially the mean spillover effect and volatility spillover effect. It finds that: 1) The mean spillover effects and volatility spillover effects in the two markets are significant,but the onshore market has a bigger impact on the offshore market,while the offshore market forward exchange rate leads the onshore forward exchange rate; 2) The impact of the offshore market on the onshore market after the “8. 11 exchange rate reform”has increased,and the linkage between the two markets has become more significant; 3) The impact of the US dollar on both onshore and offshore RMB exchange rates is very significant,but even after control the US dollar exchange rate,the exchange rate spillover effect between onshore and offshore RMB exchange markets still exists.
    Asset pricing in the stock market with consumption and investor sentiment
    LI Shuang-qi, CHEN Qi-an, ZHU Sha
    2021,24(4):86-108
    [Abstract] (356) [PDF 1010.60 K] (4304)
    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.
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    Elite school premium in job hunting and career development: Evidence from mutual funds in China
    LI Zhong-fei, YANG Xiao-xin, BAO Te
    2021,24(5):1-25
    [Abstract] (1821) [PDF 1.11 M] (3694)
    Abstract:
    The role of education from top universities in the career development and performance of mutual fund managers in China is studied． It is found that graduates from top universities are more likely to start their career in the mutual fund industry，and that it takes a shorter time for them to become fund managers． The size and management fee of their first funds are larger，but their performance is not better than their peers who do not graduate from top universities． The elite school premium in mutual fund industry is more likely to be explained by signaling theory than alumni networks． In later stages of their career，education from top universities has no impact on either the promotion or the salary of fund managers． Performances and abilities are what determines the later stage developments of fund managers． Hence，education from top universities itself is only a stepping-stone and should not be used as determinants of promotion or salary．
    Tone，sentiment and market impacts: The construction of Chinese sentiment dictionary in finance
    YAO Jia-quan, FENG Xu, WANG Zan-jun, JI Rong-rong, ZHANG Wei
    2021,24(5):26-46
    [Abstract] (1605) [PDF 672.42 K] (6393)
    Abstract:
    Tone and sentiment in financial contexts，containing emotional information expressed by managers in public listed firms and individual investors，affect stock market． By restructuring dictionaries and using deep learning model LSTM，the paper constructs two Chinese sentiment dictionaries for formal and informal texts in Finance respectively． Based on the constructed dictionaries，tone measures of annual filings and sentiment proxies of social media for Chinese public firms are proposed． Our tone measures of annual filings and sentiment proxies of social media can effectively predict stock return，trading volume，return volatility，unexpected earnings and other market factors and perform better than indices made by other commonly used sentiment lexicons． Additionally，our tone measures of annual filings and sentiment proxies of social media have predictive abilities for crash risk of public firms． This research provides an analytical tool for big data application in financial market and offers decision-making supports in financial market forecasting，monitoring，and other activities in the big data era．
    A survey on accounting and finance research based on textual big data analysis
    MA Chang-feng, CHEN Zhi-juan, ZHANG Shun-ming
    2020,23(9):19-30
    [Abstract] (1339) [PDF 403.30 K] (3751)
    Abstract:
    As a form of non-structural data，textual big data has been deeply influencing accounting and fi- nance research in the recent decade. This influence manifests in two strands of literature. The first centers on information，such as applying textual analysis in measuring the quality ( such as readability) and quantity of information ( the information content of financial document) ，information disclosure and anomalies among other related issues. The second strand is mainly on applying textual analysis to constructing new indicators，such as competition，innovation and Economic Policy Uncertainty. This paper first surveys the two strands of literature and then analyzes the advantages and disadvantages of textual analysis. Lastly the opportunities and challenges in applying textual analysis in accounting and finance research are suggested.
    Behavior-based pricing strategy of quality-differentiated products
    MA Dong-sheng, SONG Hua-ming, GU Xiao-yu, WU Jia-wei
    2021,24(6):76-87
    [Abstract] (1120) [PDF 1.01 M] (8114)
    Abstract:
    A two-period dynamic pricing model for competing firms is established with game theory to investigate the behavior-based pricing (BBP) strategy of quality-differentiated products and its impact on firms' profits. The main results show that: 1) The relative production efficiency and firms' decision order are two key factors influencing the choice of firms' BBP strategy; 2) When the relative production efficiency differs greatly, BBP protects disadvantageous firms’ profits but damages advantageous firms' profits, thereby intensifying competition; 3)If the firm who can monopolize customer information uses BBP, contrary to our intuition, not only this firm's own profits but also its competitor's profits will be hampered, and resulting in a "lose-lose" situation. Finaly, an actual enterprise example verifies our models and reveals management implications.
    Probability of informed trading and risk pricing: A comparative study on different PIN measures
    LI Ping, TANG Huai-lin, WANG Zhang-qi, ZENG Yong
    2020,23(1):33-46
    [Abstract] (1065) [PDF 965.28 K] (6185)
    Abstract:
    This paper adopts an EKOP model,VPIN model,and VWPIN model to measure the probability of informed trading( PIN) in China's stock market,and empirically examines the effect of PIN factors on asset pricing. It is found that the volume-weighted probability of informed trading( VWPIN) model based on clocktime developed in this paper combines the advantages of both classical PIN model and VPIN model. Meanwhile,the VWPIN modelcan conveniently estimate the information asymmetry over any time window during a trading day. Furthermore,the empirical results of the asset pricing suggest that PIN factor estimated by the VWPIN model is significantly and positively correlated with stock returns after controlling other pricing factors,which is consistent with the theoretical implications.
    Managerial individual characteristics and corporate performance: Evidence from a machine learning approach
    LU Yao, ZHANG Ye-qing, LI Bo, ZHAO Hao-yu
    2020,23(2):120-140
    [Abstract] (1055) [PDF 1.96 M] (3143)
    Abstract:
    In the existing literature on corporate governance，most of the research related to managerial characteristics has two main limitations. First，most of the papers focus on the relationship between one managerial individual characteristic and corporate performance but lack a comprehensive understanding of the potential non-linear relationship and interactions among some of the important independent variables. Second，existing research tests casual inference but ignores the predictive performance of the model. In this paper，we first examine if managerial individual characteristics can predict corporate performance by using a machine learning approach: Boosting regression trees. Using a sample of listed firms in the Chinese A-share market from 2008 to 2016，we study whether these individual characteristics could predict corporate performance. The evidence shows that: 1) The individual characteristics of Chinese executives including CEOs and chairmen could predict corporate performance only to a limited degree. 2) Among multiple individual characteristics，managerial ownership and executive age are the two most important predictors of corporate performance. 3) The relations between predictors and corporate performance are non-linear，consistent with the prior literature. This paper initiates a new，more thorough perspective in Chinese executive research using machine learning methods and has important implications for selecting executives and designing incentive mechanisms.
    Status and trends in big-data-driven managerial decision-making on bibliometric
    WU Zhi-ang, ZHAO Xin-yuan, HUANG Bin, WU Gang
    2021,24(6):117-126
    [Abstract] (1041) [PDF 1.61 M] (6299)
    Abstract:
    Big data and data science are emerging as a new paradigm and tool in management research. In such contexts, the National Natural Science Foundation of China (NSFC) has launched a major research program since 2015: Big Data driven Management and Decision (BDMD), so as to promote China's fundamental research on big data. Text mining and bibliometric analysis are applied to studing the textual information of 114 granted projects under the BDMD major research program as well as nearly 6000 articles from 51 leading international journals over the last 8 years. Our comparative analysis is performed at both the keyword-level and topic-level. The paper also attempts to examine those literatures explicitly claiming big data along with the PAGE framework and by classifing them into different categories. Our research highlights the dynamic BDMD research landscape, with its focus constantly moving to new challenges due to new technological developments. Our findings are able to reveal the current research interests and the revolution trends in the field of BDMD. Furthermore, the comparative analysis between NSFC grants data and bibliometric data provides a robust roadmap for future research in the BDMD field.
    Inventory and consumer returns policies under consumers' anticipated regret
    KUANG Yun-juan, FU Ke
    2021,24(4):69-85
    [Abstract] (978) [PDF 1.23 M] (5726)
    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.
    Article Search
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    Display Method:
    Network analysis of global value chain and coping with international risk transmision
    刘景卿，车维汉，夏方杰
    2021,24(3):1-17
    [Abstract] (688) [Citations Counts] (5) [PDF] (7777)
    Abstract:
    In a nevolving globalized production environment, how does every country avoid the external shock while sharing the benefits through participating in international division of labor? Some new insights might be obtained if it is studied from the perspective of value chain trade network that a country has with other countries. Based on world input-output data from 2000-2014, this paper finds global value chain trade network has some complex net work properties such as"small-world phenomenon" and "scale-free characteristics", and that the evolution of this whole network is agradual process. Then, the paper concludes that a country can increase its importance in the global value chain trade network by strengthening its intensity and extensity features, to weaken the impact from external shock. Finally, this paper verifies the above conclusions from both import (input) and export (output) directions: A country can increase the number of trade partners both upstream and downstream and reduce their trade intensity distribution concentration to make the world trade development layout broad and even, to weaken the shock of internal and external risk transmission and to increase the robustness of global value chain trade network.
    Tone，sentiment and market impacts: The construction of Chinese sentiment dictionary in finance
    YAO Jia-quan, FENG Xu, WANG Zan-jun, JI Rong-rong, ZHANG Wei
    2021,24(5):26-46
    [Abstract] (1605) [Citations Counts] (3) [PDF] (6393)
    Abstract:
    Tone and sentiment in financial contexts，containing emotional information expressed by managers in public listed firms and individual investors，affect stock market． By restructuring dictionaries and using deep learning model LSTM，the paper constructs two Chinese sentiment dictionaries for formal and informal texts in Finance respectively． Based on the constructed dictionaries，tone measures of annual filings and sentiment proxies of social media for Chinese public firms are proposed． Our tone measures of annual filings and sentiment proxies of social media can effectively predict stock return，trading volume，return volatility，unexpected earnings and other market factors and perform better than indices made by other commonly used sentiment lexicons． Additionally，our tone measures of annual filings and sentiment proxies of social media have predictive abilities for crash risk of public firms． This research provides an analytical tool for big data application in financial market and offers decision-making supports in financial market forecasting，monitoring，and other activities in the big data era．
    Generating mechanism of individual prosocial behavior in the context of major public threats: A case of the novel coronavirus epidemic
    郑春东，刘宁，冯楠，李敏强
    2021,24(3):63-79
    [Abstract] (643) [Citations Counts] (3) [PDF] (3686)
    Abstract:
    Existing research has not reached a consensus on the relationship between threat situations and individual prosocial behavior. Thus, this study takes novel coronavirus epidemic as a specific research situation and fills a gap in previous research from two perspectives: The time and the type of the threat situation. This study takes in-group identity and other-focused attention as intermediary mechanisms and proposes the dualpathway formationmechanism that affects individuals' willingness to donate and relevant moderator variables in the context of major public threats. The following findings are obtained for public threat scenarios, such as the novel coronavirus epidemic, facing both donors and recipients. 1) There is no significant difference in the impacts of epidemic severity at the location of the potential donors on their willingness to donate. 2) The opposite intermediary effect of in-group identity and other-focused attention masks the impact of epidemic severity at the location of the potential donors on their willingness to donate. The severity of local epidemic enhances individuals' in-group identity and then positively affects their wilingness to donate. On the other hand, it reduces the individuals' other-focused attention and then weakens their willingness to donate. 3) Regional cultural orientation moderates the positive intermediary effect of in-group identity and the negative intermediary effect of other-focused attention. Specifically, compared with partial individualism, when regional cultural orientation is partial colectivism, the positive impact of local epidemic severity on in-group identity can be enhanced and negative impact on other-focused attention can be reduced.
    Can "government-capital separation" improve investment efficiency in state-owned enterprises?
    ZHANG Xun-chang, LIU Ye, ZHOU Ying-gang
    2021,24(4):1-18
    [Abstract] (359) [Citations Counts] (2) [PDF] (2458)
    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.
    Understanding antecedent differences across online users' like and comment behaviors: The case of healthcare enterprise WeChat public platform
    JIN Xiao-ling, ZHOU Zhong-yun, YIN Meng-jie, YU Xiao-yu
    2021,24(4):54-68
    [Abstract] (669) [Citations Counts] (1) [PDF] (5682)
    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.
    Deposit insurance，shadow banking and bank systemic risk
    ZHAO Jing, GUO Ye
    2021,24(6):22-41
    [Abstract] (574) [Citations Counts] (1) [PDF] (3025)
    Abstract:
    An explicit deposit insurance system was introduced to cover all depository financial institutions in China to decrease the probability of systemic bank crisis on May 1,2015. However, it is still uncertain whether deposit insurance will reduce bank systemic risk: it depends on a country's unique institutional background. Using the panel data of listed banks in China during 2010 q4 to 2017 q2, the paper takes the financial institutions, interconnectedness structure and market capitalization into consideration in the measurement of systemic risk. Based on this measurement, the paper further explores the effect of deposit insurance on bank systemic risk and the possible underlying channels. It is found that explicit deposit insurance significantly increases the systemic risk of non-state-owned banks in China. Following the introduction of China's deposit insurance, non-state-owned banks will engage in shadow banking more actively, resulting in higher bank systemic risk. The paper has certain reference significance on strengthening macro-prudential management of shadow banking, introducing differential deposit insurance rate based on bank systemic risk and improving the assessment of systemically important financial institutions.
    Impact of interaction of individual stock bar information on stock price co-movement
    CHEN Zhang-hang-jian, WU Yue, LI Shi-bing, REN Fei
    2021,24(5):47-69
    [Abstract] (560) [Citations Counts] (1) [PDF] (3383)
    Abstract:
    Previous research on the influencing factors of stock price co-movement，based mainly on the theory of Social Embeddedness，suggested that the information diffusion function of listed companies’social relations，such as Institutional Ownership，is one important factor． There are a large number of individual investors in Chinese stock market，where the impact of information interaction among individual investors through social media on stock price co-movement is becoming increasingly prominent． Using the data from Eastmoney， this paper investigates the impact of individual investor behavior on stock price co-movement from a more microscopic perspective，based on the Effective Information Theory and the Social Embedding Theory． The empirical results show that the higher the weight of edges in the information diffusion network，which is based on information interaction，the greater the correlation coefficient between stock prices． Furthermore，massive and frequent posts or replies by users through social media can promote the spread of stock information，thus affecting stock price co-movement． In addition，the information flow generated by individuals has a predictive effect on stock price co-movement． The above results show that stock information diffusion through individual information interaction is another important factor affecting stock price co-movement． The conclusion is helpful in deepening the understanding of the underlying causes of risk conduction in the stock market and provides theoretical guidance for risk management in Chinese stock market．
    Urban sprawl and productivity: Promotion or suppresion? Analysis based on night light data
    李强，丁春林，宋国豪
    2021,24(3):45-62
    [Abstract] (363) [Citations Counts] (1) [PDF] (2287)
    Abstract:
    Is urban sprawl conducive to improving urban productivity? The paper explains theoreticaly the intrinsic mechanism of how urban sprawl affects productivity from urban scale and urban population density, and then, based on the night light data of 104 cities in the Yangtze River Economic Belt from 202-2013, empirically studies the productivity effects of urban sprawl. The main conclusions are as follows: 1)Urban sprawl has a significant negative impact on the productivity of the Yangtze River Economic Belt, which means that urban sprawl and low-density expansion hinder the productivity of the Yangtze River Economic Belt. 2)The regional study finds that urban sprawl has negative effects on urban productivity in eastern, central and western regions, has the minimum impact on productivity in the east, and has a greater impact on productivity in the central and western regions. 3)The research of the branch industry finds that urban sprawl reduces secondary productivity while significantly increasing the productivity of the service sector. 4)The Durbin model with spatial spillover efects tells that the direct and indirect effects of urban sprawl on productivity are significantly negative, and that the indirect effects are much greater than the direct, which means urban sprawl has significant spatial spilover effects on the urban productivity of the Yangtze River Economic Belt.
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