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2024(10):1-16
Abstract:
User entrepreneurship has been a frontier topic in recent years. Based on the organismic integration theory of motivation, this research elaborates on the impacts of incentives for participation in communities and users’innovative behaviors on their entrepreneurial intentions and the moderating role of users’ role identity in virtual innovation communities. The results from two empirical studies indicate: 1) Incentives for participation in communities are positively related to users’innovative behaviors, which in turn increase users’ entrepreneurial intentions; 2) The influence of incentives for participation in communities on users’ entrepreneurial intentions is mediated by users’ innovative behaviors; 3) The indirect effect of incentives for participation in communities on users’ entrepreneurial intentions through innovative behaviors is moderated by role identity (i.e., volunteer role and entrepreneurial role). Specifically, the identity of the volunteer role has a negative moderating effect on the indirect relationship between incentives for participation in communities and users’ entrepreneurial intentions through users’ innovative behaviors; however, the identity of the entrepreneurial role has a positive moderating effect on this indirect relationship. By examining the factors influencing user entrepreneurial intentions in virtual innovation communities, this study reveals the formation mechanism of the users’ entrepreneurial intentions objectively and comprehensively from the level of incentives for participation. It contributes to user entrepreneurship theory, assists users in making entrepreneurial decisions scientifically, and promotes the success of innovation incubation in virtual innovation communities.
User entrepreneurship has been a frontier topic in recent years. Based on the organismic integration theory of motivation, this research elaborates on the impacts of incentives for participation in communities and users’innovative behaviors on their entrepreneurial intentions and the moderating role of users’ role identity in virtual innovation communities. The results from two empirical studies indicate: 1) Incentives for participation in communities are positively related to users’innovative behaviors, which in turn increase users’ entrepreneurial intentions; 2) The influence of incentives for participation in communities on users’ entrepreneurial intentions is mediated by users’ innovative behaviors; 3) The indirect effect of incentives for participation in communities on users’ entrepreneurial intentions through innovative behaviors is moderated by role identity (i.e., volunteer role and entrepreneurial role). Specifically, the identity of the volunteer role has a negative moderating effect on the indirect relationship between incentives for participation in communities and users’ entrepreneurial intentions through users’ innovative behaviors; however, the identity of the entrepreneurial role has a positive moderating effect on this indirect relationship. By examining the factors influencing user entrepreneurial intentions in virtual innovation communities, this study reveals the formation mechanism of the users’ entrepreneurial intentions objectively and comprehensively from the level of incentives for participation. It contributes to user entrepreneurship theory, assists users in making entrepreneurial decisions scientifically, and promotes the success of innovation incubation in virtual innovation communities.
2024(10):17-34
Abstract:
Based on the type expansion model, this paper integrates intellectual property rights protection(IPRP), the cutting-edge technology gap, and technological catch-up into a general equilibrium analysis framework to study the dynamic impact mechanism between IPRP and technological progress in latecomer countries. Research has shown that the technological catch-up effect generated by independent innovation and technological imitation will dynamically change with the cutting-edge technology gap, resulting in a “threshold effect” on the impact of intellectual property protection on technological catch-up related to the technological gap. The “threshold effect” provides a reasonable explanation for the paradox of IPRP promoting and inhibiting technological progress at the national level, as well as the temporal inconsistency of IPRP policies in developed countries across different historical periods. Moreover, the ability of a country to transform basic innovation and absorb national technology will significantly affect this threshold value. Numerical simulations show that a consistently low level of IPRP can lead technology latecomers into a “technology catch-up trap”. As the technological gap narrows, gradually tightening IPRP policies from loose to strict is the optimal dynamic technology catch-up strategy.This approach helps developing countries to break free from the “technology catch-up trap” and complete the process of technology catch-up. The conclusion regarding threshold effect was verified using cross-border panel data and a threshold model, and the empirical results were not affected by endogeneity issues and different measurement methods of core indicators. This study is helpful for China to formulate optimal dynamic IPRP policies according to the times and local conditions, promote independent innovation, and drive high-quality economic development.
Based on the type expansion model, this paper integrates intellectual property rights protection(IPRP), the cutting-edge technology gap, and technological catch-up into a general equilibrium analysis framework to study the dynamic impact mechanism between IPRP and technological progress in latecomer countries. Research has shown that the technological catch-up effect generated by independent innovation and technological imitation will dynamically change with the cutting-edge technology gap, resulting in a “threshold effect” on the impact of intellectual property protection on technological catch-up related to the technological gap. The “threshold effect” provides a reasonable explanation for the paradox of IPRP promoting and inhibiting technological progress at the national level, as well as the temporal inconsistency of IPRP policies in developed countries across different historical periods. Moreover, the ability of a country to transform basic innovation and absorb national technology will significantly affect this threshold value. Numerical simulations show that a consistently low level of IPRP can lead technology latecomers into a “technology catch-up trap”. As the technological gap narrows, gradually tightening IPRP policies from loose to strict is the optimal dynamic technology catch-up strategy.This approach helps developing countries to break free from the “technology catch-up trap” and complete the process of technology catch-up. The conclusion regarding threshold effect was verified using cross-border panel data and a threshold model, and the empirical results were not affected by endogeneity issues and different measurement methods of core indicators. This study is helpful for China to formulate optimal dynamic IPRP policies according to the times and local conditions, promote independent innovation, and drive high-quality economic development.
2024(10):35-52
Abstract:
This study examines how green technology innovation and corporate performance of electric power companies evolve synergistically from the perspective of social networks. In this paper, based on the green patent and basic operation data from power listed companies during 2009~2019, a two-layer network consisting of a decision layer and an influence layer is constructed. Deep learning is applied to fitting the mapping relationship between the two layers to establish a synergistic evolution mechanism model for enterprise green technology innovation and performance. In this model, enterprises act as nodes in each layer of the network, have social network properties, and exchange information in the network. Meanwhile, viewpoint dynamics simulation of inter-firm exchange is utilized to explain the evolutionary process, and the influencing factors and influence mechanisms behind enterprise green science and technology innovation decision are analyzed by comparing different green innovation game relationships among enterprises. It is found that: First, when the marginal utility of green science and technology innovation is high, the influence of inter-firm exchange on enterprise decision making is weak. At this time, enterprises should focus on their own operating conditions and improve their financial performance to provide a solid foundation for green science and technology innovation. Second, when the inter-firm green science and technology innovation relationship resembles a public goods game, the influence of enterprise decision making in the neighborhood is enhanced. The more frequent the inter-firm exchanges, the more active innovation is chosen by enterprises; the more frequent the inter-enterprise communication, the higher the proportion of enterprises choosing positive innovation, and the more significant the influence of enterprise operational ability on positive innovation. This study provides theoretical support for the decision regarding science and technology innovation in electric power enterprises and enriches the theory of green innovation and enterprise co-development.
This study examines how green technology innovation and corporate performance of electric power companies evolve synergistically from the perspective of social networks. In this paper, based on the green patent and basic operation data from power listed companies during 2009~2019, a two-layer network consisting of a decision layer and an influence layer is constructed. Deep learning is applied to fitting the mapping relationship between the two layers to establish a synergistic evolution mechanism model for enterprise green technology innovation and performance. In this model, enterprises act as nodes in each layer of the network, have social network properties, and exchange information in the network. Meanwhile, viewpoint dynamics simulation of inter-firm exchange is utilized to explain the evolutionary process, and the influencing factors and influence mechanisms behind enterprise green science and technology innovation decision are analyzed by comparing different green innovation game relationships among enterprises. It is found that: First, when the marginal utility of green science and technology innovation is high, the influence of inter-firm exchange on enterprise decision making is weak. At this time, enterprises should focus on their own operating conditions and improve their financial performance to provide a solid foundation for green science and technology innovation. Second, when the inter-firm green science and technology innovation relationship resembles a public goods game, the influence of enterprise decision making in the neighborhood is enhanced. The more frequent the inter-firm exchanges, the more active innovation is chosen by enterprises; the more frequent the inter-enterprise communication, the higher the proportion of enterprises choosing positive innovation, and the more significant the influence of enterprise operational ability on positive innovation. This study provides theoretical support for the decision regarding science and technology innovation in electric power enterprises and enriches the theory of green innovation and enterprise co-development.
2024(10):53-67
Abstract:
Introducing venture capital with an international background is a major policy aimed at nurturing startups by leveraging international capital, technology, and management expertise. This paper examines whether international venture capital can provide value-added services to enhance the innovation of startups by constructing a two-sided matching structural model and using data from Zero2IPO. Our findings reveal that startups backed by international venture capital exhibit higher pre-investment innovation potential compared to those backed by local venture capital, but their post-investment innovation performance is inferior. Mechanism analyses indicate that international venture capital with more experience investing in similar startups do not exert a more negative impact on innovation, ruling out the possibility of innovation expropriation. Furthermore, international venture capital fails to improve the post-investment innovation performance of startups through conventional investment strategies such as staged financing and syndication, suggesting that it fails to provide value-adding services due to the lack of efficient measures to overcome liabilities of foreignness. Following the market-oriented reform of the stock issuance regulation in 2013, the negative impact of international venture capital on startup innovation has been mitigated. These findings provide an empirical basis for transitioning China’s venture capital market opening-up from a factor-flow-oriented approach to an institution-oriented one.
Introducing venture capital with an international background is a major policy aimed at nurturing startups by leveraging international capital, technology, and management expertise. This paper examines whether international venture capital can provide value-added services to enhance the innovation of startups by constructing a two-sided matching structural model and using data from Zero2IPO. Our findings reveal that startups backed by international venture capital exhibit higher pre-investment innovation potential compared to those backed by local venture capital, but their post-investment innovation performance is inferior. Mechanism analyses indicate that international venture capital with more experience investing in similar startups do not exert a more negative impact on innovation, ruling out the possibility of innovation expropriation. Furthermore, international venture capital fails to improve the post-investment innovation performance of startups through conventional investment strategies such as staged financing and syndication, suggesting that it fails to provide value-adding services due to the lack of efficient measures to overcome liabilities of foreignness. Following the market-oriented reform of the stock issuance regulation in 2013, the negative impact of international venture capital on startup innovation has been mitigated. These findings provide an empirical basis for transitioning China’s venture capital market opening-up from a factor-flow-oriented approach to an institution-oriented one.
2024(10):68-87
Abstract:
Buffer operators are important means of addressing the prediction trap problems caused by impact disturbances in a system. The existing buffer operators have some defects, such as the wide variety of formulas, the incompatibility between strengthening and weakening operators, and the difficulty in “low granularity” control of buffer intensity. To solve the problem, first the structures of various types of buffer operators are comprehensively analyzed, and a new intelligent buffer operator with a power exponent is constructed based on the principle of “new information priority”. Then, the relationship between the polarity of power exponent and the type of buffer operators is deduced and proven, and the effect of the power exponent on buffer intensity is studied. The results show that the new operator can realize the full compatibility between strengthening and weakening buffer operators, as well as allow for the free adjustment of buffer intensity. The intelligence of the new operator and the rationality of its buffering results are verified by analyzing the data from several typical sequences with buffering characteristics, and the prediction trap problems caused by impact disturbances in a system are addressed. The research is of great significance to the development and enrichment of buffer operator theory.
Buffer operators are important means of addressing the prediction trap problems caused by impact disturbances in a system. The existing buffer operators have some defects, such as the wide variety of formulas, the incompatibility between strengthening and weakening operators, and the difficulty in “low granularity” control of buffer intensity. To solve the problem, first the structures of various types of buffer operators are comprehensively analyzed, and a new intelligent buffer operator with a power exponent is constructed based on the principle of “new information priority”. Then, the relationship between the polarity of power exponent and the type of buffer operators is deduced and proven, and the effect of the power exponent on buffer intensity is studied. The results show that the new operator can realize the full compatibility between strengthening and weakening buffer operators, as well as allow for the free adjustment of buffer intensity. The intelligence of the new operator and the rationality of its buffering results are verified by analyzing the data from several typical sequences with buffering characteristics, and the prediction trap problems caused by impact disturbances in a system are addressed. The research is of great significance to the development and enrichment of buffer operator theory.
2024(10):88-102
Abstract:
The reform of the IPO registration system and carve-out rules provides new opportunities for the list companies. The paper conducts a case study on the equity carve-out of Shanghai Electric Group (SEG) to show how the enterprise seizes the opportunity to improve its overall performance. As a diversified businesses, SEG cannot ensure its subsidiary, Electric Wind Power, EWP, has the necessary funding for researching and producing wind turbine generator systems, especially as the development of the industry is accelerated by the “double-carbon” objective of the government and the industry is becoming increasingly competitive. The new IPO registration system and carve-outs policies enable SEG to conduct an equity carve-out, allowing EWP to become an independent company and go public on the Sci-Tech Innovation Board. Our study shows that the carve-out eliminates the diversification discount and realizes a high valuation for EWP, therefore alleviating the financial constraints. As the carve-out promotes the management incentives for the subsidiary and enhances decision-making efficiency, both the operating state and R&D output improve significantly, as does the competitive strength of EWP, ultimately leading to better business performance and increased shareholder wealth. The carve-out allows the subsidiary to operate independently and makes it unaffected by the risk events of SEG afterwards, although the stock price suffered short-term pressures. In summary, our case study proves that the new IPO registration system and carve-out rules remove institutional constraints, so that diversified companies can activate the development of their subsidiaries by carve-outs, thereby promoting the capital allocation efficiency of financial market.
The reform of the IPO registration system and carve-out rules provides new opportunities for the list companies. The paper conducts a case study on the equity carve-out of Shanghai Electric Group (SEG) to show how the enterprise seizes the opportunity to improve its overall performance. As a diversified businesses, SEG cannot ensure its subsidiary, Electric Wind Power, EWP, has the necessary funding for researching and producing wind turbine generator systems, especially as the development of the industry is accelerated by the “double-carbon” objective of the government and the industry is becoming increasingly competitive. The new IPO registration system and carve-outs policies enable SEG to conduct an equity carve-out, allowing EWP to become an independent company and go public on the Sci-Tech Innovation Board. Our study shows that the carve-out eliminates the diversification discount and realizes a high valuation for EWP, therefore alleviating the financial constraints. As the carve-out promotes the management incentives for the subsidiary and enhances decision-making efficiency, both the operating state and R&D output improve significantly, as does the competitive strength of EWP, ultimately leading to better business performance and increased shareholder wealth. The carve-out allows the subsidiary to operate independently and makes it unaffected by the risk events of SEG afterwards, although the stock price suffered short-term pressures. In summary, our case study proves that the new IPO registration system and carve-out rules remove institutional constraints, so that diversified companies can activate the development of their subsidiaries by carve-outs, thereby promoting the capital allocation efficiency of financial market.
2024(10):103-124
Abstract:
Although substantial financial reforms have been implemented, asset-debt maturity mismatch performs an exacerbated trend. From the perspective of human capital in the financial sectors, this paper provides an explanation using the sensitivity of fixed-assets investment to short-term debt. Specifically, this paper utilizes the 2008 Chinese National Economic Census to construct city-level measure of financial sectors’ human capital, and then matches the data with Chinese Industrial Enterprises Database over 2011-2013. The results show that human capital in the financial sector strengthens the positive effect of short-term debt on fixed-assets investment, especially for firms facing greater information asymmetry. Further, high-educated workers flowing to the financial sectors enhance their market power on credit allocation, resulting in decreased debt maturity provided for firms. These findings demonstrate that increasing human capital in the financial sectors lead to more serious mismatch of asset and debt maturity, which is conducive to explaining why China’s nonfinancial firms are using more and more short-term debt to invest fixed-assets.
Although substantial financial reforms have been implemented, asset-debt maturity mismatch performs an exacerbated trend. From the perspective of human capital in the financial sectors, this paper provides an explanation using the sensitivity of fixed-assets investment to short-term debt. Specifically, this paper utilizes the 2008 Chinese National Economic Census to construct city-level measure of financial sectors’ human capital, and then matches the data with Chinese Industrial Enterprises Database over 2011-2013. The results show that human capital in the financial sector strengthens the positive effect of short-term debt on fixed-assets investment, especially for firms facing greater information asymmetry. Further, high-educated workers flowing to the financial sectors enhance their market power on credit allocation, resulting in decreased debt maturity provided for firms. These findings demonstrate that increasing human capital in the financial sectors lead to more serious mismatch of asset and debt maturity, which is conducive to explaining why China’s nonfinancial firms are using more and more short-term debt to invest fixed-assets.
2024(10):125-143
Abstract:
With the increasing uncertainty of global economic operation, macroprudential and government guarantee have gradually become important means to maintain financial stability. Therefore, a financial accelerator model containing uncertain risk shocks, government guarantees and macro-prudential is constructed to explore the optimal macro-prudential policies under risk shocks and the policy relationship between government guarantees and macro-prudential policies. The findings are as follows. First, macro-prudential monetary policy should simultaneously target multiple signal sources such as capital price and financing premium, while macro-prudential regulatory policy should target a single signal source of capital price. Second, both macro-prudential monetary policy and macro-prudential regulatory policy can weaken the risk impact, among which macro-prudential regulatory policy can directly affect the credit behavior of enterprises and financial intermediaries, with a better regulation effect. Although the combination of the two may produce a “stacking effect”, its effect on stimulating the economy is very limited. Third, government guarantee will also bring adverse consequences such as resource mismatch and crowding out effect while maintaining financial stability. Balancing monetary policy and macro-prudential supervision can effectively weaken the negative effects of government guarantees. Finally, the choice of monetary policy tools does not significantly affect the effect of macro-prudential policies. The paper conforms to the policy guideline of monetary policy and macro-prudential “two-pillar” regulation framework, and has certain reference significance for improving the financial supervision system and guarding the bottom line of financial risks.
With the increasing uncertainty of global economic operation, macroprudential and government guarantee have gradually become important means to maintain financial stability. Therefore, a financial accelerator model containing uncertain risk shocks, government guarantees and macro-prudential is constructed to explore the optimal macro-prudential policies under risk shocks and the policy relationship between government guarantees and macro-prudential policies. The findings are as follows. First, macro-prudential monetary policy should simultaneously target multiple signal sources such as capital price and financing premium, while macro-prudential regulatory policy should target a single signal source of capital price. Second, both macro-prudential monetary policy and macro-prudential regulatory policy can weaken the risk impact, among which macro-prudential regulatory policy can directly affect the credit behavior of enterprises and financial intermediaries, with a better regulation effect. Although the combination of the two may produce a “stacking effect”, its effect on stimulating the economy is very limited. Third, government guarantee will also bring adverse consequences such as resource mismatch and crowding out effect while maintaining financial stability. Balancing monetary policy and macro-prudential supervision can effectively weaken the negative effects of government guarantees. Finally, the choice of monetary policy tools does not significantly affect the effect of macro-prudential policies. The paper conforms to the policy guideline of monetary policy and macro-prudential “two-pillar” regulation framework, and has certain reference significance for improving the financial supervision system and guarding the bottom line of financial risks.
2024(10):144-158
Abstract:
Since 2015, the agricultural “insurance+futures” mode has rapidly spread across the country, triggering widespread calls for financial subsidy support. In view of the liquidity constraints in the domestic agricultural futures market, this study conducts an in-depth discussion on the scale and method of financial subsidies for the “insurance+futures” mode. Taking corn as the research object, this paper first establishes a quantitative theoretical model of financial subsidies under liquidity constraints in the futures market. Based on the data after the reform of temporary corn purchase and storage policy in 2016, the empirical analysis finds that the carrying scale of the corn futures market for the “insurance+futures” mode is extremely limited, accounting for only 14.4〖WTXT〗%〖WTBZ〗 of the national total output. This indicates that the mode is not suitable for large-scale financial subsidies for the time being.The study further puts forward the implementation strategy of financial subsidies by steps, regions and stages, and suggests corresponding supporting measures.
Since 2015, the agricultural “insurance+futures” mode has rapidly spread across the country, triggering widespread calls for financial subsidy support. In view of the liquidity constraints in the domestic agricultural futures market, this study conducts an in-depth discussion on the scale and method of financial subsidies for the “insurance+futures” mode. Taking corn as the research object, this paper first establishes a quantitative theoretical model of financial subsidies under liquidity constraints in the futures market. Based on the data after the reform of temporary corn purchase and storage policy in 2016, the empirical analysis finds that the carrying scale of the corn futures market for the “insurance+futures” mode is extremely limited, accounting for only 14.4〖WTXT〗%〖WTBZ〗 of the national total output. This indicates that the mode is not suitable for large-scale financial subsidies for the time being.The study further puts forward the implementation strategy of financial subsidies by steps, regions and stages, and suggests corresponding supporting measures.
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Available online: March 15, 2023
[Abstract] (2936)
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.
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.
Available online: July 06, 2023
[Abstract] (1490)
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 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.
Available online: June 20, 2023
[Abstract] (1331)
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.
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.
Available online: August 02, 2022
[Abstract] (2192)
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.
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.
Available online: August 02, 2022
[Abstract] (882)
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.
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.
Available online: August 02, 2022
[Abstract] (1524)
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.
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.
Available online: August 02, 2022
[Abstract] (1410)
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.
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.
Available online: August 02, 2022
[Abstract] (1123)
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.
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.
Available online: August 02, 2022
[Abstract] (905)
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.
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.
Available online: June 25, 2022
[Abstract] (810)
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.
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.
Available online: June 25, 2022
[Abstract] (596)
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.
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.
Available online: June 25, 2022
[Abstract] (1050)
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.
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.
Available online: June 25, 2022
[Abstract] (847)
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.
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.
Zhang Peng, Xie Yundong, Wu Qiang, Liu Yuanyuan, Hou Li, Gao Xingyu, Ding Xiulian, Zheng Shengming, Yu Yugang
Available online: June 25, 2022
[Abstract] (2916)
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.
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.
Available online: June 24, 2022
[Abstract] (1123)
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.
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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2024(6):1-20
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FinTech is a comprehensive term that encompasses various financial activities aimed at promoting financial services to be more convenient，cheaper，more inclusive，and safer in virtue of mobile internet，blockchain，artificial intelligence，big data，and other ways of scientific and technological innovations． It tightly combines financial services with application scenarios in a digitized，intelligent，and secure way． It accomplishes the goals of financial service suppliers for liquidity，profitability，and security，as well as meeting the functional demands of financial service demanders for paying，financing，investment，and trading． Starting from the analysis of mobile internet，big data，artificial intelligence，blockchain，and other emerging technologies and the financial innovations promoted by them，this paper takes the three major business processes of financial services as the breakthrough point． It combs the documents from three aspects: payment and settlement，credit and financing，and asset management services． In addition，the study considers and reflects financial regulation from four perspectives: the reformation of the regulatory concepts，the expansion of regulatory content，the reconstruction of regulatory mechanism，and the innovation of regulatory technology． Finally，it discusses prospects for future research．
FinTech is a comprehensive term that encompasses various financial activities aimed at promoting financial services to be more convenient，cheaper，more inclusive，and safer in virtue of mobile internet，blockchain，artificial intelligence，big data，and other ways of scientific and technological innovations． It tightly combines financial services with application scenarios in a digitized，intelligent，and secure way． It accomplishes the goals of financial service suppliers for liquidity，profitability，and security，as well as meeting the functional demands of financial service demanders for paying，financing，investment，and trading． Starting from the analysis of mobile internet，big data，artificial intelligence，blockchain，and other emerging technologies and the financial innovations promoted by them，this paper takes the three major business processes of financial services as the breakthrough point． It combs the documents from three aspects: payment and settlement，credit and financing，and asset management services． In addition，the study considers and reflects financial regulation from four perspectives: the reformation of the regulatory concepts，the expansion of regulatory content，the reconstruction of regulatory mechanism，and the innovation of regulatory technology． Finally，it discusses prospects for future research．
2024(7):1-18
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.
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.
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2024(7):1-18
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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.
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.
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2021,24(3):1-17
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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.
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.
2021,24(5):26-46
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．
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．
2021,24(3):63-79
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.
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.
2021,24(4):1-18
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.
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.
2021,24(4):54-68
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.
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.
2021,24(6):22-41
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.
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.
2021,24(5):47-69
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．
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．
2021,24(3):45-62
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.
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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管理科学十四五优先发展领域专辑
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ISSN 1007-9807
CN 12-1275/G3
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