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10 January 2017, Volume 59 Issue 1    Next Issue

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Research on China′s Time-Honored Brand Evaluation: A Quantitative Analysis based on News Text QIAN Ming-hui1, CHEN Dan1, LANG Ling-yu1, LI Qi2 2017, 59(1): 1-12.  Abstract ( 145 )   The paper determines the basic index of China′s Time-Honored Brand evaluation by studying the existed literature of brand evaluation. Then based on the objective textual data onto China′s Time-Honored Brand reports, the paper chooses 50 China′s Time-Honored Brands as evaluation objects with content analysis and frequency analysis method and constructs the conceptual model and index system of China′s Time-Honored Brand Development Index (BDI) by use of factor analysis method. Finally, it reveals the development trend of the “root”，“stream”, “strength”, “power” and “source” in the building of China′s Time-Honored Brand through cluster analysis to provide reference for government, enterprises and consumers. References | Related Articles | Metrics

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Facing the Cultural Differences and Developing the Cultural Identity ——Cross-cultural Management of Transnational Corporation in Global Operation LEI Xiao-miao1,2 LEI Xiao-miao1,2 2017, 59(1): 13-18.  Abstract ( 135 )   Under the trend of economic globalization,cross-cultural management of transnational corporation in global operation has become one of the most important subjects of enterprise internationalization development. This article analyzes the cultural differences between China and western countries in three levels: country, enterprise and individual through studying Geert Hofstede′s cultural dimensions theory and puts forward six stages of successful management: facing “cultural differences”, avoiding “cultural conflicts”, cultivating “cultural sensitivity”, promoting “cultural integration”, promoting “cultural innovation” and developing “cultural identity”; combined with case analysis,the paper puts forward three effective paths to develop cultural identity, which are the path of keeping home country′s culture, the path of respecting and adapting to host country′s culture, and the globalization path of integrating multi-national culture. References | Related Articles | Metrics

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Research on Rookie Network Business Mode Innovation LIU Hui 2017, 59(1): 19-26.  Abstract ( 169 )   Adopting typical longitudinal case analysis method, and combining Grounded Theory, the paper explores the innovation impetus and core elements of Rookie Network, and summarizes the innovation path of Rookie Network Business Mode: identifying market opportunities → conducting value proposition innovation via social collaborative data platform and internet+ thinking → technological innovation → promoting business mode innovation by taking“operation → capital → earnings mode” as the core; in the process of innovation, technology innovation and business mode drive each other realizes the cycle of value proposition → value creation → value transfer → value realization. References | Related Articles | Metrics

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Research on the Evaluation of Innovation-driven Ability in Chinese Manufacturing Industry based on Improved Entropy Method WANG Xin-hong，LI Shi-ting 2017, 59(1): 27-33.  Abstract ( 130 )   he paper established the evaluation system of innovation- driven ability in Chinese manufacturing industry from the basic elements driven ability, scientific and technological innovation driven ability, green development driven ability and economic benefits driven ability and used the improved entropy method to evaluate the innovation- driven ability of Chinese manufacturing industry from 2009 to 2014, finding the innovation-driven ability of Chinese manufacturing industry showed continuous improvement in the “Twelfth Five-Year Plan”, but there still existed some problems, such as lacking of highly educated talents, imperfect Internet facilities, lacking of independent innovation ability, serious environmental pollution, low level of management and so on.So the manufacturing enterprises should recruit talents though multiple channels, improve the Internet infrastructure, establish R&D center and take full implementation of green upgrading. References | Related Articles | Metrics

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Strategic Orientation, Business Model Innovation and Business Performance：An Empirical Analysis based on Data Collected from Manufacturing SMEs in China LI Wei1,2 2017, 59(1): 34-41.  Abstract ( 136 )   This paper, based on the perspective of industrial ecosystem, distinguishes efficiency-centered and novelty-centered BMI, and then explores the internal relations among strategic orientation, BMI and business performance. By analyzing empirical data collected from 192 manufacturing SMEs in China, the paper finds that BMI plays the complete intermediary role on the relationship of strategic orientation and business performance; market orientation positively impacts efficiency-centered BMI, but technology orientation positively affects efficiency-centered and novelty-centered BMI; efficiency-centered BMI exerts positive effects on market and financial performance, while novelty-centered BMI just has positive impact on financial performance. References | Related Articles | Metrics

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A Study of the Collusion Behavior in the IPO Inquiry System FENG Lin 2017, 59(1): 42-48.  Abstract ( 95 )   Based on the IPO inquiry system, the paper introduces the collusion behavior to the inquiry system and sets up a principal-agent model of three layers which include the regulator, quasi-listed companies and the sponsors, and studies the characteristic of optimal collusion-proof behavior, pointing out keys which prevent the collusion behavior: strengthening the supervision of social media to the IPO inquiry process, increasing the collusion behavior penalties and improving the deterrence to insider trading and price manipulation. The paper also analyses the collusion behavior in reality, which include the following points: making full use of the supervision of the social media to collusion behavior, there is a close relationship between the company′s transparency and the collusion behavior,and there is no an effective incentive constraint mechanism between the underwriters and the sponsors. References | Related Articles | Metrics

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Marketization Process, Financial Constraints and Corporate Technology Innovation ZHU Yong-ming, JIA Ming-e 2017, 59(1): 49-56.  Abstract ( 89 )   Based on the background of market system and taking the empirical data of listed high-tech companies in China in 2010-2014 as samples, this paper studied the influence of differences level of enterprise external area marketization on financial onstraints and enterprise technology innovation with SA indicators which present the financial constraint and the method of grouping regression analysis. Research showed the marketization process strengthened the negative correlation between financial constraints and innovation; in the regions of higher marketization process, which are affected by weak government intervention, the non-state-owned listed companies showed a higher correlation with financial constraints and enterprise technology innovation than the state-owned listed companies; in the region of lower marketization process, due to the control of state-owned, state-owned listed companies present the more resilient facing the influence because the financial constraints reduced the lower level of technology innovation. References | Related Articles | Metrics

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Research on the Long Memory of China′s Commodity Futures Price Yields and Volatility LIU Jun-ling, QU Jun 2017, 59(1): 57-68.  Abstract ( 113 )   From the semi-parametric and nonparametric perspective, the paper empirically examines the long memory of commodity futures price yields and volatility, such as copper, gold, rubber and soybean by use of eight estimation methods. The research finds that: the long memory of futures price yields is not obvious as a whole, while there is significant long memory structure of futures price volatility,showing that unpredictable information has a long-term impact on the volatility of the futures market. The conclusions have important guiding and enlightment significance for efficiency measures of futures market, investment and risk management. References | Related Articles | Metrics

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The Evaluation about Economic Revitalization Efficiency and Its Influence Factors for the Old Northeastern Industrial Base of China WANG Xiao-ling1,2,FANG Xing-cun1 2017, 59(1): 69-74.  Abstract ( 93 )   Taking the 23 prefectural-level cities in the old northeastern industrial base of China as studying object, this paper adopts DEA-Malmquist model to measure the efficiency of economic revitalization of the old northeastern industrial base of China during 2004-2014. At the same time, the panel data model is used to analyze the space-time characteristic and the influence factors of economic revitalization efficiency of the old northeastern industrial base. The results show that: the economic revitalization efficiency of the old northeastern industrial base during 2004-2014 grows slowly and lacks of effectiveness; technology change index decline is the main reason for the low efficiency of economic revitalization, and the slight improvement of index of technical efficiency change mainly is caused by pure technical efficiency change index, and there exists obvious regional difference; the development of the secondary industries in the industrial structure and population size have a significant role in promoting efficiency in economic revitalization; governmental supporting and opening degree have some positive influence on the efficiency of economic revitalization, but the effectiveness is limited and also there exists a big regional differences; the influence of science and technology level is negative or in significant. References | Related Articles | Metrics

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Can Industrial Cluster Promote the Efficiency of Logistics Industry? ——An Empirical Analysis based on Chinese Provincial Panel Data TAO Ting-ting 2017, 59(1): 75-83.  Abstract ( 119 )   Based on industrial cluster theory, externality theory and industrial efficiency theory, this study measures the logistics industrial agglomeration and industrial efficiency quantitatively,and empirically analyzes conduction path of effect of specialization agglomeration and diversified agglomeration on efficiency of logistics industry. The research shows because of the big regional difference in logistics, the effect of specialization agglomeration on industrial efficiency shows the positive linear relationship, and the diversified agglomeration shows the u-shaped nonlinear relationship; traditional labor, capital and other inputs to logistics industry have little effect, and the effects on the efficiency of the two types of agglomerations are different due to the regional differences. Therefore, we should promote efficiency of logistics industry strategically by advancing the logistics industry agglomeration differently, taking advantage of the logistics industry agglomeration roundly and reasonably adjusting logistics industry structure. References | Related Articles | Metrics

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Research on Characteristics & Development Trend of High-Tech Products Exports in BRICS Countries SUN Ying1,FAN Yi-min2, WANG Qiu-ya3 2017, 59(1): 84-90.  Abstract ( 99 )   In order to explore the advantages of high-tech products trade of the BRICS countries, the paper uses the panel data model and export similarity analysis method to test technical features of economic growth linkage, industry structure dependence, trade complementary of high- tech products exports of BRICS countries,and uses the ARMA model to predict the development trend of high-tech products trade of the BRICS countries to provide a reference for improving Chinese high-tech products exports. References | Related Articles | Metrics

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Research on Measure of the Financialization of American Economy PEI Xiang-yu 2017, 59(1): 91-99.  Abstract ( 117 )   From the sector perspective, this paper builds an index system measuring economic financialization, and uses Fuzzy-AHP, which is a subjective static assignment method, and entropy method, which is an objective dynamic assignment method to comprehensively evaluate the financialization of American economy. The result showed that, during the sample period, the financialization of American economy is constantly strengthened, and there is an increasing financialization trend in financial sector and cyclical upswing in non-financial sector;the federal funds rate can affect the non-financial sector financialization to some extent, but it cannot stop the increasing financialization trend. References | Related Articles | Metrics

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A Review on Approaches of Relevant Disciplinary in Northern Europe Regional Trade Research LIU Cheng 2017, 59(1): 100-107.  Abstract ( 92 )   Political economists′ work collecting and collating historical resources in 19th century had filled the gap in trade studies in traditional historians, but their deficiencies of theoretical analysis had been criticized by economists. Then Classical Economics School put forward the “natural endowment theory” to explain the division of labor based on trading behavior, and Neoclassical Economic School led the continuous transformation of trade patterns to “factor accumulation and cost theory”. After discovering the special utility of trade actors′ institution construction, Institutional Economics School tried to reinterpret the trade behavior through the “theories of property right” and “reputation mechanism”. With the rise of new historiography, historians have called in question the construction paradigm of economics,and created the research approaches of “Comparative history” and “the Global history”. However, it′s not easy to realize an effective integration of various disciplinary approaches in the current regional trade research. Maybe it′s the only way to be on the base of historical logic, combining qualitative analysis with quantitative analysis and maintaining a comprehensive research perspective, we can fully understand the regional civilization under the influence of trade interaction. References | Related Articles | Metrics

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The Effect of Board of Directors Capital and CEO Power on R&D Investment： An Analysis of Data from GEM Listed Corporation WANG Nan1,2,HE Jiao1, HUANG Jing1 2017, 59(1): 108-117.  Abstract ( 94 )   This paper studied the relationship between board capital and R&D investment from the aspects of human capital and social capital of board of directors and tested the effect of CEO power on the relationship between board capital and R&D investment with the sample of the data of GEM listed companies. Empirical results show that：board of directors human capital has a positive effect on R&D investment, while board of directors social capital has a negative effect on R&D investment; CEO power weakens the negative effect of board of directors social capital on R&D investment, but has no effect on the relationship between board of directors human capital and R&D investment; senior titles and the proportion of executive directors negatively moderate the relationship between board of directors human capital and R&D investment, and CEO duality positively moderates this relationship; CEO ownership and CEO duality negatively moderate the relationship between board of directors social capital and R&D investment. References | Related Articles | Metrics

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Research on Lean Level Evaluation of Enterprise based on ANP-Fuzzy-TOPSIS PEI Xiao-bing, JIA Lin-lin 2017, 59(1): 118-125.  Abstract ( 78 )   Lean production is the best way to deal with small batch and multi market demand, while lean level is an important standard to measure the application level and effect of lean production in enterprises. This paper constructs the evaluation index system of enterprise lean level from six aspects: lean concept, lean management, lean organization and personnel, lean technology, dynamic adaptability and continuous improvement, and employs ANP, Fuzzy and TOPSIS to evaluate the level lean of enterprise. In the end, the rationality of the evaluation index system and the feasibility of the evaluation method are verified by an example. References | Related Articles | Metrics

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Can the Marketization of Manager Constrain State-owned Enterprises′ Executive Corruption?——An Analysis of the Effect of Manager Market Competition LU Xin1，DING Yan-ping1，WANG Liu-xi2 2017, 59(1): 126-134.  Abstract ( 107 )   Taking cases of executives corruption disclosed by stock exchange corporations and media from 2004 to 2014 as samples, and based on the differences of districts and industries of the managerial labor market competition, this paper tests the constrained impacts of the managerial labor market competition on executive′s power and behaviors. The results show that the managerial labor market competition′s constrain effects on executive corruptions is stronger in the east regions than in the central and west regions, in the non-monopoly industries than the monopoly industry; the managerial labor market′s competition has some constrain on private corporate executive corruptions, and the constrain effects increases while the degree of the region and industry managerial labor market become strong; as to the failure of the state-owned enterprise managerial labor market, the managerial labor market does not constrain the state-owned enterprises′ executive corruptions. References | Related Articles | Metrics

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The Influence of Transformation to Limited Liability Partnership Policy on Audit Report Lags LIU Ying-fei, WU Xiao-yan 2017, 59(1): 135-141.  Abstract ( 96 )   Using the sample of A-share listed companies in China, this paper empirically investigates the impact of the transformation to Limited Liability Partnership (LLP) policy introduced by the Ministry of Finance in 2010 on audit report lags. We find that audit report lags increased significantly after the implementation of the transformation policy. However, this effect exists in non-Big 4 Accounting Firms rather than in Big 4 Accounting Firms; the effect of the transformation policy on audit report lags is more significant in private enterprises and in areas with weaker legal investor protection; the introduction of the transformation policy improves auditor efforts, especially for firms and clients with higher risk. References | Related Articles | Metrics

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The Effect of Strategic Orientation on the Relationship between E-business Investment and Firm Performance: A Moderated Mediation Model LIU Pu, LIU Jia-li, YANG Ze-yong 2017, 59(1): 142-149.  Abstract ( 87 )   This paper conducts questionnaire survey about traditional manufacturing enterprises, and constructs a moderated mediation model based on taking the strategic orientation as the adjustment variable to examine the influence of strategic orientation on the relationship between e-business investment and firm performance. The results show that, under the higher guidance of customer, technology and entrepreneurial, the effect of multi-period-investment on e-commerce capability is stronger than that of single-period-investment investment. Compared with the lower venture orientation, the effect of independent investment on e-commerce capability is not significant under the higher venture orientation; the strategic orientation adjusts positively the mediating role of e-business ability on e-business investment and firm performance. References | Related Articles | Metrics

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A Game Analysis of Reputation Strategy of Online Shopping Platform based on Psychological Contract LI Bao-ku，ZHOU Ying-shu 2017, 59(1): 157-164.  Abstract ( 115 )   The asymmetry of information leads to consumers cannot accurately understand the seller or supplier credit of online shopping platform, and cannot understand whether shopping platform fulfills the duty of public goods information. All of these lead to the adverse selection and moral hazard in online shopping transaction, so that a stable, long-term relationship between online shopping platform and consumers is difficult to be established. This paper explores the formation mechanism of psychological contract between online shopping platform and consumers by using game theory, and then discusses the strategy choice of online shopping platform reputation under consumer regulation from the perspective of bounded rationality game combined with the incentive and restraint effect of reputation theory. Game results show that consumer supervision on the online shopping platform has a certain role in the constraints, and whether the performance of psychological contract is influenced by the cost of performance, the performance award and the nonperformance penalty; the establishment of reputation can motivate online shopping platform to fulfill the psychological contract responsibility; maitaining long-term psychological contract relationship and establishing reputation strategy can effectively avoid or reduce the adverse selection and moral hazard problems which are caused by information asymmetry. References | Related Articles | Metrics

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Urban Aging and Domestic Tourism Consumption: An Empirical Analysis based on VAR Model XU Xiao-na 2017, 59(1): 165-169.  Abstract ( 103 )   At present, the level of urban aging in China has been accelerating, while the tourism consumption of the elderly population is increasing year by year. Tourism has become an important way to improve old people′s quality of life. An empirical study has been completed by using the related time series data from 1994 to 2013 and a VAR (Vector Autoregressive) model is constructed based on reflecting the dynamic relationship between urban aging and the domestic tourism consumption level. Based on VAR model, with impulse response function and variance decomposition analysis, this paper analyzes the dynamic effects of the urban aging on the domestic tourism. The cumulative effect of urban aging on domestic tourists trips arrivals is greater than the cumulative effect of the total cost of domestic tourism, indicating that there is a significant long-term stable positive relationship between urban aging and domestic tourists trips arrivals, but the long-term relationship between urban aging and the total domestic tourism spending is not significant; the aging of urban population plays an important role in the predictive variance of domestic tourist arrivals, but the aging of the urban population is relatively small in the variance of the prediction of the total cost of domestic tourism. References | Related Articles | Metrics

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A Model of Visitor-based Destination Brand Equity of Scenic Spot MA Qiu-fang，XIA Yuan-yuan，XU Wen-zhu 2017, 59(1): 170-176.  Abstract ( 97 )   On the basis of research and analysis of the destination brand equity system of Chinese and foreign tourists, a conceptual model of destination brand equity named “three hierarchy five dimension” is rebuilt according to the basic logic system “cognitive -affective- behavior”, which is composed of tourist cognition, affection, behavior attitude for the destination brand. Then, an empirical study is carried out with Lushan and Sanqingshan as the study samples to discuss the spatial universality of the model. And it is found that the model is stable and valid with confirmatory factor analysis and multi-sample invariance test between the two samples. References | Related Articles | Metrics

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Willingness to Farmland Disposal and Rural Labor Transfer ——An Analysis based on the Survey Data of Three Regions in Zhejiang Province LAI Jun-ming 2017, 59(1): 177-182.  Abstract ( 72 )   Land is not only the basic subsistence of farmers, but also the basic social security of farmers. After the peasant workers entering the city, the function of land as a means of production has been weakened, but the function of social security has not been weakened in the existing urban and rural differences. Correctly grasping the trend of agricultural concurrent industrialization, aging of farmers and rural hollowing out, and dealing with the relationship between rural labor force going out, leaving and returning home, have important significance for solving the “agriculture, country and farmer” issues. This paper selects Hangzhou, Wenzhou, Ningbo to carry out special investigation, analyzing present situation of rural labor transfer and land disposal, and the impact of farmers′ family factors on the production of rural labor transfer to provide reference for the establishment of farmland circulation policy. References | Related Articles | Metrics

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Research on Cold-chain Logistics Alliance and Decision-making Mechanism based on ECFA across the Taiwan Strait JI Guo-jun1,2,SONG Ji-shan2 2017, 59(1): 183-192.  Abstract ( 105 )   Under Cooperation Framework Agreement (ECFA), deepening cooperation in cross-strait logistics is an irreversible trend. This paper studies the operation of joint venture and cold chain logistics facilities between Taiwan enterprises and Mainland enterprises and influence of ECFA protocol implemented by government on alliance. It is found that, the alliance can be optimally operated in the case of centralized decision-making game model since the retail price, the investment to infrastructure and the profit are all optimal. With the effect of ECFA improved, wholesaling price, retail price, the demand and the profit increase accordingly, and the increasing speed of demand is higher than those two prices. Therefore, the corporations across Taiwan strait should strengthen trust, and deepen cooperation in various ways to increase the ECFA effect. References | Related Articles | Metrics