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19 March 2017, Volume 59 Issue 3 Previous Issue    Next Issue

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An Analysis of the Relationship between Dynamic Environment and Logistics Enterprise Performance based on Business Model Innovation WANG Li1,MA Sheng-ming1,LI Ying2 2017, 59(3): 1-7.  Abstract ( 338 )   By constructing the relationship model among dynamic environment, business model innovation and enterprise performance, this paper discusses the relationship between dynamic environment uncertainty and logistics enterprises performance, and the mediating role of business model innovation in the process. Research turns out that in the latecomer enterprises, the positive impact of external environmental factors on business model innovation is greater than the positive impact of internal environmental factors, as opposed to the mature enterprises; the dynamic influence of the environment promotes the logistics enterprises to achieve the value added of the enterprise market through the intermediary role of business model innovation. References | Related Articles | Metrics

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Research on We-Media Community Users′ Consuming Intention based on “Fan Economy” GU Bin，LI Qing-lin 2017, 59(3): 8-13.  Abstract ( 214 )   Through the quantitative analysis of training mechanism and consuming intention occurence of “fans”, the paper gets the factors that affect the user′s willingness to consume in We-Media community include loyalty, sense of belonging, transition cost, information utility, trust, service quality, material incentives, social value, image manifestation, sense of entertainment, etc. Personal perception, group consciousness and interest demand are the comprehensive indicators that affect consumers′ willingness to consume in the We- Media community, and users can be divided into 4 categories according to these 3 indicators. This paper proposes the management suggestions for maintaining users based on the feature of “fans”, in order to get the overall decision-making direction to promote consuming and provide a reference for making management decisions of relevant online community. References | Related Articles | Metrics

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Can the Diversity of Foundation Directors′ Professional Backgrounds Improve Organizational Performance? YAN Ke-gao, YUAN Yue 2017, 59(3): 14-21.  Abstract ( 103 )   This paper demonstrates the effects of diversity of foundation directors′ professional backgrounds on organizational performance by analyzing the data of 217 foundations in China. The research shows that the diversity of directors′ professional backgrounds can improve fundraising capacity and public support of foundation, but it has no obvious effect on finance performance of foundation; the effects of diversity of directors′ professional backgrounds on organizational performance present different patterns, and the diversity of the directors′ professional backgrounds of public offering foundation and local foundation has a significant impact on organizational performance. References | Related Articles | Metrics

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Research on Factors Influencing Productivity of China′s Regional Retail Service Sector ——An Analysis based on Spatial Panel Econometrics ZHAO De-hai，QU Yi 2017, 59(3): 22-27.  Abstract ( 130 )   By building the model of Global-Metafrontier-Malmquist productivity index, the paper evaluated productivity of China′s regional retail service sector with the panel data in 2006-2015, and calculated the factors influencing productivity of China′s regional retail service sector with spatial panel econometrics. The results showed regional economic development, human resources management, communications and information technology, and marketization have positive influence on productivity of China′s regional retail service sector, but regulation has negative impact on it. References | Related Articles | Metrics

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An Empirical Analysis of the Relationship between RMB Exchange Market Pressure and Monetary Policy DU Yu-lan, LIU Qian-qian 2017, 59(3): 28-34.  Abstract ( 114 )   Combing with the Markov region transfer vector autoregressive model (MS-VAR), the paper empirically analyses the nonlinear relationship between exchange market pressure and monetary policy under different regional regimes by use of the data from July 2005 to April 2016. The research finds MSIH (3) -VAR (1) can better describe the relationship between variables; the responses of EMP to the monetary policy variables are not completely same under the moderate appreciation, strong appreciation and depreciation of the three regional system. Therefore, in view of the current situation of depreciation of the RMB, we should carefully control the amount of M2 investment and ease the devaluation pressure by controlling the stagflation of CPI and moderately lowering interest rates. References | Related Articles | Metrics

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Investment Scale, Investment Efficiency and Macroeconomic Environment ——An Analysis based on the Empirical Data of Listed Companies in China MA Hong1，WANG Yuan-yue2 2017, 59(3): 35-42.  Abstract ( 107 )   The paper takes the empirical data of listed firms in China from 2001 to 2015 as samples to analyze the impact of China′s macroeconomic environment on investment scale and investment efficiency of firms in new normal of Chinese economy. Research showed investment scale and investment efficiency of firms have significant cyclical characteristics; the expansion of monetary policy can promote the expansion of the investment scale of firms, but it is not conducive to the improvement of the investment efficiency of firms; the expansion of fiscal policy can promote the expansion of the investment scale of firms, but its impact on the investment efficiency of firms is not significant; the development of the credit market can promote the expansion of the investment scale of firms, but its impact on the investment efficiency of firms is not significant; the development of the stock market has no significant impact on the investment scale and investment efficiency of firms. References | Related Articles | Metrics

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The Usage of Foreign Exchange Derivatives and the Enhancement of Listed Firms′ Financing Efficiency——An Analysis based on Financial Risk′s Intermediary Effect ZHAO Feng，HUANG Rong，CHENG Yue 2017, 59(3): 43-52.  Abstract ( 90 )   Taking Chinese A-share listed enterprises data from 2007 to 2014 as samples, and on the basis of the Chinese Listed Companies′ foreign exchange risk hedging Database which is built by us, this paper analyzes the relationship between the usage of foreign exchange derivatives and financing efficiency from the perspective of financial risk′s intermediary effect. This paper finds that: on the whole samples, the usage of foreign exchange derivatives can enhance firms′ financing efficiency by 8.1% and reduce firms′ financial risk by 20.7%,and makes financial risk play a significant intermediary role in the usage of foreign exchange derivatives and firms′ financing efficiency; the use of foreign exchange derivatives can improve financing efficiency more for state-owned listed firms than for private listed firms; the usage of foreign exchange derivatives by perfectly competitive firms can significantly improve their financing efficiency, but the result is not significant for low and high monopoly firms; the usage of foreign exchange derivatives has positive effects on financing efficiency for the eastern firms, but produces negative effects on central firms, and has no effects on western firms. References | Related Articles | Metrics

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Margin Mechanism of Margin Trading and Idiosyncratic Volatility of Stock Price LI Shi-yao1, LI Xing-han2 2017, 59(3): 53-62.  Abstract ( 103 )   This paper studies the influence of margin mechanism of margin trading system on idiosyncratic volatility of stock price, with the data of China stock market from 2010 to 2015, finding that margin trading can enlarge stocks′ idiosyncratic volatilities in normal market environment: margin trading can enlarge idiosyncratic volatilities of stocks which have high idiosyncratic volatilities, but not of stocks which have low idiosyncratic volatilities. The conclusion is still valid after examining the impact of financing transactions and margin trading. References | Related Articles | Metrics

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The Change of Market Share，Bank Crisis and Cooperative Bank Stability ——A Study from European Cooperative Banks Experience LIU Fang1,2，TAN Yuan-rong3 2017, 59(3): 63-70.  Abstract ( 95 )   After more than 160 years of development, cooperative finance has showed a strong force of life. Using panel data of 16 countries and 19 cooperative bank groups in the European over the period of 2008-2014,this paper investigates the relationship among deposit & loan share, bank crisis and cooperative bank stability. The results show that increase in deposit & loan share enhances the bank stability whether bank crisis or not because of the special operation model of cooperative banks. Therefore, cooperative banks should keep to the special management and strengthen deposit & loan market share for its operation stability and development. References | Related Articles | Metrics

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An Analysis of the Effect of Dividend Regulatory Policy based on DID Model CHEN Jin-yong1，TANG Xiang-xi2，YANG Jun3 2017, 59(3): 71-77.  Abstract ( 109 )   This paper starts with the observation of market reaction after the policy of Measures for the Administration of the Issuance of Securities by Listed Companies is enacted in 2006 to test the effect of dividend regulatory policy on the dividend policy of listed companies in China by use of One-Way ANOVA and difference-in-difference method. The results show that, total cash dividend level after 2006 did not improve, and there are no significant policy effects; a further exploration to listed companies with a stake in the refinancing based on DID model shows that, the dividend per share has a tendency to reduce. This policy did not have a clear incentive effect on distributing cash dividends of listed companies, and produce expected results. References | Related Articles | Metrics

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A Study of the Growth Factor of Trade between China and South Africa ——An Analysis based on Market Demand, Market structure and Competitiveness TONG Ji-ying1,2 2017, 59(3): 78-85.  Abstract ( 131 )   Nowadays, the trade between China and South Africa grows rapidly but with a high trade concentration, and South Africa has greater trade dependence on China than China to South Africa. Based on 1998-2014 bilateral trade data from UN Commodity Trade Statistics Database, this paper analyzes the factors that affect bilateral trade growth between China and South Africa from the perspective of market demand, market structure and competitive power with revised CMS model, finding the market demand effect plays a decisive role in the growth of China′s export trade to South Africa, while the market structure effect is the decisive factor to the increase of South Africa′s export to China; the competitiveness of China products continues to increase in South Africa, but the competitiveness of South African products is the opposite,at the same time, different trade products has different growth factors. Therefore, both sides should exploit trade potential, enhance the level of product, scale up the trade through optimizing export structure and improving market competitiveness. References | Related Articles | Metrics

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The Risk Evaluation for Chinese Investment in Kazakhstan ——An Analysis based on Extension Element Evaluation Model ZHANG Shuai 2017, 59(3): 86-92.  Abstract ( 87 )   The article analyzed risk of Chinese investment in Kazakhstan through constructing the extension element evaluation model of capital flow risk.Chinese capital flow risk to Kazakhstan is susceptible to the impact of international macroeconomic environmental changes, the overall level of risk has been relatively high since 2008, and comprehensive capital flow risk reached purple warning in 2008,2010 and 2014; economic risk, capital structure risk, capital market risk and political risk are the main capital flow risks for Chinese investment in Kazakhstan; the early warning results show that the overall capital flow risk level will arrive at purple warning in the next five years. References | Related Articles | Metrics

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A Study of Trade Competitiveness, Trade Complementarity and Export Trade Potential between China and Central Asia Countries CUI Deng-feng, SHAO Wei 2017, 59(3): 93-101.  Abstract ( 103 )   By using SITC goods trade data in 2000-2015 retrieved from China and Central Asia Countries, this paper uses relative trade advantage index, product export similarity index and comprehensive bilateral trade complementary index to analyze competitiveness and complementarity of all kinds of goods trade between China and Central Asia countries, and analyzes trade influence factors and trade potential of China′s export to Central Asia Countries by trade gravitational model that is built by introducing real effective exchange rate of RMB. The results show that there is no competition for all kinds of commodities between China and Central Asia Countries, and there is strong complementarity among all kinds of commodities except animal and vegetable oils (SITC4); the variables of total GDP of China and Central Asian countries, the trade dependence of Central Asia countries on China, whether they are WTO and SCO Member States each other, play a positive role in China′s exports, but the variables of RMB real effective exchange rate, distance, partner population, per capita GDP difference play adverse effects; China′s export trade with Uzbekistan and Kazakhstan has a larger market space for development, the trade potential of China′s export to Kyrgyzstan is the best, and the trade potential of export to Tajikistan and Turkmenistan belongs to reshaping. References | Related Articles | Metrics

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Relationship Management Ability, Network Centrality and Explorative Cooperative Innovation ——An Analysis based on the Data of High-tech Enterprises in Yangtze River Delta WANG Yu，DENG Yan-bin 2017, 59(3): 102-109.  Abstract ( 113 )   Taking 209 high-tech enterprises in Yangtze River Delta as research samples, this paper studies the relationship between innovation networks′ relationship management ability and explorative cooperative innovation from the view of network social capital and innovation search theory, and explores the moderating effect of network centrality. The results show that: the abilities of initiating, communication and coordination, which belong to an enterprise′s relationship management ability, are beneficial to build the relationship and interaction with other enterprises, and the coordination and resolution of the conflicts,and affects the explorative cooperative innovation through the mechanisms of reputation, promise and trust;the network centrality has negative moderating effect on the relationship between relationship management ability and explorative cooperative innovation. References | Related Articles | Metrics

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An Analysis of Enterprise Managers′ Behavior under Dual Preferences of Power and Compensation WANG Xin-xia 2017, 59(3): 110-119.  Abstract ( 83 )   Enterprise managers are of dual preferences of power and compensation. Power and compensation are interdependent and influence managers′ behavior jointly. Based on the characteristics of power allocation and compensation design for China′s enterprise managers, this paper makes a general analysis of the influence of power and compensation on managers′ behavior, and constructs a unified analysis framework of managers′ behavior. Comparative static analysis shows that: power connection could produce effects such as control right and reputation incentive, protective governance, relationship network resources and stable leadership structure, while it may cause negative effects such as lack of checks and balances, distortion of behavior targets and energy dispersion; compensation incentive has positive impact on managers′ behavior, but it may also lead to new agency conflicts; from the perspective of motivation and responsibility, compensation incentive can strengthen the positive influence of power and restrain negative effects, and it is helpful to regulate managers′ production behavior when power and compensation are matching. References | Related Articles | Metrics

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An Analysis of New Generation Employees′ Interpersonal Justice and Engagement based on Chain Mediating Model LI Ya-bo, WU Wei 2017, 59(3): 120-126.  Abstract ( 86 )   Taking new generation employees as the research object, this paper mainly makes an empirical study on the relationship between new generation employees′ interpersonal justice and engagement and mediating mechanism based on the methods of structural equation model and bootstrap. This research shows that new generation employees′ interpersonal justice not only has a positive direct impact on employees′ engagement, but also indirectly affects it through the chain intermediary role of instrument harmony, value harmony and emotional commitment, but the chain mediating effect of harmony obstruction between interpersonal justice and engagement is influenced by other interpersonal harmony dimensions, especially value harmony. References | Related Articles | Metrics

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The Effects of Multiple Social Identities on Investors′ Decision-making Process in Reward- based Crowd- Funding：An Analysis based on Group Emotion and Efficiency Paths CHEN Yan-yan1,2,WANG Juan2,ZHANG Ya-na2 2017, 59(3): 127-135.  Abstract ( 97 )   Based on the background of the two crowd- funding projects, this paper empirically studies how multiple social identities influence investors′ decision-making process through the group-based emotion, self and group efficiency. The research finds that the identification related with crowd-funding project content affects investors′ behavior by emotion path or efficiency path, and the identification related with project sponsors affects investors′ behavior by only efficiency path, furthermore, the above effects are both moderated by social identities; different investors, non- employment and employment investors have different decision-making processes, the group-based emotion has a significant impact on non- employment investors, and the efficiency has a significant impact on both non- employment and employment investors, confirming the heterogeneity of “reason and sensibility” in different types of investors. The research reveals the influence mechanism of the social identity in the decision-making process, and provides a new perspective to highlight social identities in terms of different investors so as to improve the success rate of the crowd-funding. References | Related Articles | Metrics

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The Evolution of Modern Corporate Governance Supervisory Mechanism in Japan and Its Enlightenment CAO Dong-yuan 2017, 59(3): 136-140.  Abstract ( 102 )   The evolution of Japanese corporate supervision system reflects the system, method and philosophy of Japanese corporate governance in the same time, whose process includes the subject of corporate supervision transformed from the board of supervisors to the board of directors because of the skeletonization of the board of supervisors and the effect of mighty America economy; the supervisory organization transformed from centralization to dualization based on the corporation has the power to make the governance decision and the corporate governance environment was getting more open and free; the supervisory philosophy transformed from German style to American style because of the assimilation trend of corporate governance and enhancing the status of Japanese corporation in the global market. The evolution process of the model has enlightment to the construction of our corporation law localization, transplantation and non-administrative intervention. References | Related Articles | Metrics

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An Industrial Heterogeneity Investigation on Relationship among Foreign Direct Investment, Economic Growth and Employment based on the View of Generalized Virtual Economy ZHU Jin-sheng，KUANG Dong 2017, 59(3): 141-150.  Abstract ( 115 )   Using the dynamic panel data of 18 industries in 1997-2015, this paper studies the relationship, related effects and mechanism of action among FDI, economic growth and employment in the generalized virtual economy by impulse response, difference analysis and simultaneous equations. Results show there is a long-term cointegration relationship among FDI, economic growth and employment for two departments, and the generalized virtual economy industry is stronger and more conducive to promoting employment; FDI in traditional economy grows per 1%,it will promote economic growth 0.132%, in turn, promoting the employment of direct, indirect and comprehensive effect are 0.11%, -0.318% and -0.208 %; FDI in generalized virtual economy grows per 1%,it will promote economic growth 0.164%, in turn, promoting the employment of direct, indirect and comprehensive effect are 0.292%, -0.026% and 0.266% respectively. References | Related Articles | Metrics

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Research on the COFCO Womai Business Model based on Fuzzy Comprehensive Evaluation Method SUN Yong-bo，LI Xia 2017, 59(3): 151-158.  Abstract ( 103 )   Under the joint action of policy support, technical support and consumer demand, the fresh electric commerce market presents a situation that a variety of business models and industry camps chase drastically, but e-commerce model still needs to be improved and developed continually due to the characteristics of fresh food business. This paper selects COFCO Womai as a typical case, analyzes its business model from the perspective of factors and based on fuzzy comprehensive evaluation method and puts forward feasible suggestions for improving business model to provide reference for fresh electric commerce. References | Related Articles | Metrics

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Research on Lender Participation of P2P Lending based on Value Creation Theory WU Qing-tian, LI Bin 2017, 59(3): 159-166.  Abstract ( 96 )   As a new network financing pattern, P2P lending financing is facing the problems of low-lender-participation. By using the transaction data of RenRenDai, based on value creation theory, the paper discussed influence factors and extent of lender-participation from two aspects of perceived value and perceived risk from the lender with factor analysis and PLS-SEM. Research shows that the borrower′s credit risk and lenders′ return on investment have an important impact on the lender participation,but borrowers′ characters and solvency have no significant impact. Healthy development of P2P network lending is inseparable from the borrower′s creditworthiness and increase of lenders′ investment revenue. References | Related Articles | Metrics

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Research on Agricultural Production Efficiency under Different Environmental Regulations in Major Grain Producing Areas in China CHEN Hong, GUAN Bo, SUN Wen-jiao 2017, 59(3): 167-174.  Abstract ( 107 )   Based on data of 13 major grain producing areas in China, the paper measures the effects of strength of environmental regulation on the total factor productivity with two step DEA method to reveal the space-time differences of agricultural environmental efficiency in grain producing areas. The results show the intensity of environmental regulation has a direct impact on the total factor productivity of major grain producing areas and the space-time differences in different provinces are relatively large; environmental regulation will reduce the total factor productivity of China′s major grain producing areas: from a static perspective, the more strict environmental regulation, the more the total factor productivity decline;from the dynamic point of view,it can improve the efficiency of agricultural total factor productivity. References | Related Articles | Metrics

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Research on Farmers′ Operation Risk Perception of Family Farm and Its Influence Factors XIAO E-fang1,2 2017, 59(3): 175-182.  Abstract ( 112 )   Combined with the Theory of Planned Behavior and the ordered Logit regression model, the paper made an empirical study on farmers′ risk cognitive status in managing family farm and its influence factors by using the data of 235 family farms in Hubei province. On the whole, farmers′ risk cognitive status in managing family farm is closely related to the management scale,and farmers′risk cognitive status in managing family farm in Hubei is generally upper middle level now; the scale of operation, self-quality, whether a loss has occurred, disadvantage industry news and etc. have all obviously positively influenced farmers′ risk perception; the future expectation,opinions from peers or relatives, degree of agriculture infrastructure, the level of agricultural insurance, current operating conditions, the degree of self industry organization, and the education level have significant negative impact. Therefore, we should enhance farmers′ risk perception and their ability of risk management in managing family farm by starting from the main factors affecting farmers′ risk perception, to promote the stable operation of family farms and optimize its development in larger scope. References | Related Articles | Metrics

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Research on the Legal Problems about Risk Regulation of P2P Lending LU Zhao-yang1,2 2017, 59(3): 183-192.  Abstract ( 118 )   As a typical representative of new financial format and key component of internet finance, the rapid development of P2P lending is a big challenge for financial system at present, and the risk from P2P lending has attached the high attention from theory and practice. P2P lending includes three bodies: P2P lending itself, financial consumer and financial demander, and the imperfect legal system has caused different risk problems for all this bodies. In order to healthily develop the P2P lending, we should fully play the guiding role of China Internet Finance Association and perfect the relative laws, administrative regulations, and departmental rules and regulations. References | Related Articles | Metrics