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25 May 2017, Volume 59 Issue 5 Previous Issue    Next Issue

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The Impact of Third-party Reviews Information Structure on Its Passing-along Intentions HU Chang-chun1, NING Chang-hui2 HU Chang-chun1, NING Chang-hui2 2017, 59(5): 1-9.  Abstract ( 190 )   Third-party Reviews(TPRs) are of great significance to the diffusion of new product information. Whether TPRs are effectively disseminated determines whether the new products can quickly occupy market. Based on Theory of Reasoned Action(TRA) and Technology Acceptance Model(TAM), this paper investigates the impact of three dimensions of TPRs(types, valences and consistency of valences between TPRs and Online Reviews(ORs) following TPRs) on Passing-along intentions(PAIs). The results show that: these dimensions have significant impact on consumers′ PAIs, while they have different effect intensities: the total effect of types of TPRs on PAIs is the strongest, and the total effect of consistency of valences between ORs and TPRs on PAIs is the weakest; the influence of recommendation format(mixing valences, consistency of valences between ORs and TPRs) of TPRs on PAIs is bigger than description format(total positive,contradiction of valences between ORs and TPRs) of TPRs. References | Related Articles | Metrics

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A Study of FA-BD Model-based Evaluation Method for Marketing Risk Index LI Jian1，ZHANG Yun-qi2，ZHANG Shu-ping1 2017, 59(5): 10-16.  Abstract ( 110 )   Marketing risk evaluation is a method of assessing risk possibility and risk lost level. The FA-BD model is constructed based on the optimized and improved design of A-FA in this article after analyzing the essential attributes of marketing risk index with Blind Number theory and Degree of Membership Function. The methods applied in this model are coordinated and complementary, which could take full advantages of each one, and fully consider the effects of various factors on the evaluation accuracy of marketing risk index, improving the scientificity and accuracy of marketing risk evaluation. References | Related Articles | Metrics

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The Spillover Effect of Product Placement of Chinese Brands in Hollywood Movie LI Liang1，WANG Ping2，3，SONG Si-gen2 2017, 59(5): 17-22.  Abstract ( 104 )   At present, more and more domestic brands hope to improve their product image and acceptance by placing in Hollywood movies. With the spillover effect of country image as the explanation mechanism, this paper constructs corresponding theory model to analyze the spillover effect of product placement of Chinese brands in Hollywood movie, finding that country image affects cognitive dissonance positively and affects plot connection negatively, cognitive dissonance affects brand attitude negatively, while plot connection affects brand attitude positively; cognitive dissonance and plot connection play a mediating role, and the impact of cognitive dissonance is significantly greater than that of plot connection; consumer ethnocentrism significantly adjusts the effect of cognitive dissonance on brand attitude, but not for the relationship between plot connection and brand attitude. Therefore, when related enterprises choose Hollywood movie for product placement, they′d better choose “foreign branding” brand name,strive to have a deep product placement, and choose the suitable brand communication by identifying the characteristics of target audience of films. References | Related Articles | Metrics

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Research on Pyramid Shareholding Structures and Ultimate Controller′s Tunneling Effect TANG Jian-rong，ZHU Ting-jiao 2017, 59(5): 23-29.  Abstract ( 130 )   With the completion of nontradable shares reform, the ultimate controller′s encroachment on the interests of minority shareholders and listed companies shows a lot of different characteristics compared with the share structure before the reform. Based on balance panel data of 343 listed family companies which have been continuously operating during the Post-Non-Tradable Share Period of 2008-2014, the paper uses individual fixed effects regression model to study the relationship between ultimate control rights, cash flow right, the separation of two rights, equity balance, control layer and tunneling effect, finding the effects of various factors on the tunneling effect show significant differences in different family companies;tunneling effect is in significantly positive correlation with the proportion of control rights and the separation of two rights, while is in significantly negative correlation with cash flow right;the existence of outside shareholders can′t effectively curb the tunneling behavior, and low debt assets structure encourages the tunneling incentive. Therefore, it is necessary to construct the ownership structure with low control right and low cash flow right to avoid the tunneling behavior from the power source. References | Related Articles | Metrics

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The Dynamic Impact of Treasury Bond Futures on Treasury Yields Curve LIU Cheng-li1, ZHOU Xin-miao2 2017, 59(5): 34-41.  Abstract ( 98 )   The construction of treasury bond futures market is of great significance to improve treasury yields curve. The paper reduced the dimension of treasury yields curve with the method of principal component analysis, and studied the characteristics of level, slope and curvature factor of treasury yields curve in different stages after the listing of treasury bond futures and the dynamic relationship between treasury bond futures and treasury bond market using the Granger causality test of rolling window. The study found that the volatility of level factor decreased significantly, and the slope factor and the curvature factor are also greatly reduced after the listing of treasury bond futures, indicating that the maturity of Chinese treasury bond market and the yields curve have been improved; further studies found that treasury bond futures has some function of price discovery, but is not enough; treasury spot market does not have the function of price discovery, the term structure of futures and spot market have mutual influence, and the influence of the spot is more remarkable. References | Related Articles | Metrics

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The Real Estate Bubble Assessment on Ten Cities based on Combined Weighting SUN Bo1，LUO Zhi-kun2 2017, 59(5): 42-48.  Abstract ( 80 )   Based on the real estate historical data of top ten cities of China in 2015, the paper selects six evaluation indexes related to real estate bubble to evaluate the real estate bubble in these ten cities by use of combined weighting method. The results show that Shenzhen, Shanghai, Beijing and Nanjing have much higher degree of bubble than national bubble level, but Chongqing and Lanzhou have lower bubble degree than national bubble level; if using housing price-income ratio as the indicator to measure housing price bubble size, no matter the value 7.0 of domestic criterion or value 6.5 of international criterion, our conclusions are Chongqing has no bubble, a few bubbles at national level, to other nine cities, the bubble size increases in turn, and Shenzhen is the biggest one, almost more than 4 times above the domestic and international criterion. From the above, the real estate bubble in China is not only in structural, but also in size. References | Related Articles | Metrics

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Measurement of Embodied Carbon Emissions in China′s Import and Export Product Sectors——An Analysis based on Non-Competitive Input-Output Data from 2002 to 2012 HU Jian-bo，GUO Feng 2017, 59(5): 49-57.  Abstract ( 118 )   Based on the idea of input-output method, the paper constructs non-competitive input-output measurement model of embodied carbon emissions in China′s import and export trade, and uses 2002, 2005, 2007, 2010 and 2012 input-output data to measure embodied carbon emissions of 28 import and export product sectors. The study shows that: overall, carbon emissions of China′s exports, imports and net exports show a fluctuating growth trend, China′s export has reduced the sources of CO2 emissions from importing countries, but increased the global carbon emissions, and China′s import has reduced our country′s CO2 emissions, while also reduced global carbon emissions; the top ten product sectors of embodied carbon emissions in China′s import and export, mainly concentrated in the manufacturing industry, among which embodied carbon emissions of chemical industry have been ranked front during the whole period; the largest increase of global carbon net emissions with product sectors caused by China′s import and export trade is textile industry and the largest decrease is the oil and gas industries; no matter import, export or net export embodied carbon emissions, the secondary industry has the largest contribution to the embodied carbon emissions, because of the primary and the secondary industry imports, China reduced global carbon emissions, while the tertiary industry increased global embodied carbon emissions. References | Related Articles | Metrics

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An Analysis of Financial Support, Technological Progress and Energy Efficiency under the Constraint of Carbon Emission SUN Zhi-hong1，2,CHEN Yu-lu1 2017, 59(5): 58-66.  Abstract ( 105 )   To realize the dual goals of reducing carbon emissions and improving energy efficiency, the roles of financial support and technological progress are worth exploring. The paper uses Spatial Dubin model to analyze the relationship among financial support, technological progress and energy efficiency under the constraint of carbon emission. The results show that in terms of direct effect, bank credit has a positive effect on technological progress, the stock market shows a negative effect,the insurance market has no significant effect; the effect of technological progress on the enhancement of energy efficiency is negative; loans, stock market and financial expenditure on science and technology play a positive role in enhancing energy efficiency, and insurance market shows significant negative role in enhancing energy efficiency. Therefore, under the constraint of carbon emission, financial support has ineffective indirect effect in improving energy efficiency through technological progress, but has significantly direct promoting role. References | Related Articles | Metrics

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The Influence of Commercial Property Insurance on Household Behavior of Consumption and Investment——A Study based on CHFS WEI Qiang1, WU Qing-yue2,ZHANG Bai-yang3 2017, 59(5): 67-74.  Abstract ( 106 )   The dynamic optimization model and empirical research show that:(1)commercial property insurance has long-term and short-term positive effect on household investment, but the short- term effect is greater than long-term effect;the short-term effect that the commercial property insurance impose on household consumption is negative while the long-term effect is positive.(2)with the low level consumption as a benchmark, the more household pay for commercial property insurance, the more intense willingness to consumption in households with mid-low consumption, mid-high consumption and high consumption, and the effect on mid-high consumption household is more apparent; with the households that do not want to take any risk as a benchmark, the more household pay for commercial property insurance, the more intense willingness to do various investment. Therefore, enlarging the coverage of commercial property insurance and strengthening insurance guarantee are beneficial for household to form good anticipation of consumption and investment, and then increase expenditure. References | Related Articles | Metrics

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A Study of the Influence of “Replace the Business Tax with a Value-added Tax” on Theoretical Tax Burden and Deduction Factors——An Analysis based on the Input-output Data in Zhejiang Province 2017, 59(5): 75-83.  Abstract ( 102 )   To replace the business tax with a value-added tax is one of the most important tax reforms in our country at the present stage. The thesis uses the input-output method to measure the changes in the theoretical taxation and tax burden of the industries involved in the pilot reform in 2012 and the comprehensive reform in 2016 in Zhejiang Province, analyzes the input VAT of each industry and the reasons of tax burden change in important industries by combining the present tax policy and industrial situation. The study finds out tax reduction effect is obvious after the reform, the theoretical tax burden of most industries calculated significantly has decreased, except for cultural and artistic services, real estate and water conservancy; from the perspective of industrial structure, deduction from the building materials industry and cultural and educational inputs make a major contribution to the reduction of theoretical tax burden of construction industry and financial sector, the lack of input deduction from leasing and business services is the main reason for the increase of theoretical tax burden in the real estate tax, reflecting “replace the business tax with a value-added tax” gets through the deduction chains of the secondary industry and the tertiary industry and the effect avoiding repeated taxation on production. References | Related Articles | Metrics

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An Empirical Analysis of the Effectiveness of Grain Price Policy Regulation in China WU Cai-rong, LUO Feng 2017, 59(5): 84-92.  Abstract ( 95 )   With the implementation of China′s food price control policy and constant increase of grain price subsidies in China since 2006, grain price also showed a rising trend,which leads to increasingly fierce debate on the effectiveness of food price regulation. Using the domestic and international monthly price data of maize, rice, soybean and wheat, the paper analyzes the linkage relationship between domestic and international food prices from the perspective of cointegration, and tests the effectiveness of domestic grain price policy regulation from the perspective of domestic food price fluctuate itself. The results show that: in the past ten years, the domestic government′s policy control over the four major food prices, cannot bring a smooth grain prices; domestic and international grain price did not show a significant cointegration relationship; with the weakening of the degree of grain price regulation, domestic and international food prices have gradually increased, but there are differences between domestic and international grain prices affect each other in the varieties; grain price fluctuation of domestic soybean has cluster, intertemporal transfer effects and conditional heteroscedasticity characteristics, and corn, rice and wheat price volatility have no significant cluster, intertemporal transfer effects and conditional heteroscedasticity characteristics. Our government should grasp grain varieties and regulation efforts to foster the function of grain market and the national competitiveness of grain prices. References | Related Articles | Metrics

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An Analysis of the Determinants of International Service Trade Costs ——Research based on the Panel Data of 40 Economies GONG Jing1, YIN Zhong-ming2，3 2017, 59(5): 93-99.  Abstract ( 93 )   Based on the background of tertiarization and service globalization, this paper analyzes the determinants of 40 economies′ service trade costs from 1995 to 2011 from the aspects of generality and personality factors of service trade costs——space distance, language barriers, time zone differences, service restriction and service trade agreement. Research results show that geographic distance, time zone differences and service restriction can promote service trade costs while the existence of shared borders, common language and regional service trade agreement would play an inhibiting role; on the impact trends, the influence of geographic distance and time zone differences gradually decreases while service restriction and regional service trade agreement gradually increases. Therefore, on the way to reduce service trade costs to expand service trade scale, all countries need to take corresponding measure for the above dimensionss, especially should pay attention to influence factors that have obvious service characteristics, such as service lag, service restriction and regional service trade agreement. References | Related Articles | Metrics

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A Study of the Mechanism and Effects of Trait Affect on Procedural Justice Perception in Performance Appraisals JIANG Wei-dong，XU Qiu-hang 2017, 59(5): 100-108.  Abstract ( 80 )   Employees′ procedural justice perception in performance appraisals is an important part of organizational justice, and individuals with different trait affects will have different subjective perceptions of performance appraisal system. This paper constructs the effect mechanism model of employees′ trait affect on procedural justice perception in performance appraisals, and tests the model by the following-up data. The results show that ratee′s positive trait affect has a significant positive effect on the two dimensions of procedural justice perception in performance appraisals (justice perception of system, justice perception of raters), and negative trait affect has a significant negative effect on the justice perception of the system and raters; perception of organizational politics mediates the relationship between trait affect and justice perception of system and raters. In conclusion, the findings of this research broaden the research field of antecedents of procedural justice perception in performance appraisals from the perspective of affect, and related countermeasures put forward will help managers improve the ratee′s procedural justice perception in performance appraisals. References | Related Articles | Metrics

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Innovation Performance, Executive Compensation and Reputation——Empirical Research based on the Perspectives of Value Distribution and Value Creation XU Ning，ZHANG Jin，WANG Shuai 2017, 59(5): 114-121.  Abstract ( 76 )   Value creation with the purpose of promoting technological innovation has become an important dimension to measure the effectiveness of corporate governance. The paper analyzes the relationship between innovation performance, executive compensation and reputation from the perspectives of value distribution and value creation by using the balanced panel data of Chinese listed companies during 2011-2014. The results show that: financial performance is positively correlated with the level of executive compensation, but it has no significant effect on executive reputation; innovation performance has obvious effects on executive compensation and reputation, but different innovation performances have different effects, that is, there is a positive relationship between radical innovation output and executive reputation and there is a positive relationship between incremental innovation output and executive compensation; property right has an obvious moderating effect on the relationships between them. Therefore, listed companies can improve innovation ability by designing executive compensation and reputation contract rationally to guide it to make effective technical innovation decision. References | Related Articles | Metrics

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The Effects of Innovation Investment Structure on TFP——An Analysis based on the Moderating Effect of Intellectual Property Rights Protection ZHANG De-ming，LIANG Yuan-xiu 2017, 59(5): 122-128.  Abstract ( 106 )   Innovation investment has an important role in enterprises total factor productivity,the strength of intellectual property rights protection is the basis of decision making for enterprise innovation investment. The paper analyzes the effect mechanism of innovation investment structure under intellectual property rights protection on TFP based on panel data of 30 provinces and autonomous regions (municipalities directly under the central government) during the period of 2001-2010. The results show that innovation investment structure of source, innovation investment structure of input-intensity and innovation investment structure of application have a significantly negative impact on total factor productivity, and intellectual property rights protection has a positive moderating effect on the relationships between innovation investment structure of source, innovation investment structure of application and TFP. Therefore, in the case of the protection of intellectual property rights protection is becoming more and more perfect,enterprises should improve the efficiency of innovation input and the ability of independent research and development to promote total factor productivity. References | Related Articles | Metrics

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A Literature Review of the Relationship between Network Embeddedness and Enterprise Performance——Based on Meta-Analysis TIAN Hong-yun,JIA Rui,LIU Yi-ling 2017, 59(5): 129-136.  Abstract ( 108 )   There is no consensus about the mechanism of the relationship between network embeddedness and performance and no a systematic and objective summary and evaluation in the current research on innovation theory. Meta-Analysis is used in this paper to analyze 10365 independent samples quoted from 52 empirical studies about relationship between network embeddedness and performance. Research results indicate that network embeddedness has positive effect on performance on the whole effect, and effects coming from different types of network embeddedness are different; number of network embededness dimensions, types of literatures, research levels and sample sources have significant moderation effects on relationship between network embeddedness and performance. The above conclusions refined by means of meta- analysis overcomes the shortcomings of lacking quantitative support and subjectivity of traditional literature review method to some extent, therefore, it should be more comprehensive and universal. References | Related Articles | Metrics

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Competitive Effect of Price Discrimination in Intermediate Market and Antitrust Regulation——An Analysis based on Bargaining Theory YU Yan1，REN Jian-xin2，TIAN Miao3 2017, 59(5): 137-148.  Abstract ( 80 )   With the dominance of whole industry chain gradually transferred from upstream manufacturers to downstream manufacturers, downstream manufacturers′ ability to control the market is rising continually, so downstream manufacturers′ bargaining power is also growing, which will lead to the price discrimination in the intermediate market by upstream manufacturers, and have “waterbed effect” on other downstream firms. Based on the perspective of bargaining theory and the market structure of upstream monopoly-downstream oligopoly, the article analyzes the competitive effect of price discrimination in intermediate market under the circumstances of both upstream and downstream firms having some bargaining power. The results show that when the upstream firms choose the downstream firms with strong bargaining power to carry out a unified pricing negotiation, consumers′ welfare under uniform pricing is higher than that under price discrimination; when upstream firms choose the downstream firms with lower bargaining power to carry out a unified pricing negotiation, consumers′ welfare under uniform pricing is lower than that under price discrimination; regardless of the upstream manufacturers choosing strong or weak downstream manufacturers to carry out price negotiation, downstream manufacturers′ profits and total social welfare under unified pricing are always higher than those under price discrimination situation. Therefore, the article concludes that the antitrust regulation of price discrimination in the intermediate market should take into account upstream and downstream manufacturers′ bargaining power and extend the “market dominance” standard to the “relative economic advantage”. References | Related Articles | Metrics

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Pricing and Cooperation Strategy of Enterprises′ Carbon Emission Reduction in Closed-loop Supply Chain LI Hui1, WANG Chuan-xu1, OU Wei2 2017, 59(5): 149-158.  Abstract ( 75 )   The different modes of cooperation between manufacturers and retailers have different effects on the emission reduction rate, recovery rate, pricing, profits and emission reduction utility in closed-loop supply chain. Considering closed-loop supply chain consisted of single manufacturer, retailer and third-party recycler, the paper builds decision models for the emissions reduction rate, the recovery rate and price under the situation of the non-cooperation, incomplete-cooperation (the emission reduction cost-sharing contract and bargaining), full-cooperation, and carries out comparative analysis. The results show that, in general, when the full-cooperation achieves the highest level of emission reduction and recovery and the lowest retail price, it also achieves the highest joint profit and emission reduction utility; for two kinds of incomplete-cooperation, except for the manufacturer′s profits, the emission reduction level, the recycling level, the wholesale price, the retail price，the retailer′s profit, the joint supply chain profit, the third party′s profit and the emission reduction utility in the emission reduction bargaining are better than in the emission reduction cost-sharing. In reality, the most ideal model of full-cooperation emission reduction is difficult to reach. Therefore, government should take measures to promote two kinds of cooperative emission reduction ways. References | Related Articles | Metrics

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Research on Value Chain Integration Model of Automobile Manufacturing Enterprises in Northeast China QI Liang-qun, TANG Li-meng 2017, 59(5): 159-168.  Abstract ( 88 )   Value chain integration is the important way for automobile manufacturing enterprises to obtain competitive advantage by value chain management, which has great practical significance to design and implement the 4.0 strategy of Chinese version of industry in the Northeast′s automobile manufacturing industry, and get rid of the heavy reliance on joint venture brands and low-end self-support. This article puts forward four patterns of automobile manufacturing enterprise integration (dissolution, modules, outsourcing, independence) based on transaction cost theory, division of labor theory and theory of market power, builds mode selection model based on quantitative strategic planning matrix, and carries out a case analysis by taking the choice of integration mode of FAW car research and development activities as an example. Study suggests that for the integration model, neither is superior to the other, so enterprise should choose matching integration model based on their own ability, resources endowment and strategy in order to obtain better integration effect. References | Related Articles | Metrics

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An Analysis of Chinese College Graduates Employment Quality based on Ranking Selection Model LIAN Yong-sheng1, WANG Zhi-hao2, FU Jian-hua1 2017, 59(5): 169-176.  Abstract ( 89 )   Based on the statistical survey data about influence factors of college graduates employment, the paper constructs index system influencing college graduates employment quality and carries out empirical analysis of the main impact mechanism of college graduates employment quality in China by using the ordered probit model. The results show that professional respect factor has the most significant effect on employment quality, and the strongest marginal effect; working conditions have a significant promotion effect on employment quality; staff training has a promotion effect on employment quality, and the impact of public vocational training on the employment quality is not significant; the factor of job stability is weak to employment quality. Therefore, we need to cultivate and improve professional culture in steady economic growth. References | Related Articles | Metrics

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Research on Post-90s Floating Youth′s Willingness to Live in Guangdong Province YU Xiao,CHEN Xin-zao 2017, 59(5): 177-183.  Abstract ( 81 )   Using the survey data of national floating population in 2015, the paper analyzes the features of post-90s floating youth′s willingness to live in Guangdong Province, and empirically studies the influence of population, economy, society and other factors on willingness to live in city. The research shows that post-90s floating youth′s willingness to live in city has a distinct classification structure characteristic, and tends to “I don′t know” option on the whole, among which, the young married and higher education level show relatively high willingness to stay. Marriage, education level, income expenditure ratio, occupational category and employment status have a significant impact on improving post-90s floating youth′s willingness to live in Guangdong Province. References | Related Articles | Metrics

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A Study of the Evaluation Method of Tourist Education in Macao Special Administrative Region GE Mei1，2, JIANG Xiao-feng3 2017, 59(5): 184-192.  Abstract ( 65 )   The intervention of tourists′ quality has been paid attention to by the Macao Special Administrative Region. It is necessary to make a scientific evaluation on tourists′ education system in order to improve the comprehensive effect of tourist education. By constructing the evaluation model of tourist education effectiveness in the ecotourism area, and using Delphi method, AHP, fuzzy comprehensive evaluation method, questionnaire survey, this paper takes the Macao Special Administrative Region as the case to analyze tourists′ ecological knowledge, ecological culture, ecological consciousness, ecological ethics and ecological behavior intention before and after entering the Macao Special Administrative Region with the help of SPSS software, and the influence of tourists′ social characteristics on the educational effect according to the difference of scores of different groups. The purpose of this paper is to set up a set of index system and method which can be used to evaluate the effect of education in Macao Special Administrative Region. References | Related Articles | Metrics