Commercial Research

The Effects of Multiple Celebrity Endorsement on Consumer′s Advertising Attitude: An Analysis from the Perspective of Self-Construal Theory

GONG Yan-ping, XU Huan

2018, 60(3): 11-20.

Abstract ( 106 )

In marketing practice，some enterprises will choose a number of celebrity endorsements in one advertisement simultaneously. However, different group endorsement types(the same type of group Vs different types of group) may produce different advertising effects. From the perspective of self-construal theory, the paper examines the effects of multiple celebrity endorsement advertisement on consumer′s advertising attitude: compared to the different types of group endorsement, the same type of group endorsement will bring better advertising attitude. This effect is mediated by consumers′ perceived processing fluency of the advertisement, and is moderated by consumers′ self-construal. Specifically, for the independent self-construal consumers, the same type of multiple celebrity advertising attitude is better; for the associated self- construal consumers, different types of multiple celebrity endorsement attitude is better. The result of the analysis of the eye movement data further supports these conclusions and provides a possible explanation.

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Research on Protection of Commercial Marks from the Perspective of Accession

DIAO Shun1, CHEN Jia-hong2

2018, 60(3): 21-28.

Abstract ( 80 )

Conflicts of the ownership and sharing of benefits arise frequently after the combination of different commercial marks and labour, however, China′s existing protective paths tend to the one-sided protection of the rights and interests of a particular subject resulting in imbalances of interest or share the rights and interests of commercial marks by the parties, which isn′t conducive to its subsequent dynamic transfer. The current legal rules fail to provide effective guidance, so that in the judicial practice the plights of application of law have appeared, such as the cases of package and decoration between GPHL and JDB corp. To solve these problems, it is essential to introduce the accession rules into the future Part of Property Right of the Civil Law through the blend of legislative model. Following the arbitrary norms that the parties′ agreements are prioritized should mainly base on the transformation test and partially base on the disparity-of-value test to decide whether the accession things have been formed, then the party who makes a greater contribution owns the exclusive rights of the commercial marks, and the party shall make up for the other party′s corresponding input and income.

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Brand Relationship Building from the Perspective of Visitor Experience: The Moderating Role of Global Consumption Orientation

KUANG Hong-yun1,2,JIANG Ruo-chen3

2018, 60(3): 29-38.

Abstract ( 85 )

The Disney Park in Shanghai makes a profit on the occasion of one year′s opening, while its many Chinese counterparts are in a state of loss. The most important reason for the different market performance lies in the high value brand equity(brand relationship) derived from the visitor experience that Shanghai Disneyland provided. Based on the analysis results of previous in-depth interview data and grounded theory, this paper constructs the model of brand relationship building model based on experience, and uses moderating effect analysis to deal with the data. The results show that brand relationship in Chinese cultural context consists of three dimensions: trust/dependence, commitment, expression of social value, the second-order factor experience and emotional experience have significantly positive effect on the three brand relationship dimensions, global consumption orientation does not play role in relationship between experience and brand relationship, but it reversely moderates the relationship between emotional experience and brand relationship. This research further reveals the constructing mechanism of brand relationship in cross cultural consumption context, and provides a theoretical reference for theme park and transnational enterprise marketing decision in the big picture of going global practice in modern China.

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Can Bond Short Selling Constrain Over-investment of Listed Companies?

WANG Lei-xi, ZOU Hui-wen

2018, 60(3): 39-47.

Abstract ( 107 )

Over-investment and repeated construction are the stubborn diseases in economic growth since China′s reform and opening to the outside world. To find out more external governance tools and ways for over-investment, this paper uses A shares listed company dataset from 2007 to 2016 in China to examine the interactive relationship between short-selling and over-investment through Mixed Regression Model and Logit Regression Model. The research shows that when investment opportunity declines, if the corporation is still expanding its investment scale, the investors in financial markets will take advantage of the “bad news” and short sell the stock, and securities lending short selling also reduces the probability of a company′s serious over-investment to a certain extent. After controlling for possible endogenous problem with Difference-in-Difference approaches, Propensity Score Matching and the residual of short-selling flow, the above result shows robust. Moreover, the paper finds short selling can reduce over-investment through channels such as “Self-discipline effect”, “Hawthorne effect” and “improving accounting information quality”. However, “Feedback effect” and margin trading have no significant effect on over-investment. Therefore, short selling can constrain over-investment and improve corporate value, perfecting company management.

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Government Quality, Financial Transparence and Firm Financing Constraint: An Analysis based on Questionnaire Data of Chinese Manufacturing Enterprises

LI Hou-jian

2018, 60(3): 57-66.

Abstract ( 88 )

In the transition economies with imperfect institution, government quality and financial transparence play key roles in allocating credit resource, thus it affects firm′s financing constraint. For the effect and mechanism of this effect, this paper carries out test and investigation by using World Bank questionnaire data from 2848 Chinese Enterprises. The results show that, the government gives a helping hand to those firms which are in trouble in terms of financing: government can enhance the level of government quality by reducing the corruption level, strengthening the politic stability, improving the quality of legal system, reinforcing public security and reducing tax burden to provide a good institutional environment for enterprise financing and improve the government quality, which is conducive to relieving the problem of financing constraint; meanwhile, enhancing firm financial transparence can effectively reduce the information asymmetry between enterprises and financing institutions and improve the ability of access to external financing, then mitigate the problem of financing constraint; government quality has a regulatory role, and financial transparence has a stronger effect in mitigating the firm′s financing constraint in the region with higher level of government quality.

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Family Consumption under the Impact of Demolition: An Analysis of Moderating Effect of Family Wealth and Health

YUAN Wei, HUANG Rong

2018, 60(3): 67-75.

Abstract ( 76 )

Based on the Theory of Mental Account and Conservation of Resources Theory, this paper uses the data of “China Household Finance Survey” in 2011 to examine the impact and mechanism of house demolition on family consumption. On the basis of the problem of eliminating the sample self-selection, the robust research results obtained by the empirical test show that house demolition significantly increases the level of family consumption. That is, the consumption of demolition family is significantly higher than that of non-demolition family. However, family wealth and health have a significantly positive regulating effect on the relationship between house demolition and family consumption. Through further heterogeneity research, this paper also finds that relative to non-demolition families, housing demolition significantly improves the consumption of relocate households with houses, but does not significantly increase the consumption of relocate households without houses. This paper analyzes the impact of house demolition on family consumption from the perspective of sociology, economics and psychology, reveals its impact mechanism, provides new insights for human economic behavior and results, and fills the existing theoretical vacancies. At the same time, the findings of this paper have important reference value and guiding significance for the government to formulate consumption policies and promote economic growth.

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An Analysis of Warning of Harbin Local Government Debt Risk based on PCA Method

ZHANG Xiao-feng

2018, 60(3): 76-82.

Abstract ( 101 )

With the steady growth of Harbin community economy and expansion of local government debt scale, how to effectively prevent the risk of local government debt to promote the development of local economy, is an urgent problem to be solved. Using PCA method, the paper constructs the index system of Harbin local government debt risk, and carries out early warning analysis, finding the main causes of the risk are local government debt risk is high,fiscal direct project debt is higher, secured debt is uncertain, the increasing recessive debt of local government and low efficiency of debt capital use, the enhancement of debt financing costs, local financial solvency is poor and local debt repayment channels are blocked and so on. Therefore, reducing indebtedness risks to alleviate indebtedness pressure is the basic measure to prevent the risk of local government debt.

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Research on the Relationship between Psychic Distance and Location Choice of Chinese OFDI: An Analysis based on the Regulatory Function of Experiential Knowledge

WANG Zeng-tao1,2,YU Jie1, LI Jin-zhi3

2018, 60(3): 83-90.

Abstract ( 78 )

Psychic distance is the dominant factor to affect the location choice of OFDI. Based on DOW′s psychic distance dimension and from the view of international experience, the article builds a psychic distance dimension system including language, culture, religion, education development, industrial development, political system, geographical distance, technological innovation level and overseas Chinese network, and empirically analyzes the effect of psychic distance on the location choice of Chinese OFDI and the moderating effect of international experience on the relationship between psychic distance and Chinese OFDI location choice by using the samples of top 50 economies of average GDP in the world from 2006 to 2015. Empirical analyses show that psychic distance has negative effect on the location choice of Chinese OFDI, other dimensions of psychic distance have negative influence on the location choice except the level of education development and industrial development, international experience positively moderates the relationship between psychic distance and the location choice of Chinese OFDI. These findings suggest that in order to promote the OFDI process, Chinese enterprises should improve their understanding of host countries′s culture, institutions, religions, etc., pay more attention to technological innovation and human capital inputs, vigorously expand the overseas Chinese network, further study and accumulate related OFDI experience.

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An Empirical Study of the Impact of Stock Market Crisis on the Spillover Effects between China and U.S. Stock Markets

LIU Cheng-li1, WANG Zhao-hui2

2018, 60(3): 91-101.

Abstract ( 74 )

During the 2015 stock market crisis, China′s regulators have implemented a series of regulatory measures for the capital markets, which affect the pricing efficiency of China′s stock markets, and the spillover effects of U.S. stock markets on China stock markets. Based on SVAR model, Dynamic Granger Causality Test and quantile regression, the paper analyzes the influence of the 2015 stock market crisis on information spillover effects between China and U.S. stock markets. Empirical conclusions are as follows: the U.S. stock markets dominates in the process of information transmission between China and U.S. stock markets, and the spillover effects of U.S. stock markets on China stock markets tend to enhance significantly after the 2015 stock market crisis, especially in the down market. Among them, the contemporaneous and asynchronous spillovers effects are both of a one-way interaction, China stock market overnight return influenced by U.S. stock markets daytime return is reflected as a V curve by using quantile regression model, and the impact of the negative impact from the stock markets in U.S. on that in China in a bear market has become greater after the 2015 stock market crisis. Our regulatory authorities and investors cannot ignore the linkage between the U.S. stock markets and the domestic markets. The policy makers should optimize the structure of the market investors, promote the openness of the capital market, and improve the pricing efficiency of China stock markets.

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The Behavior Choice with Severe Deficiencies of Internal Control Disclosure of Listed Companies： An Analysis based on Severity of Internal Control Deficiencies

SHI Lei，XING Cheng，XU Ning-ning

2018, 60(3): 102-106.

Abstract ( 96 )

Internal control deficiencies is the core of internal control evaluation report, because the accurate internal control information disclosure can make investors fully understand the business situation of the enterprise. The true disclosure of the severity of the internal control deficiencies is the premise and foundation for presenting the information decision-making value. This paper is based on a sample of A shares listed companies with non-significant internal control deficiencies disclosed in Shanghai and Shenzhen stock exchanges from 2013 to 2015(four signs can be as the identification basis to determine whether there is a major internal control deficiency in companies or not) and respectively analyzes whether listed companies truthfully disclose the existing material internal deficiencies. Research shows that the listed companies have behavior choice under the system of compulsory disclosure of deficiencies，like reducing the severity of the deficiencies, material deficiencies being disclosed as important or even general deficiencies, which affects the reliability of internal control evaluation reports. Therefore, listed companies should strengthen their own internal control construction and self-evaluation work to improve the voluntary nature of the true disclosure of deficiencies; the regulatory authorities should give full play to their supervisory functions and establish a sound audit mechanism to increase penalties and the cost of violations for the problematic listed companies.

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Research on the High-star Hotel Attributes based on IPA Analysis

YAO Yan-bo，HOU Ping-ping，LIU Yi-xue

2018, 60(3): 107-114.

Abstract ( 115 )

In order to improve the hotel service quality in a targeted way, it is necessary to explore the customer′s needs and satisfaction of the hotel′s attributes. This paper takes high-star hotels(4 stars and 5 stars) as the research objects, investigates the importance and satisfaction of customer-perceived hotel attributes through questionnaires, and uses paired sample T-test and IPA analysis method to carry out empirical study of their difference. The results show that there is a significant gap between the importance and satisfaction of customer perception of hotel properties;18 attributes such as hotel security and cleanliness are in an advantageous area, requiring the hotel to continue to maintain, while 6 attributes such as hotel service personnel′ grooming and parking are in the maintenance area, which needs to be adjusted and optimized; hotel offers discount, providing flexible dining hours are areas for improvement which needs hotels′ attention; the services provided by the hotel are in a vulnerable area and need to be improved in time by taking effective measures. This research helps to enrich the related research of hotel property theory and provide theoretical basis and suggestions for improvement of hotel management practice.

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A Review of the Research on the Top Management Team Heterogeneity and Firm Performance

ZHANG Jin-qing, XIAO Jia-qi

2018, 60(3): 115-122.

Abstract ( 84 )

With the strengthening of specialization, the difference between senior members is increasing, and the existing literature has explored the relationship between top management team heterogeneity and firm performance: first, the direct relationship between TMT heterogeneity and firm performance; second, the mediators of the relationship to explore the process between TMT heterogeneity and firm performance; third, the moderating variable of the relationship to explore whether the process is affected by other factors and shows different characteristics. This paper aims to review and analyze the existing literatures and put forward some problems to be focused in the future, which can help readers to understand the current status in this field and future research directions, and it will also be propitious to the construction of enterprise top management team, the human capital development and economic transition in our country.

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Environmental Regulation, Ecological Innovation and Enterprise Competitiveness: An Analysis based on Data of Mineral Resources Enterprises

HE Yu-mei, LUO Qiao, ZHU Xiao-wei

2018, 60(3): 132-137.

Abstract ( 95 )

The traditional view of New Classical Economics is that environmental regulation will lead to the increase of the cost of enterprises, but “Porter Hypothesis” considers that a reasonable set of environmental regulation policy can stimulate the enterprises to carry out ecological innovation, generate innovation compensation effect, improve enterprise performance, so as to make the enterprises gain competitive advantages. Based on the conflict between “Porter Hypothesis” and the New Classical Economics, this paper uses 3024 panel data of 42 mineral resources listed companies in Shanghai and Shenzhen stock markets from 2010 to 2015 and conducts the empirical research on the relationship among environmental regulation, ecological innovation and enterprise competitiveness. The results show that environmental regulation has incentive effects on the ecological innovation of enterprises in the short term; enterprises with ecological innovation can promote the competitiveness, and ecological innovation can promote the enterprise competitiveness, but the influence of environmental regulation has lag effect. The above conclusions will provide reference for the promotion of ecological innovation and enterprise competitiveness, and provide the theoretical basis for the government departments to formulate effective environmental regulation policies.

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An Analysis of Spatial Clustering Characteristics of Urban Commercial Network in Heilongjiang Province and Its Influence Factors

ZHANG Jun-e1,2,WANG Dong2,WEI Yu2

2018, 60(3): 138-142.

Abstract ( 107 )

Aiming at the phenomenon of spatial distribution of China′s urban commercial networks, such as the unreasonable distribution of location, unscientific business structure, and similar commercial functions. The paper hopes to provide reference for the commercial network planning and commercial circle evaluation, business structure and optimization of commercial space structure through the analysis of the spatial clustering characteristics and influence factors of urban commercial networks in Heilongjiang Province. Based on the commercial network data of Heilongjiang Province, combined with Heilongjiang business statistics, using arcGIS10 statistical software, and through the analysis methods of nuclear density, average nearest neighbor index, and coupling degree, the three types of commercial networks in wholesale, retail, catering, and lodging industries are explored. Based on the characteristics of spatial agglomeration and business structure, this paper analyzes the factors affecting regional agglomeration of the three types of commercial networks in Heilongjiang Province. The results show that the spatial distribution of the three types of outlets shows the characteristics of centralized agglomeration and scattered distribution, and different types of business,and the spatial layout of commercial outlets is quite different; the structure of commercial outlets shows that the number of outlets is dominated by the wholesale and retail trade, followed by the catering industry, and the retail outlets in commercial outlets have the best economic returns; the most important factor in the agglomeration of outlets is the residents′ spending power and the level of regional economic development.

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Labor Migration and Productivity Provincial Divergence: Mathematical Analysis and Empirical Test

SUN Wei, LIU Zhi-chao

2018, 60(3): 143-151.

Abstract ( 90 )

For the new trend of productivity provincial divergence, under the framework of labor migration, this paper carries out mathematical analysis and empirical test according to different regions and stages on the evolution rule of productivity from two aspects: migration mechanism, migration and productivity convergence mechanism. The results show that demographic dividend and labor supplement variation lead to productivity provincial convergence, then comparative stability and significant divergence in the end; accompanied by demographic dividend window is shut, compared with inflows province productivity rising, outflow province labor supply significantly inhibit productivity rising and decline, leading to inter-provincial productivity divergence. At present, unbalanced and insufficient development of contradictions are common and significant. Promoting labor return migration could not only continue demographic dividend effectively, but also extend the provincial productivity relative stabilization period of rapid economic growth, thus avoiding technology and economy provincial divergence and overall economic growth slowing down.

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Urban Agglomeration Economies and Rural Labor Mobility：Theoretical Framework and Empirial Study

ZHOU Guang-xia1,2，LIN Le-fen3

2018, 60(3): 152-161.

Abstract ( 81 )

Under the background of household registration system reformation, agglomeration economy has led to the flow of large scale rural labor to the city by pecuniary externalities and technological externalities, which are complementary in explaining agglomeration effects, promoting the process of urbanization in China. Through forward and backward linkages in the industry, pecuniary externalities affect rural labor mobility by means of the function of price; technological externalities influence the spatial distribution through the knowledge spillover gotten by labor sharing, communication and learning. The theoretical analysis and measurement test show there is U-shaped relationship between pecuniary externalities measured by market potential and the rural labor mobility scale, there exists “∽” shaped relationship between technological externalities measured by city population and rural labor mobility scale, and in the two kinds of power game of “agglomeration - Household Registration”, urban agglomeration dominates China′s urbanization. Thus it is still the foundation of realizing the goal of urbanization in China to explore the reform of the household registration system and make good use of agglomeration economies in the future.

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Intergenerational Difference in the Impact of Income Level on Migrant Workers′ Relative Deprivation: Inspection and Interpretation based on the Perspective of Social Fairness

OUYANG Bo-qiang1, ZHANG Guang-sheng2

2018, 60(3): 162-170.

Abstract ( 106 )

Under the background of social stratification and intensification of the internal differentiation of migrant workers, is there any intergenerational difference in the impact of income level on the relative deprivation of migrant workers? Based on the analysis of China′s comprehensive social survey project data, Bootstrap mediation test method and structural model, this paper finds that, there is intergenerational difference in the impact of income level on workers′ relative deprivation; for the original migrant workers, the increase of income can significantly reduce economic deprivation and social deprivation, and social fairness plays mediating effect; for the new generation of migrant workers, the increase of income can reduce economic deprivation but cannot reduce their social deprivation significantly, and social fairness does not produce mediating effect.Therefore, It is necessary to consider the intergenerational differentiation in a reasonable guide to the transfer of labor on the township, and it is important to reduce migrant workers′ relative deprivation by measures of further increasing the source of income, entrepreneurial support, public service supply.

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Research on Game Equilibrium of E-commerce Platform Market Influenced by Demand Discrepancy based on Logistics Timeliness

XIA De-jian1,2, WANG Yong1,2

2018, 60(3): 171-176.

Abstract ( 108 )

With the popularity of internet transactions, more and more enterprises and individuals have taken the internet market as an important channel for product purchase and sale. The increase in the volume of online shopping has not only promoted the prosperity of the e-commerce platform market, but also brought great pressure to the smooth logistics. Logistics timeliness is considered as the decisive variable affecting buyer′s online shopping and logistics costs. The paper constructs two different decision-making game models of the e-commerce platform market based on the buyer′s demand function affected by linear and non-linear logistics timeliness, solving and comparing the equilibrium of the decisions and income of the participants of the e-commerce platform market, such as e-commerce platform company, the online seller, the online buyer and the logistics express enterprise. The results show that the stronger the basic demand of buyer′s online shopping, the more likely the buyer′s demand function for logistics timeliness is linear, so under this circumstance, the prices of the platform, the online seller and the logistics provider are lower, while the buyer′s purchase quantity is higher, and the equilibrium returns of all parties are higher than those of nonlinear scenarios;on the contrary, when the buyer′s basic demand for online shopping is weaker, the more likely the buyer′s demand function for logistics timeliness is nonlinear, so under this circumstance, the prices of the platform, the online seller and the logistics provider are lower, while the buyer′s purchase quantity is higher, and the equilibrium returns of all parties are higher than those of linear scenarios. The decision equilibrium of the two different kinds of demand function can provide some reference for the platform, the online seller and the logistics express enterprise to quickly identify the buyer′s demand type and realize the rationality of their price decisions, and then optimize their profit margins.

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