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22 May 2018, Volume 60 Issue 5 Previous Issue    Next Issue

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Historical Inevitability and Path Choices of Northeast China′s Economic Revival from the View of Industrial Development ZHAO Ru-yu1, CHEN Qiang2, WANG Yuan-yu2 2018, 60(5): 1-11.  Abstract ( 91 )   At present, Northeast China is undergoing a severe economic decline, which has drawn a great amount of social attention, so that some people stated that Northeast China′s economy might fall behind for a long time. The cause of the economic recession in Northeast China is directly represented by the gap in its system, mechanism and concept, but in fact, the economic decline of Northeast China is the result of several industry absences in economic base, including traditional leading industry absence, emerging industry absence and resource-based industry absence, which in turn form institution rigescence in superstructure. From the views of industrial development cycle, national macro-policy choice as well as regional resource endowments, the Northeast China′s depression has its historical inevitability; its revival in turn is also a matter of natural course,since the arrival of new industrial revolution, the implement of market-oriented reform and the radical change of external environment will be a great chance for Northeast China′s economy to rise again,hereby, how to make right arrangements for Northeast China′s economic activities would be the key to revival in the near future. Therefore, only by objective and scientific understanding of the Northeast economy, can we make the right policy choices. References | Related Articles | Metrics

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Heterogeneous Effects of Trust and Satisfaction on Consumer Loyalty：. A Case Study of Yu Ebao Users HUANG Lin, ZHENG Da-qing. 2018, 60(5): 12-19.  Abstract ( 80 )   This paper teases out two basic logic paths of the formation of consumer loyalty which means the “trust-loyalty” and “satisfaction-loyalty”, and inherits the multidimensional measurement framework of consumer loyalty to explore the heterogeneous influence of trust and satisfaction on consumer loyalty and uncertainty relationship between trust and satisfaction. Based on the empirical analysis of the Yu Ebao user′s data, the paper finds that trust mainly affects consumers′ affective loyalty while satisfaction mainly affects behavior loyalty; for the Yu Ebao users, trust affects the satisfaction but not opposite, and perceived value and perceived enjoyment are the vital antecedents of Yu Ebao user′s trust and satisfaction. The present research contributes to the consumer loyalty theory and the practice of Internet financial services.. References | Related Articles | Metrics

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Dynamic Pricing of Substitute under Social Influence GUAN Zhen-zhong, ZHANG Shi-hao. 2018, 60(5): 20-30.  Abstract ( 82 )   Focusing on the dynamic pricing problem of substitutes which have different qualities under social influence, the paper figures out two pricing decisions of the monopolist retailer facing myopic or strategic consumers by using the dynamic game model, and builds the maximum profit model of the retailer to investigate the social influence on optimal pricing and maximum profit of retailers. Study finds that the greater the social influence of high-quality product is, the higher the optimal pricing of high-quality product is and the lower the optimal pricing of low-quality product is, and the maximum profit of the retailer decreases first and then increases when the retailer faces myopic consumers; when consumers are strategic, for different parameter ranges, the social influence on retailer optimal pricing may be positive or negative ; and in the numerical experiments, the results show that the optimal pricing and the maximum profit of the retailer are not only related to the social influence but also related to the quality of products, the discount factor and other variables. The paper provides a theoretical explanation for the behaviors which consumers catch up with popular merchandises and retailers adjust the price of hot commodities, and also provides support for retailers to make pricing decisions facing socially influenced consumers.. References | Related Articles | Metrics

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Sharing Economy: Empowerment, Value Co-creation and Business Model . Innovation： A Case Study of ZhuBajie HAO Jin-lei, YIN Meng. 2018, 60(5): 31-40.  Abstract ( 103 )   “Empowerment platform” is an important evolution trend of Internet companies. How to reshape the logic of value co-creation, in turn, guide the business model innovation path by using empowerment, needs further theoretical explanations and case studies. The paper builds theoretical model of “Empowerment-Value Co-creation-Business Model Innovation” model(it is divided into three stages) under the background of sharing economy based on a case study of ZhuBajie, and studies the internal mechanism of the different stages of empowerment: in the phase of user empowerment, users can participate in value co-creation process through platform empowerment, and two-side network realize value co-creation by platform matching, and business model service value co-creation from market segment; in the phase of data empowerment, data reveal potential needs by data empowerment, and industrial chain extends to the generic demand, and whole industry chain realizes value co-creation through the combination of the Internet and the traditional industries; in the phase of ecology empowerment, through the interactive scene and collaboration tool developed by the platform and taking incubate innovative and entrepreneurial groups as the main line, whole ecosystem realizes empowerment to each other, sharing information and resource to each other and value co-creation. This study explores the evolution logic of value creation and business model innovation from the perspective of empowerment, and realizes the research case docking and theory deepening.. References | Related Articles | Metrics

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The Myth of “Burning Money”: The Initial Growth Strategy of Firm in Early . Post-IPO Period WANG Jun-zhe. 2018, 60(5): 41-53.  Abstract ( 82 )   Sacrificing profit to size expansion and market share is a mainstream growth strategy of entrepreneurial firms, but the question whether it can indeed lead to expected growth remains unsolved. With firms getting listed during 2000~2010 in Shanghai and Shenzhen stock markets, this study investigates the influence of two different growth strategies in early post-IPO period on firms′ long-term growth. The results show that nearly half firms have “burned money”, sacrificing profit to size expansion during the first two years after IPO, but their long-term growth of asset, revenue and market value are all lower than those firms that pay more attention to profit. Further results from case study suggest that, the firms that pay more attention to profit concentrate investments on the existing primary businesses that can go soon into operation and earnings, which is helpful for future operation and refinancing, bringing fast growth without fierce fluctuations; on the contrary, those “burning money” firms invest intensively in new areas, which leads to market risks accumulating with long project cycles, making these firms earn less than expectations, besides, their original businesses will shrink or take a loss due to under-investment, further forcing them to refinance. Despite a few of them can finally gain constant refinancing, most are indeed constrained by the refinancing barrier. Therefore, “burning money” strategy will disperse firm growth rate. To sum up, the current “burning money” expansion is not a general and effective growth strategy.. References | Related Articles | Metrics

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Accounting Conservatism, Investors Heterogeneous Belief and Stock Idiosyncratic Risk: . An Empirical Analysis based on A-share Listed Companies from 2011 to 2015 ZHANG Duo-lei, ZHAO You-ming, WANG Zhi. 2018, 60(5): 54-62.  Abstract ( 60 )   This paper selects A-share listed companies from 2011 to 2015 as samples to test mediating effect of investors heterogeneous belief on the relationship between accounting conservatism and stock idiosyncratic risk. After the study, it finds that: the accounting conservatism can inhibit investors heterogeneous belief and stock idiosyncratic risk; investors heterogeneous belief can significantly raise stock idiosyncratic risk, that is, they are significantly positively correlated; investors heterogeneous belief plays a partial intermediary factor in the process of accounting conservatism inhibiting the stock idiosyncratic risk, and accounting conservatism affects the stock idiosyncratic risk through the dual path of direct and indirect integration. Therefore, relevant government departments should improve the accounting conservatism, strengthen the construction of information disclosure system, and increase punishment for illegal information disclosure. Listed companies should implement the information robustness requirements, improve management incentive and supervision system, and enhance the overall quality of financial personnel. External investors should combine active learning and training of supervision departments to enhance their risk identification and prevention capabilities.. References | Related Articles | Metrics

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The Aggregation Effect and Diffusion Effect of Regional Economic Growth based on the Comparative Analysis of Yangtze River Delta and Beijing-Tianjin-Hebei Region WU Hao, LI Mei-qi 2018, 60(5): 63-69.  Abstract ( 66 )   The aggregation effect and diffusion effect are the important dynamic mechanisms promoting the evolution of regional spatial structure. This paper uses the concentration index to measure the development status of urban system of the Yangtze River Delta region and the Beijing-Tianjin-Hebei region from 1995 to 2015. Research shows that the Yangtze River Delta is a very clear and orderly urban system, which takes Shanghai as the core and Nanjing, Hangzhou and Suzhou as the second core; in the Beijing-Tianjin-Hebei region, not only there is a low degree of coordination between Beijing and Tianjin, but also the urban hierarchy is not clear and orderly. Through the sequence- regression method, it is found that the urban system of the Yangtze River Delta is becoming more and more reasonable, while the urban system in the Beijing-Tianjin-Hebei region has not been improved significantly, and the difference of Pareto index in the two major urban agglomeration is expanding. Therefore, promoting the coordinated development of Beijing-Tianjin-Hebei region and urban agglomeration construction, should be based on the experience of urban agglomeration in Yangtze River Delta, that is, the dual-core in Beijing-Tianjin-Hebei region should play the diffusion effect better to drive the urban economic and social development. References | Related Articles | Metrics

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Research on the Impact of P2P Assignment of Debt on Financing Efficiency from the Perspective of Liquidity ZENG Jiang-hong，CHEN Ye 2018, 60(5): 70-76.  Abstract ( 56 )   As one of the most important innovation mechanisms in the localization process of P2P, assignment of debt injects liquidity into the market,which is of great significance to the development of the industry. From the perspective of market liquidity, the paper collects 482 projects from “Hexindai” P2P platform, and uses propensity score matching and double difference model (PSM-DID) to study the effect of assignment of debt on P2P financing efficiency, including time cost and capital cost. The results show that the financing speed of P2P projects increased significantly, and the interest rate reduced significantly under the mode of assignment of debt, assignment of debt helps to alleviate investors′ investment bias; compared with short-term projects, the assignment of debt has a more significant impact on long-term projects, which have a disadvantage in terms of liquidity; compared with the production projects, the assignment of debt has a more significant impact on the consumer credit，which have a disadvantage in terms of information. In view of the positive role of the assignment of debt mechanism of P2P platform, the platform and the regulatory authorities should guide the independent innovation of the platform under the premise of controlling the risk to promote the standard growth and healthy development of the industry. References | Related Articles | Metrics

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Information Incorporation and IPO Book-Building System Efficiency HUANG Shun-wu, WANG Ning, YU Kai 2018, 60(5): 77-85.  Abstract ( 71 )   IPO pricing is a process that information incorporates into price and price revises gradually. This paper assesses the efficiency of book-building mechanism based on the perspective that information incorporates into IPO price using the data of IPO market through the second reform of book-building mechanism of China. Research shows the issue price has partially adjusted the information in book-building, the information that hasn′t been priced in issue price has obtained underpricing reward, and the partial adjustment for private information is in order to stimulate the institution to enclose the demand information of IPO truly, but the partial adjustment for public information has revealed the inefficiency of book-building mechanism in China; the adjustments for IPO issue price to information are asymmetric, much bigger for negative public information and private information when the institutions′ bidder prices are higher, which indicates that book-building mechanism of China has the corrective effect for itself. Therefore, we need to improve the reveal ability for issue price to public information and use the ration rule of “Close to the Price” to restrict the high quotation actions of institutions. References | Related Articles | Metrics

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Research on the Determinants of Chinese Enterprises′ Direct Investment in India GONG Xiu-guo, XIE Xiang-wei 2018, 60(5): 86-95.  Abstract ( 134 )   With the rapid economic development, India has become one of the most attractive investment hotspots in the world，and is an important country along the“Belt and Road”, which has a huge investment market. From the perspective of deepening Sino-Indian industrial capacity cooperation and realizing technological transfer, Chinese enterprises have great potential for direct investment in India. By investigating the status and characteristics of Chinese enterprises′ direct investment in India, the paper builds a determinant model of direct investment and empirically analyzes the determinants of Chinese enterprises′ direct investment in India. The results show that there is a “paradox on the relationship between Indian demographic dividend and foreign direct investment”: in the long run, India′s demographic dividend has little impact on Chinese enterprises′ direct investment in India; due to India′s technology transfer policy and “Safety Review” on foreign direct investment, India′s input in scientific research has little impact on Chinese companies′ direct investment in India. Therefore, the size of the India market, the R&D investment of India and the export of China to India are the main factors that affect China′s direct investment in India. The trade frictions between China and India have an impact on China′s direct investment in India. References | Related Articles | Metrics

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Financial Literacy，Self-confidence Bias and Household Wealth LUO Juan, WANG Lu-lu 2018, 60(5): 103-112.  Abstract ( 101 )   Based on survey data from Chinese urban household consumer finance, this paper discusses the specific effects and functionary channels of financial literacy on household wealth from both the subjective and objective aspects. The findings suggest that financial literacy has a directly and significantly positive impact on household wealth, and can also has an indirectly positive impact through financial behaviors such as formulating planning, invest in stock, investment decentralization and consulting financial advisors; the net value of financial behavior after excluding financial literacy also plays an important role in promoting household wealth. In addition, financial literacy self-confidence bias has an inverse U-shaped nonlinear impact on household wealth, the reduction in the degree of self-confidence deficiency has a positive effect on household wealth, but with the increase of self-confidence, the increase in overconfidence will reduce household wealth. The conclusion of the study has policy implications for cultivating and improving residents′ financial literacy. References | Related Articles | Metrics

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Political Incentive of SOEs, Accounting Conservatism and Investment Efficiency: An Empirical Analysis based on the Anti-corruption Storm WANG Li-juan, CAO Ya-nan 2018, 60(5): 118-123.  Abstract ( 61 )   The administrative color of SOEs in China has a distinct political motivation, which affects the investment decision-making and investment efficiency of enterprises. Based on the data of A-share listed companies of China from 2007 to 2016, this paper carries out empirical analysis of the relationship between the political incentive of SOEs, accounting conservatism and investment efficiency. Research shows that before (after) the anti-corruption storm, SOEs tend to be more aggressive (defensive), leading to more severe over-investment (under-investment); accounting conservatism alleviates the influence of executives′ omission motivation on underinvestment, but the moderating effect on the over-investment caused by SOEs′ aggressive trend is not significant. The research of this paper enriches the relevant literatures on the influence factors of the political incentives of the SOEs, and provides theoretical reference for resource allocation optimization and long-term development of state-owned enterprises after the anti-corruption storm. References | Related Articles | Metrics

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Controlling Shareholder′s Equity Pledge, Audit Delay and Audit Pricing: An Analysis based on 2006-2016 Data in A-share markets REN Li-li，ZHANG Rui-jun 2018, 60(5): 124-132.  Abstract ( 61 )   As a commonly used financing method for listed companies, while the controlling shareholder′s equity pledge alleviates the financing constraints of the company, it brings about problems such as short selling of large shareholders and excessive earnings management; whether the auditor can realize the risks under risk-oriented auditing and affect audit pricing is a question worth exploring. Starting with the relationship between equity pledge and audit pricing, this article analyzes the auditors′ judgment of corporate equity pledge risk from the perspective of external supervision, finding that the equity pledge will result in audit delay and increase in audit pricing, that is, the existence of equity pledge increases the risk of the company,so auditors reduce potential risks by increasing the level of effort and increasing the risk premium; this correlation is significant in the case of private enterprises, low degree of marketization, and low transparency of the company, and the effect is still significant after the use of the propensity score matching method. The above findings provide an insight from an external perspective for investors to evaluate the risk of controlling shareholder′s equity pledge, and it also has certain reference value for audit pricing. References | Related Articles | Metrics

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A Comparative Study of Discriminatory Pricing Strategy of Platform Enterprises under Horizontal Merger LI Zhi-wen, HAN Qi-ran, XIONG Qiang 2018, 60(5): 133-141.  Abstract ( 79 )   Based on the discriminatory pricing strategy of platform enterprise to new and old users, this paper builds a Salop model with three single-homing-user platforms competing against each other to analyze and compare the effect of platform horizontal merger on discriminatory pricing equilibrium. The result shows that the discriminatory pricing of platforms to the old and new users is related to the cross network externality after the horizontal merger; without considering cost saving factor, the result also shows that it is not necessary for platforms no matter the merged party or the non-merged party to give preferential treatment to new users, and platform′s discriminatory pricing strategy depends on the size of the cross network externality. In addition, whether platforms′ profit will increase or decrease after merge depends on the size of the cross network externalities. The above conclusions are helpful for the platform enterprises to judge the feasibility and rationality of the horizontal merger, or as the basis for the adjustment of the pricing of discrimination after the horizontal merger. At the same time, it also provides reference for the relevant regulatory departments to maintain market order. References | Related Articles | Metrics

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The Financing Strategy of Dual-Channel Supply Chain Considering Manufacturer′s Diseconomies of Scale GUO Jin-sen1, ZHOU Yong-wu2 2018, 60(5): 142-151.  Abstract ( 58 )   In the case of symmetric information framework, a dual-channel supply chain model is constructed, in which the manufacturer is diseconomies of scale and the retailer is capital constrained. By using the Stackelberg game theory, the deferred-payment model and the loan-payment model are considered to dispose the retailer′s capital insufficient problem. The model analysis shows that the optimal product pricing of each supplier in the dual channel supply chain is directly proportional to the diseconomies coefficient of the manufacturer′s production scale, and demand and profit are inversely proportional to diseconomies coefficient of manufacturer′s scale; in the case of the existence of a diseconomies of manufacturer′s scale, when the retailer is capital constraint, the manufacturer′s deferred payment contract can effectively solve retailer′s insufficient funds problem and realize the benefits when the supply chain is not capital constraint; the retailer would never choose loan payment model when the diseconomies of scale elasticity coefficient is low; the numerical simulation shows that the retailer will prefer loan payment model when the manufacturer is less sensitive to the length of deferred payment,otherwise, the retailer always prefers deferred payment model. References | Related Articles | Metrics

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“Carrot” or “Stick”: Policy Effect on Driving a Firm to Carbon Emission Reduction〖WT〗 ZHOU Wei-liang, YANG Shi-hui 2018, 60(5): 152-162.  Abstract ( 63 )   Aiming at investigating whether consumer′s environmental awareness could be used as a policy instrument of carbon emission reduction on the demand side of supply chain, this paper establishes one two-stage dynamic game model, which consists of a manufacturer and a retailer, to compare the impacts of consumer′s environmental awareness, carbon emission reduction policies and product′s initial carbon footprint on supply chain′s carbon emission reduction and profit under policy scenarios of carbon tax, emission amount control, carbon cap and trade, and discuss the separate and common environmental effects and economic effects of environmental regulation policies (“stick”) and environmental awareness (“carrot”) on carbon emission reduction in supply chain. Theoretical analysis and numerical simulation demonstrate that although consumer′s environmental awareness can achieve at the same carbon emission reduction goal and has overlapping effect with an environmental regulation policy, both are different in environmental and economic effect, it can′t substitute any environmental regulation policy; if one would use environmental initiative or regulation policy as an instrument of carbon emission reduction target, the government must pay attention to the comprehensive impacts of consumer environmental awareness, product or industry′ initial carbon footprint and environmental regulation policy′s stringency. References | Related Articles | Metrics

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Decision-making Behavior of Farmers′ Land Transfer and Its Welfare Effect Test: An Empirical Study based on CHIP2013 Data CHEN Zhi-guo1，LI Cheng-you2，XIN Chong-chong3 2018, 60(5): 163-171.  Abstract ( 60 )   The decision-making basis of farmers′ land transfer is its corresponding welfare effect on farmers. In order to optimize farmers′ land transfer decision-making and improve their welfare level, based on the micro survey data of Chinese Household Income Project Survey (CHIP) 2013 database, this paper uses SNEOP model to effectively identify the influence factors of farmers′ land transfer decision-making behavior, and then constructs dose-response function model of generalized propensity score matching method to investigate the welfare effects and differences of land transfer and land transfer on farmers′ families. The research conclusion can effectively match the farmers′ own endowment condition with the welfare effect of rural land transfer, thus making the decision of Pareto improvement made by both sides of rural land transfer trade according to each other′s heterogeneity of source conditions has guiding significance; at the same time, it is instructive for government management departments and other stakeholders to guide and manage rural land transfer. References | Related Articles | Metrics

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Policies and Reference from America and Japan about the Redevelopment of Senile  Intelligence Resource LI Huai1, ZHANG Ying2,SHI Yan-ze2 2018, 60(5): 172-176.  Abstract ( 56 )   The existing employment and retirement system in China lead to massive senile intelligence resource in an idle state, hence the redevelopment of the senile intelligence resource has important significance in China, a country which is entering an aging social state. Therefore, the “tenure” principal in America, and the “voluntarily postpone for retirement” institution in Japan could be the valuable reference for China. We can establish senile talent pool, implement “dynamic appointment system” for senile intelligence resource, and enrich the construction of the think-tank in China; simultaneously, we should put the senile volunteer service system into consideration to make up the deficiencies of the existing retirement system. References | Related Articles | Metrics