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17 January 2019, Volume 61 Issue 1 Previous Issue    Next Issue

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Research on Customer Retention Effect of Large Supermarket:An Analysis based on Dual Channel Service Quality Integration Model（DC-SQ-IM） GUO Jun-hui1，XU Cui-wei2 2019, 61(1): 1-9.  Abstract ( 103 )   With the booming e-commerce and online merchant alliances, the traditional retail industry is reemerging with a new model. In order to analyze the customer retention effect of domestic large supermarkets in the new retail background, this paper proposes a dual channel service quality integration model (DC-SQ-IM) consisted of offline service quality, online service quality and channel collaborative quality. Through the questionnaire of three large domestic supermarkets, the DC-SQ-IM was tested empirically. It is found that DC-SQ-IM has a high predictive power for customer value perception, and has a certain predictive power for the primary recall of customer consumption experience;loyal customers have praise difference between supermarkets,especially in the two indicators of store customer service and online store responsiveness are relatively prominent. Therefore, supermarkets need to provide better customer response services to ensure the retention of loyal customers rather than switching or even losing. References | Related Articles | Metrics

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Content Marketing and Brand loyalty based on Brand Awareness ZHAO Xiang-zhong,ZHANG Meng 2019, 61(1): 10-17.  Abstract ( 128 )   With the increasing influence of the Internet, consumers tend to search the relevant information about products on the Internet. Whether enterprises can create promotional contents that inspire consumers to actively share and spread has become a new marketing challenge. Based on the information dual processing theory and SOR theory, this paper collects sample data by issuing questionnaires to some enterprises in Guangxi and establishes a theoretical model of the relationship among content marketing, brand identity, brand awareness and brand loyalty.Through reliability and validity analysis, correlation analysis, model modification and goodness of fit test, it is found that content marketing has positive effect on brand identity, and brand identity has positive effect on brand loyalty (behavioral loyalty and attitude loyalty). With the same time,brand awareness plays a positive role between content marketing and brand identity. Therefore, organization managers should effectively use content marketing strategies to create an environment conducive to consumer brand identity, so as to deepen consumers′ awareness of the brand and further enhance consumer brand loyalty. References | Related Articles | Metrics

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Time-variable Characteristics Analysis of Lottery-Like Stocks:Evidence from Chinese Stock Market CUI Hui-ying 2019, 61(1): 24-31.  Abstract ( 116 )   Based on a variety of common identification indexes, using Markov regime switching model and investor sentiment index to divide the state of Chinese stock market, this paper examines the time-variable characteristics of lottery-like stocks in Chinese stock market and its reason. Research results shows that: whether it is based on “risk- return” or investor sentiment to divide the stock market state, lottery-like returns show obvious time- variation, that is, lottery-like returns are more obvious after bull market and high sentiment period, and relatively weaker after bear market and low sentiment period. Although the results of each index are different, they all show that the return difference between lottery-like stocks and other types of stocks under different “risk- return” states is greater than that under different sentiment states. Lottery-like return is mainly the result of the mispricing of lottery-like stocks caused by investors′ irrationality. References | Related Articles | Metrics

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QFII and Major Domestic Institutional Investors: Who are Performing SUN Xian-chao1, ZHAO Xiao-lei2，PAN Zhi-yuan3 2019, 61(1): 32-38.  Abstract ( 100 )   With the gradual opening of China′s financial market, the number and scale of institutional investors at home and abroad are increasing. Based on the perspective of financial liberalization, this paper examines the relationship between institutional investors ′market transactions and stock market pricing efficiency at home and abroad. The results show that foreign institutional investors can promote stock market pricing efficiency,domestic institutional investors have some heterogeneous characteristics on stock market pricing efficiency,and foreign institutional investors can raise price efficiency through the technology spillover effect of pricing efficiency. References | Related Articles | Metrics

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Non-State-owned Shareholder Governance and Dividends of State-owned Enterprises: A Study of Mixed Ownership Reform HONG Zheng，YUAN Qi 2019, 61(1): 39-48.  Abstract ( 117 )   Lack of effective motivation for division of labor in state-owned enterprises has become a persistent problem that has not been effectively overcome in the reform of state-owned enterprises. Mixed ownership reform of state-owned enterprises will undoubtedly play a positive role in improving corporate governance performance,which can improve the company′s financial policy and enhance the company′s dividend motivation? Based on the data of state-owned listed companies from 2008 to 2014, this paper examines the impact and mechanism of non-state-owned shareholders′ governance on dividends of state-owned enterprises by using the proportion of non-state-owned shareholders and the proportion of senior executives from non-state-owned shareholders collected by hand. The results show that the non-state-owned shareholder governance can significantly improve the tendency and level of dividends of state-owned enterprises,and this conclusion is still established after controlling endogeneity; at the same time, the effect of non-state-owned shareholder governance on the dividend of state-owned enterprises is realized by reducing the internal agency costs of state-owned enterprises. In addition, further research has shown that a good legal environment and competitive industry characteristics can positively regulate these effects. The research of this paper provides some evidence support for the economic effects of mixed ownership reform from the perspective of non-state-owned shareholders′ governance. References | Related Articles | Metrics

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The Stickiness of Tax Burden: A New Perspective to Explain Corporate Tax Burden “Pain” CHENG Hong-wei,YANG Yi-dong 2019, 61(1): 49-59.  Abstract ( 113 )   Based on the panel data of Chinese A-share manufacturing listed companies from 2007 to 2016, this paper attempts to reveal the intrinsic motivation of corporate tax pain from the dynamic relationship between corporate tax burden and operating performance. The results show that under three factors of tax structure, tax transfer dilemma and stable operation, the tax burden of enterprises is sticky relative to performance, that is, the increase of tax burden relative to performance is greater than the decrease of tax burden caused by performance decline. The stickiness of tax burden is the intrinsic motivation of corporate tax burden “pain”, which provides theoretical support for explaining the pain of enterprise tax burden. Further research finds that many factors such as market status, property rights, tax avoidance behavior and corporate growth will affect the degree of tax stickiness, specifically enterprises with higher market position, state-owned enterprises, enterprises with lower tax avoidance degree, growth-oriented enterprises have stronger tax stickiness, which will bear greater tax pain when performance declines. The conclusion of the study is helpful for enterprises to treat the current tax burden rationally, and also provides a reference for tax system reform. References | Related Articles | Metrics

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Human Capital Structure Evolution and Economic Growth: An Empirical Study of Provincial Panel Data CHENG Rui，MA Li-li，CHEN Xuan 2019, 61(1): 60-70.  Abstract ( 93 )   From the perspective of evolution, this article studies the relationship between the human capital structure upgrading and economic growth. The evolution of human capital structure refers to the gradual dynamic adjustment of the proportion of human capital at all levels in the process of complementary matching and the ultimate realization of the process of advanced evolution, which is embodied in the two characteristics of complementary matching and dynamic evolution of human capital structure.Based on this, this paper constructs the advanced index of human capital structure to represent the evolution degree of human capital structure. Through the provincial panel data from 1996 to 2015, and using the exogenous impact of the enrollment expansion policy of universities in 1999 to construct the instrumental variable and intermediary effect test method, this paper empirically tests the impact of the evolution of human capital structure on economic growth and its mechanism.Research shows that the evolution of human capital structure can achieve economic growth by promoting technological progress, leading to industrial upgrading and urbanization of population agglomeration. Therefore, in order to achieve high-quality development in the new era, local governments should not simply increase the proportion of advanced human capital out of the stage of local economic development, but should pay attention to the complementary matching of different skilled human capital and the dynamic adjustment of the proportion of human capital at different levels on the basis of following the basic laws of economic development and the stage of economic development. References | Related Articles | Metrics

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Vertical Related Markets, Strength of Environment Policy and Development of Environmental Industry in China HE Huan-lang1，CHEN Lu2 2019, 61(1): 71-77.  Abstract ( 76 )   The paper constructs a vertical related industry model in open economy to analyze the impact of stringency of the environmental policy on the development of environmental industry in China. Results show that, there exist the gap of the technology of environmental goods and the environmental policy between China and the developed country，and Chinese government can strengthen the level of environmental policy to seize the higher market share of environmental goods when the technology gap is large; the environmental industry can improve the level of environmental standard,and the developed country can strengthen a higher level of environmental policy compared to the developing countries′ because of the development of the environmental industry. Although it is a burden for a downstream firm if there is a strict environmental policy in China, such policy will support the environmental industry′s development and also reduce the dependence on the foreign environmental good. References | Related Articles | Metrics

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How does Financing Heterogeneity Affect the Choice of Innovation Mode of Chinese Manufacturing Enterprises? HU Jun,GUO Ping 2019, 61(1): 78-87.  Abstract ( 99 )   In countries or regions with lagging financial development, financing heterogeneity has become an important problem restricting manufacturing enterprises from technological imitation to independent innovation. This paper uses the 2012 World Bank China Enterprise Survey data to study the impact of heterogeneity of financing constraints and financing structure on the choice of innovation mode. The results show that from the perspective of heterogeneity of financing constraints, strong financing constraints significantly inhibit the choice of independent innovation mode and force enterprises to choose imitation innovation. From the perspective of heterogeneity of financing structure, endogenous financing has a stronger promoting effect on enterprises′ independent innovation than imitative innovation, while debt financing has a stronger restraining effect;equity investment can promote the independent innovation of enterprises to some extent and is not conducive to the imitation innovation of enterprises;informal finance will restrain the independent innovation of enterprises. Further research shows that for enterprises with higher R&D input intensity or lower regional financial development level, their independent innovation is more negatively affected by financing constraints, and more dependent on endogenous financing and equity financing, and more inhibited by debt financing and informal finance. Therefore, it is necessary to further alleviate the financing constraints of enterprise innovation, expand the proportion of enterprise equity financing, reduce the proportion of debt financing and informal finance, and promote the choice of enterprise independent innovation mode. References | Related Articles | Metrics

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The Nonlinear Effects of Environmental Regulation on Regional Carbon Productivity under Local Government Competition：Based on the View of Threshold Characteristic and Spatial Spillover LI Shan-shan, LUO Liang-wen 2019, 61(1): 88-97.  Abstract ( 89 )   Based on the intermediate perspective, this paper studies the theoretical influencing mechanism from technological innovation, industrial structure and environmental decentralization. Then this paper estimates the threshold effects and spatial spillover effects of environmental regulation on regional carbon productivity based on the panel data of 30 provinces in China from 2008 to 2015. The empirical conclusion shows that, the regional carbon productivity effects of environmental regulation has a structural change with the changes of local technological innovation level, industrial structure deviation and environmental decentralization under the local governmental competition. In other words, under the different technical innovation levels,industrial structures and levels of environmental decentralization,the net effect of environmental regulation on regional carbon productivity shows a ′V′ type,inverted ′V′ type and inverted ′V′ type threshold characteristic respectively;both environmental regulation and regional carbon productivity in adjacent areas have spatial characteristics of local aggregation, which shows obvious positive spillover effect.In order to realize the target of emission reduction commitment, we should promote the practical effects of the environmental regulation on the regional carbon productivity from technological innovation, industrial structure adjustment, environmental decentralization and regional coordination, except for setting the suitable pattern and strength of environmental regulation. References | Related Articles | Metrics

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An Analysis of “Preferred Habitat” Transmission Mechanism of Unconventional Monetary Policy in Financial Friction Environment WANG Hong-tao1，WANG Xiao- fang2 2019, 61(1): 98-107.  Abstract ( 93 )   In the market environment of financial friction, this article builds a new Keynesian DSGE model to analyze the effect of unconventional monetary policies on the term structure of bond interest rate by expanding Taylor rule analysis of large-scale bond purchase, observe the effects of various exogenous shocks on long-term and short-term interest rates, savings consumption, output and inflation,and compare the welfare losses of different policy combinations. Research finds bond purchases are transmitted to total output and prices through the “term preference” channel; the optimal monetary policy combined with conventional and unconventional monetary policies will significantly reduce welfare losses compared with the use of conventional monetary policies alone; even if not during the financial crisis, the unconventional monetary policy of the central bank will be beneficial to stabilizing total output and inflation, especially near zero interest rates. The inflation adjustment of conventional monetary policy is a useful complement to the response of unconventional monetary policy to the total output gap, and the coordination can reduce welfare losses. References | Related Articles | Metrics

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Price Discovery between SSE 50 Spot and Derivative Markets YU Zhen1,2,XU Tong-tong3,PENG Ke3 2019, 61(1): 108-116.  Abstract ( 83 )   At present，SSE 50 is the only index in China that has both futures, ETFs and options. This paper uses Granger causality test and cointegration test to analyze the lead-lag relationship and long-term equilibrium between the SSE 50 index, SSE 50 stock index futures, SSE 50 ETF and SSE 50 ETF option markets, and analyze the response of each market by using generalized impulse response function;the lead-lag relationship of the four market price series is analyzed by the significance of the lag term, and the Four-dimensional IS Model is used to measure the price discovery information share of each market. The results show that the prices of the four markets are mutually led and there is a long-term equilibrium, and futures market leads other markets for more than 5 minutes; the information share of the futures market is 47.76%, and the information share of the index market is 23.05%, the information share of ETF market is 15.37%, while the options market is 13.82%. The above results show that the options, futures and ETF market play important role in the price discovery process,futures have the strongest price discovery ability and play a leading role in the price discovery process; SSE 50 ETF options underperform in price discovery,and has the smallest share of information. Also, ETF lags index in the price lead-lag relationship and the share of information. Therefore, the activeness of the derivatives market is conducive to improving the ability of price discovery. References | Related Articles | Metrics

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Subjective Textual Description in Listed Companies′ Information Disclosure and Earnings Manipulation:Research based on Machine Learning Method for Extracting Subjective Patterns MAO Yi-xin 2019, 61(1): 117-126.  Abstract ( 100 )   Selecting the sample of Shanghai and Shenzhen A-share listed companies from 2006 to 2016, this paper examines whether listed companies would manipulate text information disclosure and use more subjective textual description to cover up their earnings manipulation behaviors. Machine learning is used to extract 2-POS subjective model and construct quantifiable subjective indicators. Empirical results show that before financial restatement, that is, when earnings manipulation is concealed, listed companies use more subjective sentences in their annual reports and have higher scores with regard to overall subjectivity;developed external market environment and strong corporate governance effectively prevent listed companies taking advantage of subjective text information to work for earnings manipulation. This paper provides a new evidence for motives of listed companies to manipulate narrative disclosure, enriching the research of the relationship between financial data and text information, and also provides a new empirical basis for the supervision department to strengthen the supervision of information disclosure and external information users to judge the quality of information. References | Related Articles | Metrics

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Privatization of State-owned Enterprises and the Sensitivity of Executive Pay Performance: A Test based on the Sample of Privatization of Listed Companies in China BAI Jun1,2,WANG Wan-wan1 2019, 61(1): 127-138.  Abstract ( 103 )   Under the debate of privatization of state-owned enterprises, rational transferee is bound to require executives′ remuneration contracts to be more effective, which helps to improve corporate performance.The paper takes data of listed companies in China in 2003-2014 years as samples, and investigates the influence of privatization of state-owned enterprises on executive compensation incentive effectiveness by difference-in-difference method. The study finds that the privatization of state owned enterprises has significantly improved the pay of executives, while reduced the sensitivity of executives pay performance. Further study finds that, according to the degree of privatization of state-owned equity group, in this ways that do not exist state ownership after management change and privatization, the sensitivity of executive pay performance decreased significantly; according to corporate governance, the equity balance and the institutional investors help to ease the sensitivity of executive pay and corporate performance after the privatization of state owned enterprises. The research shows that improving the effectiveness of executive compensation incentive is not a simple change of privatization. Different corporate governance, enterprise size, and the degree of privatization have an impact on it.Therefore, the reform of the privatization of state-owned enterprises needs to grasp the rhythm and degree, and pay attention to the moderate retention and play the governance role of the state-owned equity component. In addition, the expansion and reflection of the conclusions of the study will provide enlightenment for the management and reform of the current executive compensation system in state-owned enterprises. References | Related Articles | Metrics

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The Impacts of Emotional Labor on Career Satisfaction and Turnover Intention of Tour Guides:A Moderated Mediation Model TIAN Ya-lin1,QIU Yong2,ZHANG Shan-shan3 2019, 61(1): 139-146.  Abstract ( 99 )   As a high-ends emotional labor job, occupational burnout is typically found within tour guides which reduce their career satisfaction and increase their turnover intention. Using a questionnaire of 792 tour guides, applied by bootstrap method, the study finds the superficial act in emotional labor can reduce tour guides′ career satisfaction and increase their turnover intention which mediated by burnout,on the contrary, deep act in emotional labor can increase tour guides′ career satisfaction and reduce their turnover intention, which mediated by burnout;customer blame moderates the relationship between the deep act of emotional labor and the burnout,with the improvement of the level of customer criticism, the weakening effect of deep acting on tour guide′s burnout is gradually weakening, in addition, customer criticism can also regulate job burnout, which plays a mediating role in the process of influencing tour guide′s job satisfaction and turnover intention. Therefore, effective management and guidance should be carried out according to the different emotional labors of tour guides, and appropriate identification mechanism should be adopted to resolve the crisis of tour guides′job burnout, so as to improve their job satisfaction and reduce the turnover rate of tour guides. References | Related Articles | Metrics

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On the Applicability of the Debtor′s Self-management Model in Bankruptcy Reorganization ZHANG Si-ming1,2 2019, 61(1): 147-152.  Abstract ( 108 )   The operation management and reorganization efficiency of the debtor during bankruptcy reorganization period are the key factors to determine the success or failure of the debtor′s bankruptcy reorganization.China′s bankruptcy law provides two models during the period: the administrator management and the debtor′s self management. While in judicial practice, the former model is frequently-used, and the latter model is less applicable.The paper analyzes the legal attributes of self-management debtor as the desperate company′s control party in reorganization. In addition, based on the experience of USA, Germany and Japan, it fully discusses the application scope, objection procedure and social & economic conditions of the debtor′s self management system. At last, it analyzes the history of China′s legislative transplantation and its shortcomings in judicial practice,and puts forward some suggestions on improving the debtor′s self-management system of bankruptcy reorganization in China. References | Related Articles | Metrics