Archive

15 February 2019, Volume 61 Issue 2 Previous Issue    Next Issue

---

For Selected:

Download Citations EndNote Ris BibTeX

Toggle Thumbnails

Select

The Impact Mechanism of Interaction Orientation on Service Innovation Performance： An Empirical Study based on B2B Services HE Hui-wen1,XU Xin2,XU Hong1 2019, 61(2): 1-9.  Abstract ( 241 )   Interaction orientation has a significant impact on innovation performance of service enterprises, but the process and effect of interaction orientation on innovation performance in different service situations have not been paid enough attention. From the perspective of multi-dimensional innovation capability, this paper explores the logical relationship among interaction orientation, service innovation capability and innovation performance, and tests it with a sample of 276 B2B service enterprises. The results show that, in the context of B2B service industry, the three dimensions of service innovation capability, namely client-focused innovation capability, marketing-focused innovation capability, and technology-focused innovation capability, are all significantly affected by interaction orientation. In terms of the contribution to innovation performance, marketing-focused innovation capability is relatively higher than other two dimensions of innovation capability. These findings not only rectify the tendency to exaggerate the client-focused innovation capability while ignore the cultivation of marketing and technology capability, but also clarify the ambiguity which argues that the leading factor in the Business-to-Business field is technology innovation by highlighting the value and contribution of marketing innovation. References | Related Articles | Metrics

Select

Social Responsibility Consumption of Food Consumers in Chinese Cities： From the Perspective of Consumer Power DAI Wen-bin, MU Jing, ZHOU Huan 2019, 61(2): 10-17.  Abstract ( 124 )   The deficiency of social responsibility consumption is the key contributor to the lack of food companies′ social responsibility. This article proposed theoretical hypothesis from the perspective of consumer power, conducted a questionnaire survey of 423 food consumers in Chinese cities, and empirically tested the theoretical hypothesis using the method of path analysis. The findings are as follows: consumer′s expert power and sanction power are positively related to social responsibility consumption,expert power and social responsibility consumption are partial mediated by consumer-company identification,and sanction power and social responsibility consumption are moderated by consumer′s altruistic values. At present, food consumers′ expert power and sanction power are of low level, the degree of consumer-company identification is generally not high, and altruistic values are at a distinct disadvantage. These factors impede food consumers from social responsibility consumption in cities. References | Related Articles | Metrics

Select

An Analysis of Connotation Characteristics and Realization Path of Subversive Innovation LIU Wen-yong 2019, 61(2): 18-24.  Abstract ( 132 )   Subversive innovation is different from process innovation and continuous innovation. It is a comprehensive alternative to the mainstream market, with technology and service as the guide, providing consumers with a high-value experience and realizing the cost reduction of relative performance. The changes in production conditions, organizational structure, and output performance are rewriting the general understanding of economics, with the far-reaching influence of fundamental innovation downstream and subsequent related industries, industries, or enterprises, which will bring about changes in production relations such as market patterns and their derived rules and models. The occurrence of subversive innovation has the characteristics of Moore′s law and distributed space and time; by analyzing the combination of effective logical thinking and business models, we can find out the open, structural, reverse and other subversive innovation paths; based on the analysis of technological track and target market,we will find out the high, medium and low levels of subversive innovation that take place in mainstream, marginal and segregated markets. References | Related Articles | Metrics

Select

Economic Uncertainty and China′s Economic Growth:Based on FAVAR-SV Model and New C-D Production Function WANG Wei-guo，WANG Rui 2019, 61(2): 25-34.  Abstract ( 135 )   The measurement of economic uncertainty is a complex and difficult process. In this paper, the factor augmented vector autoregressive (FAVAR-SV) model is used for the first time. According to the national conditions, 158 macroeconomic indicators are used to obtain the macroeconomic uncertainty index; based on the extended C-D production function and panel data of 29 provinces, municipalities and autonomous regions, this paper takes economic uncertainty index and scientific and technological progress into the model from the perspective of endogenous economic growth, and measures the impact of economic uncertainty on economic growth. The results show that the macroeconomic uncertainty index is an anti-economic cycle variable, the measurement results are stable, and it can quickly identify the “black swan” event whose probability is less than 10%, which is consistent with the actual economic activities;the index of macroeconomic uncertainty has a negative impact on economic growth, and its lagging effect is obviously weakened, which is due to the implementation of relevant government policies. Stock uncertainty of a single category index will reduce the actual impact of macroeconomic uncertainty, therefore, the use of rich data environment to measure uncertainty has certain advantages. References | Related Articles | Metrics

Select

Uncertainty Avoidance, Direction of Cultural Distance and Bilateral Direct Investment LIU Wei,CHEN Qi-xun 2019, 61(2): 35-44.  Abstract ( 146 )   Through measuring whether the direction of cultural distance affects bilateral foreign direct investment, it is found that the direction of cultural distance matters when a host and a home country differ in uncertainty avoidance. More specifically, bilateral FDI activities are negatively related to the net difference in uncertainty avoidance between home and host countries. That is, when a home country′s uncertainty avoidance is greater than a host country, increasing the difference in uncertainty avoidance reduces FDI. When a home country′s uncertainty avoidance is lower than a host country, increasing difference in uncertainty avoidance encourages FDI. And the direction effect of cultural distance is more prominent among low uncertainty avoidance countries′ FDI activities. Therefore, the direction of cultural distance in uncertainty avoidance should be taken into consideration when China involves in FDI activities. On the one hand, as a home country, China should choose countries whose uncertainty avoidance scores are higher and cultural distances in uncertainty avoidance are greater to invest, and choose countries whose uncertainty avoidance scores are lower and cultural distances in uncertainty avoidance are less to invest. On the other hand, as a host country, China should attract countries whose uncertainty avoidance scores are less and cultural distances in uncertainty avoidance are greater to invest, and attract countries whose uncertainty avoidance scores are greater and cultural distances in uncertainty avoidance are less to invest in China. References | Related Articles | Metrics

Select

Coupling Coordinated Development of New Urbanization, Circulation Industry and Tourism Industry: An Empirical Study based on Synergy Theory XU Hai-feng1,2 2019, 61(2): 45-51.  Abstract ( 148 )   Based on the theories of industrial coupling, comparative advantage and Heckscher-Ohlin, the paper studies the coupling interaction mechanism among new urbanization, circulation industry and tourism industry, and builds the evaluation index system and the coordinated development evaluation model of three systems. Through the empirical analysis of time series data of Beijing from 2005 to 2016, it is found that there is significant coordinated development relationship among the three systems, and circulation industry and tourism industry can promote the development of new urbanization;when the development levels of new urbanization, circulation industry and tourism industry are high and coordinated, it is helpful for the system combination to achieve higher coupling coordination level. Therefore, it is necessary to deepen the research on the internal dynamic mechanism of new urbanization and formulate effective industrial policies to promote the coordinated development of the three systems. References | Related Articles | Metrics

Select

Reference Effect, Channel Competition and Online Sales Model Selection PU Xu-jin, JI Bo-wen, SUN Shu-xing 2019, 61(2): 52-61.  Abstract ( 145 )   In the online and offline supply chain environment, this paper examines the manifestations of consumer reference effect, and studies the influence of consumer reference effect on manufacturers′choice of online sales mode by constructing game models among manufacturers, physical stores and businesses.The results of theoretical deduction and numerical simulation show that the consumer reference effect and the proportion of commission will affect the manufacturer′s choice of online sales mode synthetically: if the consumer′s perception coefficient of reference effect is small, when the proportion of commission is low or high, the manufacturer will choose the consignment mode; when the proportion of commission is moderate, the manufacturer will choose the resale mode. If the consumer′s perception coefficient of reference effect is large, when the proportion of e-commerce Commission is low, the manufacturer will choose consignment mode; when the proportion of e-commerce Commission is high, the manufacturer will choose resale mode.Under different market conditions, manufacturer′s choice of online sales mode may be consistent with the preference of physical store′s online sales mode, or may conflict with each other. Whether the manufacturer chooses the retail mode or the consignment mode, the retail price offline is always higher than the retail price offline. However, changes in online sales patterns will have an impact on the service level of physical stores. The above conclusions can provide theoretical guidance for the integration of online and offline channels. References | Related Articles | Metrics

Select

Three-party Evolutionary Game in the Mode of Retailers Recycling and Manufacturers Dealing with Expired Food LIU Da-wei1, FEI Wei2, YIN Tao2 2019, 61(2): 62-73.  Abstract ( 140 )   This paper constructs a three-party evolutionary game model of retailers, manufacturers and government departments for retailers to recycle and manufacturers to deal with expired foods, and the combination of the stable equilibrium strategies under different parameter values is obtained, and the numerical simulation is used to visually analyze the different stable points of the three-party game. The result shows that the comparison of ′cost′ and ′revenue′ related to expired food recycling and regulation among retailers, manufacturers and government departments lead to four different evolutionary stability strategies combinations for retailers and government departments, i.e. (no recycling, no regulation), (no recycling, regulation), (recycling, no regulation) and (recycling, regulation), and three different evolutionary stability strategies combinations between manufacturers and government departments, i.e. (informal processing, no regulation), (informal processing, regulation) and (formal processing, regulation). According to this, “opportunity gains” such as the comprehensive income of retailers and manufacturers for regular recycling of expired foods should be increased, and various “opportunity costs” for regular recycling of expired foods should be reduced, and government departments also need to pay attention to the control of the formal recycling of discarded foods such as expired foods, and use it as one of the main contents of the food safety supervision work of government departments. References | Related Articles | Metrics

Select

Export Economic Complexity and Economic Growth from the Perspective of Global Value Chain: An Analysis of Forward Decomposition Method based on Trade in Value-Added WANG Qing-chen1, ZHENG Le-kai2,3 2019, 61(2): 74-82.  Abstract ( 129 )   At present, the manufacturing industry chain is gradually shifting from manufacturing to service. The paper uses the forward decomposition method based on trade in value-added to exclude the foreign elements in the export products and then measure the real export scale of each industry in each country. Then the paper construct s export economy complexity index of the manufacturing and service industries based on this real scale, and uses the multinational panel data to empirically investigate the impact of export economic complexity on economic growth. The result shows that the higher the level of export economic complexity, the more obvious the promotion effect on economic growth. The conclusion is robust after controlling other variables. The development of China′s service trade is lagging behind, and the mode of foreign trade needs to be upgraded. When trading with others, China should gradually shift from pursuing the “quantity” to “quality”, improve the openness of service trade, enhance the service export capacity, expand the scale of service trade, and optimize the service trade export structure. The optimization of export structure will promote the coordinated development of both service and goods trade and eventually enhance the overall quality level of domestic export products. References | Related Articles | Metrics

Select

The Determinants and Policy Enlightenment of Foreign Direct Divestment in China： An Analysis based on Statistical Data from 1995 to 2014 SHANG Yun-sheng1,2 2019, 61(2): 83-91.  Abstract ( 101 )   Under the influence of the international economic situation and trade friction, although the total amount of foreign direct investment in China has continuously reached the highest level, foreign firms have been adjusting their structure and some foreign companies have been divested and liquidated. This paper constructs an extended Mundell model including three countries, and analyses the determinants of foreign direct divestment (FDD) in China from the perspective of trade friction. The study shows that, not only some micro-environmental factors significantly affect FDD, such as production cost, tax burden and tax preference, but also some macro-environmental factors distinctly influence FDD, such as macroeconomic risks, government intervention and trade friction. Therefore, some policies, such as guarding against macroeconomic risks, easing trade frictions, cutting tax and fees, and reducing production costs, are favorable for improving the situation of FDD. At the same time, foreign firms will play a greater role in optimizing economic structure, fostering new drivers of growth, coordinating regional development and improving international economic and trade relations. References | Related Articles | Metrics

Select

Research on Managerial Ability, Management Incentive and Internal Control Quality： Based on the Sample Analysis of Main Board Listed Companies in Shanghai and Shenzhen Markets from 2012 to 2015 XU Ning-ning 2019, 61(2): 92-100.  Abstract ( 146 )   The complex decision about internal control requires the management to have high ability to design and operate the internal control effectively. The implementation effect of internal control also depends on the enthusiasm and efforts of management. Using a sample of Chinese listed firms during 2012-2015 in Shenzhen and Shanghai markets, this paper empirically tests the relationship between managerial ability and internal control quality, management incentive and internal control quality, the interaction of managerial ability and management incentive to internal control quality. We find that higher management ability can improve the quality of internal control, and the above effect is more obvious in listed companies with appropriate management incentives;effective management incentive is helpful for mobilizing their enthusiasm and efforts to implement internal control and improving the quality of internal control, and equity incentive is more effective;there is a synergistic effect between management ability and incentive in improving the quality of internal control, and equity incentive can better play a positive interaction with management ability in promoting the quality of internal control. The above conclusions have important implications for improving the quality of enterprise internal control, recruitment of manager and the design of incentive mechanism related to internal control. References | Related Articles | Metrics

Select

Do Peer Effects Exist in the Earnings Management Decisions of Chinese Listed Companies？ FENG Ling,CUI Jing 2019, 61(2): 101-108.  Abstract ( 103 )   As the main body of corporate decision-making, managers′ behavior and decision-making inevitably have the interdependence of the same group. In earnings management decision-making, corporate executives may have the tendency to keep their own behavior consistent with that of the same group.Based on the data of A-share listed companies in China from 2012 to 2017, this paper uses Monte Carlo simulation to construct a cohort group based on analysts′ common concern, uses “cohort of cohorts” as a tool variable to identify the linear mean structural model, and uses conditional variance identification method to measure the multiplier effect of earnings management cohort effect.The results confirm that the earnings management decision-making of listed companies in China has the same group effect, but it has the asymmetry of direction, which is significantly affected by the upward earnings management of the same group companies, but not by the downward earnings management of the same group companies. Therefore, regulators should pay attention to the spillover effect of earnings management group effect, especially the upward earnings management behavior of companies. References | Related Articles | Metrics

Select

Competitive Position of Enterprise, Supply Chain Concentration and Cost of Equity Capital WEI Hui, ZHENG Wei 2019, 61(2): 109-118.  Abstract ( 93 )   Taking 2004-2014 A-share non-financial industry listed company as a research sample, the paper systematically analyzes and verifies the mechanism of the influence of supply chain concentration on the cost of equity capital and the possible transmission path. The research results show that: the higher the concentration of supply chain, the higher the cost of corporate equity capital; the operational risk is an intermediary path in which supply chain concentration affects the cost of equity capital, that is, the higher concentration of supply chain in the enterprise will intensify its operational risks faced in turn lead to an increase in the cost of equity capital. The higher competitive position of enterprises can weaken the negative impact of supply chain concentration on the cost of equity capital, and the competitive position of enterprises affects the relationship between them by mitigating the business risk of the enterprise, that is, higher competitive position of enterprises has a strong ability to withstand risks, thus alleviating the operational risks caused by the concentration of supply chain, and then weakening the positive correlation between supply chain concentration and corporate equity capital costs. References | Related Articles | Metrics

Select

Interlocking Director Network and Cost of Equity Capital: Influence Effect and Path Test WANG Yong-qing1,SHAN Wen-tao1, PENG Zheng-yin1,2 2019, 61(2): 119-128.  Abstract ( 114 )   As an informal institutional arrangement that is embedded in the enterprise for a long time, whether the interlocking director network can reduce the cost of equity capital through resource acquisition and information transfer needs to be further studied. The specific effect and impact path of the interlocking directors′ network on the cost of equity capital are examined by the social network analysis method through the data of A-Share listed companies in 2009-2016 years. The results show that the higher network location of the interlocking directors can significantly reduce the cost of equity capital of the enterprise;after the endogeneity test and a series of robustness tests, the above conclusions are still established. Further impact mechanism analysis and intermediary effect test show that operating risk and information risk play a significant intermediary role in the impact of the cost of equity capital on the interlocking director network, that is, the higher network location of the chain directors can reduce the cost of equity capital by reducing operating risk and information risk. The conclusion provides empirical evidence for in-depth understanding of the internal mechanism of interlocking director network affecting the cost of equity capital. References | Related Articles | Metrics

Select

Excess Optimistic Tone and Financial Distress Prediction:An Analysis based on the Forward-looking Information in Annual Report MIAO Xia1,2,LI Bing-cheng1 2019, 61(2): 129-137.  Abstract ( 159 )   Based on the theory of impression management and text analysis method, this paper studies the value of the excess optimistic tone in the forward-looking information on corporate financial distress prediction. The study finds that the higher the degree of excess optimistic tone in the forward-looking information, the lower the probability of a financial distress in the future, and the inconsistency of forward-looking information would weaken the negative correlation. Further distinguishing the company′s external information environment, it is found that when the analyst′s attention is lower and the product market is higher competitive, the relationship between excess optimism tone and financial distress prediction is stronger, but the negative adjustment effect of information inconsistency is also stronger. This study expands and enriches the related research on the tone of text information, and provides empirical evidence for behavioral finance research. References | Related Articles | Metrics

Select

The Reality and Transformation of China′s Tax Legal System for the Foreign in the Past 40 Years of Reform and Opening-up HOU Huan 2019, 61(2): 138-146.  Abstract ( 112 )   With the pace of the Reform and Opening-up, China′s tax legal system for the foreign has undergone four different stages along. In the past 40 years, its actual pattern with tax incentives as the core has been weakened due to weakening effect. The basic trend of the future tax legal system for the foreign is to achieve the transformation of the institutional innovation. This paper attempts to further clarify the relationship between tax incentives and institutional innovation from the theory and practice, and proposes the way of transforming China′s tax legal system for the foreign: under the premise of promoting the rule of law on tax incentives for the foreign, we will start from two levels of international and domestic tax legal systems to innovate China′s tax legal system for the foreign. References | Related Articles | Metrics

Select

Research on the Protection of Private Law of Personal Information in the Information Society Background WANG Han 2019, 61(2): 147-152.  Abstract ( 111 )   Under the background of network society, personal information has the attributes of personality, spiritual rights and property rights. It can be individually or mutually cooperated with each other and has strong personal identification and commercial value. It has become an important indicator for enterprises to tap potential customers and business opportunities. The commercialization of personality interests makes it an important commercial competitive resource. As a result, the phenomenon of personal information being collected, used and sold illegally emerges in endlessly, which has become a social public hazard. Personal information urgently needs to be balanced and regulated in the legal field of vision. From the legislative mode, it is advisable to adopt the mode of civil code rights confirmation and individual information protection law single-line legislation, introduce information processing notification and pre-examination system, standardize the collection, processing and use of personal information, and protect people′s rights and interests based on personal information. References | Related Articles | Metrics