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12 February 2020, Volume 62 Issue 2 Previous Issue    Next Issue

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Is Company Support Beneficial to Customer Participation Value Creation？ An Empirical Analysis from Online Customization Industry YU Hong-yan1,HONG Liang1,2,XU Jun-jie2 2020, 62(2): 1-8.  Abstract ( 211 )   The research on the effect of corporate support behavior on customer participation value co -creation mainly focuses on the impact of corporate support behavior on customer participation and co- creation level, while the effect analysis of the relationship between customer participation and service results is less, and the difference of customer contribution attribution to service results in online co creation scenario is ignored.Based on attribution theory, this study explores the role of corporate support behavior in the process of online value co- creation. Through the analysis of 322 customer questionnaires in the online customization industry, it is concluded that: in the online co- creation scenario, customer participation improves service satisfaction by enhancing experience value; perceived enterprise support has a significant negative regulatory role between customer participation and experience value; customer satisfaction with their participation performance and perceived enterprise support have a significant role between customer participation and experience value,that is, customer satisfaction with their participation weakens the moderating effect of perceived enterprise support. References | Related Articles | Metrics

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The Effect and Mechanism of Venture Capital on the M&A Decision SONG He1, CHANG Wei2,3 2020, 62(2): 9-20.  Abstract ( 161 )   In recent years, with the rapid development of M&A market and the diversification of exit channels of equity investment, the number of M&A decision-making events involving venture capital increased significantly. This paper takes the M&A events completed by the listed companies on the GEM as the research sample, and systematically studies the impact of venture capital on the frequency of M&A, the way of M&A payment and the diversified M&A behavior and its mechanism. The results show that venture capital can reduce the frequent M&A behavior of M&A parties by restraining the overconfidence of management;thanks to the mitigation of information asymmetry in M&A by venture capital, the target side is more likely to accept the non cash way as the consideration of M&A payment from enterprises with venture capital background; in addition, by improving the effectiveness of internal control of enterprises, venture capital makes enterprises with venture capital background prefer to carry out M&A in the same industry, so as to optimize the target selection of M&A and realize enterprises scale effect. References | Related Articles | Metrics

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Economic Growth Target,Heterogeneous Environmental Regulation and Capacity Utilization LIU Shuai1,LIU Feng-yan2，WANG Yi-peng3 2020, 62(2): 21-33.  Abstract ( 162 )   In the principal-agent relationship between the central government and the local government, the local government, as an agent, plays the role of the actual executor of environmental regulation and the actual executor of industrial overcapacity governance.In the case of asymmetric information and inconsistent goals between central and local governments, the behavior, motivation and motivation of local governments are not only affected by the administrative performance appraisal system and official characteristics of officials, but also by the economic growth goals set by local governments and local financial revenue and expenditure.Based on the data of 30 provinces in China from 2001 to 2015, this paper constructs a static panel model, and uses the stochastic effect model method to study the impact of economic growth goals, environmental regulations and their interaction on capacity utilization.It is found that the economic growth goal can significantly improve the level of industrial capacity utilization; the impact of heterogeneous environmental regulations on industrial capacity utilization varies with the type of regulatory tools and regions; the national and Eastern cost-based environmental regulations can significantly improve the level of industrial capacity utilization; only environmental penalties in the western region can help to improve the level of industrial capacity utilization.The interaction between economic growth goal and cost-based environmental regulation restrains the utilization rate of industrial capacity, while the interaction between economic growth goal and environmental punishment in the western region reduces the utilization of industrial capacity. The interaction between economic growth goal and environmental regulation is not significant. References | Related Articles | Metrics

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On Environment-Economy Effects of Environmental Regulation WANG Ke-qiang,LI Guo-xiang 2020, 62(2): 34-43.  Abstract ( 188 )   Taking data of 30 provincial administrative regions (except Tibet, Hong Kong,Macao and Taiwan) of China in 2008-2016 years as an example, the paper analyzes the threshold of regional environmental efficiency in the process of environmental regulation influences economic development, explores the different effects of regional environmental efficiency changes in the process of environmental regulation affects economic development with threshold regression model, and also analyzes robustness. This study found that:the cross terms of environmental regulation and regional environmental efficiency have an influence on economic development, which showed “U”- shaped relationship; in high environment efficiency areas, with the impact of environmental regulation, regional environmental efficiency can quickly eliminate the negative impact of environmental regulation on economic development; in developed areas, with the impact of environmental regulation, regional environmental efficiency can strengthen the positive effect of environmental regulation on economic development in a large extent. Therefore, we should formulate appropriate environmental regulation strategies, increase R&D investment, improve regional technological innovation capability, promote production engineering and technology improvement, and achieve “all-win result” of environmental efficiency and economic development under the pressure of environmental regulation. References | Related Articles | Metrics

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Land Finance, Local Government Behavior and Total Factor Productivity of . Enterprises: An Analysis based on the Data of A-share Listed Companies in Shanghai and Shenzhen Stock Markets from 2007 to 2017 MA Zhen 2020, 62(2): 44-51.  Abstract ( 126 )   As a special fiscal phenomenon in China, land finance affects the production behavior and efficiency of microeconomic subjects.This paper takes the listed enterprises in China from 2007 to 2017 as the analysis object, and explores the different characteristics of the impact of land finance on total factor productivity of micro enterprises by incorporating the will of local governments.It is found that the greater the intensity of local land finance is, the more obvious the inhibitory effect is on the total factor productivity of enterprises; from the perspective of macro impact mechanism, the greater the financial intensity of land, the more it will restrain the technology exchange at the regional level, and drive the local government to invest in infrastructure construction, which will restrain the total factor productivity of enterprises;from the perspective of micro impact mechanism, the greater the financial strength of land will drive enterprises to strengthen financial leverage to obtain more financial resources,and one of the consequences is that the financial stability of enterprises will decline, and the R&D investment of enterprises will be squeezed out, which is not conducive to the increase of total factor productivity.In addition, the assessment system of local government will affect the paradigm of “Land Finance-Total Factor Productivity of enterprises”, the system incentive of “competition for growth” strengthens the negative inhibition of land finance, and the system incentive of “competition for innovation” can neutralize the adverse effect of land finance to a certain extent. References | Related Articles | Metrics

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.Factor Endowment Differences, Business Heterogeneity and Regional Creative . Ability：Empirical Research based on Provincial Panel Data ZHANG Su-qiu1,GU Jiang2. 2020, 62(2): 52-61.  Abstract ( 148 )   At present, the convergence of regional economy and industry in China is prominent, and the differences in industrial structure and layout in various regions are obvious, resulting in the uneven level of regional creative ability. This paper constructs a theoretical analysis framework of factor endowment difference, industry heterogeneity and regional creative ability to analyze the influence of heterogeneous industry structure on regional creative ability improvement, finding that industry heterogeneity can promote the improvement of regional creative ability, heterogeneous capital can promote the increase of market inclusion and creative talents, heterogeneous labor can promote the progress of creative talents and technology, and these effects have a positive feedback multiplier effect.The above conclusions not only supplement the application of industrial organization theory in creative economy, but also verify that labor migration is carried out from the department of single input factors to the department of multiple input factors, and help to clarify the mechanism of industry heterogeneity to improve regional creative ability and creative environment. References | Related Articles | Metrics

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The Impact of Manufacturing Input Service on Value Chain Upgrading:Dual . Perspectives based on Participation and Division of Labor WU Yun-xia, MA Ye-chi. 2020, 62(2): 62-72.  Abstract ( 111 )   As one of the important means to realize the strategy of manufacturing power, the input service of manufacturing industry plays an important role in promoting the upgrading of value chain. Based on the data of the world input-output database from 2000 to 2014, this paper empirically examines the impact of manufacturing input service on China′s participation and division of labor in global value chain, and examines the relevant mechanisms. The results show that:(1) on the whole, there is a “ceiling” effect on China′s participation in the global value chain, that is, with the strengthening of the trend of manufacturing service, its role in promoting China′s participation in the global value chain is diminishing marginally,while it has a significant positive role in promoting the division of labor in manufacturing industry.(2) There are some differences in the relationship between different service inputs and China′s manufacturing industry′s participation and division of labor in the global value chain. Compared with traditional service inputs(wholesale, retail and transport services), modern service inputs(Telecommunications and financial services) play a more significant role in the upgrading of the value chain. At present, due to the low penetration of foreign services, the dominant domestic service input plays a more significant role in promoting the division of labor in China′s manufacturing industry; the manufacturing industry with high service utilization has a greater utility in upgrading the value chain than the industry with low service utilization. (3) The service level of China′s manufacturing industry is relatively low as a whole, which has not reached the optimal critical level of manufacturing industry input service, and still has a lot of room for improvement. (4) The mechanism test shows that R&D innovation is a possible channel for manufacturing industry to deepen the participation of value chain. However, there is no promotion effect on the position of value chain division through R&D innovation, and there may be other channels. This study has important policy implications for China to develop service-oriented manufacturing industry and integrate into global value chain production division. References | Related Articles | Metrics

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The Mechanism of Digital Economy Driving Transformation and Upgrading of . Manufacturing：Based on the Perspective of Industrial Chain Restructuring LI Chun-fa1，LI Dong-dong1，ZHOU Chi1,2. 2020, 62(2): 73-82.  Abstract ( 178 )   Abstract：Deep integration of the digital economy and the real economy is becoming a new driving force to promote the revitalization of the real economy and industrial transformation and upgrading. The driving force is mainly from four aspects: the expansion of the organizational division of labor boundary of the industrial chain, the reduction of transaction cost, the transfer of value distribution and the change of demand under the role of the digital new technology. With the digital information becoming the “standardized” circulation medium in the industry chain, the manufacturing industry chain will be deconstructed and reconstructed, and gradually realize the overall digital transformation. The emergence of two new leading forces of “consumer” and industrial Internet in the industrial chain promotes the innovation of new manufacturing modes such as service-oriented manufacturing and networked collaborative manufacturing, and intelligent manufacturing will become a new representative of the mainstream manufacturing mode. In order to give full play to the driving role of digital economy in the transformation and upgrading of manufacturing industry, we should strengthen the construction of digital infrastructure in manufacturing industry, strengthen the integration and sharing of industrial chain data, play the leading role in the transformation of core enterprises, and pay attention to the construction of intelligent manufacturing ecosystem. References | Related Articles | Metrics

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Re-measurement of China′s Inter-provincial Tourism Competitiveness under the . Background of High Quality Development:Based on PROMETHEE Method WEI Min, LI Shu-hao, XU Jie. 2020, 62(2): 91-100.  Abstract ( 108 )   Abstract： From the six dimensions of tourism resource endowment, tourism service supporting facilities, tourism development environment support, tourism enterprise management performance, tourism industrial structure optimization and tourism comprehensive function exertion, this paper constructs a tourism competitiveness measurement system that can reflect the concept of high-quality development, and uses the PROMETHEE method of objective empowerment of information entropy to measure and analyze the competitiveness, to provide new strategies for the study of measuring and evaluating tourism competitiveness under the concept of high-quality development, and to provide decision support for targeted management of tourism industry.The measurement results objectively reflect the situation of multi polarization development in the competitive advantage areas of China′s tourism industry, as well as the main advantages and constraints of tourism competitiveness in various regions, and also clearly reflect the advantages of the new ideas and methods of this study. References | Related Articles | Metrics

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The Technological Path Choice of China′s Industrial Green Transformation under Environmental Regulation: Independent Innovation or Technology Outsourcing? SONG Dian1, SONG Pei2, CHEN Zhe2. 2020, 62(2): 101-110.  Abstract ( 120 )   Abstract：In order to speed up the construction of China′s ecological civilization, this paper uses the simultaneous equation model to test the differential impact of environmental regulations on the industrial green transformation under different technological progress paths based on the panel data of 34 industrial industries in China from 2001 to 2015. It is found that most of China′s industrial industries are still in the extensive and extended development mode, lacking the spontaneity of green transformation; under the path of technology introduction and imitation innovation, environmental regulation has the effect of promoting first and then restraining; under the path of independent innovation, environmental regulation has the effect of inhibiting first and then promoting industrial green transformation. With the strengthening of government supervision and public awareness of environmental protection, the path of technological progress should gradually transition from technology introduction, imitation innovation to independent innovation; establish and strengthen the supervision and incentive mechanism that can effectively promote new technology exploration and new product research and development of enterprises; formulate differentiated environmental regulation policies for different types of enterprises. References | Related Articles | Metrics

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The Impact of Environmental Information Disclosure on the Corporate Value of Listed. Companies:Whether “Organizational Visibility” Plays an Intermediary Role YANG Guang-qing, DU Ya-Fei, LIU Yun-Zhe. 2020, 62(2): 120-130.  Abstract ( 115 )   Abstract：Under the current enterprise environmental information disclosure policy in China, enterprises have a lot of discretion in the way and time of information disclosure. Therefore, the conscious performance of corporate social responsibility needs motivation support such as maximizing corporate value. However, whether its mechanism is effective or not is particularly important for investors′ attention and interpretation, that is, “organizational visibility” plays an important role in the impact of environmental information disclosure on corporate value. Based on the samples of Listed Companies in China′s chemical industry from 2013 to 2017, this paper empirically tests the impact of environmental information disclosure on corporate value, measures organizational visibility from the perspectives of analysts′ attention level and media′s attention level, tests whether it has intermediary effect, and analyzes different results under the differences of ownership. The results show that environmental information disclosure can enhance enterprise value, and organizational visibility plays a part of intermediary effect in the process of the impact of environmental information disclosure on enterprise value. Further research found that when using analyst focus to measure organizational visibility, the intermediary role is only reflected in state-owned enterprises; when using media focus to measure organizational visibility, the intermediary role is only partially reflected in both types of enterprises. The original intention of enterprise environmental information disclosure policy is to promote enterprises to better perform their environmental and social responsibilities through its impact on the market value performance of enterprises. This paper reveals the intermediary role of organizational visibility, which is helpful to enlighten enterprises on their market value management, and the operation ideas of relevant management departments when guiding enterprises to perform environmental and social responsibilities. References | Related Articles | Metrics

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The Multi-task Incentive Problem For SOE Managers Under The Correlated . Effort Cost LI Yu-qiao1,2,LI Ke-qiang1. 2020, 62(2): 131-144.  Abstract ( 147 )   Abstract：Under the framework of Holmstrom and Milgrom′s multi task principal-agent model, this paper establishes a three task model of state-owned enterprises, and discusses the executive incentive issues related to the multi task effort cost of state-owned enterprises.It is found that when the multi-task is complementary, the realization of corporate social responsibility goal will promote the economic task, which is conducive to the realization of economic task goal. Increasing the task incentive with high observability will lead to the improvement of complementary task performance.When multi-task is the substitute, the realization of corporate social responsibility will hinder the realization of corporate economic task, which is not conducive to the realization of economic task,while increasing task motivation with high observability will reduce the performance of complementary tasks.When the multi- task is not related, the effort cost between tasks is independent of each other. To realize the policy task is not related to the effort cost of other tasks, the policy task should be separated.This conclusion has important reference value for the task selection and assignment of state-owned enterprises, as well as the incentive mechanism design when there are multiple tasks. References | Related Articles | Metrics

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The Role of Social Capital in Promoting the Organic Connection between Small . Farmers and Modern Agriculture:A Test based on the Intermediary Effect of. Resource Acquisition Ability XU Li-li1,2,ZHU Ya-wen2, CHEN Dong-ping1. 2020, 62(2): 145-152.  Abstract ( 127 )   Abstract：Based on the survey data and intermediary effect model of 535 farmers′ cooperatives in Jiangsu and Shandong Province in 2017, this paper constructs a logical framework of four elements of social capital theory: “strengthening, social credit, information and influence”, and makes an empirical analysis of whether and how social capital affects the organic connection between small farmers and modern agriculture through resource acquisition ability. The results show that:(1) based on the attributes of strengthening, social credit and information, social capital can realize the organic connection between small farmers and modern agriculture, in which the ability of resource acquisition plays a full intermediary effect, and the role of informal social capital in improving the ability of resource acquisition of small farmers is stronger than that of formal social capital. (2) considering the heterogeneity of members, in the process of organic connection, the effect of formal social capital on core members is greater than that of ordinary members, and the effect of informal social capital on ordinary members is greater than that of core members. (3) based on the attribute of influence, informal social capital can partly overcome the problem of disorganization of ordinary members caused by “elite capture”. The above conclusions provide new ideas and empirical evidence for how to improve the organizational level of small farmers through social capital, and on this basis, design and improve relevant policies, so that farmers′ professional cooperatives can become an ideal carrier for the organic connection between small farmers and modern agriculture. References | Related Articles | Metrics