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12 May 2020, Volume 62 Issue 5 Previous Issue    Next Issue

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A Breakthrough in the Dilemma of Product Innovation Information Disclosure of Multinational Enterprises：On the Strategy of Latent Trademark DENG Yu-ting 2020, 62(5): 1-9.  Abstract ( 40 )   In the process of product innovation, the implementation of brand strategy of new products is faced with the dilemma of trademark being registered, losing market share, disclosing product cost information in advance and increasing trademark maintenance cost. In this regard, the latent trademark strategy is a new possible choice. This paper systematically reviews the latent trademark strategy in product innovation.Based on the case study of American multinational companies, it is found that under the current international intellectual property law system, multinational enterprises can hide their new registered trademarks in the public view for up to six months by taking advantage of the imbalance of international regional development;compared with the traditional trademark strategy, the latent trademark strategy can effectively prevent the trademark from being preempted and delay the disclosure of product information in the sense of time, and then protect the advantage of product first mover and maintain the goodwill of enterprises; unlike the traditional latent trademark registration countries, China′s trademark legal system, language barriers and the practical complexity of the trademark retrieval system make it possible to implement the latent trademark strategy in its trademark registration system. Latent trademark strategy has positive and negative effects on social welfare. It needs to weigh the advantages and disadvantages, and make necessary regulations through laws, regulations or technical means. References | Related Articles | Metrics

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The Impact of Resource Patching on Business Mode Innovation:A Mediation Model with Regulation SHEN Song-dong, CHEN Xin-qiang 2020, 62(5): 10-17.  Abstract ( 41 )   The limitation of innovation resources is an important factor that restricts the business mode innovation of enterprises. Although resource patching is considered as an effective way to break through the resource limitation of enterprises, the impact mechanism between resource patching and business model innovation is not clear.By introducing improvisational skills as intermediary variable and environmental dynamics as moderating variable, a moderated intermediary effect model is constructed to analyze the impact of resource patching on business model innovation.The results show that: resource patching has a significantly positive impact on improvisational skills and business model innovation,improvisational skills plays an intermediary role between resource patching and business model innovation, environmental dynamics plays a positive regulatory role between improvisational skills and business model innovation, and at the same time regulates the intermediary role between resource patching and business model innovation.Therefore, enterprises should pay attention to the cultivation of “patchwork” thinking, focus on the development of various uses of resources, and carry out creative restructuring; enterprises should further improve their improvisational skills to promote the “creativity” of enterprises. References | Related Articles | Metrics

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Research on the Market-oriented Transformation of Local Financing Platform ZHOU Jin-fei 2020, 62(5): 18-25.  Abstract ( 26 )   The implementation of the State Council′s Opinions on Strengthening Local Government Debt Management and the new budget law aims to clarify the relationship between local governments and local financing platforms, ease the implicit guarantee of local governments on urban investment bonds, and promote the market-oriented issuance of urban investment bonds.In order to test the implementation effect of policies and regulations, this paper uses the data of urban investment bond issuance in 2009-2017 as the research sample, and uses the double difference method to study the difference of the impact of guarantee measures on the credit spread of urban investment bond issuance before and after the implementation of No.43 document and the new budget law.The results show that: after the implementation of the policies and regulations, the guarantee measures can significantly reduce the credit spread of urban investment bonds, and the effect of the guarantee measures to reduce the credit spread of urban investment bonds is better in the areas with better financial situation of local governments, and the implementation effect of the policies and regulations is sustainable.It shows that No.43 document and the new budget law can effectively clarify the relationship between local governments and local financing platforms, and weaken the implicit guarantee of local governments to urban investment bonds.The market-oriented transformation of local financing platform is a step-by-step process. We should focus on the local financing platform with poor financial status of the government and improve its operation level and profitability. References | Related Articles | Metrics

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The Dynamic Relationship among Economic Policy Uncertainty, Financial Stability and Economic Volatility:An Analysis based on China′s 2007-2019 Data LU Jin, WANG Jin-tao 2020, 62(5): 26-33.  Abstract ( 51 )   Based on the perspective of macroeconomic evolution, this paper constructs an analysis framework of economic policy uncertainty, financial stability and economic volatility, and uses TVP-SV-VAR model to analyze the linkage effect and asymmetry among them.The results show that before 2012, the economic policy uncertainty will aggravate the economic volatility in the medium and long term, and the change of financial stability will also promote the economic volatility;after 2012, the economic policy uncertainty aggravates the economic volatility in the short and medium term, and the financial stability and economic volatility show the interactive characteristics;before 2015, the trend of increasing or slowing down of economic policy uncertainty reduced financial stability in the short term; after 2015, the trend of increasing or slowing down of economic policy uncertainty reduced financial stability in the medium and long term, and the trend of slowing down of economic policy uncertainty is conducive to maintaining financial stability.The decrease of financial stability will aggravate the economic volatility in the short and medium term, and the enhancement of financial stability will help to stabilize the economic volatility in the short and medium term. References | Related Articles | Metrics

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Economic Growth Effect of Tianjin Pilot Free Trade Zone: Mechanism Test and Policy Response FANG Yun-long,WANG Bo 2020, 62(5): 34-43.  Abstract ( 36 )   Tianjin Pilot Free Trade Zone shoulders the important mission of getting through Northern Cities′ opening to “The Belt and Road” and serving the construction of Beijing- Tianjin- Hebei Urban Agglomeration. Based on the test of the economic growth effect of the Pilot Free Trade Zone, this paper focuses on the analysis of the economic driving effect and its driving mechanism of Tianjin pilot free trade zone.The results show that the establishment of the Pilot Free Trade Zone has effectively driven the rapid growth of regional economy, and the policy effect of the coastal Pilot Free Trade Zone is significantly better than that of the inland Pilot Free Trade Zone, which provides a reference for the national implementation of Pilot Free Trade Zone strategy and the location of Pilot Free Trade Zone. As a whole, the establishment of Tianjin Pilot Free Trade Zone has no obvious driving effect on regional economic development. The important reason is that it fails to give full play to the “trade effect”, “capital effect” and “high-end industrial cluster effect” that the Pilot Free Trade Zone should have, and the driving forces of export, foreign direct investment, fixed asset investment and industrial structure upgrading are all in a state of “failure”. References | Related Articles | Metrics

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How does Stratified Measurement of Fair Value Affect Internal Agency Cost： Information Effect or Incentive Effect WANG Chen-yan, ZHANG Xian-zhi 2020, 62(5): 44-54.  Abstract ( 28 )   Under the guidance of accounting standards focusing on the usefulness of decision-making, the relevant research mainly focuses on the value relevance of fair value stratified measurement, and pays insufficient attention to the adverse impact of improving relevance and reducing reliability.From the perspective of internal agency cost, this paper empirically tests the impact of various levels of measurement information on internal agency cost by taking the listed companies in 2014-2017 as samples.The results show that the first, second and third levels of fair value will increase agency cost. Further study of the impact mechanism shows that the impact of the first and second level of fair value measurement information on agency cost is due to the reduction of incentive effect by different levels in different ways, while the information effect is not supported.The conclusion of the study further deepens the economic consequences of fair value measurement information, reveals the path that fair value measurement affects internal agency cost, and provides some enlightenment for the standard making department to further improve CAS39, enterprises to implement CAS22 and to make reasonable compensation contract to reduce internal agency cost. References | Related Articles | Metrics

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An Analysis of the Development Mode and Influence Effect of Regional Logistics Industry in China CHEN Heng1,SHAN Ying-ji2,ZENG Tao1 2020, 62(5): 55-66.  Abstract ( 42 )   The imbalance of regional development in our country may lead to the difference of dynamic factors in the development of regional logistics industry, and then there are differences in the development mode of logistics industry.In this paper, the LMDI model, panel quantile model and dependent variable Limited model are constructed to analyze the development mode and influence effect of regional logistics industry in China, and to explore the key ways to promote the development of logistics industry and its promotion path.It is found that the development mode of logistics industry in the eight economic zones of China has the symbiotic characteristics of “intensive” and “extensive”. Among them: the impact of the relatively low level of development of logistics industry and the expansion of capital investment scale in medium-sized areas on the development of logistics industry continues to decline, while the impact of labor efficiency continues to improve, and the spatial layout of its logistics infrastructure promotes the development of logistics industry through continuous coordinated development;the expansion of capital investment scale in areas with high level of logistics industry development does not significantly affect the development of logistics industry, but the impact of labor efficiency is increasing with the improvement of logistics industry development level.The labor wage in the areas with high labor efficiency of logistics industry is in the non-incentive range, which has a restraining effect on the improvement of labor efficiency; while in the areas with low labor efficiency, it is the opposite. However, in the process of expanding human capital investment, it is unable to provide more reasonable wages or positions, resulting in the continuous loss of high-quality human capital, and inhibiting the improvement of labor efficiency.In the competition between regions with higher labor efficiency and FDI enterprises, higher labor wages can be provided to prevent high-quality labor from flowing to FDI enterprises in the opposite direction and effectively promote the improvement of labor efficiency; while regions with lower labor efficiency can not provide higher labor wages further and strengthen the positive role of labor wages in promoting labor efficiency, and because of the poor quality of the system, it interferes with the further expansion of the scale of FDI and restrains the positive spillover effect of FDI on the labor efficiency of logistics industry. References | Related Articles | Metrics

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GVC Embeddedness, Innovative Human Capital and High Quality Development of Manufacturing Industry：Influence Mechanism Analysis and Effect Test based on “New Development Concept” WANG Yu-yan1,2, WANG Wan1 2020, 62(5): 67-76.  Abstract ( 56 )   The high quality development of manufacturing industry is the most important to realize the high quality development of economy. Taking the connotation of high quality development of manufacturing industry as the starting point, and based on the “new development concept”, this paper constructs an index system to measure the high quality development situation of China′s manufacturing industry, and uses industry panel data to evaluate the impact of global value chain embeddedness on the highquality development of manufacturing industry as well as the partial effect of innovative human capital on the impact. The research shows that: at present, participation in the division of global value chain has a negative impact on the high quality development of manufacturing industry as a whole, but the upstream link embeddedness will turn to a positive role; innovative human capital can significantly improve the level of high quality development of manufacturing industry. Further analysis of the impact mechanism shows that innovative human capital can significantly weaken the negative impact of GVC embeddedness on the high quality development of manufacturing industry, and the weakening effect has a threshold effect; for different embeddedness positions, innovative human capital can strengthen the positive effect of upstream value chain embeddedness on the high quality development of manufacturing industry, while downstream value chain embeddedness is not effective; for different types of industries, innovative human capital will seriously intensify the negative impact of buyer driven industry embedding GVC on the high quality development of manufacturing industry, and weaken the negative effect of producer driven industry embedding GVC on the high quality development of manufacturing industry. References | Related Articles | Metrics

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Progress Step by Step or Fast Forward? Institutional Distance and Internationalization Speed of Enterprises GE Fei1,HE Xiao-gang2, GAO Lu3 2020, 62(5): 77-86.  Abstract ( 27 )   Institutional environment is the key factor that affects the structure and behavior of enterprises, and institutional distance is very important for the choice of internationalization of enterprises.The empirical results show that: with the increase of institutional distance, the institutional environment becomes more difficult to identify, and the internationalization speed of enterprises tends to be gradual; from the perspective of strategic formation, the nature of enterprise ownership is the key factor, and with the increase of institutional distance, private enterprises are more inclined to speed up the pace of internationalization than national enterprises;in the case of bilateral investment agreements, with the increase of system distance surplus, state-owned enterprises are easier to speed up the pace of entering the overseas market than private enterprises.The test results reflect the characteristics of theoretical expression in the international stage, and conform to the viewpoints contained in the international entrepreneurship theory when considering the regulatory mechanism; the research conclusions help to improve the understanding of enterprise behavior, and have practical value and theoretical significance for understanding the “going global” problem of Chinese enterprises in the overall development period. References | Related Articles | Metrics

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The Impact of the Quality of China′s Import Value Chain on the Embedded Interests of Global Value Chain GAO Jing-feng1,2,WANG Bin2 2020, 62(5): 87-95.  Abstract ( 23 )   The quality of import value chain comprehensively measures the quality of intermediate goods in the import value chain and the production relationship between the participants. The quality of import value chain influences the embedded interests of global value chain through direct mechanism such as production cost and price and the indirect mechanism of technology spillover.It is found that the improvement of the quality of China′s import value chain has significantly improved the embedded interests of global value chain, which plays a greater role in manufacturing industry, especially in the middle and high-tech manufacturing industry. Therefore, China should strengthen the cooperation and interaction with the leading enterprises in the global value chain, improve the absorption capacity of technology spillovers, focus on cultivating high-level production factors, and increase human capital investment and R&D innovation, to gradually climb to the middle and high-end of the global value chain. References | Related Articles | Metrics

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A Study of the Status of “Currency Anchor” of RMB and Its Influence Factors: An Empirical Analysis based on the Countries along “The Belt and Road” ZHAO Hui，ZHANG Nong 2020, 62(5): 96-104.  Abstract ( 25 )   This paper extends the classical “currency anchor” model proposed by Frankel and Wei(1994,2007) to the time-varying parameter state space model, analyzes the position of the “currency anchor” in the areas along“The Belt and Road” from influence scope and influence level, and measures the factors that affect RMB′s “monetary anchor” function based on the results of the time-varying parameter state space model.The results show that the “monetary anchor” position of the RMB has been significantly improved in“The Belt and Road”and the other countries, but there are obvious regional differences:the impact in the “Southeast Asian”, “South Asian” and “Commonwealth” is relatively large, and the impact is relatively weak in Western Asia, Central and Eastern Europe and Central Asia；the factors that influence the role of RMB as a “currency anchor” mainly include differences in political stability, externalities of trade networks, real GDP and the inflation history of host country,among them, the externality of trade network has a significant role in promoting RMB′s “currency anchor”, the role of economic scale is relatively small, while the inflation history of host country has restrained RMB′s role as a “currency anchor”.China should actively promote the control of commodity pricing rights, consolidate the cooperation with major trading partners, and promote the market-oriented reform of exchange rate system, so as to enhance the position of RMB as a “currency anchor” and consolidate the foundation of RMB internationalization. References | Related Articles | Metrics

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The Mechanism and Empirical Analysis of Mobile Payment′s Influence on Household Consumption Behavior ZHANG Yue, PENG Shi-guang 2020, 62(5): 105-111.  Abstract ( 35 )   This paper empirically tests the impact of mobile payment on household consumption level and consumption structure through mechanism analysis and based on 2017 China household financial survey data. The research shows that mobile payment will stimulate household consumption and promote the upgrading of household consumption structure.Firstly, non-cash payment is convenient for transaction, weakening the psychological pressure of purchase payment, and promoting consumption. Secondly, consumer credit plays an intermediary role,and mobile payment influences consumption level and consumption structure by enhancing the possibility of household credit consumption. Thirdly, financial literacy plays a regulatory role in the process of the impact of mobile payment on household consumption level and consumption structure. References | Related Articles | Metrics

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Analysis and Management of the Adverse Elimination of Independent Director Market： Based on Evolutionary Game WANG Yu-xia,WANG Qi 2020, 62(5): 133-139.  Abstract ( 29 )   The original intention of introducing the independent director system in China is to enhance the governance effect of listed companies, and to realize the supervision of the illegal behaviors of controlling shareholders and insiders. However, due to the imperfection of the appointment and removal mechanism, salary incentive mechanism and reputation mechanism, it is found that the group of independent directors has the phenomenon of “bad money expelling good money” in practice.Starting from the formation process of the adverse elimination of independent director market, this paper establishes the evolutionary game model of independent director group decision-making, and deduces the strategy selection process of independent director group from due diligence supervision to perfunctory supervision.Through the analysis of this evolution process, the root of the adverse elimination is clarified, and it is found that under the current corporate governance environment in China, the adverse elimination of independent directors is an inevitable phenomenon.In order to improve the supervision function of independent directors, we should first improve the appointment and removal mechanism of independent directors, increase the voice of small and medium-sized shareholders in the selection process of independent directors; secondly, we should establish a scientific and effective reputation reward and punishment mechanism and salary mechanism of independent directors; finally, we should appropriately reduce the liability insurance limit of independent directors. References | Related Articles | Metrics

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Executive Pay Stickiness, Major Shareholder Control and Corporate Value： An Empirical Study of 210 Natural Person Holding Companies LIU Shang-shu1,QIN Li-na2,ZHAO Meng2 2020, 62(5): 140-145.  Abstract ( 44 )   Can the ownership structure of the natural person holding company with “one share dominating” aggravate the phenomenon of “pay stickiness” of senior managers and affect the enterprise value? To this end, this study selects 210 natural person holding companies from SME board for empirical analysis.It is found that executive pay stickiness is common and has no relationship with controlling shareholders′ equity, but the interaction between them has a positive effect on corporate value. Although the existence of executive pay stickiness and major shareholders′ equity control is reasonable, it is necessary to effectively control executive pay stickiness, further optimize the equity structure and establish a scientific compensation mechanism for the long-term development of the enterprise. References | Related Articles | Metrics

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Organizational Identity Change and Strategic Change in a Subversive Environment：Comparative Research and Construction of Integration Framework YANG Bo，LIU Juan 2020, 62(5): 146-152.  Abstract ( 34 )   In the era of digital economy, the external environment of an organization is more and more dynamic, uncertain and even subversive. “Change” has become an important way for an organization to cope with subversive environment and maintain its competitive advantage.Organizational identity is the collective cognition and common belief of the members of an organization about “who we are as an organization”, and also the cognitive mode and code of conduct guiding the strategic decision-making and implementation of an organization(i.e. “who I am” decides “what I should do”). Changing organizational identity is the prerequisite for many important strategic changes.By constructing an integrated theoretical framework of organizational identity change and strategic change, this paper makes a systematic comparison between organizational identity change and strategic change, analyzes their differences and internal logical relations, and explores the transformation and upgrading of traditional enterprises, cross-border operation of enterprises, adoption of disruptive innovation technologies and other phenomena from the perspective of integration of them, finding that cross-border operation has become a significant feature and common phenomenon of business strategy in the era of digital economy. The transformation and upgrading of traditional enterprises should go deep into the level of organizational identity. Only by changing organizational identity,can we “abandon” the past cognitive model and code of conduct and truly integrate ourselves into the era of digital economy. References | Related Articles | Metrics