Archive

20 August 2020, Volume 62 Issue 8 Previous Issue    Next Issue

---

For Selected:

Download Citations EndNote Ris BibTeX

Toggle Thumbnails

Select

The Effect of Shopping Atmosphere on New and Old Customers′s Patronage Intention:A Mediated Moderation Effect FAN Miao-miao1,WEI Sheng2,WU Xiao-ding1 2020, 62(8): 1-8.  Abstract ( 130 )   Many retailers have tried to create a pleasant shopping atmosphere to enhance competitiveness through store renovation and redesign, but the store renovation does not improve the customer patronage and consumption level as expected. This article introduces familiarity as a moderate variable and customer trust as a mediator variable to construct a model and analyze the data from two field surveys of customer shopping experience to verify the mechanism by which shopping atmosphere affects new and old customers′ patronage intentions. The results show that the shopping atmosphere affects patronage intention through customer trust,a pleasant shopping atmosphere can increase the trust of new customers in shopping stores, but it has less impact on the old customers;the familiarity plays different roles at different stages, and there may be some other moderate variables similar to the familiarity, so that the impact of shopping atmosphere on patronage intention has different boundaries. Therefore, although the attractive shopping atmosphere is an effective marketing tool for a store, the influence of shopping atmosphere on patronage intention begins to weaken when the store enters the mature stage and has a stable customer group. In a certain period of time, there is no need to continue to increase investment in decorating stores, a more reasonable marketing strategy is to increase the means beyond the shopping atmosphere, and strive to improve customer trust and enhance customer patronage. References | Related Articles | Metrics

Select

Research on Spatial Connection and Organization Mode of Tourism Economy in Yangtze River Delta ZHANG Hong, SHI Ting-ting,YU Meng-xue 2020, 62(8): 9-18.  Abstract ( 72 )   The closer and more complex relationship between cities in China makes the position of cities in regional economic development more and more prominent.Taking 26 cities in the Yangtze River Delta as the research object, and by introducing the tourism economic development index and traffic accessibility index to modify the gravity model, establishes the spatial connection network model of the Yangtze River Delta city tourism economy, the paper describes the network structure characteristics from the network density, network centrality, structure hole, core edge structure and so on, analyzes the group of the Yangtze River Delta city tourism economic space and calculates the connection strength of tourism economy in Yangtze River Delta urban agglomeration.The results show that: there are great differences in the level of tourism economic development in the Yangtze River Delta urban agglomeration. Shanghai, Hangzhou, Suzhou, Nanjing and other cities have obvious location advantages;the density of tourism economic connection network of cities in the Yangtze River Delta is large and unbalanced, and the phenomenon of “core edge” is obvious, showing a spatial distribution pattern of “strong southeast and weak northwest”. Along Hefei, Nanjing, Shanghai, Hangzhou and Ningbo, a highly attractive “Z-shaped” Tourism Economic Corridor is formed; the “one core, three poles and four axes” is the spatial organization of tourism economy in Yangtze River Delta cities pattern. References | Related Articles | Metrics

Select

Closed-Loop Supply Chain Recycling Subsidy Strategy of New Energy Vehicle Power Battery: An Analysis based on Evolutionary Games QIU Ze-guo,ZHENG Yi,XU Yao-qun 2020, 62(8): 28-36.  Abstract ( 69 )   If the power battery that reaches the service life cannot be effectively recycled, it will cause economic losses and cause serious environmental problems. Based on the evolutionary games method, this paper analyzes the power battery recycling strategy of a two-stage closed-loop supply chain composed of OEMs and 4S stores. The results show that the key factor affecting the recycling subsidy strategy of OEMs and 4S stores in the closed-loop supply chain is the rate of increase in revenue after subsidies from both parties. When both of them increase the revenue after recycling subsidies, both sides will adopt a recycling subsidy strategy; when the cost of subsidies is higher than the increased revenue after subsidies, the government can encourage enterprises to participate in power battery recycling with tax subsidies or other incentives. References | Related Articles | Metrics

Select

From Decentralized Supervision to Cooperative Governance: The Outlet for Normative and Healthy Development of Platform Economy LIU Jia-ming,GENG Chang-juan 2020, 62(8): 37-44.  Abstract ( 82 )   The new format of platform economy and its characteristics of ecosystem, openness and sharing inevitably call for innovative governance mode of platform economy. At present, the healthy development of platform economy has been included in the policy agenda of the central government in China. The nature of platform economy determines that co-governance of stakeholders inside and outside the platform is the basic way of governance and the fundamental way to regulate healthy development. From the perspective of governance mechanism design, this paper considers the incentive compatible platform rules and the transaction cost of cooperative governance, constructs the framework of platform economy cooperative governance, and puts forward the ideas and countermeasures of platform economy cooperative governance. References | Related Articles | Metrics

Select

Impact of Short-term International Capital Flow on RMB Exchange Rate Fluctuation:An Analysis based on Markov Switching-VAR Method LU Yan, ZHANG Han-yi 2020, 62(8): 45-52.  Abstract ( 64 )   With the continuous change of US monetary policy, the pattern of international capital flow has been constantly changing from quitting quantitative easing monetary policy to returning to quantitative easing monetary policy. In addition, China′s financial market has gradually opened up in recent years. The change of short-term international capital flow has brought challenges to the stability of RMB exchange rate.By constructing Markov switching-VAR model, this paper empirically analyzes the dynamic impact of short-term international capital flow on RMB exchange rate by using the data from July 2005 to March 2018.The results show that: through the transmission channels of exchange rate expectation, money market, balance of payments, relative inflation and relative interest rate difference, short-term international capital flow has a positive impact on RMB exchange rate, and shows different characteristics and asymmetry under different market conditions;at the same time, the change of RMB exchange rate has a reverse effect on short-term capital flow. Therefore, China should strengthen the supervision of short-term international capital flow, accelerate the reform of RMB exchange rate mechanism, and coordinate the exchange rate policy and interest rate policy, so as to ensure the stability of China′s financial market and the steady operation of China′s economy. References | Related Articles | Metrics

Select

Social Responsibility Bonds Support Epidemic Prevention and Control: International Experience and China′s Practice ZHANG Yang1,2 2020, 62(8): 53-62.  Abstract ( 67 )   Finance is a multi-faceted tool. Social responsibility bonds combine private interests and public welfare. With market-oriented operation, funds are strictly directed to the centralized relief of specific problems. In the context of epidemic prevention and control, it can effectively meet the multiple needs of improving corporate social reputation, enriching investors′ choice space, and supplementing the government′s emergency funding gap.Internationally, social responsibility bonds are spontaneous from the market, and have formed a “bottom-up” dual restraint mechanism of “internal principles + external review”, and its operation is standardized and orderly.After COVID-19 erupted, the government led “top-down” Chinese characteristic social responsibility bonds, epidemic prevention and control bonds, should be born. But there are many problems such as the supervision of the multi - purpose dispersion, the unclear use of funds, the nominal labeling of bonds, and the lack of risk disclosure.In order to give full play to the function of bonds to support epidemic prevention and control, China should actively benchmark the international principles, from the deep integration of soft law principles and hard law norms, the collaborative division of labor between internal subjects and external intermediaries, and the dual guarantee of tax incentives and regulatory constraints. References | Related Articles | Metrics

Select

CEO Moral Hazard and Corporate Financing Constraints LIU Ren-zhong1,ZHENG Yan-ming2 2020, 62(8): 63-70.  Abstract ( 92 )   Taking the senior managers of A-share listed companies in Shanghai stock market from 2000 to 2018 as the research sample, this paper uses the theory of social capital as the research basis, and uses the investment-cash flow sensitivity model to test the influence of CEO moral hazard on corporate financing constraints in various situations. The empirical results show that CEO moral hazard has a negative effect on enterprise financing:the higher the CEO moral hazard is, the more difficult it is for the enterprise to obtain financing; in the case of the combination of CEO and chairman, the CEO moral hazard problem is still high;when the CEO′s power is balanced, moral hazard decreases and financing constraints are eased. This paper not only gives the quantitative expression of moral hazard and deepens the financing constraint theory, but also combines the social capital theory to provide a new explanation on how the senior managers affect the financing constraints of enterprises, and provides new enlightenment to how to strengthen the governance of listed companies and crack the financing constraints. References | Related Articles | Metrics

Select

The Influence of Venture Capital Stage Selection on the Improvement of Enterprise Innovation Ability SUN De-feng1,FAN Cong-lai1,HU Heng-qiang2 2020, 62(8): 71-81.  Abstract ( 50 )   This paper takes A-share IPO enterprises from 2000 to 2016 as the research sample, and empirically tests the influence of venture capital stage selection on enterprise innovation ability.The results show that: the venture capital stage selection has no significant impact on the innovation output of enterprises three years after listing, which indicates that the influence of venture capital on enterprise innovation is not reflected in the difference of innovation ability after listing, but the cultivation effect of venture capital on enterprise innovation ability at the entry stage of venture capital;The earlier the venture capital enters into the stage, the stronger the cultivation of enterprise innovation ability is; to alleviate the differences in financing constraints and management shortsightedness is an important mechanism for venture capital stage selection to affect enterprise innovation.Further research on the influence factors of venture capital stage selection shows that the improvement of social network strength and the relief of fund-raising pressure can significantly enhance the early preference of venture capital.The conclusion shows that financial subsidies should be strengthened, early venture capital should be encouraged, and the exchange and cooperation platform of venture capital should be built to ease the financing constraints of early enterprises and the short-sightedness of management, so as to enhance the early preference of venture capital institutions. References | Related Articles | Metrics

Select

Impact of Organization Information Providing Behavior on Employees′ Mental Health: The Chain Mediation Effect of Cognitive and Affective Job Insecurity DING Yan-qiao,NIU Xiong-ying 2020, 62(8): 82-90.  Abstract ( 49 )   In the context of intensified market competition and organizational transformation, a series of phenomena of employees′ impaired mental health have attracted researchers′ extensive attention. Among them, job insecurity is not conducive to maintaining employees′ mental health. However, most scholars only discussed the causes and consequences of job insecurity, ignoring the potential distinction between cognitive and emotional aspects of job insecurity and the impact of the two kinds of job insecurity on employees′ mental health. Based on cognitive evaluation theory and emotional evaluation theory, this study discusses the important influence of information providing behavior on maintaining employees′ mental health, and analyzes the chain mediating effect of affective job insecurity caused by cognitive process. The results of this study show that organizational information providing behavior has a significantly negative impact on employees′ cognitive job insecurity;the information provided by the organization has a significantly negative impact on employees′ mental health;the information providing behavior of the organization affects employees′ mental health by affecting their cognitive job insecurity;the information providing behavior of the organization influences employees′ affective job insecurity through their cognitive work insecurity and then affects their mental health. By reducing cognitive job insecurity, the organization′s information-providing behavior reduces the chain mediating effect of affective job insecurity and improves employees′ mental health. This study theoretically enriches the research on the impact of organizational information providing behavior on employees′ mental health, and practically helps organizations solve employees′ cognitive and emotional work insecurity through information providing and prevention, so as to relieve employees′ impaired mental health. References | Related Articles | Metrics

Select

The Influence of Enterprise Group on the Expansion and Reform Strategy of Subsidiaries under Negative Performance Feedback:An Empirical Analysis based on the Administrative and Capital Management Channels of Group Companies ZHENG Li1, CHEN Zhi-jun2 2020, 62(8): 91-98.  Abstract ( 46 )   This paper used A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2018 as research sample to investigate the impact of performance feedback on the expansion change strategy of subsidiaries. The empirical results find that: in contrast with stand-alone firms, subsidiaries are more sensitive to the performance feedback-expansion change relationships. The influence of business groups is mainly reflected in the following aspects: the administrative management of the parent company to the subsidiary company strengthens the positive influence of negative performance feedback on the expansion change strategy, the capital management of the subsidiary company promotes the expansion change strategy,and negative performance feedback weakens the positive impact of capital inflow on the expansion of subsidiaries.The further study finds that: whether the enterprise group adopts administrative management or capital management on its subsidiaries depends on the performance of the subsidiary companies; the negative performance feedback of the subsidiary companies′ risk expansion behavior improves the operating difficulties. References | Related Articles | Metrics

Select

Profitability of Main Business, Executive Incentive and Financialization of Firms WANG Huai-ming，WANG Cheng-chen 2020, 62(8): 99-106.  Abstract ( 69 )   The investment decision of enterprise financial assets is not only affected by the external financial market, but also largely depends on the profitability of the enterprise′s main business.This paper empirically tests the impact of the profitability of main business on the financialization of Chinese A-share non-financial listed companies from 2009 to 2017.The results show that: the profitability of the main business is negatively correlated with corporate financialization. Further moderating effect test shows that executive compensation incentive significantly magnifies the negative relationship between the profitability of the main business and financialization, while executive equity incentive alleviates the negative relationship between the profitability and financialization of the main business, but the regulatory effect is not significant.In addition, in the state-owned enterprises, the profitability of the main business has a greater impact on the financialization of the enterprises; among the constituent assets of the financialization, the profitability of the main business has a greater impact on the available for sale financial assets allocated by the enterprises.The above conclusions show that to solve the problem of “from real economy to virtual economy”, it is necessary to further optimize the industrial investment environment and enhance the profitability of the main business of enterprises; build a reasonable incentive system for senior executives and improve the corporate governance system; improve the financial market, and enhance the strength of financial support for the real economy. References | Related Articles | Metrics

Select

The Impact of Agricultural Productive Services on Grain Production: An Empirical Study based on China′s Provincial Panel Data from 2008 to 2017 YAN Han,QIAO Jun 2020, 62(8): 107-118.  Abstract ( 51 )   Agricultural productive services is the related industry of grain production. In order to expand the ideas of food production development and grain yield improvement, this paper focuses on the impact of agricultural productive services on grain production.Firstly, this paper analyzes the impact of agricultural productive services on food production in terms of knowledge and technology through Romer′s endogenous growth theory;at the same time, capital is regarded as the link element between agricultural productive services and food production, the model of Romer′s endogenous growth theory is reformed, and the mechanism of agricultural productive services′ influence on food production in terms of capital is analyzed, and the research hypothesis is put forward according to the analysis results.Then, based on China′s provincial panel data from 2008 to 2017, through the establishment of a panel model, the System GMM method, differential GMM method and quantile regression method are used to test the research hypothesis.The results show that: the development of agricultural productive services can promote the improvement of grain production level:the grain yield per unit area will increase by 0.7 percentage points when the development level of agricultural servicesincreases by 1 percentage point; the impact of the development of different agricultural productive services on the improvement of grain production level is different, among which agricultural logistics has the greatest impact:every 1% increase in the development level of agricultural logistics industry will increase the grain yield by 1.1%.Therefore, (1) The development of agricultural productive services should take the development of food as the signal access point, and take the demand of farmers as the guidance. (2) At present, the agricultural logistics has the greatest impact on grain production, and should become the focus of the development strategy of agricultural productive services. (3) Regional coordination and policy coordination should be paid attention to in the development of agricultural productive services. References | Related Articles | Metrics

Select

How is the Corporate Law Progressing? A Mirror of America the Two Cross-century Interaction between Progressive and Corporate Law XUE Qian-qiang 2020, 62(8): 119-128.  Abstract ( 51 )   Progressiveism and corporate law first met at the rise of the company′s strength more than a hundred years ago, and presented a trend from “affirmation of the company′s strength” to “distributing the company′s strength” to “healing the company′s social trauma”. At the end of the 20th century, due to the rise of the hostile wave of acquisitions, the progressiveism of the company law was re-narrated and added to the economic analysis of anti-corporate law, the public interest orientation of corporate actions, and the three new plots that challenged the company′s goal of maximizing shareholders′ interests. Any progressive reform of corporate law may be a radical change in traditional cognition, which requires huge costs and linkage adjustments in political concepts, economic systems, and related sectoral laws. At present, corporate law progressiveism is no longer just an issue of interest at the academic level, and the progressive legislative agenda is gradually being developed. The revolutionary future targeted by the company law is optimistic. If we want to realize the progress of our company law, there are still some experiences and strategies worth learning in the progress movement. That is,we should consider the political reality and socialist market economy reality of China′s socialist system and the participation of Party organizations in corporate governance; enhance the diversity of research methods and topics of company law; absorb more subjects′ participation and listen to women′s voice, so as to give full play to women′s value. References | Related Articles | Metrics

Select

The Impact of New Environmental Protection Law on Earnings Management: Based on the Empirical Evidence of Heavy Pollution Enterprises YANG Ye1,SHEN Yan-bo2, HE Fan3 2020, 62(8): 138-145.  Abstract ( 54 )   By taking the A-share listed companies in China from 2012 to 2017 as the initial research sample, using the new Environmental Protection Lawas an exogenous event, and adopting DID analysis method,the paper empirically tests the impact of the event on earnings management of heavily polluted enterprises. It is found that the heavy pollution enterprises have made significant upward earnings management compared with the non-heavy pollution enterprises after the implementation of the new Environmental Protection Law, and this earnings management shows a certain degree of marginal diminishing effect；after further investigation, we find that the heavy pollution enterprises have made more significant upward earnings management behavior especially in smaller enterprises or enterprises with poorer profitability. This paper provides an empirical evidence on how micro-enterprises react after the implementation of the new Environmental Protection Law. And by comparing the sensitivity differences of enterprises with different scales and different profitability to the impact of the new Environmental Protection Law, it is helpful to understand the mechanism of the Prospect Theory. References | Related Articles | Metrics