Table of Content

    20 September 2023, Volume 31 Issue 9 Previous Issue   
    Research on the Source of Ownership and Path Dependence of Private Enterprises: Based on the Background of Mixed-ownership Reform
    Chen ZHANHG,Yan-tong CHEN,Jing TIAN
    2023, 31 (9):  1-12.  doi: 10.16381/j.cnki.issn1003-207x.2022.0548
    Abstract ( 25 )   HTML ( 4 )   PDF (615KB) ( 29 )   Save

    The mixed-ownership reform of state-owned enterprises helps to realize the decisive role of the market in resource allocation. China's state-owned enterprise reform is in full swing, but the effect remains to be tested. The mixed-ownership reform of state-owned enterprises is essentially a process of institutional change, which may have the problem of path dependence. During the reform process, the post-reform enterprise may adhere to a certain institutional path in the original enterprise, and the institutional path may be efficient or inefficient. This inefficient institutional path is precisely the reason for institutional changes, and it may still exist in reformed enterprises. In the practice of China's capital market, is there a path problem? Are there significant differences in financing constraints between reformed private enterprises and start-up private enterprises? Are these differences different in full equity replacement and partial equity replacement of reformed private enterprises?Taking the mixed-ownership reform of state-owned enterprises as the background, private enterprises with different source of ownership are selected as samples to empirically test the differences in financing constraints and corporate efficiency between start-up private enterprises and reformed private enterprises, and the extent of this difference in the reformed private enterprises is explored with full and partial ownership replacement. The moderating effect of group company before mixed-ownership reform of state-owned enterprises is studied. Model(1) is designed:F-constrainti,t =β0+β1Pte-origini,t /Sos-duali,t /Sos-degreei,t +Controls+εi,t, to test the degree of financing constraints after the mixed-ownership reform of state-owned enterprises, and further to test whether there is a path dependence problem. Model (2) is designed: EOEi,t ==β0+β1Pte-origini,t /Sos-duali,t /Sos-degreei,t +Controls+εi,t and model (3) is designed: EIEi,t =β0+β1Pteorigini,t /Sos-duali,t /Sos-degreei,t +Controls+εi,t, to test the operating efficiency and investment efficiency of state-owned enterprises after mixed-ownership reform. Further, this paper explores whether the path dependence problem of state-owned enterprises after mixed-ownership reform is more serious in non-first-tier state-owned enterprises, so model(4) is designed: F-constrainti,t =β0+β1Com-groupi,t +Controls+εi,t and model (5) is designed: F-constrainti,t =β0+β1Com-groupi,t + β2Sos-degreei,t +β3Com-groupi,t ×Sos-degreei,t +Controls+εi,t, to test whether it will increase the degree of path dependence if the state-owned enterprise is a subsidiary of group company before the reform.The empirical results show that the coefficient of Pte-origin in model (1) is 0.115, passing the 10% significance test; the coefficient of Sos-dual is -0.077, passing the 10% significance test; the coefficient of Sos-degree is -0.132, passing the 5% significance test, these all show that there is a problem of path dependence after the mixed-ownership reform. The coefficients of Pte-origin in model (2) and model (3) are 0.007 and -0.004 respectively, both of which have passed the 10% significance test, indicating that start-up private enterprises have higher operational efficiency and investment efficiency. The coefficient of Sos-dual didn’t pass the significance test, indicating that whether the reformed private enterprise still holds state-owned equity has nothing to do with the operating efficiency and investment efficiency of the enterprise. the coefficient of Sos-degree in model (2) and model (3) are 0.007 and -0.004 respectively, which have passed the 10% and 5% significance test, indicating that the higher the proportion of state-owned equity in reformed private enterprises, the lower the operating efficiency and investment efficiency. The regression coefficient of the Com-group variable in model (4) is -0.135, passing the 10% significance test; the regression coefficient of the Com-group variable in model (5) is -0.149, passing the 10% significance test; the regression coefficient of Sos-degree variable is -0.135, which passes the 10% significance test; and the regression coefficient of Com-group*Sos-degree is -0.012, passing the 10% significance test, indicating that the state-owned enterprise before the reform was a subsidiary of group company, then the intensity of financing constraints after the reform is greater than state-owned enterprises that were first-level legal persons before the reform.The research results show that (1) Compared with reformed private enterprises, start-up private enterprises have a stronger degree of financing constraints. And the existence of state-owned equity or a high proportion of state-owned equity in reformed private enterprises will ease the degree of financing constraints in the market. (2) Compared with reformed private enterprises, start-up private enterprises have higher operational efficiency and investment efficiency. And the higher the proportion of state-owned equity in reformed private enterprises, the lower the operating efficiency and investment efficiency. (3) If the reformed private enterprise is a subsidiary of group company before the reform, the degree of financing constraints it faces after the reform is weaker than that of the state-owned enterprise that was a first-level legal person before the reform.

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    Environmental Protection Background Executives, Power Distribution and Corporate Environmental Responsibility
    Yi LI,Bing-yang HE,Zong-yi HU,Ji-kun ZHOU
    2023, 31 (9):  13-21.  doi: 10.16381/j.cnki.issn1003-207x.2022.0593
    Abstract ( 17 )   HTML ( 1 )   PDF (772KB) ( 22 )   Save

    Firms are the core carriers of social and economic wealth, the main requesters of natural resources, and the most critical factors of economic development and environmental protections. The urgent of achieving sustainable development and improving the environment has prompted firms to undertake their environmental responsibilities. Thus, how to promote corporate to fulfill environmental responsibilities has become a practical problem that needs to be solved urgently. In this paper, the impact of environmental protection background executives and their power distribution on corporate environmental responsibility performance is examined. The manually collected data about executives’ professional background and the latest power measurement method are used, and the data of listed companies in China’s A-share heavy polluting industries from 2006 to 2019 is drawn on. The results show that environmental protection background executives significantly promote the level of corporate environmental responsibility performance, the higher environmental protection background executives’ power in the top management team, the higher the level of corporate environmental responsibility performance. The effect of environmental protection background executives and their power on corporate environmental responsibility performance is different within enterprises that adopt different environmental strategies, the positive effect is more significant in enterprises that adopt defensive environmental strategies. This study is helpful to optimize the allocation of power distribution of top management team, promote enterprises to fulfill environmental responsibility, and accelerate the development of an ecological civilization.

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    Multistage Efficiency Considering Network Status of Funds and its Predictive Ability
    Shuai LU,Shou-wei LI,Jian-min HE
    2023, 31 (9):  22-34.  doi: 10.16381/j.cnki.issn1003-207x.2022.0998
    Abstract ( 24 )   HTML ( 5 )   PDF (710KB) ( 9 )   Save

    The traditional two-stage DEA method, which measures the operating efficiency of commercial banks, has gradually been used in related research on the performance evaluation of funds. However, compared with bank performance, mutual funds have a significant network status effect, that is, funds with higher status in social networks may perform better due to signal transmission effect. The key issue is that most of the research has ignored the fund network status factors, leading to errors in the evaluation. To fill this gap, complex network model is employed to build a common-holding network of funds and calculate the mixed network centrality of funds to portray their network status. Specifically, the mixed network centrality is composed of the average of degree centrality, betweenness centrality and eccentricity. Based on the mixed network centrality, the fund network status is introduced into the two-stage DEA model to construct a new multi-stage input-output framework considering the fund network status.Based on this model, the multi-stage efficiency considering the network status (NSE) of 2600 mutual funds in China from 2015-2020 is measured and tested the predictability of NSE for future fund performance. The results show that NSE has a significant positive impact on future abnormal return and ROA; NSE has a significant positive impact on future systemic risks and annualized volatility, while it has an insignificant effect on the maximum retracement. The conclusions keep unchanged after using the PSM method to relieve the problem of the sample selection. It is also found that the predictability of NSE for future performance presents significant heterogeneity in funds with different cash flow and investment concentrations. Last, robustness checks support the main conclusions. The financial data of mutual funds is from the Wind database in China. A new approach is provided to measure multi-stage efficiency by considering the fund network status that are significant for evaluating and predicting fund performance. It also calls for more empirical or theoretical studies to detect social connections of mutual funds and evaluate their real efficiency performance.

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    Research on Multi-scenario Tripartite Evolutionary Game of Emission Reduction Strategy in OEM Industry under the Situation of Carbon Peak and Carbon Neutralization: Local Government VS. Foreign Clients
    Chuan ZHAO,Qi-dong GUO,Min ZUO,Ming-ke HE
    2023, 31 (9):  35-44.  doi: 10.16381/j.cnki.issn1003-207x.2022.0873
    Abstract ( 20 )   HTML ( 3 )   PDF (1248KB) ( 19 )   Save

    Due to the characteristics of low value-added and high carbon emission, the OEM industry has been regarded as a special group of China's carbon emission reduction work under the goal of carbon peak and carbon neutrality, especially when the OEMs are restricted by foreign clients and local governments. With the pull and push impacts, how to design the emission reduction strategies and paths for different types of OEMs is an urgent problem to be solved. An evolutionary game model composed of OEMs, foreign clients and local governments is costructed, the complex influencing mechanism of carbon quotas, carbon trading prices, government rewards and punishments, emission reduction technology spillover, technology sharing and corporate reputation on the decision-making of the tripartite gamer is analyzed, the guiding role of precise policies and carbon trading mechanisms in a multi-scenarios emission reduction strategy making situation is explored, and the stability point of the tripartite game system and its evolution process, evolution rate and the motivation of the unstable states are discussed. It is found that: (1) Relying solely either on carbon trading markets or reward and punishment policies poses an impact on emissions reductions within a small range; (2) The difference of reputation loss under the two strategies will reduce the short-sighted behavior and free-riding effect of foreign clients; (3) With the trend toward the medium, the difference of emission reduction and the difference of OEMs’ investment on carbon reduction, the policy range of the government gradually increases; (4) The precise policies of the local pose stronger effects on guiding the emission reduction to a wider range of OEMs and their foreign clients; (5) The increase in the accountability of the foreign clients can not only reduce the risk of financial assistance cheating, but also promote the active emission reduction of OEMs. The best strategy is proposed for the OEM when the local government and foreign client put a pull and push pressure on the OEM’s decision, and a theoretical support and decision basis for the orientation of supply side reform and supply chain reconfiguration is provided.

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    The Cooperative Game Approach for River Flooding Risk
    Er-fang SHAN
    2023, 31 (9):  45-51.  doi: 10.16381/j.cnki.issn1003-207x.2021.0105
    Abstract ( 19 )   HTML ( 4 )   PDF (566KB) ( 13 )   Save

    With the development of social economy and the influence of climate warming and other factors, river flood risk control is still facing many challenges. How to incentivize the agents on a river basin to voluntarily change their land use for soil and water retention? The distribution of benefits among the agents is one of the most critical issues. This is one of the important topic on flood risk prevention, In view of the total benefit among agents on a river basin, an allocation rule based on Shapley value is proposed, which can establish a fair compensation mechanism among the upstream and downstream so as to incentivize the cooperation. The upstream agents should focus on the role played by forests as natural water retention features and enhance upstream water retention in order to attain the goal of flood risk prevention.

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    Optimal Strategies and Coordination of Three-echelon Cold Chain of Fresh Products Considering Freshness-keeping and Carbon Abatement
    Xue-li MA,Ying ZHAO,Qing-guo BAI,Hong-guang BO
    2023, 31 (9):  52-61.  doi: 10.16381/j.cnki.issn1003-207x.2021.0364
    Abstract ( 22 )   HTML ( 3 )   PDF (1273KB) ( 12 )   Save

    Driven by both carbon policy and consumer environmental awareness, the large amount of carbon emissions generated while keeping deteriorating products fresh has attracted attention. Especially when competing internationally, both freshness and environmental friendliness have significant effects on the market demand of fresh products. The third-part logistics service provider (TPLSP) has been playing an increasingly important role in freshness-keeping and carbon abatement in fresh products’ cold chain. Then, when the TPLSP’s freshness-keeping effort and carbon abatement level jointly affect the freshness and environmental friendliness of fresh products, how should TPLSP make reasonable decisions to improve the economic and environmental benefits of the cold chain? To solve this problem, the optimal strategies and coordination of a three-echelon cold chain for fresh products with non-fixed shelf life composed of supplier, TPLSP and retailer are studied.First, two game models are established to analyze the impact of the introduction of carbon abatement technologies in TPLSP on cold chain decision-making and performance. Second, the system’s decision-making and performance are compared under the decentralized and decision-making models are centralized when TPLSP introduced carbon abatement technology, and the impact of some key factors is analyzed, such as carbon trading price, freshness preference and consumer environmental awareness on system decisions and performance. Finally, based on field research, some numerical experiments are designed and implemented to verify the correctness and practicability of the proposed theoretical model.Some key findings are proposed. First, TPLSP’s adoption of carbon abatement technology can increase the environmental friendliness of fresh products, increase sales and economic benefits of the cold chain. Second, the government should guide consumers to increase their environmental awareness, especially for fresh products with a higher preference for freshness, which will help improve both the environmental and economic benefits of the cold chain. Third, although the increase in carbon trading prices will help improve the environmental friendliness of fresh products, it will also reduce the sales of fresh products. Fourth, fresh product’s freshness and environmental friendliness will remain unchanged under centralized and decentralized decision-making, but decentralized decision-making will cause distortion of product sales, which will damage the economic benefits of the supply chain. Finally, the wholesale price and two-part tariff contracts can realize the Pareto improvement of each member's expected profit.From the practical perspective, this study can not only provide theoretical basis and decision-making reference for TPLSP, but also provide guidance for the government to reasonably formulate carbon subsidy policies and guiding measures, to improve both fresh products’ environmental friendliness and cold chain member’s economic benefits.

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    Time/Cost Trade-off Problem in Decentralized Multi-project Scheduling
    Song ZHAO,Zhe XU,Dong-ning LIU
    2023, 31 (9):  62-72.  doi: 10.16381/j.cnki.issn1003-207x.2021.0702
    Abstract ( 3 )   HTML ( 0 )   PDF (1032KB) ( 5 )   Save

    In practice, multiple projects may be located in different locations, therefore, the global resource transfer times cannot be neglected when making multi-project scheduling plans. Besides, project activities have different execution modes, activity durations can be shortened by increasing the budget. Both global resource transfer times and budget constraints are considered and the time/cost trade-off problem in decentralized multi-project scheduling is proposed.Based on a multi-agent system, a two-stage model including local scheduling model and global coordination model is constructed, each project agent (PA) independently schedules the corresponding single project under the allocated budget constraints to minimize the project makespan, and the coordination agent (CA) uses a coordination mechanism to eliminate budget competition conflicts to minimize average project delay (APD). The local scheduling is the discrete time/cost trade-off problem under budget constraints (DTCTP-B), a new genetic algorithm is designed to solve it. The sequential game negotiation mechanism is employed to coordinate the allocation of the total budget among multiple projects and make the global resource transfer plans.To evaluate the performance of the proposed algorithm, 45 instances are selected from MPSPLIB and converted into the problems studied in this paper. Experimental results show that compared with the heuristic method, the method proposed in this paper is more effective and can further reduce APD. The results of parameter analysis show that both problem size and global resource conflict degree have influences on the APD, and the influence of the global resource conflict degree is greater. Taking instance 2 of problem subset MP30_5 as an example, the influence of total budget input on APD is analyzed and discussed.

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    Ecolabel Selection Strategy of Environmentally Responsible Manufacturer with Consumer Skepticism Behavior
    De-yan YANG,Yun-long YU,Zhang-wei FENG
    2023, 31 (9):  73-82.  doi: 10.16381/j.cnki.issn1003-207x.2021.0734
    Abstract ( 13 )   HTML ( 3 )   PDF (808KB) ( 7 )   Save

    Ecolabel has become an important tool for manufacturers to disclose product green quality information. Information asymmetry leads to the consumers’ skepticism about the eco-label, which has become the key factor affecting manufacturers’ eco-label strategy. Facing government, industry, and self labels, and the difference of consumer skepticism on different types of ecolabels, how to select ecolabel has become an important strategy of environmental responsible manufacuturer. The eco-label selection strategy of environmental responsible manufacuturer, and the impacts of consumer skepticism and environmental preference behaviors on the optimal decisions and ecolabel strategies are studied by estabilishing game models of the label initiator, the manufacturer, and the retailer. The results show that when consumers’ skepticism level is relatively low, self-label is better for the manufacturer, and when consumers’ skepticism level is relatively high, industry label is better. If there are no other enforcement measures, manufacturer does not voluntarily choose government labels. Besides, the optimal decisions under government label are higher than industry label and self-label. Compared with self-label, industry label is more beneficial for retailer, supply chain, consumer surplus, and environmental quality improvement. In addition, when consumer skepticism level is relatively high, government label is superior to industry label for both the retailer and the consumer. Government label is beneficial to the consumer surplus and social welfare, but not necessarily beneficial to the performance of the supply chain.

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    Coordination of Supply Chain Cooperative Advertising with Financial Constraints
    Jian-sheng DAI,Ge LI
    2023, 31 (9):  83-93.  doi: 10.16381/j.cnki.issn1003-207x.2021.0133
    Abstract ( 11 )   HTML ( 1 )   PDF (834KB) ( 12 )   Save

    The capital shortage hinders transaction activities, and thereby results in low efficiency of the supply chain. If an upstream firm does not have enough cash flow, it will be incapable to meet order requirements of its downstream firm, and subsequently affects performance and efficiency of the entire supply chain. A natural question arises: Is it possible to achieve supply chain coordination if the supplier is shortage of funds and has to shoulder advertising costs? With the help of trade credit, can it realize channel coordination? What contract mechanism can coordinate the supply chain? Besides, the supplier’s working capital affects its production capacity, and the working capital is affected by the supplier’s initial capital, the timing of payment for goods, and the timing of advertising expenses split. This arises another related question. What is impact of the initial capital, the timing of payment for goods, and the timing of advertising expenses split on coordination of the supply chain?To answer the above-mentioned questions, a supply chain composed of a cash-constrained supplier and a well-funded retailer is considered. The two firms cooperatively carry out advertising, in which the retailer can finance for the supplier by paying the advertising expenses or the ordered products in advance. Three scenarios is discussed as below: normal payment (non-financing mode), the retailer paying advertising expenses for the supplier, and payment of the products ordered in advance (two financing modes). This study focus on revenue sharing contract and buyback contract, for the two contracts are widely used in business practice, and obtain the most extensive attention in theory. Furthermore, the two contracts are equivalent, and hence provides a benchmark for us to investigate their equivalence in a new setting.Firstly, all contracts are classified, according to coordination of contracts, into three categories: complete coordination contract, partial coordination contract and non-coordination contract. The superiority of two contracts is defined under channel coordination, i.e., both the two contracts can achieve the expected profit maximization. Contract A is superior to contract B, if Contract A can replicate any split scheme that Contract B can achieve, but the contrary is not true. Put another words, Contract A is more flexible than Contract B.In the subsequent, the threshold conditions are characterized, from perspective of the initial capital, for realization of supply chain coordination and arbitrary profit split via the two contracts. The coordination of the two contracts is analyzed, and it is shown that the two are equivalent if the supplier faces no cash shortage or the retailer doesn’t provide financing support towards the supplier, albeit suffered from cash shortage. In the presence of capital shortage and financing, buyback contract is superior to revenue sharing contract. Moreover, their advantages and disadvantages are disaussed under the three scenarios, and the conclusions are obtained as follows. Under either contract, the advance payment mode is superior to that of paying advertisement fee for the supplier, whereas the latter is superior to the normal payment mode. In particular, the buyback contract can always coordinate the supply chain under the advance payment mode, even though the supplier’s initial capital is extremely short.Lastly, the impact of the initial capital and profit split on coordination of the two contracts is investigated. The likelihood that the supply chain coordination can be achieved via the two contracts increases in the initial capital and decreases in the split share claimed by the supplier.From discussion we obtain the following managerial guidance. First, in the case of funds shortage, the retailer should provide financing to the supplier by paying advertising expenses or the products ordered in advance, and payment for the products ordered in advance is better than that of paying advertising expenses in advance. Second, if the supplier is facing shortage of funds, it should adopt payment for the products ordered in advance and make use of the buyback contract to coordinate the supply chain.

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    Qualitative Textual Information and Credit Rating: A Study Based on Risk Information in the Annual Report Text Content
    Yi-yun CHEN,Man-lian CHEN
    2023, 31 (9):  94-104.  doi: 10.16381/j.cnki.issn1003-207x.2021.0833
    Abstract ( 10 )   HTML ( 1 )   PDF (573KB) ( 9 )   Save

    Credit rating is a basic mechanism for the capital market, but the series of default events in recent years have raised the challenge for the ratings agencies. Since the credit rating is based both on quantitative and qualitative information, whether the rating agencies can interpret risk information in the qualitative text or not is examined. A text mining on the content of annual reports, which are the most reliable text information disclosed by the corporations. A textual content risk information factor of annual reports is built on the basis of text tone and complexity, which includes the portion of negative words, uncertainty words, professional words and complex sentences. With an empirical study on the credit rating of corporate bonds and the textual content risk information factor, the main findings indicate:(1) the textual content risk information factor of the annual reports has a significantly negative relation with the credit rating of corporate bonds, which means the rating agency can interpret the risk information in the text content in an efficient way;(2) the risk information in the annual report will have greater value for corporate bonds with no guarantee, issuers with lower market and financial risk;(3) the breakup of the rigid payment has brought greater pressure for the rating agencies and encourage the rating agencies to upgrade the ability to interpret the risk information, which can evidence the effectiveness of the credit rating in China to some extent.What’s more, the textual content risk information factor of the annual reports reflects the earnings quality and future operating performance, and has incremental information.

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    Research on Information Sharing of Manufacturers Providing Green Services in Competitive Green Supply Chain
    Jian-yu LUO,Hua SONG,Xiao-ye YANG,Yuan-fang SONG
    2023, 31 (9):  105-113.  doi: 10.16381/j.cnki.issn1003-207x.2021.0919
    Abstract ( 6 )   HTML ( 2 )   PDF (880KB) ( 7 )   Save

    The information sharing of green services provided by manufacturers in two competitive green supply chains is studied. Each supply chain consists of a manufacturer that produces green products and provides free green after-sales service, and a retailer with uncertain demand information. Based on equilibrium price, product greenness and green after-sales service, a multi-stage game model under four different scenarios is constructed to analyze the value of information sharing in the supply chain. The findings are as follows: Firstly, when the manufacturer improves the green degree of products or consumers pay attention to green products, or when the investment in services is efficient or consumers care about services, the information sharing of retailers can benefit the supply chain, and can also trigger the competitive reaction of another supply chain. Secondly, manufacturers can encourage retailers to share demand information voluntarily by improving the efficiency and greenness of green services. Otherwise, manufacturers need to implement a bargaining mechanism in order to share information with retailers and achieve a win-win profit in the supply chain.

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    Dual-channel Supply Chain Decision Model Based on Robust Optimizationunder Price and Delivery-time Dependent Demand
    Ruo-zhen QIU,Xiao-jing CHU,Yue SUN
    2023, 31 (9):  114-126.  doi: 10.16381/j.cnki.issn1003-207x.2021.0269
    Abstract ( 6 )   HTML ( 1 )   PDF (1417KB) ( 4 )   Save

    With the popularization of Internet technology and e-commerce, online sales has developed rapidly and brought changes into all walks of life. In order to meet the needs of different types of consumers and improve profits, more and more enterprises have set up online direct sales channels and implemented both online and offline dual channel sales mode. However, the operation of dual channel retail mode is affected by many constraints. Under this background, it is of practical significance to study the competition and coordination of dual channel supply chain. In practice, price and delivery time are two key factors that affect customers' choice of consumption channels. Delivery speed is of great importantance to cultivate the loyalty of online consumers. In terms of dual-channel supply chain decision-making, many researchers devoted themselves to the design of dual-channel supply chain coordination mechanism, but mainly assume that the product demand is known or follows a well-known distribution, which is unrealistic.Based on the above considerations, for a two-stage supply chain consisting of a manufacturer, an online retailer and a traditional retailer, the decision problem of the dual-channel supply chain under price and delivery time sensitive demand is studied. A Stackelberg-Nash game model with manufacturer as the leader and two retailers as the followers is established. With mean and variance of the demand as the only known information, the optimal pricing, ordering and lead time decisions of the dual-channel supply chain under the centralized and decentralized decision-making are presented, and the revenue sharing contract mechanism which can make supply chain perfectly coordinated is designed. Finally, numerical studies are performed to analyze the impacts of channel preference, delivery time sensitivity and price sensitivity on the optimal decision, and the corresponding management insights are summarized. The results show that the supply chain members and system profit under the coordination mechanism are better than those under the decentralized decision-making. Under the coordination mechanism and the decentralized decision-making, the retailer with a higher channel preference in the supply chain has the market advantage, while the more customers’ sensitivity to the delivery time, the lower the profit of online retailer and the higher the profit of traditional retailer. Under the same decision-making structure, the price sensitivity of different channels has the opposite effect on the profits of traditional and online retailers. The lack of demand distribution information lead to a small loss ratio, indicating that the dual-channel supply chain decision obtained based on the proposed approach in this paper can effectively hedge against the disturbance of demand uncertainty and has a good robustness.The proposed models can provide effective decision supports for the research on dual-channel supply chain decision-making and coordination under price and delivery time sensitive demand, and the results offer a scientific guidance for enterprises on how to deal with the influence of uncertain factors

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    Dynamic Pricing of Product Line Considering Negative Network Effect
    Xu-wang LIU,Cheng-na ZHU,Xing-gang LUO,Wei Qi
    2023, 31 (9):  127-136.  doi: 10.16381/j.cnki.issn1003-207x.2021.0090
    Abstract ( 5 )   HTML ( 1 )   PDF (649KB) ( 8 )   Save

    With the increasingly competitive business, in order to better meet the consumer demand of customer groups and obtain greater market share, product line design and optimization have become an urgent problem for enterprises. Successful product line design can provide rich and differentiated products, reduce development costs, expand market share, increase profits and enhance competitive advantage. In the complex and changeable market environment, the reasonable pricing of product line can effectively solve the problem of substitution between external market environment and internal product line. Due to the variability of market environment and the time-varying of customer demand, the dynamic pricing of product line is an important decision-making problem in product line optimization design. Aiming at the negative network effect in platform economy, the dynamic pricing problem of product line is studied considering the influence of sales volume change in different sales stages on customer choice behavior. The dynamic pricing of product line is studied from the perspective of negative network effects. Based on MNL model with good applicability, the dynamic pricing model of product line, which considers the network effect characteristics of products, is established to study the dynamic pricing of product line, the optimal market share and the optimal decision of the maximum profit of the enterprise.The MNL model with negative network effect is used to simulate the choice behavior of customers in dynamic product line pricing problem. In the utility function of customers, a network effect term composed of network effect coefficient and product sales volume is added. That is: vti=yi-pti+αixtixti is the total sales volume of product from the first period to t period (xti=k=1tqki, where qki is the sales volume of product i in k period, i.e. sales probability); αi is the network effect parameter of the product, which indicates the degree to which the utility obtained by customers purchasing product i is affected by the total sales volume of product i.In different cases of developing single product, homogeneous product and heterogeneous product, it is proved that the return function is concave with respect to market share when considering network effect, and the analytic solutions of dynamic optimal price, optimal market share and optimal return are given respectively.Finally, through numerical simulation, the importance of considering negative network effect in product line pricing is illustrated, the robustness of the model is verified, and enterprises can obtain better market share and profit. The research results can provide theoretical basis and decision-making reference for enterprises with negative network effect products in product line design and pricing.

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    Evolutionary Game Analysis of Pollution Co-governance Strategies for SMEs under Rigid Environmental Constraints
    Chun-bing BAO,Zong-kai JIN,Xiao-xia RONG,Qing-chun MENG,Yu YU
    2023, 31 (9):  137-147.  doi: 10.16381/j.cnki.issn1003-207x.2021.1236
    Abstract ( 4 )   HTML ( 0 )   PDF (762KB) ( 7 )   Save

    The impact of rigid environmental constraints on SMEs (Small and Medium-sized Enterprises) will further affect the development of core supply chain enterprises and society, which may lead to supply chain disruptions, such as “Schaeffler incident”. Involving the core enterprises of the supply chain in pollution treatment of SMEs has been an important way, to make enterprises in the supply chain pay more attention to the environmental issues of upstream and downstream enterprises.Based on the perspective of evolutionary game, with the core enterprises being the main members of the supply chain participated in the pollution management of SMEs, a three-party evolutionary game model containing government, core enterprises, and SMEs is constructed. According to the parameters such as production restriction coefficient and incentive effect coefficient, the impact of supply chain disruption caused by SMEs pollution on the government and core enterprises is analyzed, and corresponding co-governance strategies is proposed by solving the stable points of tripartite evolution under different situations.Results show that the government tends to subsidize SMEs through the supply chain, and core enterprises are more sensitive to incentives and SMEs are more sensitive to penalties in terms of strategy choice. The effect of production restrictions on core enterprises and SMEs is different. Lower production restrictions cannot influence the strategy choice of core enterprises and will increase the burden of SMEs. Only if both the environmental incentives and production restriction strategies are conducted well, the strategy of core enterprises’ involvement in the pollution treatment will work efficiently.

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    A Study on the Entry Opportunity of Remanufacturers under the Competition of Original Product Producers and Compatible Product Producers
    Hang DU,Lai WEI,Qing-hua ZHU
    2023, 31 (9):  159-169.  doi: 10.16381/j.cnki.issn1003-207x.2021.1835
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    With the rapid development of the urban economy, the amount of electronic waste has an explosive growth. Remanufacturing is a useful method that can bring effective disposal and resource utilization of electronic waste. There are three types of printing products in the domestic market: original, compatible, and remanufactured products. Considering the three different competition patterns already exist (original products monopoly, compatible products monopoly, and the simultaneous existence of both products) in the market before the remanufacturer’s entry, a “two-stage” static game analysis is established. First, a price game model is established for original and compatible products, and cost thresholds are identified for three different competition patterns. Furthermore, the entry opportunities of a remanufacturer are analyzed for three patterns, separately. The key results are: (1) the original products monopoly when the cost of compatible products exceeds a certain threshold, and only when consumers have high green utility, and a remanufacturer can enter the market by ensuring the quality of remanufacturing (strictly controlling the failure rate); (2) the original and compatible products duopoly when the cost of compatible products meets a certain threshold, and a remanufacturer can adopt a low-cost strategy to compete with an original product producer or a high-quality strategy to compete with a compatible product producer; (3) the compatible products monopoly when the cost of compatible products is lower than a certain threshold, and the remanufacturer can enter the market with a certain consumers’ green utility if the compatible quality is good or a remanufacturer enters the market by its quality advantages if the compatible quality is medium. Finally, a numerical example is explored based on the data from Jingdong.com to verify the correctness of the research. The results provide decision supports for a remanufacturer, giving practical implications for the remanufacturer’s entry strategies under different competitive patterns.

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    Competitive Strategy for Online Replacement Problem of Leasing Equipment
    Xuan WANG,Bin LIU,Ling TANG
    2023, 31 (9):  170-176.  doi: 10.16381/j.cnki.issn1003-207x.2022.1680
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    The manufacturer provides leasing companies with technical upgrading of leasing equipment (or “old for new”) in the leasing supply chain to promote the application of new technologies. The decision-maker of the leasing company needs to decide whether to update the equipment for obtaining higher rental income. An online model is developed to analyze optimal online replacement strategy of leasing equipment in different market situation. Our results show that the new technology equipment unit lease period income, renewal cost and the old equipment unit lease period income affect the leasing equipment replacement. The optimal online replacement policy of the leasing company is: if the unit lease period income of the new equipment provided by the manufacturer is less than the update cost, the leasing company will continue to lease the old equipment without updating the equipment until the unit lease period income of the new technology provided by the manufacturer is not less than the update cost; Then continue to lease the old equipment until the difference between the lease income of the new equipment and the old equipment almost reaches the renewal cost. The insights obtained from our analysis offer useful guidelines for the leasing companies that will decide the next strategy under uncertainty.

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    Retailer Pricing when Facing Strategic Consumers with Different Waiting Costs
    Yue-wu TANG,Yang SONG,Ti-jun FAN
    2023, 31 (9):  177-185.  doi: 10.16381/j.cnki.issn1003-207x.2020.0049
    Abstract ( 6 )   HTML ( 0 )   PDF (673KB) ( 8 )   Save

    Through long-term purchase practice, consumers become more and more smart. They can rationally expect the price reduction trend of products, and choose the purchasing time according to the expected utilities of purchasing goods before and after the price reduction. When estimating the utilities of buying a product immediately and after waiting for a price reduction, consumers should consider not only the price and availability, but also the waiting cost of consumers. The waiting cost may be different for different consumers.Based on the rational expectation equilibrium method and newsboy model, considering the difference of consumers' waiting cost, consumers are divided into high waiting cost consumers, intermediate waiting cost consumers and zero waiting cost consumers. In view of the different proportions of these three consumers, a pricing decision model for retailers is constructed. The pricing decisions are analyzed and compared in three situations: pricing targets only high waiting cost consumers (myopic)(TM pricing), pricing targets high waiting cost and intermediate waiting cost consumers (TMξ pricing) and pricing targets all consumers (TA pricing).It shows that when the pricing strategy is adopted, the retailer's optimal profit increases with the proportion of high waiting cost consumers. When TMξ pricing strategy is adopted, the retailer's optimal profit decreases with the proportion of zero waiting cost consumers. When TA pricing strategy is adopted, retailers have a fixed optimal profit. When the proportion of consumers with zero waiting cost is greater than a threshold, regardless of the types and proportions of other consumers, the TA pricing strategy should be adopted. The decision model is also applicable to situations where there are only two types of consumers in the market, myopic and strategic.Finally, the situation with normal sales period and price reduction sales period is discussed. In the case of two sales stages, the equilibrium price of retailers in the two sales stages is positively related to the waiting cost of consumers in these two sales stages. Other conclusions similar to the single sales stage can be drawn.

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    Medical Alliance System Optimization Based on Queuing Network under Hierarchical Diagnosis and Treatment
    Li-ping XIAO,Jia-lian LI,Xue-yan SHAO,Hong CHI
    2023, 31 (9):  186-195.  doi: 10.16381/j.cnki.issn1003-207x.2020.1668
    Abstract ( 8 )   HTML ( 0 )   PDF (954KB) ( 7 )   Save

    With the improvement of people's living standards and the acceleration of aging process, people's demand for medical resources, especially high-quality medical resources, is growing more faster. However, high-quality medical resources are difficult to increase in the short term. The contradiction between supply and demand of medical resources has brought great difficulties to the implementation of hierarchical diagnosis and treatment policy. Therefore, to ensure the implementation effect of relevant policies, the optimal allocation of medical resources of medical institutions at all levels in the medical alliance under the hierarchical diagnosis and treatment mode, has become an urgent problem to be solved. The patients are divided into mild and severe groups, and the medical treatment process is divided into three stages: diagnosis, treatment and rehabilitation. The medical path of mild and severe patients in the medical alliance is analyzed, and the allocation of medical resources among all levels of medical institutions in the medical alliance under the hierarchical diagnosis and treatment mode is systematically and quantitatively studied. Through the analysis of the operation mechanism of the medical alliance under the hierarchical diagnosis and treatment mode, a more practical queuing network model with priority and blocking is established. In the model, the actual situation such as the classification of patients and the phased medical service process are fully considered, and the medical path of patients in the medical alliance is reconstructed. The results of numerical experiments show that a) in the short term, more patients should be transferred from hospitals to primary medical institutions for rehabilitation. When the referral rate is large, the rehabilitation medical resources of primary medical institutions should be appropriately increased; b) in the long term, mild patients should go to primary medical institutions, and severe patients should go to hospitals. When the quality of primary medical care is improved to a higher level, whether patients are transferred to primary medical service institutions for rehabilitation is related to the service rate of primary medical institutions. Based on the medical and health statistics of a city in 2018, the data of in-hospital treatment of mild and severe patients were set according to the correlation analysis, and the data of transfer rate, service rate and medical resources in the cases were estimated. This study can provide a theoretical basis for policy-making of medical alliance system optimization under hierarchical diagnosis and treatment.

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    Analysis of Investment Risk of Benefit-sharing Water Saving Management Contract Project
    Xiao-sheng WANG,Xiao-jie AN,Hai-ying GUO
    2023, 31 (9):  196-204.  doi: 10.16381/j.cnki.issn1003-207x.2020.1799
    Abstract ( 4 )   HTML ( 0 )   PDF (1139KB) ( 6 )   Save

    Water Saving Management Contract (WSMC) is an innovative water-saving investment model, and Water Service Company (WSCO) as the major player bears a relatively high investment risk. In this regard, the investment risk of benefit-sharing WSMC project is analyzed from WSCO's perspective. Firstly, the net present value (NPV) is used to assess the economic value of the project. The geometric Brownian motion is used to deal with the uncertainty of water-saving benefits and investment over the lifetime, considering the fluctuation of the maintenance cost, water-saving, and water price. On this basis, the water-saving investment and benefits of water users and WSCO are simulated separately by combining contract parameters including contract period and benefit allocation proportion, and the probability that the NPV of WSCO is less than zero is set as an evaluation index to establish the investment risk assessment model. Subsequently, contract period decision models are constructed through benefit-risk equilibrium, with the objectives of maximizing water-saving benefits for water users and minimizing project investment risk, respectively, and the optimal contract periods under these two scenarios are determined. Finally, the applicability of the risk assessment model is verified with an actual pilot project, and the results shows that the project investment risk is 53.63%; Compared with the 6-year contract period without considering the benefit-risk equilibrium, the optimal contract periods for the two scenarios are 7 and 10 years after optimization, and the investment risk is reduced by 10.65% and 24.73%, correspondingly; Further, the results of the sensitivity analysis indicate that the expected annual water savings have a significant impact on the investment risk. Some information can be provided for WSCO to make investment decisions and design the contract period of WSMC project.

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    Economic-statistical Optimization Design of DynamicnpxControl Chart Based on Simply Inspection
    Hai-yu WANG
    2023, 31 (9):  205-213.  doi: 10.16381/j.cnki.issn1003-207x.2020.1902
    Abstract ( 2 )   HTML ( 0 )   PDF (659KB) ( 5 )   Save

    Quality has been used as a decisive factor in choosing products and services. As a result, control chart has been widely researched and applied as an effective quality control tool. When the measurement of a specific quality characteristic is expensive and time consuming, common control chart methods are often difficult to play a effective role in process control. For this reason, npx chart is proposed as an attribute control chart applied to monitor mean shifts of a variable, which has the advantages of simple measurement and cost saving, but its ability to monitoring abnormal shifts is often not strong. In order to improve the monitoring efficiency, a dynamic npx chart design method is proposed in this paper based on dynamic control chart method. As an accurate assessment of monitoring efficiency, average product length of dynamic npx chart is calculated by probabilistic method. Based on Taguchi quadratic quality loss function, average quality cost per unit of product is proposed and calculated to evaluate quality cost of dynamic npx chart. Taking average product length in control as constraint, average product length out of control and average quality cost per unit of product as objective functions, a multi-objective optimization design model of this chart is established. A numerical example of the model is calculated by non-dominated sorting genetic algorithm (NSGA) and is used to compare with static npx chart, variable parameters (VP) chart, exponentially weighted moving average (EWMA) chart, the results show that the optimal design method proposed in this paper is superior to other control chart methods. The research will further enrich the theory of control chart optimization design, and provide an easy-to-use and efficient quality control method for quality management practice.

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    The Real-time Pick-up and Delivery Problem with the Asymmetric Network
    Teng-yu WU,Jing-lu ZHANG,Hai-yan YU
    2023, 31 (9):  214-221.  doi: 10.16381/j.cnki.issn1003-207x.2021.0183
    Abstract ( 6 )   HTML ( 0 )   PDF (567KB) ( 7 )   Save

    With the rapid development of takeaway industry, the time and scale of real-time distribution have been improved, which makes the traffic violations such as retrograde motion and overspeed increase sharply. The delivery time estimated through the straight-line distance by the platform, but the actual distribution network is asymmetric. Considering the above distribution situations, the real-time pick-up and delivery problem with the asymmetric network is proposed and analyzed with online algorithm. A competitive algorithm that matches the lower bound of the problem is designed, JLNO algorithm is presented for positive half-line metric space, JPI-rd algorithm and W&I algorithm are presented for general metric network, and the performance of three algorithms is further analyzed. A sensitivity analysis of various parameters indicates that the JPI-rd algorithm is more suitable when the asymmetry coefficient and the network are larger. The conclusion can provide delivery strategies and path optimization for delivery vehicles on O2O delivery platforms under different scenarios.

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    The Application of the Large-scale Group Consensus Decision-making Method Based on Self-confident Double Hierarchy Linguistic Preference Relations
    Xun-jie GOU,Fu-min DENG,Ze-shui XU
    2023, 31 (9):  222-232.  doi: 10.16381/j.cnki.issn1003-207x.2021.0927
    Abstract ( 5 )   HTML ( 0 )   PDF (1673KB) ( 9 )   Save

    Double hierarchy linguistic term set is a complex linguistic representation model provided from the angle of 2-tuple linguistic structure. By giving the self-confident degree to each preference information, the concept of self-confident double hierarchy linguistic preference relation (SC-DHLPR) is obtained when experts provide their preference information. The large-scale group consensus decision-making method based on SC-DHLPRs and its application are studied. Firstly, the additive consistency measure of a SC-DHLPR and the consistency checking and inconsistency repairing methods are researched. Then, the large-scale group consensus decision-making method based on SC-DHLPRs is developed including experts clustering method, weights-determining method and large-scale group consensus decision-making method. Finally, the proposed large-scale group consensus decision-making method is applied to a practical decision-making method involving the evaluation of special education reform in Sichuan Province. By making comparative analyses with some existing methods, the effectiveness and applicability of the methods studied in this paper are highlighted.

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    Government Member's Self-face Concern and Escalation of Commitment in PPP Project: Regulation of Academic Degree
    Jia-qi LIU,Ji-cai LIU
    2023, 31 (9):  233-243.  doi: 10.16381/j.cnki.issn1003-207x.2021.0707
    Abstract ( 7 )   HTML ( 0 )   PDF (610KB) ( 6 )   Save

    As a label of personal ability, academic degree is the influencing factors of social status. In PPP (Public-Private Partnership) project, in order to maintain the status and image, the government member’s decision-making behavior is often affected by self-face concerns. Highly educated government officials will be more inclined to self-face concerns, and aggravate the risk of escalation of commitment. As the initiator of PPP project, government member's escalation of commitment has a serious influence on project performance. Accordingly, based on the perspective of the current situation of the average education improvement and the strategy of government PPP talent reserve, the differences of the influence of self-face concerns of government members on escalation of commitment under the different academic degree in PPP projects are mainly discussed. In the study, a situational questionnaire survey is conducted with government departments of different educational levels as subjects, and 155 valid are were collected. Through data processing and multi-group analysis (measurement model, average structure, path structure) with SPSS and AMOS, it is found that: The tendency of government's self-face concern increases with the rise of education level; Compared with master's degree and bachelor's degree, the self-face concern of the government with doctoral degree have a more significant impact on the escalation of commitment; In PPP projects, the government's escalation of commitment also has a upward trend with the increase of education level. The results provide theoretical support and practical guidance for the government's human resource structure and the management of decision-maker’s escalation of commitment in PPP project.

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    From “A Peek” to “A Strategic View”: Individual Investor Behaviors in the Age of Big Data
    YAN Yu-meng, XIONG Xiong, LU Lei, ZHANG Wei, ZHANG Yong-jie
    2023, 31 (9):  244-254.  doi: 10.16381/j.cnki.issn1003-207x.2021.0442
    Abstract ( 6 )   PDF (745KB) ( 9 )   Save
    Modern financial theory is based on the two theoretical cornerstones of the Capital Asset Pricing Model (CAPM) and the Efficient Market Hypothesis (EMH). However, with the deepening of research, the Hypothesis of Rational Man have been shaken by numerous financial anomalies. Kahneman and Tversky took the lead in proposing the prospect theory and pioneered behavioral finance. With the development of big data, more dimensional data are applied to the study of investor behaviors. In this paper, research literature on investor behaviors in the context of big data is summarized from nine perspectives: investor heterogeneity, disposal effect, local bias, industry bias, gambling preference, social interaction, overconfidence, herd behavior and determinants of investor behaviors. Furthermore, current technology and financial market development are combined to propose future research directions.
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    Differential Game Model of the Cross-organizational Cooperative R&D of General Purpose Technologies under Two-way Collaboration
    ZHENG Yue-long, ZHOU Bing-jie, BAI Chun-guang, CAI Qin
    2023, 31 (9):  255-265.  doi: 10.16381/j.cnki.issn1003-207x.2022.0321
    Abstract ( 4 )   PDF (4203KB) ( 4 )   Save
    Under the background of the new round of scientific and technological revolution and industrial transformation, the innovation and breakthrough of General Purpose Technologies (GPTs), such as Artificial Intelligence, Big Data and Blockchain technology, have become an important opportunity for the country to occupy the commanding point in international competition. Due to GPTs R&D needs to deal with the dual uncertainties of technology and market, which makes the R&D motivation of a single enterprise insufficient, and requires organizations with different advantages to conduct cross-organizational cooperative R&D.
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    The Impact of Different Government Subsidy Models on the Elderly Care Service Market
    FENG Hua, QIU Yu-ru, HUANG Yu, TANG Zi-xuan
    2023, 31 (9):  266-277.  doi: 10.16381/j.cnki.issn1003-207x.2021.0923
    Abstract ( 4 )   PDF (1454KB) ( 8 )   Save
    In order to cope with the aging population, the government issue a series of policies, and the pension service subsidy is of great significance to stimulate the vitality of the pension service market, improve the effective supply of elderly care services and release the potential of pension service consumption. The Chinese government launch different types of subsidy programs, which can be divided into supplier subsidies (S) and demander subsidies (D) according to the subject. Starting from the profit function of pension institutions, institutional income and government financial benefit under different subsidy modes are studied. A simple model is constructed, and the consumers are divided into (1) sensitive consumers and (2) ordinary consumers.
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    The Importance of Horizontal Ecological Compensation for River Basin Environmental Governance: A Study Based on the Perspective of Central Local Collaboration
    CHENG Chang-gao, ZHOU Hai-wei, TANG Yan, MA Jun, SHI Yan-qiu
    2023, 31 (9):  278-286.  doi: 10.16381/j.cnki.issn1003-207x.2021.0666
    Abstract ( 5 )   PDF (1252KB) ( 4 )   Save
    The establishment of ecological compensation mechanism is an important institutional guarantee to promote the collaborative maintenance of ecological environment security between the upstream and downstream of the basin, and to realize the benefits and benefits of ecological environment protection economic benefit is an important way to win-win. Under the background of establishing socialist ecological civilization, based on differential game theory, Nash non-cooperative strategy is constructed, centralized strategy and ecological compensation strategy with cost sharing contract, and discusses the interactive game strategy between the central government's participation in subsidizing upstream and downstream pollution control investment and upstream and downstream choosing to share pollution control cost, The corresponding optimal feedback strategies of the upstream and downstream of the basin and the optimal trajectory of pollution control over time are obtained and compared, and a bargaining model is designed to distribute the environmental benefits of the basin. The following conclusions are drawn:①Downstream local governments and central governments should give priority to ensuring the long-term benefits of upstream local governments by establishing a perfect vertical transfer payment mechanism and formulating cost sharing contracts.②Only with the coordination of the central government and reasonable cost sharing between the upstream and downstream can the economic growth of the basin achieve Pareto improvement, and it is considered to improve the ecological compensation of the basin. The focus of the mechanism is to improve the financial transfer payment mechanism combining horizontal and vertical. By improving the central financial compensation mechanism, local governments are encouraged to control pollution and reduce emissions by means of tax adjustment, policy preference and special funds for ecological protection.③In the long run, due to the existence of the natural attenuation rate of pollution control, the joint efforts of governments at all levels, social organizations, people and other parties in the basin are more needed for the environmental problems of cross administrative regions. Finally, the relevant parameters are analyzed through an example to verify the effectiveness of the conclusion, which provides theoretical support for the upstream and downstream local governments to establish long-term cooperative environmental governance and formulate ecological compensation policies.
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