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    AI-Driven Decision Sciences: Application, Perception and Bias
    Wei Gu, Yajin Liu, Feng Susan Lu, Xiangbin Yan
    Chinese Journal of Management Science    2025, 33 (5): 99-112.   DOI: 10.16381/j.cnki.issn1003-207x.2023.1896
    Abstract1399)   HTML18)    PDF(pc) (832KB)(1838)       Save

    Recent advancements in artificial intelligence (AI) have significantly transformed traditional management decision-making systems, enabling automated data analysis and enhanced decision support. The widespread integration of AI across various enterprise operations, propelled by the digital economy, presents new opportunities for digital management while posing challenges for decision science research. A comprehensive literature review is conducted to explore AI applications across diverse business domains, focusing on perceptions of AI, and examining the critical issue of AI bias. The role of AI is investigated in operations management, marketing, accounting, finance, and healthcare specifically. Moreover, human perceptions of AI technologies and algorithms are analyzed, addressing concerns related to AI discrimination and suggesting potential solutions. While AI has demonstrated substantial value across multiple management contexts and has significantly improved management effectiveness through enhanced human-computer interaction, it also introduces increased heterogeneity in public perception of AI, which may yield unforeseen negative consequences. The issue of AI bias further complicates its widespread application. It provides valuable insights for enterprise leaders and policymakers aiming to make informed decisions and contributes to advancing the theoretical foundations and practical implications of AI-driven decision sciences in this research.

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    The Marketization Level of Data Factors and Corporation Performance :Evidence from China
    Rongda Chen, Chen Wang, Chenxin Pan, Cheng Liu
    Chinese Journal of Management Science    2025, 33 (10): 1-11.   DOI: 10.16381/j.cnki.issn1003-207x.2024.1707
    Abstract1131)   HTML17)    PDF(pc) (688KB)(538)       Save

    In factor marketization process of China, advancing the market-oriented allocation of data factors is pivotal for enhancing their economic value. Systematically measuring regional data marketization levels is of significant importance, yet research in this area remains limited. An index is developed to measure this level, based on a theoretical framework of analyzing the definition and attributes of data factors. This index is constructed from three aspects: supply, development, and application (SCA) of data factor. The level across 30 provinces in China from 2014 to 2022 is measured, and further its impact on corporate performance within regions is examined, along with the underlying mechanisms. Empirical results show that the marketization of data factors significantly enhances corporate performance. Additionally, the analysis of mechanisms reveals that enhancing both governance structure and external supportive environment are important pathways through which the marketization of data factors influences corporate performance. However, this positive effect is less pronounced for corporations located in non-eastern regions of China and for state-owned enterprises, compared to their counterparts in the eastern areas and non-state-owned firms. Also, this effect exhibits significant industry-specific variations.

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    Research on Risk Spillover Effect, Impact Effect and Risk Early Warning in China's Financial Market
    Chao Liu, Fengfeng Gao, Mengwan Zhang, Qiwei Xie
    Chinese Journal of Management Science    2025, 33 (5): 1-12.   DOI: 10.16381/j.cnki.issn1003-207x.2021.0521
    Abstract1101)   HTML46)    PDF(pc) (5360KB)(1543)       Save

    Due to the complex dynamic evolution of correlations within financial systems, the diversified, multi-channel characteristics of financial risk contagion and its spillover effects have become increasingly prominent. Concurrently, the challenges associated with systemic financial risk prevention and control have intensified, making effective risk management a critical issue requiring urgent solutions. This study investigates China's money market, capital market, foreign exchange market, gold market, and real estate market. Firstly, we employ generalized forecast error variance decomposition and complex network analysis to examine risk spillover effects in China's financial markets from both static and dynamic perspectives. Subsequently, a Time-Varying Parameter Vector Autoregression (TVP-VAR) model is utilized to explore the impact of macroeconomic conditions, micro-level individual behaviors, and network topology on systemic financial risk spillovers. Finally, we enhance the prediction accuracy of systemic financial risk by optimizing BP neural network and Logit models through deep belief network architecture. The experimental results reveal three key findings (i) Risk spillover analysis demonstrates that cross-market spillover effects significantly surpass intra-market effects. Volatile economic conditions have substantially altered risk transmission pathways, with the stock market and real estate market emerging as primary risk transmitters and receivers. (ii) Impact effect analysis shows an inverse relationship between macroeconomic performance/micro-level expectations and systemic financial risk. Economic expansion and optimistic consumption expectations correlate with subdued risk spillovers, whereas economic contraction and pessimistic expectations amplify systemic risk propagation. Network structure exhibits complex nonlinear associations with risk spillovers. (iii) Risk early warning tests indicate that deep belief network-optimized models significantly improve systemic risk prediction accuracy, validating the inclusion of these indicators in financial risk warning systems. These findings provide substantial theoretical support for establishing systemic financial risk warning mechanisms, formulating risk prevention strategies, and developing macroeconomic regulation policies. The research holds significant practical value for maintaining stable economic growth and achieving dynamic equilibrium in financial risk management.

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    The Formation and Development of China’s Management Science and Engineering Discipline
    Shanlin Yang, Chao Fu, Minglun Ren, Xinbao Liu, Yezheng Liu, Bing Jiang, Jianping Li, Changyong Liang, Zhe Liang, Liang Liang, Cuiqing Jiang, Jianling Jiao, Jun Pei, Shaobo Wei
    Chinese Journal of Management Science    2026, 34 (1): 1-27.   DOI: 10.16381/j.cnki.issn1003-207x.2025.2189
    Abstract1049)   HTML60)    PDF(pc) (1028KB)(824)       Save

    The formation and development of China’s Management Science and Engineering discipline are systematically examined from multiple perspectives, including the establishment and evolution of the disciplinary system, major research fields and methodologies, key characteristics of disciplinary development, and contributions to economic and social development. It is found that China’s Management Science and Engineering discipline possesses its own distinctive developmental context, disciplinary connotations, disciplinary structure, and independent academic contributions. As a comprehensive interdisciplinary field spanning the natural sciences, technical sciences, engineering sciences, humanities, and social sciences, its formation and development are grounded in the natural, technical, and engineering sciences and are deeply embedded in management practices across various domains of China’s economic and social development. The discipline has undergone three major stages the initial stage (1949—1977), the recovery and reconstruction stage (1978 to the mid-to-late 1990s), and the prosperity and innovation stage (from the mid-to-late 1990s to the present). It has gradually developed research characteristics that are “problem-oriented, practice-driven, and innovation-oriented through interdisciplinary integration,” and has established a relatively mature disciplinary knowledge system encompassing 20 branch fields, including general management, systems management, behavioral management, operations research and optimization, and intelligent management. The discipline has made significant contributions to the advancement of global management science theory and practice and has become an indispensable component of the overall scientific system.

    The development of the discipline exhibits four core characteristics. First, it closely aligns with major national strategies and engineering practices, extracting localized theoretical insights—such as top-level design and system decomposition, technical coordination and interface management, and comprehensive integration—from landmark projects including the “Two Bombs, One Satellite” program and the Hong Kong–Zhuhai–Macao Bridge. Second, it emphasizes theoretical and methodological innovation, generating original theoretical achievements such as the Hall for Workshop of Metasynthetic Engineering, grey system theory, and extenics theory, while promoting the transformation of traditional management paradigms toward data- and AI-driven intelligent decision-making. Third, it integrates cultural inheritance with innovation by absorbing traditional Chinese management wisdom and realizing its modern transformation, thereby proposing new theories and methods such as Oriental management, harmonious management, Tao-based management, He-He management, and the Wuli-Shili-Renli (WSR) methodology. Fourth, rooted in China’s management practices, it has developed a diversified collaborative model characterized by “joint platform construction, collaborative project research, co-cultivation of talent, and shared institutional innovation,” while deepening international cooperation across multiple dimensions to advance disciplinary development.

    The discipline has also made important contributions to economic and social development. In the field of technological innovation management, it provides systematic management frameworks for major scientific and technological initiatives such as the China Space Station. In major engineering management, it offers scientific methodologies for addressing uncertainty in complex systems. In industrial development, it facilitates industrial transformation and upgrading through resource optimization and process innovation. In social governance, it enhances the efficiency of emergency response and public service delivery.

    Looking ahead, in response to new challenges and opportunities under evolving circumstances, the discipline will focus on emerging issues such as the deep integration of artificial intelligence and management, global supply chain restructuring, and green and sustainable development. It aims to achieve new breakthroughs in fundamental theories and key technologies, including complex system management and human-machine collaborative decision-making. At the same time, it is essential to further strengthen interdisciplinary integration with artificial intelligence and other fields, cultivate interdisciplinary talent, reform the talent training system, and provide more robust theoretical support and practical pathways for high-quality development and the modernization of national governance.

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    Systemic Risk Backtesting and Connectedness of Chinese Financial Institutions: Evidence from MES and ΔCoVaR
    Zisheng Ouyang, Xuewei Zhou
    Chinese Journal of Management Science    2025, 33 (6): 14-26.   DOI: 10.16381/j.cnki.issn1003-207x.2022.1453
    Abstract965)   HTML2)    PDF(pc) (2918KB)(1819)       Save

    The premise of preventing and defusing systemic risk is to accurately measure systemic risk. Through literature review, it is known that most of the existing research focuses on the measurement of systemic risk, and there is little literature evaluating the validity and accuracy of systemic risk. In addition, it is found that most of the literature mainly discusses the risk connectedness of financial institutions in the time domain, ignoring the connecting mechanism in the frequency domain. As a result, it focusy on two issues: (1) Backtesting the systemic risk of Chinese financial institutions to examine the effectiveness of MES and ΔCoVaR. (2) Based on the backtesting results of systemic risks, the risk connectedness among financial institutions is investigated by the quantile connectedness network in frequency.In response to the above problems, the following work is done: First, the MES and ΔCoVaR of 35 financial institutions in China are backtested by the unconditional coverage test, aiming to evaluate the effectiveness of MES and ΔCoVaR. Second, the early warning system is calulated to analyze the risk evolution of the financial system. Third, the quantile connectedness networks in the frequency domain through the quantile coherence method is proposed to explore the risk connectedness among financial institutions. Finally, the connectedness importance of financial institutions on specific frequency bands is measured.It is found that (1) During the period of financial market crisis, commonly used systemic risk indicators such as MES, CoVaR, and ΔCoVaR fail to measure the systemic risk of financial institutions. (2) Compared with the short-term and medium-term connectedness layer, Chinese financial institutions have obvious extreme risk linkage effects in the long-term connectedness layer. (3) In the short-, medium-, and long-term, small- and medium-sized financial institutions such as Bank of Ningbo, Industrial Securities, and Dongfang Energy have connectedness importance. Therefore, the regulatory authorities should pay attention to preventing the risk of "too connected to fail" of small- and medium-sized financial institutions.

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    The Research Progress and Prospects of Sustainable Supply Chain Management under the New Development Pattern
    Junjun Liu, Xiqiang Xia, Qinghua Zhu
    Chinese Journal of Management Science    2025, 33 (9): 213-226.   DOI: 10.16381/j.cnki.issn1003-207x.2024.1638
    Abstract963)   HTML1)    PDF(pc) (1194KB)(381)       Save

    In recent years, the compounded and sustained impacts of major global events—including the COVID-19 pandemic, escalating geopolitical conflicts, and a new wave of technological advancements—have redefined global development trends. This evolving landscape is marked by increased macro-environmental uncertainties, a growing consensus on green development, and the accelerated pace of technological change. In response, the sustainable supply chain management (SSCM) of enterprises faces heightened challenges and pressures. Improving SSCM practices to navigate these complex challenges has become a focal area for both industry and academia. Amid efforts to enhance SSCM, numerous “pioneer” companies have emerged with successful practical initiatives and advanced management practices. These examples highlight the resilience and adaptability needed as businesses face supply chain disruptions and trade tensions. Today, stakeholders—including governments and consumers—demand greater environmental and social responsibility from supply chains, prompting companies to rethink and adjust their strategies and operations. Consequently, SSCM research has become increasingly important, shaping responses to the new global development patterns (Lee,. To address this need, a systematic review of recent advancements is provided in SSCM research. Employing the classic SSCM analytical framework of “drivers or pressures-practices-performance,”both quantitative and qualitative analyses of SSCM research published in major supply chain journals from 2020 to 2024 are conducted. Through this review, four major research topics are identified, including macro factors-climate change and carbon emissions, sustainable supply chain management under the impact of the new coronavirus pandemic, application of Industry 4.0 technologies and sustainable supply chain management, and sustainable governance of multilevel supply chains and supply chain networks-and the progress of their respective research is summarized. On this basis, the outlook of future research is presented from three aspects. The first is sustainable supply chain management in a dynamic environment, including three sub-research directions: sustainable supply chain management under the risk of chain breakage, sustainable supply chain management under the development of Industry 5.0 technology, and ESG responsibility of supply chains under new regulations. The second is sustainable supply chain management tools for triple-bottom-line objectives, which also includes three sub-research directions: green (low-carbon) financial tools empowering supply chain synergistic value, sustainable supply chain governance with multi-organizational participation under the perspective of value symbiosis, and industry standards for fine-tuned sustainable supply chain management. In addition, the theoretical needs and development of sustainable supply chain management are also discussed, including the expansion of theoretical frameworks in complex (dynamic) environments, interdisciplinary integration to enrich theories or explanatory mechanisms and theoretical discovery driven by new ideas or management practices. By carrying out literature review and summarizing the research progress, the understanding of the core topics of the current research on sustainable supply chain management under the new development pattern is facilitated, and a clear framework and direction for the subsequent research is also provided. Meanwhile, by summarizing the potential research directions, it provides a reference for scholars to further explore the sustainable development of supply chain.

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    Data Quality, Quantity and Data Asset Pricing: Based on the Perspective of Consumer Heterogeneity
    Juanjuan Lin, Zhigang Huang, Yong Tang
    Chinese Journal of Management Science    2025, 33 (5): 88-98.   DOI: 10.16381/j.cnki.issn1003-207x.2022.0444
    Abstract912)   HTML21)    PDF(pc) (1082KB)(416)       Save

    The data resource is expected to be "combustion promoter" driving the construction of "Digital China". How to transform data resources into data assets, realize the market-oriented allocation of data assets and improve the efficiency of resource allocation is not only the need to realize the high-quality development of China's economy and the modernization of national governance capacity, but also an important embodiment of the spirit of a series of central meetings, which has important theoretical and practical significance.The concept of comprehensive score of data assets covering data quality, quantity and their interaction factors is put forward in this paper for the first time, then a utility function based on comprehensive score is constructed, multi-dimensional influencing factors are considered, and a multi-dimensional factor pricing model suitable for consumers with heterogeneous efficiency sensitivity is constructed from the perspective of profit maximization. Taking the air quality data set assets of 31 cities in China as an example, KNN machine learning classification algorithm is used to fit the utility function, and the constructed model is used for simulation pricing analysis. The results show that: (1) utility and utility sensitivity are the key factors of data production and data asset pricing, the division of consumer utility sensitivity heterogeneity has a key impact on the optimal pricing. (2) Considering the retention level and saturation level of consumer utility sensitivity, the comprehensive score covering the quality and quantity level of data assets has an important impact on the production and pricing decision of data platform. (3) For a given comprehensive score level of data assets, the profits of the data platform tend to rise first and then fall with the change of price. The optimal price can be solved through the profit maximization model to realize the pricing of data assets.The pricing model constructed in this paper is universal for the pricing of data assets of all transactions on the data platform. It is not only an innovative attempt and important supplement to the data asset pricing theory and method, but also has important practical significance for stimulating the economic driving force of data elements.

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    An Affinely Adjustable Robust Optimization Model for Prouction-Inventory Planning Problem with Demand and Lead Time Uncertainties
    Mingli Yuan, Ruozhen Qiu, Yue Sun
    Chinese Journal of Management Science    2025, 33 (9): 97-108.   DOI: 10.16381/j.cnki.issn1003-207x.2022.1692
    Abstract869)   HTML7)    PDF(pc) (1837KB)(144)       Save

    The rapid changes of supply chain environment make it difficult for firms to predict future demands or obtain a full knowledge of raw material supplies, resulting in low efficiency of production and operation. How to cope with market demand and raw material supply uncertainties and ensure ideal operational performance has become an urgent issue for firms.A production-inventory planning problem is explored for a three-stage supply chain consisting of a raw material supplier, a manufacturer, a third-party logistics company, and customers. The raw materials used to produce products are supplied and distributed by the supplier to the manufacturer. The output of each product is influenced by the inventory levels of raw materials, the production capacity and the market demands. The total production time is subject to maintenance, holidays and other factors. The end products are supplied by the manufacturer to the customers. In particular, any unsold products will be stored by the third-party logistics company. Considering demand and raw material lead time uncertainties, a multi-product multi-period production-inventory planning robust optimization model is developed by minimizing the total production-inventory cost with production capacity, quantities of raw materials, product inventories and logistics as constraints, and order quantities of raw materials, production time, number of orders signed by the manufacturers and the third-party logistics companies and lost sales as decision variables. Furthermore, an affinely adjustable robust optimization model is developed based on the realized demands. With the definitions of the uncertain sets to which the uncertain demands and the lead times belong, the proposed robust optimization models are transformed into tractable linear programming models by dual approach. Finally, numerical studies are conducted to verify the proposed models, especially to illustrate the effectiveness and advantages of the affinely adjustable robust optimization model in coping with demand and lead time uncertainties.The main findings reveal that the affinely adjustable robust optimization model outperforms the traditional static robust optimization model in terms of the total costs and operational decisions. The total production-planning costs under the two robust optimization methods increase with the increase of the demand and lead time uncertainties, indicating that decision-makers should strengthen the management of uncertainties in practice and reduce the uncertainty levels to reduce costs.

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    Digital Transformation and Firm Value: Theory and Empirical Evidence
    Weiqi Liu, Jianying Li, Jie Zhou, Dongliang Yuan
    Chinese Journal of Management Science    2025, 33 (5): 138-149.   DOI: 10.16381/j.cnki.issn1003-207x.2022.2726
    Abstract864)   HTML9)    PDF(pc) (650KB)(1025)       Save

    With the rapid development, accelerated innovation, and widespread application of new-generation information technologies such as big data, blockchain, cloud computing, and artificial intelligence, the development of digital economics is becoming a key force in the reorganization of global factor resources, the reshaping of economic structure and the change of competitive pattern. As the micro-level constituent of the macroeconomy, enterprises play an important role in digital economic development and transformation. Digital transformation has become the kernel strategic choice for enterprises to enhance quality and improve competitiveness. Especially in the new development pattern, digital transformation is very important for enterprises to adapt to the development of the digital economy, cultivate new quality productivity, and achieve high-quality development. Against this background, does the implementation of digital transformation by enterprises have an impact on their value? What is the mechanism of the impact? These questions have become hot issues for academic research. Therefore, based on the production and consumption characteristics of the two-sector economy, an economic model of enterprise digital transformation is constructed and theoretically the value performance of enterprises is deriued that have carried out digital transformation compared with those that have not. Consequently, the impact of digital transformation on the enterprise’s value and the underlying mechanisms is empirically examined. Listed companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange during the period 2007-2019 are used as the research sample. Moreover, a large-sample textual analysis method is used to aggregate the characteristic words of digital transformation in corporate annual reports, thereby measuring the degree of digital transformation of enterprises. The model predicts that the value of digital transformation enterprises is higher than that of non-digital transformation enterprises. The empirical analysis finds that digital transformation significantly contributes to firm economic and social value. The results are robust to confronting several sources of endogeneity and robustness tests. Furthermore, it is found that the internal governance environment and analysts’ attention are potential influence mechanisms. It is also found that the positive effect between digital transformation and firm value is more pronounced for enterprises with the property of state-owned and high-tech. The findings reveal the economic implication and impact mechanism black box of digital technology embedding and provide some policy suggestions from the micro-level for the construction of digital power and high-quality economic development.

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    Data-Driven Models and Applications on Poverty Identification, Classification, and Prediction
    Suoyi Tan, Mengning Wang, Ye Tian, Jianguo Liu, Xin Lu
    Chinese Journal of Management Science    2025, 33 (5): 124-137.   DOI: 10.16381/j.cnki.issn1003-207x.2024.1770
    Abstract818)   HTML3)    PDF(pc) (1152KB)(631)       Save

    Poverty refers to individuals or groups who are unable to obtain the resources and services necessary to meet basic living requirements, and it has long been a major global social issue. Traditional methods of poverty identification and measurement mainly rely on statistical data and sample surveys, which are limited by high costs, low efficiency, poor timeliness, and data scarcity, making it difficult to reflect dynamic socioeconomic conditions in a timely manner. With the advent of the digital era, data resources in fields such as population, geography, and economy are increasingly abundant, providing new opportunities for the use of artificial intelligence (AI) and data-driven models to tackle poverty in more precise and timely ways. It systematically reviews the key poverty concepts and measurements in this paper, focusing on the application of data-driven models and algorithms in poverty mapping, poverty trend prediction, and socioeconomic status assessment. It is organized as follows: Section 2 provides a succinct overview of the diverse definitions of poverty, and summarizes both unidimensional and multidimensional measurements of poverty through the lenses of education, health, and the living environment, among other perspectives. Section 3 to 7 enumerates the data-driven models found in the existing literature, categorizing them systematically based on the various types of methodologies, including regression analysis, machine learning, neural networks, complex network theory, and natural language processing (NLP). To conclude, the potential implications and opportunities for utilizing big data and AI technologies in achieving poverty reduction goals are discussed in section 8, and the forefront is pointed out as well as critical challenges of the field, such as more precise spatial analysis, real-time monitoring capabilities, and trend prediction. At the same time, key challenges are highlighted such as data representativeness, data quality, and model interpretability, while also pointing out possible future directions.

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    Extreme Risk Spillover among Global Stock Markets Based on Transformer-LSTM Quantile Regression
    Yinhong Yao, Xiaoxu Wang, Wei Chen, Zhensong Chen
    Chinese Journal of Management Science    2025, 33 (8): 1-13.   DOI: 10.16381/j.cnki.issn1003-207x.2024.1601
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    The increasing global economic uncertainty and the frequent occurrence of extreme events have made the precise measurement of extreme risk spillover effects in global stock markets a crucial approach for addressing cross-border financial shocks. Existing studies exhibit certain limitations in comprehensively considering the nonlinearities, long-term dependencies, and multivariable interactive effects of time series. Therefore, a Transformer-LSTM quantile regression model is proposed that leverages the multi-head attention mechanism in the Transformer to process multiple attention mechanisms in parallel, while extracting the temporal characteristics of the data. This approach aims to more accurately capture the temporal evolution of extreme risks in global stock markets and examine risk spillover effects during the full sample period and crisis periods such as a financial crisis through constructing spillover networks. Based on empirical results from weekly stock index data of 19 countries from December 2001 to March 2024, the findings are as follows: (i) The proposed model demonstrates superior predictive power compared to the Multilayer Perceptron (MLP), Long Short-Term Memory (LSTM) network, and Transformer models. (ii) The spillover effects in cross-country stock markets exhibit asymmetry over the full sample period. Notably, there is a significant risk spillover effect in the U.S. stock market, while Chinese stock market shows no obvious risk spillover or receiving effects. (iii) During crisis events, extreme risk spillovers increase and asymmetry intensifies. During the financial crisis, the risk spillover effects from the U.S. are significant, with notable bidirectional spillover across multiple countries’ stock markets. During the European debt crisis, risk spillover effects are primarily concentrated in European countries’ stock markets. The risk impact from the U.S. stock market on China notably strengthens during the Sino-US trade friction. During the COVID-19 pandemic, stock markets of developed countries such as the U.S. and the U.K. remain the main sources of risk spillover. The proposed model offers new insights into capturing the extreme risk spillover in financial markets, which is important for risk management in global stock markets during times of crisis.

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    Research on Dynamic Licensing Pricing Strategy of Dual-use Defense Patent Considering the Social Efficiency
    Fei Yan, Hongzhuan Chen
    Chinese Journal of Management Science    2025, 33 (9): 148-160.   DOI: 10.16381/j.cnki.issn1003-207x.2022.2366
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    Considering the impact of the improvement of the social efficiency brought by transferring the dual-use defense patents to the civilian market, the dynamic licensing pricing strategy of the dual-use defense patent is studied. The dynamic no licensing model, dynamic fixed-fees licensing model and dynamic royalty licensing model considering the social efficiency are constructed. Based on this, the optimal dual-use defense patent licensing strategy of military manufacturer is studied, and the impact of discount rate and military and civilian product brand difference is analyzed. The results show that: 1) For the military manufacturer, in the short term, it is easier to obtain higher profits without licensing, but in the long run, the choice of the licensing strategy is more beneficial to the military manufacturer; 2) Compared with the dynamic fixed fee licensing model, the dynamic royalty licensing can encourage the military manufacturer to improve the social efficiency, moreover, the improved social efficiency under the dynamic royalty licensing improves the consumer utility and helps to expand the market sales, which helps the military manufacturer to get more licensing revenue and sales revenue. 3) Under the steady-state equilibrium, the no licensing strategy is more beneficial to the military manufacturer when the discount rate is lower, however, the licensing strategy will be more beneficial to the military manufacturer when the discount rate is higher. 4) When the brand power of the civilian manufacturer is weak, the royalty licensing model is optimal; others, the fixed fee licensing model is optimal.

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    Identification of Urban Rainstorm Flood Disaster Chain and Assessment of Systematic Risk
    Gaofeng Liu, Jiajing Li, Huimin Wang, Yanbing Gong, Feifei Tao
    Chinese Journal of Management Science    2025, 33 (7): 222-231.   DOI: 10.16381/j.cnki.issn1003-207x.2022.2131
    Abstract798)   HTML23)    PDF(pc) (2513KB)(149)       Save

    A series of secondary derivative hazards triggered by urban rainstorms form rainstorm flood chains. The identification of disaster chains and the assessment of disaster chain risk based on disaster system theory are beneficial for enhancing the level of urban public safety emergency response. In contrast to previous research that focused on evaluating the risk of a single flood hazard, the construction of an event-evolutionary graph of rainstorm floods and a model for assessing systemic risk in disaster chains are introduced. A hybrid approach is developed in this study, which integrates disaster chains and complex networks to model and evaluate the systematic risk of urban rainstorms and flood disasters. The text data used in this study are sourced from news articles reporting flooding disasters between 2017 and 2021. The data are first preprocessed in this study, followed by the extraction of disaster event pairs using dependency language analysis and rule templates. Additionally, techniques for event clustering generalization and co-occurrence analysis are employed to create a factual knowledge map of the development of urban storm flooding disasters. Subsequently, risk level indices for flood and rainfall hazard chains are introduced, and a systematic risk assessment model that considers the amplification effect of hazard chain reactions on disaster scenarios is constructed. Cases from typical rainstorm events in Shenzhen, Henan, and Shanxi are selected. By comparing and analyzing the characteristics of disaster evolution, systematic risk response strategies, and management insights in different regions are proposed. The results indicate that (1) Distinct catastrophe events exhibit various characteristics and play roles in the dissemination effect of disaster risk progression, as revealed through the identification of the disaster chain of severe rainfall and flooding. (2) Through the assessment of systemic risk in the process of disaster chain evolution, it is observed that the same disaster event may trigger multiple disaster chains, and the value of risk is closely associated with the geographic environment and socio-economic development of different cities.

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    Empirical Study on Spillovers and Regulatory Effects of Low Carbon Development in China Based on Spatial Durbin Model (SDM)
    Feng Chen, Yanyan Yang, Ping Zhang
    Chinese Journal of Management Science    2025, 33 (5): 45-53.   DOI: 10.16381/j.cnki.issn1003-207x.2023.0671
    Abstract782)   HTML8)    PDF(pc) (588KB)(368)       Save

    In recent years, extreme weather and severe pollution have occurred internationally, and the traditional extensive economic growth model of high investment, high consumption, and high pollution has posed serious challenges to global environmental security. China is a responsible major country, and at the Climate Ambition Summit, solemn goals and commitments of “reaching carbon peak by 2030” and “carbon neutrality by 2060” are made. To achieve the “dual carbon” goal as scheduled, it is necessary to continuously improve the green and low-carbon policy system, urge China's economy and society to achieve systematic changes as soon as possible, regard low-carbon development as an important direction for China's economic development and transformation and upgrading, and use low-carbon development as an important indicator to measure economic development. The research on factors of production, economic development, and low-carbon development has reached certain conclusions, but overall it is still relatively one-sided, lacking relevant research from the perspective of factor endowment, and even less research on the impact of factor endowment on low-carbon development from the perspective of provincial factor endowment within the same analytical framework.Based on China's provincial Panel data from 2011 to 2020, the spatial Durbin model(SDM) is used to comprehensively examine the direct and spillover effects of labor, capital, technology, data and other factors on China's low-carbon development, and the moderating effect of FDI embedding is discussed. It is found that low-carbon development has a positive spatial correlation and significant spatial spillover effects; The direct and spillover effects of labor factors are significantly positive, while the spillover effects of data factors are significantly positive. The direct effect is positive but not significant; The direct effects of capital and technological factors are significantly negative, while the spillover effects are positive; The direct and spillover effects of foreign direct investment are significantly positive, and there is a significant positive moderating effect between them and various factors. By analyzing the endowment status of provincial factors, the government can be more targeted when formulating policies for introducing foreign direct investment, and formulate low-carbon development promotion policies more scientifically. It can provide theoretical support when promoting the implementation of new development concepts.

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    Decision-making Analysis of Power Battery Recycling under Carbon Cap-and-trade Mechanism and Subsidy Policy
    Wenqi Wu, Ming Zhang
    Chinese Journal of Management Science    2025, 33 (8): 340-354.   DOI: 10.16381/j.cnki.issn1003-207x.2023.1828
    Abstract749)   HTML0)    PDF(pc) (7599KB)(153)       Save

    To promote the power battery recycling work and promote the carbon emission reduction of enterprises, the government launched carbon cap-and-trade mechanism and subsidy policy, to explore the impact of the government subsidy strategy choice on the decision-making of the power battery recycling supply chain under cap-and-trade mechanism, a closed-loop supply chain led by power battery manufacturer and composed of the vehicle manufacturer and third-party recycler is constructed, and the optimal decision-making of the power battery recycling supply chain under the three strategies of subsidized power battery manufacturer is studied. In addition, three recycling models are constructed: single-channel monopoly recycling, mixed recycling and alliance recycling, and the supply chain decision-making, profit and recycling rate under different recycling models are compared. Results show that (1) The forward supply chain decision of power battery recycling is affected by the carbon cap-and-trade mechanism and recycling models, while the subsidy policy only affects the reverse supply chain decision; (2) The carbon cap-and-trade mechanism improves the profits of the power battery recycling supply chain, showing that the increase of carbon quota and carbon price is conducive to the increase of the profit of the power battery recycling supply chain, while the increase of carbon price leads to poor recovery performance; (3) Subsidy policies improve supply chain profits and recycling rates, and the recycling rate of subsidized power battery manufacturers or recyclers is always better than that of subsidized consumers; (4) The impact of carbon cap-and-trade mechanism and subsidy policy on the supply chain is not affected by the recycling mode, but the supply chain profit and recovery rate of the alliance recycling mode are better than that of single-channel recycling and mixed recycling.

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    Digital Omnichannel Customer Behavior: Research Hotspots and Knowledge Framework
    Xiaohong Chen, Zhihui Yang, Dongbin Hu
    Chinese Journal of Management Science    2025, 33 (7): 1-10.   DOI: 10.16381/j.cnki.issn1003-207x.2022.2163
    Abstract748)   HTML1)    PDF(pc) (2096KB)(261)       Save

    In recent years, the popularity of mobile devices, the global COVID-19 pandemic and the rapid development of digital technology have significantly changed consumer shopping behaviour and habits. With the continuous penetration of industrial digitalisation, the omnichannel model is constantly evolving and upgrading. The digital omnichannel customer behaviour under multi-channel, multi-scene and multi-touch-points is more complex and uncertain, and how to accurately capture customer behaviour and effectively satisfy customers’ personalised needs is increasingly becoming the focus of attention in the industry and academia.Driven by reality and theoretical needs, the bibliometric analysis method is adopted to analyse the 340 English-language articles cited in the core database of Web of Science from 2000 to 2022 and the two major techniques of performance analysis and scientific mapping are applied. On the one hand, the publication trends, journal sources and core papers of the research field are systematically sorted out; on the other hand, the cooperation network among the research fields is obtained from the micro-, meso-, and macro-levels, and the most prominent research topics in the field are obtained, according to which the logical knowledge framework is constructed.The results show that (1) the academic interest in this field is expected to explode in the future, with China and the United States being the countries with the highest publication output, and local cooperative networks between research institutions have been formed; (2) the field focuses on seven major research themes: webrooming, channel dissynergies, supply chain management, brand management, digital products, online retail and omnichannel retail; (3) the knowledge framework of digital omnichannel customer behaviour is constructed based on the SOR theory, and the future research directions are proposed from the whole-journey customer behaviour of “pre-purchase → mid-purchase → post-purchase” throughout the customer behaviour journey. The current research status of digital omnichannel customer behaviour is sortedout, several prominent research hotspots are explored, the application context and practical potential of digital technology are expanded, the theoretical connotation of consumer behaviour is enriched, and useful management implications for subsequent academic research and business practice are provided.

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    Supply Chain Finance: How can Enterprises Achieve Sustainability?
    Hui Yu, Shuang Wang
    Chinese Journal of Management Science    2025, 33 (5): 280-289.   DOI: 10.16381/j.cnki.issn1003-207x.2022.1267
    Abstract730)   HTML1)    PDF(pc) (846KB)(561)       Save

    Global environmental problems are becoming increasingly serious. More and more enterprises resort to the supply chain to seek the sustainable development strategy of "harmonious coexistence" between enterprises and nature. On the one hand, the downward pressure of the economy makes enterprises prefer supply chain finance with low financing costs and high availability to obtain financial support, while the huge size and urgent development needs of SMEs in China provide opportunities for the development of supply chain finance, and supply chain finance has achieved unprecedented development; On the other hand, enterprises must undertake more social and environmental responsibilities while pursuing high economic benefits. How to achieve “fish and bear's paw” has become a major challenge for enterprises to break through the new economic growth point. Supply chain finance is reshaping the future economic growth model and becoming a key strategic decision for enterprises to occupy the market highland.In this paper, the data of 1038 enterprises in 2019-2021 are selected as the sample, from Rankins ESG Ratings Database. The quasi-replication research method is used to explore the function mechanism and multiple paths of supply chain finance on the sustainable development of enterprises from the perspectives of financialization, technological innovation and government functions. The empirical analysis shows that supply chain finance significantly promotes the sustainable development of enterprises; Financialization, R&D investment and government holding have significant regulatory effects, while the regulatory effects of green technology innovation and government subsidies have not yet appeared. Enterprise heterogeneity has a significant impact on this mechanism. Configuration analysis shows that green technology innovation is the necessary and core condition for enterprises to achieve sustainable development. High-level sustainable development path of enterprises can be divided into three types: green technology innovation leading type, supply chain finance low demand type and supply chain finance high demand type. The research results provide micro-level empirical support for the sustainable development of supply chain finance enabling enterprises, and have certain reference value for the government to formulate and optimize relevant policies.

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    Evolutionary Game Analysis of Government-Enterprise Collaborative Governance in Platform Economy
    Hongyang He, Bin Zhang, Sujun Tian
    Chinese Journal of Management Science    2025, 33 (5): 76-87.   DOI: 10.16381/j.cnki.issn1003-207x.2022.1862
    Abstract728)   HTML10)    PDF(pc) (1154KB)(271)       Save

    Under the downward pressure of the economy affected by the epidemic, the development of platform economy has become an important path to optimize and upgrade China's industrial structure, accelerate the transformation of new and old drivers, and balance the development of resource elements. How to achieve a standardized, transparent and sustainable governance of the platform economy has become afocus. With the prosperity and development of the platform economy, it has become a widespread consensus to guide the platform to participate in the governance process, and to form a joint force with the government by virtue of its advantages in technology and information. How to effectively play the role of coordinated governance has become an important issue. In this paper, the evolutionary game theory is used to analyze the problem of coordinated governance of platform economy. By considering the influence of random disturbances and continuous strategy sets on the stable evolution of the game system state, and creatively introducing such parameters as government and platform effort level, platform right space and platform service quality output, and the game model of determination and random evolution in the case of binary strategy sets and continuous strategy sets is built gradually, the similarities and differences of the evolution path of collaborative governance in the four theoretical models are compared and analyzed, the path measures are explored to effectively exert the governance effect, and numerical simulation analysis is conducted.It is found that the introduction of random disturbance has improved the difficulty of coordinated governance. The reputation loss of the government higher than the cost of efforts can helps to reduce the impact of random disturbance;The expansion of the strategy set into a continuous type will affect the evolution of the game system towards the state of collaborative governance. The role of the platform's power space in promoting the collaborative governance is significantly inferior to the high and low levels;The expansion of the strategy set into a continuous type will affect the evolution of the game system towards the state of collaborative governance. The contribution of this paper is to introduce random disturbance and continuous strategy set into the evolutionary game model of platform economic governance, which makes up for the deficiency of model construction in the existing literature and provides theoretical reference for subsequent related research.

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    Renewable Energy Maintenance Strategies for Power Supply Chain Considering Extreme Weather
    Wei Chen, Yongle Tian, Chunguang Bai, Yongkai Ma
    Chinese Journal of Management Science    2025, 33 (9): 359-368.   DOI: 10.16381/j.cnki.issn1003-207x.2022-2669
    Abstract721)   HTML5)    PDF(pc) (945KB)(144)       Save

    Aiming at the influence of extreme weather on renewable energy maintenance, a two-level electricity supply chain composed of an electricity generator and an electricity retailer is constructed. Maintaining renewable energy by electricity generator will optimize the energy structure; Maintaining renewable energy by electricity retailer will increase electricity demand. The two models are compared, which are renewable energy maintenance by electricity generator and electricity retailer, and the boundaries of renewable energy maintenance are identified. The equilibrium model is solved by backward induction and the following conclusions are drawn. (1) With the increase in the maintenance cost coefficient of renewable energy or the probability of extreme weather, the demand for renewable energy decreases. (2) When the probability of extreme weather is small, electricity retailer is more motivated to maintain more renewable energy, while when the probability of extreme weather is large, electricity generator is more motivated to maintain more renewable energy. The main research contributions are as follows (1) Extreme weather is introduced into the electricity supply chain, based on the situation where there are electricity generator maintaining renewable energy and electricity retailer maintaining renewable energy in reality. It is identified that the boundaries of renewable energy maintenance will improve the efficiency of the power supply chain. (2) Few scholars have studied the issue of who will maintain renewable energy. Chen et al. (2020) studied the investment of upstream and downstream electricity supply chain investment of renewable energy. It is found that the probability of extreme weather occurring affects the selection strategy of electricity supply chain, which further enriches existing research on the electricity market.

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    Information Acquisition in Secondary Market and Convertible Bond Financing
    Liu Gan, Yingli Cai, Mingyu Xu, Yingxian Tan
    Chinese Journal of Management Science    2025, 33 (9): 22-32.   DOI: 10.16381/j.cnki.issn1003-207x.2023.0387
    Abstract713)   HTML0)    PDF(pc) (1078KB)(59)       Save

    In 2017, the China Securities Regulatory Commission provided a richer path for companies to flexibly use different bond financing tools to seek innovative development. It revised its refinancing policy to encourage listed companies to use convertible bonds, a composite bond financing tool, to improve their capital structure. In recent years, the convertible bond market has been constantly developing and the market size continues to grow, which improve and enrich the research in the field of convertible bond financing to create the prerequisites. Although the convertible bond market is in a state of continuous development and is an enrichment of corporate financing tools with policy support, there are also unfavorable factors such as insufficient liquidity and imperfect price discovery function in the secondary bond market. At present, the research on convertible bonds mostly focuses on how bond financing affects firms' business decisions under the friction of the secondary bond market. However, there is little literature to explore quantitative research on how the contractual terms of convertible bonds affect the liquidity and trading volume of the secondary bond market. Against the background, the information asymmetry of investors is modelled with respect to the recovery rate of firms in bankruptcy, taking into account factors such as insufficient liquidity in the secondary market. There are both high-quality companies and low-quality companies on the market, and the recovery rates of these companies in bankruptcy are different. At the same time, when selling bonds in the secondary market, convertible bondholders will need to engage in costly information-gathering and then construct the information-gathering strategy of convertible bondholders. Then, an equilibrium model is constructed and analytical expressions of the equilibrium pricing of corporate securities, the optimal bankruptcy time, the optimal conversion time, and the corporate financing strategy under the information asymmetry of the secondary bond market and the information acquisition of convertible bond holders are obtained. It is found that the higher conversion rate of convertibles increases the trading volume of lower quality bonds in the secondary market, while reducing liquidity. As the cost of information acquisition increases, the optimal leverage of the company will show a U-shape. The research of this paper enriches the theory for the financing of convertible bonds and provides a useful reference for the corporate governance.

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