Table of Content

20 December 2014, Volume 22 Issue 12 Previous Issue    Next Issue

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Research on Low-Carbon Port Logistics Pledge Loan Rate Model KUANG Hai-bo, ZHANG Yi-fan, ZHANG Lian-ru 2014, 22 (12):  1-10.  Abstract ( 2082 )   PDF (2190KB) ( 1806 )   Save The port logistics finance practice has been developed rapidly under the port low-carbon transition development. It is very urgent for upgrading port by integrating into a low-carbon port constraint in port logistics pledge loans decision-making theory. In this study, the low-carbon transition port pledge loan interest rate decision model was set up by risk-free arbitrage theory. Based on the option-adjusted spreads principle, the principles of low-carbon control and pledge risk control are proposed. The strong liquidity inventories of low-carbon port logistics pledge loan interest rate decision model was established with the put option reflecting customer default risk-adjusted spread, the pledged goods carbon emissions risk-adjusting spread, and VaR method defining port class of goods as security for loans pledged rate. The important parameter sensitivity analysis showed that: Pledged loan interest rate and pledge rate decline significantly ofter the initial steady, and then recovery, while pledge collateral initial price and the price growth rate of three parameters showed a significant decline in initial, last stable. Carbon discharge rate of treatment costs, financing cost rate, operating cost ratio, risk free rate four parameters showed change in the same direction with the pledge price volatility, collateral value of the rate, change in the opposite direction with pledge loan interest rate and pledge rate. Finally, a port actual case verifies the model feasibility and usability. References | Related Articles | Metrics

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Trade Growth, International Fragmentation, and China's CO2 Growth 1992-2007: The Product-cause Perspective ZHAO Zhong-xiu, PEI Jian-suo, YAN Yun-feng 2014, 22 (12):  11-17.  Abstract ( 1830 )   PDF (938KB) ( 2130 )   Save When accounting for the growth of carbon dioxide, international fragmentation needs to be taken into account. Different from previous studies, which focus on the industry effect, it is proposed to investigate the issue from the perspective of product-cause, i.e. the changes due to the production of certain final goods (either for domestic consumption or for export). By adapting the latest available input-output (IO) data taking into account the processing trade, and by utilizing modified structural decomposition analysis (SDA) model, this paper studies the causes of China's CO2 emissions growth so as to provide industrial policy suggestions. It is found that, the substantial reduction of coefficients of emissions helped to release environmental pressure, yet the change of technical coefficients, the rapid growth of final uses and export worsened the situation. To enhance the capacity of reducing the emission intensity, new technology such as the so-called "green building" should be promoted. References | Related Articles | Metrics

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Does Stock's Historical High Prices Cause Abnormal Return——Evidence from China's Stock Market RAO Yu-lei, XU Sha, PENG Die-feng 2014, 22 (12):  18-25.  Abstract ( 1805 )   PDF (1277KB) ( 2005 )   Save Stock price hitting the historical highs is a kind of exceptional event, which always attracts investors' attention. The simple abnormal return model is used to study the exceptional event in A share market in China from 1995 to 2011, and to analyse how investors' attention affects stock returns which come after stocks hitting the historical highs. It is found that abnormal phenomenon happened after stocks price creating new historical records. In detail, stock returns are significantly positive in 3 days after the exceptional event and then turn to be negative a week later. We name this phenomenon "new-high effect". By comparing different levels of attention and various market situations, it is also found that actual historical highs create much stronger "new-high effect" than nominal historical highs do. Additionally, "new-high effect" is remarkable in the bull market than in the bear market. Furthermore, abnormal media news is used as a proxy for the investors' attention and it is showed that the investors' attention is an important factor of "new-high effect". References | Related Articles | Metrics

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Earning Management, Audit Skepticism and Litigation Risk Premium WU Ze-fu, CHEN Jin-long, WU Jie 2014, 22 (12):  26-33.  Abstract ( 2140 )   PDF (938KB) ( 1581 )   Save The process mechanism between opportunity earning management and audit risk premium with different audit skepticism is analyzed in this paper under asymmetry litigation risk environment, 2006-2009 data on A-stock companies listed on SZ and SH Stock Exchange is selected, and information dynamics game model is completed. The results disclose that audit risk premium created from positive earning management is more than that from negative earning management, the relationship between earning management and audit risk premium follows left-skew U shape curve under high or low degree of audit skepticism, but for medium audit skepticism displays square curve and to be determined with audit skepticism of identifying earning management nature and extent. In addition, audit risk premium effects resulting from a client's propensity to manage earnings upward are magnified for clients within greater litigation risk environments as identified by high-growth clients, which relates to audit skepticism and earning management nature. These indicate that it is important for auditors to consider litigation risk asymmetry and keep modest professional skepticism under modern risk-directive audit principle. References | Related Articles | Metrics

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The Impact of Foreign Merger and Acquisition on Enterprises Export Behavior and Technology: Based on Propensity Score Reweighting Estimator HUANG Ling-yun, YANG Na 2014, 22 (12):  34-40.  Abstract ( 1635 )   PDF (926KB) ( 1365 )   Save Although most studies show that foreign merger and acquisition (M&A) can promote Chinese enterprises to export and investment in technology, but most of them ignore the endogenous problem of M&A. It is hard to identify that whether the enterprise' behavior of export and investment in technology is determined by foreign capital or by the characteristics of enterprises, because foreign investor will be likely to choose enterprises which is more effective or export-oriented. Therefore, enterprise data in China is used to do the empirical test during the period of 2001-2007, which is based on the Propensity Score Reweighting Estimator to solve the endogenous problem. Further enterprise heterogeneity theory is introduced to explain this phenomenon. The results show that foreign merger and acquisition (M&A) do affect enterprise behavior of export and technology progress, and different level of foreign participation exist different influence on the firms' behavior. References | Related Articles | Metrics

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Research on Low-Carbon Evolutionary Model of Traditional Industrial Clusters Based on Evolutionary Games Theory on Complex Networks ZHANG Hong-juan, FAN Ru-guo 2014, 22 (12):  41-47.  Abstract ( 1849 )   PDF (1495KB) ( 2944 )   Save Based on evolutionary games theory on complex networks, from the perspective of clusters' microscopic heterogeneous agents, considering the characteristics of agents' expected learning behavior and adaptive behavior, a traditional industrial low-carbon evolution model by using the random game, learning model and multi-agent system simulation methods are established. The scenario simulations about low-carbon strategy competition,emergence and evolution are carried out. The results show that structure of complex network, heterogeneous expectation and decision behavior of agents are significant to low-carbon strategy's emission. The key factors to spread the new strategy are heterogeneity agents' low-carbon preference, network' external effect, cost and technological compatibility of strategy. References | Related Articles | Metrics

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Research on the Relationship of Government Support, Trust and Supply Chain Integration ZENG Min-gang, LV Shao-bo, WU Qian-qian 2014, 22 (12):  48-55.  Abstract ( 2035 )   PDF (1081KB) ( 2101 )   Save Despite of the abundant research focus on Supply Chain Integration(SCI), which factors affect SCI, and how they affect SCI remain unexplored. Based on the sample of 251 manufacturing enterprises of Pearl River Delta area in Guangdong Province, a theoretical model on relationship of government support, trust and external supply chain integration is proposed in this study. An empirical research has been done to assess the relationship of government support, trust with customer, trust with supplier, customer integration and supplier integration by the method of Structural Equation Model (SEM). The result shows that government support has significant positive influence on trust with customer and supplier. Government support also has significant positive effects on customer integration and supplier integration. Besides, trust is positive related to external supply chain integration. It is also found that government support is positive related to external supply chain integration indirectly mediated by trust. This study fills the gap of research on effects of institutional force and trust on SCI, with managerial implications on efficient SCI for manufacturing enterprises in China. References | Related Articles | Metrics

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Solving Multi-objective Batch Scheduling Under TOU Price Using Ant Colony Optimization LI Xiao-lin, ZHANG Song, CHEN Hua-ping 2014, 22 (12):  56-64.  Abstract ( 1788 )   PDF (1300KB) ( 1655 )   Save The problem of scheduling batch processing machines is considered in this study. Batch processing machines are encountered in various manufacturing environment and the study is motivated by burning-in operation in semiconductor manufacturing while time-of-use electricity price is considered as well. In the problem under study, jobs seizes are non-identical and machines are batch processing machines which can process several jobs simultaneously as a batch.Since the electricity price is time related, the objectives of electrical cost and makespan is influenced by start processing time of each batch. These two objectives were minimized simultaneously on single batch processing machine with non-identical job sizes. Two pareto ant colony optimization algorithms were designed to solve the problem. One is J-PACO (Job-based Pareto Ant Colony Optimization) algorithm and the other is B-PACO (Batch-based Ant Colony Optimization) algorithm. This problem is different from traditional batch scheduling problems. As the price is related to the time, the start processing time of jobs should be determined after the sequence of batches are fixed. In the two algorithms proposed, jobs and batches are scheduled on time line separately. Random job instances are generated in the simulation experimentation to evaluate the performance of algorithms proposed. The experiment results indicate that B-PACO, which group jobs into batches using FFLPT(First Fit Longest Processing Time), outperforms J-PACO in computational time, numbers of non-dominated solution and hypervolume. The study will be helpful in the application of ACO involving multi objectives. And, the idea of allocating jobs in a time line before they are grouped into batches can also be used in scheduling batch processing machines. References | Related Articles | Metrics

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Optimization of Vehicle Departure Arrangement and Traffic Control in Traffic Evacuation Based on Bi-level Programming GAO Ming-xia 2014, 22 (12):  65-71.  Abstract ( 1783 )   PDF (1083KB) ( 1919 )   Save It is an efficient method to manage traffic flow genarated in an organized regional evacuation from two aspects: demand regulation (means to regulate the departure mode of evacuation vehicles) and supply management (means to control traffic flow in road network). Based on the bi-level decision relationship between departure arrangement and traffic control in road network, a bi-level programming model is presented to optimize the departure plan and control parameters of intersections simultaneously. The green ratio of signalized intersections appears as the decision variable of upper level to minimize the average delay, which will influence some supply characteristics such as intersection capacity; the departure schedule and routes of evacuation vehicles appear as the decision variable of lower level to minimize the total evacuation time, which will affect some demand characteristics such as flow through intersections. A genetic-based algorithm is presented, and a numerical example is given. By comparing the optimization results of the bi-level model and the results got from the optimization mode that only consider the control parametar, it is shown that the bi-level model really holds advantage in decreasing delay and evacation time. References | Related Articles | Metrics

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Branch Model Simulation for Express Logistics Service System Evaluation under Online Shopping YU Bao-qin, WU Shu-ping, DU Guang-wei 2014, 22 (12):  72-78.  Abstract ( 2193 )   PDF (2743KB) ( 2263 )   Save Under online shopping environment, express logistics service evaluation system was established based on logistics services theory and system dynamics theory through the analysis of the process of express logistics service.For this system and one main variable "logistics services quality",their causal relationship was analyzed;and then the system dynamics branch model of a subsidiary variable"timely delivery rate"from the main variable was established, and the model is proved correct by the dimensionless testing,the sensitivity testing and the extreme conditions testing.On this basis, the data of the four courier companies including Shentong, Yuantong, Zhongtong and Yunda were applied by using the simulation software Vensim in order to confirm the effectiveness of the simulation brand model and courier companies rankings are obtained based on the subsidiary variable. A new method of express logistics service assessment is provided. References | Related Articles | Metrics

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Incentive Contract Design When Platform-Selling XU He, HE Yan, MA Shi-hua 2014, 22 (12):  79-84.  Abstract ( 1651 )   PDF (919KB) ( 1788 )   Save In this article, the interactive decisions between a manufacturer and a e-retailer in a platform-selling mode when consumers are heterogeneous and have private information is investigated. The manufacturer publishes his information including price and delivery time, etc. through the e-retailer's platforms and sell products. The e-retailer provides his platform only and charges a percentage fee. Through a two-stage Stackelberg model, how the manufacturer designs the incentive contract and the e-retailer charges the percentage is analyzed. The effects of different parameters (private information and cost structure) on the optimal decisions and the performance of each party and the whole chain with the aid of numerical examinations are explored. References | Related Articles | Metrics

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Empirical Analysis of Relevance of Stock Indicators Based on Complex Network Theory ZHANG Lai-jun, YANG Zhi-hui, LU Fei-fei 2014, 22 (12):  85-92.  Abstract ( 2096 )   PDF (4940KB) ( 3790 )   Save The complex network theory is a powerful tool to study the internal structure and function of the stock market. The research of the relevance of stock indicators has become a new perspective in the research of stock market. Traditional financial research using equity-linked network to dig intrinsic clustering structure, lack of formulation of the relationship between the complex structures. This paper based on complex network theory to build the network topology on CSI 300 Index (July 28 2011-February 28 2012), the relationship between the complex structures is analyzed, the existing empirical analysis methods of complex network are improved. The data is tiltered by DFA, and the absolute correlation coefficient of the stock index is calculated. According to the absolute correlation coefficients of stock index probability distribution, the threshold is determined and build the network topology is build. Network statistics characteristic index of the stock is calculated, and the network structure of the rate of return, trading volume and price-earnings ratio are analyzed. The results show that the stock returns and trading volume indicators have strong correlation with the small-world character,while price-earnings ratio index has a weak correlation, and does not have the small-world character, and is a random network that subject to outside influence with low efficiency and high-risk. Such new tools and empirical results are useful to study the relevance and empirical findings of stock indicators in China's financial market. References | Related Articles | Metrics

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Critical Mass of Third-party E-business Platform Based on Complex Network Method DUAN Wen-qi 2014, 22 (12):  93-101.  Abstract ( 1822 )   PDF (1144KB) ( 2206 )   Save Industrial competition practices have shown that the third-party E-business platform has typical characteristics of networked market, in which the positive feedback mechanism leads to platform success provided that the number of platform users surpasses its critical mass. Otherwise, the platform would diminish and disappear in the market under the effect of the negative feedback mechanism. Therefore, it is very important to reveal the influence factors of the critical mass of platform users and explore its estimation method. This paper, apply the complex network method to develop a dynamical model to describe the number of platform users,which is varying with the time after the platform introduced into market. Based on the proposed platform diffusion model, the influence factors and mechanisms are analyzed. Results show that (1) the platform user network structure and the users' decision threshold value are the main factors to determine the critical mass of platform users (2) the heterogeneity of network structure (the standard deviation of degree distributions) is in roughly power function of the critical mass of platform users (3) the improvement degree of service quality in the new platform, the learning cost of users switching from the existing platform to the new platform, and the compatibility between the existing and the new platforms have strong influence on the critical mass of platform users through changing users' decision threshold value. Combining a sampling case, it has also been discussed how the companies apply the estimation method of platform critical mass in practice. References | Related Articles | Metrics

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An Approach for Unusual Transaction Detection Based on Customer Behavior Time Series Analysis LIU Zhuo-jun, LI Xiao-ming 2014, 22 (12):  102-108.  Abstract ( 2241 )   PDF (1077KB) ( 2752 )   Save The suspicious transaction reporting system is the principle mechanism to fight against money laundering, and it is a technical problem to detect suspicious transaction for financial institutions and the financial intelligence unit. To help anti-money laundering analysts screen customers' unusual transactions and behaviors in massive financial transaction information, a new method, composition of predictive error and statistic treatment(CPEST) is presented, which can be used to detect unusual behaviors from the inconsistency of customer behaviors. CPEST models a customer's behavior, tests a customer's behavior at a particular time using estimated errors, and uses a window test to improve the ability to identify suspected of money laundering. Applying the method based on support vector regression and kernel density estimation to real data examples and simulations, the experiment results suggest that the method,which is feasible and effective, has high value in popularization and application. References | Related Articles | Metrics

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The Complicated Mechanism of Human Resource Management System on Firm Performance: An Empirical Study of High-Tech Firms TIAN Li-fa 2014, 22 (12):  109-117.  Abstract ( 1941 )   PDF (947KB) ( 6112 )   Save Cracking the mechanism of human resource management systems on firm performance is the core issue in the field of strategic human resource management. Based on questionnaire data from 164 high-tech firms and using hierarchical regression model, the complicated mechanism between human resource management system and firm performance is examined in this paper. Results indicated that the positive direct effect of human resource management system on firm performance was significance and the exogenous variable was innovative strategy and not top-managements values. In addition, it is found that the mediating roles of human capital was not significance, but significantly improved as organizational climate exerting controlling roles, and the model of organizational climate moderated human capital's mediating roles better depicted the mechanism of human resource management system on firm performance as human capital playing mediating roles. The findings enrich our knowledge in the relational mechanism of human resource management and firm performance and offer useful insights for executives in practical management of employees. References | Related Articles | Metrics

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Research on Evolutionary Game on Trust among Software Industrial Virtual Cluster's Enterprises ZHAI Li-li, LIU Yu-feng, WANG Jing, LI Nan-nan 2014, 22 (12):  118-125.  Abstract ( 1669 )   PDF (1663KB) ( 1566 )   Save In view of the existing realistic distrust problems, such as negative cooperation attitude, the serious opportunistic behavior and low degree of resources sharing during the cooperation process among software enterprises in software industrial virtual cluster, the limited rationality of software enterprises is taken into considered, and uses evolutionary game theory is used to establish software industrial virtual cluster trust evolutionary game model by introducing the influencing factors that include cooperation income, income distribution coefficient, risk cost and the cost of breach of trust, and so on. Then in this paper the analysis about the model evolution path and results are carried on and the Matlab is used to do numerical simulation. Research shows that, by improving the software enterprises cooperation income, determining the optimal income distribution coefficient and reasonable the cost of trust breach, reducing the risk of cost, can improve the trust relationship among software enterprises in software industrial virtual cluster. References | Related Articles | Metrics

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Analysis of Dual Channel Supply Chain Based on Altruism LIN Zhi-bing 2014, 22 (12):  126-134.  Abstract ( 1982 )   PDF (1821KB) ( 2032 )   Save To concentrate on the complex relationship between the electronic channel and the traditional retail channel, a dual channel supply chain model based on altruistic preference was built in this paper, and the effects of channel substitution rate and altruistic preference on the model were analyzed. Firstly, the integrated model was analyzed and the equilibrium solution and the optimal profit of the supply chain were given, the results also indicate that the higher the channel substitution rate, the lower the optimal profit of the supply chain. Then, the decentralized model was studied following the Stackelberg game process. The effects of channel substitution rate on the decision variables and the objective functions were investigated. Furthermore, the relation between altruistic preference and the channel efficiency was studied, and the results showed that the altruistic preference was benefited for the improvement of channel efficiency. Based on this, the conditions for the Pareto improvement was given by the analysis of the win-win situation of the supply chain model. Finally, the relationship between the altruistic preference and the profits of the supplier and the retailer was revealed by numerical analysis. References | Related Articles | Metrics

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The Study of Charging Mechanism of Internet Trading Platform Based on Tripartite Game Model ZHANG Wei-dong, GENG Xiao 2014, 22 (12):  135-141.  Abstract ( 1894 )   PDF (1352KB) ( 2075 )   Save This research topic came from the contradiction between the rapid growth of online shopping transactions and the scant understanding on the charging mechanism of the Internet trading platform. The question need to be answered is that where does the Internet trading platform gain profit from, and how can they improve the profit. By establishing a tripartite game model, the relationship between the Internet trading platform, manufacturers and consumers is analyzed, how the decision from a part affect the decision from another part is explained. The results show that the Internet trading platform gains from the auction of advertising seats and the charge of the seat are positive correlated with the cost on dealing with information of good by consumers. By using simulated data, the model provides explains for the following facts: First, clothing merchandise gradually replace book commodities in online shopping market.Moreover, as consumers are willing to purchase more expensive goods on the Internet, the cooperation between the trading platform and manufacturers become more stable, goods with higher information costs were squeezed out of the market. Therefore, the consumer purchases brand goods instead of non-branded goods gradually online.This study could help government, consumer and company to make their decision. The research of Internet trading platform can also profoundly promote Information economics. References | Related Articles | Metrics

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A Method of Interactive Group Evaluation Information Aggregation Based on Interactive Density Operator and Its Application ZHANG Fa-ming 2014, 22 (12):  142-148.  Abstract ( 2113 )   PDF (950KB) ( 1812 )   Save A difficulty for interactive group evaluation is the aggregation of evaluation information. The relevant researches in China rarely discuss the issue from the perspective of information aggregation operator. To make up this deficiency, and taking into consideration that information distribution density is an important character of interactive group evaluation information aggregation, a new method of interactive group evaluation information aggregation method is proposed in this paper based on interactive density operator. Two new operators-interactive density arithmetical weighted operator (IDWA)and interactive density geometrical weighted operator (IDWGA)are proposed, and relevant properties of the two new operators are discussed. In addition, the way to determine the density weighted factors of the two operators is introduced. At last, the new method is applied in an example to illustrate its effectiveness. A new research idea of interactive group evaluation information aggregation problems is provided in this paper. References | Related Articles | Metrics