Table of Content

20 May 2015, Volume 23 Issue 5 Previous Issue    Next Issue

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Performance Evaluation of Multi-period Portfolios on Considering Transaction Costs ZHOU Zhong-bao, LIU Pei, YU Huai-ning, MA Chao-qun, LIU Wen-bin 2015, 23 (5):  1-6.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.001 Abstract ( 2005 )   PDF (1685KB) ( 2480 )   Save Multi-period portfolio evaluation is a hot topic in financial studies. By taking transaction costs into consideration, a multi-period portfolio optimization model is proposed. Based on the real frontier, the definition of multi-period portfolio efficiency and the corresponding nonlinear model are constructed. Due to the lack of analytical solutions of frontier and difficulties in solving the nonlinear model, it is proved that the true portfolio frontier is concave, and then DEA model is used to approximate the frontier and estimate the efficiencies of multi-period portfolios with transaction costs. The validity of the proposed method is illustrated by simulation in the end. References | Related Articles | Metrics

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Three-factor Gaussian Dynamic Model for Term Structure of Interest Rate: An Application to the SHIBOR Market LUO Xiao-ling, HUANG Ling-ying, CHEN Xiao-hong 2015, 23 (5):  7-13.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.002 Abstract ( 2172 )   PDF (2108KB) ( 2388 )   Save Domestic literature mainly focus on the application of affine model to term structure of interest rate, and few attentions are paid to Gaussian Dynamic Term Structure Model (GDTSM). Based on the JSZ normalization, a new three-factor GDTSM is proposed, and maximum likelihood estimator is used to estimate the parameters. Using the three-factor GDTSM, the term structure of Shanghai Inter Bank Offered Rate (SHIBOR) market from January 4, 2008 to April 28, 2012 is analyzed, and then its internal structure features is discussed by decomposing the corresponding error terms. The results show that: (1) the three-factor GDTSM fit and forecast the SHIBOR market very well; (2) the level and slope factors affect the short-term interest rates, and the curvature factor explains the long-term interest rate. As the basic technology for empirical researches on rate term structure, the three-factor GDTSM could be applied in national debt and derivatives pricing and risk management. References | Related Articles | Metrics

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The Estimation of Optimal Hedging Ratioof Copper Future Market of China——Based on Markov Regime-Switching GARCH Model PENG Hong-feng, CHEN Yi 2015, 23 (5):  14-22.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.003 Abstract ( 2024 )   PDF (1508KB) ( 2306 )   Save GARCH model is being widely used in the research of hedging. However, in some recent empirical analysis, the application in estimation of hedging ratio of this model has been proved to be defective.The high persistence of conditional variance in GARCH model affect the accuracy of the description of asset price series. The Markov Regime-Switching is applied into the construction of hedging model in this paper.The MRS-DCC model which combines MRS model with DCC-GARCH model is established. Using this new model, the hedging ratio of copper futures market is estimated. Meantime, the range yields instead of intraday yields is used as the mark yields to estimate the hedging ratio innovatively. Range yields can reflect the variance of target asset price accurately and help the investor hold the risk of changing of margin position. The using of range yields conform to the real demand of hedging strategy. The method of combination of MRS model and DCC-GARCH model is explained theoretically. With the empirical analysis of copper futures market,from October 15, 2007 to October 15, 2010, in both in-sample and out-sample method, it is proved that the introduction of the Markov regime-switching and range yields improves the accuracy of the estimation of hedging ratio and the hedging performance.The reference for state dependent hedging strategy and measurement of volatility risk of asset price are prouided. References | Related Articles | Metrics

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The Design of IPO Listing System and the Quality of Information Disclosure——Based on the Comparison of Whether the Sponsor Policy is Implemented or not GAO Hui, WEI Yu-long, LIU Yang 2015, 23 (5):  23-31.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.004 Abstract ( 1884 )   PDF (868KB) ( 1760 )   Save In view of the status quo of unsatisfactory quality in the domestic IPO information disclosure in recent years, comprehensively considering the relationships among pre-listing companies, sponsors, and regulatory authorities, the research framework of information asymmetry is applied, the social optimal models of whether the sponsor policy is implemented or not are compared. In theory, by solving and comparing the equilibrium of the models, it is found that under the appropriate regulatory functions, the sponsor system can improve the quality of information disclosure of pro-listing companies. However, the empirical analysis found that, the current domestic IPO sponsor system performs poorly in improving the quality of information disclosure, for the reason of insufficient regulatory actions which fails to effectively constraint participants. References | Related Articles | Metrics

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A Unified Model of Momentum and Reversal in Stock Markets Based on Attention Contagion Mechanism PENG Die-feng, RAO Yu-lei, LEI Xiang-yuan 2015, 23 (5):  32-40.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.005 Abstract ( 1804 )   PDF (1025KB) ( 2427 )   Save Low participation, irrational investment, and high volatility of stock prices are considered to be typical in China stock market. According to the abovementioned stylized facts, we describe a attentional contagion mechanism underlying the inflow of new investors in a simple asset pricing model and find that that investor attention plays a dual role in the formation of asset prices. On one hand, the limited attention of investors causes the under-reaction to information and price momentum. On the other hand, the attentive investors induce the inexperienced positive-feedback investors to participate the market, which brings about return reversal. As a result, the introduction of attentional contagion mechanism explains the co-existence of momentum and reversal, which sheds light on the understanding of the seperated pricing effects of investor attention on developed and emerging stock markets around the world. References | Related Articles | Metrics

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Closed-loop Supply Chain Coordination When Effort Elasticity Coefficient and Production Cost Disruptions Simultaneously QIN Yan-hua, CAO Xi-yu, CHEN Ben-song 2015, 23 (5):  41-47.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.006 Abstract ( 1736 )   PDF (863KB) ( 2071 )   Save In recent years, the frequent occurrence of emergencies has made us realize that we are living in a society full of emergencies. Emergency will have a huge impact on the normal operation of enterprises and supply chain. Meanwhile, with people's awareness of environmental protection and the sustainable development being deepened gradually, more and more enterprises attach great importance to the recycling of used product, and start to implement the closed-loop supply chain to integrate in enterprise's strategic plan. Thus, these questions lead to a wide attention about how to coordinate the closed-loop supply chain to response to emergencies. The significance and purpose of this paper is the strategies on how to response the emergency so as to improve the operation efficiency of the closed-loop supply chain by studying the emergency management of the closed-loop supply chain. In this paper, the closed-loop supply chain composed of one manufacturer and one retailer is considered, in which the manufacturer is responsible for the production and reproduction, and the retailer for selling its product and reclaiming used products. While the emergency causes the sale effort elasticity coefficient, the collection effort elasticity coefficient, the manufacturing cost and the remanufacturing cost disrupted simultaneously, the paper explores how we should use the rebate and penalty contract to coordinate the closed-loop supply chain to response to the emergency. The closed-loop supply chain models are set up, the optimal strategies of the closed-loop supply chain under the normal situation are analyzed, furthermore the impact on the closed-loop supply chain coordination is analyzed based on the rebate and penalty contract. As the disruption may make the closed-loop supply chain production plan change and furthermore it would make the manufacturer adjust the production quantity, but the production quantity adjustment needs to pay additional cost. So in the emergency situation, a closed-loop supply chain model is set up by leading into additional cost, the effect of the closed-loop supply chain coordination with the original rebate and penalty contract is analyzed. The study results show that the emergencies have great influence on closed-loop supply chain, but the closed-loop supply chain can be coordinated and the loss of the closed-loop supply chain profit can be reduced effectively through adopting the adjusted rebate and penalty contract and adjusted corresponding manufacture (collection) strategy, sale price(collection price) strategy and sale effort(collection effort) strategy. In the data emulation and analysis, a living example according to the feature of the closed-loop supply chain is designed, and furthermore the effect is anglyzed,which caused by product quantity, reclaim quantity, sale price, reclaim price, sale effort, reclaim effort and the profit of the closed-loop supply chain while the sale effort elasticity coefficient, the collection effort elasticity coefficient, the manufacturing cost and the remanufacturing cost are disrupted simultaneously caused by the emergency. By the numeral example, we test and verify the correctness of the conclusion and the validity of the model on response to the emergency are tested, and it is found that the closed-loop supply chain coordination can be reached by adjusting the part of product quantity, reclaim quantity, sale price, reclaim price, sale effort, reclaim effort based on the adjusting rebate and penalty contract. In brief, a fundamental train of thought and a frame for the closed-loop supply chain to response to the emergencies to other researches are offered, and moreover, it can be used for reference to other related studies on how to utilize the rebate and penalty contract to coordinated the closed-loop supply chain to response to emergencies. References | Related Articles | Metrics

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Pricing and Ordering Decisions of Supply Chain based on Customer Strategic Behavior and Loss of Stock-out XU Bing, XIONG Zhi-jian 2015, 23 (5):  48-55.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.007 Abstract ( 2004 )   PDF (1014KB) ( 1771 )   Save The strategic behavior that customers decide the purchase time based on the rational expectations will cause the supply chain (SC) difficulty in decision-making and affect tits profits. Consider a supply chain (SC) consisting of a manufacturer, a retailer and two kinds of customers with high or low willingness to pay (WTP), the centralized decision models and decentralized bi-level programming models of supply chain, when high WTP customers are strategic customers or myopic customers and the loss of stock-out is considered, are set up respectively by using the equilibrium analysis method and rational expectations theory. These four models are solved and the comparison analysis is performed as well as numerical emulation and sensitive analysis. The numerical examples prove the rationality of models and validity of conclusions. The study shows that when the high WTP customers are strategic customer, the centralized SC has higher order quantity, but lower profit of supply chain due to lower retail price comparing with the decentralized SC. The profits of decentralized SC and centralized SC with strategic high WTP customers are lower than those with myopic high WTP customers. The higher the unit loss of stock-out is, the more the order quantities are, but the less the profits of SCs are in each mode. The strategies such as selling with limited quantities, buying back the surplus products, improving the product value in the heart of customers and so on, can effectively reduce the affection of customer strategic behavior on SC. The theoretic research and management practice of SC are promoted based on customer strategic behavior. References | Related Articles | Metrics

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Research on Generalized Fuzzy Soft Sets Theory based Combined Model for Demanded Cloud Computing Resource Prediction XU Da-yu, YANG Shan-lin, LUO He 2015, 23 (5):  56-64.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.008 Abstract ( 2032 )   PDF (2362KB) ( 1646 )   Save In order to realize high scalability, flexibility and cost-effectiveness, cloud computing platforms need to be able to quickly plan and provision resources. To this end, it calls for mechanisms to predict demanded resource effectively. Therefore, resource prediction is a crucial issue for efficient resource utilization in dynamic cloud computing environment. In this paper, the basic concept of generalized fuzzy soft sets is introduced, and a novel angle cosine is proposed based similarity measurement of generalized fuzzy soft sets. Then the similarity measurement result and the prediction accuracy from Adaptive Neuro-Fuzzy Inference System and Seasonal ARIMA model are adopted to obtain the weights of combined prediction model. On this basis,the generalized fuzzy soft sets theory based on the combination of forecasting model GFSS-ANFIS/SARIMA is constrncted. Finally, this model is explorted to predict the demanded resource in cloud computing. The experimental results show that the proposed model can significantly improve the prediction accuracy with high prediction performance. Efficient decision support for resource scheduling and allocation in cloud computing can be provided by the proposed method. References | Related Articles | Metrics

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Managing Disruption Risk with Inventory Pooling Policy CHEN Jing-xian, MENG Qing-feng 2015, 23 (5):  65-72.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.009 Abstract ( 1772 )   PDF (1920KB) ( 2415 )   Save Consider a two-retailer inventory system, a Non-cooperative game model is established to describe inventory pooling policy under disruption risk. It is proved that there exists a unique Nash equilibrium solution to the model. Model analyses show that lateral transshipments always possibly improve retailer's optimal expected profits under demand disruptions. Moreover, comparative static results reflect transshipment price and transshipment cost are two important parameters for optimal order volumes and optimal expected profits. At last, a heuristic algorithm is designed to solving the model's Nash equilibrium. References | Related Articles | Metrics

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Independent Research and Accumulation of Knowledge: Research on the Threshold Model from the Perspective of Financial Development YAN Tai-hua, LIU Huan-peng 2015, 23 (5):  73-81.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.010 Abstract ( 1697 )   PDF (1268KB) ( 2202 )   Save Recent studies show that there are intimate connections between independent research and knowledge accumulation.With continuously improve of efficiency of credit allocative in China,it is necessary that analysis the impact of independent research on knowledge accumulation.The nonlinear panel data threshold model consisting of China's provincial panel data during 2002 and 2009 is constructed,and financial development is taken as the threshold variable,studing the nonlinear impact of independent research on knowledge accumulation and the threshold effect of financial development. On this basis, we analysis the trend of financial development is analyzed,which has an effect on the impact of independent research on knowledge accumulation. The results show: the effects of independent research on knowledge accumulation have a significant single threshold effect. When the degree of financial development exceeds the threshold value, the independent research has a bigger promotion effect on the knowledge accumulation. After 2008, most of the provinces in China cross the threshold value and reached the regional of the higher degree of financial development. Independent research has a bigger promote effect on the knowledge accumulation.A better understanding of the relationship between independent research and knowledge accumulation is provided, the extension of this problem by Ang expanded,and a reference for government departments formulate relevant policies is provided. References | Related Articles | Metrics

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Research on Coordinating Cloud Service Supply Chain Based on the Apportioning Mechanism of the Cost of Effort and Compensation LIANG Chang-yong, YE Chun-sen 2015, 23 (5):  82-88.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.011 Abstract ( 1644 )   PDF (850KB) ( 1839 )   Save Efforts in cloud service technology research and development and compensation from failure applications are two key count-measures in order to improve the rate of adoption of cloud service in client market. The interactive mechanism between effort, demand and price is proposed according to the role of theirs in integrating cloud service supply chain in this paper, and the coordination of cloud service supply chain is studied based on cost distributions of efforts cost and compensation cost. The research shows that coordination and equilibriums can improve the profits of the whole supply chain and realize Pareto improvement, and different interactive mechanisms have different coordination scopes and conditions based on apportioning parameters of the costs, which can provide some advice for equilibriums making decision of efforts level and compensation promotion. Finally, numerical examples and experiments are applied to illustrate the validity of the proposed method. References | Related Articles | Metrics

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Model of Disruption Management for the Change of Time Window Based on Human Behavior in Logistic Distribution DING Qiu-lei 2015, 23 (5):  89-97.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.012 Abstract ( 2098 )   PDF (1876KB) ( 2073 )   Save It is difficult to generate the new plan effectively for minimizing the negative impact when the time window of customer changes in logistic distribution. Based on disruption management, this research aims to improve the science of the decision making of disruption management in logistic distribution by combining the behavioral perception in prospect theory with the quantitative analysis in operations research. At the beginning, the method to measure the deviation based on prospect theory is studied by analyzing the effects of the change of time window on customers, logistics providers and drivers. Then, the multi-objective model of disruption management is constructed and an improved ant colony optimization is demonstrated. The computational result of the model proves that, due to the tradeoff between all parties involved in logistic distribution, our approach is more practical than global rescheduling and local rescheduling. This research contributes to the theory and method of disruption management, which can be used in other fields, such as production planning problems, flight scheduling, supply chain management, etc. References | Related Articles | Metrics

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Selecting Energy Service Company based on Multi-attribute Reverse Auction YANG Feng, HE Mu-jia, LIANG Liang 2015, 23 (5):  98-106.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.013 Abstract ( 2080 )   PDF (967KB) ( 1438 )   Save Energy Performance Contracting (EPC) is a new mechanism for energy saving. In the Energy Performance Contracting, the energy service demander and energy service company (ESCO) cooperate to save energy and share the benefit. One difficulty in actualizing the EPC is to select the best ESCO. However, there are few literatures to analyze the efficient selection mechanism. A government is used as the energy service demander and the ESCO selection based on multi-attribute reverse auction model is studied in the paper. The ESCO's strategy depends on three attributes, including the energy saving quantities supplied, the project leading time, and the sharing proportion of the energy saving benefit. A non-cooperative game model is proposed to study the multi-attribute reverse auction between a government and n qualified ESCOs. Regarding the sharing proportion of the energy saving benefits as a function of the energy saving quantities supplied and the project leading time, the optimal strategy of the ESCO can be obtained. As a result, every ESCO can determine the bidding strategy according to its actual energy-saving technologies and capabilities, and the government can directly select the winning ESCO based on the optimal combination of energy saving quantities supplied and project leading time without negotiating on sharing proportion of the energy saving benefits. Subsequently, the ESCO selection mechanism is able to avoid the bargaining procedure in determining the benefit share, and constrain the vicious competition among the ESCOs. As a result, the actualizing efficiency of the EPC project is improved. The simulation experiment discovers that, along with the increase of the number of the ESCOs, the benefits of both the government and the ESCO will decrease. As a result, the government should set some criteria to limit the number of the ESCOs participating in the auction. References | Related Articles | Metrics

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Decision-making for Multi-period Newsvendor Problem Without Statistical Information Assumption ZHANG Yong, ZHANG Wei-guo, XU Wei-jun 2015, 23 (5):  107-115.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.014 Abstract ( 1918 )   PDF (1411KB) ( 1920 )   Save The Weak Aggregating Algorithm (WAA) of prediction with expert advices, which advanced in computer science, is applied to study the multi-period newsvendor problem without making statistical assumption. WAA is an exponentially weighted average algorithm that updates the expert advice's weight according to loss function with initial weights distribution. Based on the return loss function and the expert advice of fixed stock level strategy, the decision-making method is used in this paper, which is in accord with the conclusions obtained using return function; and the case with salvage value is extended. Theoretically, it is proved that the cumulative loss the proposed decision-making method achieved does exceed that of the best expert advice. Numerical examples are presented to further illustrate the feasibility and rationality of the proposed decision-making method and explore the effect of selling and cost price on competitive performance;the results show that the introduction of salvage value greatly improves the competitive performance of the proposed decision-making method and thus presents important practical significance. References | Related Articles | Metrics

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Small and Micro Businesses' Choice between Formality and Informality——Based on A Dual Credit Market Structure CHEN Xiao-hong, CHENG Lu-lu, YI Guo-dong 2015, 23 (5):  116-124.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.015 Abstract ( 1959 )   PDF (1819KB) ( 1923 )   Save Considering the availabilities of financing of the dual credit markets and the costs and superiorities of formality, how to choose between formality and informality for small and micro businesses is a very important decision problem placed in front of both theory and practice fields. Based on the continuous investment model in a moral hazard framework, a choice model of small and micro businesses' formality and informality on their initial assets is built through the financing perspective. By introducing formality costs and different credit mechanisms of the two credit markets, the model analyzes the relative efficiency of the small and micro businesses' formality and informality under different levels of initial asset. The results show that, there exists an initial asset threshold, above which choosing formality is beneficial and under which choosing informality is beneficial. Then the model is further extended and the impact of the enforcement quality of the formal financial sector, the possibility of providing collateral by the small and micro businesses and the new type financial institutions providing small and micro businesses with financial services on the choice is discussed. References | Related Articles | Metrics

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Opposite Effects of Intra-group and Inter-group Rivalries: A Study Based on the Partitioning Effects of Mobility Barriers DUAN Xiao, JIN Zhan-ming 2015, 23 (5):  125-133.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.016 Abstract ( 1909 )   PDF (988KB) ( 1793 )   Save This paper focuses on the question of whether intra-group and inter-group rivalries have different performance impacts on firms partitioned by mobility barriers. The sample contains listed companies in the pharmaceutical industry of China over the period of 2010 to 2011. Data were mainly acquired from CSMAR and RESSET databases and annual reports of those companies. Grouping variables were selected according to strategic group research in pharmaceutical industry. The companies were clustered into four strategic groups aided by SAS software with Ward method, and then mobility barriers were identified.POLS and RE models were used to examine the effects of intra-group and inter-group rivalries in the panel data regressions, where the protection of mobility barriers is the moderating variable. Results show that intra-group rivalry has a stronger adverse impact on firms outside mobility barriers than on firms inside mobility barriers, whereas inter-group rivalry has a stronger adverse impact on firms inside mobility barriers than on firms outside mobility barriers. These findings indicate that rivalries within and between strategic groups have different influences on firm performance. Our findings also suggest that firm studies should take into consideration the strategic group structure and mobility barriers, and the effects of intra-group and inter-group rivalries should be analyzed separately rather than jointly. References | Related Articles | Metrics

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The Relationship among High Performance Work System, Organizational Learning Capability and Firm Performance ZHANG Hui-yan, YAO Qin, WU Ji-hong, HE Nan 2015, 23 (5):  134-142.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.017 Abstract ( 2298 )   PDF (868KB) ( 2882 )   Save There are many researches on organizational learning before, but relatively little research can involve both Antecedent variables and outcome variables, especially from the perspective of its system. From a systematic view, a model is built,which based on that a high-performance work systems is Antecedent variables,while firm performance is outcome variables. The empirical study on 782 samples shows that organizational learning plays a medicating role in the relationship between HPWS and firm performance. The study provides new management ideas to theoretical development in the field of organizational learning and HPWS. The enterprise should be in line with the modern management, focusing on the integrated effect from organizational learning and human resource management practices. References | Related Articles | Metrics

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Cost-push or Demand-pull:What Is Driving the Housing Prices in China? LI Zhong-fei, ZHANG Hao 2015, 23 (5):  143-150.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.018 Abstract ( 2148 )   PDF (857KB) ( 2060 )   Save A partial equilibrium model for real estate producer's profit maximization and consumer's utility maximization is established to look for the causes of housing prices increasing. The provincial panel data from 2002 to 2011 is used to decompose cost, demand and non-market factors of driven degree on China's housing prices in different time periods and different regions, and reveal the causes of China's real estate prices increasing. The results show that, in the "regions whose prices increase rapidly" of China, there is a significant demand-pull characteristic of housing price; But in the "regions whose prices increase slowly", the cost-push characteristic is obvious. On the other hand, before the financial crisis, China's housing prices have typical cost-push characteristics; while after the financial crisis, there is a significant demand-pull characteristic. Therefore, for the regions with demand-pull characteristics of housing price, we should inhibit the excess demand, reduce the speculative desire, stabilize market expectations and so on, to realize the effect of price regulation; And for the region with demand-pull characteristics of housing price, the governments should increase land supply and reduce land cost to curb the potential increasing of housing prices References | Related Articles | Metrics

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Optimal Policy for Multi-product Multi-stage Inventory Model with Multivariate Markov Demand CHEN Jie, CHEN Zhi-xiang 2015, 23 (5):  151-160.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.019 Abstract ( 1952 )   PDF (999KB) ( 1784 )   Save The demands of muti-product would be correlated to each other in competitive market; therefore a better model for exploring these relationships and a better prediction rule for market's demand should be developed. Based on multivariate Markov theory, a new model is proposed to research these relationships and forecast the demand of muti-product. An expected total cost of muti-product model with high order multivariate Markov demand is constructed by the new model. Under these model conditions, a new type of multiple product inventory control policy is presented, which is multi-product and multi-stage inventory control (Q, R, SS) policy with multivariate Markov demand. This policy considers the optimal ordering quantity, optimal ordering point and safety stock setting in the multi-product and multi-stage inventory system. The conclusion shows that the optimality of (Q, R, SS) policy is correlation to the relationships of the demand among all kinds of products. Further, a numerical solution of optimal policy is provided to the model through a numerical example and it indicate that one can determine the optimal ordering quantity, optimal ordering point and safety stock from the new model by using the historical data of demand state. References | Related Articles | Metrics

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Joint Optimization of Procurement Contracts and Process Improvement Initiated by the Manufacturer SHEN Xiao-yu, HUANG He, XU Hong-yan 2015, 23 (5):  161-167.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.020 Abstract ( 1929 )   PDF (1214KB) ( 1714 )   Save Risk mitigation is a hot topic in supply chain management. We consider a manufacturer faces an unreliable supplier with private information on high or low initial reliability, and the initial reliability can be enhanced through process improvement initiated by the manufacturer. By applying the principle-agent theory, the optimal contracts including both the manufacturer's process improvement and procurement decision are designed. By comparing the manufacturer's optimal contracts under full and asymmetric information, it is found that, information asymmetry decreases the probability that the manufacturer orders from the supplier with low initial reliability, and may lead to over-improvement on him. Information asymmetry does not necessarily decrease social welfare or lead to information rent. When the initial reliabilities and the supplier's Nash bargaining power satisfy some conditions, compared with the manufacturer's optimal procurement contracts, the Pareto improvement of the supply chain can be realized by the supplier's self-revelation of his private information. Numerical examples is used to verify the main conclusions. It is valuable and significant to the procurement activities under supply risk. References | Related Articles | Metrics

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An Empirical Study on Corporate Governance and Capital Structure's Comprehensive Influence on Ability of the Listed Company Value Creation RUAN Su-mei, YANG Shan-lin, ZHANG Li 2015, 23 (5):  168-176.  doi: 10.16381/j.cnki.issn1003-207x.2015.05.021 Abstract ( 2106 )   PDF (1712KB) ( 2051 )   Save The characteristics of board of directors, ownership structure, capital structure, corporate finance, the value of the company are latent variables, which bring a challenge for the quantitative research on their relationship. To address this issue, a comprehensive analysis framework utilizing the SEM technique is proposed. The process of SEM modeling has two steps. In the first step, the latent variable is measured by using factor analysis approach. In the second step, the relationship between latent variables is estimated through path analysis method. For illustration, our methods is applied to the listed company in China. In the empirical analysis, the direct effect and indirect effect of board of directors', ownership structure's, capital structure's and corporate finance's influence on ability of the listed company value creation are estimated. The empirical results show that: direct effects of the board characteristics' and ownership structure's are not significant, while the indrect effects are significant. Capital structure has both direct effects and indirect effects, and corporate finance has only direct effect. Further, the influence degree on ability of the listed company value creation is: capital structure, ownership structure, corporate finance, board characteristics in sequence. References | Related Articles | Metrics