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Table of Content

    20 April 2019, Volume 27 Issue 4 Previous Issue    Next Issue
    Articles
    The Effect of Outward Foreign Direct Investment on the Income Inequality in Home Country: A Study Based on Transnational Panel Data
    WANG Yu-ze, LUO Neng-sheng
    2019, 27 (4):  1-12.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.001
    Abstract ( 430 )   PDF (1345KB) ( 297 )   Save
    Economic globalization brings about the rapid development of foreign direct investment in the world. Enterprises actively participate in the international division of labor through outward foreign direct investment (OFDI), then cause the transnational flow of production factors and the fluctuation of their prices, and the national income distribution also change gradually. To promote the good welfare effect of OFDI, it is important to study how OFDI affects the income equity of the home country. The theory of enterprise heterogeneity into endogenous growth model is introduced, and the influence mechanism of OFDI on the income inequality in home country is disscussed. Then based on panel data of 85 countries(regions) from 1981 to 2015, the system generalized moment estimation and threshold panel model are used to do empirical analysis. Results show that there is an inverted-U relationship between OFDI and income inequality, that is, as the intensity of OFDI increases, the income inequality of the home country expands first and then shrinks. On the one hand, technology progress and the upgrading of industrial structure is promoted, and domestic investment is squeezed out by OFDI, which increases the degree of income inequality; on the other hand, the income inequality can be reduced by promoting the financial development and education expansion of the home country. The influence of OFDI on income inequality is heterogeneous among countries with different levels of economic development and different geographical locations. When the per capita GDP is less than MYM5767.53, the OFDI significantly increases the income inequality of the home country. When the per capita GDP exceeds MYM5767.53, there is no significant linear relationship between the OFDI and income inequality. There is a inverted-U relationship between the OFDI and the income inequality in Europe, at the same time, the OFDI of the America and Asia promotes the income inequality of the home country, and the Africa's OFDI has no significant impact on the income inequality. Furthermore, as time goes by, the marginal effect of indirect effects has been weakened by the increase of OFDI stock. The related research on the economic effects of OFDI in a home country is expanded, and it's instructive to enhance the welfare effect of OFDI in different countries.
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    Quantitative Study for Debt-to-equity Swaps Based on Debt Renegotiation
    TAN Ying-xian, YANG Zhao-jun
    2019, 27 (4):  13-24.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.002
    Abstract ( 416 )   PDF (1684KB) ( 253 )   Save
    In order to lower corporate leverage, decrease high cost of bond, reduce banks' non-performing loan ratio and dissolve the risk of financial institutions, the debt-to-equity problem has caused wide concern for the government, companies and banks. Basing on the idea of debt renegotiations, partial debt-to-equity swaps model is built. All contingent claim is first priced by using risk neutral pricing method, and then the effects of debt-to-equity on the firm's value, bankruptcy probability, bankruptcy loss costs and capital structure are mainly examined. More interesting, a sufficient condition is obtained that the creditors are willing to change the way of debt restructuring to select debt-to-equity ex post.
    It is found that, under predetermined bankruptcy liquidation contract, the all debt-to-equity swaps can always improve the equity value. But the value of the creditor is not always established. However, only if renegotiation ability between the shareholders and creditors satisfy some certain conditions, the creditors has an incentive to choose debt-to-equity swaps ex post so that truly achieve Pareto improvement and improve the level of social welfare. By numerical simulations, it is found that debt-to-equity are able to reduce the risk of bankruptcy and bankruptcy loss costs, but the risk premium of bond is raised; Moreover, the partial debt-to-equity can improve the firm's value within a certain range of equityholders' renegotiation capacity, which optimal convertible coupon ratio increases with the assets' volatility rising. Finally, as shareholders' bargaining power risee, the optimal firm value, convertible coupon ratio and leverage decrease, and while the credit spread of bond increase. Theoretical reference and practical guidance for the government, enterprises and banks on how to implement debt-to-equity swaps are provided in our paper.
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    Do Local Investors Have Information Advantages? An Empirical Study with Baidu Search
    XIANG Cheng, LU Jing
    2019, 27 (4):  25-36.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.003
    Abstract ( 513 )   PDF (1235KB) ( 360 )   Save
    Classic asset portfolio theory suggests diversification is helpful for reducing portfolio risks. However, it is well documented that despite the benefit of diversification, both professional investment managers and individual investors display a strong preference for investing in local stocks. Two competitive theories are suggested to explain the causes of the local bias. The information advantage theory argues that local investors get information advantages from local social networks with local agents such as executives, employees, customers, suppliers and local media et al. Meanwhile, the behavioral theory attributes the local bias to investors' irrational biases such as familiarity preference, herding behavior, overconfidence et al. However, prior empirical studies show inconsistent results to the effectiveness of these theories.
    One of the difficulties to empirically study the causes and effects of the local bias is the lack of appropriate proxies for the extent that investors over allocate their assets towards local stocks. Based on the close interaction between investors' asset allocation and attention allocation, the ratio of stocks' Baidu search volume (which is expressed as Baidu index) initiated by local netizen is used to that initiated by all netizen nationwide to measure on what extent investors over allocate their attention to local stocks so as to indirectly measure investors' local bias on asset allocation. With a sample of A-share stocks from 2007-2016, it is found that on average the percentage of Baidu search volume initiated by local netizen is 5.73 times of their population percentage, which indicates that investors in A-share market over allocate their attention and asset to local stocks notably. Investors in less developed provinces pay more attention to local stocks. Stocks with smaller sizes, lower book-to-market ratios, less turnover, lower debt-to-asset ratios and fewer shareholders are more attractive to local investors. The impact of investors' local attention on A-share stock risk premiums, price synchrony and pricing efficiency is empirically tested so as to test whether the local bias in A-share market is better explained by investors' information advantage or behavior biases. It's found that stocks with more local attention show higher risk premiums, stronger price synchrony and lower pricing efficiency. All these findings are consistent with the irrational behavior hypothesis, indicating that local investors in A-share markets do not show significant information advantages.
    Three aspects are contributed to the literature. First, since Baidu indices are officially released by Baidu and could be easily and freely obtained online, a convenient and effective proxy of the local bias for related researches is provided. Second, with empirical findings from three different perspectives, it is provided that the local bias of A-share investors is better explained by the irrational behavior theory rather than by the information advantage theory. Third, it is shown that investors' geography preference on attention allocation makes significant impact on the process and efficiency of A-shares pricing, which is meaningful for A-share market participants and regulators.
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    The Signal of Default Risk from the Description-text Based on the Empirical Research of P2P Lending
    CHEN Lin, XIE Yan-wu, LI Ping, LI Qiang
    2019, 27 (4):  37-47.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.004
    Abstract ( 419 )   PDF (1333KB) ( 271 )   Save
    P2P lending let borrowers to obtain trust of investors through a description-text of borrower. So the description-text of borrower is an important information for investors to identify default risk of borrowers. However, how to interpret description-text with the complex, irregular and contain various kinds of information faces great challenges. According to the two factors of default risk:repayment ability and willingness to repay, as well as their potential factors, some text features,information of repayment ability and willingness to repay as well as emotional characteristics of the demand for funds are extracted from description-texts through manual identification, and the significance of those information to identify the default risk of borrowers is tested. It is found that the more words in the description-text, the more repetition sentences existing, and the default risk is greater. There is information of repayment ability or the guarantee language indicating the willingness to repay the loan and the supplementary explanation of the credit status in the description-text, the default risk is smaller. The greater the urgency of the borrower's emotionally expressed need for the loan, the greater the default risk is. The conclusion of the research provides the research direction for the future application of intelligent text algorithm to identify the default information in the description-text related borrowing.
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    Optimal Allocation of Corporate Carbon Quotas and Government's Fairness under Multi-objective Decisions -From the Perspective of (p,α) Proportional Fairness
    XIA Hui, WANG Si-yi, CAI Qiang
    2019, 27 (4):  48-55.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.005
    Abstract ( 418 )   PDF (875KB) ( 246 )   Save
    For government, there are several certain goals considered when distributing carbon quota. For instance, to maximize the total welfare of the society and to minimize the reduction cost. Meanwhile, a certain blue print of distribution reflects government's attitude towards fairness, and it also influences enterprises' production decision, especially between enterprises with different efficiency in reduction. In this paper, under the frame of leader-followers game, the optimal carbon quota allocation strategy when the government realizes multi-objective optimization under taking account of both social welfare and emission reduction costs is studied. We use (p, α)-proportional fairness is used to establish the corresponding relationship between the optimal allocation and the government's attitude towards fairness. And then how enterprises' differences on reduction efficiency influences government's attitude towards fairness is analyzed. Genetic algorithm simulation results show that the government always gives greater quota to high efficiency enterprise when government wants to minimize the reduction cost and to maximize the social welfare. The results also show that how the differences in the efficiency of emission reduction influence the optimal allocation and government's attitude towards fairness will change completely differently within industries with differences between the efficiency of enterprises. When there is a small difference in the efficiency of emission reduction, with the increase of the difference of emission reduction efficiency, the quota of inefficient enterprises gradually decreased, and the government attitude towards fairness is getting smaller and smaller. When the difference in efficiency is larger, the situation is just the opposite. The government paid more attention to fairness, while low-efficiency enterprises get more carbon. Meanwhile, government's attitude towards fairness doesn't mean the low-efficiency enterprise obtain greater quota. As the difference in efficiency in a certain range, the increase in the difference will lead to smaller quota to the low-efficiency enterprise and a higher fairness in allocation. The above-mentioned results provide a useful reference and uncover the superiority of base line method in multi-objective optimization within industry with difference in reduction efficiency. And industries with different reduction efficiency apply to different distribution policy.
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    Innovation Orientations of O2O Business Model: Efficiency or Value? An Empirical Study Based on Entrepreneurial Failure Sample
    JIANG Ji-hai, WANG Feng-quan
    2019, 27 (4):  56-69.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.006
    Abstract ( 409 )   PDF (1898KB) ( 259 )   Save
    The mobile internet era comes with the combination of online and offline(O2O), which has brought a great transformation to traditional business models, so O2O business model innovation becomes an important strategic choice for startups to realize value-creation and gain competitive advantage. But during the last four years, a number of O2O startups had failed, which brought two questions:What is wrong with those failed startups' O2O business model? Which innovation orientation of O2O business model can reduce the risk of entrepreneurial failure? So according to the typical business practice of O2O entrepreneurial failure, from the perspective of business model innovation and value creation, and based on two new theories such as service dominant logic and internet economics, failed O2O startups are set as research sample and empirical study is used to analyze this phenomenon, aiming at exploring the link between innovation orientations of O2O business model and entrepreneurial failure. Firstly, efficiency-oriented and value-oriented business models are introduced as two sorts of O2O business model innovation orientations, afterwards, the framework of the link between innovation orientations and entrepreneurial failure is established under the moderating effect of entrepreneurial environment and industrial competition. Then, the O2O startups whose duration period is from 2013 to 2016 are chosen as research sample, according to the information collected from databases such as Zero2IPO, Wind, Chinaventure and online channels such as ITjuzi, text mining and case survey are adopted to transfer unstructured case information into numeral rating to precisely measure relevent constructs. Finally, a hierarchical regression model is built to test theoretical hypotheses. The final empirical results show that both efficiency-oriented and value-oriented business models can reduce the risk of entrepreneurial failure, when entrepreneurial environment is relatively good, startups with efficiency-oriented business model are less likely to fail, when industrial competition is relatively fierce, startups with value-oriented business model are less likely to fail, whereas those whose business model is efficiency-oriented are more likely to fail. This paper has two main significances:Academically, it enriches relevant study on the character of business model innovation and the reason of entrepreneurial failure; Practically, the findings can help O2O startups reduce the risk of entrepreneurial failure.
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    Study on Dynamic Equilibrium Strategy of Closed-loop Supply Chain with Retailers' Fair Behavior and Retailer Recycling
    MA De-qing, HU Jin-song
    2019, 27 (4):  70-78.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.007
    Abstract ( 450 )   PDF (898KB) ( 290 )   Save
    Manufacturer (remanufacturer) and a retailer (collector)dynamic equilibrium strategies in a closed-loop supply chain system are studied, which consists on a leader, manufacturer (remanufacturer), and a follower, retailer (collector) with "jealousy/pride" fairness-concern behavior.First,the random evolution process of the recovery rate of waste products in closed-loop supply chain system is described by using the ITO process, its expected profit functional is given by manufacturer's profit structure, andits expected utility functional is constructed based on retailer's "jealousy/pride" model.Therefore, the stochastic differential game model of closed-loop supply chain system is established.By using stochastic differential game theory, the partial differential equations which the optimal value function of the manufacturer and retailer should be satisfied are given. By solving the partial differential equations, the optimal value function of manufacturer and retailer respectively is obtained. By using optimal value functionofmanufacturer and retailer, manufacturer's wholesale price dynamic equilibrium strategy is obtained,the retailer's selling price and recycling investment dynamic equilibrium strategy. In order to grasp the statistical characteristics of the evolution process of waste products, the stochastic evolution nature of recovery of waste products is revealed. By numerical example, impact of retailer's degree of fairness on agents'equilibrium strategies and performance arestudied.The results show that the higher the retailer's degree of fairness, the lower the manufacturer's equilibrium wholesale price and its optimal value. Unlike the manufacturer, the retailer's degree of fairness will increase its optimal value function. In addition, the higher theretailer'sdegree of fairness, the lower the collecting rate of the system is.
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    Decision-making and Coordination of Dual-channel Supply Chain with Consumers' Preference under Capacity Restraint
    GONG Ben-gang, TANG Jia-jun, CHENG Jin-shi, LIU Zhi
    2019, 27 (4):  79-90.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.008
    Abstract ( 428 )   PDF (1504KB) ( 353 )   Save
    Both production capacity constraint of the manufacturer and consumers' channel preference affect the members' decision-makings of dual-channel supply chain. Under capacity constraints, the problem of decision making and coordination of dual-channel supply chain members are studied considering consumer channel and low carbon dual preference in this study. A dual-channel supply chain members' decision model under the cases of centralized and decentralized decision-making is constructed, and the effects of capacity constraints, consumer channel preferences and low carbon preference on supply chain decision-making under the two cases are compared. The improved revenue sharing contract coordination mechanism is designed, and its effectiveness is proved. This study shows that:(1) In the two case, the consumer channel preference plays a promoting role in the supply chain revenue, in which the supply chain's revenue is least when the consumer channel preference is not considered under the centralized decision case. (2) The improvement of consumers' low carbon preference promotes the sales price of two kinds of channels, and then increases the supply chain revenue. (3) Under decentralized decision making, with the increase of supply chain capacity, the network direct selling channel has a larger sales growth rate than the traditional retail channel. (4) The coordination mechanism eliminates the "double marginal effect" and achieves Pareto improvement. Finally, numerical examples are given to verify above conclusions.
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    Supply Chain Network Scheduling by Considering Merge Decision with Random Order Interference
    TANG Liang, HE Chao, JING Ke, TAN Zhen, QIN Xu-wei
    2019, 27 (4):  91-103.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.009
    Abstract ( 404 )   PDF (1298KB) ( 341 )   Save
    For the purpose of rapid response to individual customer demands, the enterprise should possess external flexible supply chain network structure to produce product in a collaborative manner. In our work, different types of collaborative supply chain networks with interative characteristic are considered. An objective function is designed to minimize production costs, inventory costs, waiting costs, and tardy costs, and the merge decision variables is designed to restrict the starting time of same type orders at collaborative enterprise. Additionally, two types of orders:deterministic order and random order are taken into account in our model, and the random order arrival probability at discrete time point in the interval time period is designed. To get optimal collaborative supply chain network production scheduling strategy, four sub-models are construted based on the scenarios of random order arrival or not. Furthermore, main decision model is constructed according to cost difference between two different scheduling strategies:arrange random order production in advance or not. The simulation results show that the merge decision reduces the production costs on the one hand, and lead to tardiness of some orders on the other hand. Meanwhile, the anti-interference ability of different types of collaborative supply chain networks is different when encountering random order.
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    Information Sharing in a Green Supply Chain with Asymmetric Demand Forecasts
    SHI Ming-jun, WANG Yong, DAN Bin, WEN Yue
    2019, 27 (4):  104-114.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.010
    Abstract ( 487 )   PDF (1163KB) ( 408 )   Save
    Due to the rapid changes in business environment, it is difficult for green supply chain members to make accurate decisions in the face of highly uncertain market conditions.However, supply chain members can forecast uncertain market demand based on past sales data.Given this background, a problem of information sharing under asymmetric demand forecasting in green supply chain is studied. Two scenarios are investigated:the "make-to-order"scenario and the "make-to-stock" scenario, considering two situations:with information sharing and without information sharing. The optimal decision and optimal expected profit of the manufacturers and retailers in several cases are obtained. Through the comparison of the optimal expected profits, it is found the value of information sharing and a bargaining mechanism can coordinate the supply chain.
    The research shows thatmanufacturers are always profitable from information sharing in both scenarios. Unlike previous studies, retailers can also benefit from information sharing when the green cost factor is low.When the green cost factor is high, manufacturers can promote retailers to share information through a bargaining contract. Additionally, when the green cost factor is high, there is no information sharing between members of the green supply chain. Furthermore, the increase of total revenue brought by information sharing in "make-to-stock" scenario is higher than that of the total revenue in "make-to-order"scenario. Therefore, the possibility of participant information sharing in the "make-to-stock" scenario is higher than that of the "make-to-order"scenario. Finally, the sensitivity analysis of some parameters influences the accuracy and correlation of the forecast information on the profit of the manufacturer, the value of the manufacturer's information sharing, and the value of the information sharing of the supply chain.
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    Incentives and Coordination of Fresh Investment of Fresh Agricultural Products Supply Chain
    XIONG Feng, FANG Jian-yu, YUAN Jun, JIN Peng
    2019, 27 (4):  115-126.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.011
    Abstract ( 397 )   PDF (1467KB) ( 261 )   Save
    Two phases supply chain of fresh agricultural products of two-stage discount pricing under "cooperative + core enterprise" mode is established in this paper. Based on the influence of consumer fresh preferences and price preferences on market demand, Nash bargaining solution is selected as a fair reference and fairness preference theory of cooperative is introduced to study the fresh investment decision of members in supply chain. For the incentives of cooperative in fresh efforts, the impact the preference of supply chain members makeing on fresh effort level and the incentive and coordinative effect of revenue sharing contract are explored. It is found that the increase of consumer's preference about freshness can promote the incentive effect of revenue sharing contract, and improve the fair utility of cooperatives. Meanwhile, the incentive effect of revenue-sharing contract produces to fresh effort in the first phase is better than that in the second, and the combination of revenue sharing and cost allocation can significantly improve fresh investment of the second phase.
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    Game of Government, Enterprise and Consumer Based on Product Quality Regulation Perspective
    LIU Chang-yu, YU Tao, MA Ying-hong
    2019, 27 (4):  127-135.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.012
    Abstract ( 417 )   PDF (1190KB) ( 314 )   Save
    In view of the important role of government, enterprise and consumer in product quality regulation, the new pattern of coordinated regulation is put forward, which can make up the loopholes and improve the efficiency of government regulation. Based on that, the tripartite model of product quality regulation among government, enterprise and consumer is constructed to explore the mixed Nash equilibrium and action strategy. Then, using Matlab 7 analyzes the game model by substituting the actual data.
    The results show that the factors that influence the government regulation behavior are the government's punishment to the illegal enterprise, the enterprise's compensation for the loss of the consumer, the cost of the qualified products and unqualified products. The production of qualified products is related to the cost of government regulation, the government's punishment, the direct and indirect economic losses caused by the production of substandard products. Cost of rights protection and compensation for consumers' losses are the main factors that affect consumers' strategic choice. Research also makes clear that the greater the probability of government regulation, the greater the probability of the production of qualified products; when the probability of consumer supervision becomes large, the probability of enterprises to produce qualified products also becomes large, and the probability of government regulation of the enterprise becomes small.
    Finally, based on the perspective of government regulation, the measures to deal with the interests of all parties are given, the countermeasures and suggestions are put forward to ensure the quality of the products and to exert the advantages of the consumer supervision.
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    The Equilibrium Decisions of A Two-layer Supply Chain Network Based on Horizontal and Vertical Fairness Preference
    ZHENG Ying-jie, ZHOU Yan
    2019, 27 (4):  136-148.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.013
    Abstract ( 354 )   PDF (1154KB) ( 214 )   Save
    With the growth of market size and the intensification of market competition, there are many members in the supply chain. With the increase of supply chain members and the diversification of role types, a two-layer supply chain network based on one manufacturer and many retailerscan reflect the practical problem. The equilibrium decisions of a two-layer supply chain network considering retailers' horizontal and vertical fairness preference is studied. The impact of retailers' horizontal and vertical fairness behaviors on the equilibrium decisions of the network is discussed. The Nash game model of the lower tier supply chain and the Stackelberg-Nash game model of the upper tier and lower tier supply chain network are constructed.The equilibrium decisions of all the decision makers are established by the penalty function method.Finally, qualitative analysis of the impact of retailers' horizontal and vertical fair preference on the equilibrium decisions is carried out. Numerical examples show that the impact of retailers' horizontal and vertical fair preference weights and their vertical fairness reference coefficient are different to manufacturers and retailers. The conclusions provide some reasonable suggestions to the decision-makers of the supply chain to deal with the negative effects of fair preference behaviors.
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    Research on the Inclining Block Tariffs Scheme for Solving Cross-subsidy under Demand Response——Based on the Perspective of Maximizing Social Welfare
    YE Ze, WU Yong-fei, ZHANG Xin-hua, LIU Si-qiang, HE Jiao
    2019, 27 (4):  149-159.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.014
    Abstract ( 389 )   PDF (1452KB) ( 234 )   Save
    The problem of cross-subsidy of electricity price in China is very serious, which is unreasonable in both economic efficiency and fairness. By analyzing the current electricity price policy, it is found that the tiered pricing for electricity can solve the cross-subsidy problem, but the effect of current scheme is not obvious, and it needs to be adjusted. What's more, due to the difference in the demand response degree of users of different grades, there are many schemes to solve the cross-subsidy problem by adjusting the tiered pricing for electricity. And there is a solution to maximize social welfare. The aim of this paper is to maximize social welfare, adjust the price of electricity for each file user, and at the same time introduce the Lagrange function to design an optimal electricity price plan for solving cross-subsidy problems and obtaining the corresponding electricity price ratio for each file. The results show that social welfare has a maximum value when the ratio of the block tariff is 1:1.62:2.41. At this time, the ladder price scheme is the optimal one among many schemes, and the social welfare increased by about 70.2 billion yuan for the whole year. The fairness and affordability among users on the basis of solving cross-subsidy issues are considered in this solution. It has important reference value for current electricity price reform.
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    Research on Preference of Sales Method Based on Product Relevance and R&D Innovation
    WANG Su-juan, ZHANG Wen-jing, LIU Wei-qi
    2019, 27 (4):  160-170.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.015
    Abstract ( 337 )   PDF (1200KB) ( 217 )   Save
    In practice, it is common for retailers to bundle the products from multiple manufacturers. For example, Gome launches "complete sets of home appliance", which bundles several well-known brands of TVs and refrigerators. These products are provided by multiple upstream manufacturers. Ctrip.com bundles air transportation, hotel accommodation, etc., are also from different suppliers. Based on the above business phenomenon. A three-stage game model for members in a supply chain system consisting of two manufacturers and one retailer is constructed in this paper. The manufacturers invest in R&D to reduce the cost of their products and decide the wholesale price of products. The retailer then orders the product from the manufacturers and selects the appropriate sales method, i.e., separate sales or bundled sales. By comparing the R&D level of the manufacturers and the profit of the supply chain members between separate sales and bundled sales under different product relevance, the supply chain member's preference for different sales methods is explored. It is found that, for independent products, separate sales is always the dominant strategy, but there is no common preference among system members; for complementary products, the role of non-coordination at the supply side of the product and the differences in perceived value of consumers will exceed the complementary linkage advantage of the product itself, resulting in the failure of the binding strategy and making the separate sale as a common preference for system members; for substitute products, the low cost products with the moderate consumer perception differences and the high cost products with less consumer perception differences are more profitable under bundling. The research results of this paper provide good theoretical guidance for the practical application of the bundled sales strategy.
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    Study on Profit Allocation of Industrial Cluster Based on Restricted Cooperative Game
    WANG Da-ao, JIAN Li-rong, WANG Hui, LIU Si-feng
    2019, 27 (4):  171-178.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.016
    Abstract ( 435 )   PDF (713KB) ( 288 )   Save
    The most critical factor affecting alliance enterprise cooperation is how to distribute the benefits obtained from forming alliances reasonably and fairly. The rationality of interest distribution directly affects the sustainability and stability of alliance innovation. How to effectively solve the problem of distribution of income within a cooperative alliance has become an important topic at domestic and abroad. The traditional Shapley value method assumes that each member of the cooperative alliance has the same marginal contribution as the premise. However, in the actual situation, due to the limitations of the self-generated technology and the uncertainty of the industrial cluster environment, the enterprise can only play a part of their capacities. At the same time, it is difficult for enterprises to fully identify the exact value of information. In order to solve the above problems, the restricted cooperation games is studied in this paper, in which the cooperation ability is the gray information and the dependency relationships among the enterprises that restrict their capacity to cooperate within some coalitions. First of all, the gray authorization operator based on the grey system theory is defined. Secondly, the Choquet integrals are used to integrate the dependencies between enterprises. And then, this dependency information is combined with the Shapley model to establish a restricted cooperative game model with gray authorization mechanism. And it is proved that the model satisfies the efficiency, symmetry, additivity and dummy player axioms. Finally, an example is given to illustrate the feasibility and practicality of the model.
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    The Financial Constraints and Firm Innovation: From the Perspective of Human Capital Network
    SUN Bo, LIU Shan-shi, JIANG Jun-hui, GE Chun-mian, ZHOU Huai-kang
    2019, 27 (4):  179-189.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.017
    Abstract ( 538 )   PDF (1269KB) ( 295 )   Save
    Innovation has an important influence on the long-term stable operation of enterprises and the national economic development. The linear relationship between corporate financing constraints and innovation performance is investigated, and the external factors of mitigating the negative effects of financing constraints from a macro perspective are explored by prior empirical studies. However, the seemingly contradictory findings from the relatedstudies indicate that there can be the non-linear relationship existing between enterprise financing constraints and innovation performance, which is still under-explored in extant literature. Moreover, although various external factors have been found to mitigate the negative effects of financing constraints in extant studies, it is still difficult for enterprises to follow the implications in practice accordingly because most of these factors are actually beyond their control.
    In view of these, based on a comprehensive discussion of the positive and negative effects of financing constraints on corporate innovation, it is proposed that there may be an inverted U-shaped relationship rather than a simple linear relationship existing between corporate finance constraints and their innovation performance. Further, from a perspective of human capital social network, the potential moderating effect of corporate's centrality in the network on the relationship between financing constraints and corporate innovation is explored.
    Specifically, to test ourpropositions, individuals' turnover records from LinkedIn (China) are obtained, and a corporate-level talent mobility network based on the records is built. By further incorporatingthe finical data of listed companies, a panel data set with a time interval of 2000-2014 is obtained. The results demonstrate that there is a significant inverted U-shaped relationship between corporate financing constraints and innovation performance (β=-0.009, p<0.05), and the human capital social network exert a positivemoderating effect on the relationship between corporate financing constraints and innovation performance (β=0.236, p<0.05). The robustness tests consistently show that the resultsabove-mentioned are valid.
    Our understanding of the relationship between financing constraints and corporate innovation can be enriched and the extant literature is extended in the following aspects:1)the research on the related issues is reconciled by unveilingthe nonlinear relationship between financial constraints and corporate innovation. 2)By adopting a perspective of human capital social networks, we find the important role of corporate centrality of such network as a moderator of the relationship between financing constraints and corporate innovation is found. Theories and methods of human capital social networks are expanded to the field of innovation research, and a new direction for future research to identify more relevant factors in moderating the impacts of financing constraints is proviede. Some important managerial implications are also provided based on the findings.
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    Research on the Dynamic Collaborative Scheduling Optimization for Community Evacuation
    ZHANG Bai-shang, FAN Gang-long, TAN Pang, JIA Yu-kui, YIN Ru-fa
    2019, 27 (4):  190-197.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.018
    Abstract ( 435 )   PDF (1011KB) ( 167 )   Save
    In consideration of the temporal dynamics of evacuees and road network traffic time and the randomness of evacuation response parameter, the collaborative scheduling optimization process of community emergency evacuation was proposed. At the same time, the coordination scheduling optimization model with varieties of transportation tools was constructed and the multi-object algorithm was designed for community evacuation, which aims to hit the targets of evacuated victims maximizing and evacuation cost minimizing. Then, the collaborative scheduling optimization process of community emergency evacuation was simulated and tested with Tansmodeler software platform, during which the dynamic evacuees demand and road network traveling time table were loaded in real time. Results show that there are different evacuees demand and road network transit-time and the proposed process, model and algorithm can provide decision-making in real time for the planning of transportation tools and the selection of evacuation routs according to dynamic evacuee quantity and road network transit-time.
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    R&D Project Portfolio Selection Based on Domination and Diffusion Relationship in the Project Network
    ZOU Xing-qi, YANG Qing
    2019, 27 (4):  198-209.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.019
    Abstract ( 424 )   PDF (1859KB) ( 184 )   Save
    To gain competitive leverage, firms must seek to continuously invest in a large number of research and development (R&D) projects. The R&D project portfolio contains many projects and various interdependencies. However, existing methods of portfolio selection usually don't take these interdependencies into account. Using the complex network theory, the PageRank and K-shell algorithm, a new project priority ranking method (PPRM) is propozed in this paper. The following key problems in the R&D project portfolio selection need to be solved:1) how to determine multiple criterions for prioritizing projects in the portfolio; 2) how to analyze the interaction relationship among projects via the complex network theory; 3) how to measure projects' priority by considering both domination and diffusion relationship via the K-shell and PageRank algorithm.
    Hence, the interaction and interdependency among projects in the R&D project portfolio selection from the perspective of domination and technical diffusion relationship are focused on. First, a multi-attribute evaluation criterion is established to analyze the domination and diffusion relationship among projects. Then, the domination and diffusion networks of the R&D portfolio are built. Further, using the design structure matrix (DSM) and K-shell method, the network node's influencing model of the project is built via the domination network and the probability model of multiple diffusion propagation is also built via the diffusion network. Considering the influence and diffusion relationship of each project, the model of project's priority ranking is present based on the improved PageRank algorithm. Finally, an industrial example is provided to illustrate the proposed models. The results yield and reinforce several managerial insights, including:1) both the relationship of domination and technical diffusion among projects have a obvious influence on the project priority ranking; 2) the priority of each project may be improved by enhancing its domination or diffusion ability, therefore, the project manager should identify which reasons (i.e., diffusion or dominance relationship) will lead to the change of the project priority and understand the change trend, then realize a trade-off analysis of project portfolio selections.
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    Research on Real-time Pricing Based on the Classification of the User's Electrical Appliances in Smart Grid
    LI Jun-xiang, ZHANG Wen-cai, GAO Yan
    2019, 27 (4):  210-216.  doi: 10.16381/j.cnki.issn1003-207x.2019.04.020
    Abstract ( 340 )   PDF (840KB) ( 192 )   Save
    The current electric power operation environment is increasingly becoming complex and the reform of the electric power system is on the way. For the situation that the power industry is gradually depending on information, energy efficiency is low and the current interactivity between the user and the electric power company is not frequent. A real-time pricing model basing on classification of electrical appliances is developed, in which the electrical appliances can be divided into categories according to their use for different kinds of users, and then be real-timely made into different electric prices of using the appliances by the electric power company in order that the users can decide to use these electrical appliances according to the prices. By using smart meters, the subscribers can get the information of the electric prices at any time and adjust the time of using the electric equipment in time. Meanwhile, the electric power company can also know the whole power consumption to adjust the price and supply, by which the electric power can be kept to run smoothly. Thus the peak load is reduced and the electricity in the volley can also be fully utilized.This model is both time-effective and can make the utility of the supply and demand of electricity maximization. Finally, by comparison and analysis of numerical results,the residents can use the same or less electric power to get high degree of satisfaction. The effectiveness of the constructed model and the corresponding method are verified. The proposed model has important theoretical and practical significance to optimize the real time electric pricing system.
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