Table of Content

    20 January 2023, Volume 31 Issue 1 Previous Issue   
    Firm’s Quality and Price Strategy Based on Sustainable Consumption
    ZHOU Jian-heng, SHEN Yi-ting
    2023, 31 (1):  9-20.  doi: 10.16381/j.cnki.issn1003-207x.2019.1604
    Abstract ( 268 )   PDF (1935KB) ( 297 )   Save
    With the popularization of sustainable consumption concepts, consumers are willing to pay higher prices for sustainable products. The premium of this green commodity can be quickly transferred to the upstream of supply chain, and promote the upgrading of the green industry. The investment in sustainability may be high (named H-type firm) or low (named L-type firm) which while it is not observable invisible to their consumers population. A signaling game model between the firm and the consumer is established to investigates the firm’s quality and price strategy in the presence of considering sustainability consideration and asymmetric information. Firstly, the quality and price strategy under symmetric information is calculated to obtain the benchmark of sustainability concerned issue. Furthermore, based on signaling game model under asymmetric information, firm’s separating equilibrium and pooling equilibrium is obtained. Then, the impact of sustainability concerned consumers and sustainability preference is analyzed. It can be found that more sustainability concerned consumers make the H-type firm better off under full and symmetric information situation. However, under asymmetric information, increasing consumer awareness of firm’s sustainability investment may hurt the H-type firm. In addition, increasing sustainability preference is beneficial to the H-type firm, but it may lead to a higher profit for the L-type firm. Finally, when the fraction of sustainability concerned consumers is high enough, the H-type firm prefer to pool rather than reveal his true sustainability type. This paper aims at investigating the interaction between a firm and consumers in the presence of sustainability concerned sustainability consideration and asymmetric information. The finding of paper provides management insights for the firms.
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    The Impact of Industrial Policy on Idiosyncratic Volatility of Stock Price and the Mechanism
    LU Jing, , YU Hao
    2023, 31 (1):  21-36.  doi: 10.16381/j.cnki.issn1003-207x.2020.1183
    Abstract ( 236 )   PDF (1552KB) ( 298 )   Save
    As one of the factors of low-risk anomalies, idiosyncratic volatility has been discussed in finance research for a long time. The literature about the determinants of idiosyncratic volatility has always been focused on the micro-level, like size, liquidity, and cash flow. However, in the Chinese stock market, idiosyncratic volatility is affected by both micro and macro factors.
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    Research on Openness and Risk Contagion in Chinese Capital Market Based on Co-higher-moments Test System
    WU Jin-yan, WANG Peng,
    2023, 31 (1):  37-46.  doi: 10.16381/j.cnki.issn1003-207x.2020.1297
    Abstract ( 282 )   PDF (2267KB) ( 231 )   Save
    Considering a number of major events about the opening of the capital market after 2000 as nodes, the situation and dynamic trends of financial risk contagion between Chinese capital market and the major international capital markets have been investigated by using the system of co-higher-moments contagion tests. The main results are as follows: (1) the risk contagion between Chinese capital market and the major international capital markets occurs more on the higher order moments level such as volatility, skewness and kurtosis; (2) the risk contagion from the major international capital markets to Chinese capital market has experienced a non-liner process from rasing to falling to rasing; (3) The risk contagion between the major international capital markets and Chinese capital market is clustering, and it is relatively significant in the early stage of Chinese capital market opening; (4) the official entry of QDII into the internationl market in 2006 and the formal inclusion of A-share in the MSCI index system in 2018 have a far-reaching influnce on the risk contagion between Chinese capital market and the major international capital markets; (5) in general, the Hong kong’s stock market and Japanese stock market have a most significant risk contagion effect on the domestic market; (6) the impact from the American stock market to domestic market jumped to the top after A-share became the global target in 2018, and the impact has become increasing prominent as the capital market has gradually opened.
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    The Non-linear Impact of Direct Financing Structure on Economic Growth
    HE Jun, HAN Wen-yan, BI Gong-bing
    2023, 31 (1):  47-55.  doi: 10.16381/j.cnki.issn1003-207x.2020.0114
    Abstract ( 210 )   PDF (950KB) ( 316 )   Save
    With the rapid development of China's economy, the problem of hard matching between the structure of the real economy and the financial structure has become increasingly serious. A large number of small and medium-sized enterprises cannot meet the growing financing needs. Equity financing and bond financing structure optimization has become a common problem in enterprise financing decisions. Thus, the impact of direct financing structure on economic growth is necessary to be investigated. First, the endogenous growth theory model is modeled to study the dynamic relationship between direct financing structure and economic growth. Then, in order to verify the path of the impact of direct financing structure on economic growth, the intermediary effect test is used to empirically test the influence of technological innovation variables based on the relevant data in China from 2002 to 2019. The results are obtained as follows: (1) The direct financing structure has a nonlinear effect on China’s economic growth; (2) Direct financing structure promotes economic growth by promoting technological innovation; (3) At present, China is still in the stage when it needs to increase the proportion of equity financing to promote rapid economic growth.
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    The Behavior Spread of “Buying the Winners” of Real Estate Investors under the Disturbance of Internet Public Opinion
    WANG Lei, , LI Shou-wei, HE Jian-min, HOU De-fei
    2023, 31 (1):  56-69.  doi: 10.16381/j.cnki.issn1003-207x.2019.1071
    Abstract ( 259 )   PDF (5527KB) ( 272 )   Save
    Under the guidance of Internet public opinion, it is likely to intensify the speculative psychology of real estate investors, and then evolve into behavior of “buying the winners” and intensify its diffusion. Once the behavior of “buying the winners” occurs in a large scale, it will lead to serious value deviation of the real estate market or even turbulence, which is not conducive to the stable development of national economy and the improvement of people’s living standards. However, the current research rarely considers the interaction of Internet users, media and government, which leads to the conclusion that the behavior of “buying the winners” is not representative enough. Therefore, it is necessary to consider the synergistic effect of these three main bodies, and then to study the diffusion mechanism and evolution characteristics of the behavior of “buying the winners” under the disturbance of network public opinion.
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    Research on Upstream and Downstream Enterprises of Renewable Energy Investment under Cap-and-Trade Mechanism
    CHEN Wei, MA Yong-kai, BAI Chun-guang
    2023, 31 (1):  70-80.  doi: 10.16381/j.cnki.issn1003-207x.2020.1017
    Abstract ( 245 )   PDF (1961KB) ( 378 )   Save
    The greenhouse effect causes global warming, which has attracted attention from all of society. Carbon emissions are the main driver of the greenhouse effect, so it is urgent to reduce them. The electric power industry is the largest carbon emitter, accounting for about 40% of total carbon emissions. Renewable energy is attractive because it produces zero carbon emissions, and increasing investment in it can help optimize the energy infrastructure. However, investment requires capital, so enterprises pursuing profit maximization are reluctant to over-invest in renewable energy. Government implementation of a cap-and-trade mechanism is one incentive for investment. Moreover, consumer preferences for renewable energy affect investment behavior because they influence market demand. Therefore, investors are influenced by cap-and-trade mechanisms and consumer preferences. In an electricity supply chain, electricity generation enterprise (“generator”) investing in renewable energy must satisfy the requirements of the cap-and-trade mechanism, while electricity retailer (“retailer”) invest in renewable energy to satisfy consumer preferences.
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    Can Carbon Emotions Contribute to the Development of Carbon Capture and Storage Projects?
    ZHAO Xin, , BAI Yu, DING Li-li,
    2023, 31 (1):  81-91.  doi: 10.16381/j.cnki.issn1003-207x.2020.0833
    Abstract ( 219 )   PDF (3862KB) ( 261 )   Save
    Carbon Capture and Storage (CCS) project, as an emerging emission reduction technology to solve the global warming climate problem, needs to explore its promotion mechanism from a multidimensional microscopic perspective. The perceptions and responses of human to information that refers to global carbon emissions, carbon emission reductions and climate change (hereinafter referred to as carbon emotions), will also affect the low-carbon behaviors of government, enterprises and citizens by influencing their perception of the riskiness of carbon emissions. In this paper, the influence of carbon emotions of participants is introduced to the game analysis framework, and Rank-Dependent Expected Utility (RDEU) theory and game theory are combined to explore the micro-mechanism of carbon emotions affecting the development of CCS projects. First, based on the development status of CCS projects, a RDEU-game model between government and energy enterprises is constructed. Second, five heterogeneous emotion combinations are proposed, including “government and energy enterprises are both rational”, “government and energy enterprises are both pessimistic”, “government and energy enterprises are both optimistic”, “government is pessimistic and energy enterprises are optimistic”, “government is optimistic and energy enterprises are pessimistic”. Under the above five heterogeneous emotion combinations, the equilibrium strategy choicesof government and energy enterprises are analyzed.Finally, taking Guohua Shenmu Oxygen-Enriched Combustion Reform Project as an example, the above game equilibrium results are simulated and the following important conclusions are drawn.When the two participants are both rational, their willingness to participate in CCS projects is very low, which is consistent with the current development status of international CCS projects.The more pessimistic the two participants are, the more likely the government take no action and the energy sectors choose CCS technology transformation, which is a manifestation of the optimization of social resource allocation.When the two participants are both optimistic, moderate optimism is conducive to stimulating the benign development of CCS projects, and excessive optimism will hinder the development of CCS projects. Therefore, countermeasures are proposed to manage social carbon emotions from the perspective of carbon emotion guidance, in order to accelerate the scale and commercial operation of CCS projects.
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    Decision-Making and Subsidy Strategy of a Multinational Supply Chain Suffered to Import Tariff
    LIU Ming-wu, FU Qiao-ling, LIU Ya-qiong
    2023, 31 (1):  92-103.  doi: 10.16381/j.cnki.issn1003-207x.2020.1077
    Abstract ( 298 )   PDF (2211KB) ( 196 )   Save
    The high-quality development of manufacturing is regarded as an important part of China's efforts to build a modern economic system. The high-quality development of manufacturing depends on the supply chain. However, the current international trade friction intensifies, which leads to the instability of the global supply chain on which enterprises depend for survival, and brings challenges to the globalization development of China's manufacturing supply chain. The imposition of tariffs as a measure of trade protection has exacerbated trade frictions. Therefore, in the context of international trade disputes and high-quality national economic development, it is particularly important to carry out research on global supply chain’s decision-making. The decision-making of global supply chains is studied under the perspective of tariff increases.
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    Optimal Operation Decision of Reusable Transport Items Supply Chain Considering Learning Effect
    WU Yan, XU Xian-hao, CHEN Cheng
    2023, 31 (1):  104-112.  doi: 10.16381/j.cnki.issn1003-207x.2020.0011
    Abstract ( 202 )   PDF (1717KB) ( 178 )   Save
    In recent years, more and more attention has been paid to carbon emission and sustainable development of supply chain. Returnable transport items(RTIs) have been widely concerned in academia and enterprises. However, the number of RTIs after recycling is less than the quantity when it is sent out, which not only causes the reduction of enterprise assets, but also may cause the shortage of downstream manufacturers. At present, different methods have been considered to reduce the number of RTIs lost, but no study has considered the effect of learning effect on the reduction of RTIs loss rate. Therefore, based on the consideration that recycling of RTIs is manually operated and the work content is highly repetitive, it is assumed that the learning effect of workers can reduce the discarding rate of RTIs, In order to minimize the total cost of supply chain, two models are constructed. The first model does not consider the learning effect, the discarding rate of reusable containers is a random variable, and the second model considers the learning effect, and the discarding rate of reusable containers decreases continuously. By comparing the two models, the influence of learning effect on RTIs discarding rate and total cost of supply chain is discussed.
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    The Impact of the Inventory Management Mode on the Operation of a Supply Chain with Logistics Joint Outsourcing
    FENG Ying, LIN Qing, ZHANG Jing-xiong, ZHANG Yan-zhi
    2023, 31 (1):  113-127.  doi: 10.16381/j.cnki.issn1003-207x.2020.0494
    Abstract ( 313 )   PDF (3409KB) ( 305 )   Save
    The choice of inventory management mode by the core enterprise in the supply chain will affect the income of upstream and downstream members and the operation efficiency of the system. Considering a supply chain composed of a supplier, a third-party logistics service provider (TPLSP) and a retailer, when both parties of supply and demand outsource logistics services to the TPLSP jointly and share freight costs, the impact of the introduction of vendor-managed inventory (VMI) and consignment inventory (CI) on system operation and contracts design is explored. A sequential non-cooperative game model is built in which the TPLSP is the leader while the supplier and the retailer are followers under three different inventory management modes, i.e., traditional retailer managed inventory (RMI), retailer-managed-consignment inventory (RMCI) by only introducing the CI mode and vendor-managed-consignment inventory (VMCI) by introducing both the VMI and the CI mode. Then, it is proved that the equilibrium solutions of the order or consignment quantity are exist and unique under all inventory modes and discuss the changes of the equilibrium result with the retailer's freight sharing ratio and transfer payment price. Horizontally Comparing of the equilibrium results under the three modes and the optimal results under the centralized decision-making, it is found that the equilibrium order quantity under the RMI mode is always lower than that under the RMCI mode and the centralized decision-making mode, while the order quantity under other inventory management modes is not necessarily lower than that under the centralized decision-making mode. Under different inventory modes, the size of the relationship between the order quantity or the consignment quantity and the system’s total expected profit depends on the category marginal (gross marginal) contribution ratio of the supplier and the retailer. This shows that in the supply chain environment, the income structure and profit level of the upstream and downstream enterprises has an important influence on the inventory decision and the selection of inventory modes. Moreover, in most cases, the equilibrium order quantity under different inventory modes is not equal to the optimal order quantity under centralized decision-making mode, so the system's total expected profit will suffer from different degrees of loss. A bidirectional regulation contract is introduced between the retailer and the supplier. By adjusting the value range of contract parameters, perfect coordination of supply chain can be achieved in three modes, and the parameter conditions of Pareto improvement in each mode are given. The conclusions of this paper provide a theoretical basis for exploring the influences of VMCI management mode and logistics joint outsourcing on the supply chain decision-making and contracts-designing, and the choice of the inventory management mode.
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    Robust Optimization and Coordination Model for Supply Chain with Big Data Investment under Uncertain Demand
    QIU Ruo-zhen, WU Xu, SUN Yue, ZHU Zhu
    2023, 31 (1):  128-141.  doi: 10.16381/j.cnki.issn1003-207x.2020.1478
    Abstract ( 263 )   PDF (1538KB) ( 280 )   Save
    With the popularization of Internet technology, big data technology has penetrated into all walks of life, affecting the development of every industry. Big data analysis can help companies gain insight, and data-driven decision-making is becoming increasingly popular in the manufacturing industry. However, in reality, many companies do not have sufficient ability to analyze the complex and large data, but choose to outsource their big data project, which greatly increases the production cost. Therefore, it is of practical significance to consider integrating data companies into the supply chain system. In terms of supply chain decision-making, many researchers devoted themselves to the design of supply chain coordination mechanism, but mainly assume that the product demand is known or follows a well-known distribution, which is unrealistic.
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    Pricing and Delivery Lead Time Decisions of an O2O Supply Chain Based on Manufacturer’s O2O Modes Selection
    YI Wen-tao, TAN Chun-qiao, FENG Zhong-wei
    2023, 31 (1):  142-157.  doi: 10.16381/j.cnki.issn1003-207x.2020.0464
    Abstract ( 210 )   PDF (3099KB) ( 189 )   Save
    With the rapid development of the Internet, e-commerce and logistics, adopting O2O modes for product selling is popular with more and more manufacturers. Nowadays, there is a different O2O mode for a different type of manufacturers. However, the operation management and revenue of the enterprises as well as the channel relationship between the enterprises are influenced by the different O2O modes. Firstly, the channel conflicts under the different O2O modes are different. Secondly, the different O2O modes also brings a new decision problem of pricing and delivery lead time, since a lot of consumers not only pay attention to the price, but also put forward a higher requirement on the delivery lead time. Thus, which O2O modes to adopt and how to choose the appropriate strategies of pricing and delivery lead time to maximize the profits is an important issue for the manufacturers. In this paper, an O2O supply chain is considered, where the manufacturer is the Stackelberg leader and other players (offline store and O2O platform) are followers. The market demand is assumed to be affected by price and delivery lead time. Two decision models of pricing and delivery lead time in an O2O supply chain are established based on two different O2O modes, in which one is online direct selling O2O mode and the other is online sales agency O2O mode. Under the online direct selling O2O mode, the manufacturer sells products via his own online direct-selling platform and the offline store. While under the online sales agency O2O mode, the manufacturer sells products via the O2O platform and the offline store. The optimal decisions of channel members and its characteristics are analyzed. The effects of the degree of consumer preference for online channel and the commission rate on O2O supply chain decision-making under two scenarios are investigated. One scenario is that consumers are more price-sensitive, and the other scenario is that consumers are more sensitive to delivery lead time. Then, the selection of O2O modes for the manufacturer under those two scenarios is explored. The results show that: the higher the degree of consumer preference for online channel is, the better it is for the manufacturer and the O2O platform, but not for the offline store. The higher the commission rate is, the better it is for the offline store and the O2O platform, but not for the manufacturer. Shorter delivery lead time is not good for the manufacturer when consumers are more concerned about delivery lead time, while longer lead time is good when consumers are more concerned about price. The O2O mode selection of the manufacturer is up to the commission rate. The online sales agency O2O mode is a better choice for the manufacturer if the commission rate is in a low range. This study contributes to provide a management perspective for the O2O supply chain’s decision-making problem of pricing and delivery lead time under online direct selling O2O mode and online sales agency O2O mode, as well as the manufacturer’s selection problem of the O2O modes. Moreover, it also enriches and perfects the relevant theories of O2O supply chain.
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    The Buy-back Contract of Supplier Risk Aversion under the Asymmetric Information of Sales Cost
    LIU Lang, , WANG Hui, HUANG Dong-hong
    2023, 31 (1):  158-167.  doi: 10.16381/j.cnki.issn1003-207x.2020.0905
    Abstract ( 209 )   PDF (1408KB) ( 218 )   Save
    Emergencies lead to random changes in commodity market prices and market demand, which could entail to the uncertainty of market demand. If the retailers conceal the sales cost information from the suppliers at this time, under such circumstances, the attitudes of suppliers towards risks may change from risk neutral to risk aversion when suppliers face these uncertainties. In this paper, it aims to explore whether the supply chain can still achieve coordination when the node enterprises in the supply chain cooperate with each other by repurchase contract under the condition of stochastic prices, asymmetric information of sales cost and risk aversion of suppliers in this context, and it also intends to find out the constraints that ought to be satisfied by the optimal decision variables of each node enterprise in the supply chain to achieve coordination. First, under the above assumptions, a repurchase contract model is constructed based on stochastic market prices, asymmetric sales cost information and suppliers’ risk aversion. Then, the solution is solved and verified by numerical simulation. After that, the impact of the coupling effect of information asymmetry and risk aversion on the relevant decision variables of the supply chain is analyzed. The results show that the relevant decision variables in the supply chain boom to have bifurcation mutation phenomenon based on stochastic prices as long as the suppliers take risk aversion towards risks no matter whether the information is symmetric or not. Meanwhile, the retailers can get extra revenue when they conceal the private sales cost information no matter whether the commodity market price is random or whether the supplier is risk averse or not, but at the same time, it may do damage to the suppliers and the whole supply chain. Apart from this, the more asymmetric the information in the supply chain is, the greater the oscillation amplitude of relevant decision variables in the bifurcation mutation region will be. And it is concluded that the bifurcation and mutation phenomenon is unique after the coupling effect of market price randomness and participants’ risk aversion, which has nothing to do with the symmetry of information. Retailers can take advantage of information asymmetry to obtain extra benefits, but it will damage the partners (suppliers) and the whole supply chain. It is suggested that the best strategy for the suppliers to deal with the retailers shall be to design a cooperation mechanism to promote the retailers disclose the sales cost information in the lowest cost way. And in addition, it is suggested that suppliers should deal with external risks with a stable mentality (risk neutral), which is more conducive to improve their own decision-making level.
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    A New Cross-efficiency Evaluation Method Based on Double Frontier and Its Application
    LI Mei-juan, , LU Jin-cheng
    2023, 31 (1):  168-175.  doi: 10.16381/j.cnki.issn1003-207x.2021.1435
    Abstract ( 170 )   PDF (966KB) ( 123 )   Save
    The efficiency evaluation based on double frontier is introduced to traditional cross-efficiency model. At the same time, in view of the fact that decision makers cannot determine whether to choose an aggressive or a benevolent strategy and the limited application of these two cross-efficiency strategies, a new cross-efficiency method based on double frontier is proposed. The basic idea of this method is to select an ideal decision making unit (IDMU) and an anti-ideal decision making unit (ADMU), and the input and output weights of the evaluated decision making unit (DMU) are used to calculate the efficiencies of IDMU and ADMU. And then making the efficiency of each evaluated DMU as close to the efficiency of IDMU as possible and as far away from the efficiency of ADMU as possible simultaneously. According to the idea, the cross-efficiency value is solved and aggregated under the optimistic frontier and the pessimistic frontier respectively, which avoids the difference caused by the different choices of frontiers and the difficulty of decision makers to choose between benevolent and aggressive cross-efficient strategies. Finally, the proposed method is compared with the existing methods to valid its effectiveness, and the model is applied to the evaluation of innovation efficiency in eastern China.
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    A Study of Telemedicine Policy and Patients’ Social Welfare Based on Dynamic Game
    KONG Le-jia, , HOU Yu-mei, ZHENG Di-wen
    2023, 31 (1):  176-186.  doi: 10.16381/j.cnki.issn1003-207x.2020.0761
    Abstract ( 242 )   PDF (1675KB) ( 264 )   Save
    Telemedicine can ease the contradiction between the rapidly increasing number of elderly people and the serious shortage of medical resources in China. However, the application of telemedicine in china is not ideal. Therefore, it is very necessary to study the effective policies of telemedicine. The government is the organizer and policy maker of a national medical system. The government’s medical policy determines the development of a country’s medical market. Therefore, the government is introduced as the decision-making subject into the game process of the medical system. By a medical system consisting of three major stakeholders: government, medical institutions and patients, based on the optimum of the patient’s social welfare, the patients’ social welfare level, social medical treatment cost, telemedical price and market share are studied under the different medical service price policy and payment policy.
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    A Study on the Model of Multi-individual Learning from Experience: From the Perspectives of Information Heterogeneity and Analytic Method Heterogeneity
    CHEN Guo-quan, WANG Jing-yi, LIN Yan-ling, LIU Wei, ZHOU Qi-wei, XU Fen
    2023, 31 (1):  187-199.  doi: 10.16381/j.cnki.issn1003-207x.2021.2695
    Abstract ( 203 )   PDF (2349KB) ( 198 )   Save
    When multi-individual learns from experience, it often happens that they have different information and will use different analytic methods, which lead to low learning efficiency. Based on the space-time theory, the information heterogeneity and analytic method heterogeneity are analyzed, as well as the bridge structure of information structure heterogeneity and information content heterogeneity, and the analytic method set are constructed. The causes and corresponding solutions of the information and analytic method errors are expounded. Furthermore, a process model of multi-individual learning from experience is constructed from the perspectives of the heterogeneity information and analytic methods. It is considered that under the constraints of the available resources, multi-individual can improve the authenticity of information and the availability of analytic methods by cleaning and clearing, and improve the completeness of information and analytic methods by searching, to meet the specific requirements of learning goals, thus improving learning efficiency. Some practical tools are also listed in this paper. From the perspective of heterogeneity of information and analytic methods, the problems are explored that multi-individual may encounter when learning from experience and corresponding solutions, and theoretical basis and practical suggestions are provided for improving learning efficiency.
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    Online Procurement Problem with Increasing Lower Bounds Price
    GUO Xian, DAI Wen-qiang, JIANG Si-qi
    2023, 31 (1):  200-205.  doi: 10.16381/j.cnki.issn1003-207x.2020.0321
    Abstract ( 145 )   PDF (889KB) ( 97 )   Save
    Raw material procurement problem is analyzed. An import feature of this problem is the price is uncertain and distribution-free, but its lower bound is increasing over time. In the actual raw materials procurement practice,the varying price is often unpredictable. Previous scholars have studied the online procurement problem with uncertain prices, however, they usually assumed that the price will be within a uniform constant upper and lower bound, which did not take into account the vary of both two bounds will change over time. This paper proposes and studies an online procurement problem with the assumption that the lower bound for price will increase with time. We construct the mathematical model, which can be seen as a generalization of classical one-way trading problem. We present the corresponding competitive procurement strategy and prove its competition ratio performance. We also prove that the strategy is optimal by presenting a matched lower bound for competitive ratio. Finally, a numerical analysis is conducted to further illustrate the competition strategy presents a soupier competitive performance.
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    Urban Evidence-based Governance Mechanism of Public Health Emergencies
    WEN Feng-hua, SHEN Ti-yan, XING Jiang-bo, KOU Chen-huan
    2023, 31 (1):  206-215.  doi: 10.16381/j.cnki.issn1003-207x.2020.0940
    Abstract ( 217 )   PDF (1750KB) ( 170 )   Save
    Urban public health emergencies management is one of the most important aspects of urban public management, modernization of urban governance system and governance capacity. Evidence based governance (EBG) is a kind of governance mode under the concept of evidence-based decision-making, in which multiple governance subjects form research evidence based on rigorous and scientific methods, and make scientific decisions by using the evidence. Evidence-based governance method can make every decision have evidence to follow, and realize the system innovation of urban public health prevention and control work. Based on the analysis of the existing governance system and its problems of public health emergencies in China, A theoretical framework of evidence-based governance was constructed. In the perspective of the governance evidence, public value and leadership, the process of public health emergencies evidence-based governance includes four stages: evidence-based prevention and control period, evidence-based early warning period, evidence-based control period and post-mortem evidence-based reconstruction period. Around the production, dissemination and application of evidence of evidence-based governance, the evidence-based governance mechanism of public health emergencies was summarized. An empirical study of system dynamics approach on the process of production, transmission and use of evidence during the process of epidemic prevention was taken by the early governance process of COVID-19 pneumonia epidemic, the results show that the quality of early evidence of COVID-19 epidemic was overestimated, and both the public value orientation and leadership of decision makers needed to be improved. Thus, ensuring the scientific of evidence and realizing the coordination among the three subsystems of evidence production, evidence dissemination and evidence application were the basis to promote the effective operation of evidence-based governance system and realize good governance. Finally, some policy recommendations such as to build an evidence platform for optimizing evidence-based governance in public health emergencies was put forward. For example, the production of evidence needed the collaborative development of multi departments, institutions, interdisciplinary and fields. The dissemination of evidence should be open, transparent, timely and effective, and all participants can share effective evidence in time. It is necessary to strengthen the cultivation of evidence-based concept of urban decision-makers, and improve the collaborative mechanism between departments and regions.
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    Online Video Platform and Advertiser Decisions with the Difference in Consumer Preference
    ZHU Xing-zhen, LI Li, ZHANG Hua, HE Xiang, HU Jiao
    2023, 31 (1):  216-225.  doi: 10.16381/j.cnki.issn1003-207x.2021.1959
    Abstract ( 301 )   PDF (1624KB) ( 282 )   Save
    “Paid+free” is a popular business model on online video platforms in recent years. The platform’s video delivery strategy, subscription pricing, and advertisers’ advertising strategies are explored, while considering consumer preferences.
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    A Multi-agent Evolutionary Game on Responsible Innovation: Evidence from the R&D of COVID-19 Vaccine
    LU Chao, XING Yao-yao, JIANG Lu
    2023, 31 (1):  226-237.  doi: 10.16381/j.cnki.issn1003-207x.2020.2453
    Abstract ( 207 )   PDF (3266KB) ( 246 )   Save
    With the pandemic of COVID-19, a safe, effective, and economical vaccine is seen as the ultimate solution, which calls for the application of responsible innovation. Responsible innovation requires the joint participation of multiple stakeholders, and it is of great importance to promoting responsible innovation represented by the R&D of COVID-19 vaccine, through exploring the evolutionary game law of multiple stakeholders such as enterprises, consumers, and governments. By taking the R&D of COVID-19 vaccine as an example, an evolutionary game model of enterprises, consumers and the government in implementing responsible innovation behaviors is constructed through Jacobian Matrix and Replicated Dynamic Equation, and six numerical simulations as the cost analysis for enterprises implementing responsible innovation, the benefit analysis for enterprises implementing responsible innovation or not, the subsidy analysis for the government supporting enterprises’ responsible innovation, the subsidy analysis for the government supporting consumers’ responsible innovation, and the initial state analysis of different stakeholders are conducted by using MATLAB. The research finding are as follows, (1) in the process of responsible innovation, the final stable strategy of three stakeholders is that, enterprises implement responsible innovation, the public participate in responsible innovation, but the government weakly interferes (passively promotes) responsible innovation; (2) both the benefits and costs of enterprises and government subsidies affect the evolution results of enterprises and consumers, but has little effect on the decision-making of governments; and (3) the initial state of stakeholders has a significant impact on the convergence speed of the tripartite evolution. This study, by anchoring itself as exploring the dynamic mechanism of how multiple stakeholders interact with each other to jointly push the implementation of responsible innovation, has a good contribution to deepen the theory of responsible innovation through a quantitative analysis methodology, and can be referred by the policy makers, entrepreneurs and consumers in practice.
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    Research on Evolutionary Mechanism of Coopetition Between Third-party Payment Institutions and Commercial Banks Based on Double-layer Network
    LUO Yang-yang, LI Cun-jin, LUO Bin
    2023, 31 (1):  238-247.  doi: 10.16381/j.cnki.issn1003-207x.2020.1390
    Abstract ( 210 )   PDF (2651KB) ( 229 )   Save
    With the leapfrog development of financial technology, the third-party payment institutions due to their diverse, flexible, safe and swift serving model is rising rapidly in China’s payment market, posing an unprecedented challenge for the bank’s dominant position in finance. As the most vital payment service providers, their businesses keep crossing and merging, being complementary to each other while inevitably conflicting. To properly understand the coopetition mechanism between the third-party payment institutions and commercial banks is conducive to promote the stability of cooperative relations, prevent the the financial risks, improve innovative development of national financial system. Chinese third-party payment institutions and commercial banks are taken as the research objects, related annual reports and forecast data are adopted, the idea of evolutionary game theory and two-layer network evolutionary game simulation methods are drawn on, and the evolutionary laws of coopetition between two types of enterprises and the impact of related factors on evolutionary stability strategies are analyzed. It is found that the evolutionary stability strategy of third-party payment institutions and commercial banks are uncertain, the increase of cooperation benefits, the reduction of cooperation cost, the rise of default penalties and the rationality of benefit distribution will help to improve the ratio of cooperation between the two types of enterprises, and promote the evolution to be cooperation-dominated. Detailed research shows that the two types of enterprises possess significant heterogeneity, third-party payment institutions are more sensitive to changes in related factors and have lower requirements for benefits. The income gap among enterprises is obvious. Large and powerful third-party payment institutions and commercial banks can obtain higher cooperation benefits and more opportunities for coopetition, while small and medium-sized payment institutions and banks cannot obtain ideal benefits from coopetition. The use of the evolutionary game model of two-layer complex network overcomes the realistic defect of individual homogeneity in the previous evolutionary game model, and analyzes the cooperation income of heterogeneous individuals in coopetition. At the same time, the research points out the development trend of the relationship between the third-party payment institutions and commercial banks in the future, which to some extent enlightens enterprises of various types to choose the optimal strategy.
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    Research on Renewable Electricity Bidding Strategy under Multi-market Coordination
    ZHOU De-qun, , ZHOU Xian-yang, , DING Hao,
    2023, 31 (1):  248-255.  doi: 10.16381/j.cnki.issn1003-207x.2022.0184
    Abstract ( 257 )   PDF (1921KB) ( 324 )   Save
    In order to achieve low-carbon transformation of power sector, China has gradually established and improved the national carbon emission trade market and tradable green electricity certification market. How to design and coordinate the targets of these market policies to promote renewable energy power parity is the key to the green and low-cost transition in China’s power system. A bidding model of electric power enterprises under multi-market coordination is constructed, and the price formation and price transmission path among the carbon market, the green certificate market and the electricity market are simulated. The differences in bidding strategies of power companies under the synergy of multiple markets are analyzed. Combined with the results of calculation examples, it is found that multi-market coordination has a significant effect on the dual goals of reducing carbon emissions and promoting the development of renewable energy. The tightening of carbon quota supply and the increase of green certificate quotas both help reduce the price difference between renewable energy power and traditional energy power. Market coordination can create new profit growth points for renewable energy power generation companies and increasing the production cost of coal-fired power generation. The inherent coordination mechanism of multiple markets is revealed. It helps policy makers to fully consider the synergy between markets, so as to formulate more efficient emission reduction and renewable energy development policies.
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    “Production Cut” or “Green Development?” The Corporate Environmental Protection Behavior Responsiveness Induced by Heterogeneous Environmental Policy Instruments
    WANG Qun-wei, ZHOU Bo, ZHANG Cheng
    2023, 31 (1):  256-266.  doi: 10.16381/j.cnki.issn1003-207x.2022.0106
    Abstract ( 249 )   PDF (2535KB) ( 254 )   Save
    Market-based and green-investment-based environmental policy instruments enrich the existing command-and-control instrument, and may also induce more complex corporate environmental protection behavior responsiveness. There has the uncertainty of the“production cut” and “green development.” Based on the micro-dataset of pollution-intensive and listed enterprises in during 2011-2019, econometric models are adopted and the corporate environmental protection behavior responsiveness induced by heterogeneous environmental policy instruments is analyzed. The results show that, both environmental supervision and pollution fee induce green development, including significant environmental expenditure and green innovation. Environmental subsidy leads to the green development majored by environmental expenditure. As for the instrument mix, the incompatibility is concluded between environmental supervision and pollution fee, and two instruments weaken each other’s green development effect. Furthermore, in enterprises with looser financial constraints and higher entrepreneurship levels, pollution fee induces more significant green development. Environmental subsidy is more effectiveness for green development in enterprises with financial constraints. The results imply that governments should understand the heterogeneous outcomes by policy instruments, choosing the appropriate instrument and mix to specific enterprise with different characteristics.
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    The Effects of Air Pollution on Stock Prices of Heavy-air-pollution Enterprises: A Policy Intervention Perspective on Economic Value
    WU Xi, WANG Yu-dong
    2023, 31 (1):  267-276.  doi: 10.16381/j.cnki.issn1003-207x.2022.0126
    Abstract ( 211 )   PDF (1480KB) ( 207 )   Save
    Recent haze weather events make the air quality problem a social hot topic. Public awareness of the detrimental effects of air pollution on health has grown significantly. On the basis of overall control, government departments are increasingly paying attention to territorial responsibility, collaborative prevention and control, and pollution source supervision. Public awareness and the local government's measures have greatly impacted listed companies, especially those with heavy air pollution. Understanding the impact of air pollution on stock market trading is therefore imperative for policy makers and investors.
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    A Decomposition Ensemble Model with Sliding Time Window for Forecasting Carbon Market Prices
    FAN Li-wei, DONG Huan-huan, JIAN Ling
    2023, 31 (1):  277-286.  doi: 10.16381/j.cnki.issn1003-207x.2022.0122
    Abstract ( 311 )   PDF (2831KB) ( 405 )   Save
    Improving the accuracy of carbon market price forecasting is of significance for the monitoring of trading risk and the stable development of the carbon market. Aiming at the problems of large errors in the short-term forecasting of complex and nonlinear carbon market prices and data leakage in the decomposition process, a SSA-SVR decomposition ensemble prediction framework with sliding time window is proposed. Firstly, the time window data are selected, decomposed and reconstructed into high and low frequency sequences by using singular spectrum analysis and singular entropy. Then, support vector regression algorithm is used to forecast the high and low frequency sequences. Finally, the one step ahead of carbon market price forecasting value is obtained by adding and integrating the above results. By continuously updating the data content of the time window and dynamically executing the process of “decomposition-forecasting-integration”, real-time forecasting of carbon market price is realized. The empirical results show that the forecasting framework proposed in this paper exhibits satisfactory and stable forecasting performance, which is a suitable and effective tool for forecasting carbon market prices.
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