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主办:中国优选法统筹法与经济数学研究会
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Table of Content

    25 July 2026, Volume 34 Issue 7 Previous Issue   
    Vertical Integration in the Nonferrous MetalNew Energy Industry Chain and Corporate Resilience
    Qiming Guo, Dan Lai, Yiding Wu
    2026, 34 (7):  1-11.  doi: 10.16381/j.cnki.issn1003-207x.2024.0406
    Abstract ( 4 )   HTML ( 1 )   PDF (804KB) ( 1 )   Save

    Amid intensified market competition and an increasingly complex institutional environment, vertical integration has become a crucial strategic choice for enhancing corporate resilience. The impact of vertical integration on corporate resilience is examined using a sample of listed companies in the nonferrous metal-new energy industry chain on the Shanghai and Shenzhen A-share markets from 2015 to 2023. The degree of vertical integration in nonferrous metal and new energy enterprises is measured using the proportion of operating revenue by industry segment.The empirical findings reveal a significant increase in vertical integration within the nonferrous metal and new energy sectors during the study period. Large-scale enterprises and non-state-owned enterprises exhibit higher levels of integration, and vertically integrated firms demonstrate greater resilience than their non-integrated counterparts. Vertical integration within the nonferrous metal–new energy industry chain significantly enhances corporate resilience, with results remaining robust after sensitivity tests. Heterogeneity analysis indicates that the resilience-enhancing effect of vertical integration is more pronounced in large-scale and non-state-owned enterprises. Furthermore, a threshold effect of capital structure is identified in the relationship between vertical integration and corporate resilience. When capital structure is in the low-leverage range, vertical integration significantly strengthens resilience. However, in the high-leverage range, backward integration among nonferrous metal enterprises weakens resilience, while the positive impact of forward integration in new energy enterprises becomes insignificant.These findings provide important theoretical and practical insights for fostering high-resilience development by enabling upstream and downstream enterprises in the industry chain to turn adversity into opportunity.

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    Efficient Portfolios Based on Mean-Variance Shrinkage Estimation under Mixed Normal
    Jinqing Zhang, Suoer Xu
    2026, 34 (7):  12-21.  doi: 10.16381/j.cnki.issn1003-207x.2024.1481
    Abstract ( 70 )   HTML ( 0 )   PDF (1251KB) ( 15 )   Save

    The estimation errors in the mean vector and covariance matrix make it challenging to accurately identify efficient portfolios in real stock markets. To mitigate these issues, prior studies have proposed various shrinkage estimators. However, these estimators overlook the fact that stock return parameters vary across market conditions. How to develop shrinkage estimators for the mean vector and covariance matrix under a mixed-normal distribution is investigated, which can capture stock returns in both bull and bear markets. New shrinkage estimators are constructed based on the law of total expectation and the variance decomposition formula, with the optimal shrinkage intensities and targets determined by minimizing quadratic loss functions. Compared with existing shrinkage estimators, the new shrinkage estimators accounts for estimation errors arising from changes in market conditions and enables nonlinear shrinkage of the eigenvalues of covariance matrix. In the simulation analysis, the new shrinkage estimators reduce estimation errors for the mean vector and covariance matrix by 65% and 6%, respectively. Moreover, the reliability and robustness of efficient portfolios based on the new estimators improve by 24% and 60%, respectively. When applied to the Chinese A-share market, and with the number of assets ranging from 10 to 100, efficient portfolios based on the new shrinkage estimators consistently achieve a monthly net Sharpe ratio above 0.1. As the number of assets increases, the improvement in the net Sharpe ratio delivered by the new shrinkage estimators becomes more pronounced relative to existing estimators. Therefore, it is recommended that investors use shrinkage estimators under mixed normal to construct efficient portfolios, particularly in settings with a large number of assets and limited sample sizes.

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    The Study of Decision-Making Differences between Rational Investors in China and the United States Based on the Almost Stochastic Dominance Criterion
    Shufei Li, Chong Cheng, Weihan Liu
    2026, 34 (7):  22-32.  doi: 10.16381/j.cnki.issn1003-207x.2024.0928
    Abstract ( 3 )   HTML ( 0 )   PDF (1556KB) ( 7 )   Save

    The decisions of rational investors in China and the United States have a significant influence on global capital flows and macroeconomic stability. However, the increasing prevalence of irrational behaviors among rational investors has prompted a re-examination of whether their decisions remain grounded in expected utility theory. In this context, the decision-making differences between rational investors in China and the United States are examined within the theoretical framework of the Almost Stochastic Dominance (ASD) criterion, which is based on expected utility maximization. The ASD criterion does not rely on specific distributional assumptions or utility function forms, accommodates non-normal return characteristics and heterogeneous risk preferences, and introduces a risk tolerance parameter (ε^n). From the perspective of expected utility maximization, ε^nis used to measure rational investors’ acceptance of uncertainty across different economic cycles and investment horizons. This provides a more robust and widely applicable theoretical foundation for analyzing cross-country differences in investors’ decision-making. An empirical analysis was conducted using return data on stocks and 10-year government bonds in both countries over the period from July 2009 to December 2022. The results indicate that Chinese rational investors pay more attention to asset stability, and their decisions are less affected by market changes, exhibiting strong risk aversion. In contrast, rational investors in the United States focus more on returns, have a relatively neutral risk preference, and adjust their decisions along with the market. Further analysis reveals that social and political stability, trust in government, cultural psychology, financial education, and financial technology are the key factors causing the differences in decision-making between investors in the two countries. As the Chinese market matures and develops, the differences in the capital markets between China and the United States narrow. Nevertheless, Chinese rational investors are still unlikely to shift toward risk neutrality, and they may only moderately reduce their degree of risk aversion within controllable limits. This finding suggests that future research should explore more targeted investment strategies and market guidance mechanisms within a risk-averse decision-making framework.

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    Multivariate GARCH-Ito^Model with Applications in High-dimension Volatility Matrix Prediction
    Xinyu Song, Yuanyuan Deng, Yong Zhou, Huiling Yuan
    2026, 34 (7):  33-48.  doi: 10.16381/j.cnki.issn1003-207x.2023.1100
    Abstract ( 2 )   HTML ( 0 )   PDF (1460KB) ( 0 )   Save

    A novel multivariate GARCH-Ito^ model is introduced that integrates the structural framework of multivariate GARCH within a continuous-time diffusion process, providing a unified approach to modeling the dynamic evolution of volatility matrices by jointly utilizing high-frequency and low-frequency data. A quasi-maximum likelihood estimation method for parameter inference is developed and the corresponding asymptotic theory is established. To address the challenges associated with high-dimensional asset spaces, the proposed model is coupled with a factor structure, enabling scalable and efficient prediction of large integrated volatility matrices. Theoretical guarantees for the proposed predictor are provided under high-dimensional settings. Extensive simulation studies are conducted to examine the finite-sample performance of both the estimation and prediction procedures across both low-dimensional and high-dimensional contexts. In an empirical application, 270 constituent stocks of the CSI 300 index are analyzed using minute-level high-frequency data from January 1, 2018, to December 31, 2020. The results demonstrate that the multivariate GARCH-Ito^ model consistently outperforms several benchmark methods in terms of integrated volatility matrix forecasting and portfolio allocation, offering a flexible and unified framework that incorporates both high- and low-frequency data features for advanced volatility modeling and prediction.

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    Technological Innovation, Efficiency Improvement and the Technological Path of High-quality Growth for Enterprises
    Zhanxin Ma, Jie Bai, Yuzhen Tian
    2026, 34 (7):  49-60.  doi: 10.16381/j.cnki.issn1003-207x.2023.1979
    Abstract ( 4 )   HTML ( 0 )   PDF (1364KB) ( 1 )   Save

    High-quality development is an important theme for China's economic development at present and in the coming period. It is also an important guarantee for the realization of Chinese-style modernization. As an important microeconomic entity in China, enterprises play an important role in driving China's economic development. High-quality growth of enterprises is crucial to realizing high-quality development of the Chinese economy. Therefore, it is of great practical significance to explore the theoretical and practical issues of realizing high-quality growth of enterprises.Data Envelopment Analysis (DEA) is an important technical tool to analyze the quality and efficiency of enterprises. DEA projection analysis is the most prominent highlight and advantage of this method. The traditional DEA model takes the production frontier constructed by effective decision-making units as a reference, and the effective level that decision-making units may reach can be predicted through DEA projection, which gives the direction and degree of adjustment of each evaluation index, and has a very prominent advantage. However, the DEA projection method also has some aspects that need to be improved.First of all, DEA projection can only provide effective improvement strategies for ineffective decision-making units, but cannot provide references for the stage-by-stage improvement goals of ineffective units. For example, the annual growth targets of listed companies in China are not always DEA effective, and DEA projection cannot provide improvement strategies for such targets. Second, in many cases, decision units are not always improved to DEA effective. For example, not every ordinary person can become a world champion through training. In fact, the probability of an average person becoming a world champion is negligible. If some almost unattainable goals are used as a guide for the decision unit's behavior, this will not only seriously mislead the decision unit's strategy formulation, but also may cause significant damage to the decision unit. Finally, the improvement information given by the DEA prediction also suffers from oversimplification of the improvement information and poor operability of the improvement program. In order to further solve the shortcomings of the DEA projection method and provide enterprises with improvement strategies based on a variety of expected goals, a DEA model is proposed based on different efficiency improvement goals. Then, the DEA projection formula based on different efficiency improvement goals is given. Secondly, a quantitative method for measuring the difficulty of efficiency improvement and technological innovation of decision-making units is proposed, and furthermore, the improvement strategies of decision-making units under multiple efficiency objectives are given. Finally, the method is applied to analyze the efficiency status and growth trend of Chinese Internet listed companies from 2018 to 2022. The results show that the method of this paper not only optimizes the traditional DEA projection method, but also enriches the inverse DEA model system, and provides technical support and reference for enterprises to achieve high-quality growth.

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    The Impact of Climate Risk Disclosure on CorporateGreenwashingBehavior: Empirical Evidence from Chinese Industrial Enterprises
    Zongrun Wang, Haiqin Fu, Xiaohang Ren
    2026, 34 (7):  61-70.  doi: 10.16381/j.cnki.issn1003-207x.2023.1727
    Abstract ( 232 )   HTML ( 0 )   PDF (593KB) ( 899 )   Save

    As industrial enterprises play a significant role in driving climate change, it is necessary to examine the influence of climate risk disclosure on their greenwashing behavior. Climate risk disclosure indicators are constructed for Chinese A-share listed industrial enterprises from 2009 to 2024 employing machine learning and text analysis techniques. It aims to explore the relationship and influencing mechanisms between climate risk disclosure and the degree of greenwashing behavior in these firms. Research findings indicate that corporate climate risk disclosure significantly mitigates the extent of corporate greenwashing. Corporate social responsibility and analyst attention respectively play an intermediary effect as internal governance and information intermediary channels, while government environmental regulation exerts a moderating role as external constraints. Extension analysis indicates that for companies with higher-quality climate risk disclosures, reducing greenwashing contributes more effectively to enhancing profitability and operational efficiency. Furthermore, transition risk disclosures demonstrate greater efficacy in mitigating greenwashing compared to physical climate risk disclosures. It not only enriches the theoretical framework for corporate climate risk management in this study but also provides empirical evidence for optimizing corporate environmental governance and curbing greenwashing practices.

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    Research on Forecasting Modelling of Emergency Medical Supplies Demand Based on Spatiotemporal Attention Mechanism
    Xunjie Gou, Yunying Zhao, Haoyu Zhang, Yuxuan Zhang, Zeshui Xu, Fumin Deng
    2026, 34 (7):  71-83.  doi: 10.16381/j.cnki.issn1003-207x.2024.0769
    Abstract ( 42 )   HTML ( 0 )   PDF (2895KB) ( 7 )   Save

    The outbreak of public health emergencies, such as COVID-19, necessitates accurate predictions of epidemic trends and medical resource demands to enable timely interventions. Existing methods for epidemic forecasting often fail to simultaneously capture spatial dependencies and temporal dependencies. Additionally, dynamic demand prediction for emergency medical supplies, classified as consumable supplies and non-consumable supplies, remains to be unexplored, particularly under rapidly evolving scenarios. Therefore, it tries to address these gaps for this study by proposing a novel framework for spatiotemporal epidemic prediction and resource demand modeling. A SpacetimeNet is introduced, which is an autoregressive model integrating spatiotemporal attention mechanisms to jointly learn spatial correlations and temporal dependencies. The framework comprises: (1) Spatial Encoder: It employs multi-head self-attention to model dynamic inter-regional influences. For target region xti(iN,tN), the spatial attention vector Attentioni(Qi,K,V) is computed by Attentioni(Qi,K,V)=softmax(QiKT/dk)V. (2)Temporal Encoder: It combines positional encoding with temporal attention to capture sequential patterns. (3)Autoregressive Decoder: It uses masked self-attention to iteratively predict future values while preventing information leakage. The final prediction y^ti is derived via y^ti=ReLu(WpOi'+bp).The used dataset includes 13 features (e.g., confirmed cases, deaths, vaccination rates) from 5 representative countries (France, Germany, India, USA and UK). Data preprocessing involves log-transformation and normalization to enhance stationarity. An 80:20 train-test split ensures robust evaluation. Daily new cases are forecasted using the SpacetimeNet, and then actual active cases are computed and medical resource demands are derived based on mortality/recovery rates and staffing ratios.Evaluated on the dataset described, the SpacetimeNet outperformed benchmarks (ARIMA, LSTM, GRU, etc.) with lower MAE, lower RMSE and lower SMAPE. The final results show that in the early stage of the rapid development of the epidemic, the demand for consumable emergency medical supplies rises rapidly, while the demand for non-consumable emergency medical supplies fluctuates considerably, after which the rise in the demand for consumable emergency medical supplies gradually levels off, and the demand for non-consumable emergency medical supplies gradually decreases due to the accumulation of resources to 0. The results of the present study will provide a precise prevention and control of epidemics and the allocation of resources in the context of a public health emergency.

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    A New Structural Multi-variable Grey Forecasting Model with Virtual Variables and Its Application
    Bo Zeng, Lingbo Zhang, Sifeng Liu, Fengfeng Yin, Chao Xia
    2026, 34 (7):  84-94.  doi: 10.16381/j.cnki.issn1003-207x.2024.0686
    Abstract ( 4 )   HTML ( 0 )   PDF (1512KB) ( 1 )   Save

    In contrast to traditional manufacturing enterprises, research and development (R&D) activities play a more pivotal role in product development, manufacturing, and decision-making processes within manufacturing high-tech enterprises (abbreviated as MH_TE). Accurately forecasting R&D expenditures in MH_TE is essential for mitigating financial risks and ensuring a stable supply of resources. The factors influencing R&D expenditures can be broadly classified into two categories: Entity variables and Dummy variables. Entity variables are quantifiable metrics, such as the full-time equivalent of R&D personnel, new product development expenditures, patent applications, and effective invention patents. Dummy variables, on the other hand, are qualitative indicators that reflect attributes such as policy influences, typically assigned binary values of 0 or 1 based on their presence or absence. In this study, Dummy variables are incorporated into the multivariate grey prediction model NSGM(1,N), and its driving term structure is extended to develop a novel model DVSGM(1,N), specifically designed for predicting R&D expenditures in MH_TE. The model is optimized using a particle swarm optimization (PSO) algorithm to minimize relative simulation errors, with constraints applied to the time response and cumulative reduction types. The results demonstrate that DVSGM(1,N) achieves a significantly lower integrated error (1.74%) compared to other grey prediction models (2.59%, 7.48%, and 16.05%), highlighting its superior predictive accuracy. The DVSGM(1,N) model is subsequently applied to forecast R&D expenditures for MH_TE in China, providing valuable insights for policy formulation. The findings indicate that R&D expenditures are projected to reach 3,263,879 million yuan within a decade, underscoring both the substantial financial support for technological advancement and the potential financial strain on enterprises. To address these challenges, it is recommended that enterprises enhance the efficiency of R&D outcomes, while the government should implement measures to alleviate financial burdens and foster effective collaboration between the public and private sectors. Not only a robust tool is provided for predicting R&D expenditures but also the methodological framework of multivariate grey prediction models is advanced by incorporating dummy variables. This innovation enhances the model's completeness and practical applicability, offering a more comprehensive approach to forecasting in the context of MH_TE.

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    Dynamic Pricing and Leasing Model of Long-Term Rental Apartments Based on Customer Heterogeneity
    Beibei Ye, Yingsheng Su, Jiang Wu, Minke Wang
    2026, 34 (7):  95-105.  doi: 10.16381/j.cnki.issn1003-207x.2024.1177
    Abstract ( 4 )   HTML ( 0 )   PDF (1719KB) ( 2 )   Save

    Based on the industry characteristics of customer heterogeneity, seasonal demand, pricing, and the long-term impact of leasing models on revenue in long-term rental apartment enterprises, three dynamic planning models for multi period and multi-level rooms under the condition of customer discrete selection are established based on revenue management research methods. It explores the impact of seasonal dynamic pricing and long-term rental combined leasing models on the operating revenue of long-term rental apartments, and conducts numerical analysis through real-life cases of well-known long-term rental apartment enterprises in China. It is found that for pricing strategies: (1) Throughout the entire business cycle, in the presence of inventory surplus, higher-level rooms always have pricing power; (2) For the traditional long-term rental model, the pricing of low-level rooms should remain stable, while the price of higher-level rooms can fluctuate appropriately according to customer arrival rates; (3) When implementing seasonal dynamic pricing, price changes must comply with market supply and demand laws, but price adjustments for lower level rooms should be based on the sales profit of higher-level rooms; (4) In the combination of long-term and short-term rental models, the marginal revenue of long-term/short-term rental is the key factor determining pricing. When the ratio of marginal revenue between short-term and long-term rental is high, pricing should generally increase, and when it is low, the opposite is true. In addition, long-term rental discounts should be accompanied by short-term rental price increases, and a pricing strategy of “high price, high discount” during peak seasons and “low price, low discount” during off-season can be adopted. However, the average discount intensity during the operating period should not be too large. For the selection of leasing models, launching short-term rental services can effectively stimulate market vitality and alleviate the negative impact of insufficient demand during the off-season. Under the reasonable control of the proportion of short-term rental customers and long-term rental discount coefficients by long-term rental apartment enterprises, the revenue of the combination of long-term and short-term rental models is significantly higher than that of the long-term rental model. The results indicate that seasonal dynamic pricing and the combination of long-term and short-term leasing models can significantly improve the total revenue of long-term rental apartment enterprises, providing favorable references for the systematic, standardized pricing and diversified operation of the industry.

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    The Optimal Vertical Cooperation R&D Decisions in the New Energy Vehicle Supply Chain Considering Technology Spillover Effects
    Linghong Zhang, Wence Shi, Jianxin You
    2026, 34 (7):  106-116.  doi: 10.16381/j.cnki.issn1003-207x.2023.0948
    Abstract ( 8 )   HTML ( 0 )   PDF (1345KB) ( 7 )   Save

    With the rapid development of the electric vehicle (EV) industry, competition among original equipment manufacturers (OEMs) is intensifying. As a core component of EVs, the range of batteries affects the demand for electric vehicles. To ensure the supply of high-range batteries, many OEMs collaborate with battery suppliers on R&D. However, whether cooperation between vehicle manufacturers and suppliers can effectively improve battery range and thereby increase profits for both parties remain need to explore. In a supply chain consisting of a single battery supplier and two competing OEMs, considering customers’ sensitivity toward battery range, the optimal decisions of supply chain members when the supplier independently develops batteries are investigated. Next, the optimal decisions of the three parties are considered when manufacturer 1 collaborates with the supplier on battery R&D, while manufacturer 2 does not participate in the cooperation. Finally, the technology spillover effect is introduced when manufacturer 1 collaborates with the supplier and the impact of the technology spillover effect on the decisions of supply chain members is explored. The game sequence in the model is as follows: in the first stage, the battery supplier decides the range of batteries 1 and 2 to maximize its own profit; in the second stage, vehicle manufacturers 1 and 2 decide the EV prices to maximizing their own profits. The optimal battery range and electric vehicle prices under the three models are obtained using the backward induction method. Further, the impact of parameters such as customer sensitivity to battery range, price competition, and technology spillover effect on optimal decisions are analyzed, and the changes in optimal decisions and profits of supply chain members under the three scenarios are compared. Finally, through parameter simulation, numerical experiments are conducted. The main finding are: (1) cooperation on R&D does not necessarily lead to significant improvements in battery range, especially when manufacturers negotiate lower wholesale battery prices. In such cases, suppliers may lack the incentive to engage in cooperation, potentially resulting in non-participation or passive collaboration strategies; (2) technological spillover effects do not inherently enhance battery range in the absence of collaborative R&D. Their impact depends on key parameters such as the wholesale battery price, consumer sensitivity to driving range, and the intensity of price competition in the market; (3) for manufacturers engaged in collaborative R&D, greater investment in cooperation increases the likelihood of obtaining profits. However, as the technological spillover effect intensifies, manufacturers must invest more resources to ensure profitability from collaborative R&D; (4) collaborative R&D does not necessarily improve the profits of both the supplier and the two manufacturers. Nevertheless, within specific parameter regions, all three parties may benefit from technological spillovers.

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    Online Media Coverage and Analysts' Earnings Forecast: Based on the Limited Attention Perspective
    Zhiqiang Ye, Mengyao Lv, Shunming Zhang, Yan Zhao
    2026, 34 (7):  117-126.  doi: 10.16381/j.cnki.issn1003-207x.2023.2169
    Abstract ( 1 )   HTML ( 0 )   PDF (856KB) ( 0 )   Save

    Online media releases a large amount of financial news every day, attracting people to read and share it. With its advantages of timeliness and wide information coverage, online media has surpassed traditional financial paper media and gradually become an important source for people to obtain information about listed firms. As key information intermediaries in the financial market, professional financial analysts, who play a pivotal role in mitigating information asymmetry between listed companies and market investors, must utilize all available information to improve their forecasting accuracy. However extant literature rarely discusses how public market information affects the earnings forecasting behavior of professional financial analysts from a psychological perspective.Compared to traditional financial paper media, online media is deficient in stringent and effective regulatory measures. Firstly, to ensure the timeliness of information, online media may rely on multiple information sources of varying quality, resulting in a mix of information in financial news. Secondly, under the increasingly fierce competition, online media will do whatever to attract public attention for the sake of profits or to keep up with rivals, even disregarding conflicting information in financial news. The deluge of online media news poses challenges to analysts' ability to capture and process information, with such information processing consuming a significant amount of their time and energy. Affected by the psychological constraint of limited attention, analysts tend to rely on quick and simple intuitive cognition in earnings forecasting analysis, resorting to heuristic decision-making, which reduces the accuracy of their earnings forecasts.Online media coverage data used in this paper are sourced from the CNDRS database, which includes 20 mainstream online financial media and more than 400 other major websites, industry websites, or local websites such as Jinrongjie, Hexun, Huaxun, Sina Finance, Phoenix Finance, Sohu Finance, etc., including stock news, macroeconomic reports, industry reports and more. Based on the perspective of limited attention, the impact of online media news on the accuracy of analysts' earnings forecasts is examined by using individual analysts' research reports and listed company data during 2007-2020. The empirical results show that online media news can significantly reduce the accuracy of analysts' earnings forecasts, which still holds in the endogeneity tests of IV methods and exogenous shocks. The mechanism tests confirm that online media news undermines the accuracy of analysts' earnings forecasts due to the influence of limited attention, thereby ruling out the information mechanism and the noise mechanism. The heterogeneity tests indicate that the reduction effects of online media news on analysts' forecasts accuracy are more significant for non-state-owned enterprises, listed companies with low information transparency, those with high book-to-market ratio, and those covered by non-star analysts.It only theoretically explore analysts' forecasting behavior from a psychological perspective, hence, enriching the literature on its influencing factors in this paper, but also provides empirical evidence in practice for regulatory authorities to strengthen supervision over online media, improve news information quality of online media, and urge analysts to enhance their information discernment capabilities and improve forecasting accuracy.The online media coverage data utilized in this paper is derived from the CNDRS database, as it is not possible to directly observe how analysts access online media news data during their earnings forecasting process. The black box of analysts' information acquisition thus remains a topic requiring further in-depth investigation in future research.

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    Research on the Pricing of Ride-hailing Platforms Considering Network Effects and Matching Ability Investments
    Hongfu Huang, Jing Li, Li Li, Junfei Ding, Yuhan Xue
    2026, 34 (7):  127-144.  doi: 10.16381/j.cnki.issn1003-207x.2024.1117
    Abstract ( 3 )   HTML ( 0 )   PDF (2254KB) ( 0 )   Save

    In recent years, the growing demand for user travel has driven the rapid development of ride-hailing platforms. However, despite the continuous expansion of the user base and the increasing number of drivers, the phenomenon of “drivers without orders and passengers unable to hail a ride” remains prevalent in the ride-hailing market. To enhance ride-hailing efficiency and improve driver order acceptance rates, platforms are continuously optimizing their matching algorithms. These platforms aim to facilitate better transactions between drivers and passengers through dynamic pricing, thereby achieving more efficient supply-demand matching. The enhancement of supply-demand matching capabilities in ride-hailing platforms directly strengthens the cross-side network effects between the driver and passenger ends, increasing the utility for both passengers and drivers who join the platform. This, in turn, influences the platform's pricing decisions for its bilateral user base. However, investments in matching capabilities also result in higher operational costs for the platform. Consequently, it is becoming increasingly crucial for ride-hailing platforms to optimize their bilateral pricing strategies while simultaneously enhancing their matching capabilities to improve overall revenue.In addition, passengers often have different preferences for switching cost attributes and price attributes in different scenarios. For example, on ride-hailing platforms, passengers are more sensitive to switching cost attributes such as learning costs and account information transfer involved in switching to a new platform, while drivers are more sensitive to price attributes. Currently, there are relatively few pricing decisions for ride-hailing platforms that take into account the different preferences of passengers and drivers. However, as the ability of platforms to match supply and demand improves, the impact of user preference differences on platform pricing decisions becomes more important. Therefore, studying the pricing decisions of ride-hailing platforms in this situation is of great importance.Given the differences in perceived prices and switching costs between passengers and drivers, a game-theoretic model is constructed to explore the bilateral pricing of ride-hailing platforms in the context of matching ability can be improved and network effects can be observed. It is found that: (1) When both passengers and drivers are switching cost-sensitive or both passengers and drivers are price-sensitive, the platform should lower prices for passengers and drivers as the cost coefficient for the service level improvement increases. (2) When passengers are price-sensitive and drivers are switching-cost-sensitive, or when passengers are switching-cost-sensitive and drivers are price-sensitive, if the network effect on the passenger (driver) side is greater than a certain threshold, the platform's optimal pricing for the passenger (driver) increases with the increase of cost coefficient for the service level improvement and the service improvement cost. When the network externality on the passenger (driver) side is less than a certain threshold, the platform should decrease its pricing for the passenger (driver) with the increase of cost coefficient for the service level improvement and the service improvement cost. (3) As the cost of platform matching services increases, the scale of users on both sides of the platform increases. (4) When the basic utility that passengers/drivers can obtain by joining the platform exceeds a certain threshold, the platform’s profit increases with the increase of matching ability and cost. In contrast, the platform’s profit decreases with the increase of matching ability and cost.

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    Store Brand Introduction and Equilibrium Price Decision in Supply Chain Considering the Manufacturer's Cost Learning Effect
    Lin Ye, He Xu, Li Jin, Dan Gao
    2026, 34 (7):  145-156.  doi: 10.16381/j.cnki.issn1003-207x.2023.1041
    Abstract ( 3 )   HTML ( 0 )   PDF (1815KB) ( 1 )   Save

    Store brands that are strategically introduced and controlled by retailers are developing rapidly and pose a threat to incumbent national brands. However, store brands are generally imitations of national brands. This means that incumbent manufacturers can gain a competitive advantage due to the cost learning effect. The cost learning effect refers to the phenomenon that manufacturers repeatedly learn from accumulated production activities, leading to a decrease in production costs with an increase in output. Therefore, retailers should consider the impact of the cost learning effect on store brand introduction strategies. Manufacturers can also respond to store brand introduction strategies by adjusting the wholesale price of national brands.Consider a dyadic supply chain that consists of a manufacturer and a retailer. A two-period Stackelberg game model is constructed to analyze their optimal decisions under different scenarios. To exclude inventory effects, we consider the pull production mode. In the first period, the retailer resells the national brand and decides whether to introduce a store brand at the beginning of the second period. Using backward induction, their optimal decisions are obtained under different scenarios with or without cost learning effect. By comparing their equilibrium solutions in these scenarios, how cost learning effect affects both retailer’s store brand introduction strategy and manufacturer’s pricing strategy can be determined.The main result shows that a) The cost learning effect reduces the retailer's incentive to introduce store brands. b) The existence of the cost learning effect enables the manufacturer to adjust the wholesale price of the national brand in the first period to compete with the store brand. When the relative competitive strength of the store brand is very small, the manufacturer does not change the wholesale price (“Ignorance” strategy). When the relative competitive strength of the store brand is moderate, the manufacturer reduces the wholesale price (“Resistance” strategy). When the relative competitive strength of the store brand is large, the manufacturer raises the wholesale price (“Acceptance” strategy). c) Numerical simulations show that when the learning rate is very small, existence of the learning effect may harm the manufacturer when the manufacturer chooses “Resistance” strategy.

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    Identification of Usefulness for Online Review Considering the Reliability of Modalities
    Ying Yang, Si Tang, Anning Wang, Qiang Zhang
    2026, 34 (7):  157-165.  doi: 10.16381/j.cnki.issn1003-207x.2023.1666
    Abstract ( 4 )   HTML ( 0 )   PDF (1044KB) ( 1 )   Save

    Multimodal product reviews, which include both text and images, have become the mainstream way for customers to express opinions and share word-of-mouth on e-commerce platforms. Previous studies on multimodal review usefulness primarily focus on feature representation and fusion, often neglecting the reliability of multimodal data. Considering the heterogeneity of these two types of multimodal data and their varying degrees of reliability in influencing the value of online product reviews, an online product review helpfulness recognition method is propased that incorporates multimodal credibility. The method fully accounts for the heterogeneity of textual and visual modalities and captures consistency information between modalities through their interaction. A credible multi-view fusion module is designed to estimate the uncertainty of both unimodal and cross-modal views, improving the overall reliability of the model through a dynamic evidence fusion strategy and a contrastive learning strategy. Empirical validation on multiple product review datasets from Amazon demonstrates that the proposed method effectively enhances the accuracy of online product review helpfulness recognition while increasing the interpretability of the model’s decision-making results.

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    Research on Modeling the Failure Risk of Urban Critical Infrastructures under Multi-hazard Coupling Scenarios
    Weilan Suo, Wenjie Xu, Xiaolei Sun
    2026, 34 (7):  166-176.  doi: 10.16381/j.cnki.issn1003-207x.2025.0995
    Abstract ( 156 )   HTML ( 0 )   PDF (1109KB) ( 121 )   Save

    With the increasing interplay among multiple hazards and the growing interconnectedness of systems, the operational risks faced by urban critical infrastructures (UCIs) have become increasingly prominent. Existing studies often overlook the nonlinear interactions among hazards and offer limited modeling capabilities for failure processes in multi-interdependent systems under multi-hazard coupling scenarios. To address this gap, a two-stage research framework is propased for failure risk assessment of UCIs under multi-hazard coupling scenarios. First, based on historical disaster data and spatial information, a multi-hazard probabilistic model is constructed, and representative multi-hazard coupling scenarios are generated using a temporal hypergraph method. Subsequently, a high-order topological dynamic graph neural network (HoT-DGNN) model is developed to capture node interactions and high-order network topological features within interdependent systems, integrating multi-source information to effectively predict system failure modes. Finally, an empirical analysis is conducted on the power-gas interdependent system in a typical coastal city. Results demonstrate that the proposed approach can accurately assess the failure risk probabilities of UCIs under multi-hazard coupling scenarios and effectively identify vulnerable components. It enriches the methodology for modeling complex interactions among multiple hazards and interdependent systems, providing both theoretical foundations and practical tools for quantifying systemic risks under multi-hazard scenarios. It offers valuable insights for improving infrastructure resilience and advancing resilient city construction.

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    An Intelligent Auxiliary Diagnosis Method for Diseases Integrating Preference Learning and Evidential Reasoning
    Xi Chen, Youqi Dou, Wenbo Zhang
    2026, 34 (7):  177-188.  doi: 10.16381/j.cnki.issn1003-207x.2024.0608
    Abstract ( 103 )   HTML ( 0 )   PDF (1404KB) ( 47 )   Save

    With the development of digital transformation in healthcare, intelligently analyzing the complex and diverse diagnosis and treatment information generated during patients' diagnosis and treatment processes, identifying key features that affect diseases, and accurately predicting patients' conditions are of great significance for assisting doctors in formulating diagnosis and treatment plans and providing treatment recommendations. Based on this, an intelligent auxiliary diagnosis method for diseases is proposed that integrates preference learning and evidential reasoning. Firstly, considering the differences in the impact of various disease features on diagnosis results, a preference learning model is established to obtain the weights of different features, thereby identifying the core feature set. Secondly, heterogeneous base classifiers are constructed based on different classification algorithms to realize the prediction of patients' conditions. Furthermore, to improve the accuracy of disease diagnosis, evidential reasoning is introduced to integrate and fuse the prediction results of the base classifiers, assisting doctors in judging patients' conditions. Finally, the feasibility and effectiveness of the method proposed in this paper are verified with actual medical datasets as examples.

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    Multi-center Close­Open Mixed Vehicle Routing Problem with Time Window Assignment
    Yong Wang, Tingting Shi, Mengyuan Gou, Qiong Jiang, Maozeng Xu
    2026, 34 (7):  189-205.  doi: 10.16381/j.cnki.issn1003-207x.2024.1511
    Abstract ( 104 )   HTML ( 0 )   PDF (3753KB) ( 20 )   Save

    With the rapid development of the information technology and e-commerce industry, online shopping has become an important and indispensable part of residents’ daily lives. The full-time sale characteristic of online shopping platforms makes the logistics demand show a blowout growth, which leads to the prominent contradiction between limited logistics resources and the growing logistics demands, and puts forward higher requirements for the resource coordination and time urgency of the urban logistics system. Given the shortcomings of the multi-center vehicle routing problem with time windows in combining resource sharing and customer service time window violation avoidance, a transportation resource sharing strategy and a time window assignment strategy are proposed, and a multi-center close­open mixed vehicle routing problem with time window assignment is studied. First, combining the time window assignment strategy and the design of open-closed mixed vehicle routes, a bi-objective optimization model is established to minimize the total operating cost and the number of delivery vehicles. The total operating cost is composed of centralized transportation cost, vehicle maintenance cost, delivery cost, penalty cost for violating time windows, time window assignment cost, and incentive subsidy for distribution center collaboration. Second, an improved multi-objective particle swarm hybrid algorithm based on K-means clustering is proposed. The proposed hybrid algorithm divides the service periods according to the customer time window characteristics, and combines the scanning algorithm to improve the quality of the initial feasible solution. The external archive update mechanism is applied to enhance the robustness of the proposed algorithm, and the time window assignment strategy and transportation resource sharing strategy are integrated to improve the convergence speed of the proposed algorithm. Third, the proposed algorithm is compared with CPLEX solver, the non-dominated sorting genetic algorithm-Ⅱ, the multi-objective ant colony algorithm, and the multi-objective simulated annealing algorithm to verify the effectiveness of the proposed model and algorithm. Finally, combined with a multi-center logistics network in Chongqing City, China, a case study is explored on the multi-center close­open mixed vehicle routing problem with time window assignment, furthermore, the selection of relevant parameter values for the proposed algorithm is analyzed and discussed. The changes in related indicators such as delivery cost, transportation cost, total operating cost, and number of delivery vehicles are discussed under different combination modes of time window assignment, transportation resource sharing, and multi-center close­open mixed vehicle routing design. The research results show that the time window assignment strategy is conducive to reducing customer time window violations. For example, in the case study, the application of the time window assignment strategy resulted in a 47.5% reduction in the penalty cost and a 10.8% reduction in the total logistics operating cost, and the number of delivery vehicles decreased by 2.The transportation resource sharing strategy and open-closed mixed vehicle routing design help to achieve the reasonable allocation of logistics distribution resources, thereby effectively reducing the logistics operating cost of logistics enterprise and improving the resource allocation efficiency of multi-center logistics distribution networks. Therefore, the research is conducive to constructing a multi-center joint distribution system for urban logistics and can provide theoretical support and method reference for the research on multi-level multi-center logistics distribution network optimization problems.

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    Robust Optimization Approach for Repetitive Project Scheduling
    Zongyu Yao, Lihui Zhang, Yifei Li, Yafan Fu
    2026, 34 (7):  206-217.  doi: 10.16381/j.cnki.issn1003-207x.2024.0911
    Abstract ( 119 )   HTML ( 0 )   PDF (2594KB) ( 14 )   Save

    The challenges of repetitive construction projects are addressed that frequently encounter uncertainties such as extreme weather and resource shortages, leading to schedule delays and budget overruns. Current approaches like stochastic and fuzzy optimization face limitations in practical applications due to distribution information requirements, while existing robust scheduling methods lack quantitative analysis of uncertainty propagation. The time-cost trade-off problem is investigated through a robust optimization lens, focusing on developing scheduling plans resistant to duration fluctuations in repetitive activities.The proposed framework integrates geometric analysis of work continuity constraints with robust optimization theory. The core problem is formulated using a budget uncertainty set to bound deviations in activity durations, where each sub-activity i,j has an uncertain duration di,j within the interval di,j̲,di,j¯. Deviation variables εi,j are constrained by i=1nj=1mεi,jT, where T is a parameter controlling the solution's conservatism. A key innovation is the development of a general algorithm for identifying controlling paths within the Line of Balance (LOB) framework. This algorithm dynamically traces delay propagation routes across repetitive units based on geometric workflow continuity and resource transfer logic, enabling the construction of a restricted uncertainty set that prioritizes disruptions along these controlling paths to reduce unnecessary buffers. The resulting finite-domain robust optimization model minimizes the worst-case project duration while incorporating constraints for work continuity, precedence relationships, and budgeted cost thresholds. A two-stage optimization architecture combines budget-constrained uncertainty modeling for worst-case scenario analysis with restricted uncertainty sets that prioritize critical path disruptions. The hybrid Genetic Algorithm-Binary Particle Swarm Optimization (GA-BPSO) algorithm implements a nested optimization logic where outer-layer genetic operations optimize crew deployment while inner-layer particle swarms simulate adversarial duration scenarios, effectively balancing solution robustness against implementation costs.Validation employs a bridge construction prototype featuring 5 sequential processes with 24 non-uniform units, incorporating real-world parameters including crew productivity thresholds, equipment cost gradients, and material expenditure patterns. The testbed models duration uncertainties through engineer-calibrated deviation ranges and right-skewed Beta distributions reflecting typical construction risk profiles. Results demonstrate that the controlling path mechanism successfully contains delay propagation while reducing idle time buffers by 18%-25% compared to conventional robust approaches. The restricted uncertainty sets prove particularly effective in high-risk scenarios, maintaining 97%+ on-time completion rates despite clustered disturbances. The methodology shows strong adaptability across risk levels, enabling managers to strategically balance schedule protection levels against budget constraints through adjustable conservatism parameters.It provides practitioners with a decision-support framework that systematically balances schedule robustness against resource costs in repetitive projects. The controlling path-driven approach offers infrastructure managers an effective tool for risk-informed scheduling, particularly valuable for capital-intensive projects with strict deadline constraints. The quantitative comparison of robustness costs under varying uncertainty levels enables adaptive strategy selection based on project risk profiles. These advancements bridge the gap between theoretical robust optimization and practical construction scheduling needs, extending the application scope of robustness analysis in project management.

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    Analytics of Influencing Factors of Community Governance Based on Spatial Search Method
    Yun Wang, Mengyi Sha, Peng Lian
    2026, 34 (7):  218-228.  doi: 10.16381/j.cnki.issn1003-207x.2024.1188
    Abstract ( 3 )   HTML ( 0 )   PDF (688KB) ( 1 )   Save

    Community governance is a key component of grassroot administration management system in our country, and also serves as the “last mile” for social governance. It also plays a crucial role in maintaining social stability and promoting the harmonious development of communities. With the rapid development of society and the continuous advancement of urbanization, the complexity and diversity of grass-roots communities are increasingly prominent, putting forward higher requirements for community inspection work. Effective community inspection can timely discover and solve problems in grass-roots governance and lay a solid foundation for the stable development of communities. However, previous research related to community governance is basically limited to case studies or qualitative analytics, and rarely adopts quantitative methodologies to analyze the problem. The inspection team and the inspected community are important components in the process of community inspection. To provide managers with more objective and interpretable decision support how the attributes of inspection teams and communities influence the effectiveness of community inspections is analyzed in this paper. The historical inspection records can be regarded as the points in the multi-dimensional space, and identifying the range of attribute values where inspection issues frequently occur can be abstracted as a frequent subset search problem in a two-dimensional attribute space. Logistic regression on the historical inspection records is employed to identify critical two-dimensional attribute combinations. Based on the results, then a mixed-integer quadratic programming model is proposed to search a space where the inspection issues frequently happen, and is transformed into a mixed-integer quadratic programming model. To enhance computational efficiency and tractability, McCormick inequalities are used to convert the model into a linear programming, and the smallest frequent subset in space prone is identified to inspection issues. Thus, the rectangle regions in the two-dimensional space, which do not overlap and are identified through the search process, represent the frequent subsets of inspection issues. To identify the attribute value ranges corresponding to a certain proportion of inspection issues, the proposed optimization model aims to minimize the sum of the areas of all frequent subsets, thereby ensuring that the distribution of inspection records with inspection issues within these subsets is more dense. Based on the practical data of community inspection records, case studies are conducted on the problems of community personnel management and community assistance, and the results demonstrate the effectiveness of the proposed method. The method can be extended to other risk analysis and influencing factor analysis problems, overcoming difficulties such as insignificant regression analysis, the inability of association rules for continuous values, and the complexity of nonlinear programming. The proposed methodology and models also offers an alternative and effective decision support framework for improving the effectiveness of community inspections. This model identifies the minimal infrequent subsets where inspection issues are likely to occur. This research assists grassroots governance departments in focusing on critical issues and provides a scientific basis for decision-making in personnel allocation and resource management. It contributes to enhancing inspection efficiency and improving overall community governance. Additionally, the study offers significant theoretical support for the improvement and development of future grassroots governance systems. The proposed framework provides valuable insights and methods for exploring more scientific and efficient grassroots governance models and facilitates the construction of a more refined and efficient inspection system.

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    Evaluation of Organizational Resilience in Emergency Response Based on Complex Networks
    Haixiang Guo, Yunyu Cai, Yang Wu, Yuying Yang, Bo Liu
    2026, 34 (7):  229-248.  doi: 10.16381/j.cnki.issn1003-207x.2024.1498
    Abstract ( 9 )   HTML ( 0 )   PDF (4154KB) ( 7 )   Save

    The ability of an organization to deal with external disturbances is dynamic and complex. How to realize the dynamic evaluation of organizational resilience in the emergency response organization system under the risk situation is the core issue of current emergency management. Based on the “July 20” disaster in Zhengzhou, a multi-agent emergency response organizational network is constructed in different response stages, the entropy weight method is adopted to couple multiple network attack strategies, and realizes the dynamic evaluation of organizational resilience is realized based on the robustness, transmission, recovery and agglomeration of the organizational network, laying a foundation for the construction of a resilient multi-agent emergency response system. It is found that the organizational resilience of planned response based on emergency plan is better than that of actual response. The organizational resilience of post-disaster plan is the best, followed by pre-disaster plan, rescue, recovery and reconstruction. Therefore, it is urgent to improve the organizational resilience of the actual emergency response system to meet the core needs of the modernization of the emergency management system and capacity.

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    Modeling and Simulation Optimization of Emergency Evacuation of Pedestrians in Public Places Based on Video Data
    Jia Liu, Weiqiao Ruan, Xinyuan Zhang, Yu Song
    2026, 34 (7):  249-263.  doi: 10.16381/j.cnki.issn1003-207x.2024.0668
    Abstract ( 96 )   HTML ( 0 )   PDF (8419KB) ( 51 )   Save

    On the background of the national improvement of public safety governance, a comprehensive framework is proposed for modeling and optimizing pedestrian emergency evacuation in public spaces based on video data. The framework utilizes real video data from specific public place and scenarios to construct pedestrian evacuation simulation models, comprising both route decision models and microscopic movement models. By establishing a pedestrian evacuation simulation system and developing optimization algorithms focused on rapid evacuation, the framework determines optimal configurations for various facility elements. In the case study, extensive surveillance video data from the Huazhong Agricultural University library during an earthquake is collected and analyzed. Using the proposed framework, pedestrian evacuation models and simulation systems is developed for this specific scenario. Considering multiple situations including different number of pedestrians, elevator availability, and power outage with low visibility conditions, the simulation optimization algorithms is used to analyze the simulation results, and the conclusions on how to open the stairs, elevators, gate machines and how to set the entrances and exits of the reading room in different situations are obtained. The main contribution of this paper lies in proposing a universally applicable and comprehensive solution for optimizing public place elements to facilitate rapid pedestrian evacuation. By integrating video data analysis, pedestrian movement modeling, and simulation optimization, this framework provides a scientific basis for decision-making in public safety management.

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    Green Technology Innovation Decision-making Considering Technical Efficiency Uncertainty under Manufacturer Competition
    Zhibing Lin, Weijun Cai, Chongjie Shen
    2026, 34 (7):  264-276.  doi: 10.16381/j.cnki.issn1003-207x.2024.0633
    Abstract ( 2 )   HTML ( 0 )   PDF (1553KB) ( 1 )   Save

    Due to government policy guidance and the increasing environmental awareness among consumers, more and more consumers are willing to pay for green technological innovation, which has prompted many manufacturers to place greater emphasis on green technological innovation. Manufacturers can obtain green technologies not only through independent innovation but also by acquiring technologies through purchase. However, the existence of uncertainty in technological efficiency has, to some extent, affected manufacturers' willingness to engage in independent innovation and has even hindered the promotion of green technologies. In order to explore the decision-making of channel members under different technological innovation modes under manufacturers competition and technological efficiency uncertainty, as well as the impact of technological efficiency uncertainty on manufacturers' preferences for technological innovation modes, a supply chain model consisting of a single technology service provider, a single retailer, and two manufacturers (one green manufacturer and one conventional manufacturer) has been constructed, and the model is analyzed using game theory methods. The results show that: when only the green manufacturer has technological innovation, (1) if the green manufacturer adopts the independent innovation strategy, the improvement of the average technical efficiency is beneficial to the channel members, but the improvement of the fluctuation degree of technical efficiency is unfavorable to the channel members; (2) If the green manufacturer adopts the purchase technology strategy, the impact of the average level and fluctuation degree of technical efficiency on channel members is also related to R&D efficiency. (3) When the R&D efficiency is high, the green manufacturer is more inclined to adopt the purchase technology strategy, otherwise it will adopt the independent innovation strategy. In the model extension section, the robustness of the main conclusions from the previous discussion under the scenario where the manufacturer has exclusive retailers is verified firstly. Then, the situation where both manufacturers engage in technological innovation are explored. The results show that both manufacturers always adopt the same technological innovation strategy. However, due to the increase in the fluctuation of technical efficiency, the degree of risk aversion will have a substantial impact on manufacturers' decision-making. The conclusions have important guiding significance for green supply chain management practices, particularly in the decision-making related to green technological innovation by manufacturers.

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    Pricing Authority and Channel Introduction in Live Streaming
    Ying Wei, Chuxiang Xu, Ruisi Yang
    2026, 34 (7):  277-289.  doi: 10.16381/j.cnki.issn1003-207x.2023.1310
    Abstract ( 4 )   HTML ( 0 )   PDF (1894KB) ( 6 )   Save

    In recent years, the rapid advancement of internet technology has led to a surge in brand owners utilizing live streaming channels as a supplementary marketing avenue to traditional online retail. The real-time, interactive nature of live streaming allows consumers to access more detailed product information, thereby diminishing the uncertainty surrounding their perception of product value. However, consumers need to adjust their schedules to watch live streams at specific time slots, incurring potential hassle costs. Typically, brand owners collaborate with live streamers through a fixed payment and a commission rate based on sales revenue generated from the live streaming channel. In practice, the decision-making authority over live streaming channel pricing may vary depending on the market positions of the brand owner and the live streamer, with either party potentially wielding pricing power. The impact of live streaming channel price ownership on the introduction of live streaming channels and on operational performance under two scenarios is investigated: when the brand owner determines the live stream channel price and when the live streamer does. With a game-theoretic model, how the live streaming channel pricing ownership influences participants’ pricing decisions and their resulting profits within the online platform supply chain is analyzed. The feasible regions for introducing live streaming channels is discussed and the willingness of supply chain members to participate is assessed.The main findings are as follows. The brand owner always takes advantages from holding the pricing authority in the live streaming channel, but this is not the case for the live streamer. When the live streamer sets the live streaming channel price, the wholesale price and the selling prices in both channels are lower than in the scenario where the brand owner controls pricing. Whether a brand owner introduces a live streaming channel hinges on the pricing ownership, the fixed fee, and consumers’ hassle cost associated with live streaming viewing. Specifically, when the fixed fee is moderate, under the scenario where the brand owner holds pricing power, they choose to introduce a live streaming channel when the hassle cost is low. In contrast, under the scenario where the live streamer determines the channel price, the brand owner prefers to introduce live streaming when the hassle cost is either low or high. The latter occurs because, once the brand owner loses pricing power, the live streamer sets a lower selling price, intensifying competition between the live streaming channel and the traditional online retail channel, thereby reducing the brand owner’s profits from the traditional channel. To mitigate the channel threats posed by the live streaming channel, the brand owner introduces the new channel when the hassle costs are high in order to decrease channel conflicts with the retailer and the resulting profit from the traditional online channel. For the retailer, it benefit from the live streaming only when consumers’ hassle cost for live streaming viewing is high.Our study offers valuable managerial insights for practitioners. When live streamers and brand owners compete for pricing authority in live streaming channels, brand owners should strive to retain pricing ownership to balance profits across multiple channels. For live streamers, however, relinquishing pricing ownership to brand owners may be a more advantageous choice, particularly when the commission rate and the hassle cost are low. The results also provide guidance for brand owners in choosing live streaming time slots. When brand owners have control over the pricing in the live streaming channel, live streams should be conducted during peak hours when consumers hassle costs are low to boost live streaming channel demand. Conversely, when the live streamer holds pricing ownership, brand owners can schedule live streams during off-peak hours when consumers’ hassle costs are high.

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    A Closed-loop Supply Chain Differential Game with Dual Reference Effects under Cost-sharing Contracts
    Lang Liu, Lianyi Peng, Yutao Pu, Yuteng Ma
    2026, 34 (7):  290-299.  doi: 10.16381/j.cnki.issn1003-207x.2023.0712
    Abstract ( 1 )   HTML ( 0 )   PDF (1185KB) ( 0 )   Save

    Consumers generally have various mental expectations when selecting a product. If the product meets the mental expectations, consumers will make a purchase decision; otherwise,consumers may give up the purchase. In this paper, it is considered that consumers have both price reference effect and greenness reference effect, i.e., consumers set a reference price and a reference greenness for the products in advance before making purchase decision, and examine whether the green products meet the mental expectations. Firstly, a closed-loop supply chain consisting of a manufacturer, a retailer and a recycler is tatken as the research object, and the influence on the pricing decisions of the closed-loop supply chain members when consumers have green preferences and dual reference effects is studied. Then differential game model with dynamic changes in product greenness level is constructed to depict the mechanism of product greenness on each member. Next decentralized decision- making and two-way cost-sharing contract coordination scenarios are also considered. In the contract coordination scenario, manufacturer shares part of the recycling cost and retailer shares part of the green R&D cost to improve the recycling rate of used products and the greenness of green products. Finally, the results are verified and illustrated using numerical simulations. It is found that: 1. Although the price reference effect leads to a decrease in the retail and wholesale prices of the products, the supply chain members can still profit due to the increase in sales volume. And when the price reference effect meets certain conditions, it has a promotional effect on the recycling rate of used products, which has not been mentioned in previous studies.2. When the product’s greenness is greater than the consumer's reference greenness, the greenness reference effect always has a positive impact on supply chain members, among which, the effect on manufacturers is the greatest. When the product greenness is smaller than the consumer's reference greenness, and the greenness reference effect is relatively weak at this time, the manufacturer's profit has a small reduction.3. When both effects exist at the same time, the promotion effect of the greenness reference effect is larger than the price reference effect, and the price reference effect shows a trend of first inhibiting and then promoting the manufacturer's and retailer's profit; it always has a promotion effect on the recycler. 4. The two-way cost contract effectively coordinates the supply chain system, weakens the double marginal effect in decentralized decision-making, and improves the overall economic efficiency of the supply chain. With the increase of manufacturer's cost-sharing, the wholesale price and retail price of the product decrease, and the green input of the product and the greenness of the product increase; with the increase of retailer's cost-sharing, the green input of the product and the greenness of the product have a tendency to grow. Although it leads to a decrease in product price when the manufacturer bears the cost of recycling, it also promotes an increase in recycling rate and sales volume, so the profits of the supply chain members are greater in this case than in the case of decentralized decision making.

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    OEM vs. ODM: Optimal Multinational Technology Licensing and R&D Investment Decisions
    Liang Jin
    2026, 34 (7):  300-311.  doi: 10.16381/j.cnki.issn1003-207x.2022.1735
    Abstract ( 3 )   HTML ( 0 )   PDF (1179KB) ( 1 )   Save

    In the international trade of intellectual property, transnational technology licensing is one of the most important ways of patent technology transfer, and licensing contract is the key to achieve technology licensing cooperation. From the perspective of industry practice and relevant literature, there are three main forms of transnational technology licensing contracts, namely fixed fee licensing contract, royalty licensing contract and two-part tariff licensing contract. How to design and choose transnational technology licensing contract is the key problem that transnational technology licensing must face. However, the rights and obligations of technology licensor and licensee in licensing cooperation are often unequal, which makes the design of technology licensing contract difficult and the decision-making process more complicated. Therefore, it will focus on the following questions in this paper: (i) How should the technology licensor design and select a suitable licensing contract under the OEM and ODM modes (ii) Based on the choice between OEM and ODM modes, is it profitable for the licensee to develop independently (iii) Can independent R&D enhance the licensee's enthusiasm for R&D investment and improve social welfare. It considers a system in this paper, consisting of a foreign innovator, domestic company and ODM or OEM. The foreign innovator licenses patents to the domestic company under specific contracts, enabling it to produce and market products. Given its closer connection to the market, the domestic company has a more accurate grasp of market demand, which is presumed to be its private information. Additionally, the domestic company chooses the production outsourcing mode, including OEM mode and ODM mode. To effectively discern the private information, foreign innovator is necessitated to devise optimal technology licensing contracts, encompassing both royalty and one-time fixed transfer payment.Utilizing the mechanism design theory, two theoretical models are constructed between foreign innovator, domestic company and ODM or OEM. Employing backward induction for the analysis, the pricing, ordering and R&D investment decisions of the domestic company, OEM and ODM in response to the licensing contracts set by foreign innovator are firstly examined. It then evaluates the optimal licensing strategies of foreign innovator under both OEM mode and OEM mode, taking into account the domestic company’s individual participation and incentive compatibility constraints. Further, the equilibrium of the games is used to assess the outsourcing mode selection of the domestic company. Ultimately, the nature of the optimal technology licensing contracts and the value of the domestic company's independent R&D are analyzed.The results show that, the optimal transnational licensing contracts include fixed-fee licensing contract and two-part tariff licensing contract. This conclusion is one of the main innovations of this paper, which theoretically proves the existence of different forms of licensing contracts. Moreover, the design of the optimal licensing contracts form will not be affected by the independent R&D of domestic companies, and domestic companies have a smaller share of profits. When the technical level of domestic companies is high enough, the OEM mode is the best choice, which can stimulate the enthusiasm of domestic company to invest in R&D, and is also beneficial to foreign innovator. However, compared with the ODM mode, consumers in the OEM mode also need to pay higher product price, which may damage social welfare. Finally, based on the theoretical analysis framework and conclusions, the original model is extended and analyzed from the OBM mode. The above theoretical research and conclusions can provide theoretical reference for transnational technology licensing cooperation. In future research, the design of transnational technology licensing contracts in the case of multiple competitive domestic companies is also can be explored.

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    Research on the Impact of Gamification Interaction on Consumers' Continuous Participation Intention ofInternet+Recycling: Based on Goal-Framing Theory
    Haixia Gao, jiao Gao
    2026, 34 (7):  312-322.  doi: 10.16381/j.cnki.issn1003-207x.2024.1523
    Abstract ( 8 )   HTML ( 0 )   PDF (758KB) ( 5 )   Save

    Under the dual carbon goals, the “Internet+” recycling model has emerged as a significant trend in the renewable resource industry. However, how to incentivize consumers' sustained participation remains a key challenge. Gamified interaction, as a novel marketing approach, offers fresh insights for the internet recycling sector. Existing research predominantly focuses on consumers' initial participation intentions, with insufficient exploration of mechanisms underlying sustained engagement and a lack of comprehensive analysis integrating hedonic, gain, and normative motivations. Addressing these gaps, goal-framing theory is employed to construct a Stimulus-Organism-Response (S-O-R) model investigating how gamified interactions (human-machine and human-human interactions) influence consumers' sustained participation intentions through different motivational pathways. Utilizing a combined online (Credamo platform) and offline questionnaire approach, 462 valid samples are collected from users with gamified interaction experience. Statistical analysis is conducted using SPSS 26.0 and AMOS 26.0, with hypothesis testing performed through structural equation modeling and bootstrap methods. Key findings reveal: (1) Human-machine interaction most significantly impacts hedonic motivation, while human-human interaction exerts greater influence on gain motivation; (2) Compared with human-machine interaction, human-human interaction demonstrates more prominent effects on sustained participation intentions; (3) All three motivations (hedonic, gain, normative) directly and significantly affect sustained intentions, with hedonic and gain motivations serving as partial mediators between gamified interactions and sustained intentions, whereas normative motivation shows insignificant mediating effects; (4) Gender and occupational differences emerge, with males exhibiting significantly higher hedonic motivation and sustained intentions than females, while student groups prioritize short-term benefits and enterprise employees demonstrate stronger sustained participation. Based on these findings, managerial recommendations are propased: designing diversified gaming programs, providing personalized recommendations and incentives, enhancing interactive features and social experiences, and reinforcing ethical norms and social responsibility awareness. It contributes to theoretical development in gamification mechanisms while offering practical guidance for sustainable operations in internet recycling platforms in this paper.

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    Research on Pricing Strategy of Agricultural Service Platform Considering FarmersMental Cost and Cooperative Loss
    Xinxin Liu, Zilai Sun, Jiliang Han, Xiangpei Hu, Junhu Ruan
    2026, 34 (7):  323-335.  doi: 10.16381/j.cnki.issn1003-207x.2023.2086
    Abstract ( 2 )   HTML ( 0 )   PDF (1294KB) ( 1 )   Save

    Agricultural service platforms (ASPs) are network systems that connect farmers with agricultural service providers, facilitating the supply-demand matching of dispersed agricultural resources. ASPs offer a novel model for agricultural service matching and transactions. Although scholars have extensively studied the pricing strategies of platform enterprises, the focus has primarily been on sectors such as food delivery, e-commerce, and short videos. The development of pricing strategies to promote ASPs has not yet received adequate scholarly attention. Unlike the pricing strategies of general platforms, ASPs have distinctive characteristics. General platforms typically set usage or intermediary fees without having the authority to price goods or services. In contrast, ASPs determine the fees charged to farmers for machinery services and the payments made to service providers, as exemplified by the "Farm Steward" model. Establishing initial pricing strategies and sustainable pricing strategies is a critical issue for the development of ASPs. When farmers need agricultural services (such as spraying, irrigation, harvesting, etc.), they can purchase these services through ASPs or seek services via rural social networks. However, farmers may incur psychological costs when using ASPs, which vary due to differences in digital literacy among farmers. To characterize this heterogeneity, it is assumed that the mental cost θ follows a uniform distribution over [-θ˙,θ¯]. Cooperatives accepting online orders may experience a decrease in response speed to their internal members, causing internal losses. Due to significant differences in operational area and the number of agricultural machines among cooperatives, the losses incurred by providing online services are also heterogeneous, assumed to follow a uniform distribution overγ1-γ2,γ1+γ2. Considering the heterogeneity of bilateral users, a selection model for farmers and cooperatives is established. Next, pricing models are developed for ASPs in the startup and growth phases, aiming to maximize social welfare and platform profit, respectively. Finally, the profit, pricing, and user demand under different objectives are compared to determine the applicable conditions for both pricing strategies. The results indicate that the pricing strategy of ASPs is predominantly influenced by the trust level of farmers towards the platform. For regions where farmer trust is low, ASPs should adopt a pricing strategy that aims to maximize social welfare. Conversely, in regions where farmer trust is high, ASPs should implement a pricing strategy focused on maximizing their own profits. Under the concessional strategy, service prices are lower, and service remuneration is higher compared to the profit-driven strategy. When farmers have low aversion to the platform, the concessional pricing strategy is more attractive to both users. However, when farmer aversion is high, the profit-driven pricing strategy is more appealing to both users.

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    Research on Emission Reduction Decisions and Combined Financing Methods for Dual Channel Low-carbon Supply Chains Considering Government Subsidies
    Jinsen Guo, Xinyan Ma, Chunyan Yu, Yongwu Zhou
    2026, 34 (7):  336-346.  doi: 10.16381/j.cnki.issn1003-207x.2024.1985
    Abstract ( 30 )   HTML ( 0 )   PDF (2626KB) ( 9 )   Save

    Under the “dual carbon” goal, Chinese enterprises have been carrying out green transformation and upgrading, and strengthening the sales of low-carbon products through both online and offline channels. However, the high investment in green transformation and the operating costs of dual channels often lead to financial difficulties for enterprises. At this time, the government’s low-carbon subsidies and combined financing have become important ways to solve the financial difficulties of supply chain enterprises. Supply chain emission reduction decision models are constructed for dual channel low-carbon supply chains with bilateral financing constraints, including “government subsidies+trade credit”, “government subsidies+trade credit+bank lending”, and “government subsidies+bilateral bank lending”. The optimal decision is solved and analyzed based on stackelberg game theory. The impact of government subsidy ratios, consumer low-carbon preferences, and initial capital scale of enterprises on the optimal decision-making, profits, and social welfare of various entities, and the preferences of various entities for different combination financing models under different market conditions are explored. The results indicate that under the no financial constraint mode and the “government subsidy+trade credit” financing combination mode, the emission reduction level of manufacturer is the same and higher than that under other modes. Under bilateral financial constraints, when a manufacturer provides trade credit to a retailer, the retailer may earn higher profits than it would without financial constraints. For the retailer, the highest profit is obtained under the financing combination model of “government subsidies+trade credit”, while the lowest profit is obtained under the financing combination model of “government subsidies+bilateral bank lending”. For the manufacturer, when the sensitivity to delayed payment wholesale prices is relatively low, he prefers to choose the “government subsidy+trade credit” financing combination model. Otherwise, he prefers to choose the “government subsidy+bilateral bank lending” financing combination model. For the overall social welfare of the government, under the model of no financial constraint and the combination financing model of “government subsidies+trade credit”, the level of overall social welfare is the same and reaches its maximum. Overall, it contributes to the existing literature in this study by comprehensively analyzing the emission reduction decisions and financing methods of dual channel low-carbon supply chains under government subsidies. It provides decision-making reference and theoretical basis for dual channel low-carbon supply chain managers with bilateral financial constraints to formulate corresponding pricing and emission reduction strategies for different combination financing models.

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    Optimization of Waste-to-Energy Technology Portfolios Under the Carbon Trading Mechanism
    Huanyue Chen, Junfei Hu, Sijun Bai
    2026, 34 (7):  347-358.  doi: 10.16381/j.cnki.issn1003-207x.2024.1357
    Abstract ( 3 )   HTML ( 0 )   PDF (1982KB) ( 1 )   Save

    The construction and operation of waste-to-energy technology represents an important direction for future sustainable development. For large-scale waste management enterprises, optimizing waste-to-energy technology portfolios is an effective strategy to achieve long-term returns and reduce investment risks. The China Certified Emission Reduction (CCER) mechanism provides carbon reduction benefits for registered waste-to-energy projects, but carbon price fluctuations and related policy changes introduce additional risks to portfolios. The options with robust portfolio optimization are combined to construct a waste-to-energy technology portfolio model applicable to carbon trading mechanisms, aiming to address the selection and capital allocation optimization problems for different waste-to-energy technologies (waste incineration, agricultural and forestry biomass, biogas power generation, etc.). The model can quantify the impact of parameter fluctuations in uncertain environments and improve the accuracy of investment return forecasts by evaluating the value of flexible decision-making. Compared with traditional portfolio models, the model proposed in this study is more suitable for investment decision optimization under conditions of high uncertainty. It focuses on analyzing the impact of carbon trading market changes on the investment portfolio, designs multiple investment scenarios based on different market and policy changes, and conducts empirical analysis using waste-to-energy projects in Shaanxi, China as a case study. The results indicate that changes in the carbon trading market have a significant impact on waste-to-energy technology portfolio. Waste incineration, due to its higher average returns, holds a dominant position in the portfolio. Agricultural and forestry biomass technology, due to the additional consideration of fuel price uncertainty, experiences a significant decrease in investment proportion when carbon price volatility increases. Lowering the carbon emission baseline weakens project profitability, while increasing carbon prices can substantially enhance portfolio value. Moderate increases in carbon price volatility can enhance portfolio value, but excessive volatility may prompt decision-makers to adopt more conservative strategies, limiting portfolio value growth.

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    The Government Compensation and Enterprise Investment of PPP Project in Agricultural Products Processing
    Xujin Pu, Yimiao Wang, Yining Zhou, Guanghua Han
    2026, 34 (7):  359-368.  doi: 10.16381/j.cnki.issn1003-207x.2022.1477
    Abstract ( 3 )   HTML ( 0 )   PDF (1140KB) ( 1 )   Save

    In recent years, China has introduced a series of policies to support agricultural product processing PPP projects (Public-Private-Partnership) and guide social capital to actively participate in agricultural product processing projects. Taking the traditional agricultural product processing project as a reference model a game model of agricultural product processing PPP project jointly participated in by the government, enterprises and cooperatives is constructed. Based on the study of the operation mechanism of the agricultural product processing PPP project, the influence of the cooperative’s risk aversion characteristics on the government compensation ratio, enterprise utility, cooperative utility and overall social welfare level in the agricultural product processing PPP project is analyzed. The main findings are as follows: (1) Compared with traditional agricultural product processing projects, all parties can achieve a win-win-win situation in agricultural product processing PPP projects. (2) When the cooperative is risk-neutral, the optimal compensation ratio of the government is always 1/3; when the cooperative is risk-averse, the optimal compensation ratio will increase, but will not more than 1/2. (3) Compared with the enterprise, the PPP project is more beneficial to the cooperative which is risk-neutral and less risk-averse. The research conclusions can provide decision-making reference for the government to better guide enterprises to participate in agricultural product processing PPP projects.

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