Table of Content

25 February 2025, Volume 33 Issue 2 Previous Issue   

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Measurement Model and Identification Method of Return on Equity Manipulation: Empirical Research Based on the Data of Chinese A-share Listed Companies Qingwen Sun, Yu Jin, Limei Zheng, Zihan Sun 2025, 33 (2):  1-15.  doi: 10.16381/j.cnki.issn1003-207x.2023.0794 Abstract ( 49 )   HTML ( 3 )   PDF (696KB) ( 26 )   Save Return on equity is an important financial indicator that reflects the profitability of an enterprise. In order to improve the firm value， get rid of external financing constraints， and meet the salary incentive conditions， listed companies often use a variety of means to manipulate the ROE. Since the performance results achieved by ROE manipulation are unsustainable and are likely to erode future operating results and then lead to a decline in firm value， if not effectively identified， it will disrupt the normal order of the capital market and infringe on the interests of investors and creditors. Therefore， the precise measurement of the extent of ROE manipulation and accurate identification of suspected samples are of great significance for investors to correctly assess the value of the company and for government departments to effectively supervise violations.After combing through the previous studies， it is not difficult to find that there is a lack of systematic research focusing on ROE manipulation. Further， there is no quantitative research on the degree of ROE manipulation. Besides， in the research on suspect sample identification， no identification method has been found that can effectively identify suspect samples and their manipulation methods. However， enterprises will consider the cost-effectiveness of each manipulation method and choose different combinations of methods for ROE manipulation. The economic consequences will vary greatly depending on the combinations. Given this， it will focus on the ROE indicator， construct an ROE measurement model， and a suspect sample identification method to provide new methods and clues for ROE manipulation behavior identification in this paper.Through literature research and mathematical analysis， an ROE manipulation measurement model is constructed starting by analyzing multiple manipulation methods affecting ROE. Firstly， the accrual earnings management， real earnings management， and cash dividend management measurement models are constructed respectively. Secondly， according to the ROE calculation formula stipulated by the CSRC， the impact of the three manipulation methods on the ROE is calculated in total， and the measurement model of the degree of ROE manipulation is constructed. Based on the measurement of the extent of ROE manipulation， the suspect samples and manipulation methods are identified. Firstly， the samples with a degree of manipulation of ROE greater than 0 are preliminarily defined as suspect samples. Secondly， the extent of manipulation of each method of the suspect samples is standardized to make samples in different scales and industries comparable. Thirdly， the quantile threshold adjustment method is used to determine the final suspect samples.The data of China's A-share listed companies from 2014 to 2019 as the research samples are selected to test the validity of the measurement model and identification method in the following four steps. Firstly， the identification ability test of each measurement model； Secondly， taking the real samples of earnings management disclosed by the CSRC as the standard to test the identification errors； Thirdly， a comparative analysis of identification error of measurement models and identification method； Fourthly， from the perspective of the economic consequences of ROE manipulation， the effectiveness of constructed models and identification method is further tested. The empirical research results show that the measurement models and the identification method constructed in this paper can effectively identify suspect samples with high recognition accuracy.The research in this paper is of great significance for maintaining the order of the capital market. The construction of the ROE manipulation measurement models and identification method is helpful for investors and creditors to better understand and use financial information， then restrain the ROE manipulation behavior of listed company managers driven by self-interest， and protect the interests of investors. Figures and Tables | References | Related Articles | Metrics

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The Step Behavior Recognition and Characteristic Analysis of Digital Money Market Wei Hou, Wenjing Guo 2025, 33 (2):  16-27.  doi: 10.16381/j.cnki.issn1003-207x.2022.0237 Abstract ( 30 )   HTML ( 1 )   PDF (1099KB) ( 6 )   Save Step behavior refers to the behavior of the signal transmission due to external shock， financial assets because of step-by-step supply and demand will also show step behavior， then the cryptocurrency market closely related to the financial market also has step behavior？ In this paper， the daily data of the ChaiNext5 index from January 2017 to May 2021 are selected to identify the step behavior of the digital money market by the pure lag step GARCH model， and the phenomenon of the anomaly of the class step signal in the digital money market is found. In the analysis of the behavior characteristics of step in digital money market， it is found that step behavior shows agglomeration， time variability and asymmetry， and the overlay effect of pulse response decreases gradually when positive and negative step behavior alternates. The causes of step behavior are explored from the impact perspective of “extraordinary” events， and “extraordinary” events are divided into five categories： politics， economy and technology to explore the response of five kinds of events to the digital money market. The results show that the digital money market is most sensitive to economic events， followed by political， technical， social and legal events， digital money market has strong digestion ability to media attention and social step behavior caused by investor herd behavior， poor digestion ability to the step behavior caused by cryptocurrency algorithm technology， and the strong positive pulse that China's strict regulatory policy intervention will produce in the lag period of digital money market. Regulation of the digital currency derivatives market will drive the digital money market to become more mature. Figures and Tables | References | Related Articles | Metrics

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Min-max Algorithm for Matching Credit Ratings with Loss Given Default Yang Lu, Baofeng Shi 2025, 33 (2):  28-37.  doi: 10.16381/j.cnki.issn1003-207x.2024.1777 Abstract ( 38 )   HTML ( 5 )   PDF (636KB) ( 20 )   Save Credit rating aims to distinguish lenders with different risk levels and provide a basis for bank loans. Nowadays， credit ratings are prone to problems such as ratings overrated and lacking differences. The fact that some high-credit-level enterprises default indicates a mismatch between credit ratings and credit risk. To solve this mismatch， loss given default （LGD） is used to measure credit risk and establish three criteria： 1.The credit ratings should match their average loss given default. 2. Minimize the loss given default for high-credit-level ratings. 3. Without increasing the loss given default， the ratings should contain as many loan customers as possible. Next， it is demonstrated that credit scores are closely related to credit ratings. Therefore， the research hypothesis is that the credit score used in credit rating is positively correlated to the borrower’s credit level. With the constraints of these three criteria， a novel min-max algorithm is developed to solve the mismatch problem. The uniqueness of the solution of the proposed algorithm is further proved. The computational complexity of the min-max algorithm as O（n2）is then derived. By mathematics induction， it is proved that criterion 2 and criterion 3 imply criterion 1， so this algorithm can theoretically make credit ratings consistent with credit risk. To test the proposed algorithm， it is compared with the other two credit rating methods using 2，017 small and medium enterprises （SMEs） loans and 2，044 farmer loans. The results indicate the proposed algorithm can match the credit ratings with loss given defaultwelland lower high credit levels’ loss given default. The proposed min-max algorithm may bring new ideas and perspectives for researchers and financial institutions on credit risk evaluation. Figures and Tables | References | Related Articles | Metrics

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A Study on Chinese Analyst Reports Validity: Specific Information and Limited Investor Attention Mengdi Ma, Shuo Li, Yutao Wang 2025, 33 (2):  38-49.  doi: 10.16381/j.cnki.issn1003-207x.2021.1412 Abstract ( 32 )   HTML ( 1 )   PDF (659KB) ( 15 )   Save Despite that Chinese financial analyst industry has grown rapidly in a short period of time， it still faces challenges by investors to the validity of analyst reports. One possible reason is that investors cannot effectively distinguish and understand the multiple types of information provided in analyst reports. There are two most important and commonly used types of information in analyst reports： earnings forecasts and stock recommendations， which have different implications for investors. While existing research mainly focuses on only one type of information， it attempts to take two types of information together and understand their differences from investors’ perspective through theoretical analysis and examination of the economic consequences of these two types of information in a unified framework. To be more specific， it looks into how investors react to analysts’earnings forecast revision and change in stock recommendation using data of A-share listed companies in China during 2006-2018.It is found that analysts' recommendation changes have greater information contents than their earnings forecast revisions. Analysts' earnings forecast revisions can provide incremental information beyond the recommendation changes. However， market reactions to earnings forecast revisions vary when directions of recommendation changes are different. In the short window， investors react more strongly to earnings forecast revisions when there is ‘bad news’ （downgrade in recommendation）. While， in the long window， investors react more strongly to earnings forecast revisions when there is ‘good news’ （upgrade in recommendation）. The above results have several implications： （1） investors pay more attention to the more understandable information （recommendation changes） between earnings forecast and recommendations due to their limited attention； （2） investors' market reactions to earnings forecast revisions change along with the direction of recommendation changes； （3） Limited investor attention behavior exists in the short term and is corrected in the long term.It contributes to existing literature by taking analyst earning forecast revision and change in stock recommendation in one unified framework. The findings of this paper facilitate a comprehensive understanding on the role of the two basic types of information provided in analysts' reports in Chinese capital market， to some extent respond to the concerns of investors on the validity of analysts’ reports， as well as help investors understand and use securities analysts' reports in a proper way. Figures and Tables | References | Related Articles | Metrics

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Research on the Spatiotemporal Dynamics and Convergence of the Coupling Coordination between Green Finance and High-quality Economic Development in China Li Shen, Haoyuan Zhang 2025, 33 (2):  50-60.  doi: 10.16381/j.cnki.issn1003-207x.2023.1724 Abstract ( 40 )   HTML ( 0 )   PDF (2008KB) ( 23 )   Save In the context of Chinese-style modernization， exploring the spatiotemporal dynamics of the coupling coordination between green finance and high-quality economic development is considered a prerequisite for achieving the goal of becoming a modernized strong country. In this study， coupling coordination models， Dagum Gini coefficient decomposition， Kernel density estimation， and β-convergence models are employed to measure the coupling coordination degree between green finance and high-quality economic development， thereby comprehensively revealing their spatiotemporal evolution and convergence characteristics. It has been found that the overall coupling coordination degree in China is relatively low， and the development level of green finance is significantly lagging behind that of high-quality economic development. Regional disparities are primarily attributed to super-variable density and intra-regional differences， although the gap between regions is gradually widening. Absolute β-convergence and conditional β-convergence phenomena are observed nationwide and across the three major regions， leading to a situation where overall convergence coexists with a “core-periphery” pattern. It is expected to contribute to the establishment of a collaborative interaction pattern between regional green finance and high-quality economic development， providing a reference basis and policy insights for achieving a green economic transformation. Figures and Tables | References | Related Articles | Metrics

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VaR Prediction Model Based on Time-varying Extremum Method and Its Application Shijia Song, Fei Tian, Handong Li 2025, 33 (2):  61-70.  doi: 10.16381/j.cnki.issn1003-207x.2022.1541 Abstract ( 27 )   HTML ( 1 )   PDF (833KB) ( 17 )   Save VaR is an important tool for risk management. This paper proposes a time-varying extreme VaR prediction model based on high frequency data， namely ARFIMA-RGARCH-DPOT-VAR model. Based on the basic mean-variance model， the model assumes that return fluctuations are affected by extreme values that obey generalized Pareto （GP） distributions， and GP dynamic parameters are driven by realized volatility measures. The model is modeled and estimated based on the two-step method. First， the ARFIMA-RGARCH model is used to model the return sequence and the standardized innovation is obtained. Secondly， the realized fluctuation measure predicted by RGARCH model is taken as the covariable， and the distribution parameters of POT with standardized innovation exceeding the threshold are estimated dynamically. On this basis， the prediction of VaR is realized. In the empirical analysis， the VaR prediction results of three major indexes in China's stock market and the USA’s stock market， namely Shanghai Composite Index， CSI 300 Index， Shenzhen Composite Index， S&P500 Index and Nasdaq Index show that the RGARCH-DPOT method proposed by us is more accurate than the standard RGARCH model and HEAVY model in predicting tail risks. Figures and Tables | References | Related Articles | Metrics

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Cost DEA Game and Cost Allocation Method Considering the Relative Competitiveness of Decision-making Units Yao Wen, Qingxian An, Yongli Li 2025, 33 (2):  71-83.  doi: 10.16381/j.cnki.issn1003-207x.2022.2113 Abstract ( 30 )   HTML ( 3 )   PDF (782KB) ( 22 )   Save Cooperation is one of the effective strategies for companies to reduce costs； and reasonable measurement and allocation of potential benefits are the key to successful cooperation. For partners with a competitive relationship， their relative competitiveness should not change due to cooperation. A cost DEA game is first built based on data envelopment analysis （DEA） and cooperative game theory， with the aim of quantitatively describing the cooperation between decision making units （DMUs）； then， for the cost allocation， an equal competitiveness method （ECM） is proposed to minimize the relative competitiveness changes of any two DMUs （i.e.， cooperative players） before and after cost allocation， which makes it possible to maintain relative competitiveness as much as possible. By using the row generation algorithm and lexicographic min-max approach， the cost allocation provided by ECM satisfies uniqueness， effectiveness， stability， symmetry， virtual players， and so on. Finally， taking 3 DMUs and 25 supermarkets as examples， comparing ECM with the core， Shapley value， and nucleolus， it is found that after cost allocation， ECM can best maintain the relative competitiveness of DMUs. It provides a reference for enterprises' managers to make the cooperation decisions， and cost allocation after cooperation in this research. Figures and Tables | References | Related Articles | Metrics

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Key Quality Factor Screening for Large-Scale Simulation Based on Unbalanced Sequential Design Lijun Liu, Yizhong Ma, Bengang Gong, Feng Wu, Lina Tang 2025, 33 (2):  84-94.  doi: 10.16381/j.cnki.issn1003-207x.2024.1184 Abstract ( 27 )   HTML ( 0 )   PDF (1210KB) ( 17 )   Save As system complexity increases， identifying key factors that significantly affect quality characteristics with minimal experimental cost becomes a critical step in quality improvement activities. However， challenges such as limited samples， economic constraints of experimentation， and the presence of unbalanced data necessitate the development of new factor screening methods. A large-scale factor screening approach based on unbalanced sequential design is introduced to address these issues.First， a first-order model that simultaneously considers both location and dispersion effects of factors is constructed. Integrating the fundamental assumptions and framework of sequential bifurcation （SB）， the SB-UB method is proposed to handle two types of unbalanced data. For the first type of unbalanced data， an improved Bradley-Blackwood test is introduced， while for the second type， a dual test combining F-test and Student’s t-test is proposed. Both methods aim to examine the significance of the location and dispersion effects of the factors. Monte Carlo simulation experiments demonstrate the effectiveness and robustness of the proposed SB-UB method for large-scale factor screening. By incorporating both location and dispersion effects， this approach enhances the accuracy of identifying critical quality factors while maintaining a low experimental cost.To validate the method， several simulation experiments， including large-scale simulation systems such as supply chain models， are presented. These systems often involve dozens or even hundreds of factors， far exceeding the capabilities of traditional factor screening methods， which are typically designed for problems involving fewer than 20 factors. The proposed method allows for effective screening even when unbalanced data， due to the use of multiple devices with differing computational capacities， impacts the quality of experimental results. The primary results of this research contribute to the field of quality improvement by providing a robust method to identify key factors under challenging conditions of unbalanced and large-scale data. The integration of advanced statistical testing techniques into the SB framework significantly improves the ability to detect both location and dispersion effects. Furthermore， a gap in the literature is filled by addressing the unbalanced data problem in factor screening， which has been largely overlooked in the field of simulation-based system analysis.In conclusion， the proposed SB-UB method not only advances the sequential bifurcation approach but also provides practical solutions for large-scale factor screening under unbalanced conditions， aiding engineers and researchers in making informed decisions about critical quality factors. The research findings are expected to have broad applications in areas such as supply chain management， service science， and various engineering fields. Figures and Tables | References | Related Articles | Metrics

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Graph Neural Network Recommendation System Adversarial Attack Method Based on Importance Maximization and Community Partition Yidong Chai, Haoxin Liu, Yuanchun Jiang, Yezheng Liu 2025, 33 (2):  95-104.  doi: 10.16381/j.cnki.issn1003-207x.2022.0170 Abstract ( 22 )   HTML ( 1 )   PDF (1155KB) ( 10 )   Save The security of recommendation system is a hot topic in society. Since adversarial attacks can evaluate and improve the adversarial robustness of recommendation systems， adversarial attacks of recommendation systems have become an important research issue. In view of the widespread use of graph convolutional neural network in recommendation system， we propose an adversarial attack method for graph neural network recommendation system. Based on the idea of structure perturbation， an optimization model is constructed for adversarial attacks. However， the optimization model is difficult to solve directly， so an indirect method based on importance maximization is proposed. On this basis， for the large-scale user-item heterogeneous graph， the attack strategy of community division is proposed， and the effect and efficiency of node importance assessment are improved by considering the community size. Experiments based on the real public dataset show that the proposed method has a better adversarial attack result， and can effectively avoid the existing defense strategy of recommendation system without changing the heterogeneous graph structure of user items. The proposed method provides an important basis for designing a more robust recommendation system. Figures and Tables | References | Related Articles | Metrics

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Enhancing Short-term Tourist Flow Forecasting and Evaluation Using an Improved Transformer Framework Xin Li, Xu Zhang, Lean Yu, Shouyang Wang 2025, 33 (2):  105-117.  doi: 10.16381/j.cnki.issn1003-207x.2023.1927 Abstract ( 46 )   HTML ( 0 )   PDF (1654KB) ( 26 )   Save Current research on tourism demand forecasting primarily focuses on data with annual， monthly， and daily frequencies， leaving a gap in the study of short-term， high-frequency passenger flow predictions. A framework for predicting the flow of visitors to tourist attractions is studied based on an improved Transformer model. By collecting data every 15 minutes from February to August 2023 on seven 5A-level tourist sites in Beijing， including the Summer Palace， the Forbidden City， and the Temple of Heaven， etc， the Informer， Autoformer， and Fedformer models—three Transformer-based deep learning models are enhanced—using the TPE optimization algorithm to conduct one-step and multi-step predictions of high-frequency passenger flows in Beijing's seven scenic areas. These are then evaluated against the precision of other deep learning models （DeepAR， TCN， LSTM）， machine learning models （GBRT）， and time series models （ARIMA） across various forecasting scenarios. The performance of these models is evaluated using Mean Squared Error （MSE）， Mean Absolute Error （MAE）， and Improvement Rate （IR） metrics， along with DM tests for statistical significance. The results reveal that the three modified Transformer models consistently outperformed alternative methods， particularly the Informer model， which demonstrated superior accuracy across multiple prediction horizons， ranging from one step （15 minutes ahead） to 48 steps （one day ahead）. In the one-step scenario， the Informer achieved an average improvement rate of 14%， escalating to 23% and 40% for four and eight steps， respectively， and maintaining a substantial advantage even at the 48-step horizon， with an average improvement rate of 30%. These findings underscore the significant practical implications of high-frequency data and enhanced Transformer models in improving operational efficiency， managing congestion， optimizing visitor experiences， and providing decision-making information for tourist destinations， thereby promoting sustainable destination development. Furthermore， the body of research on tourism demand analysis and prediction models grounded is enriched in deep learning frameworks， thereby furnishing theoretical underpinnings and practical references instrumental to the advancement of theories and methodologies in tourism demand forecasting. Figures and Tables | References | Related Articles | Metrics

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Container Liner Disruption Recovery Based on Redundancy Elimination Time-band Network Yuzhen Hu, Jianxia Liu 2025, 33 (2):  118-130.  doi: 10.16381/j.cnki.issn1003-207x.2023.1943 Abstract ( 33 )   HTML ( 1 )   PDF (1449KB) ( 9 )   Save The resilience of maritime supply chain guarantees the transportation efficiency of the global industry and supply chain. The uncertainty factor of shipping makes container liner transportation often delayed， which not only causes the increase of economic cost in transportation but seriously affects the smooth operation of the maritime supply chain. In order to reduce the total cost of the disruption recovery process and improve the supply chain resilience of container liner transportation， it focuses on the liner disruption recovery problem and considers the difference in the demand for container loading and unloading in different ports， innovatively propose a time-band network model， and designs two targeted network redundancy elimination strategies in this paper. Through numerical simulation of an actual container liner route， the model's validity is verified， and the effect of the redundancy elimination strategies is analyzed. The analysis results show that the disruption recovery scheme considering the difference in the demand of container loading and unloading in different ports can further reduce the propagation of disruption effects， reduce the total cost by at least 16%， and significantly reduce the number of containers affected by disruption at higher levels. At the same time， the disruption recovery model based on the redundancy elimination time-band network enables more efficient acquisition of lower-cost disruption recovery solutions. The research results can provide decision support for the maritime container liner transportation industry to recover from disruption， reduce the degree of delay and transportation cost after the disruption， and improve the resilience of the container liner transportation supply chain. Figures and Tables | References | Related Articles | Metrics

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Research on Distributed Robust Optimization Scheme of Emergency Blood Supply Network Configuration Based on Data Driven Ling Zhang, Jinpeng Li, Shengqun Chen 2025, 33 (2):  131-140.  doi: 10.16381/j.cnki.issn1003-207x.2022.0198 Abstract ( 29 )   HTML ( 2 )   PDF (2155KB) ( 42 )   Save After the earthquake and other emergencies， emergency medical resources such as blood are needed for the treatment of the wounded. Reasonable blood supply and allocation is the premise and guarantee of medical treatment. In the configuration of blood supply network， it should not only improve the daily blood supply efficiency and avoid excessive blood collection， but also considers the impact of post disaster emergencies to reduce casualties caused by insufficient blood supply in this study. In order to minimize the pre-disaster operation cost and ensure the smooth progress of post disaster safety rescue， considering the two different blood demand characteristics before and after the disaster， a multi cycle distributed robust optimization model of emergency blood supply network and configuration based on data-driven is established. With the historical data of the needs of past disasters， the blood needs are expressed in emergencies in the form of fuzzy sets， and the data-driven Rsome robust optimization third-party library in Python are used to solve the model. Finally， through the actual case analysis， the applicability of the decision-making model is verified， which shows that the model can provide decision support for decision-makers in the process of considering the emergency blood supply network and configuration of emergencies. Figures and Tables | References | Related Articles | Metrics

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The Location of Post-harvest Grain Service Centers Considering Two Service Capabilities and Benders Decomposition Algorithm Ziqing Zhang, Lin Wang, Sirui Wang, Jinlong Zhang 2025, 33 (2):  141-149.  doi: 10.16381/j.cnki.issn1003-207x.2022.0939 Abstract ( 29 )   HTML ( 1 )   PDF (1037KB) ( 14 )   Save Food security bears on the national economy and the people's livelihood， and is an important foundation for national security. The construction of thepost-harvest grain service center is a powerful means to reduce post-harvest grain loss， which is of great significance to guarantee national food security.In this paper， the location problem of post-harvest grain service centers is studied. Based on the reality and the emphasis of this study， the following assumptions are made： （a）The post-harvest grain service center has two kinds of service capabilities， i.e.， cleaning&drying and storage； （b）All raw grain should be transported from the producing area to the service centers for “cleaning&drying” first， while the following "storage" service is optional， and the grain that does not receive “storage” service needs to be transported back to its origin； （c）Transportation of grain between service centers is not considered； （d）Grain yields obey some normal distribution. Before grain yieldsare determined， the following decisions should be made： （a） The number， location， and scale of service centers to be built； （b）The allocation of two service capabilities in each service center. After grain yields have been determined， grain logistics decisions between the producing areas and the service centers need to be made.Considering the two-stage decision characteristic and the assumption of the randomness of grain yields， a two-stage stochastic programming model is established to represent this problem. Based on the structural characteristics of the model， the Benders decomposition algorithm（BD） is used to solve it. Moreover， the multi-cut method， two sets of valid inequalities， and a lower bound lifting strategy are applied to accelerate the algorithm.In the test on random instances， the effectiveness of the algorithm acceleration methods and the advantages of the accelerated BD compared with the general solver Gurobi in solution accuracy are first verified. Then， the value of the stochastic solution （VSS） is calculated and it is obtained that the stochastic solutions considering the randomness of grain yields can bring an average cost saving of 0.8% compared with the deterministic solutions. In the real case study， based on the grain yield data of 84 county-level regions in Hubei Province， the optimal geographical distribution， construction scale， and capacity allocation scheme of grain post-production service centers in Hubei Province are obtained using the proposed model and algorithm， which verifies the model and algorithm for real problems.This is the first study on the location problem of post-harvest grain service centers. It enriches the existing literature onthe location-allocation problem by considering the capacity allocation decision in the model. The model is widely applicable to location problems of centers with multiple capabilities. Figures and Tables | References | Related Articles | Metrics

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Optimal Decision-Making for Dispatching Emergency Supplies for Natural Disasters in Mountainous Areas Based on Truck-Drone Collaboration Keyi Zhang, Yong Shi, Haixiang Guo, Yongzheng Sun 2025, 33 (2):  150-160.  doi: 10.16381/j.cnki.issn1003-207x.2023.1278 Abstract ( 49 )   HTML ( 2 )   PDF (1221KB) ( 36 )   Save Emergency material dispatch is a key link in post-disaster emergency response， and its dispatch efficiency directly affects the rescue effect. Sudden natural disasters are often accompanied by road damage， which seriously restricts the transportation of emergency supplies. In emergency material dispatch， trucks have large carrying capacity and long driving distances. drones do not depend on ground road conditions but are subject to battery and load constraints. The collaboration of the two can achieve complementary advantages. In order to improve the dispatching efficiency of emergency supplies， the post-disaster emergency supplies dispatching strategy of truck-drone collaboration is studied. Taking the shortest time for trucks and drones to complete all material transportation and return to the distribution center as the objective； considering the load and mileage constraints of trucks and drones， road damage and road congestion restrictions， a mixed integer programming model is established. Since the proposed model is an NP-hard problem and combines the advantages of genetic algorithm and dynamic programming algorithm， a new hybrid algorithm （hybrid method based on genetic algorithm and dynamic programming， HGADP） is proposed. Three different scale calculation examples of small， medium and large are designed for the proposed management problem scenario. By comparing the algorithm proposed in this paper with the Gurobi solver and the algorithm proposed in the previous study， the effectiveness of the algorithm proposed in this paper is verified. Through analysis of the calculation example results， it is found that compared with the traditional vehicle transportation model， the truck-drone collaborative transportation model proposed in this article can significantly save material transportation time. Finally， a sensitivity analysis on the drone load capacity and cruising range is conducted， and the impact of parameter changes on the efficiency of emergency material dispatching is analyzed. The emergency material dispatching strategy and is expanded a decision-making basis for emergency material dispatching decisions of emergency management departments is provided in this study. Figures and Tables | References | Related Articles | Metrics

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The Vulnerability of Cluster Supply Chain Networks Based on Deliberate Node Attack Hang Yin, Jishan Hou, Yue Qi 2025, 33 (2):  161-171.  doi: 10.16381/j.cnki.issn1003-207x.2022.2358 Abstract ( 23 )   HTML ( 2 )   PDF (2464KB) ( 4 )   Save Based on complex network theory and cascading failure theory， a cascading failure model appropriate for cluster supply chain networks is proposed from the initial node load， node minimum capacity boundary， node failure probability， and “underload and overload” failure mechanism. The proposed model is aimed to understand the chain reaction process of risk propagation in clustered supply chain networks under deliberate attacks on node enterprises. Then numerical simulation is used to analyze the chain reaction process of cascading failure in cluster supply chain networks under deliberate node attack. It is found that the competitive ties between horizontal peer firms as well as the degree of cooperation between upstream and downstream enterprises affect the durability of clustered supply chain networks. To increase the resilience of cluster supply chain networks， these factors—strategic flexibility， external dependence， and competitiveness among horizontal firms—must be taken into consideration. Not only a new area is established for cluster supply chain network research， but also fresh perspectives on the sustainable growth of industrial clusters are offered from the perspective of complex networks. Figures and Tables | References | Related Articles | Metrics

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Research on Emergency Material Supply Strategy with Two Ordering Opportunities Yijing Cao, Jun Tian, Yang Liu, Gengzhong Feng 2025, 33 (2):  172-183.  doi: 10.16381/j.cnki.issn1003-207x.2022.0178 Abstract ( 40 )   HTML ( 2 )   PDF (1037KB) ( 34 )   Save The close cooperation between government and enterprise is crucial to ensure the timely supply and rapid delivery of emergency supplies. In order to ensure the effective supply of spot supplies after the disaster and improve the government's ability to guarantee emergency supplies， emergency supplies procurement is studied with second order opportunities， and a two-stage government-enterprise cooperation model is constructed before and after the emergencies. Before the disaster， the government and enterprises use decision-making games to determine the optimal government prepayment ratio and enterprise reserves； after the disaster， considering that the commercial inventory of agreement enterprise is used as an emergency supplement to the demand beyond the initial reserve， two parties determine the optimal government pre-subsidy coefficient and the enterprise's commercial inventory ratio during the second order process. In addition， numerical examples and sensitivity analysis are used to verify the effectiveness of the model. Furthermore， the advantages of emergency supplies procurement are also explored with second order， and the impact of different system parameters on the decision-making of both parties is analyzed.Finally，some practical management implications for government procurement and enterprise reserve are proposed. Figures and Tables | References | Related Articles | Metrics

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Research on Platform Supervision and Merchant Incentive Strategies for Unattended Food Delivery Orders Tian Tian, Huijing Yuan, Jiafu Tang, Yuxue Liu 2025, 33 (2):  184-194.  doi: 10.16381/j.cnki.issn1003-207x.2024.1578 Abstract ( 40 )   HTML ( 3 )   PDF (857KB) ( 14 )   Save The problem of unattended delivery orders in O2O food delivery services is caused by unreasonable allocation of crowd-sourcing riders，but its essence is the revenue distribution mechanism（i.e.catering merchant incentive strategy）issue and delivery platform supervision issue.In this article，it focuses on two platform charging modes and two platform supervision methods，platform supervision effort，merchant cash incentive and rider delivering effort are considered，four tripartite game models are built whose players are the same，including the delivery platform，the catering merchant and the crowd-sourcing riders，and Nash equilibrium is solved to get the optimal decisions and profit.It is found that：（1）After introducing platform supervision and merchant cash incentive，the number of orders the riders accept and the riders’profit are both improved.（2）If the merchant chooses to provide incentives，all gross profit of the product will be used as incentive.When the product’s gross profit does not exceed 2/3 of the product’s price，platform supervision and merchant incentives may bring additional profits to the merchant.（3）Rider delivering effort is related to platform charging modes. Figures and Tables | References | Related Articles | Metrics

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Cost Allocation Strategy of Joint Procurement with Level Coalition Structures and Uncertain Demand Jie Yang, Xin Zhang, Dengfeng Li 2025, 33 (2):  195-206.  doi: 10.16381/j.cnki.issn1003-207x.2022.1858 Abstract ( 33 )   HTML ( 2 )   PDF (776KB) ( 9 )   Save In the procurement of real economic activities， enterprises tend to jointly purchase with other purchasers to reduce procurement costs. When the coalition continues to expand， a larger coalition will be formed， and the coalition structure level is reflected in this formation process. For joint procurement alliances with level coalition structure， the cost allocation problem of such joint procurement is studied with consider the uncertainty of demand in actual procurement， to provide theoretical basis and method support for the selection of joint procurement strategies among players （relationship）. In order to solve the problem of joint procurement cost allocation with level coalition structures and uncertain demand， the interval \tau-value allocation solution of cooperative game with coalition structure is defined， which can be expressed as {\tau }_i(\overline{v}) =[m_i+{\alpha }^{-}(M_i^{-}(v)-m_i),m_i+{\alpha }^{+}(M_i^{+}(v)-m_i)]. The specific construction process as follows： （1） Firstly， the interval-value is adopted to describe the fuzziness of demand， and the condition of union monotonicity is defined， namely v^{+}(S)-v^{-}(S)\ge v^{+}(S\backslash i)-v^{-}(S\backslash i). This method to perform interval subtraction can effectively avoid the problem of fuzzy number inversion. （2） Secondly， the condition of union monotonicity is introduced into the classical level coalition structure cooperative game model， and the definition of the interval-value cooperative game of the level coalition structure is given. （3） Then， this game model is introduced into classical cooperative game \tau-value model to construct the cooperative game \tau-value model of the interval-value with the coalition structure. （4） In addition， the axiomatic of individual rationality and overall effectiveness are proved of this model. （5） Lastly， in order to prove the effectiveness and practicality of the model， the method is applied to the real case of "Beijing-Tianjin-Hebei + Shandong" joint procurement of COVID-19 reagents. The conclusions of this paper are drawn： （1） Compared with real number research， fuzzy number research is more scientific and accurate. （2） The level coalition structure has a significant impact on the cost allocation strategy of joint procurement， that is， when the purchase quantity is the same， the closer the alliance is， the more cost will be saved by joint procurement. Therefore， members can increase their bargaining power by becoming key players to save more procurement costs. Figures and Tables | References | Related Articles | Metrics

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Product Line Pricing Strategy Considering Experience Service and Customer Behavior Wei Qi, Ziwei Li, Xinggang Luo 2025, 33 (2):  207-220.  doi: 10.16381/j.cnki.issn1003-207x.2022.2769 Abstract ( 39 )   HTML ( 2 )   PDF (1773KB) ( 26 )   Save In the face of increasingly fierce competition in the manufacturing industry and the rapid growth of the ‘service economy’， an urgent challenge in modern product development has arisen： the personalized needs of customers throughout the product life cycle need to be addressed. Critical issues include the design of products and the provision of excellent value-added services.In this paper， factors such as product quality， customer perception of the product， service level， and waiting time for the experience service are considered in the context of a product line with experiential services. The optimal pricing strategy of the product line is studied based on the MNL model under three different strategies， including not providing experience service， providing free experience service， and providing paid experience service. The optimal market share， pricing， and maximum profit are then obtained.First of all， when an experience service strategy is not provided by an enterprise， the influence of some factors， such as product quality and customer’s perception of the product on customer’s choice behavior， is taken into consideration. Under reasonable assumptions， it is demonstrated that the profit function is concave with respect to market share， allowing for the derivation of optimal market share， optimal product price， and maximum profit. It is also observed that considerations for pricing decisions should include product quality， customer’s product perception， product cost， and sensitivity coefficients for product price， product quality， and product perception.Secondly， when a free experience service strategy is provided by the enterprise， the optimal market share， optimal product price， and maximum profit under the enterprise profit maximization problem are obtained by considering the influence of various factors on customer’s choice behavior and demonstrating that the profit function is concave with respect to market share through reasonable assumptions. It is also noted that in making pricing decisions， considerations should encompass not only product quality， customer’s product perception， product cost， and sensitivity coefficients for product price， product quality， and product perception but also service level， customer waiting time， product service sensitivity coefficient， and sensitivity coefficient of customer waiting time.Thirdly， when a paid experience service strategy is offered by an enterprise， the profit function remains concave with respect to market share under reasonable assumptions， and the optimal market share， optimal product price， and maximum profit can be directly derived. It is also observed that in making pricing decisions， considerations need to be given to factors such as the cost of the service， the price sensitivity coefficient of the product service， the ratio of the service price to the product price， and the proportion of people who experience the paid service and purchase the product compared to those who purchase the service， in addition to the influence of each factor when a free service strategy is offered.Finally， the influence mechanism of different parameters on the optimal decision of the enterprise is investigated through numerical experiments. It is found that： （1） Regardless of the service strategy chosen by the enterprise， the optimal market share， product price， and profit increase with an increase in product quality； （2） When experience service is provided by an enterprise， the market share， product price， and profit increase with the increase of experience service rate and service sensitivity coefficient； however， with the increase of enterprise service level， the market share and profit initially increase and then decrease， and the service price increases； （3） On the premise that customers’product perception sensitivity coefficients and service sensitivity coefficients actually exist， they are crucial to an enterprise’s product line pricing decisions， and if the setting of these parameters is ignored， the enterprise will suffer certain losses. Considering product perception sensitivity coefficient and service sensitivity coefficient is necessary when studying enterprises’strategies of not providing experience services， providing free experience services， and providing paid experience services， respectively.At the same time， when developing product lines with a service nature， consideration is given in this study to how some factors， such as experience services， customers’service perceptions， and customers’perceptions of products， impact customers’choice behavior， and ultimately， how the pricing of product lines and the strategy choice of services are affected. Meanwhile， certain reference bases and management suggestions for product line pricing decisions and service strategy choices of enterprises are provided by this paper. Figures and Tables | References | Related Articles | Metrics

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Optimal Patent Licensing and Production Strategies under Market Encroachment Liang Jin, He Huang, He Li, Wei Wang 2025, 33 (2):  221-231.  doi: 10.16381/j.cnki.issn1003-207x.2021.1111 Abstract ( 29 )   HTML ( 1 )   PDF (762KB) ( 11 )   Save In recent decades， with the in-depth development of technological progress and economic globalization， intellectual property has become the driving force for the development of various countries. Strengthening intellectual property protection helps to promote sustainable and healthy economic and social development， and patent licensing is the key to intellectual property protection. However， unreasonable licensing strategies can also lead to patent infringement disputes. Moreover， in the process of enterprise operation， it is often necessary to face the market competition of competitors， which further increases the complexity of the enterprise decision-making process. In this context， the following three questions are studied： a） How should foreign company choose the optimal patent licensing strategy？ b） What impact do different patent licensing strategies have on the production decisions and profits of domestic companies？ c） How does market encroachment affect the equilibrium of the system？In this paper， considering a monopolistic market composed of foreign company and two competing domestic companies， the optimal patent licensing and production strategies in the presence of market encroachment are investigated. Two three-stage dynamic game model are established under different patent licensing strategies， respectively. The main work includes three parts. At first， optimal licensing strategies are proposed and the optimal production decision is analyzed through solving the model， respectively. Second， the optimal patent licensing strategy choices of foreign company and the impact of different patent licensing strategies on the system equilibrium are analyzed. And to address the value of licensing strategies， the difference in profit share of companies under different types of licensing strategies is compared. Third， the effects of market encroachment on system equilibrium are investigated.The results show that， in the transnational technology licensing cooperation， differentiated royalties strategy is the best choice for foreign company， that is， to strategically choose different royalties for competitive domestic companies. At this time， foreign companies can occupy a higher profit share than domestic companies. This conclusion is one of the main innovations of this paper， which verifies the practice of multinational patent licensing in reality. Moreover， the impact of market encroachment on the optimal decision-making of foreign company， and domestic companies depends on the degree of market competition， and the impact on the profits of foreign company and domestic companies is also affected by patent licensing strategies. In addition， consumers have more product purchasing choices under the market encroachment， which is conducive to improving consumer welfare. Finally， from the perspective of cross-border competition and cooperation， since foreign enterprises can obtain positive externalities from the market competition of domestic enterprises， foreign enterprises should also grant patents to as many domestic enterprises as possible， and obtain excess returns by intensifying domestic market competition.In summary， under the trend of economic globalization， a reasonable and effective transnational licensing mechanism is crucial. The theoretical analysis results obtained in this paper can provide a theoretical basis and reference for the practice of transnational patent licensing. Figures and Tables | References | Related Articles | Metrics

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Scarce Price and Demand Data Driven Risk-averse Newsvendor Decisions Mengdie Zhao, Changjun Wang, Saiyu Zhou 2025, 33 (2):  232-241.  doi: 10.16381/j.cnki.issn1003-207x.2020.2458 Abstract ( 26 )   HTML ( 1 )   PDF (1027KB) ( 4 )   Save The decision-making of single-period optimal ordering quantity under uncertain setting is a critical issue which has been widely applied. The classic newsvendor model considers uncertain demand that follows an available demand distribution， to optimize the expected benefit or cost. However， not only demand， but also price， are uncertain in practice. Because of the rapidly changing market conditions and shorter product life cycles， demand and price fluctuations becomes more significant. Thus， the data that decisions require is scarce in such setting. Therefore， the scarce-data-driven newsvendor problem under two random variables， i.e.， price and demand， is studied here. Both the data scarcity and the risk attitude of decision makers are taken into account.The Conditional Value-at-Risk （CVaR） criteria is adopted to capture the risk tolerance， and two scarce-data-driven robust newsvendor models are proposed. The first model， namely the robust-Copula model， is developed by considering possible Copula functions. The tractable linear programming equivalence is developed by discretizing the proposed model. The second one is a moment-based distributionally robust model which is based on the ambiguity set under the given mean and variance. The equivalent semi-definite programming is reformulated by dualization.A simulation experiment is performed and the two robust models are compared with the classic Copula-CVaR model. The results show that， as the decision maker’s risk tolerance decreases， the optimal ordering quantity of all three models decreases. Under the same risk tolerance， the optimal ordering quantity given by the distributionally robust model is the most conservative. Moreover， to simulate future markets， three sets of out-of-sample are generated by using Normal， Gamma and Uniform distributions， and an out-of-sample test is conducted. It is found that the two robust models perform better than the Copula-CVaR model in terms of market performance. To be specific， when the decision maker’s risk tolerance is high， the distributionally robust model can generate the better objective value. In other setting， the robust Copula model is better. It is also shown that the distributionally robust model can generate the smallest deviation between the objective values under the in-sample and out-of-sample.The above results reveal the following managerial insights. At first， decision makers with lower risk tolerance would make smaller ordering quantities because of the rise in risk aversion. The more possibilities of future market are taken into account， the less ordering quantities would be made. Second， when decision makers can forecast the future market conditions， a ‘bolder’ decision can be made. However， in the setting of data scarcity， decision makers should have the bottom-line thinking. Specifically， when they have a relatively bigger risk tolerance， the decisions can be made by considering typical market possibilities. Instead， when the risk tolerance is smaller， more market possibilities should be taken into account. Finally， if the conditions of future markets are unknown， it is suggested that more possible market should be considered within the decision-making. It can help to estimate the performance in thefuture market better. Figures and Tables | References | Related Articles | Metrics

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The Impact of Consumer Expected Regret on the Low-carbon Strategy Choices of Enterprises Yi Ye, Qiang Guo, Jiajia Nie 2025, 33 (2):  242-247.  doi: 10.16381/j.cnki.issn1003-207x.2021.0940 Abstract ( 30 )   HTML ( 1 )   PDF (741KB) ( 10 )   Save Considering the factors of consumer expected regret， the low-carbon strategies of two companies in a competitive market when selling differentiated products are investigated. By constructing game models under four different strategies， the changes in market equilibrium strategies with and without expected regret， and the impact of expected regret on equilibrium solutions are analyzed. The results indicate that when consumers have a higher probability of obtaining additional utility from different attributes of the product， both parties tend to adopt low-carbon product strategies. However， this may lead to a prisoner's dilemma for both companies， and expected regret factors promotes companies to choose low-carbon product strategies， increasing the likelihood of companies falling into a prisoner's dilemma. In addition， when companies adopt low-carbon strategies， the impact of expected regret factors depends on the probability of consumers obtaining additional utility from different attributes of the product. When the probability is low， expected regret factors has a negative impact on the company's profits， and vice versa has a positive impact. Figures and Tables | References | Related Articles | Metrics

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Research on Product Improvement and Pricing Strategy of Competitive Manufacturers Considering Online Reviews and New Customer Coupons Daoping Wang, Yu Zhou, Hanxi Dong 2025, 33 (2):  248-261.  doi: 10.16381/j.cnki.issn1003-207x.2021.2408 Abstract ( 33 )   HTML ( 0 )   PDF (1606KB) ( 17 )   Save The improvement of the product comment module in the e-commerce platform helps thetwo-stagesalesproducts to be comprehensively perceived by consumers in the second stage，a manufacturer who wants to attract more new consumers while maintaining original consumer needs to implement a marketing campaign to improve its competitiveness.As a common marketing campaign for new products or replacement products， whether new customer coupons can effectively improve the market share and profits of manufacturers under the background that consumers increasingly pay attention to online commentsand the transparency of product quality has been improved， and what impact it has on manufacturers' decision-making， market competition and consumer surplus will be the focus of this paper.Consider that two competitive manufacturers M1 and M2 launch product 1 and product 2 respectively， their sell products in two stages simultaneously on the e-commerce platform. In the first stage， both manufacturers sell original products. In the second stage， one manufacturer will improve the quality of productaccording to online comments， and two manufacturers will decide whether to provide new customer coupons.It is assumed that consumers' valuation of product quality consists of objective quality and experience quality. At the end of the first stage， consumers who buy products will evaluate the quality of product experience according to their own utility function.At the beginning of the second stage， consumers know the experience quality of products they have purchased， and for products that have not been purchased， they will estimate the experience quality based on online comments. When the manufacturer provides new customer coupons， consumers who have not purchased his products in the first stage will get price concessions. Then， consumers make purchase decisions according to their expected utility function.The two manufacturers make corresponding decisions in the two ways of exogenous and endogenous product quality improvement levels by constructing profit function model， andanalyzing the change rules of decision variables and profits of two manufacturers under different new customer coupons strategies.Relevant conclusions and numerical analysis results show that when the proportion of informed consumers is relatively high， the demand and price of products in the second stage will decrease with the increase of consumers' preference for positive comments.The improvement of consumers' preference for positive comments will increase consumers' surplus.When the price sensitivity coefficient of consumers is lowand the manufacturer provides new customer coupons alone， the price of products will always be higher than that in other cases. When the price sensitivity coefficient of consumers is high and the quality improvement level is endogenous， the profit change of the manufacturer who does not improve the product is affected by the quality improvement cost coefficient of the manufacturer who improves product. The relationship between the amount of new customer coupons of the two manufacturers will affect the change in their profit advantage.In addition， the impact of new customer coupons on consumer surplus is also considered. The research conclusions provide some reference for the merchants who plan to provide new customer coupons. Figures and Tables | References | Related Articles | Metrics

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Research on Pricing and Coordination of Fresh Agricultural Product Supply Chain Considering the Smart Agriculture Technology under Different Power Structures Shuai Zhao, Xiaoning Cao, Wenli Li 2025, 33 (2):  262-278.  doi: 10.16381/j.cnki.issn1003-207x.2024.1149 Abstract ( 38 )   HTML ( 1 )   PDF (1483KB) ( 14 )   Save Smart agriculture technology offers significant benefits， including the loss-reduction effect and premium effect of fresh agricultural products. However， supply chain members often hold differing views on its implementation under varying power structures—supplier dominance， equal power， and retailer dominance. It is a problem for scholars to study the pricing and coordination of fresh agricultural product supply chains under different power structures considering whether to apply smart agriculture technology. Specifically， the following key questions are addressed： （1） How do the characteristics of fresh agricultural products， such as quantity loss and freshness decay， affect the sales price， sales quantity， and profit of the supply chain？ （2） How do the loss-reduction effect and premium effect affect the decision to apply smart agriculture technologies in the fresh agricultural product supply chain？ What are the critical factors guiding these decisions， and how can coordination contracts be designed to effectively promote the adoption of these technologies？ （3） In what ways do different power structures affect sales prices， sales quantities， and overall profits in the supply chain？It focuses on the fresh agricultural product supply chain consisting of one supplier and one retailer in this research， analyzing the dynamics based on differing power structures. It is considered that the fresh agricultural products demand is linked to both product freshness and sales price. By considering the impact of smart agriculture technology on the loss-reduction effect and premium effect， a centralized decision-making model and decentralized decision-making models （i.e. a Supplier-led Stackelberg game， a Vertical Nash game， and a Retailer-led Stackelberg game） are developed. Comparing the centralized and the decentralized decision-making equilibrium results， the existence of double marginalization in the supply chain is found. To mitigate the double marginalization and encourage the adoption of smart agriculture technology， cost-sharing contracts， two-part pricing contracts， and profit-sharing contracts are proposed under different power structures. Finally， two extended cases are built to verify the robustness of the above models.The results reveal that （1） In a decentralized decision-making model without smart agriculture technology， equilibrium profits for the supplier and retailer positively correlate with freshness but negatively correlate with the circulation time. Leaders are more motivated than followers to shorten circulation time， reduce quantity losses， and enhance freshness. With the implementation of smart agriculture technology， both the supplier and retailer can synchronously benefit. The decision on whether to adopt smart agriculture technology in the supply chain hinges on the loss-reduction effect， premium effect， and tag cost. Higher tag costs increase the challenges of technology implementation， with the premium effect being more critical than the loss reduction effect for driving technology adoption. （2） Not all contracts can effectively drive the adoption of smart agriculture technology. Only the two-part tariff contract （profit-sharing contract） that boosts profits and derives the synchronous application by the supplier and retailer， creating "excess momentum"， can effectively promote the application of smart agriculture technology. （3） Leaders wield pricing authority and obtain the highest profits. Under a decentralized decision-making model， a supply chain system with equal power can achieve the maximum profit. Notably， under a centralized decision-making model， the power structure has little impact on the equilibrium profit of the supply chain.These findings provide theoretical basis and decision support for addressing the pricing and coordination issues of fresh agricultural product supply chains considering smart agriculture technology under different power structures. Figures and Tables | References | Related Articles | Metrics

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Pricing Decision of Closed-loop Supply Chain for Power Battery Recycling Considering Consumer Heterogeneity Xiaobing Li, Yujun Wang, Wei Jiang 2025, 33 (2):  279-291.  doi: 10.16381/j.cnki.issn1003-207x.2024.1711 Abstract ( 36 )   HTML ( 1 )   PDF (1736KB) ( 10 )   Save As the core component of electric vehicles， power batteries have a service life of 5 to 8 years. In the next few years， a large number of retired power batteries will flood into the recycling market. Considering the potential utilization value of retired power batteries， their effective recycling is an urgent problem to be solved. From the perspective of closed-loop supply chain， consumer heterogeneity and the recycling process of retired batteries are considered， and a recycling closed-loop supply chain game model is constructed under different alliance modes of manufacturers. In the case of secondary utilization of used batteries by manufacturers and recyclers respectively， the impact of different alliance strategies of manufacturers on the benefits of the supply chain system is analyzed， the optimal pricing decision of supply chain members is determined， and the impact of cost and secondary utilization related factors on the equilibrium results is discussed. The results show that： （1） the alliance between manufacturers and retailers promotes the production and sales of new batteries， while the alliance with collectors promotes the recycling of used batteries； （2） the centralized supply chain system has the highest benefits， while the decentralized one has the lowest benefits. In addition， manufacturers’choice of alliance with retailers or recyclers is affected by the factors of cost and secondary utilization， and the cost factors is more significant；（3） different entities for the secondary utilization of used batteries will not change the benefits of the supply chain system， but the transfer payment will be reduced when collectors carry out secondary utilization. This study provides a reference for the development of recycling strategies for power batteries. Figures and Tables | References | Related Articles | Metrics

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Manufacturer's Dual Channel Supply Chain Financing Strategy Considering Capital Constraints Zhan Bian, Hongyan Zhang 2025, 33 (2):  292-299.  doi: 10.16381/j.cnki.issn1003-207x.2022.1699 Abstract ( 26 )   HTML ( 0 )   PDF (697KB) ( 7 )   Save With the promotion and popularization of e-commerce and online retail， third-party platforms not only exist as direct sales channels for manufacturers， but also play the role of providing financing loans for upstream manufacturers with financial constraints. To explore how financial constrained manufacturers can make optimal decisions to maximize their profits when facing three financing strategy choices （bank financing， retailer financing， and third-party platform financing）. A model is constructed in which financially constrained manufacturers sell products through retailers and third-party platforms， and borrow from banks， retailers， and third-party platforms to explore the financing strategy choices of manufacturers in two decision-making scenarios （centralized and decentralized）. Research has shown that under centralized decision-making， third-party platform financing strategies always outperform bank financing strategies； Under the condition of equal financing interest rates， if the initial funding level enables both financing strategies to be chosen， third-party platform financing strategies can more effectively solve the problem of funding constraints than bank financing strategies. Under decentralized decision-making， as channel competition intensifies， revenue sharing rates or production costs decrease， or initial capital increases， manufacturers tend to choose retail financing strategies； Under the condition of equal financing interest rates， if the initial funding level enables all three financing strategies to be selected， the retailer’s financing strategy can more effectively solve the manufacturer's financial constraints compared to the other two financing strategies. Finally， the conclusion is further verified by numerical experiments. The research on the financing strategy decisions of manufacturers under financial constraints is further expanded by considering multiple perspectives and factors， which has some foreshadowing significance. Figures and Tables | References | Related Articles | Metrics

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Research on Dynamic Emission Reduction of Vertical Cooperation in Dual-channel Supply Chain under Carbon Cap and Trade Policy Jing Chen, Canhong Zhao, Ge Gao, Zhigang Zhao 2025, 33 (2):  300-307.  doi: 10.16381/j.cnki.issn1003-207x.2022.0571 Abstract ( 35 )   HTML ( 2 )   PDF (758KB) ( 9 )   Save A three-level supply chain consisting of a supplier， a manufacturer and a retailer is considered， and manufacturers establish dual-channel sales of low-carbon products，and how manufacturers choose the optimal vertical cooperation direction is mainly discussed. With the help of game theory and operation optimization method， taking the product emission reduction as the state variable， two differential game models dominated by manufacturers are constructed ： the vertical upward differential game model of manufacturer selection and supplier cooperation emission reduction and the vertical downward differential game model of manufacturer selection and retailer cooperation emission reduction. Firstly， the optimal equilibrium strategies of supply chain members under different cooperation directions are studied， and then the differences in the optimal trajectory curves of product emission reduction under vertical upward and vertical downward cooperation emission reduction modes are compared and analyzed. In order to intuitively show the conclusions of the solution model， the model is analyzed by numerical analysis. It is found that the optimal trajectory of product emission reduction gradually increases to a stable state whether in vertical upward or downward cooperative emission reduction mode. Compared with manufacturers and suppliers， when manufacturers choose to cooperate with retailers to reduce emissions， manufacturers' efforts and profits are higher， and followers' efforts are more motivated， but manufacturers need to bear more emission reduction costs. In the vertical upward cooperation mode， the cost sharing rate is positively correlated with the carbon trading price， while in the downward cooperation mode， the cost sharing rate shows a U-shaped shape with the increase of the carbon trading price. Figures and Tables | References | Related Articles | Metrics

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Sustainable Agricultural Product Supply Chain Network Equilibrium under Different Straw Recycling Subsidy Mechanisms Caiquan Duan, Fengmin Yao, Ying Xia, Chunxian Teng 2025, 33 (2):  308-319.  doi: 10.16381/j.cnki.issn1003-207x.2021.2117 Abstract ( 22 )   HTML ( 0 )   PDF (1030KB) ( 8 )   Save Currently， the recycling and reuse of waste products in the manufacturing industry has gradually scaled， while the recycling and reuse of crop straws are lagging behind. Straw mulching can realize the reuse of straw resources， solve the environmental pollution caused by straw burning， and reduce the application of chemical fertilizers for agricultural products. To realize the sustainable development of agriculture， governments has formulated some straw recycling subsidy mechanisms to promote straw reuse. However， as an important carrier of agricultural product planting and straw returning， sustainable agricultural product supply chain network system should not only consider the sustainability of the system economy， but also consider the recycling of resources， and also consider improving the greenness of agricultural products to increase social welfare. Therefore， it is necessary to study the equilibrium of sustainable agricultural product supply chain network under different straw recycling subsidy mechanisms， and to explore the optimal straw recycling subsidy system， which is important theoretical and practical significance.In this paper， the equilibrium problem of a sustainable agricultural product supply chain network is explored， which includes farmer cooperatives， retailers， and demand markets. Under the assumption of straw recycling and mulching of farmer cooperatives， the equilibrium model of the whole system considering three recycling subsidy mechanisms including unit recycling subsidy mechanism， regulated recycling subsidy mechanism and progressive recycling subsidy mechanism is established. Then， numerical examples are used to verify and analyze the model. The results show that no matter what recycling subsidy mechanism is taken by the government， the increase in the recycling subsidy level is conducive to improving the trading volume of agricultural products， increasing the efficiency of recycling and mulching of straw， and also conducive to improving the profits of the members and the whole system. Through the comparison of the three subsidy mechanisms， it is concluded that with the increase in the level of recycling subsidies， the progressive recycling subsidy mechanism is more conducive to promoting recycling and mulching of straw， and increasing the profits of retailers. The unit recycling subsidy mechanism is more conducive to the profits of the farmer cooperatives and the whole system， and the progressive recycling subsidy mechanism is second. Particularly， from the perspective of the overall economic， environmentally， and social sustainable development of the system， the progressive recycling subsidy mechanism is better.Finally， according to the research conclusions， some management suggestions are given from the perspective of government and members， which can provide theoretical and practical suggestions for the formulation of government mechanisms and agricultural-related enterprises decisions. Figures and Tables | References | Related Articles | Metrics

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Flexible Investment Decision of Waste-to-energy Projects under Carbon Trading Mechanism Junfei Hu, Huanyue Chen 2025, 33 (2):  320-331.  doi: 10.16381/j.cnki.issn1003-207x.2022.2029 Abstract ( 25 )   HTML ( 0 )   PDF (1331KB) ( 3 )   Save Promoting investment and construction of waste-to-energy （WtE） projects are an important direction for the future low-carbon development. The China Certified Emission Reduction （CCER） mechanism allows WtE projects to obtain additional benefits of carbon emission reduction after filing， which brings new opportunities for such projects. However， the high volatility of CCER prices will further increase the uncertainty of operation environment， which makes the development of WtE projects face challenges. Therefore， it is of great significance to investigate the influence of CCER mechanism on WtE projects decision-makings. In this paper， a flexible investment decision of WtE projects under the CCER mechanism is studied. The flexible investment decision allows decision-makers to flexibly choose the optimal investment time within an effective investment period. A real option model with the least squares Monte Carlo simulation is developed to evaluate the value of flexibility. It can also help decision-makers to choose the optimal investment time. The proposed model compares favorably to traditional real option models （e.g.， the binomial lattices） by efficiently analyzing multiple uncertainties （i.e.， electricity price， CCER price， unit investment cost and electricity generation efficiency）. Unlike the existing real option models that are mostly applied to solar energy and wind energy， it focuses on the optimization problem of WtE projects. The applicability of the proposed model is tested using a real WtE projects in Shaanxi， China. Results show that the existence of CCER mechanism can significantly increase the value of WtE projects. The project value with flexible investment decision is higher than that of the fixed investment decision， which further verifies the important of considering flexibility in WtE development processes. In addition， the sensitivity analysis shows that with the increase in parameters like the subsidy proportion， the CCER price， the upper/lower bound of carbon price， the project value of the flexible investment decision will be increased accordingly. These results may help government agencies and decision-makers understand the flexible decision-making of WtE projects under the CCER mechanism. Figures and Tables | References | Related Articles | Metrics

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Research on Effect of Non-state-owned Shareholders' Decision-making Participation Right on Corporate Performance in State-owned Enterprises Qi’an Chen, Yuan Xu, Shuxiang Tang 2025, 33 (2):  332-346.  doi: 10.16381/j.cnki.issn1003-207x.2023.1627 Abstract ( 38 )   HTML ( 0 )   PDF (802KB) ( 7 )   Save Pursuing economic performance is the driving force for the sustainable development of state-owned enterprises （SOEs）. Improving comprehensive performance is the basic requirement of the central and local governments and the general public for SOEs. How to improve the economic and comprehensive performance by optimizing the allocation of non-state-owned shareholders’ decision-making participation right is a key issue that needs to be solved in smoothly promoting the SOEs mixed-ownership reform. Although there have been many research results in the effect factors of SOEs’ performance and the relationship between non-state-owned shareholders' ownership and corporate performance， most of the existing literature use relevant data samples to conduct empirical research on the relationship between non-state-owned shareholders’ decision-making participation right and corporate performance. The theoretical mechanism of non-state-owned shareholders’ decision-making participation right affecting the SOEs’ performance has not been revealed， and the different effects of non-state-owned shareholders’ decision-making participation right on the economic and comprehensive performance of SOEs have not been explained. Based on the multi-task principal-agent relationship between state-owned and non-state-owned shareholders and executives， a mathematical model is constructed to theoretically reveal the effect mechanism of non-state-owned shareholders’ decision-making participation right on the economic performance and comprehensive performance of SOEs. Then， taking the listed A-share state-owned companies in Shanghai and Shenzhen from 2010 to 2019 as samples， and the non-state-owned shareholders’ decision-making participation right is measured by the proportion of the number of directors， supervisors and senior executives appointed by non-state-owned shareholders to the total number of directors， supervisors and senior executives of SOEs， and the economic performance of SOEs is measured by the return on total assets， and the comprehensive performance of SOEs is measured by a comprehensive index covering economic performance and social performance based on the entropy method， the results of the theoretical model are empirically tested by using multiple panel regression model and nonlinear regression model. The following main results are obtained. The non-state-owned shareholders’ decision-making participation right would positively affect the SOEs’ economic performance. There is an inverted U-shaped relationship between SOEs’ comprehensive performance and the non-state-owned shareholders’ decision-making participation right. The findings of this study provide theoretical and empirical evidence for further optimizing the SOEs control rights structure and smoothly promoting the SOEs mixed-ownership reform. Based on the above theoretical and empirical research results， combined with the operation practice of Chinese SOEs and the goal of mixed-ownership reform， the following policy suggestions are put forward. First， in the process of SOEs mixed-ownership reform， we should not only pay attention to the optimization of the equity structure but also emphasize the sharing of control rights between state-owned and non-state-owned shareholders. It is necessary to promote the transformation of Chinese SOEs from the "formal" mixed-ownership reform dominated by mixed equity to the "substantial" mixed-ownership reform with equity mixing and control rights coordination by optimizing the equity structure and control rights structure at the same time. Second， while emphasizing the non-state-owned shareholders’ decision-making participation right， should be not ignored the decision-making participation right enjoyed by state-owned shareholders in SOEs. The state-owned and non-state-owned shareholders’ claim for control rights should be considered and coordinated. The non-state-owned shareholders’ decision-making participation right should be kept at an appropriate level. Different shareholders should enjoy decision-making participation right that matches their equity. The sustainable development of China's SOEs is ensured by forming a stable equilibrium state of control rights. Figures and Tables | References | Related Articles | Metrics

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Research on the Impact of Employee Stock Ownership Plans on the TFP of State-owned Enterprises Lianwei Li, Canxiang Lin, Zhuo Lv, Shuhan Zhou 2025, 33 (2):  347-355.  doi: 10.16381/j.cnki.issn1003-207x.2023.2212 Abstract ( 33 )   HTML ( 0 )   PDF (675KB) ( 12 )   Save Improving total factor productivity （TFP） is an important way to promote state-owned enterprises （SOEs） to become stronger， better， and larger. The existing literature on improving the TFP of SOEs mainly explores aspects such as mixed ownership reform， external supervision， and corporate governance. From the perspective of corporate governance， existing research mainly tests the construction of the board of directors of group companies， executive salary limit policies， and performance evaluation systems of state-owned enterprise executives. However， research based on the perspective of state-owned enterprise employees is relatively scarce. Only a few studies have tested it from the perspectives of total wage control and dividend incentive reform， while research from the perspective of employee shareholding is relatively scarce. Chinese A-share state-owned controlled listed companies from 2010 to 2022 are taken as samples and a multi-point difference-in-difference model is used to evaluate the impact of implementing employee stock ownership plans （ESOPs） on their TFP， in order to expand the research on incentive mechanisms for high-quality development of SOEs.The research results indicate that implementing ESOPs can significantly improve the TFP of SOEs， and is more significant in industries with high competition， low degree of mixed ownership reform， and local SOEs. The mechanism test results show that the ESOPs mainly exerts its benefits synergy effect， innovation incentive effect， and supervision and governance effect， improving the TFP of SOEs by reducing agency costs， promoting innovation， and improving capital allocation efficiency. The extended research based on the contract design of ESOPs shows that a larger employee coverage， higher employee subscription ratios， and longer lock up periods can more effectively promote the improvement of TFP in SOEs. It affirms the positive effects of implementing ESOPs in SOEs from the perspective of TFP， providing theoretical reference for further promoting the “reform to promote mixed ownership” of SOEs. At the same time， it also provides empirical evidence for relevant departments to issue a series of policy documents to promote the pilot of employee stock ownership in SOEs and promote high-quality development of SOEs.Based on the above research conclusions， the policy suggestions of this research are put forward. Firstly， actively promote eligible SOEs to implement ESOPs. It indicates that as an important measure of mixed ownership reform in SOEs， ESOPs has a positive effect on improving the long-term value of SOEs. Relevant departments should further optimize relevant policies， encourage and support more eligible SOEs to timely develop ESOPs. Secondly， further optimize the design of contract elements for implementing ESOPs in SOEs. From the empirical research results of this research， it can be seen that moderately expanding the coverage and subscription ratio of ESOPs， as well as extending the lock up period of shareholding， can help strengthen the effect of ESOPs on the TFP of SOEs and promote their high-quality development. Figures and Tables | References | Related Articles | Metrics

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Differences in Government Incentive Models, Mixed Ownership Reform and Strategic Choice of State /Non-state Capital Weian Li, Ruirui Feng, Guangqian Ren, Minna Zheng 2025, 33 (2):  356-368.  doi: 10.16381/j.cnki.issn1003-207x.2024.0375 Abstract ( 41 )   HTML ( 0 )   PDF (1788KB) ( 17 )   Save Over four decades， reform of state-owned enterprises （SOEs） has accumulated significant experience and practices. Summarizing and learning from these experiences is crucial for further reforms. Previous studies have primarily focused on changes in governance structures at the micro-level， highlighting the impacts of state and non-state capital behaviors. However， less attention has been paid to understanding the underlying causes of these impacts. In fact， government incentives play a key role in shaping the strategic decisions of both state and non-state capital.This study examines mixed-ownership reform in SOEs. We developed a dynamic evolutionary game model influenced by different government incentive models to investigate how variations in these incentives affect the strategic choices of state and non-state capital within the reform process. Using Matlab， we conducted numerical simulations to analyze these effects. The findings indicate that when the government takes concrete actions， factors such as costs and equity ratios significantly influence the strategic choices of both state and non-state capital， leading to faster convergence toward joint participation. Conversely， when the government adopts symbolic actions， measures like fiscal subsidies and tax incentives have a more pronounced impact on the strategic choices of non-state capital. These encourage non-state capital to choose participation， thereby promoting the evolution of the game system toward an optimal state.This paper not only expands the theoretical research on SOEs but also deepens our understanding of the behavior patterns and motivations of various stakeholders in mixed-ownership reform. In the future， to deepen SOEs reform at the policy level and promote complementary advantages and common development between state and non-state capital， the government should facilitate the transition of incentive models and adhere to market-oriented reforms. Additionally， it should ensure the effective protection of all types of property rights. Figures and Tables | References | Related Articles | Metrics