Table of Content

30 April 2013, Volume 21 Issue 2 Previous Issue    Next Issue

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Impact of Heterogeneous Beliefs and Shortsale Constraints on Security Issuance Decision XU Feng, HU An-gang, GUO Nan 2013, (2):  1-8.  Abstract ( 2908 )   PDF (1139KB) ( 2312 )   Save By relaxing the explicit assumption that short selling is forbidden, a model is presented in this paper to analyzes how heterogeneous beliefs stemming from investors’ overconfidence and short sale constraints jointly affect a firm’s security issuance decision. The main findings are: (1) an increase in heterogeneity in investors’ beliefs results in an increased likelihood of equity issuance over debt when public signal about the project’s payoff is favorable, whereas it results in a reduced likelihood when public signal is modestly adverse. (2) the tightness of short sale constraints has a positive effect on the likelihood of equity issuance only when public signal is highly favorable. These results indicate that the relations between heterogeneous beliefs as well as short sale constraints and security issuance decision are influenced by public signal. References | Related Articles | Metrics

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Difference of Price Discovery Abilities among Cross-Lings and the Measurement of the Trade-Related Information Chen Xue-Sheng, Qin Jia-Qi 2013, (2):  9-16.  Abstract ( 2577 )   PDF (890KB) ( 2831 )   Save Based on market microstructure theory, the price discovery process of securities that trade on multiple markets is analyzed. Upon Hasbrouck’s information share approach, a methodology is introdused to distinguish and measure the two sources of information: private and public information during the trade process of each stock market. In the process of the analysis, empirical evidence on "A+H" cross-listings is provided to test our theory model and methodology. References | Related Articles | Metrics

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The Stock Index Futures Hedging Strategy Based on the Risk Decomposition ZHOU Ren-cai 2013, (2):  17-23.  Abstract ( 3143 )   PDF (1037KB) ( 2742 )   Save Through decomposing the total risk into the system risk and nonsystematic risk, a new stock index futures hedge model is proposed and the best hedge ratio is resolved. According to the hedge purpose, endowing the two types of risk with different weights can improve the portfolio performance. The result shows that the stock index futures strategy based on the risk decomposition have three advantages. Firstly, the model can effectively reflect investors’ preference to different risk types. Secondly, the model has a good summary ability. The MV model, H-D model and HKL model are all its special forms. Thirdly, by risk-decomposing and parameter-controlling, the model can track the market risk factor more effectively, and then help investors more easily realize their individual investment strategy, such as the alpha strategy. References | Related Articles | Metrics

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A Study on Dynamic VaR Predicting Models for Oil Futures Market of Shanghai CHUN Wei-de, CHEN Wang, PAN Pan 2013, (2):  24-31.  Abstract ( 2507 )   PDF (1672KB) ( 2293 )   Save The high leverage of futures means high-risk, and energy market is always concerned because of its strategic significance. So the risk measure of the energy futures market is very important to both investors and regulators. In this paper, four continuous price series are constructed to reflect different delivery period of oil futures listed in Shanghai. Based on different financial stylized facts, GARCH, GJR and FIGARCH are used to model volatility. Under the assumption of the conditional return obeying normal, student t and skewed student t (skst) distributions, dynamic VaR is measured. Then both LR (Likelihood Ratio) test and DQR (Dynamic Quantile Regression) test are used to backtest the accuracy of these models and try to extract the best valuable stylized facts. The results show that: (1) the dynamic VaR measurement with skst distribution is more accurate; (2) the GJR models based on leverage effect and FIGARCH models based on long memory do not perform better than GARCH model; (3) the average return of far futures is higher and dynamic VaR is easier to measure. References | Related Articles | Metrics

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An Empirical Study on the Volatility Spillover Effect between Financial Markets——GC-MSV Model and Application XIONG Zheng de, HAN Li jun 2013, (2):  32-41.  Abstract ( 3835 )   PDF (3527KB) ( 3581 )   Save In the background of free flow of capital and sufficient information, financial markets always represent the coordinated change by the same macro-economic factors, the spillover effect between the foreign exchange market and stock market has been the hot issues in economic and financial study. Stochastic volatility model is a discretization of the stochastic differential equations which, can describe the characteristics of the volatility in financial time series by an unobserved random process and performs better in practice. In this paper, GC-MSV model is used to study the spillover effect between the foreign exchange market and stock market after the Currency reform. It is shown that there is a negative dynamics price spillover correlation between the foreign exchange and stock markets overall the currency. In the continued appreciation and shock phase, there exist an asymmetric volatility spillover effects and the spillover effects of volatility has been reduced over time. References | Related Articles | Metrics

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Volatility Estimation of Shanghai and Shenzhen Stock Market Based on Markov Regime Switching Models YANG Ji-ping, ZHANG Chun-hui 2013, (2):  42-49.  Abstract ( 3259 )   PDF (1174KB) ( 3836 )   Save In order to get the more accurate estimation of volatility of daily return series of Shanghai and Shenzhen Stock market with regime switching, volatility of these stock index return series are divided into three regime states: rising, falling and consoliclation in the paper. Return series of Shanghai Composite Index and Shenzhen Component Index are chosen as study sample and January 4, 2000 to 2011 December 30 is set as the sample period and January 4, 2012 to January 17, 2012 is set as out of sample period. Then GARCH model, RS-GARCH model, APGARCH model and RS-APGARCH model are applied to estimation and forecasting of volatility of these two return series. Finally MSE1, MSE2 and QLIKE are used to evaluate the performance of these models. The results show that APGARCH model is more accurate in estimation and prediction of the volatilities of the series than the GARCH model, models with Markov regime switching are more accurate in estimation and prediction of the volatilities of the series, and the models with normal error distribution are more accurate in estimation and prediction of the volatilities of the series than the models with the error distribution following t-distribution. References | Related Articles | Metrics

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The Risk-sharing Contracts under Random Yield and Stochastic Demand in Agricultural Supply Chain LING Liu-yi, GUO Xiao-long, HU Zhong-ju, LIANG Liang 2013, (2):  50-57.  Abstract ( 3418 )   PDF (882KB) ( 2534 )   Save The yield of the crops is influenced by the natural environment heavily, as a result of the changes of weather and seasons, the yield of the crops are stochastic. Considering the stochastic characters of the market demand, the agricultural supply chain faces both yield uncertainty and demand uncertainty. Consequently, how to design an efficiency contract to reduce the harm of the uncertainties is an urgent problem for both the supplier and manufacturer in the agricultural supply chain. Through adopting a price-subsidies’ risk-sharing mechanism, it is analyzed that different risk-sharing contracts which supplier and manufacturer used will bring the differences of agricultural investment, supplier’s profit, manufacturer’s profit and entire supply chain’s profit. The risk-sharing contracts in the paper include no risk-sharing contract, yield risk-sharing contract, demand risk-sharing contract and yield-demand risk-sharing contract. Combined with numerical calculation, it is concluded that sharing the risk of demand could increase the profits of the chain and each firm, while by sharing the yield risk, the manufacturer can change the investment proportion of the supplier, and the yield-demand risk sharing is benefit for both the supplier and the manufacturer. They construal and coordinate each other to prompt the supply chain’s development. In addition, the non-linear price-subsidies’ risk-sharing mechanism for the risk-sharing contracts is shown as an example. The analysis shows that the form of the price-subsidies can only influence the decisions quantitatively, while the findings are substantially the same. References | Related Articles | Metrics

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Coordinating A Supply Chain with Trade Credit Policy LI Qun-xia, WANG Wen-bin, ZHANG Qun 2013, (2):  58-65.  Abstract ( 2582 )   PDF (1759KB) ( 2137 )   Save In the traditional vendor-centralized supply chain, the vendor controls the operation of the supply chain and thus easier access to more profits compared with the customers. The burden of some customers might increase once they join delivery and demand synchronization. In order to obtain win-win result, the coordination becomes greatly important. The trade credit, as one of important policies, has already been widely used in the supply chain management. It can be described as a trade credit period offered by the vendor, during which the customer does not need to pay any interests for the payment delay. Therefore the customer can make use of the trade credit period to gain additional opportunity profits. A vendor-centralized two-echelon supply chain consisting of a single vendor and multiple customers is studied in this paper. The opportunity profit or cost obtained from the trade credit period is used to coordinate every member. A framework of the delivery and demand synchronization in the supply chain with the trade credit policy is proposed and the formulations show the optimum solutions, i.e. the production interval and optimum order times, are existed. Without any restrictions, the studied model can be simplified as the tradition delivery and demand synchronization model and independent decision inventory model. Finally, the numerical examples are presented to compare three different kinds of models mentioned above and illustrate the effectiveness of the trade credit policy. In addition, the sensitivity analysis about the impact of the ratio of the production rate to whole demand rates and the radio of the trade credit period to the customer’s order time interval on the cost are provided. In summary, the trade credit policy is very useful in coordinating the delivery and demand among the vendor and all customers. By designing suitable trade credit period, the coordination can has a win-win result. References | Related Articles | Metrics

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Research on Advertising Decision-making Model between Complementary Goods Enterprises Considering Spillover Effect DAN Bin, TIAN Li-na, DONG Shao-hui 2013, (2):  66-75.  Abstract ( 2537 )   PDF (1219KB) ( 2144 )   Save The manufacturer with demand information superiority will send demand information to complementary manufacturer by using advertising as signal of demand in order to stimulate its adverting investment and obtain more profits. To settle this problem, the signaling game theory model on advertising decision-making between complementary goods manufacturers considering spillover effect is established in this paper. Based on the model, the condition of separating and pooling equilibrium are solved, and the optimal advertising strategies and profits of complementary manufacturers under these two equilibriums are analyzed. Additionally, the advertising strategy choices of complementary manufacturers are discussed. The results show that under the separating equilibrium, the manufacturer with information superiority can't stimulate its complement manufacturer to increase advertising investment by using advertising as signal. Under pooling equilibrium, only when the market demand is low, the manufacturer with information superiority can stimulate its complement manufacturer to increase advertising investment by using advertising as signal and obtain more profits from advertising spillover effect. Finally, a numerical example is given to demonstrate the effectiveness of the relevant conclusions. References | Related Articles | Metrics

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Coordination Performance of Closed-loop Supply Chain with Advertising Effect YI Yu-yin 2013, (2):  76-83.  Abstract ( 2916 )   PDF (1453KB) ( 2662 )   Save By using game theory, a closed-loop supply chain(CLSC) model with advertising effect is constructed to study the impact of advertising effect on decision-making efficiency and coordination performance of CLSC. First, Three different decision models, centrally coordinated model, decentralized model and advertisement cooperation model, are analyzed and the optimal advertising investment and return rate of waste product are studied and compared. Secondly, the impact of advertising effect on the decision variable and profit of the CLSC system are analyzed. Finally, the coordination performance of CLSC is studied from two aspects that are the channel operations efficiency and the division of the decentralized channel profits by using numerical method. The results show that. (1) Compare to the decentralized model, the return rate, advertising investment and the profits of node enterprise are higher in the advertisement cooperation model, that is, the advertising cooperation can coordinate the CLSC. (2) There is a positive correlation between decision variable, profit of the node enterprise and advertising effect. (3) The advertising cooperation can improve the channel operational efficiency sharply, and decrease the division of the decentralized channel profits between the manufacturer and the retailer. With the advertising effect increasing, the channel operations efficiency will decrease and the division of the decentralized channel profits between the manufacturer and the retailer will increase. References | Related Articles | Metrics

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Research on Pricing Decisions and Efficiency in a Two-Level Logistics Service Supply Chain LI Jian-feng, CHEN Shi-ping, YI Rong-hua, HUANG Zu-qing, TANG Yi-bing 2013, (2):  84-90.  Abstract ( 2787 )   PDF (873KB) ( 2779 )   Save According to the principle of profit maximization, the pricing and efficiency of two-stage logistics service supply chain are discussed under the conditions of demand uncertainty. Based on four market combinations between vendors and integrators, the integrator-led Stackelberg game model is developed, the optimal pricing and optimal order quantity of integrators are found out, and the efficiency of two-stage logistics service supply with different market combinations are compared. Lastly, numerical example is used to evaluate the optimal pricing and optimal order quantity of integrators. The descending order of the efficiency values with four market combinations is verified. The results show that the optimal pricing and optimal order quantity of integrators are affected by both the market types of vendors and integrators. There is peak efficiency of logisitics service supplly chain when the market of integrators is oligopolistic and the vendors market is a perfect competition one. And the efficiency is lowest when the integrators' market is monopdistic and the market of vendors is digopolistic. References | Related Articles | Metrics

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Cutting Stock Problem and Transportation Problem Collaboration Optimization Modeling JIN Peng, ZUO Chun-rong, YANG Shan-lin, MA Hua-wei 2013, (2):  91-97.  Abstract ( 2770 )   PDF (871KB) ( 2711 )   Save In this paper, a standard one-dimensional cutting stock problem(S1-CSP) considering items transportation problem(ITP) is studied. It is assumed that the manufacturer undertakes products transportation. A coordination optimization model of standard one-dimensional cutting stock problem and items transportation is formulated. The model’s objective is to minimize total costs of the stock, items inventory and transportation. Lagrangian relaxation approach is employed to relax a certain type of constraint. A hybrid heuristic method called Lagrangian-based cutting and transportation heuristic based on the methods of column generation, sequential procedure, FFD and subgradient is developed. It consists of two sub-algorithms, one is for S1D-CSP, the other is for ITP. Finally, more than 1800 randomly generated instances have been solved by using the proposed method. The calculation results demonstrate the validity of the proposed model and the corresponding solving method. Compared with two-stage heuristic based on column generation, the hybrid heuristic algorithm reduces cost by 17.57% on average, which suggests that integrated algorithm is superior to two-stage algorithm. References | Related Articles | Metrics

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Research on Service Supply Chain Coordination Based on SaaS Model LI Xin-ming, LIAO Xiu-wu, LIU Yang 2013, (2):  98-106.  Abstract ( 2955 )   PDF (1536KB) ( 2406 )   Save The free trial is the primary method for marketing generalization in the SaaS model. The coordination problem between an AIP (application infrastructure provider) and an ASP (application service provider) in a SaaS supply chain is investigated, in which the service demand is determined by the application free trial. Under symmetric information, the cost sharing contract is adopted to incent ASP to increase the effort level of free trial. Under asymmetric information, service capacity preorder strategy is used by AIP to avoid the low technical ability ASP’s opportunism behavior, and a combined contract of cost sharing and risk sharing is proposed to incent ASP to increase effort level of free trial and increase service capacity preorder quantity. The results show that the coordination contracts we proposed can realize the optimal free trial effect, optimal supply chain performance, and pareto improvement of supply chain members’ profits. Improving the ASP’s technical ability can make the free trial get a better effect. Through numerical exploration analysis, effectiveness of the model is demonstrated and some managerial insights are obtained. References | Related Articles | Metrics

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Bullwhip Effect in Supply Chain Networks with Lead Time Delays and Its Inventory Control Strategy LI Chong, LIU Si-feng, FANG Zhi-geng, BAI Yang 2013, (2):  107-113.  Abstract ( 3241 )   PDF (1774KB) ( 2515 )   Save The bullwhip effect problem has been recognized as one important topic in supply chain management. It brings bad effect on supply chain performance and reduces the efficiency of supply chain management. Based on the dynamic characteristics of inventories in a supply chain network, a supply chain inventory system state transition model is presented, which includes the operation lead time delays in system. Then a dynamic inventory control method is proposed to reduce the bullwhip effect. Based on the control theory, the solving process of the proposed inventory control method is presented. Further, the effect of lead time delays on inventory control performance of supply chain networks is studied. Simulation study shows the effectiveness of the proposed inventory control method in reducing bullwhip effect and in improving supply chain performance. References | Related Articles | Metrics

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Effectof RFID Technology on Lead-time Compression and Coordination of Supply Chain’s Revenue FAN Ti-jun, ZHANG Li-hao, WU Feng, YANG Hui-xiao 2013, (2):  114-122.  Abstract ( 2616 )   PDF (1581KB) ( 2657 )   Save RFID technology can reduce lead-time and increase the retailer's service level. However, it can also affect the income of the supply chain, which makes it urgent to study the coordination of the supply chain members’ revenue. It is assumed that the unit cost of RFID tag is fixed and the effect of lead-time compression on profit of supply chain actors is studied in this paper. With the lead-time compression, retailer collects more and more information about products sales and demands so that the market demand forecast will be more and more accurate. Using a Newsvendor model, the profits of both centralized and decentralized cases with/without consideration of deploying RFID technology are studied and the effect of changing contract parameters on the coordination of supply chain is found. The results show that the revenue sharing contract can coordinate the supply chain with RFID technology and allow all members of the supply chain to achieve win-win. However, the interval of contract parameters will shrink, the retailer's optimal order quantity will reduce and the supplier's wholesale prices will rise after adoption of RFID technology. Moreover, the threshold of lead-time compression amount with RFID is obtained, and a numerical simulation analysis is given to illustrate the model. This study provides some management revelations for application of RFID technology. References | Related Articles | Metrics

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Dual-channel Recycling Model of Waste Electrical and Electronic Equipment and Research on Effects of Government Subsidy LIU Hui-hui, HUANG Tao, LEI Ming 2013, (2):  123-131.  Abstract ( 2998 )   PDF (1588KB) ( 2851 )   Save Most of waste electrical and electronic equipments have not been recycled and reused in an environment-friendly manner in China mainland where there exist two kinds of recycling channels: a regular channel with official qualification for disassembling e-waste products and an irregular channel without qualification. A dual-channel recycling model is built in this paper to describe price competition between qualified and unqualified recyclers in two channels which have different e-waste disposal approaches, and shows equilibrium recycling price and reusing ratio. Five competing scenarios and single-channel structure are discussed to explore the effects of government subsidy in two channels. Finally sensitivity analysis of parameters and numerical simulation are provided. It is found that when government subsidy is low, it can motivate the acquisition amount of e-waste products to increase greatly and help qualified recyclers win greater market share, however as subsidy increases, its role in promoting recycling reduces. To render the irregular channel absent from recycling market, the government needs to pay an extremely high subsidy fee. It is also found when the price of refurbished products is quite high, in a sense the presence of secondary market can help the regular channel to confine the development of the irregular channel. Driving up the quality threshold of refurbishment appropriately is a good way to restrict the recycling amount of unqualified recyclers. Innovatively, a perspective of studying the price competition between two kinds of recycling channels is provided in this paper, with the expectation to acquire more academic attention on e-waste recycling issues. References | Related Articles | Metrics

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A Dynamic Combinational Evaluation Method Based on Integrated Methods Set LI Mei-juan, CHEN Guo-hong, CHEN Bo, XU Lin-ming 2013, (2):  132-137.  Abstract ( 2476 )   PDF (848KB) ( 2295 )   Save In this paper, dynamic combinational evaluation method is proposed, in order to get rid of the inconsistency among evaluation results from different dynamic evaluation methods. The concept of compatible dynamic methods is defined in this paper, as well as the concept of comparable dynamic methods. A set of compatible dynamic methods are collected by using the fuzzy clustering method. A set of dynamic combinational evaluations are obtained based on the compatible dynamic methods. Then an integrated model for the evaluation methods is established to find the best dynamic combinational evaluation. The compatibility of the evaluation result is validated. In practice, a dynamic combinational evaluation is conducted on the independent innovation capabilities of the provinces in east China. The source data of the evaluation indicators for the regional technological innovation capacities come from Chinese statistics yearbook, Chinese science and technology statistics yearbook, and the web site of People's Republic of China Ministry of Science and Technology which provides a database with the major indicators for the science and technology in China. An instance, shows the findings of this work are practically effective. The method proposed in this study provides an idea to deal with the inconsistency among evaluation results, complements the comprehensive evaluation method and facilitates the researches in related fields. References | Related Articles | Metrics

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Group Evaluation Long-term Mechanismanalysis under Giving Evaluation Environment HOU Fang, Guo Ya-jun 2013, (2):  137-143.  Abstract ( 2249 )   PDF (1687KB) ( 2156 )   Save This paper studies long-term mechanism of group evaluation problem. The group evaluation process is taken as a Markov process with Limited Status, Irreducible and aperiodic. And we define the partial evaluation environment is the group structure consisting of participants and theirs’ evaluation relationships. And we prove the following: (1) group structure could more stable through participants adjusting their evaluation relationships; (2) participants are positive correlation if there are evaluation relationships between them; (3) participants with different state will cluster if their original states last. We analysis evaluation objectives enforceability under three common evaluation environment, and the trend features of group cognition or behaviors. On this basis, long-term mechanism of group evaluation allow new information to be injected, and restore evaluation objectives as constraints. References | Related Articles | Metrics

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Fuzzy Multi-Objective Location-Multimodal Transportation Problem for Relief Delivery during the Initial Post-earthquake Period LI Shuang-lin, MA Zu-jun, ZHENG Bin, DAI Ying 2013, (2):  144-151.  Abstract ( 3348 )   PDF (2042KB) ( 2596 )   Save To optimize emergency logistics system for relief delivery during the initial post-earthquake period, the joint decision of emergency facility location-allocation and multimodal transportation scheduling are investigated. A multi-objective location-multimodal transportation model is developed to minimize the total delivery time and total losses due to insufficient supplies. A no-dominate sort genetic algorithm based on bi-dimension encoding method is proposed and its algorithm complexity is analyzed. The results of a numerical example show that the algorithm can find the Pareto front and attain varied optimal solutions on the Pareto front according to the preferences of decision makers. References | Related Articles | Metrics

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Study on the Model for the Assignment of Rescue Workers in Emergency Rescue YUAN Yuan, FAN Zhi-ping, LIU Yang 2013, (2):  152-160.  Abstract ( 2779 )   PDF (2808KB) ( 2889 )   Save In this paper, model for the assignment of emergency rescue workers and the solution method to the model are proposed. Firstly, considering the degree of time satisfaction for emergency rescue and the degree of workers’ qualification for different rescue task, an assignment model is built to maximize the degree of time satisfaction and to maximize the result of emergency rescue. Then, the solution method of the model is given according to the characteristics of the optimization model. Finally, a numerical example is used to illustrate the feasibility and validity of the proposed model. References | Related Articles | Metrics

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Study of Software Project Effort Estimating and Monitoring Based on Significant Deviation Standard ZHANG Jun-guang, YANG Fang-fang, YANG Shuang 2013, (2):  161-167.  Abstract ( 2524 )   PDF (1126KB) ( 2450 )   Save For the effective management of software project effort, a management model of software project effort is studied based on significant deviation standard. According to the principle of process control and statistical methods, dynamic controlling of software project based on significant deviation standard and risk reserve time is put forward, and quantitative methods on how to define risk reserve time and significant deviation standard are introduced. The model covers the whole process of defining risk reserve time, determining a significant standard deviation, and monitoring and controlling according to the risk reserve time and the significant deviation standard. It lays the foundation to improve the accuracy of software project management and to ensure the successful completion of the project within the acceptable deviation. References | Related Articles | Metrics

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Bi-level Programming Model for Industrial Energy Allocation Based on Total Amount Control HAN Qiang, LIU Zheng-lin 2013, (2):  168-174.  Abstract ( 2361 )   PDF (872KB) ( 3218 )   Save Total amount control of energy consumption in industry is the trend of energy saving, which can make industrial energy consumption intensity fall down, besides limiting energy consumption, and then promote the social comprehensive consumption intensity to drop. In this context, effective energy allocation is important and hierarchical. In this paper, bi-level programming model is constructed to describe this problem. The upper level programming indicates behaviors of government in higher level, which takes economy, coordination and sustainability of the society as its objective, while the reasonable allocation of energy between departments in lower level as its constraints. The lower one, as an objective programming, describes the allocation priority of energy among the lower departments. According to the feature of this model, iterative algorithm is put forward based on decision maker's preferences. The numerical example shows that this method can push effectively local governments to transform the development mode and modify the idustrial structure. References | Related Articles | Metrics

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Regional Differences and Convergence Analysis of Energy Efficiency in China: on Stochastic Frontier Analysis and Panel Unit Root ZHAO Jin-lou, LI Gen, SU Yi, LIU Jia-guo 2013, (2):  175-184.  Abstract ( 3228 )   PDF (1354KB) ( 2707 )   Save Exploring status quo and trend of regional differences of energy efficiency in China is the prerequisite of realizing energy saving target of the Twelfth Five-Year Guideline. Based on the stochastic frontier border analysis framework, firstly, the energy efficiency of 29 provinces and autonomous regions from 1980 to 2010 are calculated. Then regional differences and influence factors of energy efficiency are analysed. Finally, by using panel unit root, stochastic convergence analysis of energy efficiency in China is given. Results show that regional differences of energy efficiency are relatively obvious and the trend is from expanding to downsizing significantly;Under the 1% significant level,when coal consumption proportion decreases by 1%,energy efficiency will increase by 0.335% and when title structure,energy price index and export dependence increase by 1%,energy efficiency will increase by 0.672%,0.166% and 0.166% respectively;eastern randomness convergence does not exist but the midwest appears club convergence under 10% significant level,however,the level of western randomness convergence is low. Therefore,formulating differential targets of energy consumption structure,title structure, energy price and export dependency and so on are beneficial to narrow the gap in energy efficiency between regions and improve the level of the convergence of eastern region and Midwest. References | Related Articles | Metrics

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Study on the Method of Identifying Opinion Leaders for Online Word-of-mouth Communication CAI Shu-qin, MA Yu-tao, WANG Rui 2013, (2):  185-192.  Abstract ( 3413 )   PDF (1120KB) ( 3106 )   Save The deepening adoption of Web2.0 technology makes more and more users publish reviews on the web about products, services, brands or business, and the online word-of-mouth greatly influences customers’ purchasing decisions and corporate reputations. Therefore, it makes sence for enterprises to identify the opinion leaders of online word-of-mouth communication. In this study, combining RFM model and automatically measuring method of sentiment words, a RFMS model is proposed to measure the influence of online word-of-mouth publisher, identify opinion leaders by applying artificial neural network, and assess the validity of identifying results based on degree centrality. The online reviews of dianping.com are analyzed, and based on those reviews the proposed method is verified. Results show that the proposed method in this paper can accurately identify opinion leaders. References | Related Articles | Metrics