Table of Content

20 March 2015, Volume 23 Issue 3 Previous Issue    Next Issue

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Regional Market Integration and ODI's Reverse Spillover Effect: Empirical Evidence from China's Provinces GU Xue-song, HAN Li-yan 2015, 23 (3):  1-12.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.001 Abstract ( 2143 )   PDF (1397KB) ( 2217 )   Save The reverse spillover effect of Overseas Direct Investment (ODI) on home country's economic growth is investigated in the institutional background of regional market integration. First of all, based on New Growth Theory, the theoretical model which makes Total Factor Productivity (TFP) determined by ODI and the degree of regional market integration is established. Then, China's province-level panel data during 2003-2012 to do empirical research is used. Last, DEA-Malmquist index is used to decompose TFP into three parts: technological level change, resource allocation efficiency change and scale efficiency change, which reveals the channels through which ODI impacts TFP. The empirical results show that: regional market integration and ODI have significant substitution effect on promoting technical progress, have significant complementary effect on optimizing resources allocation, and have no significant effect on achieving economies of scale. After synthesizing the three aspects above, regional market integration and ODI demonstrate significant substitution effect on TFP. In order to ensure the reliability of conclusions, the endogeneity of ODI, test the robustness of the model, and compare ODI's marginal effect in different sample cases are considered. References | Related Articles | Metrics

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A VaR Moldel Based on Multifractal Asymmetry Measurement WANG Peng, YUAN Xiao-li 2015, 23 (3):  13-23.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.002 Abstract ( 1989 )   PDF (1898KB) ( 2353 )   Save For describing asymmetry of financial returns, the validity of traditional measurement, i.e., skewness coefficient, is heavily dependent on the assumption that the data is independently and normally distributed. However, actual data in financial markets often has non-independent and non-normal distribution. So a new measurement should be explored to fit stylized facts of actual financial data. After a preliminary exploration for a long time, fractal analysis are found to provide highly targeted solutions for many problems in traditional research about asymmetry of financial returns. By refining useful statistical information to describe the asymmetric features of financial assets' yields during the process of multifractal analysis, a new asymmetry measurement (Δf) is constructed in this paper,whose theoretical properties is more excellent and are more suitable for typical statistical characteristics of actual financial data. Unconditional coverage test and conditional coverage test are used to compare the VaR computation accuracy differences for CSI 300 index between risk models augmented by the skewness coefficients and the Δf measurement. Empirical results show that the latter has higher VaR estimation accuracy. The new measurement which we present in this paper provides a more suitable tool for asymmetry testing to financial returns. Furthermore, this is a typical result of making use of statistical information embedded in the process of fractal analysis. References | Related Articles | Metrics

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Analysis on Venture Capital and Intellectual Capital Synergetic Condition MA Ning, YAN Tai-hua, JI Xin-long 2015, 23 (3):  24-31.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.003 Abstract ( 1978 )   PDF (1056KB) ( 2063 )   Save Based on the principles and methods of synergetics, the venture capital and intellectual capital synergetic conditions and changes with qualitative analysis are studied in this paper, and gives an empirical test based on the venture capital shareholding threshold is given. The results show that: (1) under the synergistic effect, intellectual capital has "single threshold "effect on business performance, and venture capital shareholding can be used as the judgment of venture capital and intellectual capital synergetic condition; (2) when the proportion of venture capital is higher than the threshold value, the intellectual capital would accelerate the market value and asset utilization efficiency of enterprises, but this phenomenon in the human capital value-added efficiency aspect of enterprises performance is not ideal. The results indicate that the value-added role of intellectual capital still has room to improve, but the synergistic effect needs conditions, which objectively requires entrepreneurial companies introduce venture capital targetedly, so as to reform, enhance and make use of the intellectual capital. References | Related Articles | Metrics

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Estimation of Quasi-concave Production Function Based on the Division of Input Possibility Set DONG Jin-quan, QIU Cheng-cheng, MA Zhan-xin, LIU Jun-hua, ZHENG Zhi-hua 2015, 23 (3):  32-41.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.004 Abstract ( 2508 )   PDF (1417KB) ( 2516 )   Save It is proved that,firstly, the input possibility set spanned by samples (DMUs in terms of DEA) can be divided into areas of increasing return to scale (IRS), constant return to scale (CRS) and decreasing return to scale (DRS); secondly, C-D production function is quasi-concave, and non-concave on the area of IRS. The concept of IRS frontier of a production possibility set is proposed. Based on the division of input possibility set and the position of the production function surface, BCC frontier and the IRS frontier, a method to estimate production function is proposed. According to the method, production function is divided into a non-concave segments on area of IRS and a concave segment on area of non-IRS, and the estimation is processed in following steps. First, dividing the input possibility set into IRS area and non-IRS area; second, forming IRS frontier on IRS area and BCC frontier on non-IRS area, respectively; third, estimating parameters of each segment with corresponding frontier by a linear programming model, respectively. The validity of the estimation method is verified through an instance. References | Related Articles | Metrics

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The Optimal Portfolio Decision and Contribution Plan of Defined Benefit Pension Funds Based on a Heston Stochastic Volatility Model and Legendre Dual Transform Method XIAO Jian-wu, YIN Xi-ming 2015, 23 (3):  42-46.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.005 Abstract ( 2094 )   PDF (858KB) ( 2046 )   Save The defined benefit pension system applies widely in China. The portfolio and the contribution plan are the two core issues in this system. Thus, a Heston stochastic volatility control model with the logarithm utility function for the portfolio of the defined benefit pension funds is created in this paper, and a stochastic differential Bellman equation by applying optimal control theory is obtained. But this equation is very difficult to solve, so it transfers the primal problem to the dual problem and provides an analytic solution to the primal optimal problem by applying the Legendre transform and the dual theory. In theory, the paper enriches the methods of the model specification and the model solution for the stochastic volatility control model about the portfolio. In practical level, an optimal asset allocation strategy (between a risky asset and a reckless asset) and the least contribution policy, and expressions of quantity relations between the optimal decisions and the total assets, the pension benefit, the net assets and the risk premium to achieve the utility goal are found in this paper. References | Related Articles | Metrics

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A Model of the Dynamic Optimal Capital Structure in China ZHENG Xiang-feng 2015, 23 (3):  47-55.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.006 Abstract ( 2269 )   PDF (1705KB) ( 2960 )   Save A new model of the dynamic optimal capital structure in China based on the "five forces" model of finance has been established. This model indicates that the decisive factor of dynamic capital structure is the optimization of financial risking (value dissipation). Those firms who have the dynamic optimal capital structure embody financial strategy advantaged including more cumulative growth rates of net profit, total asset and NCF in the meantime even they only have the same growth rate of turnover as the market. Moreover, firm value is negative relationship with the capital structure when firm in dynamic optimal capital structure. This can explain why most of the leadership firms choose a lower capital structure long-term. The model of the dynamic optimal capital structure is tested by"debt with interest/investment capital" between 24% and 40%, among them 30% is the best one by the 998 listed companies in Stock Market A in China from 2002 to 2011. This paper also indicates that most of these listed companies cannot choose their optimal capital structure,and which will reduce their market values. References | Related Articles | Metrics

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Evaluating Multiperiod VaR via Nonlinear Quantile Regression Model XU Qi-fa, ZHANG Jin-xiu, JIANG Cui-xia 2015, 23 (3):  56-65.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.007 Abstract ( 2451 )   PDF (1102KB) ( 2903 )   Save The stylized facts of financial markets, such as volatility clustering, fat tail and asymmetry, make the multiperiod VaR do not comply with simple "rule of time root" in one period VaR measure. Therefore, a more reasonable method is need to seek to evaluate multiperiod VaR accurately. Multiperiod VaR is mainly influenced by two variables, i.e. holding period and volatility. To determine the impact model (linear or nonlinear) of the two variables is essential for evaluating VaR accurately. Nonlinear quantile regression model, overcoming the limitations of the linear quantile regression model in describing linear dependence between multiperiod VaR and its influencing factors, can be used to improve the accuracy of VaR. Three types of methods, volatility model, QRNN+volatility model, and SVQR+volatility model, for evaluating multiperiod VaR has been proposed in this paper based on volatility modeling and nonlinear quantile regression method. For empirical application, three stock price indices are selected: Shenzhen Composite Index, Hang Seng Index and S&P 500 from 19 Jan. 2011 to 28 Sep. 2012. Six different volatility models are considered and two types of nonlinear quantile regression models are combined with them. As a result, the 18 kinds of methods in multiperiod VaR measure are compared together. The empirical results show that volatility model has an influence on the effect of multiperiod VaR measure. In terms of the accuracy of VaR measure, the SVQR+volatility model is slightly better than QRNN+volatility model, and both of them are superior to the volatility model. The good performance of the nonlinear quantile regression models in VaR evaluation comes from the fact that the QRNN and SVQR models belong to nonparametric methods. They have the ability to discover a complex nonlinear relationship among variables without specifying a explicit functional form. This property is very useful for exploring the unknown relation among financial variables. References | Related Articles | Metrics

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Research on Revenue Sharing Mechanism in Collaborative Innovation with Venture Capital Fund of Funds HUANG Bo, CHEN Hui, HUANG Wei 2015, 23 (3):  66-75.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.008 Abstract ( 1887 )   PDF (1139KB) ( 2201 )   Save Moral hazard is the main factor obstructing the scale enlarging and efficiency improving in collaborative innovation. In this paper, a game model of collaborative innovation with venture capital fund of funds is developed, in order to study how the innovation fund use revenue sharing mechanism and investment policy to raise the investment from enterprise and innovation supplier, as well as performance of collaborative innovation. The optimal revenue sharing mechanism and the investment policy of fund are obtained through theoretic and numerical analysis. It is found that the fund should give the whole revenue share ratio to the enterprise, while the fund and the innovation supplier should claim a fixed revenue from enterprise to motivate the enterprise to make commitment according to contract; and the fund should give the innovation supplier the investment as late as possible, while the innovation supplier invests its own capital at earlier stages, in order to stimulate it to raise innovation commitment, as a result the expected profit of the fund is maximized. References | Related Articles | Metrics

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The Alignment and the Entrenchment Effect Caused by Shareholders' Market Behavior WANG Jian-wen, GUO Yan-ling, WANG Li-na, HAN Fei-fei 2015, 23 (3):  76-81.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.009 Abstract ( 2217 )   PDF (864KB) ( 2722 )   Save Important shareholders' market behavior has received much attention from securities in theory and practice, because it has not only directly impact on stock prices, but also affect the company's growth, and which is in conflict with the interests of other investors. A-share listed companies which have buying or selling behavior as the sample are used in this paper, growth target is then created through principal component analysis, and multiple regression analysis model of Shareholders' buying or selling behavior and company's growth is constructed. The empirical research the catalysis of the Alignment and the Entrenchment Effect under the multi-factors' combined influence. The empirical result shows that: important shareholders' buying behavior will strengthen the alignment effect and their selling behavior will strengthen the entrenchment effect. What's more, the entrenchment effect is more obvious when the largest shareholders have more shareholding proportion, and the alignment effect is more obvious when the top ten shareholders hold more stock, which reflects the equilibrium relation between equity balance and equity controlling. References | Related Articles | Metrics

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Duopoly Competition of Quality Based on Expected Network Size WU Chun-xu, WANG Qin, XU Chuan-yong 2015, 23 (3):  82-89.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.010 Abstract ( 2043 )   PDF (7170KB) ( 1400 )   Save Concerning a product with network effects, the paper studies how duopoly firms compete on quality when the expected network size is affected mainly by the quality level. A two-stage game model is adopted to analyze this problem. It shows that market leader gains greater market share than expected network size, and market followers gets smaller market share than expected network size. For product with weak network effects, when network effects increase, product quality differentiation intensifies. And there are similar situation with also price and profit differentiation. When network effects strength is low enough, market followers gets greater profit for late-mover advantage. For product with strong network effects, market leader will get first-mover advantages getting more profit. References | Related Articles | Metrics

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The Study of Time-Varying Return Correlations Based on Bivariate EARJI-EGARCH PENG Wei 2015, 23 (3):  90-96.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.011 Abstract ( 1800 )   PDF (1766KB) ( 1729 )   Save A bivariate EARJI-EGARCH is improved for study the jumps impact on time-varying return correlations between Shanghai composite index, Japan Nikkei index and Korea KS index. The results show the persistence of correlation in east asian is very high. The outcomes show that individual jumps have small effects on time-varying correlation, the effects of simultaneous jumps depend on the jump signs. The same sign jumps have bigger effects on time-varying correlation than individual jumps,the time-varying return between China and Japan increases most. When the opposite jumps happen, the time-varying return between China and Korea decreases most. It shows that when the same jumps happen, the correlation between Japan and Japan is stronger than the correlation between Japan and Korea.Simultaneous jumps have stronger effects than individual jumps.When reverse jumps happen,they have stronger effect than individual jumps,but weaker than simultaneous jumps.The time-varying return between China and Japan increases most,but Nikkei-KS decreases most.It shows that when reverse jumps happen, the correlation between Japan and China is stronger than the correlation between Japan and Korea. References | Related Articles | Metrics

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The Coordination of Supply Chain with Bilateral Asymmetric Information by Considering Risk Aversion of Retailer WANG Xin-hui, WANG Xian-yu 2015, 23 (3):  97-107.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.012 Abstract ( 2018 )   PDF (2518KB) ( 2486 )   Save Asymmetric information is an important factor for affecting supply chain coordination, and designing contract mechanism is a method of achieving coordination. The problem of contract mechanism designing under bilateral asymmetric information structure is investigated in this paper. More specifically, a supply chain is considered consisting of one risk-neural supplier and one risk-averse retailer who have their private information regarding the production cost and retail cost, respectively. In a decentralized setting, the supplier and the retailer both have motivations to conceal their private information for better performance. To realize the efficient incentives, the conception of benevolent principal is introduced,thus the whole supply chain can be seen as the coordination subject. By virtue of the idea of the AGV (d' Aspremont and Gerard-Varet) mechanism, the incentive transfer payments is designed and a bilateral asymmetric information model of supply chain using mean-variance (MV) approach is constructed. It is found hat when the retailer's risk aversion degree is in some range, the designed incentive transfer payments based on AGV mechanism can only reveal the private information of two parties truthfully, but can not ensure their ex post nonnegative benefits. In order to overcome this issue, an ex-post allocation rule is presented that associated with the proportion of the expected information rents, and design the corresponding compensation parameters. Combining the transfer payments and the compensation parameters, a contract mechanism is proposed.It shows that the contract mechanism can reveal the private information truthfully and ensure the expost reasonable profits if the retailer's risk aversion degree does not exceed the upper bound kr. When the supplier and retailer reveal their information truthfully, the supply chain with more risk aversion retailer has lower optimal commodity trading quantity and supply chain performance. Finally, one numerical example is presented to examine the incentive effectiveness for information revealing and analyze the sensitivity of the risk aversion degree.Some theoretical basis and practical guidance for bilateral asymmetric supply chain management will be provided in our research. References | Related Articles | Metrics

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Procurement Policy and Risk Sharing under Price Flexibility Contract MU Yin-ping, LIU Li-ming 2015, 23 (3):  108-117.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.013 Abstract ( 2099 )   PDF (2265KB) ( 2138 )   Save Raw material price fluctuation can induce the seller or the buyer to face the potential risk in the future transactions. In order to reduce the risk, the firms usually use price contracts to make them share the risk of the raw material price fluctuation. In this paper, a supply chain is considered consist of a supplier and a retailer, where the retailer buys the raw material from the supplier at the beginning of the lead time and the supplier delivers the raw material to the retailer some time later. A price flexibility contract is designed to share the profit risk between the supplier and the retailer. Using Stackelberg game the paper built mathematic model to optimize the procurement risk-sharing mechanism and provided the optimal parameters for the flexible supply contract. The results show that supply contract with proper parameters can improve the profit of the supplier and the retailer respectively. By analyzing the profit variance. It is also found that the optimal flexible supply contract can reduce the profit risk of the supplier and the retailer significantly. References | Related Articles | Metrics

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Photovoltaic Load Forecasting Based on the Similar Day and Bayesian Neural Network JI Ling, NIU Dong-xiao, WANG Peng 2015, 23 (3):  118-122.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.014 Abstract ( 2158 )   PDF (1383KB) ( 2291 )   Save Since the limitation of the primary energy, the increasing energy consumption and more concern on environmental protection, much attention has been devoted to explore and utilize the renewable energy. Photovoltaic output power forecasting is the foundation of the planning and operation of photovoltaic system. In this paper, a novel short-term PV power forecasting integrating knowledge mining method and intelligent algorithm has been proposed. The main idea of this method is that firstly though knowledge mining it analyzes the important factor impacting the photovoltaic array output. Then Fuzzy c-mean clustering is adopted to classify the history data and the meteorological data on forecasting day. The selected subset including high similarity days would improve the quality of the training samples. Later, Bayesian neural network is built to mapping the complex relationship among the input data and the PV power, and the parameters of the network is optimized according to Bayesian theory to improve the generalization of the model. At last, to valid the effectiveness and accuracy of the proposed method, simulation is carried out. The forecasting result shows the goodness of this method by comparing with traditional BP network. References | Related Articles | Metrics

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Mid-term load Forecasting Semi-Parametric Model Based on Time-variant Interval Weights SHAO Zhen, YANG Shan-lin, GAO Fei, WANG Xiao-jia 2015, 23 (3):  123-129.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.015 Abstract ( 2122 )   PDF (1979KB) ( 2043 )   Save Due to the diversity of data variation, the fluctuations characteristic of the medium-term power load is different from short-term and long-term power load. Based on the view of electric power system complexity, the mid-term power load forecasting problem is discussed, including the forecasting model uncertainty, parameter time-varying characteristics and the periodic law of load fluctuation. According to the features of mid-term power load, a semi-parametric model based on nonparametric smoothing is built, and the division of the function interval is defined. After that, a new dynamic prediction method is put forward based on variable interval. Combined with the ensemble empirical mode decomposition algorithm and wave energy test, the noise sequence analysis and separation method is presented. The study shows that, climatic factor have the greatest impact on the electricity consumption, while economic factor has less impact on it. In different forecast periods, the explanatory of factors to the forecasting model varies over time. As the proposed semi-parametric model can be used for accurate multi-dimensional and multi-granularity analysis of electricity load, then grasp the variation, it can be efficiently used for mid-term load forecasting. References | Related Articles | Metrics

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DecisionMaking Method for Integrating Subjective Evidences Based on Brain Storming Principles DU Yuan-Wei, DUAN Wan-Chun, HUANG Qing-Hua, YANG Na 2015, 23 (3):  130-140.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.016 Abstract ( 1880 )   PDF (1474KB) ( 2137 )   Save The existing approaches aren't able to solve the decision problems that evidence sourses are subjective or objective evidence sourses that can't obtain efficient information, and thus we have to look for help from subjecitve knowledge, experience and intuition. In order to solve above problems, the flexible knowledge matrice given by relative estimation modes with complementary judgments are established to derive subjective inference information from decision experts, and a subjective evidence deriving model is constructed to obtain Basic Probability Assignment (BPA) functions from flexible knowledge matrice. After that, four priciples in Brain Storming, i.e., delayed evaluation, independently thinking, quality ensured by quanity, as well as combined to improvment, are introduced to the procedure of deriving subjective evidences, and a integrating and decision making method is proposed to recognize the most possible alternative in the frame of discernment. A numerical comparison analysis and a case simulation analysis are respectively presented to demonstrate the proposed method to be scientific, efficient, and feasible finally. References | Related Articles | Metrics

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Added Value Distribution Pattern and Its Determinant Factors Analysis YANG Chun-qing, ZHU Wei-dong 2015, 23 (3):  141-150.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.017 Abstract ( 1995 )   PDF (2338KB) ( 1864 )   Save The article research on firm's add value distribution in its main stakeholders. Equation model framework is build in this paper,which is about non-competitive market factors influence of add value distribution structure, then the empirical test is carried on to related hypothesis using structural equation analytical method based on micro-data of listed company from 2003 to 2010. The empirical results show that: firstly, state-own enterprise to private enterprise, under-development regions to developed regions and business to industry and real estate which have significant increase staff's share and reduce government's share, show negative influence on add value distribution structure. Secondly, ownership concentration and business performance have influence on increasing staff's share and reduce government's share, showing positive influence on add value distribution structure, while it is no significant. Finally,it is found that there exit reverse change relations between government income rate and staff income rate. Conclusion shows that non-competitive factors have significant influence on add value distribution of our country, so it is nesessary to remove negative influence of non-competitive factors when solve problematic of distribution structure. References | Related Articles | Metrics

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Research on the Dynamic Selection of Technology Innovation Models in Enterprises with Multi-participators YOU Da-min, YANG Xiao-hui, ZHU Gui-ju 2015, 23 (3):  151-158.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.018 Abstract ( 1999 )   PDF (1239KB) ( 2492 )   Save Multi-agent participation has become the basic characteristic of enterprise innovation activities in modern economy environment. In order to confirm the influence of innovation agents on enterprises innovative modes selection, the innovative mode selection game model including the participation of suppliers and customers is build in this paper. From the analysis of the model, it is found that according to the different innovative modes selected by enterprises, three competitive markets can be formed, including Stackelberg market, Cournot market and complete monopoly market. Using evolutionary game method, the equilibrium solutions to the model can be found. The following conclusions can be draw: the participation of suppliers and customers will increase the proportion of companies which choose radical technology innovation. Accordingly, the desire of companies choosing incremental technology innovation will decline. Besides, this effect will be strengthened with the increasing of the proportion of radical technological innovation in the market. When the demand is elastic, customer participation can promote radical technological innovation. Whereas, radical technological innovation can be enhanced by the supplier participation while the demand is inelastic. To incremental technology innovation, this conclusion is completely opposite. Numerical examples are used to analyze the results, which further verify the conclusion. The research conclusions of this dissertation contribute to revealing the influence of multi-agent participation on innovative modes selection and make some explanations to the core issue of innovation of enterprises innovative resources allocation in the condition of multi-agent participation. References | Related Articles | Metrics

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The Effects of Global Factors and Individual Interactions on the Generation and Evolution of Emergent Collective Event LUO Zhi, YANG Guan-qiong 2015, 23 (3):  159-167.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.019 Abstract ( 2043 )   PDF (1779KB) ( 2283 )   Save The study of the generation and evolution of emergent collective event has become an important topic of social management. The computational social science approach provides a new method to analyze this issue deeply. By reviewing the previous research and empirical analysis of several cases, the global factors of emergent collective events are suggested. They are the level of public trust in the government, interest demand or social problem solving mechanism and the social common brief. When these global factors reached a certain level, they form the important conditions for emergent collective event. Under certain global conditions, the formation of emergent collective event depends deeply on the individual interactions through the social network. Based on the model of computational sociology, the generation and evolution of emergent collective event on the artificial social network is simulated and the effects of global factors and individual interactions are analyzed. The result of the simulation demonstrated the critical value of some endogenous factors when other factors are constant. A necessary fundamental model is provided for the further study on the generation and evolution of emergent collective event. References | Related Articles | Metrics

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AStudy on Supply Chain Value Maximization Considering the Competition between Supply Chains Based on New Prosumer MENG Qing-chun, LI Hui-hui 2015, 23 (3):  168-176.  doi: 10.16381/j.cnki.issn1003-207x.2015.03.020 Abstract ( 2129 )   PDF (1028KB) ( 2244 )   Save The existed studies mainly focused on the single supply chain, not considering the competitive relation between supply chains. And the studies on supply chains competition mainly focused on these aspects like game, contract and performance, not considering the issue of supply chain value. So, in this paper, based on the previous study about the value creation of one supply chain, the issue of the supply chain value maximization considering the competition between supply chains is fully studied. Firstly the Cournot game base on new prosumer is used to construct the mathematical model of supply chain value maximization when thinking about the competition between supply chains. Under the framework of this model, the issues such as the whole value created by supply chain, the effects of the concern extent of the enterprise alliance to consumers and the repurchase rate of consumers on the supply chain value, the value of enterprise alliance, the value of consumers and so on are analyzed. Some important conclusions are obtained such as there exist many combination choices between the concern extent of the enterprise alliance to consumers and concern extent of consumers to the enterprise alliance to make the maximization value add on the two supply chains. And the validity of those conclusions is checked by the numerical analysis. The study of this paper has a more general sense to fully disclose the value promotion of supply chain based on the new prosumer. References | Related Articles | Metrics