Table of Content

20 July 2015, Volume 23 Issue 7 Previous Issue    Next Issue

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Liquidity, Liquidity Risk and Performance——A Empirical Study on Chinese Open-End Mutual Funds SU Xin, ZHOU Yong 2015, 23 (7):  1-9.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.001 Abstract ( 1521 )   PDF (965KB) ( 1761 )   Save Liquidity factor in Chinese capital market is constructed in this paper, and the impact of liquidity and liquidity risk on performance are investiqated from the angle of holding assets. There exist liquidity premium and liquidity risk premium in performance. The results show liquidity risk can not only be used to predict performance, but also identify the fact that whether managers have skill of active management. An effective means is provided for investors to make decisions. References | Related Articles | Metrics

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Gaussian Affine Term Structure Model of Interest Rate Based on MCS Approach BAO Jie, GE Jing 2015, 23 (7):  10-17.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.002 Abstract ( 1863 )   PDF (1198KB) ( 2319 )   Save The paper is first to study the identification and estimation of Gaussian affine term structure of interest rate based on Minimum-Chi-Square method. As beginning with the normalized Gaussian model, the identification is from the functional relations of parameters between the structure model and reduced-form model, Minimum-Chi-Square estimation has inherited all the asymptotical properties of MLE in structure model and maintains the reliability of estimator. And then, With the term structure of yields implying in monthly bonds price from 2006 to 2013 in Shanghai Stock Exchange (SSE), Gaussian affine term structure model is empirically applied using the MCS method and the results indicate that the Gaussian affine model gives good fitting of term structure and the merits of the statistical properties of estimators are consistent with structure and reduced-form model. References | Related Articles | Metrics

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Research on the Hedging Strategy of Correlation Risk in Incomplete Market XIAO Yang, FENG Ling, WU Yun-ping 2015, 23 (7):  18-25.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.003 Abstract ( 1997 )   PDF (1335KB) ( 2102 )   Save As the capital market of our country goes further, and the financial market fluctutes more severely, more and more investors will focus on the correlation. How to hedge correlation risk has become an important issue to be solved. In this paper, on the basis of price process with jump and the Greek letter hedge principles of options, the correlation random process is introduced and a hedging strategy of the correlation risk is built in the incomplete market with jump, which sells a share of stock index put option and buy several shares of individual stock put options and several shares of the underlying stocks at the same time, to keep both the asset price volatility risk and the jump risk neutral in the portfolio. Thus, the investor can hedge the correlation risk by selling the correlation risk premium in the portfolio. The daily data of Hong Kong Hang Seng index options is selected and its constituents from March 2007 to March 2013 as the data of empirical analysis. The empirical result shows that the hedging strategy can hedge the correlation risk between individual stocks in the investment portfolio and can get positive yield in most cases. The research in this paper has important reference value building advance correlation risk hedging strategy to avoid the influence of extreme events in financial market. References | Related Articles | Metrics

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An Improvement on the Estimate of Realized Variance of Stock Yield Based on Transaction Time Sampling ZHAO Jun-li, LIANG Xun 2015, 23 (7):  26-34.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.004 Abstract ( 1539 )   PDF (1655KB) ( 1891 )   Save The analysis of high-frequency data is diffucult, because of the white noise. In this paper, the estimate of RV on financial assets is studied, especially when high frequency asset prices are available. The analysis is based on a pure jump process for prices. The compound Poisson process (CPP) is introduced to describe the dynamics of price.Additionally, a new assumption is made on noise that generalizes the traditional i.i.d.one, which allows the variance of noise varying across the day. With the CPP model, the path of noise is separated from the observed price and then the noise path is used to improve the traditional sampling scheme. For further improvement, our new sampling scheme is combined with the transaction time sampling scheme and the first-order correction RV. Experiments on the stock price data from both stock exchanges in China demonstrate that although our estimator may produce an outlier occasionally, it can pass the robustness tests in general. References | Related Articles | Metrics

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Improved VaR Model by Embedding Strategic Factor HAO Fan-hao, WANG Tie-nan, LI Xin 2015, 23 (7):  35-44.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.005 Abstract ( 1931 )   PDF (1097KB) ( 1640 )   Save Traditional VaR model is a commonly used tool for measuring risk of short-term investment, but it is not effective in measuring risk in the long run. In addition, some scholars have doubted the basic assumption of traditional VaR method which estimates future risk by historical data. Accordingly, this paper intends to improve VaR model by taking strategy into account. First, a concept of strategic factor, which can comprehen-sively evaluate corporate strategy, was proposed. By using Delphi method, questionnaires are distriputed to the 15 selected experts in the related area, and screened out 23 pivotal strategic elements. Afterwards, the formula of strategic factor was obtained by Fuzzy Analytic Hierarchy Process (FAHP). Based on the g-hVaR model, strategic factor is embeded into the g-h VaR model and the SVaR (Strategic Value-at-Risk) model is built. Daily closing price data of 52 Shanghai-listed companies in the pharmaceutical industry from January 2, 2007 to December 31, 2012 were collected for empirical analysis. The data of 50 companies were used for modeling, and the rest 2 were used for model verification. The results of likelihood-ratio testing and empirical testing reveal that the SVaR model is more accurate than the original VaR model in predicting the future risk of stock investment. Our research may enrich and optimize VaR theory and shed light on the research of financial risk. References | Related Articles | Metrics

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Oil Price Shocks and China's Actual Economic Fluctuations——An RBC Model Analysis CAO Fei 2015, 23 (7):  45-52.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.006 Abstract ( 1933 )   PDF (1144KB) ( 1808 )   Save As the China's high trade degree of dependence on foreign oil, the external shocks of international oil price fluctuations may have various effects on the China's economy. Here an open economy model is built under the conditions of the real business cycle, by introducing the oil price shocks and technology shocks, the characteristics of China's actual facts of economic fluctuations are explained and the impact of oil price fluctuationsis explored for the Chinese real economy mechanism. Compared to the existing research, this model simulate the Chinese characteristics of the main macroeconomic variables fluctuate better than other models. Meanwhile, the study found that, in addition to the impact of the trade balance, the oil price shocks on the economy also produced a negative impact. Therefore, the energy price reform should follow the principle of gradual and orderly progress, it's to prevent oil price fluctuations have a greater impact on the real economy. References | Related Articles | Metrics

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Theoretical Deduction on Existence, Effective and Its Fairness of Internal Capital Markets GONG Zhi-wen, CHEN Jin-long 2015, 23 (7):  53-59.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.007 Abstract ( 1655 )   PDF (951KB) ( 2096 )   Save An optimization model about the borrowing of funds within enterprise group under the control of major shareholders is set up, in which the existence, effectiveness and fairness of internal capital markets is deduced. It is found that, capital allocation optimization may result in the ideal internal capital markets, in a "win-win" situation for all parties involved in the game. While the internal capital allocation can be kept,continuous cooperation of all parties, and increasing in social welfare can be met in the internal capital markets with conflicting costs under certain conditions.A distorted capital allocation may result in the transfer of benefits type of internal capital markets, where the internal capital allocation was not sustainable, and the efficiency and fairness is compromised. Conclusions of this study provide a theoretical basis for the empirical research. References | Related Articles | Metrics

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Merger Efficiency Evaluation of Two-Stage Production System Based on Non-Cooperative Game Theory SHI Xiao, XIE Jian-hui, LI Yong-jun, LIANG Liang, XIE Qi-wei 2015, 23 (7):  60-67.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.008 Abstract ( 1840 )   PDF (957KB) ( 1567 )   Save In terms of how to choose the candidate target companies and predicting the feasibility of M&As, data envelopment analysis is applied to predict the feasibility of M&As with a two-stage production system. The production system has two distinct characteristics: (1) a decision-making unit consists of two tandem components; (2) one component is in a dominant position, and the other is in a subordinate position. A hypothetical DMU is merged by two or more DMUs. To solve this kind of merger efficiency evaluation problem, a DEA approach is firstly applied to evaluate the DMU's efficiency of the overall system and both components simultaneously. Then based on the idea of non-cooperative game,a game DEA approach is provided to evaluate the hypothetical DMU's merger efficiency of the overall system and both components on the condition that the current output level and efficiency are constant, which is helpful to analyze how the merged hypothetical DMU to save cost from its components. Finally, the model is applied to the simulation analysis of Taiwan's 24 non-life insurance companies. Because the model can effectively analyze all internal sub-units' merger efficiencies of a hypothetical DMU with non-cooperative game concepts, the developed approach can imply more effective and veracious decision-making information for management. References | Related Articles | Metrics

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Research on the Premium and Penalty Mechanism of the Reverse Supply Chain Considering Various Goals of Government WANG Wen-bin, ZHANG Yu, FAN Ling-ling, HE Ling-yun, DA Qing-li 2015, 23 (7):  68-76.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.009 Abstract ( 1823 )   PDF (1079KB) ( 2090 )   Save Considering the government's three decision-making goals, the premium and penalty mechanism of government design problem of the reverse supply chain is discussed in this paper. With and without the premium and penalty mechanism is established under the game model of the reverse supply chain, the equilibrium solution of the government premium and penalty mechanism is gained, and the results are compared to discuss management insights. Finally, the conclusions of the model are verified by examples, and further simulation analysis of the influence of exogenous variables on the decision variables is also listed. The study has shown that: the government premium and penalty mechanism can not only improve the recovery rate of waste electrical and electronic products, but also reduce the retail price of new products, improve the repurchase price, which is conducive to the improvement of the welfare of the whole society; premium and penalty efforts are increased with the increase of market capacity, the government should consider the market size of the products of the manufacturer while implementing the premium and penalty mechanism to develop premium and penalty intensity rather than to formulate a unified incentive intensity of all manufacturers.It would be better to improve the recovery rate of the reverse supply chain that the government considering the welfare of the whole society and the environmental effects brought by the collection of waste electrical and electronic products. References | Related Articles | Metrics

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Study on Loan-to-value Ratiosof Inventory Pledging Based on Supply Chain Credit Level SUN Xi-mei, ZHAO Guo-kun 2015, 23 (7):  77-84.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.010 Abstract ( 1835 )   PDF (1207KB) ( 1996 )   Save Supply chain financing can boost the credit level and ability to make loans of small and medium sized enterprises. The core enterprise has huge stimulating effect to supply chain credit. Supply chain credit and credit multiplier are defined to measure the stimulating effect, and the decision of loan-to-value ratios of a loss aversion bank is analyzed when products are in a newsvendor market which is consisting of a supplier (the core enterprise) and a retailer. Firstly, the optimal loan-to-value ratio of the bank is given. Secondly, the influence of credit multiplier, inventory quantity, the repurchase parameters and loss aversion coefficient on the loan-to-value ratio are analyzed. The results show that the optimal loan-to-value ratio under supply chain financing model is higher,and loan-to-value ratio is positive related to both credit multiplier and the repurchase parameters, and is in negative correlation to both inventory quantity and loss aversion coefficient. Finally, the sensitivity analysis is given to illustrate the conclusions. By defining supply chain credit and credit multiplier, the focus of supply chain financing is transfered from small and medium sized enterprises' credit to supply chain credit. References | Related Articles | Metrics

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Carbon Emission Reduction Cost-Sharing Model in Supply Chain Based on Improvingthe Demand for Low-Carbon Products ZHOU Yan-ju, HUANG Yu-qing, CHEN Xiao-hong, XU Xuan-hua 2015, 23 (7):  85-93.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.011 Abstract ( 2253 )   PDF (1513KB) ( 2722 )   Save For the existence of carbon emission reduction cost, the retail price of the products is so high that the market demand is low, which restricts the promotion of low-carbon products. Our motivation comes from the fact that most consumers think that the price of low-carbon products is so high that they are not willing to buy. So, how to reduce the price of low-carbon products so that the demand can be improved has become an important issue in enterprise operation. On the background of a bilateral-monopoly supply chain consisting of a single manufacturer and a single retailer, Stackelberg models are established based on the carbon emission reduction cost-sharing contract. And the backward induction is regarded as an efficient method of solving the problem. We analyze how the order quantity, the profits of supply chain members and the whole supply chain are influenced by the carbon emission reduction cost-sharing contract within the supply chain. According to the research, when the carbon emission reduction cost -sharing contract is introduced into the model, it leads a good consequence that the optimal order quantity of the low-carbon product increases, the retail price decreases, and the manufacturer and the retailer will get Pareto improvement on certain condition. On the basis, a further analysis is carried on and a conclusion shows that consumers' awareness and emotional factors of low-carbon products have a positive effect on enterprise's order quantity and profit, while have a negative effect on the optimal cost-sharing rate shared by the manufacture. Our key contribution lies in modeling the cost-sharing contract to coordinate the relationship between the manufacturer and retailer. At the same time, the supply chain member can get Pareto improvement on certain condition. References | Related Articles | Metrics

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R&D Project Dynamic Investment Decision-making Model Based on Real Option GU Xiao-yan 2015, 23 (7):  94-102.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.012 Abstract ( 1828 )   PDF (1321KB) ( 1980 )   Save R&D project is an important means for enterprises to gain continuously a competitive advantage in the fierce market. The key during R&D investment decision-making problems is project selection. Compared to normal engineer projects, it is more difficult to accomplish R&D project evaluation and selection since it has complex, dynamic and innovation features. In this paper, we focus on multiple R&D projects selection problem in the same enterprise and build a dynamic selection model. Within this dynamic selection model, the effect on the under-going project by other R&D projects after their stage success is considered according to game philosophy. Then investment decision points will be conducted to avoid game risk, and finally the optimal investment decision objectives for multiple research projects will be realized.R&D projects considered in this paper have market risk, technology risk, unexpected risks, and game risk in the same enterprise. Firstly, according to the characteristic of multi-stages for R&D project, project termination decision criterions are built by using twin securities theory under real options perspective. Within each stage, the potential cash flow of R&D project follows a movement combination by geometric Brownian motion and Poisson motion. According to the non-arbitrage equilibrium principle, risk-neutral probability can be constructed. Then the cash flow of R&D projects can be converted to the investment point based on option pricing model. For the game risk among multiple R&D projects, the project which has accomplished more success stages will have more first-mover advantage than the project which has less success stages, thus the dominant project will have greater probability to get investments, and vice versa. The success stages numbers for different R&D projects will be observed and recorded. The project which has a greater success stage number will be assigned with a greater influence coefficient and the project that has a relatively smaller success stage number will be assigned with a smaller game factor. Thus the multiple R&D projects selection problem based on game theory can be quantized to values. According to the combination for R&D projects different success stages, a dynamical R&D projects multi-states selection scenario has been established. The transition between different states depends on investment decisions and game effects. By analyzing all of the transition conditions among different states, a corresponding software tool has been designed, which can be used to demonstrate multipleR&D projects dynamical selection results. Atypical case has two typical R&D projects: one basic research project and one applied research project. The basic research project has along development cycle with great investment and low probability of success, however, it can bring in huge cash flow for enterprises after the success; the applied research project has a short development cycle with small investment and high success probability, however, the benefit reflected by cash flow is also small after success. Through dynamic game observation and sensitivity analysis by our tool, a R&D project investment impact concept map is established, and ultimately the optimal investment decision objectives of the two projects have been obtained. References | Related Articles | Metrics

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Hub-and-spoke Container Shipping Network Design in a Competitive Environment ZHAO Yu-zhe 2015, 23 (7):  103-112.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.013 Abstract ( 1855 )   PDF (1370KB) ( 1893 )   Save A novel mixed integer linear programming mathematical model for the hub-and-spoke container shipping network design in a competitive environment is proposed for the competition problem caused by reorganization and global expansion of container shipping liners. Path-based formulations are adopt as decision variables in the model. A discretized attraction function is introduced to indicate the number of network traffic (customers) of the container shipping alliance that can be attracted to the newcomer container shipping liners through competition. The aim of the model is to maximize the number of network traffic attracted which depends on lower transportation cost and shorter service time - by designing its mixed hub-and-spoke container shipping network. There are 13 constraints including the number of hub ports, routes connection, route transition and network traffic competition to ensure competition factors and network design factors the model should consider. As it is a NP-hard problem, a multi-point crossover genetic algorithm is given to solve the problem. By comparing the genetic algorithm allowed infeasible solutions, the results show that the multi-point crossover genetic algorithm which can avoid infeasible solutions has a better solution. Finally, the example of a container shipping market of Asia-Europe routes is analyzed, and the major data sources are obtained from CI (Containerization International)-Online, 100allin, Seagle and BLM-Shipping. Hub-and-spoke container shipping networks are designed for the cases of the various demands of customers and the countermeasure of container shipping alliance. The calculation results show that (1) Small and medium enterprises should consider that the costs reduction offered by the scale economy for transferring origin-destination (O-D) flows among the reasonable set of hub ports. (2) Since direct routes between the origin-destination (O-D) ports are relatively fixed and can avoid excessive costs and time generated by the detour, small and medium enterprises should consider that cutting costs when entering the container shipping market. (3) Small and medium enterprises should focus on the customer demands from the container shipping market not covered by container shipping alliance, in order to design the hub-and-spoke container shipping network by reasonable hub port selection strategy. References | Related Articles | Metrics

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Intuitionistic Fuzzy Decision-making Methods Based on Case-based Reasoning LI Peng, ZHU Jian-jun, LIU Si-feng 2015, 23 (7):  113-118.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.014 Abstract ( 1892 )   PDF (870KB) ( 1638 )   Save Most current decision methods of fixed weight problems rely on decision-making matrix and ignoring the background. Aiming at these problems, the method of case-based reasoning was fused into the intuitionistic fuzzy decision making problem. At first,according to the connotation of intuitionistic fuzzy numbers, a similarity formula was proposed. By combination of case-based reasoning model with similarity measure, the optimal weight and radius of classification were obtained, and by which the best alternative was gained.Finally, through case analysis details the advantages of this method were summarized as follows: this method not only took the decision data into consideration but also expert's advice, and made the decision results more consistent with the reality, and put forward a new idea to solve the problem of intuitionistic fuzzy decision making problems. References | Related Articles | Metrics

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Study on Spread Mechanism and Diffusion Effect of Network Public Opinion Crisis WANG Guang-hui, LIU Yi-jun 2015, 23 (7):  119-126.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.015 Abstract ( 2108 )   PDF (1952KB) ( 2128 )   Save Since the arrival of the Web2.0 era, network media become a key approach of public crisis and risk transmission. In this context, the formation and evolution of public opinion crisis is a serious problem nowadays, which attracts much more attention from the whole society. Therefore, spread mechanism of network public opinion crisis is choosed as the research object. After collecting and sorting 20 public opinion crisis incidents in recent years, the basic concepts, expression forms, driving factors, and specific patterns of public opinion spread are systematically summarized. Then, the spread and diffusion model of network public opinion is built, which completely considers the internal and external impact factors of spread mechanism. Besides, the extreme point and inflection point of the spread and diffusion model are also discussed. In the case study section, 723 Wenzhou Train Crash and its public opinion crisis are fitted and analyzed by using the public opinion spread and diffusion model. References | Related Articles | Metrics

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The Research on Formation Mechanism of Customer Loyalty under the Shopping Online CHEN Wen-jing, ZHANG Hong-na, WAN Yan, SHI Kan 2015, 23 (7):  127-133.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.016 Abstract ( 1833 )   PDF (1190KB) ( 1789 )   Save The static studies on main factors of customer loyalty have been very rich, however it is lack of the dynamic research on the formation process of customer loyalty based on the dynamic effects of time. Under the background of online repurchase, It is found that the dynamic formation mechanism of customer loyalty through the data analysis of 383 paired samples. The first time 493 valid questionnaires are obtained; the second time 383 paired-matched questionnaires after 3 months are got. It reveals that a single phase satisfaction has positive effect on loyalty; Under the dynamic effects of time, the role of re-purchase customer satisfaction acting in the formation process of loyalty is significant mediator; Based on the second shopping experience, the more important conclusion is that satisfaction on customer loyalty's form has a recursive impact, especially the first satisfaction experience; then the formation mechanism model of customer loyalty is built on satisfaction, and it provides a new angle for customer loyalty study. References | Related Articles | Metrics

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The Game Analyses on the M&A Transaction Price Decision Based on the Binomial Tree Option Model XU Bin, YU Jing, XIE Gui-rong 2015, 23 (7):  134-141.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.017 Abstract ( 1730 )   PDF (1238KB) ( 1677 )   Save In the process of M&A,the key problem is how to decide the transaction price, which can be divided into two steps including the evaluation of transaction asset and the process of pricing the target asset. The former must be processed to disclose the volume of real option hidden in uncertain attained profit and cost spending, while the latter can be processed based on the game analyses of bilateral transaction sides of M&A.Up to now, the measurement of real options under continuous stochastic surroundings has been studied by many scholars all over the world, whilst the measurement of real options under discrete stochastic surroundings has also been studied by way of using binary tree and trigeminal tree methods on the condition of limited transformation times of target asset. In this paper, the measurement of real options under unlimited times of asset transformation is studied by way of using binary tree method in reference to some existing related studies.Firstly, the distribution of real option of binary tree with unlimited transformation times of asset can be deduced to be normal function by way of applying the central limited theorem.Secondly, the detailed analyses of famous Rubinstein bargaining theorem is conducted to disclose an important fact that the transaction asset is assumed to be distributed as uniform distribution, thus how to price the normal distributed target asset is studied to attain the equilibrium price.Finally, the analytical expression of equilibrium transaction price can be deduced to measure the real option value of target asset which is assumed to be distributed as discrete binary tree, the corresponding numerical simulation is given to illustrate its rationality and the explaining power to reality. In summary, a new idea of price the real option is proposed on the condition that the transformation status of asset is assumed to be binary tree, and then the problem solving approach can be referenced to other similar problems, especially to the discrete distributions including trigeminal tree. References | Related Articles | Metrics

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Dynamic Pricing with Consumers' Double-entry Mental Accounting and Reference Effects BI Wen-jie, CHEN Gen-yu, CHEN Xiao-hong 2015, 23 (7):  142-151.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.018 Abstract ( 1911 )   PDF (1636KB) ( 2292 )   Save In order to analyze the effects of consumers double-entry mental accounting and reference dependent behavior on firm's long-term profits, dynamic pricing problems are considered in this paper under three different payment schemes, i.e., pay-per-use, pre-pay and post-pay. By using discrete-time dynamic programming, we first derive the optimal price and optimal profit and their relationships in two-periods. This model is extended into indefinite periods and analyze the steady price. The results show that with linear demand function, the steady state price under pre-pay scheme and post-pay scheme is greater than that pay-per-use scheme. Moreover, the optimal pricing strategy is similar to skimming pricing (penetration pricing ) when the initial reference price is high(low). Finally, a numerical analysis is performed to compare the effects of the parameters of double-entry mental accounting on firm's long-term profits under different payment schemes. Also, some suggestions about how the firms choose the best payment schemes to extract optimal profits are proposed. References | Related Articles | Metrics

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Closed Loop Supply Chain with Product Remanufacturing by Double Third Party Reclaim under Government Subsidy, Loss-averse Measure and Cournot Portray SHI Cheng-dong, YAN Hou-qiang, YAN Xiu-xia, LV Hong-bin 2015, 23 (7):  152-158.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.019 Abstract ( 1827 )   PDF (1714KB) ( 1995 )   Save Taken product remanufacturing closed-loop supply chain included a manufacturer, a retailer and two third party recyclers as the background, a closed-loop supply chain decision model was built by using the loss-averse function, cournot model and government subsidy excitation function. The effect of risk characteristics, government subsidy and cournot competition on supply chain was analyzed, and the impact of revenue-and-expense sharing contract was analyzed in the channel, which showed the contract could eliminate the double marginalization and risk aversion effect, and hence the loss-averse closed loop supply chain could achieve coordination. Finally, by the analysis of numerical simulation based on revenue-and-expense sharing contract, the validity and practicability of the model is verified, and the relationship between government subsidy, risk characteristics, competitive characteristics with the supply chain is obtained. This study can provide decision support and decision-making reference for the development of remanufacturing industry. References | Related Articles | Metrics

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Closed-loop Supply Chain with Contract-recycling System CAO Yu, MENG Yu, ZHOU Wen-hui 2015, 23 (7):  159-165.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.020 Abstract ( 1766 )   PDF (1237KB) ( 1507 )   Save In order to raise the recovery rate and improve operational efficiency in remanufacturing closed-loop supply chain, this paper theoretically constructs contract-recycling system. Through this system, the recovery condition will be improved while urging enterprises obtaining more benefits and we hope to enhance consumer recycling awareness and behavior, and thus solve the existing problem of recovery information asymmetry. In considering the basic premise that both new and remanufactured products are sold in the market and different products recognition does exist, the impact is mainly discussed that the contract-recycling system will bring to the scale of industry,recovery rate and pricing with manufacturers(M mode), retailers(R mode) and the third-party recyclers(3P mode) as the main body respectively. A mathematical model is built to, solve the optimal solution of the model through Kuhn Tucker's theorem, then use the mathematical derivation and mathematical simulation are carried on, and finally proposals or comments for government, consumers and firms optimal decisions are proposed. Researches show that: consumers benefit from the contract-recycling system;contract-recycling system strengthens the scale of the closed-loop supply chain;the recovery rate of used products is in proportion to the evaluation of remanufactured products and inversely proportional to that of new products, and the recovery rate will definitely raise in model R and model 3P due to the contract-recycling system; manufacturers always profit from contract-recycling system, but retailers and the third-party recyclers do conditionally. A certain reference for the contract relationship between enterprises and consumers is provided, and a certain contribution for the protection of consumer rights and the improvement of the operation efficiency of remanufacturing industry are made. References | Related Articles | Metrics

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The Influence of Environmental Pollution, Economic Growth and Healthcare Services to Public Health Based on China's Provincial Panel Data QU Wei-hua, YAN Zhi-jun 2015, 23 (7):  166-176.  doi: 10.16381/j.cnki.issn1003-207x.2015.07.021 Abstract ( 3413 )   PDF (1022KB) ( 2709 )   Save Environmental pollution and economic growth have great impacts on public health, but the dynamic relationship analysis among them based on different areas' panel data is missing in existing literatures. Based on Grossman's health production function, environmental pollution factors are added to study the effects of environmental pollution, economic growth and healthcare service on public health. Using the panel data of 30 provinces in China from year 1997 to 2010, the entity fixed effects model is established and the difference among east area, middle area and west area in China is analyzed. The results show that there is a long equilibrium cointegration relationship between environmental pollution, economic growth, healthcare services and public health, and an inverted U curve is presented between economic growth and public health in the east, middle and overall China significantly. Specifically the curve has met its knee point in the east, and will meet its knee point if per GDP is 3311 Yuan in the middle. Industrial soot emissions has significant positive effect on human mortality in each areas of China, but industrial so2 emissions only has significant effect on human mortality in the middle area. At the same time, correlation between the doctor per person and human mortality is significantly negative, while it does not occur in the west area. And healthcare services spending per capita is significantly negative on human mortality in the middle area. The medical services can effectively reduce health threats to the public. Therefore, formulating differential policies of environmental pollution, economic growth and healthcare services and so on are beneficial to improve the level of public health of overall China, eastern region and midwest. References | Related Articles | Metrics