Table of Content

20 January 2016, Volume 24 Issue 1 Previous Issue    Next Issue

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Endogenous Recovery Rate and Credit Risk Measurement WU Jian-hua, WANG Xin-jun, ZHANG Ying 2016, 24 (1):  1-10.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.001 Abstract ( 2063 )   PDF (1587KB) ( 1151 )   Save In credit risk models, exogenous recovery rate may neglect the impact on the tail of the loss distribution, and the exogenous specify of the recovery rate leads to the possible model risk. This paper incorporates the factor diffusion process into the structure model of default, derives the inherent relation between the recovery rate and the default probability and analyzes the dependence of expected recovery rate on the expected default probability by using the MC technology. The result shows there are strong negative correlation between expected recovery rates and default probability. Furthermore, the volatility of the asset value has positive compact on the correlation. In the framework of the endogenous recovery rate, the probability distribution of the credit loss is derved, and two index, Credit VaR and ETF, which is the measurement of the credit risk are computed. Finally, the performance of the endogenous recovery rate is tested-based on credit risk model using the market data,which shows that the model can well-character the evolution of the history default probability and recovery rates. References | Related Articles | Metrics

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Research on Economic Growth and Carbon Abatement Under the Energy Consumption Controlling Objective Based on Endogenous Growth Theory and GVAR Model CUI Bai-sheng, ZHU Lin 2016, 24 (1):  11-20.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.002 Abstract ( 2110 )   PDF (3019KB) ( 1338 )   Save In this paper, an endogenous growth model with dual constraints of energy consumption and carbon emission is developed by introducing both, a non-renewable energy and a renewable energy, which can both serve for intermediates. And the global vector auto regression(GVAR)model is established with spatial correlation to analyze the dynamic impact on economic growth and carbon emissions by controlling energy consumption of every province of China.The results show that by using renewable energy, improving cleaner technologies and the marginal output of non-renewable energy, the goal of energy consumption assessment can be achieved, under the constraints of reducing carbon emissions and promoting economic growth.The goal of energy consumption has a strong constraint to provinces consuming more energy but a weak constraint to others, which have greater potential to energy conservation.Because the structure of the energy consumption adjusts against the tide, the carbon emission is not decreasing in some provinces. Furthermore, the problems in the process of reducing energy consumption are tried to be found. The results show that technology research has little effect on adjusting the structure ofenergy consumption and finding renewable energy. And technology research also has little effect on reducing carbon emission.Although relying on the adjustment of traditional energy price can reduce the carbon emission but this would limit economic growth. References | Related Articles | Metrics

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Nonparametric Estimation for Spot Volatility of Asset Price Using Bipower Variations SHEN Gen-xiang 2016, 24 (1):  21-29.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.003 Abstract ( 1772 )   PDF (910KB) ( 1650 )   Save The threshold jump-annihilating method to estimate spot volatility of jump-diffusion asset price processes can miss the small jumps and bring about upward bias. In this paper, a new spot volatility estimator of asset prices is proposed based on bipower variation that reduces significantly finite-sample upward bias from jump-filtering-missing. The consistency and asymptotic normality is established. An extensive Monte Carlo simulation shows that the estimator in the paper outperforms the others in literature. The empirical study using Kupiec test based on sample from CSI300 shows that our spot volatility estimator can capture the feather of market risk more accurately. References | Related Articles | Metrics

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Market Valuation Efficiency Measurementand Valuation Model Analysis-Based on Cross-listing Stocks YI Rong-hua, JU Jin, LIU Jia-peng 2016, 24 (1):  30-37.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.004 Abstract ( 1750 )   PDF (1599KB) ( 1314 )   Save Based on Fama-French three-factor model and Campbell's relative valuation efficiency measure, focusing on cross-listing "homogeneous" stock price difference and market valuation efficiency measure, the Stochastic Frontier Analysis (SFA) is used to build a production function between stock price and valuation factors. Further, based on SFA technical efficiency, the market valuation efficiency index is proposed under the concept of Efficient Market Hypothesis. It offers the new perspectives and approaches of quantitative measure of the level of market efficiency, of market valuation model and evolution analysis as well as comparison among markets from relative valuation efficiency. Empirical studies based on sample of A+H shares of cross-listing develop differences and trends of the valuation efficiency and valuation models about the two markets from obvious difference to recent convergence. References | Related Articles | Metrics

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Survival Analysis of Boundedly Rational Investors Based on the Kalman-Bucy Filter ZHENG Min, ZHENG Su-jin 2016, 24 (1):  38-46.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.005 Abstract ( 1695 )   PDF (1987KB) ( 1182 )   Save Within the framework of the bounded rationality, the survival ability and market impact of investors are studied with the learning process of the Kalman-Bucy filter, the rational level and confident level of an investor are defined and an explanation to the coexistence phenomenon of different investors in the financial market is given. The results show that the survival ability of an investor depends on his rational and confident levels both. The more rational and more confident an investor is, the higher his survival probability is, and furthermore, the larger his market impact is. If an investor with a high rational level is not confident but the other investor with low rationality is very confident, then nobody has a comparatively accurate estimation about the future return of the risky asset. In this case, it is too hard to say who can survive in the market and in fact, different investors will coexist and control the market in turn. References | Related Articles | Metrics

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The Analysis of Pricing Power of Preponderant Metal Mineral under the Perspective of Intergenerational Equity and Social Preferences ——An Analytical Framework Based on Cournot Equilibrium Model ZHONG Mei-rui, ZENG An-qi, HUANG Jian-bai, CHEN Jin-yu 2016, 24 (1):  47-55.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.006 Abstract ( 1836 )   PDF (1221KB) ( 1562 )   Save The lack of pricing power of preponderant metal minerals in China exerts significant impact on economic growth and economic security of our country, which causes related models established by many scholars to explain it. So in this paper, intergenerational equity equilibrium and social preferences equilibrium are combined with Cournot model to solve the technological problem of intergenerational compensation and strategic value compensation. And by calculating market demand of preponderant metal minerals and setting up tax subjects, statistics concerned development compensation could be obtained and results of theoretical model could be verified by examples. The conclusion of the theoretical model and the numerical simulation shows that intergenerational equity equilibrium and social preferences equilibrium enhance international trade market power of preponderant metal minerals owing to the production of intergenerational value and strategic value. However, the impact exerted on market power by social preference is inconsistent, that is, changes of altruistic Cournot equilibrium and reciprocal inequity Cournot equilibrium are consistent, while inequity aversion Cournot equilibrium has the characteristic of loss aversion, namely, under the consideration of inequity aversion Cournot competition, Counot-Nash equilibrium transform monotonically with sympathy and envy of inequity aversion. The conclusions and theoretical models achieve the effective combination between sustainable development concept and value evaluation thinking and expanding the theoretical framework for the lack of pricing power of mineral resources, and establish provide new thinking and analysis theoretical framework for pricing power explanation of related merchandise trade. References | Related Articles | Metrics

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Research on Mode Choice of Inventory Financing Based on EOQ Model LU Qi-hui, YAO Jia-xi, ZHOU Wei-hua 2016, 24 (1):  56-66.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.007 Abstract ( 1762 )   PDF (1340KB) ( 1462 )   Save There are three kinds of typical inventory financing modes: Inventory financing with delegated supervision, financing by logistic bank, unified credit financing. These financing modes are modelled with an EOQ model.In this paper, the financing modes are firstly studied and profits of supply chain members are analyzed. Then, the conditions that the manufacturers and third party logistics are willing to participate in the inventory financing are provided. By comparing profits in these models, influence of financing modes and how to choose financing mode are illustrated. The main research results show that, in some specific regions of pledge ratio and financing interest, the 3PL and the manufacturers all are willing to participate in inventory financing. Since the bank's daily operation cost in the unified credit mode is lower than that in the traditional mode, the bank can benefit from inventory financing. The bank prefers more the unified credit mode in the choice of the financing mode. To the 3PL, if the return rate of the 3PL in the unified credit mode is greater than the bank interest rate, he can gain more benefit in the unified credit mode. These research results provide some managerial insight to the decision of business mode choice of inventory financing. References | Related Articles | Metrics

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Studyon Multi-agent Models Analyses for Systemic Risk from the Interbank Network DENG Chao, CHEN Xue-jun 2016, 24 (1):  67-75.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.008 Abstract ( 1778 )   PDF (2002KB) ( 1590 )   Save In this paper a multi-agent model which analyses for systemic risk from the core-periphery structure in interbank network is proposed. Our model consists of a network of banks, which endogenously determine their optimal portfolio allocation by maximizing profits subject to liquidity and capital constraints. For the simulation framework to be useful for assessment of central bank policy, banking firm behavioral responses must be modelled in the context of interbank market conditions and with automated access to balance sheet and network exposure data to anchor the financial decisions being simulated. Different possible network structures are compared, while interbank markets network with the core-periphery topology is more susceptible to common shock and contagion than scale-free network, it tend to be more resilient to financial distress than others under macroprudential regulation and policy regime. References | Related Articles | Metrics

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Impact of Transshipment on a Decentralized Supply Chain SHAO Jing 2016, 24 (1):  76-81.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.009 Abstract ( 1917 )   PDF (1012KB) ( 1302 )   Save Transshipment occurs frequently in retailing industry and has a great impact on profits of supply chain firms. In this paper the impact of transshipment on a decentralized supply chain is examined. A game theoretic model is set up; under uniformly distributed demand, the Subgame Perfect Nash Equilibrium is analytically obtained. Specifically, retailers' inventory and the manufacturer's wholesale price at equilibrium is obtained. Then conditions under which a manufacturer and retailers in a decentralized supply chain are better off or worse off from transshipment are shown. Thresholds in the transshipment price such that the manufacturer is indifferent whether retailers tranship or not are calculated. How these thresholds depend on the critical fractile as well as the salvage value of leftover inventory is also shown. Finally, contracts that achieve coordination in a decentralized supply chain where retailers transship are constructed. Results of the paper can help managers in a decentralized supply chain to make decisions on transshipment under various situations. References | Related Articles | Metrics

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Decision Models for A Closed-loop Supply Chain with Hybrid Sale/Collection Channels for Electrical and Electronic Equipment under Government Regulations MA Zu-jun, HU Shu, DAI Ying 2016, 24 (1):  82-90.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.010 Abstract ( 2216 )   PDF (1439KB) ( 1741 )   Save To investigate the impact of competition among collection channels and sale channels on the decision-makings of closed-loop supply chain (CLSC) members and the optimal government regulations for this CLSC, decision models for electrical and electronic equipment CLSC with hybrid sale/collection channels under government regulations were developed. Based on game analysis method, the optimal parameters for government regulation, optimal decisions and profits of CLSC members, social welfare and consumer surplus were obtained. The results show that the higher the fee levied for WEEE disposal, the higher the wholesale price, the direct selling price and distribution price; the higher the subsidy for WEEE recycling, the higher the collection price and collection amount of WEEE. With the increase of consumer environmental consciousness and sensitivity to WEEE collection price, the collection amount of WEEE, the profits of CLSC members, social welfare and consumer surplus will increase. A numerical example in computer industry was taken to investigate the impact of customer sensitivity on the gap between direct selling price and distribution price. It is found that an increase in customer sensitivity would decrease the profits of manufacturer and retailer, social welfare and customer surplus, but it has no influence on the profits of third-party collector and recycler. The main contributions of this paper are as follows: first, decision models are devoloped for CLSC with hybrid sale/collection channels and the optimal government regulations are deduced for this CLSC, as well as the influence of government regulations on the decisions of CLSC members; second, a new way is provided to calculate customer surplus under hybrid sale/collection channels based on the classical definition of customer surplus. References | Related Articles | Metrics

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The Stackelberg Model of Optimal Incentive Cooperation between Main Manufacturer and Suppliers of Complex Equipments CHENG Yong-bo, CHEN Hong-zhuan, HE Li-fang, SONG Lu-lu, WANG Yue 2016, 24 (1):  91-96.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.011 Abstract ( 1609 )   PDF (844KB) ( 1714 )   Save Nowadays, a new organizational model called "Main manufacturer-Suppliers" model is widely applied in the R&D procedure of complex equipments such as the plane. Due to the uncertainty and complicity in the R&D, the effort of the suppliers has an important effect on the R&D level of the complex equipments. Based on the Game theory, the effort of suppliers was set as a key factor and established the Stackelberg model, in which the main manufacturer acting as a leader and the suppliers as the followers, to analyze the best incentive strategies of main manufacturer and the best effort strategies of suppliers. And the applying of the model set up in the paper was analized. The results show that the main manufacturer can increase its benefit without damaging the interests of suppliers by controlling the incentive policy. This study will provide a valuable guidance for manufacturer to coordinate the efficiency issues ahout the coorpetation of suppliers. References | Related Articles | Metrics

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Pricing and Inventory Decisions with Inventory-Dependent Salvage Value, Strategic Consumer Behavior, and Customer Heterogeneity WANG Xia-yang, FU Ke, YU Bin 2016, 24 (1):  97-106.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.012 Abstract ( 2005 )   PDF (1375KB) ( 1348 )   Save In this paper, the impacts of strategic consumer behavior on a retailer's pricing and inventory decisions are studied. Most of the literature on strategic consumer assumes that consumers are all strategic and the salvage value is a constant. The joint effect of heterogeneity of consumer type and inventory-dependent salvage value under the general framework of strategic consumer behavior are considered. In particular, the salvage value depends on leftover inventory at the end of a selling season. The rational expectations equilibrium in the base model is characterized and the model with the considerations of quantity commitment, inventory-dependent salvage value, and customer heterogeneity is extended. When consumers are all strategic and are aware of how the product is salvaged, the retailer's expected profit can be improved and inventory can be decreased with quantity commitment are shown. When consumers are heterogeneous, the retailer can use two pricing strategies, i.e. reservation price and valuation price. The retailer's maximum expected profit will positively relate to the ratio of myopic consumers to all consumers when it employs valuation price strategy. Moreover, there exists a threshold ratio, above which the valuation price strategy dominates the reservation price strategy, and vice versa. Our study provides several new managerial insights on how firms could optimize their profits when faced with strategic consumers. References | Related Articles | Metrics

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Game Analysis on the Interplay Between Introduction of Store Brand by Retailer and Direct Channel by Manufacturer LI Hai, CUI Nan-fang, XU Xian-hao 2016, 24 (1):  107-115.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.013 Abstract ( 2097 )   PDF (1073KB) ( 1689 )   Save The introduction of store brand (SB) by retailer and direct channel by manufacturer are very prevailing business phenomenon nowadays. On the one hand, the introduction of SB cannibalizes the demands for national brand (NB) and benefit retailer by upstream entry. On the other hand, the introduction of direct channel may help manufacturer to enhance his competitiveness and mitigate the threat from SB introduction by retailer. In this paper, by using game model, the interplay between them was investigated and both parties' equilibrium strategies were found. Furthermore, the change of parties' profits in contrast to original state were analyzed in this paper. It shows that both parties may fall into prisoner's dilemma or win-win situation and the necessary conditions for these two results are found. The manufacturer's profit can be enhanced with the introduction of direct channel only when the quality level of SB is low and the sale cost of direct channel is low. When the quality level of SB is high, the retailer can benefit from the introduction of SB introduction even facing the competition from manufacturer's direct channel. In this case, retailer's profit is always enhanced and not hurt by the introduction of direct channel by manufacturer. Besides, the necessary condition that the quality of SB product is less than three quarters of the quality of NB product must be satisfied for win-win situation. And the manufacturer and retailer may fall into prisoner's dilemma when the quality level of SB is low and the sale cost of direct channel is moderate. References | Related Articles | Metrics

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Money-back Guarantees in the Presence of Bounded Rational Consumers HUANG Zong-sheng, NIE Jia-jia, ZHAO Ying-xue 2016, 24 (1):  116-123.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.014 Abstract ( 1769 )   PDF (950KB) ( 1565 )   Save In this paper, the Hotelling model is utilized to examine the choice of MBG (money-back guarantees) for high-quality and low-quality retailers in the presence of bounded rational consumers. The equilibrium pricing strategy is found by the Nash equilibrium under four different MBG modes. And our model is extended to the setting in which incorporates the product quality and retail quality simultaneously. It is found that in a market with product quality symmetric, both firms offer the MBG in equilibrium and the MBG is beneficial to low-quality firm while unfavorable to high-quality firm. However, in a market with product quality asymmetric, the low-quality firm may not be willing to offer the MBG and the MBG is profitable for high-quality firm for most cases. The MBG can be profitable to low-quality firm only when the product quality difference is not so distinct and the quantity of bounded rational consumers is large enough. References | Related Articles | Metrics

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CFD Negotiation Models of Carbon Emissions Trading in Generation Side Based on Risk-Benefit Balance HUANG Shou-jun, YANG Jun, CHEN Qi-an, SUN Rui 2016, 24 (1):  124-133.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.015 Abstract ( 1776 )   PDF (899KB) ( 1396 )   Save In view of the unresolved transaction contradictions initiated by CO2 emission allowance price between carbon exchange and independent generation enterprises in generation side,the contract for difference (CFD) of emissions trading is introduced in theoretical aspect to evade generation enterprises' market power and stabilize emission allowance price.Given this background,the profit risk and economic benefit of carbon exchange and generation enterprises under the emissions trading mode considering CFD are measured.On the basis,the risk-benefit balance models of contract negotiation between both transaction parties are constructed,and the solving programs of optimal parameters for the models are developed,which promote the formation of coordination and competitive trading mechanism for CO2 emissions supply and electricity production.The results of numerical simulation and analysis indicate that the proposed models have evaded the risk brought by price fluctuation of emissions trading in generation side effectively,and both the transaction risks faced by the negotiation parties are negatively correlated with the CFD's interval length of the initial effective biddings. References | Related Articles | Metrics

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Game Model on Multi-Attribute Reverse Auctions with Costly Bid ZHOU Xue-guang, REN Long 2016, 24 (1):  134-142.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.016 Abstract ( 1764 )   PDF (1163KB) ( 1393 )   Save Many large companies like GE often utilize multi-attribute (including bid price, quality and lead time) reverse auction to select new suppliers and procure products, and set higher fixed bidding costs in order to improve the efficiency of the online procurement auction. Thus, when the buyer posts up the request for proposal (RFP), the suppliers will decide how to bid to obtain maximum expected revenue depending on the quality and lead time of their own production and fixed bidding costs? Then, the buyer will decide how to select a supplier as the winner of auction to obtain the maximum surpluses according to the bid vector of the suppliers? To solve the above questions, third-stage non-cooperative game model is constructed, and the method which solving the sub-game Nash equilibrium under the perfect information in dynamic game is used. Considering the bid price as the function of bid quality and lead time, the optimal bid price of suppliers is deduced. Furthermore, two results are concluded. First, the optimal bid strategy of suppliers is true production quality and lead time, and bid price is the optimal bid price. Second, the optimal strategy of the buyer is to choose one supplier which has the highest bid price as the winner of the auction. Although this counters intuitive, it is reasonable because that the supplier with the highest bid price is also the best type of supplier which optimal combination of bid quality and lead time. At last, the numerical experiments show that it's benefit to the buyer when the number of suppliers is large or the fixed bidding price is high. In addition, the suppliers can obtain more expected revenue with the improvement of their types, which brings more surpluses for the buyer. This paper reveals that the costly fixed bid costs and multi-attribute reverse auction how to affect the decisions of the firms in supply chain, and provides a reference to research the procurement auction of services products. References | Related Articles | Metrics

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An Empirical Study on the Relationship between Corporate Social Responsibility and Financial Performance under the Chinese Context ——Based on the Contrastive Analysis of Large, Small and Medium-size Listed Companies YANG Wan-su, YANG Shan-lin 2016, 24 (1):  143-150.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.017 Abstract ( 2553 )   PDF (1212KB) ( 3011 )   Save Taking the top 500 enterprises of China published in 2012 and listed in Shanghai and Shenzhen as the samples for large enterprises, small and medium-sized board listed companies as the samples for SMEs, selecting the enterprise accounting in 2010-2012 annual report date, using structural equation model and multiple regression analysis, the influence of large enterprise, SMEs of undertaking corporate social responsibility on corporate short-term financial performance and long-term financial performance are respectively tested. The results show that: (1) Whether it is large enterprise or SMEs, fulfilling social responsibility will not cause deterioration of its short-term financial conditions. (2) The performance of the relationship between corporate social responsibility of large enterprises and SMEs and long-term financial performance is not exactly the same, large enterprises are mostly positive relationship, while SMEs are mostly negative relationship. (3) In particular, there is significantly negative correlation between corporate social responsibility to employees and customers and long-term financial performance whether it is large enterprise or SMEs. In this paper,it is revealved that the current situation of corporate social responsibility is not optimistic in China, at the same time, the research results have important reference value in guiding enterprises to perform social responsibility and promoting the healthy and harmonious development of China's economic and society. References | Related Articles | Metrics

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A Game Analysis on the Technology Innovation of Chain-style Industrial Cluster WANG Li-li, CHEN Guo-hong 2016, 24 (1):  151-158.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.018 Abstract ( 1946 )   PDF (866KB) ( 1601 )   Save Chain-style industrial cluster has characteristics of cluster and supply chain, so technology innovation activities of enterprises happen inside and outside the supply chain. From the perspective of technological innovation, the process of cluster's innovation activity was divided into the R&D stage and the output stage, and the coefficients of technology spillover, R&D funds, and technological innovation success probability were put in the game model. Then, dynamic game method was applied to analyze the enterprise's technological innovation inside and outside the supply chain for deducing the enterprises' profit equilibrium function. Finally, the following conclusions:(1)In the supply chain, when whatever upstream and downstream enterprises innovate or not innovate, both of them will share the profits.(2)Due to the presence of technology overflow phenomenon in the supply chain, when some enterprises innovate, they and their upstream and downstream enterprises will increase profits.(3)In the supply chain, the profits of upstream and downstream enterprises who had innovated cooperatively are more than the ones who were out of innovation or innovation independently.(4)With the core enterprises of the supply chain competing more, the degree of technology spillover will be smaller, the market share of enterprises who had not innovated will decline, and the profit of them will reduce. References | Related Articles | Metrics

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Environmental R&D, Product Differentiation and Environmental Regulation YANG Shi-hui, WEI Shou-dao 2016, 24 (1):  159-168.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.019 Abstract ( 1818 )   PDF (1920KB) ( 1369 )   Save Global warming has been one of the most important issues around the world, and environmental regulation has been an important tool to control carbon emission for government. Under the assumption that a host-country enterprise and a foreign enterprise produce differentiated products, a three-stage game model is constructed to examine how the organization of environmental R&D-independent environmental R&D and environmental R&D cartel affects environmental regulation. By backward induction, equilibriums are got. With these equilibriums, levels of environment R&D (and reduction of carbon emission), environmental regulation and welfare are compared between different R&D strategies respectively. It's found that the more enterprises expend on environmental R&D, the lower the emission tax will be, and if carbon emission can cause more serious damage to environment, government will set higher emission tax and enterprises will be committed to more environmental R&D. By assigning several specific values to key variables, it's further found that environmental R&D cartel is dominant to independent environmental R&D in general. However, the possibility that environmental R&D cartel is dominant to independent environmental R&D will be lower as degrees of product differentiation and environmental R&D spillover between enterprises decrease. So, this paper not only contributes to the strategic choice for both foreign enterprise and host-country enterprise, but also contributes to policy making for government. References | Related Articles | Metrics

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"Management off Side" Phenomenon: Stability and Efficiency of Social Network in Hospital-patient Mass Conflicts LIU De-hai, CHEN Dong, HANG Jing 2016, 24 (1):  169-176.  doi: 10.16381/j.cnki.issn1003-207x.2016.01.020 Abstract ( 1548 )   PDF (1298KB) ( 1325 )   Save Hospital-patient conflicts become one of social hot problems. In the latency, breakout and emergency disposal stages of social emergency, the social network structure of the parties group shows the complex characters, such as leapfrog petition, individual (i.e. node) heterogeneity, transfer payment and decreasing connecting cost. Considering the practical characters of social network in hospital-patient conflicts, the Revised Jackson-Wolinsky social network model is built in this papaper. Exhaustive search method is applied to analyze the stability and efficiency. The case of Nanping "medical trouble" event is analyzed. The results show that star network structure is stable and efficient, when the direct connecting cost and benefit are lower. Along with the connecting benefit rising, there are various forms of social networks contented with stability and efficiency simultaneously. This social network connecting model has revealed the conditions for the phenomenon of "management offside" in social emergency management, where the key factors are to trade-off between the connecting cost and benefit. References | Related Articles | Metrics