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20 April 2016, Volume 24 Issue 4 Previous Issue    Next Issue

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Pairs Trading Strategy Research Considering Short Selling and Margin Trading: A Two-Stage Approach Based on Cointegration and Distance Methods HU Lun-chao, YU Le-an, TANG Ling 2016, 24 (4):  1-9.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.001 Abstract ( 2162 )   PDF (8745KB) ( 2508 )   Save China has established the policy of short selling and margin trading, which enables the pairs trading strategy to be a promising tool for financial investment. This study tries to formulate a two-stage pairs trading strategy based on cointegration method and distance estimation. In particular, the cointegration approach is applied to all possible pairs of stocks to check the potential cointegration relationship, and the distances of the pairs with cointegration relationship are measured to finally determine the optimal pairs with minimum distances. Furthermore, the optimal pairs portfolio is given weighted by cointegration coefficients under finite investment budget, considering short selling and margin trading. To verify the effectiveness of proposed approach, the Shanghai 50 Index stocks are used as study samples. Empirical results show that the novel two-stage model outperforms the benchmark model only considering cointegration relationship, in term of excess returns. Besides, the sensitivity analysis confirms the robustness of the model. References | Related Articles | Metrics

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Research on the Nonlinearity of Seasonal Fluctuations of China's Industrial Added Value——Based on SEATV-STAR model WEI Li-li, XIANG Shu-jian 2016, 24 (4):  10-18.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.002 Abstract ( 1657 )   PDF (5110KB) ( 1505 )   Save Most of the macroeconomic time series have seasonal fluctuations and if the seasonal fluctuations are truly nonlinear, then the methods of seasonal adjusted or traditional season models using linear methods to deal with seasonal fluctuations are may be improper. Based on SEATV-STAR model, "from the special to general" testing strategies ware applied to investigate the seasonal fluctuation of China's industrial added value and the results are as follows: seasonal fluctuation of industrial added value has the properties of structural time-varying and nonlinear change, while the periodic fluctuation is linear. The factors such as technological progress and economic system transition are the main influence factors to cause seasonal fluctuation's continuous structural change. Besides, cyclical fluctuation of industrial added value results in seasonal fluctuation's asymmetric change. In the peak periods of industrial added value, seasonal amplitude reduce while quarter 1th&2nd's growth speed improve significantly. References | Related Articles | Metrics

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“Walking-the-Dog”Effect under Order Liquidity in Futures and Spots Market——Based on High-Frequency Trading Data with Volume-Clock LIU Rui-zhi, ZHOU Yong 2016, 24 (4):  19-26.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.003 Abstract ( 1847 )   PDF (2144KB) ( 1557 )   Save Under the requirement of constructing multi-level capital market, it is the effective derivatives-spots hedging mechanism that contributes to the well-developed financial market in our country. The function of providing risk-hedging for investors under futures-spots system requests more than price and volatility synchronously between them, but at the microscopic level, that is, on the level of order liquidity. The investors such as arbitragers and hedgers under high-frequency circumstances build trading records of stock index future market and spot market together. And whether there is a an arbitrage opportunity, the order liquidity of these two types of assets will change earlier than prices. If in any circumstance, the convergence of order liquidity will be reflected in securities of these two categories, the abnormal basis risk can hardly occur. This makes a contribution to the establishment of healthy "walk-the-dog" effect between stock index and stock index futures. Based on high-frequency trading data of futures and spots, order liquidity has been constructed and an effective method has been provided to test whether there is "walking-the-dog" effect to keep close relation between futures and spots under order liquidity level in usual days. Theorem 1 provides the theoretical foundation of test method in this paper. Volume-clock method is used in high-frequency trading data and dominants to chronic-clock is depicted in this paper. In empirical study, using high-frequency trading data of SS300 index futures and spot index, it's proved that there is closing "walking-dog" relation between index futures and spot index in our market under order liquidity level. It is not easy to achieve a small quantity of profits from high-frequency futures-spot arbitrage by digging high-frequency trading orders. Secondly, the adjustments on changes of stocks' prices imposed by traders' information can be reflected by return measured by trading volume, which is closer to normal distribution than return measured by time. References | Related Articles | Metrics

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Testing the Generation Mechanism of Higher-Order-Moment Risk in Stock Market Returns FANG Li-bing, ZENG Yong 2016, 24 (4):  27-36.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.004 Abstract ( 1790 )   PDF (2834KB) ( 1038 )   Save Five pieces of theoretical prediction on the generation of higher order moment risk are refined and thus the corresponding hypotheses are formed after reviewing the existed literature. Employing the idea of modeling time variant higher-order-moment, these five pieces of hypothesis are involved in a unified econometric framework. An empirical analysis is conducted based on such model to find some dominated theoretical explanations. Sampling daily returns from Shanghai and Shenzhen stock market composite index, the results show that there are two hypotheses relevant to volatility feedback effect and bad news revelation effect are significantly supported but the other three are not. Further analysis indicates that these two effects can generate both skewness and kurtosis risk. Therefore, they are implied as the main generation mechanism of higher-order-moment risk. These results get out of the mess of opinions on the generation mechanism of higher-order-moment risk and thus can benefit further exploration of such topic under a unified theoretical framework. References | Related Articles | Metrics

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Institutional Investor Private Information, Retail Investor Sentiment and IPO First-day Return CHEN Peng-cheng, ZHOU Xiao-hua 2016, 24 (4):  37-44.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.005 Abstract ( 1801 )   PDF (1099KB) ( 1971 )   Save Based on private information of institutional investors at the primary market and sentiment of retail investors at the secondary market, a model is developed to investigate the micro-mechanism of IPO overpricing or underpricing under the background of China's IPO market. The results of the model show that: whether IPO overpricing or not depends on retail investor sentiment mainly, rather then private information of institutional investors, meanwhile the more optimistic of the retail investor sentiment, the less likely of IPO overpricing. Moreover, IPO first-day return is positively related to retail investors' sentiment and is negatively correlated to institutional investors' private information. The model is tested by using 477 IPOs disclosing investor' bids in Shanghai and Shenzhen Stock Exchange from November 2010 to December 2013. It is found that empirical evidence in support of the model. Empirical results can provide some revelation about how to improve IPO issue efficiency. References | Related Articles | Metrics

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Nonlinear Effect Studies of Influence Factors of Nonferrous Metals Price Fluctuation Based on MSVAR Model ZHONG Mei-rui, CHEN Jie-yu, HUANG Jian-bai, CHEN Jin-yu 2016, 24 (4):  45-53.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.006 Abstract ( 1680 )   PDF (16079KB) ( 763 )   Save Owing to the simultaneous appearance of growth demand in emerging markets and indexing investment in metal futures market and interaction between supply and demand factors and financial factor, the pricing mechanism of nonferrous metals becomes more complex presenting characteristics such as nonlinearity, dynamics and structure dissimilation. Based on the above background, the pricing mechanism of nonferrous metals affected by supply and demand factors and financial factors is put forward. Monthly data from February 2000 to March 2014 is selected and MSVAR model is constructed to do empirical analysis as the example of copper. The results show that the price fluctuation of copper owns the feature of regime switching, namely, inflation period, depression period and steady period. During each period, financial factors could explain price violation completely while in different mechanism, and Chinese factor is apparently exaggerated, which is different from the previous studies.In the short term, each factor's impacts on international copper futures prices under different regimes have significant difference in function direction, duration and function strength. The conclusions and the nonlinear econometric models established provide new thinking and analysis tool for commodity financialization explanation. References | Related Articles | Metrics

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The Research of Carbon Trading Model on Supply Chain under Carbon Emission Constraints LI Jian, SU Qin, MA Li 2016, 24 (4):  54-62.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.007 Abstract ( 2047 )   PDF (8914KB) ( 986 )   Save Based on EOQ model, one retailer and one supplier in carbon market are assumed, this two-stage supply chain is taken for object, and carbon trading model is built including investment for reducing emissions, and carbon trading situation is discussed between enterprises under strict carbon cap. The results show that when cap distributes between optimal emissions and emissions of optimal cost for enterprise, cap can promote enterprise to invest for reducing emission; that the product of left cap for upstream and downstream enterprise is negative is the basic condition for carbon trading policy's carrying under the reasonable trading price, but the price doesn't influence supply chain's emissions and cost. Furthermore, an analysis about trading price's influence on retailer and supplier is made, and optimal cap and price under reasonable cap are gotten. References | Related Articles | Metrics

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VMI Supply Chain Coordination with Wholesale Price Contract Incorporating Unfair Aversion LIU Yun-zhi, FAN Zhi-ping 2016, 24 (4):  63-73.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.008 Abstract ( 1643 )   PDF (1005KB) ( 1927 )   Save Supply chain contract is an important factor in affecting the overall performance of VMI supply chain, so the supply chain contract has become a noteworthy research topic recently. In this paper the two-stage VMI supply chain coordination problem is investigated with a single supplier and a single retailer. Based on unfair aversion supplier assumption, the supplier's disadvantageous unfair aversion and advantageous unfair aversion are portrayed by the unfair aversion model. Then, the supplier's optimal strategies are analyzed at the distributed VMI supply chain. And the two-stage VMI supply chain coordination problem with wholesale price contract is studied. By the analysis, the main conclusions can be obtained as follows: for a disadvantageous unfair-averse supplier, there is a unique optimal production quantity which is less than the traditional supplier's optimal production quantity and strictly decreases (decreases) with the disadvantageous unfair-averse coefficient (retailer's exogenous-force parameter), the wholesale price contract cannot coordinate the two-stage VMI supply chain; for a advantageous unfair-averse supplier; there is a unique optimal production quantity which is more than the traditional supplier's optimal production quantity and strictly increases (increases) with the advantageous unfair-averse coefficient (retailer's exogenous-force parameter), the wholesale price contract can coordinate the two-stage VMI supply chain under certain conditions. Finally, numerical examples are used to prove the findings. References | Related Articles | Metrics

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Marketable Pollution Permits Equilibrium Problem in Supply Chain Network with Technological Investment YANG Yu-xiang, WU Zeng-yuan, Huang Zu-qing 2016, 24 (4):  74-82.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.009 Abstract ( 1715 )   PDF (904KB) ( 1316 )   Save Low carbon development for supply chain is an important way to seek the development mode of low carbon economy. In this context, firms should optimize low carbon behavior of every node firm and the whole supply chain from the view of supply chain, to solve carbon emission problem through cooperation of firms in the supply chain, and to implement low carbon supply chain management. Currently, the theoretical research and legislative practice on low carbon economy are still in their initial stages in China. Many firms did not still pay enough attention to low carbon development, who are lack of power to apply the new technology of the energy saving and emission reduction. In order to encourage enterprises to use low carbon technology and promote the energy saving and emission reduction, the government can formulate economy prompting policies. Among these policies, the marketable pollution permits is an effective economic lever, which can realize to decrease pollution emission. In this paper, the effect of the marketable pollution permits on the decision behavior of each decision-maker is analyzed in the supply chain network, and an equilibrium model is proposed in supply chain context, to study how government should allocate initially the pollution permits to obtain assigned environmental goal. Hence, a supply chain network with multi-pollutant and multi receptor points is developed. The investment in production technology and emission-abasement technology is included. The equilibrium patterns for the supply chain network with marketable pollution permits are analyzed. The variational inequality framework is given. The equilibrium model is developed. The model deals explicitly with spatial differentiation and also guarantees that the imposed environmental standards are met through the initial allocation of licenses. A solution algorithm for the model is proposed. Finally, numerical examples are solved by using the proposed model and algorithm. The profit-maximized quantities of oligopolistic firms' products and the quantities of emission, along with the equilibrium allocation of licenses and their prices, as well as the optimal investments in the technologies for the supply chain network are computed. Moreover, the effect of changes in investment cost parameters, the number of firms on the investment measures for production and emission-abatement technology are illustrated. The study can guide firms in the supply chain network to join the ranks of low carbon and implement production mode of low carbon economy, and provide decision-making basis for relevant departments of government to design the pollution permits system. References | Related Articles | Metrics

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Research on Supply Chain Disruption Management and Information Value under Symmetric Information CUI Yu-quan, ZHANG Xian 2016, 24 (4):  83-93.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.010 Abstract ( 1644 )   PDF (7528KB) ( 981 )   Save With the development of economy and technology, information is becoming more and more important in the market competition, and asymmetric information is quiet common in daily life and society production, the same is true for supply chain. On the other hand, emergency events such as natural disaster, public health emergency event etc, occur frequently in recent years, which affect the normal production arrangement of enterprises and supply chains. Supply chain disruption management attracts more attention. While the existing models always assume that supply chain partners have symmetric information so that supply chains can react to disruption risk in a coordinated way. However, the disruption information is more likely to be asymmetric between supply chain members in practice. In this paper, supply chain disruption management and information value under asymmetric information is studied. Supply chain is composed of a supplier and a retailer, and the demand is nonlinear. Demand and cost are disrupted simultaneously after the production plan, and the disruption information is asymmetric for the supply chain members, that is to say, retailer can obtain precise demand disruption information(ΔD)but supplier just know (ΔD)∈{ΔD,ΔD};and supplier can obtain precise cost information(Δc)but retailer just know(Δc)∈{Δc,Δc}. How to coordinate the supply chain to response to the disruption is discussed and a supply chain coordination model is set up based on the principal-agent model. Supply chain disruption is analyzed with supplier as the principal and retailer as the principal under asymmetric information respectively. In the model, the agent has full information about disruption and the principal does not know exactly the disruption information, the principal has monopoly power over the agent. The contracts are designed by the principal and offered to the agent as a take-it or leave-it offer. The agent accepts the contracts if and only if his expected profit is satisfied. The supply chain profit function is solved with classification method. The results show that, under asymmetric disruption information, supply chain can keep the original production plan in some cases, and the production quantity under asymmetric information equals to that under symmetric information when the demand scale varies more or the cost varies less, but the information owners can earn more profit. While the production quantity under asymmetric information is not larger than that under symmetric information when the demand scale varies less or the cost varies more and the profit of supply chain decreases with production quantity decreases. The difference of profit under symmetric and asymmetric information is analyzed as information value. The information value is not monotonic and is affect seriously by the degree of principal's mastering the disruption information. Finally the model is verified by numerical examples. And it is found find that information value with supplier as principal fluctuates more seriously than that with retailer as principal,that is to say, asymmetric demand information has a greater influence than cost on the profit and the decision of the supply chain. In brief, a frame is offered for dealing with supply chain disruption management under asymmetric information to other related studies. Furthermore, it can be used as reference to some related research about how to deal with supply chain disruption management under asymmetric information if the risk attitude of supply chain's member is considered. References | Related Articles | Metrics

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Cooperative Advertising Game in Recruitment Service Supply Chain LIANG Chang-yong, HOU Jing-yi, FU Wei-zhong 2016, 24 (4):  94-101.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.011 Abstract ( 1789 )   PDF (1976KB) ( 1664 )   Save Suitable talents are critical for enterprises to develop market, to amplify advantage and to get comparative competition. Web recruitment advertisement is one of the most important strategy means for global enterprises to compete for excellent talents. To improve recruitment effect, an Enterprise Employer (EE) and several Recruitment Web Servicers (RWSs) constitute a Service Supply Chain (SSC) to share cooperative advertising for attracting expected applicants to offer resumes. First, the RWSs design their own serving packages, including recruitment position price (w), advertisement density (x) and advertisement sharing rate (t). Secondly, the EE selects appropriate RWS(s) by predicting amount of applicants' resumes to be received from different RWSs. Finally, EE pays for recruitment package and collects resumes with continuous website advertising during a suitable period. RWSs help EE with necessary services according to SSC contract. Supposing the amount of applicants' resumes (y) to be received by EE is a decreasing function of searching price (p) for applicants, but an increasing function of website advertisement density (x) with advertising marginal effect diminishing. That is, y(p,x)＝yi-αp+r√x, wherein yi is the initial resumes amount without advertisement, α is price sensitivity and r is advertisement coefficient. Five theory propositions are proved to be correct using Steinberg Game to predict cooperative advertising effectiveness. The results are as follows:(1) For EE, the higher advertising effectiveness is, the lower searching prices for job seekers, the more candidates will apply for vacancies by offering resumes.(2) For RWS, the more sharing ratio is,the higher advertisement density EE wants to purchase. RWS can determine recruitment position price with sharing ratio fixed. Meanwhile, RWS can also determine sharing ratio with recruitment position price fixed. With the above Steinberg game theory of sharing cooperative advertising, one EE in Anhui province is predicting different parameters to compare three RWSs, i.e., Zhaopin.com, 51job.com and Goodjobs.cn to form a recruitment service supply chain. The real data are from the Anhui EE practice where the second writer is in charge of the recruitment for a year. The results show that Goodjob.cn is best for hiring candidates in Anhui province and Zhaopin.com is the best when hiring talents in national wide with the expected utility of RSSC maximum. The method in the paper is helpful for many SMEs to select RWSs according to recruitment package and is also contributive to talent management theory. References | Related Articles | Metrics

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Comparison between the Reward-penalty Mechanism with the Tax-subsidy Mechanism for Reverse Supply Chains WANG Wen-bin, DENG Wen-wen 2016, 24 (4):  102-110.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.012 Abstract ( 1724 )   PDF (8526KB) ( 1425 )   Save In order to compare the reward-penalty mechanism and the tax-subsidy mechanism for increasing the efficiency of reverse supply chain, collection rate. Three models are established and the results are compared. The three models are no government intervention mechanism, the reward-penalty mechanism and the tax-subsidy mechanism case using the dynamic game theory.This study shows that: the collection rate is increasing with the increase of the remanufacture cost advantage in the three models, and among them, the highest collection rate incurs under the reward-penalty mechanism. When the manufacturer has remanufacturing cost has advantage, the profit of manufacturers and recycler increases with the increasing of the remanufacture cost advantage, and the collection rate increase with the reward-penalty mechanism is the highest among the three models. The manufacturer's buy-back price rises with the increase of the reward-penalty intensity and remanufacture cost advantage, while it decreases with the increasing of the per-unit subsidy and remanufacture cost advantage. It can be safely concluded that the reward-penalty mechanism is the most effective way to encourage the manufacturers, recyclers and consumers. Finally a numerical example is given to prove the above conclusions. References | Related Articles | Metrics

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Misreporting Decisions and Coordination in Supply Chain under Asymmetric Carbon Information YANG Lei, ZHENG Chen-shi, JI Jing-na 2016, 24 (4):  111-120.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.013 Abstract ( 1749 )   PDF (6041KB) ( 1442 )   Save Low-carbon policies have been implemented by governments to reduce carbon emissions in recent years, which bring new challenges to firms' operation and supply chain management. Under low-carbon economy, the supply chain members have risks caused by asymmetric carbon information, including carbon emission and carbon price information. Under such circumstances, a two-echelon supply chain involved one manufacturer and one retailer is developed, where the manufacturer is the leader and the retailer is the follower. With carbon trading policy, the misreporting behavior of the supply chain members and their influences on supply chain performance are ivestigated based on "Benchmarking" carbon quota allocation mechanism. The study analytically shows that under the condition that the manufacturer has carbon information advantages and seeks the maximum profit, his misreporting behavior has no effect on his own performance as well as the supply chain performance. However, conclusions are drawn that the retailer, who is in a subordinate position, will lie about the information when he has the advantages of carbon information. The lying behavior of retailer will increase the profit of both the retailer and the supply chain, but decrease the profit of the manufacturer. Such behavior cannot lead to the maximum supply chain performance. In this paper,the revenue sharing contract is used to coordinate the supply chain.Furthermore,this work derives the reasonable range of the revenue sharing contract coefficient,under which the profit of the supply chain can be maximized. It can also motivate the retailer to reflect the carbon information honestly. References | Related Articles | Metrics

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Research on Financial Decision-Making for Downstream Dealers in a Coal Supply Chain Dominated by Sea Ports LI Quan-lin, SU Rui-ying, LIU Jia 2016, 24 (4):  121-128.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.014 Abstract ( 1726 )   PDF (2186KB) ( 866 )   Save As an industry with capital-intensive and large capital operations, a coal trading enterprise always has to use a lot of money on time in order to survive and keep its development with respect to any intense market competition. At the same time, because of the new round of country's macroeconomic policies for coal industry, the traditional bank financing become more and more difficult for many coal trading enterprises. Therefore, this causes divertion and bankruptcy of more downstream coal dealers in the past years. Based on this, it is necessary and important to provide theory and methods of financing decision-making for the downstream coal trading enterprise in China.In this paper, it's shown that a downstream coal dealer is at the funds shortage and has to borrow some necessary money, then its financing decision-making modes contain two different ways: (1) Pledge of accounts receivable, and (2) private lending. For each of the two financial decision-making modes, this paper establishes an earnings maximal model, the decision-making variables of which include the audit time, the pledge rate and the lending rate and so on. Thus, this paper describes the financial decision-making as: borrowing, and non-borrowing, in the pledge of accounts receivable as well as the private lending. When the borrowing is chosen, the optimal value of money borrowed in both the pledge of accounts receivable and the private lending is derived, and also the optimal number for each downstream coal order is determined from the upstream ones. Based on this, useful theory and effective methods are provided for supporting the downstream coal dealers when the financial decision-making is needed. Therefore, important applications are offered for extending and generalizing some practically financial concepts for many coal enterprises on some sea ports, and some of them can promote the economic development of the coal sea ports. References | Related Articles | Metrics

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Optimal Production and Emissions Reduction Investment Policies in a Dynamic Lot Sizing Model Under Cap-and-trade HUANG Di, CHEN Jian, ZHOU Hong 2016, 24 (4):  129-137.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.015 Abstract ( 1666 )   PDF (4137KB) ( 1545 )   Save With the establishment and development of China's emissions trading market, the reduction of carbon emissions intensity has become a medium and long term mandatory target in companies' production operations management. A dynamic lot sizing model is proposed to investigate the optimal production, emissions trading and abatement investment decisions of a manufacturer under cap-and-trade. At the beginning of the planning horizon, the manufacturer determines the optimal abatement investment decisions, including the timing of investment in an abatement technology and the optimal abatement capacity. In each period, the manufacturer decides the optimal emission abatement size according to the production planning. It is assumed that the abatement technology can reduce both carbon emissions and energy consumption in the production process. Based on the generalized Benders decomposition approach, the dynamic model is analyzed and some properties of the optimal solution are derived. Numerical experiments are conducted to examine the effects of emission cap and emission allowance price on the manufacturer's total cost, total emissions level, and the optimal abatement investment decisions. It is found that: (1) when the supply of emission allowances in the market is abundant, reducing the carbon cap or changing the initial allocation rule of free emission allowances will not reduce the manufacturer's carbon emissions level; (2) carbon emission allowance price is the key factor to control the manufacturer's carbon emissions level and abatement capacity; (3) with the increase of carbon price, the manufacturer will expand the abatement capacity even if it has already held enough allowances to cover all its emissions. Our research provides useful managerial insights for manufacturing firms to make investment in carbon emissions abatement under the cap-and-trade system. References | Related Articles | Metrics

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Performance Evaluation Two-tuple Linguistic Model in Emergency Management of Mass Incident Based Maximal Deviation Principle LIU De-hai 2016, 24 (4):  138-147.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.016 Abstract ( 1712 )   PDF (2106KB) ( 1766 )   Save How to evaluate the emergency management performance of mass incident is the key problem for policymaker to improve the social management. Performance evaluation of emergency management in mass incident has the unconventional characteristics with conflict of value judgment among stockholders, structural embedability that a mass incident happens in the special context of social structure, and linguistic fuzziness about the evaluation information. Considering the conflict of value judgment among local governmental officer, social vulnerable group and interest group, the 2-tuple linguistic model of performance evaluation is proposed with the maximal deviation principle.Firstly, the index system of performance evaluation of emergency management is build under the dimensions of social structure, emergent strategy and evaluating index, which includes efficiency, equity, convergence, stability and flexibility. Secondly, in accord with the disposal principles declared by Chinese government that local government should "facilitate the resolution of the outstanding issues with worse public opinion", the attribute should be given the higher weight because the larger deviation is, the better reflecting the conflict. Choosing the survey data of the boiler house demolition case in 2011 Dalian city, three multi-attribute decision-making models are compared with each others and the index sensitivity analysis is discussed. The strategy of neutral government as intercessor and the far-sighted strategy have the better performance, and the tit-for-tat strategy has the worst performance. Relative to fuzzy comprehensive evaluation model and 2-tuple linguistic model with the minimal deviation principle, the maximal deviation principle is better reflected the conflict characteristic of value judgment. The contribution of this paper is a new problem in the field of emergency management is proposed, which is how to evaluate the emergency management performance of mass incident with conflict of value judgment among stockholders. The resolving method should be maximal deviation principle, which can reflect the conflict of value judgment. References | Related Articles | Metrics

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Matching Relationship between Network Resources and Technology Resources of New Product Development: EmpiricalStudy Based on Chinese Manufacturing Enterprises YAO Zheng, MA Chao-qun, YANG Zhi 2016, 24 (4):  148-158.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.017 Abstract ( 1651 )   PDF (3367KB) ( 1202 )   Save In the background of new technological revolution, the requirements of breadth and depth for resources in new product development are increasing. The Matching combination of different resources has played a direct and decisive role for the success of new product development. By combining the resource based view and social network theory, the effects of varying degrees of combination of network-technology resources on the market performance/risk of enterprises' new product development are intensively investigated, and the adjustment effect of product diversification on the relationship between the combination of network-technology resources and the market performance/risk of new product development is explored. By using the survey data from 143 Chinese manufacturing enterprises structural equation modeling and hierarchical regression analyzes method are utilized, an empirical study is conducted and then the results are obtained as follows: the combination of network resources breadth-technology resources depth and network resources depth-technology resources breadth have positive impacts on the market performance and negative ones on the risk of new product development; the combination of network resources breadth-technology resources breadth and network resources depth-technology resources depth have negative impacts on the market performance and positive ones on the risk of new product development; the product diversification has positive impacts on the adjustment of the relationship between the combination of network resources breadth-technology resources depth and the risk of new product development, and it also has positive impacts on the adjustment of the relationship between the combination of network resources breadth-technology resources breadth and the market performance/risk of new product development. This study provides a theoretical basis and decision support for the enterprises to improve the efficiency of resources allocation and reduce the risk of new product development. References | Related Articles | Metrics

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Impact of Culture on the Relationship between Knowledge Sharing and Innovative Behavior in IT Services Industry LIU Li-li, DU Rong, AI Shi-zhong 2016, 24 (4):  159-166.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.018 Abstract ( 1875 )   PDF (974KB) ( 1312 )   Save As Chinese IT service companies face intense rivalry and customization demand, innovation is considered to be imperative for business success. In particular, employees' innovative behavior is an important asset. This study endeavors to extend research on innovative behavior by investigating employees' espoused individualism/collectivism and power distance cultural values in Chinese IT service industry. Specifically, a theoretical model is proposed to characterize antecedents of innovative behavior and investigate moderating effect of employees' espoused national cultural values on the relationship between knowledge sharing and innovative behavior. Questionnaire surveys were conducted in IT service firms with different ownerships in Beijing and Xi'an, with 484 questionnaires in total. SPSS and Smart PLS were used for data analysis. Results indicate that: Knowledge sharing affects innovative behavior significantly and positively; besides, this knowledge sharing-innovative behavior relationship increases with the increase of employees' espoused collectivistic cultural values, and decreases with the increase of espoused power distance cultural values. Implications for practice are: managers should recognize the importance of employees' espoused national culture, and design better recruitment strategies and training program for companies. For espoused collectivistic cultural values, managers should recruit employees high on collectivism, and implement mechanisms to cultivate and increase employees' espoused collectivistic cultural values. For espoused power distance cultural values, managers should adopt suitable strategies according to specific situations, e.g., if this organization emphasis on hierarchy or the leaders are characterized by high power distance, manager can ignore the negative moderating effect; conversely, managers should enhance mutual communication and trust between the managers and employees, and increase employees' enthusiasm and initiative in companies characterized by low power distance. References | Related Articles | Metrics

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Coordination through Penalty Scheme in the Rail-Road Freight Intermodal Market LIU Jian, LI Yin-zhen 2016, 24 (4):  167-176.  doi: 10.16381/j.cnki.issn1003-207x.2016.04.019 Abstract ( 1546 )   PDF (1175KB) ( 1075 )   Save Intermodal freight transport is the movement of goods in one and the same loading unit or vehicle by successive modes of transport without handling of the goods themselves when hanging modes. During the whole intermodal operation process, the multi-side participation is an outstanding feature, and how to Coordination behaviors among the multi-actor's is a core problem, which has been considered a challenging issue by many practitioners and researchers. However, it is still in a pre-paradigmatic phase as a new transportation research application field.In this paper, coordination mechanisms are studied through penalty schemes among different carriers which cooperation together to make transport capacity distribute plan in the rail-road intermodal freight transport market. It's assumend that, in a duopoly freight transport market, there are two separate transport firms with complementary transport model cooperation to develop a long haul intermodal freight service. Firm I is the first segment carrier for offering ground transport service and firm II is the second segment carrier for offering rail transport service. Two possible organizational structures, i.e. centralized and decentralized are taken into consideration. In the centralized case—the first best case as a benchmark, wherein two firms jointly decide on the transport capacity distribute plan. In the decentralized case, a Stackelberg game model is formulated. Firm I is the Stackelberg leader with the constraint service level and firm II is the follower. Two firm's behavior strategic is first analyzed without considering the coordination by the penalty scheme in the decentralized system. After considering the different cost structure and opportunistic behaviors for two separate carriers, the solution equilibrium shows it is never optimal for firm II to make more than the demand estimate specified by firm I, therefore, carrier I has overestimate incentive and carrier II has undersupply incentive on transport capacity distribute decision making. In order to coordinate the decisions, the suitable penalty scheme is designed to coordinate two firm's behavior necessarily. Second, based on the decisions which is made in thecentralized system—the first best case and as a benchmark, the coordination is analyzed by setting suitable penalties. This study shows that by setting the suitable penalties one can generate the same result in a decentralized system as that obtained from a centralized system. It is also discussed in details the effective range of penalties to coordinate two firm's decision. The further study shows, It's not necessary to setting higher penalty to the overestimate behavior of carrier I, the penalty for overestimate is in a specific interval which is influenced by parameter K(in effect, that is a bargain power to customer), otherwise, the final transport capacity would be reduced by setting the too higher penalty. The lower bound of penalty for undersupply to carrier II, meanwhile, is also proved. The penalties would facilitate to increase the final intermodal transport capacity. In the end, a numerical example is provided to verify the validity of conclusions, and then some concluding remarks are presented finally. References | Related Articles | Metrics