Table of Content

20 May 2016, Volume 24 Issue 5 Previous Issue    Next Issue

Articles

Select

The Impact of Financial Supervision on Commercial Bank's Product Innovation-the Research Based on Two-stage DEA Model ZENG Wei, CHEN Shou, ZHOU Zhong-bao 2016, 24 (5):  1-7.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.001 Abstract ( 1813 )   PDF (2968KB) ( 1397 )   Save As far as financial supervision is considered, since the China Banking Regulatory Commission issued a policy to design financial products of commercial banks to generate revenue, the policy effect has been a stage of convergence. In this study, the operating process of banking financial products under the supervision environment is divided into two stages(innovative product design and innovative product market performance), and then two-stage DEA (Data Envelopment Analysis) model is used to obtain the innovative efficiency of Chinese banking industry from 2004 to 2014. Results show that the innovative efficiency of banking products in the first stage and the market performance efficiency of financial products in the second stage basically showed a positive correlation. Also, there is a certain lag effect in the impact of financial supervision on the innovation of products from commercial banks. In addition, by calculating the improved input indexes of innovative efficiency over the years in the banking industry, it is found that the difference between the efficient year and the inefficient year. On this basis, some suggestions about the innovation supervision of banking products are offered from the perspective of regulators as well as the operating level of banks. Studies in the future can start with the angle of classification supervision to further investigate the different performance of innovative efficiency by comparing supervision policy of different types of banks made by the China Banking Regulatory Commission. References | Related Articles | Metrics

Select

The Effects of Foreign Banks' Entry on the Loan Prices in Credit Market of China PENG Hong-feng, CHEN Wen-bo, JIANG Yan-jun 2016, 24 (5):  8-17.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.002 Abstract ( 1691 )   PDF (6985KB) ( 950 )   Save China Banking Regulatory Commission (CBRC) has been encouraging foreign banks to enter Chinese markets by the way of establishing an institution with legal person status while restricting the entry of foreign banks through M&A.This paper starts with the basic assumptions that the local banks possess the information advantage while the foreign banks possess the financing cost advantage.Bank credit market competition model under the asymmetric information is applied to analyze the effects on loan prices of entry of foreign banks.Theoretically model the entry of foreign banks through Greenfield investments mode and mergers and acquisitions respectively, and the acquisition targets are divide into big banks and small banks by size.It is found that there is little effect on the loan prices of local credit markets when foreign banks enter through merge the bigger banks, and the entering of foreign banks though merge the smaller banks will decrease the loan prices of the banking markets comprehensively, loan prices of some market segments (old customers markets of the big loser bank) will be greatly reduced when foreign banks enter though Greenfield investments.The conclusion of this paper can provide an important guidance for CBRC's policy making for the entry of foreign banks. References | Related Articles | Metrics

Select

Analysis of the Finer Statistical Characteristics of China Stock Market Based on Semimartingales Process LIU Zhi-dong, YAN Guan 2016, 24 (5):  18-30.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.003 Abstract ( 1829 )   PDF (991KB) ( 1437 )   Save In this paper the different asymptotic behavior of the power variations is exploited as the power p, the truncation level and the sampling frequency are varying,and test statistics is developed on the realized power variation, then a systematic econometric analysis of stochastic volatility,jump and noise existing in high frequency financial returns is given based on Semimartingales Process, asset returns sampled at high frequency are decomposed into their base components (continuous, small jumps, large jumps), the relative magnitude of the components is determined, considering market microstructure noise. The methodology is applied to individual stock returns from different industries, those with different liquidity as well as stock index returns and its constituent stocks. Our results show that noisy traders exist widely in CSM; 43% risk results from stochastic volatility risk in asset return process, possibly hedged by equity option; the importance order of risk from different sources is stochastic volatility, systemic jump and heterogeneous jump; more liquid equities have more significant proof of jump, especially infinite small jumps. References | Related Articles | Metrics

Select

Study on Evolution of Irrational Asset Price Bubble Generation and Expansion Based on Factors Embedded HU Wen-xiu, LIU Gang, ZHANG Wei-guo, FU Qiang 2016, 24 (5):  31-37.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.004 Abstract ( 1635 )   PDF (1310KB) ( 1309 )   Save In recent years, by frequent occurrence of asset price bubble, industrialists and scholars began to focus on the bubble generation and evolution process of expansion.In this paper the existing noise traders (DSSW) model is extended by three factors, which could lead to the chance of expectation.There are overconfidence, inflexible assets and excess liquidity.And it reveals mechanism of generation and expansion of irrational asset price bubble, which is caused by the changes of expectation on assets from the noise traders.The results are as follows: the three factors prompt the chances of asset price expectations, leading to the formation and expansion of irrational asset price bubble.Then, simulation test is made on the expansion process of irrational asset price bubble with MATLAB.The results are as follows: the larger the ratio of noise traders, non-informed noise traders, overconfidence factors, inflexible asset factors and the excess liquidity factors are, the faster and greater the irrational asset price bubbles expansion and deviation will be.This will provide certain reference value to avoid the over-rapid and oversize bubble expansion. References | Related Articles | Metrics

Select

Financing Risk, Cash Holdings and Technological Innovation Investment PU Wen-yan, ZHANG Hong-hui 2016, 24 (5):  38-45.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.005 Abstract ( 1816 )   PDF (864KB) ( 1942 )   Save Based on the data of listed companies of Shanghai and Shenzhen Stock Exchange from 2007-2013,it was found that the relationship between and cash holdings are significantly positive.For private listed companies financial constrained companies, this relationship indicates that China's listed companies will increase their cash holdings in response to the continuous investment in technological innovation.With the level of financing risk improving, the increasing extent of cash holdings is more sensitive to the the technological innovation investment.This study not only enriches the cash holdings of related research and technological innovation from the perspective of improving the research into the relationship between investment and cash holdings policies and the corresponding policy recommendations from the perspective of financing risks. References | Related Articles | Metrics

Select

Research on Asset Allocation Based on Inflation and Risk Preference LIU Yu-lin, ZHENG Xiao-chen 2016, 24 (5):  46-53.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.006 Abstract ( 1656 )   PDF (7042KB) ( 1162 )   Save Abstract:Asset allocation problem in the condition of uncertainty is both important for academic research and individual investment.The traditional approach to asset allocation relies on Markowitz's paradigm which provides an elegant mathematical framework of an optimal asset allocation.Then Merton lays the foundation for dynamic asset allocation who considers an expected utility approach to study the optimal portfolio in a continuous time framework which is a breakthrough for modern finance theory.Cash, stock and bond in the generalized definition have been selected in this paper which are the most important three assets for investors and we obtain the optimal wealth and optimal portfolio weights of investors in the CRRA and HARA framework.The portfolio choice of a power utility that investors can maximize expected utility of wealth at a given investment horizon is considered.Closed form solutions are obtained in a dynamic portfolio optimization model.Also, the effects of inflation, risk preference, investment horizon on the asset allocation are analyzed.The results indicate that inflation which has an effect on the risk premium of stock and bond will finally influence the weights of them in the optimal portfolio.The weight of stock is not determined by the investment horizon, and the value is a constant when the inflation rate and risk preference are not changed.While the weight of bond and cash is determined by investment horizon, inflation rate and risk preference.In addition, the factors have great different influences on the asset allocation in the framework of CRRA and HARA.Especially, short sale will happen in the framework of HARA. References | Related Articles | Metrics

Select

A Network Perspective Measurement Method for Banking Systemic Risk SUI Cong, TAN Zhao-lin, WANG Zong-yao 2016, 24 (5):  54-64.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.007 Abstract ( 1746 )   PDF (5093KB) ( 1474 )   Save The interbank network is convenient for liquidity adjustment of the interbank market.But, the network configuration also increases risk contagion among the interbank market.However, the relationship between the network configuration and the systemic risk is a disputable issue in the research area.On one hand, the systemic risk is a typical small probability event which only happens in extreme circumstance.On the other hand, simulated interbank market network in the research area is different from real interbank market configuration.So building a realistic network model and researching the behavior of real network model in extreme circumstance are the key issues.Based on reality interbank network model, two evaluation parameters of the systemic risk: VaR and ES are presented in this paper.Firstly, Monte Carlo method is utilized to simulate the external impact of interbank system.Then, the systemic risk VaR and ES which can reflect the small probability characters of the systemic risk are estimated and the tail properties of interbank system loss are captured.Secondly, real bank parameters are utilized to calibrate three kinds of interbank network in simulation.Such a method ensures the reality and reliability of simulation results.Finally, three valuable conclusions are drawn: (1) External impact will trigger contagion.The interbank system loss will change from norm distribution to heavy tail distribution and then to bimodal distribution.(2) The contagion probability of high density interbank network is smaller than that of low density network, but the destruction is much higher.(3) The potential contagion will enlarge the systemic risk and default contagion effect will increase exponentially.A model which can evaluate the extent of the destruction of the systemic risk in extreme condition is presented.Furthermore, the simulation results comprehensively reveal the relationship between the network configuration and the systemic risk. References | Related Articles | Metrics

Select

Real Option Theoretical and Empirical Analysis on Feed-in-tariff (FIT) Policy of Wind Electricity in China LI Qing, CHEN Min 2016, 24 (5):  65-73.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.008 Abstract ( 1754 )   PDF (918KB) ( 1726 )   Save In this paper, the wind electricity policy of Feed-in-tariff (FIT) implemented in China is studied by the optimal investment decision theory in real option theory.First, the real option theory of the investment of wind electricity project is analyzed, and then the real option model of FIT policy is established.Then, from the real option model of FIT policy, the theoretical proof that both volatility rate and expected growth rate of FIT are proportional to the critical value of FIT of wind electricity (optimal investment price) is given, which is the theoretical evidence and adjustment evidence of FIT policy, and it is the fixed FIT when the volatility rate of electricity price is equal to zero.In order to incentive investors to invest, governments should decrease the volatility rate and expected growth rate of FIT.Finally, empirical analysis is made by the Yuanshanzi wind electricity project in Hebei province; the conclusion is drawn that the wind electricity price should be decreased by about 1% every year.Our research results can be referenced by the other renewable energy electricity. References | Related Articles | Metrics

Select

Pricing Decision with Green Technology Input under Cap-and-trade Policy HE Hua, MA Chang-song, WU Zhong-he 2016, 24 (5):  74-84.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.009 Abstract ( 1635 )   PDF (1036KB) ( 1736 )   Save In recent years, the adverse impact of the carbon dioxide emissions on the climate and environment is increasing, the constraints and norms of the production and management behavior of enterprise done by government is also gradually enhanced, carbon cap and trade policy has become an important measure for the government to control and manage the carbon emissions of the enterprise, and it will has a direct impact to enterprise on production and pricing strategy.At the same time with the increasing of the public's environmental protection and health awareness, the demand for green and low carbon products will be more and more bigger for public.Green and low carbon products will be the inevitable direction of enterprise production.Under the new environment of green technology investment and low carbon production, the enterprise product pricing inevitably faces a new problem.Under the condition of carbon cap and trade and with the considering of green technology investment, the enterprise product pricing strategy has become the enterprise problems needed to resolve.Therefore, the research on carbon cap and trade policy under the enterprise production and pricing strategy has very important practical significance.Whereas in the past the study literature about the enterprise product pricing strategy from the angle of considering green technology was arely seen, and it will become the main source for us to study the problem in this paper.From the perspective of microcosmic low-carbon economy, the pricing strategy model is mainly constructed under carbon cap and trade policies, carbon quota policy, carbon cap and trade policy, and in the carbon cap and trade policy with the green technology input respectively, and then some researches on the pricing strategy for the enterprise on the three kinds of cases are given, in order to private some beneficial reference to enterprises under the condition of different corresponding pricing strategy.Under the carbon cap and trade regulation with the consideration of green technology investment, enterprise pricing strategy model is constructed, and the optimization theory and methods are used to analyze the model.Combined with the numerical analysis method the correctness of the model has been verified, and then the related conclusion is obtained.As the basis of comparative analysis, first of all, pricing strategy of the enterprise is researched in case of no carbon limit.Basis on this, according to the progressive thinking that consider the limitation of carbon, carbon quotas and trading, carbon cap and trade under the consideration of green technology input, the pricing strategy of corresponding enterprise is analyzed, and then gets the corresponding pricing strategy of the enterprise under different cases is gotten.The results show that: (1) The manufacturer's profit and price with carbon emission constraint will be lower than the case without carbon emission constraint.(2) The manufacture's maximum price under cap-and trade is lower than the case without carbon emission constraint, and higher than the case under cap.The manufacture's maximum price under cap-and-trade depends on the marginal profit in cap and The maximum expected profit in this situation depends on the initial allowance.(3)The manufacture's maximum price concerning green technology under cap-and-trade is lower than the case without carbon emission constraint.The manufacture's maximum price concerning green technology under cap-and-trade depends on the marginal profit in cap.(4)Under cap-and-trade, proper green technology input will improve manufacture's expected profit.In the part of the numerical simulation analysis, according to the enterprise product pricing strategy under the carbon cap and trade policy with considering green technology input, a numerical example is designed, and the pricing strategy of the enterprise under the stochastic market demand distribution function is analyzed, and further the correctness of the model is verified.The research of this paper provides a basic idea and framework to the related research of enterprise product pricing strategy that consider green technology input under carbon cap and trade policy, and it provides a reference for the government to consider from the angle of environment and the enterprise at the same time and formulate the carbon cap and trade policy which is good for not only the environment but also the enterprise. References | Related Articles | Metrics

Select

Forecasting of Wheatprice Based on Multi-scale Analysis WANG Shu-ping, ZHU Yan-yun 2016, 24 (5):  85-91.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.010 Abstract ( 1760 )   PDF (3500KB) ( 1970 )   Save Forecasting of grain price is an important area of grain market research.In this paper a new multi-scale combined forecasting model was built based on the idea of decomposition-reconstruction-integration.It selected wheat as representative of grain and forecasted its price trend.It used ensembleempirical mode decomposition (EEMD) to decompose price series, then reconstructed the component sequences into high frequency, middle frequency, low frequency and trend sequences with grey correlation method, which can be explained from the angle of irregular factors, seasonal factor, major events and long-term trend.It forecasted different sequences by different methods according to their characteristics, such as BP neural network,Support Vector Machine (SVM), ARIMA and so on.Finally, it integrated prediction results with SVM.The empirical results show that comparing with GM (1, 1), BP neural network, SVM and other single models, ARIMA-SVM combined model as well as other multi-scale model based on EMD or EEMD, multi-scale combined model obtains the best forecast result. References | Related Articles | Metrics

Select

The Optimal Contract Design for Project Investment under Principle-Agent Framework CHEN Dan-mei, LI Zhong-fei 2016, 24 (5):  92-99.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.011 Abstract ( 1930 )   PDF (4273KB) ( 1880 )   Save In the uncertain market environment, the firm's investment opportunities have the characteristics of option.In this paper the optimal contract design problem about real option investment is analyzed under principal-agent framework.The principal has the option to postpone the investment, the agent will execute the option granted under the principal-agent system.The agent has the motivation to hide information and transfer cash flow under asymmetric information.In order to maximize his own benefit, the principal will design contract.The agent will reveal truthful information under the contract.The real option models are established and the optimal contracts are given respectively under the symmetry and asymmetry information.Numerical analysis shows that, compared with symmetric information, the high cost project will be delayed to invest, the low cost project will be invested ahead of time, and the option value of the investment will reduce under asymmetric information.The option value of the principal will increase as audit efficiency improves.The more impatient the agent, the greater the option value of the principal.The study of this paper provides some guidance for the real option investment under principal-agent framework in reality. References | Related Articles | Metrics

Select

An Empirical Study on Relationship Between Internal Attributes of OpenBusiness Model and Value Creation JIANG Ji-hai, CAI Chun-hua 2016, 24 (5):  100-110.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.012 Abstract ( 2540 )   PDF (17280KB) ( 773 )   Save The fundamental question in the field of strategic management is how firms achieve competitive advantage and create value, or why do firms in the same industry perform differently? In the era of mobile Internet, reshaping enterprises' business model is a common way to realize the transformation and upgrading or cross-border development, and it is also regarded as an important source of competitive advantage and value creation.Therefore, taking open business model(OBM) as a special research object, the purpose of this article is to explore the relationship between OBM's attribute characteristics and value creation.First, the meaning and structure dimensions of open business model are made clear, identifying its intrinsic attributes: Novelty; Lock-in; Complementarity; Efficiency.Second, the relationship between NICE characteristics and value creation is analyzed theoretically and theoretical assumptions are put forward, based on RBV,theory of strategic networks, the theory of platform economics and etc.Lastly, testing the theoretical assumptions using SPSS19.0 and Amos21.0 software, using data from Zhubajie.com, the largest service trading platform of China, and the classes of EMBA, MBA, EDP.It is found that novelty has a positive relationship on the enterprise value; complementary is positively related to the customer value; efficiency has positive effects on corporate value and partners value;other assumptions are not supported.The fundamental question in the field of strategic management is answered, and the mechanism analysis of theory and empirical conclusion are helpful to guide enterprises' business model innovation and obtain the competitive advantage. References | Related Articles | Metrics

Select

Research on Fuzzy Location-routing Problem in Post-earthquake Delivery of Relief Materials LIU Chang-shi, PENG Yi, KOU Gang 2016, 24 (5):  111-118.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.013 Abstract ( 1666 )   PDF (1844KB) ( 1348 )   Save In order to improve the efficiency of emergency logistics, a new location-routing problem (LRP) in post-earthquake delivery of relief materials was studied from the view point of integrated optimization.By considering the stochastic vehicle time caused by the location and topography of relief points, the urgent window constraints, the fuzzy demands of relief materials and the urgency of rescue time in post-earthquake, a chance-constrained programming model for the fuzzy LRP was developed, and the goal is to minimize the total time in delivering relief materials and the total costs.A hybrid immune genetic algorithm was proposed to solve the model.Finally,the feasibility and validity of the model and algorithm was demonstrated by a numerical example.The test data are obtained from the Solomon's VRPTW BENCHMARK PROBLEMS.The results show that the proposed approaches effectively solve the fuzzy multi objective LRP, and realize joint decision of emergency logistics center location and emergency vehicle routing planning. References | Related Articles | Metrics

Select

Multi-area Power System Coordinated Planning Model Based on Benders Decomposition Algorithm XUE Song, ZENG Bo, WANG Yue-jin 2016, 24 (5):  119-126.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.014 Abstract ( 1738 )   PDF (3464KB) ( 1347 )   Save With the accelerating of grid interconnection pace and inter-regional power transmission needs becoming increasingly prominent, the generation side planning and transmission side plan faces more uncertainties.Coordination requirements between those are also high.Therefore, in background of multi-regional power system interconnection, it has important theoretical and practical significance to study the generation and transmission coordinated expansion planning problem.Firstly, multi-area power system coordinated planning problem is described, and the multi-area coordinated planning model is established, which is aimed at finding the optimal expansion program.The model meets the multi-area power system growth load demand with the minimum investment.Secondly, the Benders decomposition algorithm is used to decompose the multi-area expansion planning problem into a planning master problem and a running sub-problem.Through iterative solution between the master problem and the sub-problem, the final optimal solution ca be obtained.Finally, a typical multi-area power system which consists of seven regions is simulated, to verify the effectiveness of the constructed model and algorithm. References | Related Articles | Metrics

Select

Double-layer Distributed Fusion Decision Method in Big Data Environment DU Yuan-wei, YANG Na 2016, 24 (5):  127-138.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.015 Abstract ( 1847 )   PDF (4275KB) ( 1795 )   Save In order to solve the decision inference problem and the information redundancy problem in double-layer distributed decision in big data environment, a hypothesis that there exits correlation in inference information is made based on the analysis of the complexity of the participating subjects and the overlapping of business relations in such decision, and an inference information description mechanism with the advantage of soft expression is suggested by employing the BPA function in evidence theory. On the ground of that, theorems and inferences are constructed for upper and lower departments to eliminate the influences of both administrators and upper departments and used to make a scientific fusion of all the decision subjects' meta-inference information. Finally, the procedures of double-layer distributed decision in big data environment are constructed according to the "upper to lower" decision order. The result of numerical comparison analysis shows the present method is scientific and feasible. The present method is benefit to develop the thought for solving management decision problems in big data environment and explore the "big" mode for dealing with incompleteness data or correlation data. References | Related Articles | Metrics

Select

The Research on the Effect of Asymmetric Information on MTO and MTS in Closed-loop Supply Chain XIAO Qun, MA Shi-hua 2016, 24 (5):  139-148.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.016 Abstract ( 1956 )   PDF (6101KB) ( 1288 )   Save A decentralized distribution closed-loop channel is considered.The manufacturer is the stackelberg leader of the channel, who has incorporated a remanufacturing process for used products into her original production system, so that she can manufacture a new product directly from raw materials, or remanufacture part or whole of a returned unit into a new product.Facing random demand of a single product with a short life cycle, a setting where the retailer has accurate demand information while the manufacturer does not is considered.Under the asymmetric and complete information condition, the product pricing, the recovery rate and the retailer's profit in make-to-order scenario and make-to-stock scenario respectively are compared.It is found that:(1) the product pricing, the recovery rate and the retailer's profit are not affected by the change of the production mode; (2) In some conditions, information sharing would increase the whole supply chain profit, but the retailer would lose the information superiority so that his profit would decrease.In order to attract the retailer to share his private information, the manufacturer and the retailer can invest to establish a security communication system jointly to assure to reach the demand information won't be revealed.Then the whole revenue of the closed-loop supply chain will be more than that in asymmetric information.For ensuring an information sharing equilibrium and an fairly revenue allocation, a nash bargain model is proposed, in which the manufacturer and the retailer not only get back the communicaiton investment cost, but also get more profit decided by their bargain power respectively and is independent of the amount of the communication system investment. References | Related Articles | Metrics

Select

Rater Utility Mechanism Research Based On Online Rating and Comment SHI Xiao-jing, LIANG Xun, SUN Xiao-lei 2016, 24 (5):  149-157.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.017 Abstract ( 1703 )   PDF (1902KB) ( 1708 )   Save Appraisals for products and services are increasingly important on the Internet, as they eliminate consumers' uncertainty, and help them to make purchase decision.Raters' appraisals for products are divided into ratings and comments in most online shopping sites.The existing online reputation system and appraisal studies tend to focus on the user rating or comment respectively, but ignore the organic unification between them.User ratings do not fully reflect users' real evaluation, as they are inclined to express their true feelings by comments.On the basis of the 852071 appraisal captured from Taobao, this paper proposes RFMA model to calculate raters' appraise quality, which combines RFM model and considers two kinds of information containing rating and comment by analyzing the inconsistency of rating and comment.Then the good raters and bad raters are distinguished, and further support for consumer purchase is provided.The proposed RFMA model finds a new mechanism for measuring raters' effectiveness.It can be used as a basement for shopping platform to classify the raters, and provide a new way of thinking to further improve the existing online reputation system.Through analyzing all of the raters, it can be concluded that the mechanism of combining the comments is more available and effective. References | Related Articles | Metrics

Select

Debt Financing and Equity Structure of Chinese State Owned Enterprises-From the Perspective of Macroeconomic Policy WANG Chang-rong, MA Hong, WANG Yuan-yue 2016, 24 (5):  158-167.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.018 Abstract ( 1764 )   PDF (957KB) ( 1194 )   Save As government's method to regulate macro economy, macroeconomic policy has a significant impact on financing behavior of micro enterprises.In consideration of the credit discrimination of China's state-owned enterprises and non state-owned enterprises by financial institutions, eliminates influence of nature of property right, China's state-owned enterprises will be the object of study by utilizing 2007 to 2013 data.First of all, this paper discovers the impact of macroeconomic policy on state-owned enterprises financing behavior and proves that expansion of macroeconomic policies and tightened monetary policies promote debt financing of state-owned enterprises.Further it is also found that the relationship between debt financing with enterprises performance with impact of external factor of macroeconomic policies and internal factor of equity structure.The research shows that debt financing is positive to enterprises performance under expanded macroeconomic policies and is negative to enterprises performance under tightened monetary policies.The more disperse of equity structure, the more positive influences debt financing on state-owned enterprises performance. References | Related Articles | Metrics

Select

A Study on Influencing Factors of the Helpfulness of Online Reviews in O2O of Restaurant Industry——Based on Tobit Model LIU Wei, XU Peng-tao 2016, 24 (5):  168-176.  doi: 10.16381/j.cnki.issn1003-207x.2016.05.019 Abstract ( 2256 )   PDF (1191KB) ( 1592 )   Save Online reviews are an effective way of commodity recommendation and its helpfulness has an important impact on consumer's decision. Online retail sites with more helpful reviews offer greater potential value to customers, which can help them to avoid the uncertainty and risk of purchase decision. But there is huge volume of reviews on online websites sometimes, which cause customers confused when they make decisions according to the reviews. Especially O2O is an emerging pattern of e-commerce, which factors will affect the helpfulness of online reviews in O2O. For this research, a dual process model of the helpfulness of online reviews that consumer perceives in O2O of restaurant industry is established based on ELM and extensional IAM. Central cue and peripheral cue are included in the dual process model. Focus is put on information richness, review readability and review negativity in the central cue, and consumer's response, rating inconsistency and reviewer experience in the peripheral cue. Then 2,372 online consumer reviews of 6 restaurants are collected from dianping.com, and an empirical test is conducted using Tobit regression model. Our findings show the central cue, including information richness, information readability and review negativity has a significant positive impact on the helpfulness of online reviews. The relation of the paragraphs, observational variable of information readability and the helpfulness of online reviews present an inverted U-shape. Brand value has a regulating effect on the relation between review negativity and the helpfulness of online reviews, and high brand value will weaken positive effect which review negativity affects the helpfulness of online reviews. The peripheral cue, including consumer's response and reviewer's experience has a positive impact on the helpfulness of online reviews. Meanwhile we also find early reviews are better than recent reviews. This study contributes to both theory and practice. First, theoretical framework is provided to understand the context of online reviews. Based on dual process theories of ELM and IAM, this research revealed that information processing occurs in either peripheral cue or central cue when consumers read online reviews. Second, our findings may help online retailers recognize what factors constitute helpful online reviews for online markets. The results of this study can be used to develop guidelines for creating and choosing more valuable online reviews. Furthermore, the results of the current research can be used to design Web sites by considering certain review factors that affect helpfulness of review, depending on which products consumers intend to buy. References | Related Articles | Metrics