Table of Content

20 September 2021, Volume 29 Issue 9 Previous Issue    Next Issue

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Reactions of Stock Investors to Earnings Announcements——A Perspective from Gambling Preference CHEN Wen-bo, CHEN Lang-nan 2021, 29 (9):  1-11.  doi: 10.16381/j.cnki.issn1003-207x.2019.2000 Abstract ( 596 )   PDF (1097KB) ( 568 )   Save How the gambling preference influences the reactions of investors to earnings announcements is investigated by employing Chinese stock market's data from the first quarter of 2003 to the first quarter of 2018. For each stock, three kinds of gambling index are constructed to measure the gambling characteristics. The buy-and-hold abnormal returns are used to measure the reactions of investors to earnings announcement.Conventionally, SUE (standardized unexpected earnings) are constructed for each earnings announcement. The event study is utilized to explore the role of gambling preference in affecting the investors' reactions to earnings announcements. The regressions results reveal that the interaction of gambling index and positive SUE is significant and positve, while the interaction of gambling index and negative SUE is significant and negative. The empirical results prove that gambling preference has two opposite effects at the same time. That is, gambling preference increases the sensitivity of investors to positive unexpected earnings while it slows down the speed at which negative unexpected earnings information is incorporated into the stock price. Subgroup regressions are performed after the total sample is divided into two subsamples according to theprofit/loss condition of investors, median of investor sentiment index and institutional ownership respectively. The interaction of gambling index and positive/negative SUE is not significant any more when investors are at the profit condition. Besides, the interaction of gambling index and positive/negative SUE is no longer significant during the pessimistic period. In addition, the interaction of gambling index and positive SUE is not significant when a firm has more retail investors. This phenomenon suggests that profit/loss condition, investor sentiment and institutional ownership indirectly influence the reactions of investors to earnings announcements by affecting the asymmetric V-shaped disposition effect. Finally, several robust checks are conducted. When the profit/loss condition is constructed by past five-year data, or when the investor sentiment is measured by other indicators, or when the event window is extended, our conclusions remain the same and robust. References | Related Articles | Metrics

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Is It “Intentional Herding” or “Spurious Herding”? The Influence of Network Contagion Degree on the Pricing Efficiency of Capital Market HUANG Yi-rong, BAI Yu-xuan 2021, 29 (9):  12-24.  doi: 10.16381/j.cnki.issn1003-207x.2019.1155 Abstract ( 519 )   PDF (1929KB) ( 443 )   Save It is of great significance to examine whether fund managers have independence in the stock selection and can make contributions to identifying and delivering firm-specific information to improve market efficiency relying on their professional skills. To find the effect of network contagion on stock pricing efficiency, the open-end fund quarterly data with the period of 2006-2018 are chosen as samples, building a new kind of fund investment relationship network which calls "a multi-valued signed network based on similarity in fund position changing" and the relationship between clustering coefficient and stock price is examined synchronicity. At the same time, it was also verified whether there is a difference in the relationship between network contagion and stock-cum-synchronization under the conditions of different fund shareholding ratio, different market situation, and different analysts' attention. The results indicate that fund managers in China have strong imitation relationships on bulk-holding stocks selection and stable structures of similarity network. No private information or industry information sharing in the network, the network contagion reduces the pricing efficiency in the stock market and it was "intentional herding". This paper has both theoretical and practical significance on how to effectively identify the herd behavior of fund managers and prevent related risks. References | Related Articles | Metrics

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Study on the Matching of Best Division's Relatedness under Internal Capital Market Inter-temporal Allocation——An Interpretation of the Internal Logic of the Merger and Acquisition Integration of Diversified Enterprises ZHANG Xue-wei, WANG Xi-jie 2021, 29 (9):  25-35.  doi: 10.16381/j.cnki.issn1003-207x.2020.0423 Abstract ( 453 )   PDF (1889KB) ( 596 )   Save Inter-temporal allocation is one of the new perspectives to study the M&A integration of diversified enterprise, execution and adaptability needs to be taken into the inter-temporal allocation. Division's relatedness is the key index to weigh the execution and adaptability. Execution is improved, but adaptability is reduced by high division's relatedness. Adaptability is improved, but execution is reduced by low division's relatedness. Execution is corresponded to inter-temporal allocation cost which is measured by internal transaction cost level. Adaptability is corresponded to inter-temporal allocation space which is measured by return volatility. The best division's relatedness is matched by the two key dimensions which are internal transaction cost and return volatility. However, the matching mechanism is not clear yet, so it is needed theoretical analysis and empirical test. Based on the pricing idea of real options, the matching mechanism of division's relatedness is explained by binary tree numerical analysis of bellman dynamic programming equation. First, the current and future investment decisions are assumed as a series of dynamic real options in the model. The inter-temporal allocation of resources by headquarters could be seen as to execute call option of the division transferred into the resource and put option of the divison transferred out of the resource. Secondly, the return of the two divisions is assumed to be subject to Geometric Brownian Motion (GBM). Finally, the HJB equation model depicts the results of the inter-division capital allocation by the headquarters at time t based on the principle of maximizing expected return. The numerical analysis results of HJB equation show that the best division's relatedness is affected by the transaction cost and the volatility of return. The matching rules are as follows:the decrease of transaction cost and the increase of return volatility are leaded by the decrease of best division's relatedness; the influence degree of one factor is affected by the other, that is to say, the transaction cost and the volatility of return are mutually moderators. The empirical chapter is based on the division's data of Chinese listed companies. The empirical results show that the division's relatedness of Chinese listed companies is significantly affected by the transaction costs and volatility of return, and the moderating effect is significant, which is consistent with the numerical analysis results of dynamic programming equations. The matching study of division's relatedness provides a new perspective for the implementation and performance evaluation of merger and acquisition integration of diversified enterprises. References | Related Articles | Metrics

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Multi-period Mean-semi-absolute Deviation Portfolio Selection with Entropy Constraint ZENG Yong-quan, ZHANG Peng 2021, 29 (9):  36-43.  doi: 10.16381/j.cnki.issn1003-207x.2019.0897 Abstract ( 435 )   PDF (689KB) ( 348 )   Save A mean semi-absolute deviation model for multi-period portfolio selection in random environment is presented by taking into account transaction cost, borrowing constraints and diversification degree of portfolio. In the proposed model, the risk level is characterized by the semi-absolute deviation of return, and the diversification degree of portfolio is measured by the originally presented entropy. Because of the transaction costs, the multi-period portfolio selection is the dynamic optimization problem with path dependence. Furthermore, the discrete approximate iteration method is designed to obtain the optimal portfolio strategy. Finally, the comparison analysis of the different entropy model is provided by a numerical example to illustrate that the entropy is more and the terminal wealth is less. References | Related Articles | Metrics

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Supply Chain Analysis about Enterprise's Exchange Rate Risk Management Based on the Risk-taking Mechanism YU Hui, WANG Qi 2021, 29 (9):  44-53.  doi: 10.16381/j.cnki.issn1003-207x.2019.0343 Abstract ( 501 )   PDF (2160KB) ( 366 )   Save The "one belt and one way" national development strategy guides enterprises to go abroad, but also makes enterprises face more risk of exchange rate fluctuations. Against this background, it is needed to explore who is better to bear exchange rate risk under different circumstances of supply chain leaders, and is there any way to improve the profits of both sides. A transnational secondary supply chain is described, the dominant structure of supply chain operation is introduced, and the impact of exchange rate risk bearing mechanism on supply chain decision-making and performance is explored. Firstly, the impact of the change of exchange rate risk bearer under the situation of supplier dominance is analyzed. Then it is analyzed that when retailers dominate the supply chain, what changes will the change of exchange rate risk bearers bring to the profits of enterprises. And revenue-sharing contracts are used to cooperate at risk. It is found that although the supplier or retailer-led exchange rate risk-taking mechanism will not bring operational differences to the supplier-led supply chain which is consistent with the conclusions of Arcelus et al.(2013). But retailer-led exchange rate risk-taking has a substantial impact on supply chain operation. Furthermore, a revenue sharing contract is proposed to adjust the impact of exchange rate risk taking, and a cooperative way is found to deal with the risk. References | Related Articles | Metrics

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Volatility Forecasting of Crude Oil Market Based on Structural Changes and Long Memory ZHANG Yue-jun, ZHANG Han, WANG Jin-li 2021, 29 (9):  54-64.  doi: 10.16381/j.cnki.issn1003-207x.2019.1695 Abstract ( 575 )   PDF (930KB) ( 483 )   Save The structural changes which may result in spurious long memory always occur in crude oil market, and then they usually lead to the biased estimation of parameters. As a result, the features of structural changes and long memory have become the key to the rational modeling and accurate forecasting of crude oil price volatility. However, the existing models often only consider a certain factor, or only consider the long memory or short memory in the volatility, which may lead to the inaccurate forecasting of crude oil price volatility. In this situation, this paper aims to investigate whether the volatility forecasting models considering structural change and long memory have better forecasting performance on crude oil price volatility than traditional models, and whether the mixed memory GARCH model considering different memory and volatility level appears effective in depicting the characteristics of structural changes and long memory in crude oil price volatility. Therefore, both of the characteristics are focused on, and the GARCH-type models incorporating structural break points and the MMGARCH model are used to estimate and forecast crude oil price volatility. The empirical results prove the existence of structural change and long memory characteristics in crude oil market volatility, and indicate that the models which incorporate the two characteristics usually yield superior fitting and forecasting performance to standard GARCH-type models. In particular, the MMGARCH model outperforms other competitive models on forecasting crude oil price volatility, which indicates that the MMGARCH model can dynamically depict the volatility level and memory of the process, and then capture the structural changes and long memory simultaneously. Therefore, the MMGARCH model can be considered a helpful alternative to make accurate crude oil price volatility forecasting. References | Related Articles | Metrics

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Research on Regional Cooperative Pollution Control and Dynamic Payment Distribution Strategy XU Hao, TAN De-qing 2021, 29 (9):  65-76.  doi: 10.16381/j.cnki.issn1003-207x.2019.0620 Abstract ( 493 )   PDF (2269KB) ( 585 )   Save Transboundary pollution occurs when a potentially harmful environmental pollutant is released from one region and then migrates to another. Each region not only suffers from its own emissions damage, but also is affected by emissions from neighboring regions. The traditional mode of pollution control by considering local region has been difficult to effectively solve the current serious transboundary pollution problem, thus, the cooperative mechanism and cost-sharing mechanism have been introduced in this study. This paper focuses on the transboundary pollution control problem between a developed region and a developing region, the differences between the two regions are reflected in production capacity, abatement costs, and damage cost derived from pollution. Based on the above features, a differential game model between asymmetric regions has been built, where emissions are a by-product of production and accumulate into a harmful stock pollutant. The feedback Nash equilibrium, optimal trajectories of pollution stock and the change of instantaneous revenues are obtained under three scenarios consist of non-cooperative mechanism, pollution control cost-sharing mechanism and cooperative mechanism. Next, the Nash Bargaining solution is further introduced to analyze the optimal allocation strategy of dynamic cooperative payment with time-consistency. The results show that the pollution control cost-sharing mechanism can achieve Pareto improvement from the point of economy and environment when the environmental damages caused by the pollution are serious, while the cooperative mechanism is optimal in both regional revenues and environment. Secondly, the influences of "myopia" behaviors and environmental self-purification rate on equilibrium strategies in steady state are discussed through numerical analysis. The analysis shows that the "myopia" behavior of the regions leads to the maximization of short-term revenues, thus reducing the investment in pollution control and increases the pollution stock. With the increase of environmental self-purification rate, both pollution stock and revenues for two regions are improved, while the more sensitive for the environmental pollution damage has a more significant increasing in revenue. Finally, the specific numerical changes of dynamic optimal payment distribution are given. The research of this paper is conducive to the government and environmental authority to formulate better policies to solve the problem of transboundary pollution. References | Related Articles | Metrics

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Contagion Effects of Associated Credit Risk in Supply Chain under Multiple Associated Relationships XIE Xiao-feng, YANG Yang, ZHANG Feng-ying, HU Xiu-ying, ZHOU Zong-fang 2021, 29 (9):  77-89.  doi: 10.16381/j.cnki.issn1003-207x.2019.0177 Abstract ( 525 )   PDF (2437KB) ( 577 )   Save The multiple associated relationships between supply chain enterprises lead to the complexity of credit risk contagion. Based on the dual-channel financing mode in supply chain, aiming at the scenario of triple associated relationships in the supply chain:transaction associated relationship, asset associated relationship and interpersonal associated relationship, the associated credit risk contagion mechanism is revealed, the associated credit risk contagion intensity model is built, and the effects of three types of associated relationships and off-chain markets on contagion effects are discussed. In order to study the spillover effect of associated credit risk contagion, the expected losses faced by Banks are discussed when the Banks do not recognize the relationships in the supply chain. Combined with the simulation analysis, it is found that compared with the single commercial credit financing, the contagion effect is weaker under the dual-channel financing mode;under the optimal transaction associated relationship intensity, the commercial credit limits and costs (which reflect an asset associated relationship in the supply chain) have an impact on the contagion effect in different directions,interpersonal associated relationships and off-chain markets both negatively affect contagion effects; the bank's expected loss is related to the loan interest rates and the ratio of loans to demands, and the interpersonal associated relationship leads to the bank's larger potential loss. References | Related Articles | Metrics

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Allocation of the Carbon Emission Abatement Target in A Two-echelon Supply Chain ZHANG Wei-yue, LIU Chen-guang, LI Lin, JIAO Jin-xia 2021, 29 (9):  90-101.  doi: 10.16381/j.cnki.issn1003-207x.2019.0268 Abstract ( 619 )   PDF (1052KB) ( 526 )   Save As global warming intensifies, firms as main greenhouse gas emitters are responsible for the energy saving and carbon reduction. Given the fact that there exist great differences among firms in terms of the emission abatement efficiency and cost, and great amounts of carbon emissions are generated outside the firm, it is crucial that carbon emissions are allocated according to the emission abatement characteristics of each firm in the supply chain. Considering the positive impacts of firms' emission abatement behaviors on the market demand, how the given emission abatement target is allocated to the members of a bilateral monopoly supply chain composed of a manufacturer and a retailer is investigated in this paper. Considering three channel power structures:manufacturer Stackelberg, retailer Stackelberg, and Vertical Nash, and two allocation modes:manufacturer allocating and retailer allocating, the profit maximization functions of the manufacturer and retailer in the six decision models are constructed to illustrate the impacts of channel power structures and allocation modes on the carbon emission abatement target allocation decisions and the channel players' as well as the system's profits of the supply chain. The equilibrium solutions in the six models are solved by applying the backward induction method, and managerial insights are obtained from detailed analyses of the results. Our research shows that in the three channel power structures:(1) the total abatement target can be divided between the manufacturer and retailer, if the firm, who has a strong influence on the market demand, allocates the abatement target, otherwise, the total abatement target will be assigned to the other firm if allocated by the firm with a small influence on the market demand. Moreover, the manufacturer/retailer acting as a leader in the supply chain will be responsible for more carbon emission reductions than as a follower; (2) the demand is the largest when the emission abatement target is allocated by the firm who has a small impact on the demand, which is achieved at the sacrifice of the other firm's undertaking all the carbon abatement cost and does harm to the firm's motivation on carbon reduction initiatives; (3) the maximum system profit and fair allocation of the abatement target can only be achieved when the firm who has a lower emission abatement efficiency and a stronger influence on the demand distributes the abatement target. The results provide firms with some guidance for how to undertake cooperative carbon emission reductions among firms in the supply chain. References | Related Articles | Metrics

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Real-time Demand Response and Energy Scheduling with Power Storage Devices ZHU Hong-bo, LIU Chang-ping, FENG Xue, LIU Song-tao, WANG Zong-yao 2021, 29 (9):  102-110.  doi: 10.16381/j.cnki.issn1003-207x.2019.0315 Abstract ( 393 )   PDF (2179KB) ( 356 )   Save The real-time demand response and energy schedulingis an ideal method to adjust power balance between supply and demand in the smart grid. Its implementation has a profound impact on users' behavior, and on operation and management of the power grid. It is considered that the user has multiple power storage devices with charge and discharge function. Basing on the social welfare maximization model and ensuring that the power supply of energy supplier is stable, an optimization model of real-time demand response and energy scheduling is established. The dual problem of the model is given. On the premise of satisfying strong duality, the optimal solution of the original problem can be obtained by solving the dual problem, and the real-time electricity price for users and energy supplier is determined. In dual domain, the problem can be decomposed into two types of sub-problems:the user side and the power supply side. Then a distributed real-time demand response algorithm is designed, and its convergence is proved. The optimal solution is obtained through the interaction between the power supply side and the user side. The simulation results verify the rationality of the model and the feasibility of the algorithm. References | Related Articles | Metrics

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Study on Decisions of A Closed-loop Supply Chain with Risk Aversion under Different Power Structures and Alliance Strategies WANG Jing-jing, XU Min-li 2021, 29 (9):  111-122.  doi: 10.16381/j.cnki.issn1003-207x.2019.0440 Abstract ( 461 )   PDF (1800KB) ( 556 )   Save In a closed-loop supply chain, the members are exposed to both product demand and recycling uncertainties. At this time, most decision makers will avoid risk and consider risk factors when making decisions. In addition, the channel leaders' attitude towards risk can strongly affect their followers. Based on existing business practices, the optimal pricing decision and performance of the risk-averse closed-loop supply chain are studied under the power structure of manufacturer-led, retailer-led, and manufacturer-retailer power balance. Then, the optimal decision under alliance and non-aligned situation between the manufacturer and the retailer is influenced by the risk-averse characteristic of channel leader, which is different under different channel power structure. Therefore, a comparative analysis is also made on the influence of risk aversion degree on closed-loop supply chain decisions and expected revenue under different channel power structures and alliance strategies. In the construction of the models, firstly, the random variable is used to describe the market demand of new products and the recycling quantity of used products, and the exponential function is used to measure the utility of risk-averse decision makers. Then, the closed-loop supply chain game models of manufacturer and retailer alliance and non-alliance are constructed respectively under the three situations of manufacturer-led, manufacturer and retailer power balance and retailer-led. Finally, the Nash equilibrium game is used to solve the manufacturer-retailer power balance model and the Stakelberg game and the inverse induction method is used to solve the manufacturer-led and retailer-led models. By comparing the equilibrium solutions under the six models, the research conclusions are as follows:(1) When the manufacturer and retailer are not affiliated, their risk aversion coefficients have the same effect on optimal decisions. (2) When the manufacturer and retailer are not in alliance, the balanced power structure is the best for consumers; while when the manufacturer and retailer are in alliance, the balanced channel power structure is the most disadvantageous for consumers. (3) Under the uncertain market demand and recycling environment, the active price strategy can bring higher returns for the closed-loop supply chain when the manufacturer and retailer are in alliance, while the conservative price strategy can bring higher returns for the closed-loop supply chain when manufacturers and retailers are not in alliance. (4) The expected return of supply chain is the largest under the balanced power structure, the expected return of manufacturer is the largest under the power structure dominated by manufacturers, and the expected return of retailer is the largest under the power structure dominated by retailers. References | Related Articles | Metrics

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E-commerce Supply Chain Model Considering Product Quality and Altruistic Preference Concern WANG Yu-yan, SHEN Liang, HAN Qiang, SU Mei 2021, 29 (9):  123-134.  doi: 10.16381/j.cnki.issn1003-207x.2019.0428 Abstract ( 567 )   PDF (2581KB) ( 501 )   Save With the increasing popularity of online shopping, the E-commerce supply chain has gradually become a mainstream consumer channel, which has led the E-commerce platform to become channel leaders. In E-commerce supply chain, consumers usually perceive products by browsing images and text descriptions, and product quality is gradually becoming a key constraint on product sales. Therefore, considering the impact of product quality, decision-making models of E-commerce supply chain are constructed, including decentralized decision-making without considering concerns, decentralized decision-making of considering platform's altruistic preference concerns and centralized decision-making. In these three models, the manufacturer's profit function is πm=(p-ρ-c) q-hμ2/2-f. The profit function of the E-commerce platform is πe=ρq-ks2/2+f, and the utility function is Ue=πe+θπm. In these functions, p is unit sales price of products; c is unit production cost; ρ is the unit product commission charged by the E-commerce platform to the manufacturer (assuming that ρ<p-c); μ is quality level of product; s is the platform's service level provided to selling; f is the technical service fee paid by the manufacturer to the e-commerce platform; q=α-βp+δμ+γs is market amount. Then, the optimal decisions of three models are solved and comparatively analyzed to discuss the influence of platform's altruistic preference concerns on supply chain decisions. Then, the influence of altruistic preferences on E-commerce platforms is explained with actual cases. Finally, numerical examples are used to verify the conclusions. Research shows that:(1) Consumers' emphasis on product quality can increase the profits of the manufacturer, the E-commerce platform and supply chain system. (2) The platform's preference concerns under decentralized decision-making can improve the manufacturer' profit, while harm the platform's profit. The supply chain system profit first increases and then decreases due to the platform's preference concerns. Moreover, when the E-commerce platform has an altruistic preference, the relationship between product prices under decentralized and centralized decision making is uncertain, which is different from the conclusion that "prices are lowest under centralized decision making" in traditional supply chains. (3) Service level, sales price and product quality increase with the increase of altruistic preferences, and the rate of increase grows faster. But there is still a large gap between the optimal decisions of decentralized decision-making and centralized decision-making. (4) The altruistic preference behavior of E-commerce platforms is mainly manifested in the fact that E-commerce platforms improve their service levels. Although it helps the stable operation of the supply chain, in reality, the degree of altruistic preferences of E-commerce platforms is generally low. The research conclusions of the article help to complement and improve the theoretical basis of the E-commerce supply chain. References | Related Articles | Metrics

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Impact of Cold-chain Service Modes on Decisions and Performance in A Fresh Agri-product Supply Chain YU Yun-long, FENG Ying 2021, 29 (9):  135-143.  doi: 10.16381/j.cnki.issn1003-207x.2019.0577 Abstract ( 774 )   PDF (1449KB) ( 679 )   Save A fresh agri-product supply chain consisting of a third-party logistics provider, a supplier and a retailer is considered, in which the cold-chain service is able to mitigate quantity loss and quality loss of fresh agri-products. There are three modes on how the third-party logistics provider offers the cold-chain service, referring to the promise mode, the advanced-requirement mode and the postponed-requirement mode. Under the promise mode, the third-party logistics provider determines the service level, while under the requirement modes the retailer requires the service level offered by the third-party logistics provider; that is, the retailer decides the service level. To investigate the effect of the modes on decisions and performance, the market demand for fresh agri-products is modeled as a function of the service level and selling price, and then the supply chain member's profits are modeled. Under the promise mode, the third-party logistics provider decides the service level and the service price, and then the supplier chooses the wholesale price, after which the retailer prices the product. Under the advanced-requirement mode, the service level is determined by the retailer, prior to the third-party logistics provider deciding the service price. Then the supplier sets the wholesale price, following which the retailer decides the selling price. Under the postponed-requirement mode, firstly the third-party logistics provider offers the service price. Secondly, the supplier chooses the wholesale price and then the retailer determines the selling price and the service level simultaneously. Based on backward induction, the equilibrium outcomes are derived. It is found that the supply chain members cannot achieve an identical preference between the promise mode and the advanced-requirement mode. To be specific, the promise mode can benefit the third-party logistics provider more than the advanced-requirement mode, while for the retailer this is reversed. When the rate of the cold-chain service cost shared by the third-party logistics provider is low, the promise mode is more profitable to the supplier; otherwise, the advanced-requirement mode is beneficial. Through the numerical analysis, even though all supply chain members cannot achieve a common preference among the modes on how the third-party logistics provider offers the cold-chain service, some of them can prefer an identical mode. To be specific, the third-party logistics provider and the retailer prefer the postponed-requirement mode when the rate of the cold-chain service cost shared by the third-party logistics provider is low. However, when this rate is high, for highly perishable fresh agri-products the common preference between the third-party logistics provider and the retailer still holds; otherwise, the supplier and the retailer achieve a common preference of the advanced-requirement mode. References | Related Articles | Metrics

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Pricing Strategies under the Framework of “Hardware Product+Software Service”——Taking iOS and Android for Examples LIU Lei, YAN Zhang-hua, SUN Kai 2021, 29 (9):  144-155.  doi: 10.16381/j.cnki.issn1003-207x.2019.0395 Abstract ( 672 )   PDF (2019KB) ( 388 )   Save The most striking difference between smartphones and traditional feature phones is that:Smartphones can install customized software services. The flexibility of installing customized software service makes smart phone more and more powerful, and become a necessity of human life. At the same time, how to deal with the relationship between hardware manufacturers and software manufacturers has also become an urgent problem for the smartphone industry. In order to achieve the current functions of smartphones, hardware and operating system providers such as Apple, Google, Huawei and Xiaomi are needed to build a basic platform. Meanwhile, third-party service providers, such as game software companies and multimedia service companies are also needed to meet the personalized needs through a variety of software. Platform providers and service providers form a new ecosystem by means of hardware products and software services. Strategies from both hardware and software companies will influence the users' purchase decisions. The core problem of this paper is:In the process of competing for users and gaining revenue, how should iOS and Android ecosystems formulate competitive price strategies and dealing well with the relationship between hardware and software manufacturers. Starting with hot issues in reality, this paper constructs the price optimization model of hardware manufacturers from the perspective of competition. Furthermore, the actual situation and industry development trend of iOS and Android are combined to extend the model. Considering the relationship between iOS and Android market share, the model is simplified by discussing it in sections. Based on user feedback on iOS and Android hardware vendors' pricing decisions, the optimum price decisions are inducted. The model results provide explanations for the basic logic of "hardware free" business mode. Based on the model results, it is found that high service rate of iOS will reduce iOS's revenue in software services, but it will increase the sales of hardware and increase the revenue for Apple in general. As for Android hardware manufacturers, a significant improvement in brand value is required if they want to compete with hardware products which are based on iOS platform. This paper mainly focuses on the analysis of the smart phone industry. However, the framework of the relationship between hardware platform and software service and the mathematical analysis model based on it are useful in analyzing, optimizing relationships between various types of enterprises, such as product sales and after-sales service, hardware and software, platforms and content services. Especially the research perspective of hardware products and software services not only reflects the reality of segmentation and inseparable relation between product and service, but also reflects the value changes of various manufacturers' niches through pricing strategies. In the enterprise decision-making process, a strategic view of the overall situation is required, not only their own factors matter, factors of other enterprises in the industrial chain or even industrial ecosystem also of importance. References | Related Articles | Metrics

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Manufacturer's Transfer Pricing Decision under Emerging Smart Recycling JIANG Qiong, WANG Yong, LIU Ming-wu 2021, 29 (9):  156-167.  doi: 10.16381/j.cnki.issn1003-207x.2020.1160 Abstract ( 469 )   PDF (1799KB) ( 335 )   Save The smart recycling bin provides a new choice for consumers to recycle used products. However,the emergence of smart recycling channel brings the competition on the traditional collectors, and the manufacturer also face a new recycling market environment and re-adjusted the pricing strategy. According to the different channel participants in recycling channel, the smart recycling channel is considered as a third-party recycling. It is essentially different from those presented in previous models in which the third recycling channel was only considered as a whole, but the smart recycling channel in the third-party recycling is proposed in this paper. From the perspective of the channel design and pricing in closed-loop supply chain, three mathematical models are established under a single recycling channel and dual recycling channel, in which a uniform or a different transfer pricing for the manufacturer is considered. A Stackelberg game where the manufacturer is a leader and needs to decide the transfer price between smart collector and traditional collector is considered. Then numerical examples are proposed to analyze the effect of the parameters on the optimal results. Base on comparative analysis and numerical analysis, the research shows that:the recovery rate of collectors and profits of each member of the supply chain in dual recycling channel is higher than that of a single recycling channel. Comparing the different transfer pricing strategy in dual recycling channel, the manufacturer adopts uniform transfer pricing decision can maximize his profits and the smart collector' profits, but reduce the profits of retailer and the traditional collector. When the manufacturer adopts different transfer pricing strategies in dual recycling channel, the manufacturer's profit will increase compared with a single recycling channel,the profits of the traditional collector can maximize profits and the profits of other members in the supply chain will increase. The conclusion of this study provides a reference for the operation and management of the emerging smart recycling mode,and provide insights for the manufacturer in pricing decision andmanaging recycling channel. References | Related Articles | Metrics

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Research on Urban Distribution Network Optimization of Fresh Chain Enterprises under New Retail ZHAO Quan-wu, YAO Zhen-zhen, LIN Ya 2021, 29 (9):  168-179.  doi: 10.16381/j.cnki.issn1003-207x.2019.0574 Abstract ( 561 )   PDF (1518KB) ( 552 )   Save The joint location-allocation optimization problem for fresh chain enterprises arising in new retail is studted. A nonlinear mixed integer programming model is constructed simultaneously considering location and coverage of multi-format stores, configuration of cold chain facilities, and cold category selection. A hybrid Lagrangian relaxation algorithm is also put forward to solve the model. Results comparisons with CPLEX verify the effectiveness of our algorithm. Based on the actual data of the leading fresh chain enterprise (Guolin) in Chongqing, the optimization results are demonstrated according to the model and algorithm of this paper. Then sensitivity analysis are carried out to explore the impacts of influence factors on urban distribution network and logistics cost, such as demand size, consumer willingness to pick up in a store, online order size and weather changes. The results demonstrate that compared with Guolin's existing distribution network, the optimization logistics cost reduce by 2.52%.Fresh loss cost accounts for more than 70% of logistics cost. And configuration of cold chain facilities only reduces the distribution cost by 0.32%. Demand size has less impact on the urban distribution network and unit logistics cost. Consumers' willingness to pick up in a store, online order size and weather changes have no impact on the distribution network structure and little impact on logistics cost. References | Related Articles | Metrics

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Research on Cross-region Patient Scheduling Problem Considering Travel Time and Machine Setup Time LIU Wei-bo, ZHANG Hao-yue, ZHANG Jiang-hua 2021, 29 (9):  180-187.  doi: 10.16381/j.cnki.issn1003-207x.2020.2386 Abstract ( 441 )   PDF (1920KB) ( 367 )   Save In the era of resource sharing, cross-region medical treatment is an effective way to solve the contradiction between the growing demand of patients and the shortage of medical resources. Hospital collaboration has drawn much attention from government, industry and academia which has also become a vital topic for hospital management. With collaborative activities, the allied hospitals or medical facilities are enabled to improve healthcare quality and enhance patient satisfaction. The patients' cycle or waiting time might be significantly reduced and hospitals can be utilized fully if one proper hospital were recommended. Hence, hospital recommendation and patients scheduling in allied medical facilities are important for policy and decision makers. The medical alliance is studied as the research object in this paper, and it is aimed to minimize the patient tardiness of medical diagnosis through the cross regional medical treatment with the premise of the key medical resources sharing. The patient referral mechanism among different hospitals is employed and patients are recommended to transfer to close hospitals if they are scheduled early. The commute time of patients and the equipment setup time dependent on the diagnosis type are considered, and the assignment and scheduling of patients are optimized with the objective of minimizing total patient tardiness. To solve this problem, two new heuristic algorithms, namely EDD-ReAss1 and EDD-ReAss2, are proposed based on the Earliest Due Date rule (EDD) and patient's re-assignment. By combining with local search algorithm, the quality of medical treatment scheduling scheme is further improved and the waiting time for diagnosis/examination of patients is minimized. The experimental results show that the performance of the new heuristic algorithms EDD-ReAss1 and EDD-ReAss2 is significantly better than EDD, SPT and LPT rules, and the swap local search algorithm has the best performance in a short running time. References | Related Articles | Metrics

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Disinformation Diffusion Activity Minimization by Edge Blocking in Online Social Networks NI Pei-kun, ZHU Jian-ming, WANG Guo-qing 2021, 29 (9):  188-200.  doi: 10.16381/j.cnki.issn1003-207x.2019.Y-01 Abstract ( 440 )   PDF (3213KB) ( 325 )   Save The vigorous development of online social media has changed the mode of people's access to information. A large amount of information is spread through social platforms, the authenticity of information content is weakened, all kinds of misinformation rely on social media to grow savagely, cyberspace governance, and the cultivation of healthy network ecology is of great significance. The blocking strategy of the misinformation propagation path in social networks is studied by minimizing the amount of misinformation interaction between users, that is, the set E' containing K edges is identified and blocked from the original network, so that the total amount of misinformation interaction between users after blocking is minimized. Given an acyclic social network G=(V,E,P,H), where V represents the user set (node set), euv∈E represents the relationship between users (edge set), huv∈H represents the amount of information interaction between users u and v, and puv∈P represents the probability that user u independently propagates misinformation to influence neighbor v. Given the information propagation model Independent Cascade model, the misinformation propagation source set S⊆V and the positive integer parameter K, the problem of minimizing the interaction of misinformation on the online social network is to find and block the set containing K edges from the edge set E so as to minimize the total amount of misinformation interaction between users, that is, the smallest f(E')=${\Sigma _{u \in V,v \in N_{E/E'}^{out}(u)}}$huvψE\E'(u), where ψE\E'(u) represents the probability that node u is successfully influenced by S in topology network E\E', and $N_{E/E'}^{out}(u)$ represents the set of child neighbor nodes of u in topology network E\E'. Firstly, it is proved that the problem is NP-hard, which proves that the objective function calculation of the problem is #P-hard. Secondly, it is proved that the objective function of the problem is neither submodular function nor a super-modular function. Thirdly, a two-stage heuristic algorithm (TSGA) is proposed to solve the problem by first obtaining candidate sets Esa and then selecting blocking sets E'. In order to evaluate our proposed TSGA algorithm, it is compared with the heuristic greedy methods (KED and OD) currently popular in the field of social network, using two influence probabilities P=0.5 and P=EEI in the CGSCol, PClimate and Higgs datasets carry out simulation experiments. Experiments show that under different datasets, different influence probabilities and different evaluation indicators, it is found that the proposed TSGA is superior to other existing algorithms. References | Related Articles | Metrics

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Mining Automobile Quality Problems Based on the Characteristics of Forum Data WANG Yu-hang, DANG Yan-zhong, XU Zhao-guang 2021, 29 (9):  201-212.  doi: 10.16381/j.cnki.issn1003-207x.2019.0233 Abstract ( 443 )   PDF (3952KB) ( 405 )   Save As the embodiment of the core competitiveness of automobile manufacturers, automobile quality is the basis and guarantee for the development of automobile manufacturers in the market. Understanding and mastering the automobile quality problems from user feedback is an important means to maintain brand reputation, enhance market competitiveness, and be close to users.Based on the data of online forums, the car quality problems found by the users when using or driving the cars are excavated. According to the characteristics of the forum data and user experience,firstly, the text features are selected to identify the texts related to automobile quality problems in the user experience. Then, according to the relationship between automobile units corresponding to quality problems and the types of problems,a method is proposed to extract automobile quality problems.The Apriori algorithm is used to extract the automobile units, and the semantic K-means clustering and hierarchical clustering algorithm are used to extract the corresponding problem types. The combination of automobile units and the types of problems leads to the quality problems of automobiles.Finally, the feasibility and effectiveness of this method are verified by actual forum data. The proposed method to mine automobile quality problems based on the characteristics of forum datacan help automobile manufacturers obtain and analyze potential automobile quality problems in time and assist companiesin making management decisions, which is of great significance in the process of quality management. References | Related Articles | Metrics

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Emergency Medical Mobile Hospital Robust Location Problem in Post-disaster under Demand Uncertainty CHEN Gang, FU Jiang-yue 2021, 29 (9):  213-223.  doi: 10.16381/j.cnki.issn1003-207x.2019.1103 Abstract ( 547 )   PDF (2233KB) ( 813 )   Save The key of disaster medical rescue is to make casualties get treatment as soon as possible. If the rescue efficiency could be improved, the mortality caused by disaster would be reduced. Due to the complex natural environment, frequent natural disasters, large number of casualties and so on, disaster medical rescue in China mainly adopts the "on-site treatment" mode, in which the locations of emergency medical mobile hospitals directly affects the rescue efficiency. However, the uncertainty of casualties increases difficulty of location decision-making. Therefore, how to make a scientific and reasonable location decision of emergency medical mobile hospital under the condition of limited resources and uncertain information is the main problem of this paper. In view of this, a polyhedron uncertain sets is introduced to characterize the uncertainty of casualties. Meanwhile considering different types of casualties and mobile hospitals, a robust location model aiming at maximizing the total survival probability of casualties is established. Applying robust optimization theory, the model is transformed into an equivalent mixed integer programming problem, which is programmed by GAMS and solved by CPLEX solver. At last, a case study of emergency medical rescue of Sichuan Lushan earthquake is proposed to verify the feasibility and robustness of the model and solution method. The numerical results show that:(1) The disturbance proportion and uncertainty level have significant impacts on the location of mobile hospitals and the allocation of casualties. Decision makers could choose the best combination of disturbance proportion and uncertainty level according to their risk preference, so as to obtain the optimal location-allocation solution. (2) Although the optimal objective function value are different under different disturbance proportion and uncertainty level, there are only four location schemes, corresponding to nominal location scheme and location schemes with low, medium and high uncertainty respectively, which shows that the model has good robustness and could simplify the decision-making process of decision makers. (3) In the case of limited emergency resources and high level of uncertainty, the model will give priority to the treatment of life-threatening and serious wounded, and give up the treatment of some walking wounded, which is accord with the actual situation and humanitarianism. In summary, the model proposed in this paper could solve the emergency medical mobile hospital location problem under demand uncertainty, and provide auxiliary decision support for emergency management department. References | Related Articles | Metrics

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Service Quality, Demand Intensity and Pricing of Ridesharing Platform——From the Perspective of Platform Closure and Development Strategy LIU Zheng-chi, JIANG Gui-yan, MA Tao 2021, 29 (9):  224-235.  doi: 10.16381/j.cnki.issn1003-207x.2018.1408 Abstract ( 490 )   PDF (3118KB) ( 583 )   Save In recent years, with the increasingly serious problem of taxi difficulty and the rapid development of Internet technology, a new travel mode based on mobile internet, integrating passengers and ridesharing platform has emerged. The user groups that theridesharing platform faces when adopting a closed strategy are passengers and shared car drivers. However, the user groups that are faced with the open strategy are passengers, shared car drivers and taxi drivers. The ridesharing platform in different groups of user groups, platform pricing issues are also different. Based on thetwo-sided market theory, a pricing strategy model of ridesharing platform is constructed, and the multi-agent running scenario of ridesharing platform in Repast is simulated. The results show that:Whether the platform chooses closed strategy or open strategy, the transaction fee charged by the platform for shared vehicles should increase with the increase of passenger travel demand intensity and decrease with the increase of service quality of shared vehicles; the transaction fee charged by the platform for passengers should increase with the increase of service quality of shared vehicles, and should decrease with the increase of passenger travel intensity.The more open the platform is, the lower the transaction fee charged by the platform for shared vehicles and the higher the transaction fee charged to passengers. In order to maximize profits, the platform should choose an open strategy, and pay attention to improving the service quality of shared cars. A theoretical guidance for optimizing operation strategy of ridesharing platform is provided in this paper. References | Related Articles | Metrics

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The Influencing Mechanisms of Different Forms of Superior-Subordinate Relationship on Employees' Innovation Behaviors: A Perspective of Multiple Institutional Logics DENG Yu-lin, WU Jie, DA Qing-li 2021, 29 (9):  236-248.  doi: 10.16381/j.cnki.issn1003-207x.2020.1317 Abstract ( 558 )   PDF (1330KB) ( 441 )   Save Under the circumstances of innovation development in China, the employees' innovation behaviors are chosen as the research topic. From the perspective of institutional logic, a two-dimensional analysis framework was constructed according to institutional factors and institutional order. Based on the social exchange theory, by using the two-dimensional analysis framework, a model concerning superior-subordinate relationship, psychological empowerment and innovation behaviors is put forward and the influencing mechanism of superior-subordinate relationship on employees' innovation behaviors is tested empirically. Firstly, based on two different forms of superior-subordinate relationship, that is, LMX (leader-member exchange) from Western culture and SSG (Supervisor-Subordinate Guanxi) from Chinese culture, the basic viewpoints of cognition and behavior are shaped according to institutional factors; and based on social exchange theory, the impact of different superior-subordinate relationship on subordinates' innovative behaviors is explored. Secondly, based on the logic of shaping cognition and behavior according to preferences and interests, the mediating effect of psychological empowerment between superior-subordinate relationship and employees' innovation behaviors is tested. Finally, from the perspective of multiple institutional logic, the different influence mechanisms of SSG and LMX on employees' innovative behaviors are explained based on work logic and family logic in order to understand the difference between two kinds of superior-subordinate relationship, and the difference of their influencing mechanisms on employees' innovation behaviors is distinguished. The sample is 252 employees in 72 teams from some manufacture, research and development, engineering and software companies in Nanjing and Suzhou of China. Based on the data analysis, it is found that both SSG and LMX had a positive effect on employees' innovative behaviors and psychological empowerment mediated the above positive effects. Notably, SSG based on the family logic in the Chinese context has a stronger explanation on employees' innovative behaviors than LMX based on the work logic. The difference is caused by the influence of different superior-subordinate interactive logic on psychological authorization. The contribution of this research includes four points. Firstly, the current research about Chinese superior-subordinate relationship mainly concentrated on SSG itself. There are few studies concentrating on the comparision of different kinds of superior-subordinate relationship and their different influencing mechanisms on innovation behaviors. And there are fewer studies exploring the principles underlying the above mechanisms. The different forms of superior-subordinate relationship from LMX and SSG and their different influencing mechanism on employees' innovative behaviors are analyzed, which could make up the deficiency in this research field. Secondly, the institutional logics theory emerging in recent years focuses on the differences among social structure and behaviors, which could effectively explain the differential influencing mechanism of social relationships formed by interpersonal interaction on individual behavior. Based on the two-dimensional analysis framework, the basic institutional logic behind the two types of superior-subordinate relationship is analyzed from the perspectives of exchange's purpose, content, reciprocity rules and long-term orientation in order to explore the psychological process and differential influencing mechanism of superior-subordinate relationship on innovative behaviors, which will be a totally new perspective for deconstructing superior-subordinate relationship in Chinese context. Thirdly, in the process of testing the theoretical hypothesis, by adopting the relative weight analysis method (RWA) developed in recent years that could separate the contribution of each independent variable, based on RWA-Web tool, the differences in the effectiveness of LMX and SSG on employees' innovation behaviors and psychological empowerment are tested, which could avoid the shortcomings of using traditional statistics to produce false or misleading information. Finally, the psychological mechanism of LMX and SSG on employees' innovation behaviors and the differential influencing mechanisms of two types of superior -subordinate relationship on innovative behaviors are found in this study. That is, the former mechanism is explained by the mediating effect of psychological empowerment; the latter mechanism is caused by the different psychological empowerment in different superior-subordinate context, which come from that LMX is based on the short-term oriented work logic and SSG is based on the long-term oriented family logic. At the meantime, innovation has the characteristics of long-term orientation. Therefore, the development of SSG in Chinese organizations could contribute to the promotion of employees' innovation behaviors. There are also some shortcomings in this study. Firstly, the sample source is limited to Jiangsu Province of China, and the respondents are relatively concentrated. Future research should expand the investigation fields. Secondly, due to the difficulty of the questionnaire survey method of matching supervisors and subordinates, the sample size is limited, and more samples should be chosen in the future study. Finally, the motivation to develop different types of superior-subordinate relationship in Chinese context should be further explored in the future study. References | Related Articles | Metrics