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20 June 2022, Volume 30 Issue 6 Previous Issue    Next Issue

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An Incentive Model in Risk Management of Mega Project Considering Insurance Company Involved ZHU Jian-bo, SHI Qian-qian, ZHANG Jin-wen, SHENG Zhao-han 2022, 30 (6):  1-10.  doi: 10.16381/j.cnki.issn1003-207x.2019.2067 Abstract ( 706 )   PDF (1906KB) ( 1053 )   Save There are often huge risk events existing in the construction of major projects. Insurance has become an important management tool to deal with the risks. The insurance company that has undertaken the insurance contract become the main stakeholder of risk loss with the owner. Mega projects often have the characteristics of large investment scale, high technical complexity, few similar cases, and open environment. For insurance institutions, general business of construction insurancecan achieve a stable operation by taking sufficient insurance policies and analysis based on big data, and these methods are not applicable or have poor effects on mega project insurance.Considering that insurance companies have strong willingness to participate in on-site risk management, an incentive model of the owner and contractor with the intervention of insurance company based on the principal-agent theory is established, and discusses the strategies and utilities of the participants under the two modes of common agency and exclusive agency. In this incentive mechanism, both the owner and the insurance institution are the roles of the principal and the contractor is the role of the agent. The effectiveness of the contractor’s risk efforts includes both social and economic benefits for the owner, but only economic benefits for insurance institutions. In risk management, there are inconsistencies in the interests of contractors and owners and insurance institutions. Contractors always want to pay less effort or opportunistic ways to obtain greater benefits, and owners and insurance institutions always want contractors can invest more risk management effort.The results show that under the common agency mode, the insurance company achieves active risk management, the utilities of the owner and insurance company are improved, and the owner provides a higher incentive coefficient than the exclusive agency model. The contractor adoptes more active risk management efforts under the common agency model, and its opportunistic behavior is suppressed. The optimal incentive coefficient of the owner is affected by the characteristics of the owner, contractor and the uncertainty of the external environment. References | Related Articles | Metrics

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Quantification of Investor’s Long-term and Short-term Risk Appetite in Asset Allocation YANG Chao-jun, ZHOU Shi-ying, DING Zhuan-xin, MA Zheng-cheng 2022, 30 (6):  11-21.  doi: 10.16381/j.cnki.issn1003-207x.2019.1827 Abstract ( 729 )   PDF (1080KB) ( 895 )   Save The quantification of investors’ risk appetite is one of the key steps in asset allocation. The article attempts to introduce an efficient method to measure the risk appetite from a new perspective. As more and more previous studies have shown, investors’ risk appetite, often measured by the risk aversion coefficient, is not a constant value. Thus it is of great significance to measure the risk appetite accurately in the investment process. In the Expected Utility Theory, the risk aversion coefficient is the quantification of risk appetite. In the Modern Portfolio Theory, however, the investors’ risk appetite is often measured by the maximum tolerable standard deviation, this is because the former can be difficult to be precisely valued. The relationship between the risk aversion coefficient and the maximum tolerable standard deviation for different types of investors is studied through mathematical derivation. Considering the long investment horizon in asset allocation, the inner relationship between long-term and short-term risk appetite is also studied. References | Related Articles | Metrics

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Debt-Bid Patent Auctions: Equilibrium Strategyand Expected Revenue SHI Qi, SHEN Fang 2022, 30 (6):  22-33.  doi: 10.16381/j.cnki.issn1003-207x.2019.2035 Abstract ( 352 )   PDF (1539KB) ( 441 )   Save Debt-bid is a kind of simple security-bid, which is often used by growing SMEs to participate in patent auctions. In debt-bid patent auctions, the winning firm pays its bid after the realization of its industrial profits. If its industrial profits are not enough to pay its bid, it pays all its industrial profits. Then the patent holder does not get the total bidpromised by the winning firm. On the other hand, the bidding firmis protected by limited liability, thus the firms have incentives to bid aggressively. So, does debt-bid bring higher expected revenues to the patent holder than cash-bid? References | Related Articles | Metrics

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Research on SMEs Collective Bond of China: “Agglomerating Sand-to-Pagoda” Financing Innovation and Initiator’s Dual Capacity Mechanism SHI Xiao-jun, LIANG Yun-xi 2022, 30 (6):  34-44.  doi: 10.16381/j.cnki.issn1003-207x.2019.1462 Abstract ( 320 )   PDF (1220KB) ( 472 )   Save Based on the thought of cluster financing, SMEs collective bond is formed in China to solve SMEs financing constrains. Specifically, SMEs collective bond adopts the market operation modes of collective debt issuance, separate liabilities, unified guarantee, unified organization and is organized by the initiator who is responsible for selecting and monitoring the issuing bodies. Therefore, SMEs collective bond is a kind of “Agglomerating sand to pagoda” financing innovation, forming in practice in China. There is no systematic theoretical summary and empirical analysis of this innovation for now. The core mechanism of the collective bond is proposed: initiator’s dual capacity theory including resource mobility capacity and monitoring capacity for the first time, the role of the initiator is analyzed and which agency is more suitable for acting as the initiator is answered. Empirical studies are conducted using the samples consisted of collective bonds issued during 2006-2017 and samples consisted of hand-collected information of the SMEs collective bonds issuing bodies. Firstly, to explain initiator’s resource mobility capacity, SMEs collective bond(as treat groups) is matched with bond, the issuing body of which issues solely(as control groups), and then the t test method is used to test if the initial rating of the bond issuer of the treat group is significantly lower than that of the control group. Next, to explain initiator’s monitoring capacity, the issuing bodies of SMEs collective bonds (as treat groups) are matched with SMEs listed on SMEs board (as control groups) and then difference in difference estimation (DID) is used to test the shock of issuance of SMEs collective bonds on the issuing bodies ‘operation effectiveness. The results show that (1) the average rating of SMEs collective bonds issuers is BBB, while the average rating of enterprises in control group which issue bonds solely is A. The result illustrates the initiator's resource mobility capacity theory, and the collective bonds can enable direct financing of SMEs which are difficult to issue bonds alone, breaking the ceiling of bond market financing and achieving a “0 to 1” leap. (2) The results of the difference in difference estimation show that the issuance of collective bonds can promote the improvement of the operating efficiency of the issuers which explains the monitoring capacity ability theory. Furthermore, comparing with the local government, the local SMEs specialized management departments acting as initiators can promote the improvement of operational efficiency more. It is suggested that SMEs collective bonds leaded by local specialized management departments should be implemented on a larger scale. References | Related Articles | Metrics

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Joint Decision Model of Transnational Procurement and Pricing in Multiple Stochastic Environments LI Wei-sheng, CHEN Jie, CHEN Zhi-xiang 2022, 30 (6):  45-55.  doi: 10.16381/j.cnki.issn1003-207x.2019.1719 Abstract ( 362 )   PDF (1149KB) ( 566 )   Save In the environment of triple random fluctuation of wholesale price, exchange rate and demand, the joint decision of cross-border procurement and pricing is considered. In this paper, the randomness of wholesale price and exchange rate is characterized by stochastic process, and the statistical regularity of the two is incorporated into the theoretical framework of the decision model with stochastic demand, then the joint decision-making model of transnational procurement and pricing and its reliability evaluation mechanism are given. The relevant conclusions of the model show that: firstly, the optimal strategy of different cycles is affected by the interaction between wholesale price and exchange rate fluctuation. When the overlapping effect of wholesale price and exchange rate fluctuation has a downward trend, the optimal strategy adopted by the seller is to increase a certain amount of purchase to achieve the expected profit target of the system. Secondly, when the statistical structure of wholesale price and exchange rate is irreducible traversal Markov chain, the downside risk of stochastic system has good stability. Thirdly,the decision-maker can propose a penetrating evaluation mechanism of targeted cost interval to depict the cost increase characteristics and change trend of the random system, so as to solve the problem of optimal supplier selection， thus achieve the operational goal of risk avoidance. References | Related Articles | Metrics

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Research on Green R&D Subsidy, Cost-sharing and Revenue-sharing Contracts WANG Xing-tang 2022, 30 (6):  56-65.  doi: 10.16381/j.cnki.issn1003-207x.2019.1869 Abstract ( 500 )   PDF (1157KB) ( 685 )   Save With the development of economy, people’s awareness of environmental protection is increasing, which provides power for the green research and development of supply chain firms. In the supply chain green R&D, firms are affected by two aspects. On the one hand, firms within the supply chain improve the overall coordination of the green supply chain by signing cost-sharing contracts and revenue-sharing contracts; on the other hand, the government subsidizes firms’ green R&D. How does the government’s green subsidy (external influence) affect the contractual behavior of enterprises within the supply chain (internal behavior)? The green R&D subsidy policy is introduced into the supply chain theory model and analyzes the above question. It is shown that cost-sharing contract and revenue-sharing contract have certain substitution effect on government R&D subsidy policy. Under the green R&D subsidy policy, will the cost-sharing contract and the revenue-sharing contract in the supply chain improve the coordination of the supply chain? It is found that the existence of cost-sharing contract will not improve the overall profit level of the industrial chain, while the revenue-sharing contract can achieve the purpose of improving the overall profit level of the supply chain. From the perspective of social welfare, revenue sharing contract can achieve the purpose of improving the level of social welfare. Furthermore, when the contractual decision is negotiated by the enterprises in the supply chain, the above results still hold. References | Related Articles | Metrics

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Analysis of Global Bidirectional Supply Chains Logistics Cooperation Model SUN Cai-hong, LI Xiao-yi, YU Hui 2022, 30 (6):  66-76.  doi: 10.16381/j.cnki.issn1003-207x.2019.1317 Abstract ( 443 )   PDF (3144KB) ( 660 )   Save Central European trains have achieved great results since they opened in 2011, but at the same time, many problems such as imbalances in return and return traffic, high no-load rates, high operating costs, and excessive dependence on government subsidies are increasingly exposed. At present, the development of China-Europe trains is in a period of transition, from “high quantity” to “high quality”, from government subsidies to market-oriented operations. Therefore, as the government reduces the subsidy policy adjustments, how to balance the return journey Traffic volume, reduction of operating costs, and improvement of overall competitiveness have become urgent issues for China-Europe trains.Considering the practical problem of the two-way flow of return goods between China and Europe, a logistics cooperation model of cross-border two-way supply chain is constructed. Considering domestic and foreign logistics companies to build cooperation platforms, formulate incentive strategies to reduce the two-way traffic volume difference and increase the total amount of transportation, compare the cooperation effect of logistics non-cooperation and logistics cooperation and the incentive effect of the platform, and provide the market operation of the China-Europe trains. The foundation of micro operations. References | Related Articles | Metrics

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Marketing Strategy of Embedding Professional Technology for Retailers ZHOU Zheng-long, JIAN Xin-ge 2022, 30 (6):  77-86.  doi: 10.16381/j.cnki.issn1003-207x.2020.1111 Abstract ( 376 )   PDF (1743KB) ( 764 )   Save In the context of the continuous development of the retailing market, many retail enterprises take the initiative to seek the help of technology providers to build an all-channel and all-connected retail format. At the same time, the technology providers also give professional technology solutions and professional technology services for retail enterprises. However, in the process of embedding professional technology into retailers, how retailers choose to make the most profits is an important scientific issue worth studying. In view of this, based on the hypothesis of Stackelberg game model, a theoretical model is constructed to analyze the retailers’ choice of marketing strategy for embedding professional technology, and the influence of technology embedding strategy and technology marketing strategy on decision-making results is discussed. It is found that, as the leader of Stackelberg game, technology providers have advantages and are relatively stable in obtaining marginal profits; and for technology providers, the strategy of allowing retailers to give the technology marketing is the best. However, for retailers, the profits of different technical marketing channels will be affected by the technology output, technology marketing, and marketing effort game, so the retailers’ strategic choice is more complicated. Under certain conditions, retailers can embed professional technology with a large output contribution, and give priority to their own technology marketing to increase their technology marketing contribution. This strategy helps retailers to maximize profits quickly and achieve a win-win situation with technology providers. References | Related Articles | Metrics

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The Impact Mechanism of Government Subsidy Approach on Manufacturer’s Decision-making in Green Supply Chain HE Yong, CHEN Zhi-hao, LIAO Nuo 2022, 30 (6):  87-98.  doi: 10.16381/j.cnki.issn1003-207x.2019.1854 Abstract ( 682 )   PDF (1842KB) ( 1140 )   Save There have been a large number of fruitful work on supply chain decision-making considering government subsidies, but only the decision-making issues of manufacturers’ independent R&D emission reduction has been studied, and the production decision making when manufacturers outsource emission reduction tasks has not been considered. None of the literatures have explored the impact of different government subsidy approaches on manufacturer’s emission reduction options. In view of the above consideration, a three-level green supply chain is constructed that composed of suppliers, manufacturers and consumers to explore this issue. Considering the manufacturer investing R&D to emission reduction or outsourcing the emission reduction task, the Stackelberg game model is employed to explore the decision-making issue under the government subsidy approaches basing on emission reduction R&D investment or emission reduction amount of unit product in green supply chain.From the perspective of manufacturer, the manufacturer’s decisions of two actions for emission reduction are compared when given government subsidy approach. Secondly, from the government’s perspective, when manufacturer’s action is given, the effects of emission reduction between two approaches of government subsidy are compared. Further, numerical simulation is conducted to analyze the impact of subsidy factors on supply chain’s decision-making under two subsidy approaches. The results show that when the government adopts the subsidy method basing on emission reduction R&D investment, manufacturer's profit of R&D emission by themselves is higher than outsourcing emission reduction task. When the government adopts the subsidies basing on emission reduction amount of unit product, the manufacturer’ profit and the emission reduction amount per unit of product in investing R&D to emission are more than the outsourcing emission reduction task. When manufacturer chooses to invest R&D to emission reduction, compared to subsidy approach of basing on emission reduction of unit product, the amount of emission reduction of the government subsidy basing on R&D investment is higher, and the profit is lower. When the manufacturer outsources the emission reduction task, the carbon reduction effect and the profit in the two approaches of government subsidies are identical. Numerical simulations are conducted to verify the above results, and it shows that the subsidy coefficient has significant impact on the emission reduction and profit.These conclusions provide theoretical basis and significant implications for the government to formulate reasonable subsidy policy and the enterprise to choose proper emission reduction strategies. References | Related Articles | Metrics

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Dynamic Pricing of Perishable Product Based on Consumer Inertia under Additive Utility HU Yu-sheng, LI Jin-lin, ZHANG Wen-si, ZHAO Tian 2022, 30 (6):  99-105.  doi: 10.16381/j.cnki.issn1003-207x.2019.1060 Abstract ( 350 )   PDF (1360KB) ( 921 )   Save The dynamic pricing strategy of perishable product is studied considering seller’s risk aversion and consumer inertia. Firstly, a Markov decision process is given for characterizing dynamic pricing strategy of risk-averse seller, and MNL random utility model is used to characterize the purchase decision of inertial consumer. On this basis, the dynamic pricing model of perishable product under the additive effect is established to maximize the risk-averse seller’s expected utility by dynamic programming method, and the influence of consumer inertia and seller’s risk aversion on the optimal price is discussed. The conclusions show that the optimal price decreases with the increase of inventory level, but increases with the increase of remaining sales time in the context of seller’s risk aversion and consumer inertia, and seller’s risk aversion and consumer inertia have both negative impact on the optimal price, in other words, the optimal price decreases with the increase of the inertia depth and inertia breadth, and the stronger seller’s risk aversion, the lower optimal price. References | Related Articles | Metrics

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Buffer Monitoring of a Critical Chain Project Based on Activity Heterogeneity ZHANG Jun-guang, LI Jing 2022, 30 (6):  106-115.  doi: 10.16381/j.cnki.issn1003-207x.2019.1548 Abstract ( 376 )   PDF (3137KB) ( 928 )   Save Buffer management is the core of critical chain project management. Buffer monitoring can prevent buffers from being wasted during the project execution stage and ensure the project's duration. Effective monitoring methods are beneficial to improve the overall performance of the project. Cost and duration are two key factors in project management, and the sensitivity of activities to costs and duration is different. If a unified buffer monitoring model is adopted for all activities, it may lead to waste of costs and duration. In order to overcome the shortcomings of the unified buffer monitoring method, on the basis of ensuring the project duration, the impact of cost factors on the project is considered, and a dynamic buffer monitoring model is proposed based on the different cost and duration sensitivity. The model considers process heterogeneity to divide activities into cost-sensitive activities and duration-sensitive activities, allocates buffer monitoring assignments based on the overall perceived utility of the activity, and sets different monitoring reference points and corrective measures for different types of activities. Among them, the cost-sensitive activity sets a lower buffer monitoring reference point, and the duration-sensitive activity sets a higher buffer monitoring reference point. The simulation results show that compared with the unified monitoring mode, differential monitoring is conducive to double optimization of project duration and cost, which verifies the effectiveness of the method in this paper. References | Related Articles | Metrics

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Optimal Strategy of Dual-channel Supply Chain Considering Cross-Channel Returns YANG Hao-xiong, GU Zi-yue, WANG Hao, ZHAO Chuan 2022, 30 (6):  116-126.  doi: 10.16381/j.cnki.issn1003-207x.2019.1523 Abstract ( 449 )   PDF (2417KB) ( 700 )   Save Cross-channel returns have appeared in the public view, and cross-channel returns services have been started to provide by some companies. For consumers who consume online, if they are not satisfied with the product, they can voluntarily return to the line within the prescribed time go to the store or go to the offline physical store to make a return. The purpose is to improve the level of after-sales service to consumers in order to increase consumer brand loyalty and thereby increase corporate profits. However, retailers will invest a certain amount of service costs, as well as the integration and communication costs of the two channels. These objective facts are the key factors that influence the retailer's decision. Therefore, a dual-channel supply chain pricing model are constructed based on the dual-channel supply chain in which retailers' online and offline sales coexist with consumers’ return. Considering the impact of different customer preferences and different return rates under centralized decision-making and decentralized decision-making, the retailer’s optimal pricing strategy is made and retailer total profit changes are found. Then the impact of changes in customer preferences and retailer returns on pricing and profit are analyzed, and the conclusion are verified by numerical examples. The results show that the optimal price setting of the retailer channel is in direct proportion to the customer’s preference for the channel, and is also in direct proportion to the return rate. When customers on a particular channel preference degree is high, the profit under decentralized decision-making is higher than centralized decision-making, and with the improvement of the channel return rate, the profit gap will further expand. To gain more benefits, decentralized decision-making channel strategy should be adopted by retailer and the competition between online as well as offline should be encouraged. And it can be seen from the simulation results that for general apparel products, retailers offering cross-channel return service have higher total profits. Cross-channel service level input will increase the revenue of retailers under certain conditions, but such input should be controlled at a reasonable level and the positive correlation between service and customer return should be maintained. References | Related Articles | Metrics

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Evolutionary Game Analysis of IPO Information Disclosure and Regulation HUANG Shun-wu, YU Xia-guang 2022, 30 (6):  127-134.  doi: 10.16381/j.cnki.issn1003-207x.2019.1325 Abstract ( 286 )   PDF (1346KB) ( 506 )   Save Under registration system, information disclosure is the core of IPO. Full and timely information disclosure is the core of IPO valuation. A three-party evolutionary game model is constructed including issuer, sponsor and regulator, the strategy selection and game equilibrium of each participant in the IPO information disclosure process is studied, and a simulation analysis is conducted. The results show that if the incentives for regulators are sufficient or the penalties for issuers and sponsors are severe enough, issuers will choose to disclose the information truthfully. Media exposure significantly affects the game equilibrium and can improve the quality of IPO information disclosure. Therefore, establishing sufficient and effective reward and punishment mechanism is the fundamental policy to improve the quality of IPO information disclosure. In short, IPO information disclosure quality is jointly determined by issuers, sponsors and regulators, and is significantly affected by media exposure probability. As long as an effective and sufficient incentive and punishment mechanism is established, the problem of IPO false information disclosure that has long plagued the development of China's capital market can be solved. In the short term, strengthening the supervision of issuers is the most direct measure to improve the quality of IPO information disclosure. However, in the long run, the solution is to build up effective and adequate reward and punishment mechanisms by pooling the efforts of regulators, social supervision forces represented by the media, investors and judicial institutions. References | Related Articles | Metrics

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Online Retailers Open the Showroom: Based on the Perspective of Supply Chain JIN Liang, CHEN Chao-hui, WEN Kun 2022, 30 (6):  135-146.  doi: 10.16381/j.cnki.issn1003-207x.2019.1181 Abstract ( 459 )   PDF (1950KB) ( 590 )   Save As consumption levels raise and consumption patterns change, online retailers are changing their minds from quantity-oriented to consumption experience-oriented as well. With the rapid development of Internet technologies, more and more online retailers are exploring new ways to sell products. In this context, the “offline evaluation, online purchase” mode has been increasingly viewed as an effective and novel way to provide information of the product to the customers. Consequently, the offline to online (O2O) mode has been widely adopted by many online retailers to improve the consumption experience level. However, the introduction of showroom changes the consumer’s needs, consumptive habits, as well as the structure and characteristics of a traditional supply chain. Meanwhile, the existence of asymmetric information among the members in an O2O supply chain makes collaboration difficult and strengthens the inefficiency of the incentive mechanism. Therefore, the optimal pricing policies and contracts design within an O2O supply chain that consists of a manufacturer and an online retailer is analyzed. References | Related Articles | Metrics

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Research on Product Line Extension Strategy Considering Enterprise Competition LAI Xue-mei, NIE Jia-jia 2022, 30 (6):  147-156.  doi: 10.16381/j.cnki.issn1003-207x.2019.1138 Abstract ( 367 )   PDF (1416KB) ( 468 )   Save Designing vertically differentiated series of products and extending product line is one of the business strategies often adopted by enterprises. Game theory is used to explore the effectiveness of the vertical extension strategy of competitive enterprise product line with extension cost, in order to provide a certain scientific basis for the selection of vertical extension strategy of enterprise product line. In the competitive situation, both enterprises have the opportunity to extend their product lines and seize market share. Two demand functions of enterprises are constructed by the theory of consumer utility, and the equilibrium solution and profit are obtained. It is found that in Nash game, when the extension cost is high, the competitive enterprises will give up the extension of product line; when the extension cost is moderate, the enterprises that carry out the extension of product line will gain more profits, while the competitors who do not carry out the extension of product line will suffer losses; when the extension cost is low, although the best choice of enterprises is to extend their product line, the two enterprises will fall into“prisoner’s dilemma”. Instead of making more profit, the product line extension reduced the profit. In addition, it is found that the core conclusion of this paper is still valid when two enterprises play Stackelberg game. But when enterprise 1 is dominant, enterprise 1 is more willing to extend its product line vertically, while enterprise 2 is more reluctant to extend its product line. In addition, the comparison also shows that when two enterprises play Stackelberg game, the possibility of two enterprises falling into “prisoner’s dilemma” increases. References | Related Articles | Metrics

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Research on Users’ Privacy Information Management Strategies of E-commerce Platform and Service Provider LI Yan-hui, LIAO Kang, XU Lu 2022, 30 (6):  157-166.  doi: 10.16381/j.cnki.issn1003-207x.2019.1081 Abstract ( 586 )   PDF (1639KB) ( 934 )   Save The rapid development of mobile commerce has dramatically changed the way people live. Enterprises can more easily access users' personal privacy information, obtain user preferences through specialized data processing and analysis, and then provide personalized services and prices. However, the collection and use of users’ personal information have aroused users’ privacy concerns and affected users' trust and willingness to accept services. In addition, improper privacy protection will also bring huge property losses to enterprises. Therefore, how can enterprises properly share, utilize and protect consumers’ privacy information has become the focus attention of all parties, and also the starting point of this paper. References | Related Articles | Metrics

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The Impact of Readability and Attractiveness on Product Sales——Text Analysis Based on Movie Introduction LIU De-wen, GAO Wei-he, MIN Liang-yu 2022, 30 (6):  167-177.  doi: 10.16381/j.cnki.issn1003-207x.2019.1776 Abstract ( 433 )   PDF (1325KB) ( 430 )   Save Product introduction plays an important role in consumer purchase decisions. It is of practical significance to understand how to design and craft the text introduction so as to study consumer purchase decision making behavior of such products. However, previous marketing text analysis researches have mainly focused on consumer-side variables (e.g., online reviews), and didn't pay enough attention on producer-side variables (e.g., product introduction). Also, the outcome variables in previous text analysis studies included only non-purchase variables such as shares, comments and likes. Due to the difficulty of matching product sales at an aggregate level, few studies have used actual secondary data to quantify the impact of text-based outcomes.To overcome the mentioned research gap, based on relevant marketing practices and heuristic-systemic model, two characteristics of movie introduction (readability and attractiveness) are proposed. Then, used a machine learning SVM model, the readability and attractiveness level of the introduction of 264 films released in mainland China in 2018 are computed and its impact on the box office in short term and long term are tested. It is found that: movie introduction’s readability and attractiveness have a different impact on first week’s box office and total box office. Readability has a greater impact on first week’s box office, and attractiveness has a greater impact on total box office. Beside, the presence of stars undermined the impact of readability and attractiveness on the box office, and readability and attractiveness have significant negative interactions effect on first week’s box office and total box office in the high-rating movie group. The research conclusion has great practical significance for the development of the Chinese movie industry and reasonable guidance for movie managers in promoting movie sales. References | Related Articles | Metrics

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Research on Brand Diffusion and Brand Image Differentiation on Social Media: Comparison of Huawei and Haier WANG Zong-shui, SUN Zhuo, ZHANG Jian 2022, 30 (6):  178-187.  doi: 10.16381/j.cnki.issn1003-207x.2019.1775 Abstract ( 671 )   PDF (2167KB) ( 612 )   Save Social media has become an important way for company brand building. In this study, Huawei and Haier are selected as the research objects. Data mining and social network analysis methods have been used to study the brand diffusion process based on the data collected from 26,503,570 and 3,277,717 Weibo users. The information diffusion process has been analyzed by two typical events of the two companies’ Weibo accounts. Finally, by mapping the high-frequency words to investigate the difference between the brand image presented by social media and companies want to build. References | Related Articles | Metrics

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Study on the Quality Integrity Incentive of Online Platform to Online Seller Based on Advertising Space Allocation ZHAO Hong-xia, LI Hao, WANG Le 2022, 30 (6):  188-199.  doi: 10.16381/j.cnki.issn1003-207x.2019.0503 Abstract ( 271 )   PDF (1582KB) ( 230 )   Save A significant growth of China’s online shopping marketis emergedin recent years. However, the quality of online shopping products is always criticized due to the virtual trading platform, the hidden identity of online merchants, the variety of transactions and lagging control technology though online shopping provides people more convenience. Multiple links in the online shopping supply chain are involved due to lack of quality integrity in online shopping, among them the online shopping platform, which plays the core component, and should bear the main responsibility for the quality management of online shopping products.Although merchants’ non-honest activities may be condoned by online shopping platforms, or collusion between platforms and merchants may be emerged.However,a credible online shopping market environment is needed which conduces the platform’s long-term benefits.Therefore,how online shopping platforms design corresponding mechanisms to motivate or restrict online sellers to increase quality integrity investment is studied, which is great practical significance. References | Related Articles | Metrics

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The Symbiosis Evolution Model and Empirical Study of Cross-Border Innovation Alliances Ecosystem ZHANG Ying, GAO Chang-yuan, WANG Jing 2022, 30 (6):  200-212.  doi: 10.16381/j.cnki.issn1003-207x.2019.0314 Abstract ( 317 )   PDF (3425KB) ( 477 )   Save A simulation study is conducted on ecosystem evolution of cross-border innovation alliance using a symbiosis evolution model, through which the symbiotic evolution equilibrium and its stability conditions is analyzed and different symbiotic evolution mode is studied by computer simulation. Furthermore，Beijing Innovation Alliance is taken as an example for an empirical analysis. The results show that: (1) the evolution results of cross-border innovation alliance ecosystem depend on the sum of symbiosis coefficient; (2) when all the symbiosis coefficients are negative, the ecosystem belongs to the mutualism evolution. (3) When the sum of symbiosis coefficients of any two cross-border innovators are positive (negative), and the sum of symbiosis coefficients of another cross-border innovator is negative (positive), the ecosystem belongs to the parasitic symbiosis evolution (4) When the sum of symbiosis coefficients of any two cross-border innovators are negative (zero), and the sum of symbiosis coefficients of another cross-border innovator is zero (negative), the ecosystem belongs to the partial symbiosis evolution. Theoretical support and related institutional advices are provided for promoting the development of the cross-border innovation alliance ecosystem along reciprocal symbiosis evolution. References | Related Articles | Metrics

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Product Pricing Strategy Considering Consumer Segmentation under the Upgrade Program YANG Ai-feng, DU Feng-jiao, SUN San-li, PEI Feng 2022, 30 (6):  213-222.  doi: 10.16381/j.cnki.issn1003-207x.2019.0416 Abstract ( 296 )   PDF (1150KB) ( 217 )   Save To entice repeat purchases of successive-generation products, many firms usually offer trade-in programs that allow buyers of the old generation product to purchase the new generation product at a discounted price by trading in the old product. More recently, a new typical upgrade program has arisen in the market under which consumers can trade in used products and meanwhile receive a full service beyond the base warranty one. For example, Apple Inc. has launched an upgrade program “Apple Care + ” in 2016. As consumers become more strategic in planning their purchases of the current and new generation products, the pricing decision of successive generations of product becomes more complicated because a multitude of factors affect a consumer’s purchasing decision. To fill this gap, a mathematical model in which a monopolistic manufacturer sells the first generation product in the first period and the second generation product in the second period is developed; however, the firm offers an upgrade program that customers can participate in when purchasing the first generation product in the first period. To participate, each customer has to pay a nonrefundable fee in the first period so that he is eligible to obtain a full service in the first period and has the option to trade-in her first generation product the second generation at a discounted price in the second period. It is supposed there are two types of consumers in the market and the valuation of the same product among fashionable customers are lower than that among economical consumers. Fashionable consumers always replace the latest products at each stage, while the economical consumers buy current products in the first stage and continue to use them in the second stage. By analyzing a two-period game, the optimal prices of current and new generation and optimal purchasing behaviors of each type of customers are determined. The Analytic solution analysis reveals that the product prices are affected by the fee to participate in the upgrade program, the trade-in discount parameter and the innovation level of the new generation product when implementing the upgrade program. Compared with the non-implementing the upgrade program, the demand for economical consumers get higher with the higher trade-in discount parameter, and the demand for fashionable consumers get higher with the lower recycling price of the secondary market. It is also derived from numerical analysis that upgrade program can benefit the manufacture when the fee to participate in, service level and the discount parameter are within a specific range. A theoretical fundament for the future research is set, and some managerial insights for enterprises when offering the upgrade program are provided. References | Related Articles | Metrics

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Impact of Firms’Digital Transformation on the Innovation Ecosystem：A Multi-agent Model Considering Dynamic of Market Size YANG Wei, JI Li-xia, ZHOU Qing 2022, 30 (6):  223-232.  doi: 10.16381/j.cnki.issn1003-207x.2019.1987 Abstract ( 679 )   PDF (2653KB) ( 975 )   Save Digital transformation not only affects the innovation performance of enterprises, but also affects the evolution of the innovation ecosystem through the “bottom-up” mechanism. In this study, a multi-agent model is built to examine the impact of digital transformation on the innovation ecosystem considering the market size dynamics.Numerical simulations and cases analysis show that the impact of enterprise digital transformation on innovation ecosystem is closely related to market size. In a growing market, the digital transformation significantly enhances the digitization level, the success rate of cooperative innovation, and the innovation performance. In a stable or a recessionary market, the digitalization level and the success rate of innovation stagnate after reaching a certain level. Meanwhile, the innovation performance gradually declines in a recessionary market. The research results indicate that not all enterprises and industries can benefit from digital transformation and need contingency decisions based on the characteristics of market size. References | Related Articles | Metrics

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The Impact of Network Practices on Green Supply Chain Knowledge Sharing in Aggregation Scenarios——Taking Eco-industrial Park as An Example PENG Hui, SHEN Neng 2022, 30 (6):  233-243.  doi: 10.16381/j.cnki.issn1003-207x.2019.1535 Abstract ( 348 )   PDF (2255KB) ( 338 )   Save It is of great significance to analyze the mechanism of knowledge sharing in supply chain network to promote knowledge flow and the development of green supply chain. As the green supply chain under the industrial agglomeration scenario presents the obvious network characteristics, the green knowledge flow and sharing process among members also has its particularity. Therefore, it is necessary to conduct in-depth research on the knowledge flow mechanism under the agglomeration scenario.Based on the agglomeration scenario, the logic of the establishment of green supply chain network convention and the mechanism of green knowledge sharing are investigated, and a conceptual model of heterogeneous knowledge— network convention— knowledge sharing is constructed. On the method, the structural equation model is used to analyze the mediating role of the network practice, the multi-level regression is used to the moderating role of agglomeration situation, Anylogic software is used to the presence of agglomeration scenario simulation of knowledge sharing, and multidimensional quantitative method is used to analyse network practices and agglomeration scenario on the influence of heterogeneous knowledge sharing.In terms of data sources, 460 questionnaire data from China's national eco-industrial park are selected for empirical test and simulation by combining online and offline methods. The conclusion shows that the heterogeneous green knowledge among the members of the green supply chain determines whether the alliance can establish stable and reliable network practices in the process of green cooperation. Among them, the scarcity and inimitability of green heterogeneous knowledge have a great positive impact on the establishment of network conventions.The agglomeration scenario plays a positive regulating role in the relation chain of heterogeneous knowledge - network convention (normative recognition) - knowledge sharing speed in the green supply chain. Therefore, it is necessary to give full play to the knowledge spillover and diffusion effects of agglomeration, embed the green supply chain platform into industrial agglomeration, and actively explore the heterogeneous knowledge management mode of green supply chain under the integration of industrial agglomeration.The research explains the initiative of green supply chain enterprises to acquire external knowledge from the perspective of network governance, so as to provide guidance for the effective integration of knowledge of green supply chain, and at the same time provide guidance for the policy practice of eco-industrial parks in China. References | Related Articles | Metrics

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Concealed Value, Community Learning and Dynamic Pricing of Knowledge Payment LIU Zheng-chi, MA Tao, YE Yu-yang 2022, 30 (6):  244-253.  doi: 10.16381/j.cnki.issn1003-207x.2019.1447 Abstract ( 340 )   PDF (2551KB) ( 237 )   Save Considering that the value of knowledge is concealed to both the supply and demand sides,it is difficult to price knowledge products. However, the online community can play a key role in the process of appearing knowledge value. The pricing of knowledge products is explored from a new perspective of community learning. The following three key scientific problems are intended to be solved: (1)Considering the change of consumer behavior patternunder community learning environment, how shouldthe provider set community price and market price? (2) What is the impact of community learning on provider pricing strategy? (3) What is the change of provider’s welfare level in the community learning environment? References | Related Articles | Metrics

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Research on Hospital Emergency Group Decision Model under Unexpected Events WAN Zhi-yuan, LIU Qin-ming, YE Chun-ming, LIU Wen-yi 2022, 30 (6):  254-262.  doi: 10.16381/j.cnki.issn1003-207x.2019.0537 Abstract ( 421 )   PDF (919KB) ( 502 )   Save Hospital emergency management in emergencies is becoming increasingly important. Aiming at the risk of emergencies and the uncertainty of context evolution, the psychological behavior characteristics of hospital emergency decision makers are considered in the process of decision analysis. A hospital emergency decision model based on cumulative outlook theory is proposed in this paper. References | Related Articles | Metrics

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Analysis of Evolutionary Game between Manufacturing Enterprises and Service Providers Based on Servitization FENG Chang-li, MA Rui-ze 2022, 30 (6):  263-274.  doi: 10.16381/j.cnki.issn1003-207x.2019.1021 Abstract ( 383 )   PDF (2772KB) ( 383 )   Save The transformation of manufacturing enterprises from traditional manufacturing to service-oriented manufacturing is one of the important ways to transform, upgrade and enhance competitiveness. However, enterprises are bound by their own resources and service capabilityin the process of transformation, and often need the cooperation of service providers. At the same time, professional service providers also need more business to improve revenue,Hence, it is of great theoretical and practical significance to study how manufacturing enterprises and service providers cooperate to develop servitization strategies.But the existing research mainly focuses on how to carry out servitization by manufacturing enterprises themselves, less attention has been paid to joint service providers in manufacturing enterprises.For the lag of existing research, based on the construction of the income function of manufacturing enterprises and service providers, a two-party asymmetric evolution game model is built, the rules of manufacturing enterprises and service providers to implement servitization are explored, and MATLAB simulation is used to deeply study that how relevant factors impact manufacturing enterprises work with service providers to implement servitization. The results show that, (1)the degree that manufacturing enterprises rely on the service provided by service providers and the degree thatdifferentiated competition between service-oriented manufacturing enterprises and traditional manufacturing enterprises are positively correlated with the willingness of manufacturing enterprises and service providers to cooperate in implementing servitization. Moreover, the degree of differentiated competition has a stronger effect on the willingness to cooperate than the degree of product service dependence. (2)Manufacturing enterprises and service providers in the traditional mode, and servitization alliances in the servitization mode all conform to the economic man hypothesis, according to the income and cost before and after the servitization, to decide whether to adopt the cooperation strategy. Compared with the income, they are sensitive to the change of servitization cost, while service providers are vulnerable to the interference of income and cost and shake the willingness of cooperation. (3)Service providers are more vulnerable to the impact of unilateral cooperation costs and adopt non-cooperation strategies. And the influence of unilateral cooperation cost on strategy has the law of diminishing marginal benefit, so the decision-maker should pay attention to the control of initial unilateral cooperation cost. (4)The existence of optimal service income distribution coefficient makes the manufacturing enterprises and service providers have the strongest willingness to adopt cooperation strategy. This result can provide theoretical support for decision makers in the process of servitization cooperation between manufacturing enterprises and service providers. References | Related Articles | Metrics

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Research on the Effects of Technology Multi-index Combination on Unconventional Oil and Gas Production with GMDH-RSM Method WANG Shu-bin, LU Quan-ying, CHAI Jian 2022, 30 (6):  275-286.  doi: 10.16381/j.cnki.issn1003-207x.2019.1450 Abstract ( 309 )   PDF (2358KB) ( 288 )   Save Causal correlation analysis between geological factors, technical factors and capacity of oil and gas is of great significance for scientific decision-making in unconventional oil and gas production. However, the quantitative relationship between single factor and the capacity is mainly discussed, and the combined scenario effect of similar influencing factors is not deeply studied. Tight gas production is taken as an example. From the perspective of the causal relationship chain between production factors and production capacity, a quantitative relationship between the combination scenario of multiple factors of controllable technical factors and capacity is analyzed to achieve optimizing production technical conditions. GMDH-RSM Combined method is constructed. Firstly, under the method of Group Method of Data Handling (GMDH), the selection method of key factors affecting capacity is given in this paper. Secondly, the controllable factors in actual production decisions are found by classification of key indicators. Finally, empirical analysis is made by Response Surface Methodology (RSM) on the quantitative relationship between the combination of multiple technical factors and the production capacity. The results show that: (1) different values of combinations of technical factors affect production capacity significantly through second-order equations; (2) selecting scenarios with different values of technical factors, the corresponding level of technical output, i.e. production, can be obtained, so as to achieve capacity control.The conclusion of this paper clarifies the quantitative relationship form of the impact of technical factors accompanying tight gas development on production capacity and provides an empirical reference for the decision-making of production capacity management. References | Related Articles | Metrics