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20 December 2017, Volume 38 Issue 12 Previous Issue    Next Issue

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A study of a new type of industry innovation platform for high-end oriented equipment manufacturing industry from the perspective of intelligent production and service network  Xia Houxue，Tan Qingmei，Wang Bin 2017, 38(12): 1-10.  Abstract ( 817 )   Equipment Manufacturing Industry is the foundation for national economic development. So it’s of great significance to take concrete measures to promote the equipment manufacturing industry’s innovation and development. In recent years, with "Industry 4.0", "Made in China 2025" and "Internet Plus" strategy gradually deepened, the industry innovation system characterized by intelligent production and service network becomes more and more perfect. Chinese equipment manufacturing industry will certainly blend in the global integration of industrial network system and realize the transformation and upgrading. Otherwise it will face the evolution of the risk. In this background, the study shows that a new type of industry innovation platform is of an important tool to the development of the industrial innovation, whose functions include not only management and information services, but also personalization, module integration and the entire value chain supply strategy. Using structure analysis method and function/value analytic method, the study indicates that with the availability to intelligent production and service network, the platform is basically consisted of decision-making system, information awareness and transmission system, intelligent production and service organization system and the innovation supporting system. The further study finds that the platform is transforming from "embedded" in industrial organization system to "blending" in intelligent production and service network system, which has various existence form. Related Articles | Metrics

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Dual knowledge exploration, dynamic resource bundling and radical innovation Wu Yong，Wei Zelong 2017, 38(12): 11-19.  Abstract ( 560 )   Based on the absorptive capacity theory and dynamic resource bunding theory, this article explores the effects of external knowledge exploration and internal knowledge exploration on radical innovation. Moreover, we consider the moderating effect of dual dynamic resource bundling on the relationships between knowledge exploration and radical innovation. With an empirical work based on data covering 203 firms, we find 1) that the impacts of dual knowledge exploration on radical innovation are obviously different, and the interaction of external knowledge exploration and internal knowledge exploration positively affects radical innovation.2) that dual dynamic resource bundling, stabling resource bundling and pioneering resource bundling, moderates the effect of dual knowledge exploration on radical innovation in different ways. Our work may shed some lights on the solution of the conflicts on the relationship between knowledge exploration and radical innovation, and also, provides useful suggestions for firms to promote radical innovation. Related Articles | Metrics

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Exploration and prospect on technological convergence studies 2017, 38(12): 20-28.  Abstract ( 636 )   A remarkable feature of recent technological trend is the overlapping and merging of distinct technologies, i.e., technological convergence, which is expected to dominate the next-generation innovation. We firstly sketch out the trend and hotspots of existing studies on technological convergence by using bibliometricsand co-word network analysis. Then, research topics such as definitions, measurements and processes of technological convergence and converging innovation were analyzed and summarized by us through a systematic literature review. We found the definition of technological convergence has been basically clarified, the measurement of technological convergence has attracted the most widespread attention, but research results in other aspects of technological convergence are shallow, dispersal and disjointed at the current stage. To support the development of technological convergence and relevant S&T policies, opening the “black box” of technological convergence process is one of the most urgent problems, and scholars also urgently need to carry out studies on identification, forecast and innovation of technological convergence. Related Articles | Metrics

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Knowledge attribute, technological learning routine and firms’ innovation performance:The moderating effect of firm size Guo Jingjing, Zhou Dan, Li Qiang 2017, 38(12): 29-40.  Abstract ( 419 )   This paper examines deeply how technological learning routine mediates the relationship between knowledge attributes and firms’ innovation performance. Based on survey data and structural equation modeling method, this paper conducts an empirical study to validate the theoretical hypotheses. The results show that the intensity of technological learning routine partially mediates the relationship between knowledge attributes and firms’ innovation performance. Specifically speaking, the intensity of knowledge maintenance routine and that of knowledge reactivation routine mediate the relationship between knowledge tacitness and innovation performance, and the intensity of knowledge reactivation routine mediates the relationship between knowledge heterogeneity and innovation performance. Besides, firm size plays moderating effects on the relationships between knowledge tacitness and the intensity of knowledge maintenance routine and that of knowledge reactivation routine. Related Articles | Metrics

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A theoretical and empirical analysis of technical progress and CO2emission intensity Zhang Bingbing，Zhu Jing，Quan Xiaoyun 2017, 38(12): 41-48.  Abstract ( 559 )   This study analyzes the effect of technology progress on CO2 emissions intensity through a theoretical model first. Then we compute the technical progressive index decomposed from DEA-Malmquist method of 37 industries in China. Besides, we use static and dynamic panel data model to study the effect of technology progress on CO2 emissions intensity. Results reveal: For the whole sample, technical progress is the effective measure to reduce CO2 emission intensity; FDI could also reduce CO2 emissions intensity significantly. Therefore the pollution haven hypothesis does not exist at industry levels; the expansion of fixed assets investment and speeded industrialization could raise CO2 emissions intensity significantly. At the industry level, the effect of technology progress on CO2 emission intensity varies: Technology progress of industry with high energy efficiency could significantly reduce CO2 emissions intensity. While industry with low energy efficiency would increase CO2 emissions intensity. Which may be explained by different choices of a path of technical progress and path dependence in different industries. Related Articles | Metrics

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The symbiotic evolution model of the innovation ecosystem and its simulation analysis Ou Zhonghui， Zhu Zuping， Xia Min， Chen Yantai 2017, 38(12): 49-57.  Abstract ( 1010 )   Related Articles | Metrics

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Path recognition and network effect analysis for open knowledge exchange based on technological innovation network 2017, 38(12): 58-69.  Abstract ( 540 )   Abstract：Open Knowledge Exchange is the core factor for maintaining and cooperating Technology Innovation Network (TIN), its path construction and executive strategy directly effect on innovative resource arrangement and integration. It elaborates the Knowledge Exchange Path characteristics from external environment, participant behavior, composed elements and exchange rules, and puts forward three path structure types including of group positions and usage scopes, such as complementary-bilateral mode, modular-multilateral mode and cross platform-hybrid mode, all these are for the Open Knowledge Path recognition methods. It uses Kalman-Filter to estimate the whole process of Open Knowledge Exchange including of the statement transformation condition, identification methods and operation rules. Finally, it verifies that the network effects from path recognition model which are consistent with TIN actual operation and the management policies are formed for open knowledge network. The empirical results show that the path efficiency and quality would activate knowledge innovation and improve beneficial economic cycle for TIN ecosystem. Related Articles | Metrics

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A research on brand relationship driving force and brand equity of high tech enterprises Tang Xiaofei, Wang Yang, Wang Chunguo, Lu Pingjun 2017, 38(12): 70-77.  Abstract ( 480 )   There have been three general models to evaluate brand equity: financial market-based brand equity, product market-based brand equity and customer-based brand equity (CBBE). And CBBE model is in the domain of brand equity research. Then, is there a need for the fourth model to evaluate brand equity from other perspective? Recently some researchers point out that CBBE model based on the “cognitive” paradigm suffers from challenges with new norms and disciplines integrated into the brand equity field. So the new model to measure brand equity is needed. The author constructs the fourth brand equity model---interaction-based brand equity (IBBE) initially in the global marketing research. The IBBE model demonstrates the dimensions and correlations of brand prototype, brand relationship emotions and brand equity. And brand relationship driving force as the key variable is firstly introduced into the brand equity model. The IBBE model can not only overcome the limitations of the three brand equity models proposed previously but also make a comprehensive evaluation of brand equity under an uncertain environment. The findings can improve measurement and management of brand equity and the present research can contribute more to promoting China’s brand equity research, giving rise to brand equity theory development in the world. Related Articles | Metrics

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A study of the investor motivation of equity crowdfunding 2017, 38(12): 78-88.  Abstract ( 514 )   Based on self-determination theory，this study establishes equity crowdfunding investors motivation model with intrinsic motivation as independent variable, extrinsic motivation as moderating variable, and decision to pledge as dependent variable. This study carries out exploratory factor analysis and binary logit regression analysis on the questionnaire data of a survey from 560 equity crowdfunding investors. The results indicate that: (1) Help motivation and trust motivation load in a common factor, name trust-based help motivation; (2) regarding to intrinsic motivation, trust-based help motivation and community motivation all have significant positive influence on the decision to pledge, expect for support motivation; (3) regarding to extrinsic motivation, rewards motivation has significant negative influence on the decision to pledge but the effect of economic returns is not significant; (4) economic returns and rewards motivation all have significant moderating effect on the relationship of trust-based help motivation and the decision to pledge, as well as on the relationship of community motivation and the decision to pledge. Related Articles | Metrics

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Influence of venture capital ownership on stock price crash risk Quan Xiaofeng, Yin Hongying 2017, 38(12): 89-98.  Abstract ( 595 )   Based on PSM method, this paper analyzes the effect of venture capital and its ownership characteristics on stock price crash risk from the risk perspective. The results show that the future stock price crash risk of venture capital backed firms is lower than non-venture capital backed firms. Furthermore, the results also show that the controlling attribute of venture capital can strengthen the monitoring effect of venture capital and the syndication attribute of venture capital can mitigate the monitoring effect of venture capital. Finally, the mechanism analysis finds that venture capital plays a monitoring role on stock price crash risk by agency cost channel not by information channel. In conclusion, the results make clear that venture capital has played an effective monitoring function, not grandstanding function for listed firms in Chinese capital market. Related Articles | Metrics

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An empirical study of the influence of equity incentive on corporate performance based on the software and information technology service companies 2017, 38(12): 99-105.  Abstract ( 645 )   Abstract: This paper bases on the principal-agent theory to study the relationship between corporate performance and equity incentive.ROE, ROA and CAR are the enterprise performance indexes and option, pro are the equity incentive indexes. This paper establishs multiple linear regression models and does OLS regression analysis with the listed companies on China's Software and Information Technology Services. This paper has analysed the problem from both long-term and short-term aspects, results show that the implement of equity incentives, to some degree, had positive effect on the performance of the company. Related Articles | Metrics

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A study of the formation mechanism of entrepreneur’s circle from the perspective of context Su Jingqin, Zhang Caiyue, Shan Guodong 2017, 38(12): 106-115.  Abstract ( 440 )   Chinese entrepreneurs’ circle gets more and more attention in recent years. Exploratory case study method is adopted to explore the formation mechanism of entrepreneurs’ circle from the perspective of context, aiming at proposing an explanatory framework of entrepreneurs’ circle to acquire heterogeneous resource. The research indicates that entrepreneurs’ circle consists three behavior stages, including the gather, the “Guanxi” contract and the join. The process shows the characteristic of Chinese context that “Guanxi contract” promotes the join. Furthermore, Chinese entrepreneurs’ circle generates strong-ties mixed with profits and affections, which may successfully acquire heterogeneous resource. Accordingly, this paper proposes the framework of formation mechanism. Related Articles | Metrics

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A study of the impact of idiosyncratic human capital on China’s regional economic growth 2017, 38(12): 116-121.  Abstract ( 573 )   On the basis of scientific classification of idiosyncratic human capital, this paper makes an empirical study on the mechanism difference of impact of idiosyncratic human capital on economic growth in east, central, and west China by using the panel data of 30 provinces from 1996 to 2014. The research shows that innovative human capital is the main factor to promote economic growth in the eastern part of China through technological innovation, that the efficient allocation of skilled as well as innovative human capital with capital elements promotes output growth in the central region, and that human capital in the western region plays a dual role in economic growth, namely, innovative human capital promotes economic growth through technological innovation while basic human capital through output. Related Articles | Metrics

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Contract selection under moral hazard and capital restrictions of service providers in R&D outsourcing: Punishments or rewards Song Han, Shao Yunfei, Dai Ying 2017, 38(12): 122-133.  Abstract ( 401 )   o solve the problems of prevention and incentive of service providers’ moral hazard in R & D outsourcing, this paper designed three kinds of R&D outsourcing contracts, which are rewarding the success, punishing the failure, and linking rewards and punishment with considering the service providers’ own capital restrictions, and then the feasibility and effectiveness of this three kinds of contracts were compared to get the optimal choice of their practical conditions. Research shows that the contract which links rewards and punishment together is completely equivalent to the rewards contract or the punishment contract, while the financial strength of service providers is the key factor which can affect the feasibility and effectiveness of the contract. Specifically, when the service providers have poor financial strength as well as a large debt, the reward and punishment contracts are not feasible, and the clients should not outsource R&D projects to such enterprises. As the financial strength of service providers increases and the debt reduces to a certain extent, the punishment contract is first feasible. Then, the financial strength of service providers keeps on increasing to a certain degree, the reward contract will be feasible, but the effectiveness of punishment contract is better than reward contract. Until the financial strength of service providers is powerful enough, the reward contract and punishment contract are both feasible, and there is no difference between them. Related Articles | Metrics

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Institutional traps, financial burden and capability involution by taking General Electric (GE) as an example Sun Xi 2017, 38(12): 134-143.  Abstract ( 414 )   The fundamental task for system integrators who control and upgrade the global value chain is to properly handle the relationship between manufacturing and services, and the institutional environment is a crucial power to shape this relationship. Here we take GE as an example to analyze the effect of financial capitalism on the capability evolution of the US-based system integrators in past three decades. It shows that financialization-oriented institutions not only abduct the values of corporations and “manufacturing-service/finance” relationship, but also lead to capability involution in system integrators. This explanation is useful for us to understand both the role of financial capitalism in industrial upgrading and the future of Re-industrilization in US. The final part gives further discussion based on the case. Related Articles | Metrics

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Dynamic volatility of China’s containerised freight index based on EMD Tang Xia1,2, Kuang Haibo2, Meng Bin2, Feng Wenwen2 2017, 38(12): 144-154.  Abstract ( 554 )   The volatility of China containerised freight index (CCFI) can reflect the fluctuation of shipping market effectively. It is an important reference for the business decision-making of shipping enterprises and the policy making of shipping industry in government departments. In this paper, CCFI has been decomposed into several independent intrinsic modes (IMFs) effectively by empirical mode decomposition (EMD) method for its characteristics of data-driven and effectiveness on the nonlinear, non-stationary and multi-scale data processing. Then, composition on IMFs is proposed by considering P-values of T-test and fluctuation frequencies, and the economic connotation of each component is discussed based on the Hilbert transform and statistical analysis. Finally, we study the long-term trend, the effect of a significant event such as financial crisis, seasonal fluctuations and short-term fluctuations caused by market disequilibrium of CCFI from the perspective of intrinsic factors. The conclusions are as follows. CCFI has been declining slowly for a long time, because the capacity of transportation is greater than the demand for freight. A sharp rise or fall of CCFI has been caused by significant events such as financial crisis with big impact and long duration. Its seasonal fluctuation is affected by seasonal production, which shows a regular sinusoidal fluctuation. The peak is around September and October, and the trough is around march and April. Its market disequilibrium for short is caused by oil price, exchange rate and other factors, which have no serious impact. The fluctuation of CCFI has a large cycle of about 4 years and a small cycle of 1 year. Related Articles | Metrics

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Impact of forest management size in Southern Collective Forest Area on fairness and efficiency of forestry subsidy policies implementation Zhu Zhen1, 2, 3, Shen Yueqin3, Xu Zhigang1, Liu Mengxin2, Yang Lixia2 2017, 38(12): 155-164.  Abstract ( 485 )   Since 2009, forestry subsidy policies have been implemented in Southern Collective Forest for more than 6 years, the policy’s fairness and efficiency will be influenced deeply by the selection of groups who shared with the subsidies. It has high research value to discuss on this issue will help improve the aim of forestry subsidy policies more accurately in the future. Based on the theoretical framework of the impact on the fairness and efficiency of the forestry subsidy policies from forest management size, also 151 valid samples survey data in Zhejiang, this paper used logit and tobit models to analyze how forest management size have impact on the fairness and efficiency of the forestry subsidy policies, respectively. It found that local governments will encourage large-scale farmers to participate in the forest subsidy projects as much as possible for reducing transaction costs and seeking management efficiency, so the unfairness has existed in the implement of forestry subsidy policies; on the other hand, forestry subsidy policies really stimulated the inputs and activities for groups who shared subsidy policies compared with non-subsidy groups, however, the policies which focused on large scale households are still questionable , because the forest management input and activities has not been significantly improved with larger forest management size in subsidy group. On this basis, this paper gave some comments for improving the implement of forestry subsidy policies. Related Articles | Metrics

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A research on the information system security technology strategy based on risk preference Fang Ling1, Zhong Weijun2, Mei Shu’e2 2017, 38(12): 165-172.  Abstract ( 436 )   At the example of IDSs and manual investigation technology portfolio, the influences of risk preference on selection and configuration of information system security technologies were analyzed through a game model, considering that an organization’s risk preference would influence both of its own strategy and the opponent’s strategy. The conclusions of this paper showed us that risk aversion organizations would not always configure more IDSs than risk neutral ones, and the risk preference of organizations even has no direct influences on its selection of single IDS or multi IDSs. Organizations would investigate risk aversion intruders manually more than risk neutral ones when the intruders’ expected revenues were very low while they would investigate risk neutral intruders manually more than risk aversion ones when the intruders’ expected revenues were very high. Besides, intruders would intrude risk neutral organizations more probably when the costs of manual investigation were low while they would intrude risk aversion organizations more likely when the manual investigation costs were high enough. Related Articles | Metrics