Supply chain finance: A three-party decision model with suppliers' guarantees for retailers

Under the premise that financing constraints frequently occur in the supply chain, this paper investigates the financing model of the supplier providing guarantee for the retailer under symmetric and asymmetric information. The optimal solutions of the retailer, the supplier, and the bank are studied by using the Stackelberg game. Results show that increasing the supplier's guarantee proportion can effectively improve the bank's reasonable margin rate and increase the supplier's profit. Under the condition of asymmetric information, the bank can increase the probability of credit loan in the supply chain by reducing the cost of spot check and setting up a reasonable fine limit.     

户籍制度扭曲及放松对经济的影响:理论与实证

户籍制度是我国劳动力流动的主要障碍.那么,当前我国的户籍扭曲程度几何?户籍制度放松对经济又会有怎样的影响?对这些问题的回答将有助于政府评估户籍制度改革的空间和经济效益.文章在Hansen和Prescott(2002)的两部门劳动力流动模型基础上,将工人分为农业和非农户口,引入户籍扭曲因子,构建两部门两类工人的户籍扭曲模型;然后,使用1984?2013年宏观经济数据度量户籍扭曲程度,并对2013年我国户籍制度逐渐放松过程中经济变量的变化进行模拟;最后,文章建立了包含"农业与非农"和"本地与外地"户籍差异的省份异质性户籍扭曲模型.研究表明:(1)经济和户籍制度改革的不同步导致了1984?2013年我国户籍扭曲程度呈现倒"U"形变化,且相较于韩国尚有较大的改善空间;(2)以韩国为参照,若2013年我国户籍制度完全放开,经济达到均衡时,农业部门和非农部门的就业人数将分别下降58.83%和上升26.92%,工资率将分别上升19.44%和下降6.77%,社会增加值将增长15.33%,这说明社会经济效率将得到提升,贫富差距将缩小.文章丰富和完善了户籍扭曲的理论模型,从减少劳动力流动摩擦的视角为政府制定相关政策提供了参考.     

What are guests scared of? Crime-related hotel experiences and fear of crime

ABSTRACT

This study aims to explore the typology of hotel crime and how it is related to guests’ fear of crime based on a cause-and-consequence model. A total of 873 TripAdvisor reviews were content-analyzed to develop a typology of hotel crime. High-class hotels experienced more theft, fraud, and burglary while low-class hotels encountered more prostitution and drug-related activities. Hotel guests generated a higher fear of crime when crime occurred inside guest rooms, especially in cases of burglary, theft, or fraud. Reviews mentioning crimes were perceived to be more helpful. Managerial implications and best practices of crime prevention are provided for hotel practitioners.     

Is the quality of female auditors really better? Evidence based on the Chinese A-share market

Unlike previous studies in which a single index was used to measure audit quality, this study establishes a new comprehensive index to measure audit quality via Discretionary Accrual, as estimated by Jones’ basic model (1991) and Audit Opinions. The former is used to measure the quality of financial statements, and the latter is used to measure the auditors’ independence in the mainstream international literature. We examine whether and how an auditor’s gender affects the quality of his or her audits under the framework of empathy theory and gender role socialization theory. Using a large sample of 9861 auditor-firm-year observations from Chinese A-share–listed companies from 2011 to 2015, we find that the audit quality of signed auditors shows significant gender differences: these significant gender differences differ from the findings of previous studies that female auditors could provide a higher-quality audit than male auditors; that is, in our study the audit quality of the male auditors exceeds that of the female auditors. After distinguishing the positive and negative directions of the Discretionary Accrual, we find no significant gender differences in audit quality between male and female auditors when the earnings had been adjusted upward by the client; that is, female and male auditors had the same audit risk perception. However, when the client adjusted earnings downward, which indicates a lower audit risk for the auditor, the audit quality of female auditors was significantly lower than that of the male auditors. After controlling for the age and position of the auditors, we also find that the gender differences in the auditors’ audit quality decreased significantly or even disappeared when the auditor’s age exceeded 45?years and/or their position was manager or above. These results are consistent with the empathy theory and gender role socialization theory.     

资源约束下的创业导向、资源行动策略与企业成长

资源约束背景下，如何制定有效的创业导向及资源行动策略对动态环境中企业成长具有重要意义。基于动态能力视角，以恒瑞医药为例，探讨其不同发展阶段创业导向、资源行动策略与企业成长间的内在作用机理。结果发现：①高差异性和高合法性是企业资源行动所追求的理想状态，但在不同发展阶段二者的侧重点不同；②创业导向为企业资源行动策略提供方向，而资源行动策略则是创业导向得以实施的保障，二者相互契合，共同促进企业成长；③多重资源约束是企业创业导向和资源行动的直接动因，而企业能力提升是创业导向和资源行动产生的有效结果，该过程中管理者认知为企业资源环境分析、创业导向制定以及资源行动选择提供有力保障。     

Do constraints created by economic growth targets benefit sustainable development? Evidence from China

An economic growth target is a declaration by policy authorities of commitment to that target and the corresponding allocation of resources. The constraints created by economic growth target are an important economic management method in China, which has helped China's economy to achieve remarkable achievements. However, it has also brought about serious environmental problems, threatening China's sustainable development. Using the data about economic growth targets in the work reports of 30 Chinese provincial governments from 2006 to 2017, this paper constructs several spatial measurement methods, such as the spatial Durbin model, to examine the constraints created by economic growth target's impacts on air pollution. The main conclusions are as follows. First, a significant “U-shaped” relationship exists between the constraints created by economic growth targets and air pollution. Second, the spatial Durbin model analysis revealed that PM_2.5 across China's provinces display significant positive spatial spillover effects and spatial agglomeration characteristics. Third, the direct, indirect, and total effects of constraints created by economic growth targets on air pollution are all statistically significant and depict a “U shape.” Finally, the constraints created by economic growth targets have an apparent threshold effect on air pollution, and the inhibiting effects increase with human capital and industrial restructuring. However, with the increase in foreign direct investments, constraints created by economic growth targets may increase air pollution. The conclusions of this paper are of great significance for improving the management of local government economic growth targets and sustainable development.     

城市家庭住房不平等:户籍、禀赋还是城市特征？——基于广义有序模型与Oaxaca-Blinder分解

基于中国劳动力动态调查（CLDS）数据，运用广义有序Logit模型实证分析户籍、家庭禀赋和城市特征三类因素对城市家庭住房不平等的影响；运用夏普利值分解、Oaxaca-Blinder分解区分"努力"和"环境"因素、户籍歧视和禀赋效应的贡献。研究发现：户籍可解释住房等级不平等的54.2%；"努力"因素对住房水平起正向作用；在户籍间住房等级不平等中户籍歧视效应占主导，在住房面积不平等中禀赋效应占主导，外地户口居民住房水平低源于"环境"因素趋弱，农业户口居民则源于"努力"和"环境"因素叠加趋弱；由于生活成本效应占主导，城市规模和流动人口占比越大，居民住房等级趋低，而城市土地供给增长有助于提升住房水平。     

互联网发展与创新绩效:三维理论框架和异质性验证

在新一轮科技革命背景下，企业经济活动越来越依赖于互联网，因此探讨中国互联网发展能否有效提升创新绩效，具有重要的理论价值和现实意义。文章构建了互联网发展影响创新绩效的三维理论框架，同时从"质量-数量"二分视角，采用2011-2016年省际面板数据，借助面板个体效应模型对二者相关关系予以实证分析，研究结论如下：（1）互联网通过去壁垒、去中心、去中介，从要素、组织、生产范式三个维度分别经由要素重组、组织变革和供需迭代促进了创新绩效。（2）在全国层面，互联网发展和创新质量间存在U型关系，而互联网发展与创新数量间则表现为倒U型关系，且拐点值存在明显差异。（3）在分区域层面，东中西部互联网发展与创新质量间分别呈现出U型、U型、倒U型关系，与创新数量则均表现为倒U型关系。（4）由于不同省份2016年互联网发展水平分布在拟合线拐点两侧的位置不同，各省份未来政策着力点有所差异。（5）数据驱动、生态网络、用户主导分别与互联网发展深度复合影响了创新绩效，但在显著度上存在差异。综上，应从互联网建设、推广与应用，研判区域异质性，发挥调节变量的正向效应三方面重点突破，最大化互联网创新绩效，促进经济高质量发展。     

Twitter Presence and Experience Improve Corporate Social Responsibility Outcomes

Journal of Business Ethics - We investigate the role of social-media-triggered public pressure on corporate social responsibility (CSR) that includes expectations of transparency and accountability...     

使用外语能降低经济决策偏差吗?来自实验室的证据

文章旨在检验使用外语对经济决策的两类核心问题，即不确定性（风险、模糊性）决策和跨期决策的偏差是否产生影响。两组实验被试被随机分到母语组和外语组，分别采用母语和外语完成一系列决策任务。实验结果发现使用外语能够显著降低与风险相关的决策偏差，但并不能降低与模糊性和跨期决策有关的决策偏差。具体而言，在与框架效应有关的风险决策任务中，使用外语显著减少了决策的框架效应；与母语组相比，在与小额金钱、大额金钱有关的风险决策问题中，外语组的反射效应消失了；外语组的阿莱行为也显著减少。在模糊性决策任务中，母语组与外语组在决策偏差上没有显著差异。在跨期决策任务中，使用外语对个体的焦虑程度没有显著的影响，但显著增加了双曲贴现偏好。这说明风险、模糊性和跨期决策所涉及的认知过程存在差异，使用外语对决策产生的作用具有复杂性。