众筹平台对创业融资的影响:前沿研究述评与未来展望

关于众筹平台对创业融资的影响，国内外研究主要集中在同一平台内不同项目之间的特征差异方面，即平台内特征分析，且研究结论并不统一；相较之下，关于不同平台之间的特征差异，即平台间特征，现在才开始受到重视。通过对众筹平台与创业融资前沿研究的系统梳理，一方面针对众筹平台内特征，从资金筹措和资金回报两个层面阐释了影响创业融资成功的关键因素，涉及项目特征、创业者特征、投资者互动等；另一方面，针对众筹平台间特征，从平台类型、平台机制、融资渠道3个层面阐释了影响创业融资成功的关键因素。未来，可以从众筹平台间特征对资金回报的影响、综合平台内和平台间特征对资金筹措的影响、众筹平台动态变化机制等多个角度展开深入研究。     

农产品电商与物流共生关系演化及协同度评价研究

农产品电商与物流协同将直接影响农产品的流通水平。运用共生理论,剖析了农产品电商与物流的共生关系机理与演化形式。利用微分方程分析了共生关系的演化过程,求解了共生关系的稳定条件。结果表明,协同共生均衡状态下产出水平得到提高,协同共生关系进入理想的稳定状态需要外部引导干预。对2013—2018年中国农产品电商与物流协同度变化的测量结果表明,当前中国农产品电商与物流协同尚处于初级阶段,共生关系表现为非互惠协同共生。     

Size and value effects in high-tech industries: The role of R&D investment

We use monthly US stock data over 55 years from 1962 to 2017 to show that the R&D intensity at firms adds another important dimension to the size and value effects in describing stock returns, especially for small high-tech firms. A trading strategy that double sorts on R&D intensity and size or book-to-market ratio outperforms a simple small-minus-big (SMB) or high-minus-low (HML) strategy in producing higher and more significant portfolio returns. The most profitable schemes involve triple sorts by size, BM, and R&D intensity: the payoffs of buying high-BM/R&D-Active portfolio and selling low-BM/R&D-Inactive portfolio in the small-size/high-tech group and that of buying high-tech/high-BM and selling low-tech/low-BM in the small-size/R&D-active group generate a return of more than 2% on a monthly basis. Our results are robust to alternative classification method of assigning stocks in portfolios.     

Threshold effect of economic openness on bank risk-taking: Evidence from emerging markets

This paper investigates the non-linear effects of two aspects of economic openness, namely, trade openness and financial openness, on banking system stability. We use a panel of 42 emerging markets from 2000 to 2014 to test whether bank risk-taking behaviour varies with the level of openness. We find that a higher degree of trade openness promotes bank stability linearly. Conversely, the non-linear effect of financial openness on bank risk-taking is evident. When the financial system is not sufficiently open, the impact of financial openness on bank stability is insignificant. However, as the domestic financial market becomes more open, financial openness can help discipline the behaviour of banks, making them more stable. We also find evidence that these effects are transmitted through the market discipline channel. Our findings highlight the importance of strengthening the domestic regulatory framework and transparency as the economy becomes more integrated.     

Dependent relationships between Chinese commodity markets and the international financial market: Evidence from quantile time-frequency analysis

In this article, the quantile time–frequency method is utilized to study the dependence of Chinese commodities on the international financial market. The impacts of risk management and diversification benefits of different portfolios are examined by calculating the reduction in downside risk. Moreover, we estimate and compare Sharpe Ratios (SRs) and Generalized Sharpe Ratios (GSRs) based on the frequencies of the investigated portfolios. Our empirical results reveal a strong asymmetric response from Chinese commodity markets. Specifically, we find that gold is a safe-haven asset, and due to negative correlations found at lower quantiles in medium and long term, an increase in the USD index damages bull commodity markets but boosts bear conditions under long-term investments, and negative (positive) tail correlations with interest rates (IRs) in bull (bear) markets are observed. It is proven that WTI can decrease short-run risks while USD and GOLD are more efficient in the diversification of downside risk. Adding international commodities may not improve the returns of Chinese commodities at given risk levels in the short and medium term through SRs and GSRs. In brief, investors should consider these dependence structures and modes of risk management in terms of time and frequency.     

企业财务管理中的业财融合问题分析

近年来,随着我国各领域的快速发展,企业的数量持续增多,各企业扩大了发展规模,承受着巨大的竞争压力。通过业财融合问题的分析,发现企业财务管理对企业的经济发展有直接的影响性。对此,需要提高重视度,优化管理理念,创新管理模式,及时地发现业财融合所存在的问题,采取科学合理的措施进行有效解决,确保企业财务管理工作的稳定发展。     

Shopping intention at AI-powered automated retail stores (AIPARS)

Artificial Intelligence (AI) is transforming the way retail stores operate. AI-Powered Automated Retail Stores are the next revolution in physical retail. Consumers are facing fully automated technology in these retail stores. Therefore, it is necessary to scrutinize the antecedents of consumers' intention to shop at AI-Powered Automated Retail Stores. This study delves into this area to find the predictors of consumers’ intention to shop at AI-Powered Automated Retail Stores. It extends the technology readiness and acceptance model by the addition of AI context-specific constructs such as Perceived Enjoyment, Customization and Interactivity from the present literature. The proposed model is tested by surveying 1250 consumers & the data is analyzed using the PLS-SEM technique and empirically validated. The outcome of the study reveals that Innovativeness and Optimism of consumers affect the perceived ease and perceived usefulness. Insecurity negatively affects the perceived usefulness of AI-powered automated retail stores. Perceived ease of use, perceived usefulness, perceived enjoyment, customization and interactivity are significant predictors of shopping intention of consumers in AI-powered automated stores. This research presents insightful academic and managerial implications in the domain of retailing and technology in retail.     

Customer engagement through omnichannel retailing: The effects of channel integration quality

While many retailers have turned to omnichannel retailing to remain competitive, engaging customers across channels has become one of the biggest challenges they face. Drawing on social exchange theory, we proposed and tested a research model of customer engagement in the context of omnichannel retailing. Structural equation modeling was employed to test the research model with customers of two emerging omnichannel retailers, Apple (n = 269) and Kroger (n = 221). The results showed that channel integration quality dimensions (including breadth of channel-service choice, transparency of channel-service configuration, content consistency, and process consistency) positively influenced customer engagement which in turn led to positive word-of-mouth and repurchase intention. The research model was examined using both high-involvement products (e.g., Apple) and low-involvement products (e.g., Kroger) despite the varying effects of channel integration quality on customer engagement. This study adds to the growing body of knowledge on customer engagement vis-à-vis omnichannel retailing and provides retailers with actionable insights into engaging customers across channels.     

How psychological and contextual factors contribute to travelers’ propensity to choose green hotels?

Despite the growing popularity of green hotels, there remains a dearth of research examining travelers’ intentions to choose green hotels. The study addresses this research gap by developing and testing an integrated model of green hotel behavior in an emerging market of India. We use a sequential approach of SEM and fuzzy set qualitative comparative analysis on 347 responses collected from Indian travelers to gain a more in-depth understanding of the role of biospheric value, green trust, willingness to pay premium, attitude, subjective norms, and perceived behavioral control in determining green hotel intentions. The findings show that presence of green trust is a significant and necessary condition for green hotel choice. Additionally, absence of willingness to pay premium, biospheric value, attitude, and subjective norm were found to deter travelers from choosing green hotels. These findings offer unique insights for managers in developing marketing strategies to enhance travelers’ green hotel adoption.     

Effect of service-related resources on employee and customer outcomes in trade shows

Despite widespread recognition of trade shows as a vehicle to provide services to visitors by exhibitors, there is a paucity of research in this area of special interest. Drawing on the resource-based view, we develop a research framework to examine the effects of service-related resources on exhibitor's personnel attitudes and visitor responses. We collected on-site data from 151 exhibitor's personnel and 366 visitors during a trade show. These responses were matched at the exhibitor level to test the research framework. We found a positive effect of service leadership and service technology in developing a customer-oriented service strategy with satisfied employees. Additionally, we demonstrate that service leadership positively moderates the effect of service technology on customer orientation. In contrast, service leadership negatively moderates the effect of empowerment on customer orientation. This suggests that similar firm resources do not complement each other perhaps because they are substitutable. Finally, we show that service-related resources not only affect customer orientation but also influence job satisfaction of exhibitor personnel and visitors responses such as interaction quality, satisfaction, and word-of-mouth intentions.