Advance selling of new products to strategic consumers on flash sale platforms*

Flash sale (FS) is a new business model that offers discounted products in limited numbers over a short period. In this paper we discuss the impact of strategic consumers on advance selling (AS) of new products on FS platforms. We first study the impact of strategic consumers on competing retailers adopting AS to sell a homogeneous new product. And find that the retailers’ AS profits and inventory quantities decrease with the strategic customers’ valuation and valuation decreasing rate. Then we analyse whether FS can mitigate the impact of strategic customers on retailers adopting AS for new products. We consider a newsvendor model involving only one retailer adopting AS to sell a new product. We derive the results by comparing this model with two counterpart models, namely the classical newsvendor model with no strategic customers and a newsvendor model with strategic customers where the retailer does not use FS under AS.     

Initial coin offerings (ICOs) to finance new ventures

In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded since 2017. Despite attracting significant attention from ventures, investors, and policy makers, little is known about the dynamics of ICOs. This initial study therefore assesses the determinants of the amount raised in 423 ICOs. Drawing on signaling theory, the study explores the role of signaling ventures' technological capabilities in ICOs. The results show that technical white papers and high-quality source codes increase the amount raised, while patents are not associated with increased amounts of funding. Exploring further determinants of the amount raised, the results indicate that some of the underlying mechanisms in ICOs resemble those found in prior research into entrepreneurial finance, while others are unique to the ICO context. The study's implications are multifold and discussed in detail. Importantly, the results enable investors to more accurately understand crucial determinants of the amount raised (e.g., technical white papers, source code quality, token supply, Ethereum-standard). This reduces the considerable uncertainty that investors face when investing in ICOs and enables more informed decision-making.     

农牧户生计资本对农畜产品销售渠道选择影响研究

[目的]优化农畜产品销售渠道,提高农牧民收入,是乡村振兴战略不可或缺的实施路径。文章通过对内蒙古农牧户生计资本进行测算与分析,探究不同生计类型农牧户生计资本与其农畜产品销售渠道选择间的互馈关系,精准识别不同类型农牧户选择销售渠道的影响因素,旨在优化民族地区乡村农畜产品流通渠道,助力民族地区乡村振兴。[方法]文章基于可持续生计理论(DFID),以微观农牧户视角,从自然资本、人力资本、物质资本、金融资本、社会资本5个维度,运用农牧户生计量化法和模糊层次分析法(FAHP)、Multivariate Logistic模型、多元线性回归实证研究。[结果](1)不同类型农牧户生计资本存量具有显著差异,生计资本由高到低排序为:半农半牧户纯农户纯牧户;(2)农牧户对农畜产品销售渠道选择比例由高到低排序为:中间商、批发市场、零售市场、合作社、订单销售、超市直供,传统卖给中间商依然是内蒙古地区农畜产品流通渠道的主要模式,且不同销售渠道之间存在互补与竞争关系;(3)农牧户生计资本对其选择销售渠道具有显著影响,影响力由高到低排序为:人力资本自然资本金融资本社会资本物质资本;(4)不同维度生计资本对不同类型农牧户的农畜产品销售渠道的选择影响程度具有显著差异,影响农牧户选择销售渠道的首要因子是人力资本,影响牧户选择的首要因子是金融资本,影响半农半牧户选择的首要因子是社会资本与人力资本。[结论]该文提出基于农牧户生计资本视角的民族地区乡村农畜产品销售渠道优化对策与建议,一定程度上破解了不同类型农牧户在农畜产品销售渠道选择时遇到的困境。     

成品油销售综合经营指标三级预警机制探索--中国石油陕西销售公司的经营实践

2018年以来,中国石油陕西销售公司采用"红橙黄"经营指标三级预警机制,把复杂的量价关系、促销经营和费用成本管控,通过指标量化。一是以经营活动分析为基础,围绕业务指标、财务指标及支撑体系,建立了综合经营指标长效预警机制。二是通过大数据平台,形成业务运行数据每日监控,实现对月度指标的跟踪预警。中国石油陕西销售公司以"红橙黄"经营指标三级预警为抓手,将综合指标评价理念贯穿到经营全过程中,为生产经营活动提供了直观的决策依据,实现了提质增效的目标。     

网络销售发展初探

网络销售是一种新型的销售方式,具有交易成本低、互动性、时空的突破性、交易的特殊性等特性。我国的网络销售业已取得了一些成绩,但与国际发展水平相比还存在较大的差距。基础和配套设施相对落后、安全性、信用问题、观念问题是制约我国网络销售发展的因素,必须采取多项措施促进我国网络销售的发展。     

体验旅游的特征及开发策略

在经历农业经济、工业经济和服务经济之后,体验经济时代悄然而至。作为体验经济的产物,体验旅游的重要性日益凸显。体验旅游个性化、情感化和参与性的特征,使得旅游产品的开发设计和营销方式都发生了巨大的变化。     

国有股流通方案研究

当前，国有股不流通已成为我国国有企业发展、整体资本市场健全和国民经济结构调整的一大障碍，国有股流通势在必行。真正实现国有股流通还得分清上市介司不同情况，采取相应策略，分步实施：配合国有股流通方案，建立各项基金，增加资金供给；实现国有股流通资金有效回收和再运行；理清国有资产管理邯门和证券管理部门的业务职能，加大管理力度。     

捆绑销售浅析

捆绑销售作为一种有效的促销方式,无论对经营者还是消费者,都有积极的作用。但它也存在明 显的不足和弊端。在实际应用过程中,只有严格遵循基本原则,才能收到理想效果。     

Failures to Deliver,Short Sale Constraints,and Stock Overvaluation

Studying a large sample of publicly available data on failures to deliver, we find that stocks reaching threshold levels of failures become significantly overvalued. Where short sale constraints are especially binding, we report extreme overpricing and subsequent reversals. These findings support the overvaluation hypothesis, although the mispricing is likely to be difficult to arbitrage because of extreme shorting costs. In addition, threshold stocks with low short interest become more overvalued than threshold stocks with high short interest. This suggests that the level of short interest reflects supply‐side effects when the examination conditions on the difficulty of borrowing shares.     

Protection for sale under monopolistic competition: Beyond the CES

We extend the protection for sale model of Grossman and Helpman (1994) by introducing a general model of monopolistic competition with variable markups and incomplete pass-through. We show that the structure of protection emerging in the political equilibrium not only depends on the weight attached by the government to consumer welfare when making its policy decision, but also on the degree of market power of firms and on the terms-of-trade variations due to the degree of pass-through. Our results highlight the importance of preferences in shaping the structure of protection and are consistent with the occurring of protectionism also in unorganized industries.