Corporates' strategic responses to economic policy uncertainty in China

Using a novel news‐based index of economic policy uncertainty, this paper studies the impact of economic policy uncertainty on corporate strategic positioning and corporate risk in China from 2009 to 2015. The study also investigates the impact of corporate strategic positioning on corporate risk. The results show that corporate strategic positioning and economic policy uncertainty have a significant positive impact on corporate risk. The results also explain that economic policy uncertainty increases the market risk of the firms irrespective of their corporate strategy. However, it increases the business risk of prospector firms and decreases the business risk of defensive firms. The study may help the firms to formulate and improve their strategic positioning while considering economic policy uncertainty. Our results are robust to alternate proxies of economic policy uncertainty and corporate risk.     

The international market selection of Chinese SMEs: How institutional influence overrides psychic distance

The purpose of this research is to contribute to the ongoing debate about whether psychic distance still plays a vital role in the internationalisation of SMEs from emerging markets. Drawing on the prior research which suggests the salient impact of institutional factors on internationalisation, we investigate the role of home country institutions in international market selection. Adopting a multi-case methodology, we collected semi-structured interview data from six small and medium-sized manufacturing firms in China. Our findings suggest that while psychic distance is still important in some circumstances, both formal institutions, such as government support, and informal institutions, such as business and political guanxi, enable Chinese SMEs to choose psychically distant markets. Our findings also indicate that informal institutions interact with formal institutions to further influence SMEs’ international market selection. This research contributes to SME internationalisation studies by revealing how formal and informal institutional factors override psychic distance in influencing international market selection.     

Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach

This paper aims to measure the evolution of destocking performance of the Chinese Real Estate Industry based on a DEA (Data Envelopment Analysis)-Malmquist approach, which is seldom used in this industry in existing literature. In 2016, the Chinese government introduced a unified national destocking policy to reduce real estate inventory to save the downturn in the real estate market, but the effect was less than expected and led to soaring house prices in first-tier cities. By analysing the destocking performance over the period from 2005 to 2015, we find the following: (1) It is impossible to use a unified policy to effectively address the national destocking issue because of the difference of DMUs' destocking efficiency, input redundancy and total factor productivity score changes. (2) With the current destocking performance and investment status, the government is still ignoring the existing commercial real estate problems. (3) The redundancy of firm assets and staff indicates that zombie firms may exist and risk future unemployment in the real estate industry. (4) Despite the recently repeated government interventions in this industry, destocking performance remains falling since 2008, and problems in other regions is more severe than in central cities. (5) The financial crisis triggered by the US subprime mortgage crisis has had a great impact on China's real estate industry. The destocking performance dropped sharply in 2008, forcing the Chinese government to introduce policies to stimulate the real estate market. Policy recommendations are also put forward based on the findings.     

Changing patterns of Asian currencies’ co-movement with the US dollar and the Chinese renminbi: Evidence from a wavelet multiresolution analysis

We extend the Frankel–Wei approach by using wavelet analysis to evaluate the relative importance of the dollar and the renminbi as anchor currencies at different time scales. We find that Asian currencies’ co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015. The evidence suggests that emerging Asian economies have recently attached more importance to the renminbi as an anchor in exchange rate management.     

A decade of hybrid reporting and accountabilities of the Hanyeping Company (1909–1919)

Using a model of hybrid reporting and accountabilities, this article considers the reporting and accountability of the Hanyeping Company in the Beiyang era. The results of the study suggest that the Hanyeping Company attempted to provide comprehensive accounts of its activities to satisfy the needs of a plethora of domestic and foreign stakeholders through a combination of detailed Western and Chinese accounts. In keeping with Western and indigenous Chinese expectations of accounting, the Hanyeping Company prepared accounts that demonstrated characteristics of Auyeung’s demonstrated features of nineteenth-century Westernised reporting and the traditional reporting model. This suggests that the period between 1909 and 1919 experienced a decade of reporting hybridisation in direct contrast to the so-called period of accounting stagnation of the late Qing Dynasty.     

广西工业品牌拓展东盟市场的路径探析

东盟市场已经成为广西工业产品的主要出口市场,广西著名工业品牌、一般工业品牌、新创工业品牌在品牌知名度、产品质量、技术先进性、国际经营人才和经验等方面有较大差异,这些品牌所在企业在开拓东盟市场时"创建品牌"、"推广品牌"、"亮响品牌"、"伸展品牌"的路径和过程就不同,采取"单独开拓"、或"与文化产业联姻开拓"、或"与国内外品牌联姻开拓"的方式也有别,应针对不同品牌特性,采取不同的路径和对策,进一步拓展东盟市场,促进广西工业品在东盟市场的转型升级。     

成功的市场进驻策略是决定市场地位的关键——宝洁公司在中国的市场进驻成功个案

美国宝洁公司在中国改革开放之际,敏锐地察觉到中国市场的巨大潜力,向中国日用品市场进驻。在多元品牌政策和差异性市场策略的总体策略指引下,宝洁公司充分考虑中国经济,政治,文化背景,以中国东西部经济差距,城乡消费者需求差异,中国消费者对传统文化的要求和可持续发展为基础,开发具有中国传统品味的高科技环保产品,建立特殊的分销体系,建立了在中国市场的首席地位。同时,宝洁公司以遵守中国法律,履行社会责任和道德准则为己任,与当地政府配合,协助开展文化和经济辅导活动,保护生态环境与自然资源,在消费者心目中建立了良好的企业形象,为进一步发展提供了有利基础,达到了双赢的目的。     

《毛泽东思想和中国特色社会主义理论体系概论》教学研究

本文根据《中共中央、国务院关于进一步加强和改进大学生思想政治教育的意见》和《中共中央宣传部、教育部关于进一步加强和改进高等学校思想政治理论课的意见》为贯彻落实党的十七大精神,针对"毛泽东思想和中国特色社会主义理论体系概论("以下简称"概论)"课程建设与教学,科研与教学方法及实践教学进行全方位的教学方面的研究和论述,同时根据本课程的特点,结合高校思政教学要求,对"概论"课程的教学实施阐述教学体会。     

Market Reaction to Corporate Social Responsibility Announcements： Evidence from China

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.     

Political travel constraint: The role of Chinese popular nationalism

This study extends the leisure constraint model by examining the role that popular nationalism has in Chinese outbound travel. Using a case study approach based on the 2012 Diaoyu/Senkaku Island Incident between China and Japan, the study demonstrates how Chinese popular nationalism has the potential to shape the geopolitical environment of all outbound Chinese tourism. The study proposes a new model that can be used to illustrate how popular nationalism may affect bilateral tourism in other settings. Findings of this study offer important insights for both scholars and practitioners contributing to the understanding of the impact of Chinese popular nationalism on bilateral tourism flows.