Table of Content

25 November 2018, Volume 27 Issue 11

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Theory Analysis and Methodology Study

Sequential Solution Method for Order Picking Plan Considering Batch Delivery under Vegetables’B2C Mode

FENG Xiao-chun, HU Xiang-pei

2018, 27(11):  1-9.  DOI: 10.12005/orms.2018.0249

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Based on a large amount of orders picking, orders’ strong personalization, batch delivery and shorter time, this paper proposes that batch delivery should be considered while order picking. According to ‘Similar orders should be group picked’, introducing group production ideas, picking sequence optimization model considering batch delivery is established. Aiming at this model’s characteristics, such as multi-stage decision, multi-variable, and NP-hard, based on reverse sequential decision method, a sequential solution method is put forward, and the algorithms of each stages are presented. Finally, the application examples are conducted to verify the feasibility and effectiveness of the model and algorithm. The results show that, order picking considering batch delivery together saves more picking costs than considering delivery independently and non-group order picking which could serve as a theoretical guideline for order picking planning of enterprises selling fruits and vegetables online.

Development Process Parameter Optimization of Tight Gas

Based on GMDH-SVR GUO Ju-e, ZHANG Jian-ru, XUE Peng, SUN Meng-fei

2018, 27(11):  10-16.  DOI: 10.12005/orms.2018.0250

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Based on development flow chart of tight gas which is one type of unconventional gas, the paper uses K-means to cluster 4291 gas wells into three types. We improve GMDH method in two ways: 1.we complete sample's quantitative proportion of train set and test set. 2.we decrease the impacts of sample sequence on method's results. The paper sets gas production per unit pressure drop as evaluation parameter, analyzes eleven parameters which are related to the production efficiency of gas wells and counts the probabilities of parameters that are selected as principle components. We select the fewest parameters whose probabilities are added up to more than 80% as input variables and evaluation parameter as output variable for SVR method, whose kernel function is RBF. We apply one sample well for each type of wells to SVR method, count relevant range of gas production of unit pressure drop[-18.08%,13.42%]、[-2.34%,5.39%]、[-16.10%,15.21%] by changing volumes of construction parameters at the range of ±20% and analyze production efficiency of gas wells under different volumes and combinations of construction parameters.

Control Polices for Perishable Goods Inventory with Two Classes of Customers Based on Queueing Theory

LIU Ming-wu, WEI Xiao-mei, CHEN Hong

2018, 27(11):  17-21.  DOI: 10.12005/orms.2018.0251

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In this paper, we discuss a queuing inventory model for perishable goods with two classes of customers by queuing theory. A Markov queueing inventory model for perishable goods with two classes of customers is described. The steady-state performance measures, which are used for controlling inventory cost, are obtained. Then, the inventory cost function is characterized and the optimization model with service levels constrained is set up. A modified genetic algorithm is proposed. Finally, the sensitivities of system parameters and management insights are investigated through numerical experiments.

Research on the Weighting Method for Group Decision Based on the Weighting of the Indices

WANG Bin, LI Gang, CAO Yong, PENG Xiao-hong, CHEN Kai

2018, 27(11):  22-25.  DOI: 10.12005/orms.2018.0252

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The main work of this paper is to determine the weights for Group Decision based on the weighting of the indices. Firstly, we get the reasonable range of the indices based on the weights of the expert. And then, this paper builds the optimization model to calculate the combination weight. At last, case studies testify the validity and feasibility of this method. The contribution characteristics lie on two aspects. Firstly, this paper makes the consistency test on the indicators take the place of the weight vector of the experts, and avoids the mistake of the effective information deleted and the amplification of invalid information. Secondly,this paper gets the combination weight based on the weighting of the indices,and solves the weight problem in group decision-making.

A Decision-making Method of Tri-reference Point Theory Considering Robustness of the Cooperative Network

HAN Jing, TENG Xin-yu , YE Shun-xin, CHAI Jian

2018, 27(11):  26-35.  DOI: 10.12005/orms.2018.0253

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In the process of decision-making of cooperative network, the decentralized members usually lack the opportunities to communicate and express their subjective preferences directly. So the satisfaction degree of the key members will decline and finally bring about the degradation or even disintegration of the cooperative network. In order to maintain the robustness of the cooperative network, in this paper we consider the influence of special psychological reference points on network decision makers and propose a decision-making method of Tri-reference point theory considering key nodes in cooperative networks. Firstly, according to the Tri-reference point theory and considering the “minimum requirement”, “status quo”and“goal” reference points, we construct the satisfaction degree function which can reflect the decision maker’s subjective feelings, and then calculate the comprehensive satisfaction degree of the members participating in the decision .Secondly, by considering the importance of network nodes (members) in the networks structure, we calculate the decision weights of the members. And then the overall satisfaction degree of all members can be determined, which is used to rank the alternatives. Finally, we use a decision case of a collaborative innovation center to illustrate the feasibility of the developed approach.

Research on Knowledge Sharing and Evolutionary Game of Industrial Technology Alliance Considering Risk

WU Jie, CHEN Lu, SHENG Yong-xiang, CHE Xiao-jing and SHI Qin-fen

2018, 27(11):  36-42.  DOI: 10.12005/orms.2018.0254

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Knowledge sharing is an important way to improve the performance of industrial technology alliance. Considering the difference of risk preference among members of the industrial technology alliance, the risk factors of members and the benefit of knowledge sharing are introduced. This paper constructs an evolutionary game model based on the non-linear relationship between risk factors and knowledge sharing benefits, and obtains the equilibrium solution of the evolutionary game. Based on the case study of TD industry alliance, the effects of risk factors, income distribution coefficient and other factors on knowledge sharing intention are simulated. The results show that the willingness of the members to share is very sensitive to the change of the distribution coefficient; the sharing of risk factors and knowledge has a great influence on the willingness of alliance members to share.

Risk Aversion Path Planning at Sea Considering Vessels Risk Preferences

GAO Tian-hang, LV Jing, LAI Cheng-shou

2018, 27(11):  43-49.  DOI: 10.12005/orms.2018.0255

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Vessels travelling at sea always face potential threats from vessel accidents and pirate attacks. In response to the two kinds of threats, and differences between different vessels risk preferences and economic benefit, this paper proposes a model considering the risk preferences of a vessel at sea to find a risk aversion path with the lowest risk. First of all, the model simulates the density of two potential threats using Gaussian mixture model, and then according to the differences in risk preferences between different vessels in the three factors, we use the cost distance analysis serial algorithm to get the risk aversion path at sea. At last, an example is verified, and it confirms that the model is practical and scientific.

Public Participation, Government Regulation and the Dynamic Evolution Research into Mobile Application Security Management

WAN Xiao-Yu, LONG Yu, JIANG Ting

2018, 27(11):  50-60.  DOI: 10.12005/orms.2018.0256

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Focusing on the spotlighted safety problem and the reality of lacking government supervision at the current mobile application market, a dynamic evolutionary game system of government departments and the application platform under incomplete information is constructed based on evolutionary game theory tool. The paper reveals the influence of initial condition changes and different decision parameters on the evolutionary stability results by solving the Jacobi matrix and numerical simulation. The results show that: When the value of the public participation degree and punishment is in different intervals, it respectively presents three evolutionary stable results and a periodic random state; Utilizing the complementary relationship between public participation and government regulation, keeping the public participation above a certain threshold and increasing the punishment for the application platform violations will help guide the system to evolve into an ideal state. The research conclusions provide theoretical reference for policy formulation and implementation of government departments.

A Quantitative Analysis of Malicious Wage Arrears

LIU Wen-jing, YANG Lu, LIU Ke, WANG Ying-zhi

2018, 27(11):  61-69.  DOI: 10.12005/orms.2018.0257

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In China, wage arrears are still widespread in some industries. Wage arrears will induce workers’ negative emotion which can cause serious social problems and government will certainly intervene. Under two different assumptions on the distribution of worker’s negative emotion threshold, the paper analyzes the firm’s actions, based on the dynamic decision process model for wage arrears. The results intuitively show that the firm’s ulterior motive for wage arrears is greed. From a quantitative perspective, the paper confirms that enhancing the workers’ consciousness of rights safeguarding is always an effective method to solve wage arrears, and a government intervention is an essential prerequisite for workers’ legal actions. Moreover, stochastic checking mechanism can be used to make government intervene in wage arrears governance more effectively. Besides tougher punishments, government could also regulate and control financial markets to intervene in wage arrears.

Identification of the Evolution Stages of China's General Aviation Industry Based on GFM-VAR and Its Analysis of the Effectiveness of Policy Intensity

LIU Guo-wei, ZHANG Ting-ting

2018, 27(11):  70-78.  DOI: 10.12005/orms.2018.0258

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In order to reveal the general aviation industry system evolution dynamic and orderly rules, mine phase identification evidence of industry formation and sustainable development in light of the incomplete information and continuous clustering characteristics of industry evolution data, we construct Grey sequence generation-Fisher Model(GFM) based on grey system theory and the theory of optimal segmentation to analyse the identification of general aviation industry evolution stage and use the VAR model to study validity of policy intensity. Using the geometric mean strengthening buffer operator (W) GASBO of grey system theory (position weight), we expand waveform characteristics of evolution data to generate the grey sequence matrix; and determine the general aviation industry evolution orderly progressive stage by the optimal segmentation theory group deviation square and minimum judgment principle; and then, through the empirical research by data of general aviation industry evolution stage in China from 2004 to 2013, we find that the cut-off point of China's general aviation industry evolution is in 2010, which has experienced two stages of start-up and growth; the impulse response function based on VAR model determines that the validity of general aviation industry policy intensity influenced by “forced introduction” and “time lag limit” is weak; grey sequence generation optimal segmentation model in view of policy strength (WGASBO operator) is more effective and feasible.

Price Competition between Electronic Retailer and Traditional Retailer under Showrooming

XU Guang-ye, CHEN Qian, WANG Qian

2018, 27(11):  79-86.  DOI: 10.12005/orms.2018.0259

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Consumers increasingly visit brick-and-mortar venues to evaluate products in person, using mobile technology to search and perhaps purchase them online. In response to showrooming, this paper establishes the model of the pricing decision for different consumer buying methods by consumer utility theory. In a comparative analysis of optimal decisions on different circumstances, this paper studies the impact of showrooming on the pricing and profits of electronic retailer and traditional retailer. Our analysis shows that showrooming intensifies competition for traditional retailer and electronic retailer in BR, and showrooming reduces the profits for both firms when the influence of physical store experience on electronic channel acceptance is greater. For EBR and the physical store experience are less affected, however, traditional retailer can improve the sales price and profits by showrooming.

Method for Integration and Selection of Innovation Demands Based on Three-dimensionalCoordinates and Cosine Similarity Measures

KONG Zao-jie, LI Bin

2018, 27(11):  87-94.  DOI: 10.12005/orms.2018.0260

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To solve the matter of the integration and selection of multidimensional demands in innovative design of products, a method based on three-dimensional coordinates and Cosine similarity measure is proposed. First of all, three-dimensional coordinates is used to show vector of innovation demands. Secondly, the intensity of every innovation demand is calculated by vector module, and the similarity between innovation demands and benchmark innovation demand is calculated by Cosine similarity measure, based on the intensity and similarity, a quadrifid graph model can be built and it can make an intuitive selection. Depending on the innovative integration degree we can make a precise selection. After combing the quadrifid graph model and innovative integration degree, a systematic selecting method is obtained. Finally, through the example, it proves the feasibility of the method.

Application Research

Research on the Industrial Transmission Effects of Structural Nonferrous Metal Price Shocks in the Perspective of Industry Chain

CHEN Jin-yu,ZHU Xue-hong

2018, 27(11):  95-104.  DOI: 10.12005/orms.2018.0261

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Based on the monthly data from August 2006 to April 2016, this paper chooses six representative Chinese industrial sectors to construct SVAR model from the perspective of nonferrous metal industry chain, and decomposes the nonferrous metal price shocks into the supply shocks, economic demand shocks and preventive demand shocks for estimating the effects of three structural shocks on the output in various links of the nonferrous metal industry chain. Then we investigate the main transmission pathways of international nonferrous metal price shocks through decomposing the sources of inflation pressure in nonferrous metal industry chain. The results show that the correlations between the industrial output and the rise of nonferrous metal price driven by the supply shocks and preventive demand shocks are negative, while the industrial output and the rise of nonferrous metal price caused by the economic demand shocks move in the same direction. The effects of three structural shocks on inflation in China’s industrial sector have two pathways. The rise of nonferrous metal price driven by the supply shocks and preventive demand shocks will generate cost-push inflation, with the impacts transmitting from upstream to downstream along the industry chain, whereas the rise of nonferrous metal price caused by the economic demand shocks will lead to demand-pull inflation, and the impact transmits from downstream to upstream along the industry chain.

Co-creation Value Mechanism and Strategy Research of Customer Participation in R&D Process

WEN Xin, JIA Jun-xiu

2018, 27(11):  105-114.  DOI: 10.12005/orms.2018.0262

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Customer participation in R&D is the initial process of product value creation, which not only saves product innovation cost, but also improves product acceptance. The article explores the co-creation behavior of customers, businesses and products and how the corporate behavior influences three subject values. The article, based on multi-objective perspective, fully considering the benefits and pays of the enterprise and customer in the R&D process, establishes the co-creation value system model using system dynamics method to comprehensive explore system’s internal mechanism. The article simulates the model by adjusting enterprise behavior: product price, incentives, and the number of interactions, to make the enterprise, customers and products achieve the goal of co-create value. Simulation results find that: (1)Enterprises for different customer groups (involved in developing customer and regular customer purchase) adopt different policies, not considering incentives for developing customer involved, and when research days meet the optimal number of interactions, unified pricing model is better than that of differential pricing model. (2)The increasing number of interactions with customers and enterprises, the process of customer participate in R&D also have the early growth maturity and decline characteristics like general product life cycle. (3)The system has the optimal number of interactions. The smaller the number of operations, the more times you need to interact.

PPP Project Concession Period and Price Symmetric Adjustment Based on Credibility Theory

WANG Li-ping, ZHANG Pu, WANG Bo-quan, ZHANG Yan-ke

2018, 27(11):  115-121.  DOI: 10.12005/orms.2018.0263

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Due to the complexity of the cooperation mode, the key to ensuring successful implementation of a PPP project is the reasonable allocation of risk and profit between the private entity and the government. Considering the earning uncertainty during operation period, the flexible concession mode is more effective than the fixed concession mode in terms of solving the problem of regulation failure, and the forecasting error of demand is the key factor influencing the accuracy of forecasting revenue. To reduce negotiation costs and ensure the dynamic equilibrium of risks and benefits, this paper proposes a concession period-price adjustment model taking into account demand uncertainty based on the credibility theory of fuzzy mathematics. In this model, the forecasting error of demand is regarded as fuzzy variable, and the strategy of symmetric adjustment of the concession period and price is regarded as the decision variable; the expected return error under different combination, and the credibility distribution under positive earnings expectation can be derived through fuzzy simulation, so we can achieve feasible combinations. According to the case study, the model can effectively address the estimation influence on concession period incurred by demand uncertainty, provide a more scientific decision-making basis for determining reasonable combination of concession period and price adjustment by considering forecasting error of demand neglected in previous studies.

The Optimization Degree Evaluation of Energy Structure Base on the SPA-TOPSIS

Meng Fan-sheng, Zou Yun

2018, 27(11):  122-130.  DOI: 10.12005/orms.2018.0264

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The energy problem is not only related to political stability and social development, but also the basic impetus of economic growth. Energy structure plays an important role in regional low carbon economic development and environmental protection. The energy structure optimization in different regions of China is different. It is very important to analyze the causes of regional differences to improve the level of energy structure optimization in China. On the base of low-carbon energy development, this paper puts forward three dimensions, which are social and economic development, energy planning and environment. This study focuses on the factors of each dimension, constructs the evaluation index system of energy structure optimization degree, and evaluates the regional Energy structure optimization degree. The weight of the index is determined by using modified PSO algorithm. Based on the connectedness in the SPA method, the evaluation model of energy structure optimization using SPA-TOPSIS method is constructed. This paper builds the model to evaluate China’s 30 provinces and municipalities, and illustrates the rationality of the method. The empirical result shows that it is a good way to use ameliorated PSO algorithm to determine the weight of the energy structure optimization degree index. The proportion of clean energy consumption, the proportion of raw coal consumption and dust emission has a significant impact on the optimization of energy structure. The energy planning and environmental conditions have a significant impact on the evaluation of energy structure optimization degree. There are significant differences in energy structure optimization in different regions of China. The energy structure optimization of the East China is better than that of the West China.

Research on Consensus Problem of Peer Review in the Evaluation of Academic Papers

LI Lei, LI Fang

2018, 27(11):  131-136.  DOI: 10.12005/orms.2018.0265

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According to the principle of multiple attribute group decision making, the paper proposes a method, that is reciprocal judgment by peer experts to improve the consensus of peer review of academic papers in the article. On the basis of a separate review by each peer review expert, the editorial department will feed back each expert’s comments and results to other peer review experts and conduct mutual judgment. By this way, group consensus degree of each peer expert (accordingly, expert weights can be calculated) is gained. In this paper, the judgment preferences of peer experts are expressed in the form of interval number and mapped into two-dimensional coordinate plane. By introducing the Weber point, the judgment preferences of peer experts are aggregated. In this paper, the Plant Growth Simulation Algorithm(PGSA)is used to obtain the aggregation point. And the aggregation point is used as the basis for evaluation. Finally, this paper illustrates the effectiveness and feasibility of the method by giving an example of academic paper review and comparing with other method.

Measurement and Identification of Informed Trading Under Short-sell Constraint

WANG Su-sheng, XU Jing-xia, XIE Bing-lei

2018, 27(11):  137-146.  DOI: 10.12005/orms.2018.0266

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The classical model of the probability of informed trading assumes that traders can make short-sell freely based on private information. This assumption, however, is violated in China's stock market due to the short-sell constraints. Therefore, the prediction of classical model may not hold in China’s stock market. Considering the status quo of the stock market in China, we develop a SC-TPIN model by incorporating two short-sell constraint variables into the classical model, and test our model using security lending stocks with bad news. Our model is well supported by the data. Base on the SCTPIN value estimated by SC-TPIN model, we develop the informed trading identification indicator group by using low frequency trading data of our sample stocks. We also develop our informed trading identification system by discerning and comparing the informed trading type of our black and white samples using support vector machine, KNN and Logit algorithm, respectively. The results show that the identification accuracy of support vector machine algorithm is as high as 89%, capable of identification effectively. In this paper, we prove that the order flow information contained in our SC-TPIN model is consistent with the actual order flow information, and the identification accuracy based on the SC-TPIN value is higher than that based on the TPIN value, showing that our SC-TPIN model can more effectively measure informed trading of stocks with bad news in China’s stock market.

An FFT Method for Pricing Catastrophe Bonds with the Longstaff Interest Model Based on Guangdong Province’s Data

MA Zong-gang, ZHENG Jun, HUANG Jin-bo,YUAN Kun

2018, 27(11):  147-156.  DOI: 10.12005/orms.2018.0267

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A limited (and volatile) capacity of traditional reinsurance and retrocession markets can not satisfy the need for diversifying an increasing risk of extreme losses caused by value concentration and climate change. Against this background, an alternative risk transfer (ART) intends to provide additional (re)insurance coverage by transferring insurance risks to the capital market, which offers considerably higher capacities and can thus help satisfy the demand. One of the most prominent ART instruments is catastrophe bonds. Research on pricing of catastrophe risk bonds is not only of great practical significance and urgency, but also has an important academic relevance. Firstly, based on the risk-neutral measure approach, this paper derives a pricing formula of catastrophe bonds in a Longstaff model of the term structure with the hypothesis that the aggregate loss process follows a compound Poisson process. Furthermore, this paper estimates and calibrates the parameters of the pricing model using the loss data caused by storm surge disaster in Guangdong province coastal area with January 1989 - December 2015. As no closed-form solution can be obtained, this paper adopts a fast Fourier transform algorithm to find the numerical solutions for the price of catastrophe risk bonds. Finally, a numerical experiment is conducted to verify the feasibility of this pricing model. The objective of this paper is to provide a theoretical base and technical assistance for issuing China’s catastrophe bonds in the future.

Financing the Suppliers in Assembly System:Bank Lending vs Advance Payment

LI Yan-hai, GU Chao-cheng, DENG Shi-ming

2018, 27(11):  157-162.  DOI: 10.12005/orms.2018.0268

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To assemble the final product, an assembler needs sets of components, each produced by a different supplier. The assembler faces a random demand and purchases the components via a wholesale price contract from the financially constrained suppliers. Before demand is realized, the component suppliers, as Stackelberg leaders, simultaneously decide the wholesale prices for each component and then the assembler, as a follower, choose the order quantity. The suppliers can get financed by either bank loan or advance payment to mitigate the inefficiency caused by the capital constraint. In the bank loan case, the supplier’s profit function is nonsmooth due to the external financing premium and the equilibrium solution is derived by using the concept of subdifferential. The effect of suppliers’ capital constraint on the order quantity is illustrated intuitively in a figure. In the advance payment case, the performance of assembly system depends on the ratios of advance payment if they are exogenous. When the ratios of advance payment are determined by the suppliers, both the assembler and assembly system can obtain higher profit in the advance payment scheme than in the bank loan scheme.

Participation and Tunneling of Large Shareholders Motivating by Market Capitalization Management in the Process of Private Placement

JIAN Guan-qun,LI Bing-xiang

2018, 27(11):  163-175.  DOI: 10.12005/orms.2018.0269

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The market value of listed companies is influenced by both the intrinsic value and the external premium, so the interest motive and profit mode of large shareholders participating in the private placement need to be rediscovered in the context of market capitalization management. Focusing on the governance effect of market capitalization management, taking the influence of market capitalization management on the willingness of large shareholders participating in private placement as the starting point, with the help of internal capital allocation efficiency, this paper discusses the existence of tunneling in the two subscription modes and the effectiveness of market capitalization management. The results show that it is a positive correlation between the market capitalization management and the ratio of the subscription for new shares in the private placement with large shareholders. However, due to the existence of a more serious capital occupation, a higher degree of cash dividends and the use of asset pricing profit tendency after participating in the private placement for large shareholders, results in lower marginal capital allocation efficiency. Further studies show that market capitalization management can restrict the above tunneling behavior, its governance effect increases with the increase of ownership concentration and the institutional efficiency of private enterprise market capitalization management is more significant than that of state-owned enterprise. The conclusion provides a the oretical basis for corporate refinancing decisions and policy formulation by revealing the effectiveness of market capitalization management.

Management Science

Study on the Relationship between Foreign Trade and Foreign Capital and Economic Growth in Northeast China Based on Generalized Pulse

LU Yu-duo, DU Xiao-fei

2018, 27(11):  176-183.  DOI: 10.12005/orms.2018.0270

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As the bridge and link connected with other countries and regions, international business and economics has a very important position in international economic relations. Selecting representative indicators of international business and economics and economic growth, then choosing the indexes’ average growth of nearly 12 years as a starting point, this paper calculates and classifies foreign trade relative growth index(TGI) and foreign capital relative growth index(CGI) in Northest China through relative growth index model. The results show that the relative growing types of foreign trade and foreign capital in Northest China are entirely different. Further more, a comparative analysis between foreign trade growth and economic growth over the years indicates that there is high synchronism between them and foreign trade growth always acts as barometer. However, the same analysis between foreign capital growth and economic growth indicates that there is no obvious law and foreign capital growth has uncertainties and contingencies. Finally, generalized impulse response analysis shows that foreign trade and foreign capital both have significant effects on economic growth, but the extents are not the same. Variance decomposition of economic growth reflects contribution of each index. This article provides a new perspective for the study on the relationship among foreign trade, foreign capital and economic growth.

Research on Collusion between the Government and the Enterprise in Pollution Abatement

ZHANG Yan-bo, KOU Po, ZHANG Dan-ning, YU Qing-ya

2018, 27(11):  184-192.  DOI: 10.12005/orms.2018.0271

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To solve the environmental problems, the central government has formulated a series of environmental policies. However, in the process of implementation, the local government's behaviors decrease the implementation effect of Chinese environmental policies. Considering the dynamic change of pollutants, a Stackelberg differential game model is constructed to study the collusion between the local government and the enterprise in the process of pollution reduction. The analyses show that the degree of collusion between local governments and sewage enterprises is positively correlated with GDP preference of local governments, and negatively correlated with assessment of environmental performance. The different environmental responsibility systems have different effects on the collusion: if the local government is just responsible for the environment in the term of office, the local government may prefer to conspire with the enterprise; however, lifelong responsibility system can effectively restrain the collusion of the local government. The central government enhances the supervision and the cost coefficient of punishment can increase the collusion cost of the local government, which is the external constraint of the collusion between the local government and the enterprise. In order to restrain the impulse of the local government to collude with the enterprise, this paper puts forward some relevant advice: increasing the weight of environmental index in the achievement evaluation system of government, changing the traditional evaluation system, promoting the construction of the lifelong responsibility system for environment and implementing it actively; guiding the public to take part in the environment protection to make up for the lack of supervision from the central government; enlarging the punishment strength and combining the economic punishment with the political punishment to increase the cost of collusion between the local government and the enterprise.

Quality or Quantity—Corporate Technology Innovation and Business Performance

XU Bo-tong

2018, 27(11):  193-199.  DOI: 10.12005/orms.2018.0272

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This paper does an empirical study on how patent output affects business performance of innovative listed companies from 2006 to 2013. It has been found that the dramatic increase in the number of patents has a significant negative impact on business performance, while patent quality can improve business performance. Patent quality has a significant role in promoting high-tech enterprises, state-owned enterprises and companies in areas with well-protected intellectual property rights. Further research finds that patent quality affects the business performance by affecting the market power of the company in the product market. Finally, in order to improve the patent quality of enterprises, this paper proposes suggestions from the perspectives of the company and government departments.