Table of Content

25 January 2022, Volume 31 Issue 1

Previous Issue    Next Issue

Theory Analysis and Methodology Study

Bi-objective Optimization for Resource-constrained Project Scheduling Problem with Variable Duration

LIU Guo-shan, LIN Xin-yu

2022, 31(1):  1-7.  DOI: 10.12005/orms.2022.0001

Asbtract ( )   PDF (1154KB) ( )  

References | Related Articles | Metrics

In this paper we study a resource constrained project scheduling problem in which the duration of an activity is unknown and should be determined according to the project deadline and resource availability. In the classical resource-constrained project scheduling problem (RCPSP), the duration of an activity is often known and fixed, which limits the flexibility of project scheduling to some extent. Although the multi-mode resource-constrained project scheduling problem (MRCPSP) makes up for this shortcoming, the duration-resource combinations provided are fixed and limited, which may not guarantee the inclusion of the optimal one. Therefore, in this paper, neither the resource purchases nor the duration of each activity is a known priori and needs to be determined flexibly. A bi-objective time-cost trade-off model is established and a two-stage nested algorithm (NSGAⅡ-RS) is designed. The experiment shows that this scheduling method can effectively compress project makespan and it is a robust strategy.

Optimal OrderingPolicy for an Assembler with Two Types of Supply Uncertainties

JI Qing-kai, HU Xiang-pei, ZHAO Da

2022, 31(1):  8-13.  DOI: 10.12005/orms.2022.0002

Asbtract ( )   PDF (1068KB) ( )  

References | Related Articles | Metrics

For the complex components ordering problem of an assembler with two types of supply uncertainties (component 1 has uncertain production capacity and component 2 has random yield rate), using stochastic nonlinear programming, we present a multidimensional optimization model in which the object is to maximize the assembler’s expected profit. Under deterministic demand, the optimal ordering policyis characterized and sensitivity analysis is provided. We show that theassembler’s expected profit function is concave in a specific zone, in which the optimal ordering amounts are located. The ratio of two components’ optimal ordering amounts happens to be a constant, which depends on component 2’s random yield distribution and component 1’s production cost. We prove that improving component 1’s production capacity (stochastically) generally leads to increase in both components’ optimal ordering amounts. However, surprisingly, improving component 2’s random yield may lead to non-monotone changes in the components’ optimal ordering amounts. Numerical experiments are conducted to justify the model and to further explore the effect of supply uncertainties. Valuable management insights are generated to help the assembler in making ordering decisions and managing supply risks.

Multi-objective Optimization Model and Genetic Algorithm for Dynamic Berth Allocation Problem under Cargo Matching in Coal Terminals

TAI Shi-wen, SHANG Jian-ping, RAO Wei-zhen

2022, 31(1):  14-21.  DOI: 10.12005/orms.2022.0003

Asbtract ( )   PDF (2455KB) ( )  

References | Related Articles | Metrics

This paper puts forward a co-optimization of stocks-reclaiming and loading lines-berths-vessels model on dynamic berth allocation problem under cargo matching in coal terminals and the genetic algorithm in which a simulation and deduction strategy is used to decode. First, the multi-constrained and multi-objective optimization model is established with the multi-objective concerning minimizing the total time of vessels in the port and maximizing the rate of loading and some constraints including vessels, berths, stocks, reclaiming and loading lines, coals, loading principles and so on. Then, on the basis of summing up multi-objective optimization, genetic algorithm and simulation-deduction techniques, the genetic algorithm is designed including the improved coding and decoding with the simulation and deduction method, the way of chromosome generation with validity checking, the design of fitness, genetic operation and correction using multiple strategies. Finally, the actual numerical experiments and the successful application have shown that the solution has a high execution efficiency and satisfactory effect.

Preventive Maintenance Modeling and Operation Parameter Optimization for Series Production Systems with Intermediate Buffers

ZHOU Hong-ming, GAO Shun, ZHANG Xiang-lei, WANG Su-fen, HUANG Sheng-quan

2022, 31(1):  22-29.  DOI: 10.12005/orms.2022.0004

Asbtract ( )   PDF (1542KB) ( )  

References | Related Articles | Metrics

To ensure the throughput and improve the system reliability, a model for decision-making of preventive maintenance for series systems with buffers is presented. First, by analyzing the relationship between reliability of each execution unit of production line and operating parameters, a maintenance model considering the operating parameters of execution unit and buffer is established. On this basis,integrating the characteristics of series production lines, a multi-objective optimization model considering maintenance cost, effective operating speed and buffer capacity is established. Finally, a heuristic algorithm is constructed to solve the objective function, and the simulation of a serial packaging production line is carried out, and the results show that the presented model is effective and practical.

Evolutionary Game Analysis on Credit Market of Supply Chain Finance

WANG Xian-jia, GU Cui-ling, HE Qi-long, ZHAO Jin-hua

2022, 31(1):  30-37.  DOI: 10.12005/orms.2022.0005

Asbtract ( )   PDF (1508KB) ( )  

References | Related Articles | Metrics

The emergence and development of supply chain finance provide an effective way for the financing of medium and micro enterprises. Core enterprises, while providing credit guarantee for medium and micro enterprises, also supervise the production and other economic activities of medium and micro enterprises, so as to maintain the credit and benefits of all enterprises in the supply chain. This paper considers the interaction between the participants of supply chain finance, and constructs an evolutionary game dynamic model of the tripartite game subject of “financial institutions-core enterprises-medium and micro enterprises”. Evolutionary game theory and Lyapunov stability discriminant method are used to analyze the equilibrium point and asymptotic stability of the dynamic model of evolutionary game. The conclusions show that the higher the expected returnthe medium and micro enterprises obtain and the greater the cost of default is, the less easy it is to breach contract.The supply chain in the financial system will evolve to the stage where financial institutions provide loans for medium and micro enterprises, for which the core enterprise guarantees, and medium and micro enterprises choose not to default, thus credit markets being in good shape.

Stability Analysis of Tripartite 2×2×2 Asymmetric Evolutionary Game

MA Ben-jiang, JIANG Xue-hai

2022, 31(1):  38-45.  DOI: 10.12005/orms.2022.0006

Asbtract ( )   PDF (1439KB) ( )  

References | Related Articles | Metrics

In view of the insufficient stability research of the current tripartite evolutionary game, a generalized three-dimensional dynamic system is constructed by using the replication dynamic equation. Firstly, the evolution trend of the single-group strategy is discussed, and then the system is analyzed according to the Lyapunov stability theory. With the gradual stability and combination of the evolutionary trend of single-group strategies we have made an in-depth study of system stability. The research shows that the strict pure strategy Nash equilibrium is ESS, the non-strict pure strategy Nash equilibrium is linear strategy convergence (custom concept), and all types of hybrid strategy Nash equilibrium are saddle points, which jointly divides the attraction domain of ESS and proves zero. The eigenvalue non-ESS theorem and the ESS non-co-edge theorem, on this basis, give the most number of ESS in the N-dimensional dual-strategy system. Finally, and six sets of classical examples are designed. Firstly, the examples are analyzed with the research results. Then the system simulation is carried out on the examples. The simulation results are consistent with the theoretical analysis, which provides reference and inspiration for the further study of evolutionary games.

Research on Environmental Governance and Supervision Strategy of Rare Earth Mining Area Based on Game Theory

WANG Xiu-li, ZHANG Zhe-yuan, LI Heng-kai

2022, 31(1):  46-51.  DOI: 10.12005/orms.2022.0007

Asbtract ( )   PDF (1232KB) ( )  

References | Related Articles | Metrics

In view of the complexity of environmental governance in rare earth mining areas, this paper establishes a dynamic evolutionary game model between local governments and rare earth enterprises, analyzes the evolutionary stability strategies and influencing factors of both parties in different situations, and carries out numerical simulation with MATLAB. The research shows that the regulatory cost of local governments, the reward and punishment policies for rare earth enterprises when implementing environmental regulations, the pollution control cost of rare earth enterprises and the additional income during illegal mining would affect the evolutionary stability strategy of local governments and rare earth enterprises, and reduce the regulatory cost of local governments The pollution control cost of rare earth enterprises would guide the evolutionary stability strategy of both sides of the game to {strict supervision and legal mining}, so as to promote the sustainable development of the mining area environment.

Pricing Decisions of Ride-hailing Platform Considering Demand Fluctuation and Differentiated Service under Different Price Modes

SUN Zhong-miao, XU Qi

2022, 31(1):  52-60.  DOI: 10.12005/orms.2022.0008

Asbtract ( )   PDF (1618KB) ( )  

References | Related Articles | Metrics

This study focuses on the optimal pricing problem of two ride-hailing brands on a single platform. Considering the differentiated service quality and market demand fluctuation, the ride-hailing dynamic models under dynamic price, differentiated price and static price modes are established respectively, and the conditional extreme values of multivariate functions and functionals are used to obtain the optimal pricing strategies of two ride-hailing brands. The results show that the optimal dynamic price and differentiated price both change monotonically with the duration of demand fluctuation, but not monotonically in the static price. In addition, when the differentiated service increases, the optimal prices of the two ride-hailing brands will be all increased, but high-quality brand will have a higher increase in price. When the fixed commission return rate increases, the optimal prices will be all increased, but the brand with larger marginal loss costs will have a higher increase in price. Finally, a comparison and sensitivity analysis of platform profits under different price modes is carried out through numerical simulation, which finds that the profits under the three price modes will have little difference when the market demand is stable.

Research on Decision-making Behavior Evolutionary among Governments、 Coal Mining Enterprises and Workers under the Background of Safety Production

TENG Yun, LIU lei, CHEN Xin-lin, YU Zhi-gang

2022, 31(1):  61-67.  DOI: 10.12005/orms.2022.0009

Asbtract ( )   PDF (1285KB) ( )  

References | Related Articles | Metrics

Safety production is very important to coal mining enterprises. The research incorporates the government, coal mining enterprises and employees into the evolutionary game model, to explore the game relationship and evolution path of decision-making among the three stakeholders in safety production. The research shows: The evolution of the decision-making behavior of the government, coal mining enterprises and employees to an ideal state is affected by many factors, and the value range of different factors has a differentiated influence on the convergence speed of the three stakeholders to the ideal state; When certain conditions are met, the decision-making behavior of the three stakeholders can evolve into an ideal state, and effective government supervision can promote the transformation of enterprises from punishment to incentive safety management mode, and the incentive safety management model can effectively motivate employees’ safety initiative behaviors.It is expected to provide useful suggestions for the government to make safety supervision decisions,enterprises to transform safety production management models, and employees to stimulate safe and proactive behavior.

Moral Hazard of the Reverse Commerce Provider

CHU Xiang, WANG Rui, YU Hong-lei

2022, 31(1):  68-74.  DOI: 10.12005/orms.2022.0010

Asbtract ( )   PDF (1245KB) ( )  

References | Related Articles | Metrics

The business pattern of reverse commerce improves the performance of used-product buyback a lot. However, the lack of customer trust brings reverse commerce providers into the dilemma of frequent price renegotiation. To solve the problem, we investigate whether cheating makes the provider better off. This paper considers the transaction in which a provider buys back two grades of used products. A customer may underestimate or overestimate the grade of his product. The provider always picks out the customer’s overestimation error, but a moral hazard may happen as to the customer’s underestimation error. To avoid the risk, customers may select the grade adversely. Using the Stackelberg game model, we explore order submission decisions of the customer and optimal moral hazard probability decisions of the provider. The results show that the reverse commerce provider is not always dishonest. It depends on both the quality profile of used products and the renegotiation cost of buyer and seller. Our findings provide helpful managerial insights for the policymaker to supervise online reverse commerce.

Emergency Distribution Center Location Model And Application Based on The Grid Management Perspective

QU Chong-chong, WANG Jing, YU Jia-hao

2022, 31(1):  75-79.  DOI: 10.12005/orms.2022.0011

Asbtract ( )   PDF (1063KB) ( )  

References | Related Articles | Metrics

The demand prediction of emergency resources and the reasonable location of emergency distribution center are the key to realizing efficient rescue afterdisastersoccur.The emergency rescue process canbe divided into multiple stages through information updating from the perspective of grid management and the simultaneous development of rescue information collection and rescue prediction is realized during the rescue process. A multi-stage time-constrained location selection model of emergency relief supplies distribution is established. With the help of genetic algorithm (NSGA-II), the multi-objective programming solution based on independent coding structure and interrelated paths is realized. The decision model and algorithm in this study have better search and optimization ability, which is of guiding significance to the actual rescue.

A Two-stage Decision-making Method for Typhoon Disaster Prevention and Emergency Response

CHEN Gang, ZHOU Peng-yang, FU Jiang-yue

2022, 31(1):  80-86.  DOI: 10.12005/orms.2022.0012

Asbtract ( )   PDF (1067KB) ( )  

References | Related Articles | Metrics

With respect to the emergency decision-making problem for typhoon disaster with uncertain scenario predictions, a two-stage decision-making method which considers both the prevention and emergency response actions is proposed. Firstly, the risk aversion behavior of decision makers is considered, and the most desirable emergency response action concerning each prevention action and each scenario is determined by calculating the utility of each emergency response action. Secondly, the regret aversion behavior of decision makers is considered, and the regret-delight values for pairwise comparison of prevention actions are calculated. Then, the interval probability of uncertain scenarios is converted to point probability by maximum entropy method. Further, the comprehensive regret-delight value and the ranking value of each prevention action are calculated. Moreover, the most desirable prevention action of the first stage and the emergency response action corresponding to each disaster scenario of the second stage can be determined. Finally, the feasibility and effectiveness of the method are demonstrated by a numerical example and comparative analysis.

Solving Multi-flexible Job-shop Scheduling Problem by Discrete Backtracking Search Algorithm

DONG Hai, XU Xiao-peng

2022, 31(1):  87-91.  DOI: 10.12005/orms.2022.0013

Asbtract ( )   PDF (1516KB) ( )  

References | Related Articles | Metrics

Considering multi-skilled workers and the flexibility of machines and operations, a model is built. An integer coding and a discrete backtracking search algorithm based on Pareto set is proposed. Firstly, a method of improving the historical population is proposed to better guide evolution; secondly, at the mutation and crossover stage, the genetic crossover operators are used to replace the origin algorithm structure in the backtracking search algorithm; thirdly, to ensure better solutions to be retained, the current population is refreshed based on fast non-dominated sorting. Finally, effectiveness and feasibility of the algorithm is tested in a calculation example constructed.

Chaos Genetic Simulated Annealing Algorithm for the Open Multi-depot Split Delivery Vehicle Routing Problem

FAN Hou-ming, XU Zhen-lin, LI Yang, YANG Xiang

2022, 31(1):  92-98.  DOI: 10.12005/orms.2022.0014

Asbtract ( )   PDF (1502KB) ( )  

References | Related Articles | Metrics

Considering the transportation mode of customer demand to be split, the distribution system with multiple depots and the vehicle can return the nearest depot, the mathematical model finding out of minimal sum of depots’ daily construction cost, vehicles’ fixed cost, tally cost and energy consumption cost is formulated. According to the characters of problem, the chaos genetic simulated annealing algorithm is designed to solve it. The effectiveness of the chaos genetic simulated annealing algorithm to solve this problem studied in this paper is verified by instances on different scale and different types.

Online Customization Strategy of Manufacturer under Dual Channel Mode

ZHANG Qi, LIU Yang, FAN Zhi-ping, LI Shuang

2022, 31(1):  99-106.  DOI: 10.12005/orms.2022.0015

Asbtract ( )   PDF (1250KB) ( )  

References | Related Articles | Metrics

With the rapid development of e-commerce and information technology, an increasing number of manufacturers sell products in both traditional retail channel and online channel. The online channel provides convenient information collection method and sales opportunities for manufacturer to adopt customization strategy. However, adopting customization strategy in online channel may affect the sales of standard products. It will lead to the changing of distribution structure of consumers in the market and affect the profits of the manufacturer and retailer. In this paper, we conduct an analysis of the manufacturer that adopts online customization strategy when it offers standard products in traditional retail channel and online channel. We will develop the manufacturer and retailer profit maximization model separately and obtain the equilibrium results if the manufacturer does not offer the online customization products and otherwise. By examining and comparing optimal decision of the manufacturer and retailer in both cases, some meaningful findings are obtained. When the marginal production cost of standard product is relatively large and the cost of adopting customization strategy is relatively low, adopting online customization strategy is more beneficial to the manufacturer; and the wholesale price and retail price of the standard product increase and the profit of retail decreases when the manufacturer adopts online customization strategy. The motivation of manufacturer offers customization products decreases as the unit production cost of customized product increases and increases as the fit cost of consumer increases.

A Multi-scale Carbon Price Forecasting Model withLocal Regression Approach

QIN Quan-de, HUANG Zhao-rong, HUANG Kai-shan

2022, 31(1):  107-114.  DOI: 10.12005/orms.2022.0016

Asbtract ( )   PDF (1174KB) ( )  

References | Related Articles | Metrics

The carbon price exhibits non-linear and non-stationary characteristics. It is a challenging task to accurately predict the carbon price. Based on the framework of “divide and conquer”, a multi-scale carbon price forecasting model based on local regression is proposed. The ensemble empirical mode decomposition (EEMD) is used to decompose the original carbon price time series into several simple components. Motivated by the fully local characteristics of a time series decomposed by EEMD, the local regression methods are adopted to forecast each component. The forecasting results of components are aggregated to obtain the final results. The localregression methods include local linear regression (LLP), local polynomial regression, local ridge regression, local principal component regression, local partial least squares regression, and local lasso regression. The two-carbon market futures price time series of the European Climate Exchange are selected as samples. The experimental results show that the proposed multi-scale forecasting model based on local regression performs effectively. Note that the EEMD-LLP model has a simple structure and shows better performance. Further analyses are implemented for the adaptability of parameters of the EEMD-LLP model. We compare EEMD-LLP with the newly-proposed methods, demonstrating the effectiveness of the EEMD-LLP model for carbon price forecasting.

Application Research

Study on the Supplier’s Credit Sale Strategies under Factoring Credit When Bankruptcy Costs Exist

TIAN Chun-ying, CHEN Dong-yan, CHEN Zhao-bo, ZHANG Ding

2022, 31(1):  115-122.  DOI: 10.12005/orms.2022.0017

Asbtract ( )   PDF (1197KB) ( )  

References | Related Articles | Metrics

Considering the bankruptcy costs, this paper establishes a quantitative model to study a factor’s optimal line of credit and a supplier’soptimal credit saleamount under factoring credit. The results show that the factor will offer a line of credit if only the factoring fee is no less than a critical level. In the case that the factoring fee is high enough, the factoring finance will be efficient for the supplier to make credit sale to his downstream customer within the credit line checked by the factor. Otherwise, the supplier’s credit sale may exceed the line. In this situation, there exists a threshold such that if the fixed bankruptcy cost is aboveit, then the supplier’s credit sale amount will always be lower than a certain upper limit. The devotion of factoring to the supply chain lies in its risk sharing function. However, if the fixed bankruptcy cost is below the threshold, the supplier’s credit sale amount will always be higher than a certain lower limit, and the supply chain tends to utilize the financing function of the factoring.

Expectation Function and Clustering Combination Model with Application in Formulating the Standards of Single Equipment Maintenance Funds

XIAO Bin, LIU Chang, WU Jie, WANG Wei-jie

2022, 31(1):  123-127.  DOI: 10.12005/orms.2022.0018

Asbtract ( )   PDF (1025KB) ( )  

References | Related Articles | Metrics

The single equipment standard in equipment maintenance management expenditure is an importantreference for the daily maintenance of the equipment. How to reasonably formulate single-equipment measures is the main problem in the current standardized management of equipment maintenance expenses. In response to this problem, this paper proposes a quantitative analysis strategy for the formulation of single-equipment expenditure standards based on meeting the troops’ actual needs. Based on the clustering method, the original data is processed, and the concept of expected standards is introduced to establish a unit satisfaction function for the expected standards. Finally, the optimization goal is solved by a particle swarm algorithm. The research results show that the method in this paper is suitable for analyzing large-scale data, and has excellent scalability. Simultaneously, it can plan the single-equipment standard combination according to the importance of equipment, and optimize the current single-equipment standard determination mode with qualitative analysis as the primary method.

Network Interdiction: Emerging Research Topics and Progress

XIANG Yin

2022, 31(1):  128-134.  DOI: 10.12005/orms.2022.0019

Asbtract ( )   PDF (1021KB) ( )  

References | Related Articles | Metrics

Network interdiction, improving the traditional network optimization theory by further considering game problems in network optimization, has gradually become an academic research frontier. This paper reviews the literature on network interdiction from four aspects:model construction, solution algorithms, application and innovations. Furthermore, it also points out current research limitations, suggests more research efforts on potential hot topics, and emphasizes the necessity and importance of certain research areas.

Evolutionary Process Model and Scenario Simulation Analysis of NIMBY Conflict Based on Stochastic Petri Nets-A case study of MSW Incineration Power Plant

QUAN Xiong-wei, ZUO Gao-shan

2022, 31(1):  135-141.  DOI: 10.12005/orms.2022.0020

Asbtract ( )   PDF (1594KB) ( )  

References | Related Articles | Metrics

In the process of China’s urbanization, the NIMBY conflict caused by the location and construction of some infrastructure has occurred from time to time. Based on the grounded theory and multi-case study, the main factors affecting the evolutionary process of the conflict are extracted, on this basis, and the structured description method is used to construct the systematic diagram of the conflict. Then the stochastic Petri network is introduced to model theprocess of the conflict, and the following is the scenario simulation analysis of the factors. The results show that: unilateral decision-making of the government, organized planning of the opinion leader and the spread of negative information related to facilities can easily lead to negative emotion and resistance of the surrounding residents. Compromise of the government is helpful to appease the conflict, but will make the surrounding residents to form a negative perception of the government, higher perception of the risk and distrust of the government. The ineffective risk communication of the government may lead to the escalation of the conflict, but can reduce the surrounding residents’ distrust and risk perception.

Modeling of Double Marginalization between the Power Plant and the Power Grid under the Water Resources Tax

WU Zhi-qiao, NIU Yu-chao, KANG Ya-ling, TANG Jia-fu

2022, 31(1):  142-148.  DOI: 10.12005/orms.2022.0021

Asbtract ( )   PDF (1977KB) ( )  

References | Related Articles | Metrics

The paper establishes the sequential game model considering the water resourcestax based on the background of the double marginalization caused by the policy of “plant-net separation”.Under the background of “plant-net separation”, the impact of water resources tax on the optimal decision-making of the game participants (power plants, power grids) and the efficiency of the supply chain are discussed. The main factors affecting on-grid tariff and supply chain efficiency are investigated.The conclusion shows that the reduction of the water resources tax will negatively affect the optimal power price of power plants, which in turn will promote power sales of power plants and increase their net profit, and ultimately weaken the double marginalization and improve the efficiency of the supply chain. In addition, this paper uses numerical examples to verify the main research findings.

Pricing Strategies for Online Car-hailing Platforms with Order Cancellations

GUO Min, LI Xiao-nan

2022, 31(1):  149-154.  DOI: 10.12005/orms.2022.0022

Asbtract ( )   PDF (1304KB) ( )  

References | Related Articles | Metrics

In view of the mismatch between supply and demand in the transportation market, this paper considers the cancellation behavior of customers after booking an order on the online car-hailing platform. With the goal of maximizing platform profits, we first establish a passenger selection model to calculate the probability of customer cancellation, and then construct profit model with high demand and low demand to solve the optimal pricing of the platform. Studies have shown that the establishment of appropriate penalty rules can effectively reduce the probability of canceling orders and increase platform profits. The optimal pricing increases with the improvement of service quality. During the off-peak period of taxi-hailing, the platform can increase the profit of the platform by improving the service quality. The optimal pricing of the platform during off-peak hours decreases with the increase of taxi fares, while the peak pricing strategy is less affected by taxi fare.

Efficiency Evaluation of Two Stage Production System Based on Non-cooperative Game ——under Perspective of Natural and Managerial Disposability

CHEN Fan, YAO Wei-xin

2022, 31(1):  155-161.  DOI: 10.12005/orms.2022.0023

Asbtract ( )   PDF (1176KB) ( )  

References | Related Articles | Metrics

In order to identify the difference in production systems efficiency between companies’ passive adaptation to the environment and actively adapt to the environment, this article is based on the master-slave non-cooperative framework to establish the two-stage production system efficiency evaluation models from the perspectives of natural disposability and managerial disposability. The models consider the expectations of decision makers. Then the efficiency of industrial production systems in 24 provinces and cities in China in 2017 is analyzed. The result shows:Under the two environmental adaptation strategies, the average efficiency of the two subsystems of industrial production in 24 provinces and cities in China is relatively high, mainly distributed in eastern China. The 24 provinces and cities have relatively small technological gaps under the natural disposability mode, and large technological gaps under the managerial disposability mode. The focus of technological innovation in 24 provinces and cities is to reduce the discharge of industrial waste water and industrial waste gas, but insufficient attention have been paid to the reduction of general industrial solid waste. The causes of the inefficiency of industrial solid waste treatment in various provinces and cities include three methods: ineffective solid waste reduction, solid waste reuse and solid waste disposal at the same time, and mixed ineffectiveness.

Analysis of Supply Chain Financial Credit Granting Based on Highway Capacity Credit Structure

XU Li-li, SUN Jie, LI Xin-yi

2022, 31(1):  162-168.  DOI: 10.12005/orms.2022.0024

Asbtract ( )   PDF (1080KB) ( )  

References | Related Articles | Metrics

Starting from credit, firstly, this paper analyzes the elements of increasing credit of supply chain finance(SCF), and the credit structure composition of highway transportation capacity, constructs the specific indicators of principal credit, transaction credit and regulatory credit, and clarifies the relationship among the three factors and the credit line of SCF. Secondly, on the basis of financing self-compensation, the basic value of the credit ratio and the impact of regulatory credit on the basic value are determined by analyzing the composition and statistical data of highway transportation capacity costs. Based on the characteristic that the logistics enterprises’ goods volume obeys the normal distribution, the impact of highway transportation freight revenue and transaction credit on freight revenue is simulated.Finally, combining with the two models, a credit line model is constructed which is subject to the constraint test of cash flow of principal credit, and a case study is made on the risk preference of financial institutions for risk aversion.

Newsboy Problem and its Evaluation Mechanism under the Situation with Imperfect Quality

LI Wei-sheng, CHEN Jie, CHEN Zhi-xiang

2022, 31(1):  169-175.  DOI: 10.12005/orms.2022.0025

Asbtract ( )   PDF (1131KB) ( )  

References | Related Articles | Metrics

Under the situation with imperfect quality, we consider the newsboy problem with the demand that is dependent on quality level. In this paper, the dynamic evolution process of the relationships between quality level and demand is characterized by Markovian theorem, and a new optimization model and its decision-making mechanism for stochastic inventory system are proposed by the theoretical framework of newsvendor model with the imperfect quality. Moreover, the fundamental properties in the stochastic process such as first-arrival, ergodicity and irreducibility are used to construct the robustness and evaluation mechanism of profit in the operation and management process for the stochastic inventory system. The relevant conclusion in the model shows that under the situation with imperfect quality, retailer’s optimal order quantity is determined on the transition probability of each quality status, and if a stochastic process derives from fluctuation of quality level which is a ergodic irreducible Markov chain, the decision-making mechanism in the inventory system has a good robustness.

Research on Project Portfolio Selection Based on Financing

LI Xing-mei, WANG Li, ZHAO Qiu-hong

2022, 31(1):  176-182.  DOI: 10.12005/orms.2022.0026

Asbtract ( )   PDF (1028KB) ( )  

References | Related Articles | Metrics

This paper develops a new model for project portfolio selection problem, where investment and financing are considered for the first time. Enterprises are allowed to adjust the value of budget. If the financial resource available at the beginning of each time period can not support the project execution, enterprises are allowed to raise additional external capital to satisfy the actual demand. Given that enterprises will pay a price due to the occupation of capital, the economic effect of repayment to project portfolio is introduced into the model. Considering that the new model is a non-linear, this paper provides an equivalent formulation of the new model, and then gives theoretic proof. Finally, through the analysis of actual business examples, the conclusions are drawn: 1)The investment and financing strategy can bring higher returns to the enterprise; 2)The factors related to financing have a very significant impact on the economics of the portfolio.

Research on Fuzzy Portfolio Model with Investors’ Heterogeneous Beliefs and Objective Priorities

JIN Xiu, LI He

2022, 31(1):  183-189.  DOI: 10.12005/orms.2022.0027

Asbtract ( )   PDF (971KB) ( )  

References | Related Articles | Metrics

According to non-statistical uncertainty and insufficient historical data in security return forecasts, fuzzy set theory has been applied in the past decades to build portfolio selection models. Investors with heterogeneous beliefs usually build a portfolio to achieve multiple investment objectives with different priorities. Considering the fuzzy uncertainty of security markets and the feature of investors’ fuzzy decisions, a fuzzy multiple objective portfolio model with heterogeneous beliefs of investors and the priority among objectives is built, in which the investment return, downside risk and liquidity are formulated as fuzzy investment objectives. Further, based on main board, medium and small-sized board and growth enterprise board in the stock market, the CPT-TOPSIS interactive algorithm is used for empirical analysis. It is found that optimistic, rational and pessimistic investors prefer different priorities among return, risks, and liquidity goals, resulting in differences between the asset allocation structure, optimal decisions and investment performance. Optimistic investors prefer the portfolio with the highest return priority which obtains the best performance. Rational investors prefer the portfolio with the highest liquidity priority and pessimistic investors prefer the portfolio with the highest downside risk priority. The results show that the fuzzy multiple objective portfolio model can meet the differentiated needs of different investors for trading off multiple goals and outperform the benchmark random portfolios. The findings can be used as a reference for investors’ investment decisions and as an effective tool for risk management of stock equities.

Outside Blockholders’ Exit Threats and Investment Efficiency: Theoretical Model and Empirical Research

KANG Yan-ling, WANG Man, CHEN Ke-jing, CAO Shuai-ying

2022, 31(1):  190-195.  DOI: 10.12005/orms.2022.0028

Asbtract ( )   PDF (957KB) ( )  

References | Related Articles | Metrics

The role of outside blockholders in corporate governance has always been the focus of academic and practical circles. Taking exit threat as a starting point, this paper investigates the mechanism of external major shareholders’ influence on enterprise investment decisions. The empirical result shows that: (1)The outside blockholders’ exit threat effectively promotes the corporate investment efficiency, and one standard deviation plus in exit threat increases 3.941% of investment efficiency. (2)The governance effect of outside blockholders’ exit threat is mainly dependent on management’s concerns about the risks of its own holdings of wealth and pledge of stock rights. (3)Long-term outside blockholders’ exit threat plays a more significant role in governance, while short-term outside blockholders' exit threat does not play a significant role.

Study on Partial Sequence Assessment of Financial Performance of Commercial Banks

CHEN Liang, LIU Xin-hui, LI Chun-you

2022, 31(1):  196-201.  DOI: 10.12005/orms.2022.0029

Asbtract ( )   PDF (1067KB) ( )  

References | Related Articles | Metrics

In order to improve the level of financial performance of commercial banks and meet the information needs of stakeholders, from the perspective of income, risk and development, this paper constructs the financial performance evaluation index system of commercial banks in the four dimensions of “profitability”, “security”, “liquidity” and “sociality”, and uses the partial ordering set evaluation method to evaluate the financial performance of 15 sample commercial banks in 2017.The results of financial performance ranking and HASSE chart show that the sample commercial banks at the higher level have better financial performance, better profitability, security, liquidity and strong development ability; the sample commercial banks at the lower level have worse financial performance, profitability, security, liquidity and weak development ability. The partial ordering set evaluation method overcomes the problem of accurate weighting of evaluation index. The obtained HASSE chart shows the stability of financial performance ranking and the overall market competition pattern of sample commercial banks intuitively, which has the advantages that other evaluation methods can not match.

Can Leverage Ratio of Local Financing Platform Affect the Performance of City Commercial Banks? ——An Empirical Analysis Based on SYS-GMM and Threshold Model

KONG Wei, HU Wen-xiu, ZHOU Chao

2022, 31(1):  202-208.  DOI: 10.12005/orms.2022.0030

Asbtract ( )   PDF (962KB) ( )  

References | Related Articles | Metrics

Based on the panel data of 30 provincial administrative units in China from 2006 to 2017, this paper uses threshold effect model to analyze the relationship between leverage ratio of local financing platform and performance of city commercial banks. This paper not only confirms that the leverage ratio of local financing platforms increases the performance of city commercial banks as a whole, but also finds that the leverage ratio of local financing platforms has a significant non-linear “double threshold” effect on the performance of city commercial banks. The impact of different local financing platforms leverage ratio on the performance of city commercial banks shows a trend of first increasing and then decreasing, which is shown as “inverted U”. type structural characteristics. The results show that it is necessary to adjust the leverage ratio of local financing platforms in time to alleviate the pressure on the performance of city commercial banks.

Risk-taking of CEO under Equity Incentive and Optimal Contingent Compensation Package

GAN Liu, YANG Zhao-jun

2022, 31(1):  209-215.  DOI: 10.12005/orms.2022.0031

Asbtract ( )   PDF (1409KB) ( )  

References | Related Articles | Metrics

Equity-based compensations lead to CEO’s myopia and risk-taking behavior and “inside debt” is an effective program to solve this problem. Although contingent compensation has been introduced to solve these problems, how to design effective contingent compensation lacks the corresponding theoretical support. For this reason, this paper utilizes the theory of corporate finance and the method of financial engineering to design the contingent compensation. We show that the designed contingent compensation can overcome the shortcomings of the equity-based compensations. Using dynamic programming method, we derive explicit values of all the securities. Developing principal-agent model, we get a sufficient condition of incentive compatibility. We provide numerical analysis of the contingent compensation. The analysis shows that risk-taking behavior of CEO can be mitigated by introducing the contingent compensation. CEO will be more concerned about the general welfare of the community, and the long-term developmentofcorporate.

Management Science

Research on Product Information Diffusion on Social Networking Platform by Integrating Two-Stage Process Model and Improved Bass Model

TANG Zhong-Jun, HAN Zhong-Ya

2022, 31(1):  216-223.  DOI: 10.12005/orms.2022.0032

Asbtract ( )   PDF (1326KB) ( )  

References | Related Articles | Metrics

This paper proposes and illustrates a product information diffusion model on a social network platform that integrates two-stage process model and improved Bass model. The two-stage process model of product information diffusion is established by considering the user’s forwarding motivation; the Bass model is improved by considering the user’s interest attenuation effect; and the product information diffusion model is proposed by combining the two-stage process model and the improved Bass model. The diffusion model is illustrated with diffusion data from movie trailers released by Sina Movies from November to December 2019, and the results are compared with the Bass model results. The results show that both user forward motivation and user interest attenuation effect have significant effects on product information diffusion; and the model are better than the Bass model in prediction accuracy and goodness of fit. The proposed model can be used to predict the forwarding amount of other information with different forwarding motivations and attenuation effects, and is especially suitable for the prediction of forwarding amount before and at the early stage of product information release, which is a supplement to the information diffusion model.

Research on Knowledge Sharing of Industry-University-Research Collaborative Innovation under the Influence of Delay Effect

GUO Da-wei, DAI Geng-xin, MA De-qing

2022, 31(1):  224-231.  DOI: 10.12005/orms.2022.0033

Asbtract ( )   PDF (1421KB) ( )  

References | Related Articles | Metrics

In the knowledge sharing system of industry-university-research collaborative innovation composed of universities and enterprises, a dynamic differential model based on double delay effect is constructed considering the influence of delayed effect on members’ knowledge sharing strategies. By using the maximum principle, the optimal knowledge sharing strategy, the optimal profit and the knowledge level of the system are obtained. The study finds that the existence of delay time has a negative effect on the knowledge sharing strategies of universities and enterprises, and is lower than the situation of immediate effects; Centralized decisions are not always better than decentralized ones. When the two delay times meet certain conditions, the centralized decision is the best choice; otherwise, the enterprises of both sides will pursue the maximization of their own interests and choose the decentralized decision. Under decentralized decision-making, only when the profit distribution ratio reaches a certain level will enterprises be willing to provide subsidies for colleges and universities. In addition, when the delay time of knowledge sharing in universities increases, enterprises will increase the subsidy proportion. The higher the proportion of subsidy, the higher the level of knowledge sharing in universities, but it has no influence on the strategy of knowledge sharing in enterprises.

Study on the Influence of Union-Enterprise Relation Modes on the Performance of Enterprises of Different Scales: A Multi-agent-based Simulation Model

CHEN Wei, HU En-hua, SHAN Hong-mei, ZHANG Long

2022, 31(1):  232-239.  DOI: 10.12005/orms.2022.0034

Asbtract ( )   PDF (1556KB) ( )  

References | Related Articles | Metrics

Union-Enterprise Relation Modes (UERMs) in China are divided into three types: confrontation, cooperation and negative following. We build a multi-agent simulation model to study the influence of three kinds of UERMs on enterprise performance and discuss the dynamic evolution mechanism of enterprise performance in different enterprise scales. The results show that: (1)the smaller the enterprise scale, the higher is both the fluctuation and frequency of the employee input level and enterprise performance, and the more unsteady in the three relation modes is the enterprise; (2)the larger the enterprise scale, the longer is the time lag of the short period of high performance in the initial stage of enterprise performance under the negative following UERM; (3)in the same enterprise scale, the enterprise performance under the cooperation UERM is better than the negative following UERM, and the enterprise performance in the confrontation UERM is the weakest; (4)the larger the enterprise scale, the more prominent is the superiority of the cooperation UERM. The conclusions can provide constructive inspirations for the development of UERMs and the improvement of enterprise performance.