Table of Content

25 August 2022, Volume 31 Issue 8

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Theory Analysis and Methodology Study

Game Analysis of Raw Material Recycling and Organic Fertilizer Production Supply Chain Considering Government Subsidies

CHEN Jia-qi, ZHAO Qiu-hong, JIN Jie

2022, 31(8):  1-6.  DOI: 10.12005/orms.2022.0243

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Protecting environment is an important duty of the government. In order to reduce the environmental pollution caused by breeding industry, the study considers the manure recycling-organic fertilizer production supply chain consisting of farmers, manufacturer and market under the government subsidies policy, establishes the farmer-manufacturer game decision model and the supply chain-government decision game model, gives the expression of the optimal solution and analyzes the influencing factors of farmers' income, manufacturer's income and government expenditure. The results show that under the subsidy policy, the income of farmer and manufacturers increases, and the government's expenditure can be effectively reduced. In addition, the results also show that it is better for the government to directly subsidize manufacturers. This paper puts forward the supply chain operation and optimization strategy considering environmental protection and government subsidies. The research conclusion has certain guiding significance for relevant enterprises to improve their income and government departments to formulate subsidy policies.

Research on Differential Game of Low Carbon Supply Chain Considering Government Subsidy and Lag Effect

ZHUO Si-qing, HAN Xue

2022, 31(8):  7-14.  DOI: 10.12005/orms.2022.0244

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Considering the time lag effect of technology, a differential game model of government, manufacturer and retailer is constructed under the government's low carbon subsidy policy. The optimal decisions of manufacturer adopting far-sighted strategy and short-sighted strategy are analyzed under decentralized decision. The results are compared with the case of centralized decision making. The lag effect is negatively correlated with the optimal subsidy ratio of the government. Manufacturers' short-sightedness does not necessarily hurt earnings. If the lag time exceeds a certain threshold, enterprises will not invest in low-carbon technologies; Under centralized decision, the effort level, emission reduction stable value and goodwill stable value of supply chain enterprises are higher than decentralized decision, but when certain conditions are met, the supply chain profit of centralized decision will be lower than decentralized decision.

An Evolutionary Game Analysis of Knowledge Sharing, Difficult Pressures and Compensation Mechanism

SONG Fang, ZHANG Zai-sheng

2022, 31(8):  15-21.  DOI: 10.12005/orms.2022.0245

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In the view of the multiple pressures from the organizational environment, this paper studies the evolutionary game processes by building a model of knowledge sharing, difficult pressures and compensation mechanism. By solving replicator dynamics equation and Jacobian matrix, and conducting simulation,we find that time pressure and peer pressure are significant to knowledge sharing; time pressure has a negative impact on knowledge sharing by affecting the time cost of the sharer, while peer pressure has a positive impact on knowledge sharing by enabling the sharer to gain peer group identification; compensation mechanism can improve knowledge sharing effectively; the initial states of the system plays a crucial role in the evolutionary process. Finally, the practical implications are discussed.

Differential Game of Retailer-Dominated Closed-Loop Supply Chain Considering Reward-penalty Mechanism of Government

WANG Dao-ping, ZHANG Ke, ZHOU Yu

2022, 31(8):  22-30.  DOI: 10.12005/orms.2022.0246

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This paper studies the dynamic equilibrium strategy of the members in a retailer-dominated closed-loop supply chain (CLSC) under reward-penalty mechanism (RPM). The manufacturer collects waste products and conducts re-manufacturing and the recovery rate changes dynamically with time. We construct three Stackelberg differential game models: the government does not impose RPM on the manufacturer or the retailer, the government imposes RPM on the manufacturer separately and the government imposes RPM on both the manufacturer and the retailer. By using the Bellman's continuous dynamic planning theory, we obtain the decision equilibrium results under these three models and make a comparative analysis. We prove the effectiveness of PRM for the members of CLSC. Finally, we us numerical examples to analyze the Steady-state and unsteady-state conditions of CLSC. The results show that the RPM can correctly guide the members of CLSC to make optimal decisions, which can effectively reduce the double marginal effect of the CLSC and improve the consumer surplus. When the retailer shares the responsibility for recycling, it will reduce the government's incentive for manufacturers to recycle and reduce the overall profit of CLSC. In contrast, the RPM imposed on the manufacturer separately is the optimal pattern, which can improve the performance of economy and environmental protection.

Research on the Choice and Coordination Strategy of Service Channels in Product and Service Supply Chain Considering Power Structure

FENG Qing-hua, LIU Tong

2022, 31(8):  31-38.  DOI: 10.12005/orms.2022.0247

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In the process of manufacturing service transformation, the traditional product supply chain is transformed into a product service supply chain to provide customers with products and services to customer. The service can be provided by manufacturers or retailers, and the power structure will have an impact on the choice of service channels. By establishing a game model, this paper studies the choice of the best service channel under three power structures: manufacturer as the core, retailer as the core and equal power between manufacturer and retailer, and coordinates the results of the best service channel by applying two-part pricing contracts. It is found that when the manufacturer is the core enterprise, the best service provider is the retailer. When the retailer is the core enterprise, the best service provider is the manufacturer. When the power of manufacturers and retailers is equal, there is no best service channel. The combination contract of two-part pricing contracts can realize the coordination of optimal service channel in supply chain. Finally, the results are verified by numerical simulation.

Cooperative Promotion and Coordination in Supply Chain under Consumer Return and VMCI Environments

WU Zhi-hui, CHEN Dong-yan

2022, 31(8):  39-44.  DOI: 10.12005/orms.2022.0248

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Under the consumer return environment, the problems of the cooperative promotion and coordination in a two-echelon supply chain are considered, where the supply chain operates in the vendor-managed consignment inventory (VMCI). The study finds that the optimal consignment inventory and the optimal promotional effort levels under centralized decisions are higher than those in the decentralized decisions. The coordination of supply chain can be realized by the markdown allowance-bilateral promotional cost sharing contract, which is designed according to different risks undertaken by two members in the supply chain operation. The full-refund policy is superior to the no return policy when the expected returning cost doesn't exceed a certain threshold. Finally, a numerical simulation is provided to explore the impacts of the risk of consumer's valuation on the channel profit and the coordination contract.

Models and Algorithms for Site Selection of Rescue Bases in the Islands in the Far Sea

WANG Yi-xuan, WANG Nuo, GAO Zhong-yin, WU Di, LIN Wan-ni

2022, 31(8):  45-50.  DOI: 10.12005/orms.2022.0249

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To solve the selection of islands to build rescue bases in the open sea, a bi-objective model based on GIS and algorithms is constructed. In the paper, the adaptive stretched crowding distance calculation formula is adopted, and an adaptive elitist strategy is designed to improve the algorithm. The optimal scheme with the highest cost performance is obtained by analyzing the principle of the decision-makers to get the optimal solution. Finally, we take the site selection of rescue bases in the Nansha Islands in the South China Sea as examples to verify the effectiveness of the improved algorithm. The results show that the improved algorithm has better performance in optimal solutions and distribution. This study provides a method for site selection of rescue bases and the allocation of salvage fleets with limited facilities in China.

Modeling and Optimizing the Two-sided Disassembly Line Balancing Problem of Type II

WANG Shu-wei, Xu Guo-xun, Liu Jia

2022, 31(8):  51-56.  DOI: 10.12005/orms.2022.0250

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Due to the large volume, various types and large waste pollution, the disassembly process of scrapped vehicles is complex. It is easy to cause the unbalanced assignment of tasks on the disassembly line, and this will affect the disassembly efficiency, as well as the labor, equipment and environmental costs. Therefore, the disassembly line for scrapped vehicles should be designed and balanced so that it can work as efficiently as possible. In this paper, we consider a two-sided disassembly line balancing problem with fixed number of workstations. Then an improved shuffled frog leaping algorithm is proposed. In the proposed algorithm, the VNS is used to improve local search efficiency. Self-learning operators are introduced to enhance the individual adaptability and jump out of the local optimum rapidly. A bound strategy based on binary search is designed to quickly adjust the cycle time. Finally, the performance of the proposed algorithm is tested by instances, and an example shows the importance of balancing the tasks among the disassembly line.

Dynamic Electric Vehicle Routing Problem Based on Two-stage Solution Strategy

GE Xian-long, ZHU Zi-qiang, JIN Yuan-zhi

2022, 31(8):  57-63.  DOI: 10.12005/orms.2022.0251

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As electric vehicles are subsidized by the government and are not restricted in urban areas, as well as their energy-saving, environmentally friendly, and low-noise characteristics, more and more logistics companies have begun to use electric vehicles for logistics distribution, such as Jd Logistics, SF Express, China Post and other enterprises. However, different from traditional fuel vehicles, in order to ensure the smooth completion of the distribution task, electric vehicles usually need to charge or swap battery on the way due to their range limitations, which will increase the time cost and route cost. It is necessary to develop a reasonable charging/swapping strategy to ensure minimum cost. Some realistic factors in the actual distribution cannot be ignored. (1)Dynamic demand of customers. The order of customers may change during the delivery process, and whether enterprises can make rapid response to improve customer experience on the basis of ensuring the economy will become crucial. (2)Congestion at charging/swapping stations. The number and density of public charging/swapping facilities are not enough, which can easily lead to congestion and increase the time cost. How to make a reasonable distribution plan based on the current charging/swapping facilities is the key to the logistics distribution of electric vehicles. Therefore, the two-stage strategy is used to research the dynamic electric vehicle routing problem. The first stage is static scheduling. The enterprise plans a delivery route for the initial static customer order, the vehicles start from the distribution center at the initial time, visit the customers in turn according to this route, and starts to receive new orders, and sets a certain period of time interval. The second stage is dynamic scheduling. All dynamic customer information is known during this period, and the dynamic network can be converted to a static network. Meanwhile, the system will insert the corresponding dynamic customer according to the current vehicle, so as to complete the path update. Based on the phased solution strategy, static EVRP mathematical model and dynamic EVRP mathematical model are established with the objective function of minimizing the routing cost and vehicle usage cost, and an improved CW-TS hybrid heuristic algorithm and greedy algorithm are designed to solve the models at each stage. The validity and feasibility of the proposed algorithm are verified by the designed instances respectively. The results show that the proposed algorithm can obtain a satisfactory solution in a reasonable time.

Robust Second-Order Stochastic Dominance Constrained Portfolio Optimization Model

DUAN Qian-qian, PENG Chun, LI Jin-lin

2022, 31(8):  64-69.  DOI: 10.12005/orms.2022.0252

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This paper mainly focuses on a typical class of portfolio optimization problem with stochastic dominance constraints to measure the risk, which is to maximize the expected return, subjecting that the expected return stochastically dominates pre-defined targeted return in the second order. Unlike the existing studies, we consider the uncertain return with unknown probability distribution, but reside in an uncertainty set.We propose a novel robust stochastic dominance constrained model, and derive the corresponding robust counterpart reformulation. Finally, using the real-life stock data of S&P 500, we perform the analysis of the optimal portfolio, the robustness in both in-sample and out-of-sample datasets and the solution efficiency, in terms of different sizes of in-sample problems and types of uncertainty sets. The numerical results show that, one can achieve a high out-of-sample expected return by using the set of the latest historical observations. Moreover, our model can achieve the optimal in-sample solution, without sacrificing the guaranteed quality of out-of-sample expected return and feasibility of stochastic dominance constraints.

Integrated Optimization of Order Acceptance and Scheduling for Precast Permutation Flow Shop

XIONG Fuli, CHU Meng-ling

2022, 31(8):  70-76.  DOI: 10.12005/orms.2022.0253

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To deal with the problems of tight order due date and limited production capacity in the precast production system, an integrated optimization model for order acceptance and scheduling is established to maximize the total net revenue based on fully considering the characteristics of complex production processes, such as interruptible and uninterruptible processes, serial and parallel situations. In view of the NP hardness of the problem and the high nonlinearity of the model, a hybrid iterated greedy (HIG) framework is proposed by integrating the properties of the schedules, constructive heuristic, local search and mechanism of destruction-construction. Aiming to improve the solution quality and search efficiency of the algorithm, in the construction steps of the proposed algorithms, two speedup strategies are designed by using order insertion properties. Computational results show that the proposed algorithms perform better than hybrid genetic algorithm and tabu search (GA_TS), genetic algorithm (GA) and tabu search(TS). It also demonstrates that the speedup strategies can effectively shorten the running time of the algorithms, which could improve the total net revenue and customers' satisfaction of prefabrication enterprises.

Study on Vehicle Routing Problem of Logistics Distribution Based on Customer Credit Degrees

WANG Yong, FAN Ju, LIU Yong, XU Mao-zeng

2022, 31(8):  77-84.  DOI: 10.12005/orms.2022.0254

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In view of the transaction default problems in the current urban logistics distribution process, such as customers cancel orders in the midway and return goods without reason, this paper presents a measurement method of customer credit degrees. First, customer credit values are calculated through the customers' historical transaction default data, and then the customer credit degrees are addressed. The vehicle routing optimization model includes transportation cost, lease cost, and penalty cost of the time window is established. Second, a genetic (GA)-tabu search (TS) hybrid algorithm is devised to address the model, and the elite retention strategy is used for loop iteration optimization in the process of the hybrid algorithm. Finally, the effectiveness and feasibility of the model and algorithm is verified through the example data of a certain takeout logistics distribution network in Chongqing. The experimental results show the logistics distribution scheduling schemes under different service strategies, and the comparison of customer delivery service adjustment based on the customer credit and the sensitivity analysis is carried out. The study shows that the reasonable division of the customer credit rating can effectively reduce the total cost of logistics distribution and improve the customer service level.

Optimization of Warranty Scheme and Post-warranty Maintenance for the Product with Two Types of Failures

SHANG Li-jun, ZHANG Chi, CAI Zhiqing

2022, 31(8):  85-92.  DOI: 10.12005/orms.2022.0255

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Based on consumers' need for warranty, to design the warranty policy preferred by customers is astrategic decision for manufacturers to consolidate powerfully the market position and improve greatly market competitiveness. According to the warranty designed by manufacturers, besides, designing the post-warranty maintenance policy that makes maintenance cost lower and the useful lifetime after the expiry of the warranty to be extended greatly is an objective hotly pursued by customers. In this paper, firstly, the manufacturer's warranty is perfectly designed by integrating the product pricing and the renewable free replacement warranty. By adding the preventive maintenance at the warranty period to periodic replacement policy, secondly, a maintenance-periodic-replacement policy is proposed and is used as the consumer's post-warranty maintenance policy. Finally, it is shown in the numerical experiment that warranty can be designed by optimizing profit model; and the maintenance policy proposed in this paper can prolong the useful lifetime after the expiry of the warranty and reduce cost rate.

Integrated Production and Transportation Scheduling Problem for Spare Parts in Intelligent Manufacturing Environment

HE Pei-yang, LI Kun-peng, LI Wen-li

2022, 31(8):  93-100.  DOI: 10.12005/orms.2022.0256

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In the context of integrating intelligent manufacturing and Just-In-Time delivery, the integrated production and transportation scheduling problem of spare parts is a hot topic in China. The reason is that the response speed of spare parts supply chain has become a key factor for spare parts manufacturing enterprises to win customers. In order to improve the satisfaction of customers and shorten the time from placing an order by customer to the delivery of the order, this paper studies an integrated production and transportation scheduling problem aiming at minimizing the delivery time of all customers. An integer programming model and a set-covering modelareproposed respectively. The property of the optimal solution is developed and an improved branch-and-price algorithmisproposed to solve the problem instances to optimality. The formulation and algorithm are verified by comparing the results of the small-scale problem instances with CPLEX. The experimental results based on multiple problem instances show that the proposed formulation and algorithm can effectively improve the operation efficiency of spare parts supply chain in intelligent manufacturing environment.

Evolutionary Game Study of Knowledge Sharing and Risk Governance of Cloud Computing Open Source Ecology

LU Xin-man, ZHANG Bo-xin, WANG Jun, LI Yan-xia

2022, 31(8):  101-108.  DOI: 10.12005/orms.2022.0257

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The open source ecology of cloud computing is gradually forming. Promoting innovation and managing risk have become important targets of open source operation and open source governance. Based on the evolutionary game theory, this paper builds the evolutionary game model among multi-stakeholders(cloud computing enterprises, industrial alliances and governments)under industry self-discipline mechanism and government supervision mechanism, and analyzes the key parameters influence on the strategies and benefits of the system. It is found that under the industry self-discipline mechanism, the liquidated damages and foundation subsidies will promote the cooperation of knowledge sharing, while the industrial alliances are more sensitive to the existence of risks. Under the government supervision mechanism, fines and subsidies can help participants balance risks and promote knowledge-sharing cooperation. The research results provide references for sustainable development of the open source ecology of cloud computing.

Generalized Dual Hesitant Fuzzy Soft Sets and Its Application in Decision Making

JIANG Li-hui , CHEN Hua-you, MA Cheng-yun

2022, 31(8):  109-115.  DOI: 10.12005/orms.2022.0258

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Hesitant fuzzy oft sets has been widely concerned as a tool to deal with uncertainty problems.In this paper, we proposed a new concept of generalized dual hesitant fuzzy soft sets by combining the generalized hesitant fuzzy soft sets with dual hesitant fuzzy sets. The operation concept of intersection, union,complement,“and”,“or” were defined by the concept of the generalized dual hesitant fuzzy soft sets established in this paper. Meanwhile, we discuss some basic properties of the operation in detail. In addition, the concepts of information energy, correlation and correlation coefficient of the generalized dual hesitation fuzzy soft sets are defined and their properties are discussed. Finally, a multi-attribute decision making method based on the generalized dual hesitation fuzzy soft set is presented. The feasibility and effectiveness of the method are illustrated by an example.

A Group Decision Making Method Based on Meituan Takeaway Shop Selection

PENG Ya-nan, LIU Fang

2022, 31(8):  116-121.  DOI: 10.12005/orms.2022.0259

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With the increasing pace of people's life, take-away has become an indispensable part of people's life. The Meituan take-away platform has become the dominator of O2O take-away platforms that has been widely accepted and used by the majority of people. In a real life, we are often confused by such kind of problems: there are several nearly identical restaurants, and we have never been there before. Which one should I choose to order the meal? Firstly, based on the results of the survey, the index factors are determined and their weights are calculated. Secondly, a multi-criteria group decision model is established by giving the method of constructing an interval multiplicative reciprocal matrix for solving this problem. Finally, a case is studied to illustrate the applicability of the proposed method.

Research on FCM Clustering Algorithm Based on Valuable Balance Between Intra-class Distance and Inter-class Distance

JIANG Wen-qi, MOU Hua-wei

2022, 31(8):  122-128.  DOI: 10.12005/orms.2022.0260

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The difference in magnitude between the intra-class distance and the inter-class distance results in the inability to directly fuse the two types of distances, which in turn affects the FCM clustering model design. First of all, this paper comprehensively reviews the classical and improved FCM clustering model, and the relationship model between intra-class distance and inter-class distance trace is constructed. The insufficiency of the existing FCM clustering model is analyzed from two aspects: the inconsistency and the magnitude difference of the distance between classes. Again, the Gaussian kernel distance is used to replace the traditional Euclidean distance to characterize the distance between classes, an intra-class distance balancing method is presented to minimize the difference between intra-class compactness and inter-class separation, and the FCM clustering model based on Gaussian kernel and its algorithm are redesigned. Finally, an example is given to prove the effectiveness and superiority of this method.

Dynamic Matching and Vehicle Routing Approach for Airport Online Ride-sharing Services Considering Uncertainty of Passenger Arrival Times

YAN Peng-yu, ZHANG Yi-bing, YIN Yun-qiang

2022, 31(8):  129-136.  DOI: 10.12005/orms.2022.0261

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This paper addresses a dynamic matching and vehicle routing problem for online ride-sharing services at airport terminals. In the current operations, passengers have to wait for a long time at airport for partner passengers and drivers have a high vehicle-traveling cost. To deal with the two issues above, this study proposes a prospective matching policy that consolidates the already arrived and coming passengers together during each decision period, and a two-stage stochastic programming model is then established. To efficiently solve the problem in a real-time setting, a large number of scenarios of passenger random arrivals is compressed using Bayesian estimation and then a deterministic approximated model is established. To obtain a high-quality solution within a reasonable computational time, an improved differential evolution (DE) algorithm is then developed, in which the space-time similarity of passengers is calculated and used to encode the individuals of DE population. The effectiveness and efficiency of the proposed matching policy and the DE algorithm are verified by a simulation experiment based on the industrial data set.

A Study of Incremental Huber-Support Vector Regression Algorithm

ZHOU Xiao-jian, XIAO Dan, FU Yu

2022, 31(8):  137-142.  DOI: 10.12005/orms.2022.0262

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In the traditional support vector regression-oriented one-time modeling algorithm, when the number of samples increases, it is necessary to start from scratch, while the incremental algorithm can make full use of the learning results of the previous stage. The incremental algorithm of SVR is usually based on the ε-insensitive loss function, which is more sensitive to large outliers, while the Huber loss function is less sensitive to outliers. So in noisy situations, the Huber loss function is a better choice in real-world situations. Based on this, this paper proposes an incremental Huber-SVR algorithm , which can continuously integrate new sample information into the already constructed model instead of remodeling. Compared with the incremental ε-SVR algorithm and the incremental RBF algorithm, the incremental Huber-SVR algorithm has higher prediction accuracy when performing predictive modeling on real data.

Eliminating of New Paradoxes of Prospect Theory

ZHANG Guo-feng, DU Hu-bin

2022, 31(8):  143-149.  DOI: 10.12005/orms.2022.0263

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The 11 discovered new paradoxes are eliminated of Prospect Theory. First, emotion is introduced into its value and weight functions to get their emotional functions. Then, based on the idea of multi strategy decision, an operational rule set is established. Afterwards, a dual fitting principle is designed to replace the traditional(single) fitting principle. Therefore, the systematic improvement of the original model is completed. By the improvements, not only are the classic choice problems of Prospect Theory fitted, but also these new paradoxes are resolved. These works have verified the rationality and superiority of the improved model.

Application Research

Retailers' decision and Profit Distribution under a Point-sharing Policy

GAO Ju-hong, WANG Peng-shuo

2022, 31(8):  150-155.  DOI: 10.12005/orms.2022.0264

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Consumption-point scheme has been commonly used by retailers recently. Retailers make coalition not only within the same industries, but also across industry borders and use consumption-point-sharing policy to improve sales. On the one hand, this policy will allow customers to redeem points and use them in different stores flexibly. On the other hand, the point costs created by one retailer in the coalition may be partly paid by others. Therefore, a fair method to split the profit is essential. Taking into account the retailers'respective promotions and competition between coalition retailers, this study aims to address retailers'equilibrium decisions of the point-conversion ratio and promotion level and maximize the total profit. Then, by using the point-cost-allocation mechanism, this paper will split the total profit under centralized control between coalition retailers reasonably. The validity of conclusions is verified by numerical examples. Moreover, management insights are provided for the selection of the partners.

Research on Production and Financing of Agricultural Supply Chain under Advance payment

YU Jian-jun, CHEN Yu-shi, ZENG Xiao-yan

2022, 31(8):  156-163.  DOI: 10.12005/orms.2022.0265

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An agricultural supply chain decision system consisting of a farmer and a company is studied, where the farmer is a capital-constrained supplier under yield uncertainty. Farmers can apply for an advance payment financing from the company to alleviate financial pressure. In order to study the decision-making and benefits of all parties in the supply chain under the advance payment financing model, this paper constructs the operational decision model under the traditional financing model and the prepayment advance payment model, and analyzes and compares both of them. The research results show that the profit obtained by farmers in bank financing when they have bankruptcy risk is not optimal. In some cases, both parties will obtain greater benefits by adopting advance payment financing. Farmers' optimal decision-making schemes are affected by the harvest annual output factor, bank interest rate and price elasticity coefficient. When the harvest annual output factor is small or the bank interest rate is high, the prepayment financing model can bring more benefits to the farmers. When the harvest annual output factor is low, the financing strategy of farmers has the same impact on the company's profits. When the harvest annual output factor is moderate, the company expects farmers to choose the advance payment financing.

The Influencing Factors of Academic Entrepreneurial Intention Research Based on TPB Model

MAO Lu-sa, FANG Wen-li

2022, 31(8):  164-169.  DOI: 10.12005/orms.2022.0266

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Under the background of knowledge-based society, university, as an organization of knowledge production, dissemination and application, starts to play a more and more important role in society and economy. Firstly, this paper introduces the main ideas, research methods and research results of academic entrepreneurship research in the past 20 years, and points out the shortcomings of the existing research. Then, combining with the existing research in the field of entrepreneurial intention, on the basis of traditional planned behavior theory, and we further developand explore the influence of proximal predictors and distal predictors on the academic entrepreneurial intention model. The data of 105 respondents are collected and the theoretical model assumptions are tested by using the partial least squares structural equation modeling method. The potential influence relationship between perception of the possession of competencies and perception of external environment and the original structure of TPB model (namely personal attitude, subjective norms, perceived behavior control and entrepreneurial intention) is analyzed. The results reveal the significant and non-significant path relationships among factors, as well as the direct and indirect effects.

Research on Risk Contagion within Financial Conglomerates

LI Bing-qing, ZHANG Xiao-yuan

2022, 31(8):  170-176.  DOI: 10.12005/orms.2022.0267

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The unique economic relations of a financial conglomerate form an intricate economic network within the conglomerate. We construct a model of risk contagion within the financial conglomerate based on the equity relationship and related party transactions to form a directed network. Our work shows that the risk is shared by the conglomerate members, the bankruptcy cost borne by the conglomerate members is small, and the financial conglomerate is stable as long as the number of shareholding counterparties exceeds a certain threshold. The research also suggests that if the shareholding counterparty is fixed, there is no monotonous relationship between the risk contagion and the shareholding proportion. The financial conglomerate has a trade-off between the number of shareholding counterparties and the shareholding ratio to reduce the possibility of risk contagion within the conglomerate. In addition, the study finds that related party transactions will increase the losses of the other members if a conglomerate member is in crisis, thereby expanding the risk and the scope of risk contagion among conglomerate members. This paper provides theoretical guidance on the distribution of equity and the scale of related party transactions in financial conglomerates.

Mental Accounting, Loss Aversion and Behavioral Asset Allocation Empirical Study

ZHAN Ze-xiong, WU Zong-fa

2022, 31(8):  177-184.  DOI: 10.12005/orms.2022.0268

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Under the frames of single mental-account and multiple mental-account, the linear prospect theory behavioral portfolio optimization models are constructed based on prospect theory and tri-reference-point theory. This paper constructs behavioral portfolios in different market conditions by using CSI fund index data, empirically studies the optimal asset allocation strategies and portfolios performance of the linear prospect theory behavioral portfolio models, considering varied loss aversion parameters, reference point and different capital allocation strategies among mental accounts, and compares with traditional portfolio optimization models. The results illustrate the linear prospect theory portfolio models are more sensitive to downside loss, and behavioral investors who are subject to multiple mental-account pay more attentions to security than potential or aspiration.

Option Pricing Based on the Foreign Exchange Rate and EmpiricalAnalysis

LI Wen-han, ZHONG Ying, LV Gui-wen

2022, 31(8):  185-188.  DOI: 10.12005/orms.2022.0269

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When the foreign exchange rate is assumed to follow a continuous-diffusion process, we study the pricing of the geometric average Asian option and a new type of power option with an indicator function of the foreign exchange rate. In the empirical analysis, we utilize the actual market data of the foreign exchange rate of USD/CNY to obtain the values of the above options as well as Black-Scholes model. At the same time, the implied volatility of the related option is analyzed.

Research into Incentive Contracts of Innovative Customers Based on Reciprocal Equity

ZHANG Feng-hua, ZHANG De-peng, CHEN Chun-feng

2022, 31(8):  189-194.  DOI: 10.12005/orms.2022.0270

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The incentive model of innovative customers is built based on the reciprocity equity of equity preference theory, exploring the relationship among the degree of reciprocal equity of innovative customers, the type of incentive contracts and the effect of incentive mechanism. First, this paper explores the impact of the externality of incentive contract and reciprocal relationships on the effect of incentive mechanism by model solving and analysis. Second, it is discussed how to combine economic incentives and psychological incentives to reduce the cost to obtain innovative customers' high effort input. Finally, the results of model analysis are verified according to simulation experiments. It is found that when there is a reciprocal relationship between innovative customers, the optimal incentive contract depends on the interaction between psychological preference and risk attitude of innovative customers. When the risk aversion of innovative customers is relatively low, the optimal incentive contract is a relative incentive one. When the risk aversion of innovative customers is relatively high, the optimal incentive contract is a team incentive one.

Analysis of the Market Effectiveness of Pilot Carbon Emission Trading Markets in China

MA Yue, FENG Lian-yong

2022, 31(8):  195-202.  DOI: 10.12005/orms.2022.0271

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In order to deal with climate change, the Kyoto Protocol and other documents gives birth to the establishment of carbon trading market with CO₂ emission rights as a commodity. It is of great significance to study the effectiveness of China's pilot carbon emission trading market for the construction of China's unified carbon market and the realization of carbon neutral target. This paper selects daily effective trading data to conduct an exploratory study on the effectiveness of China's pilot carbon market, combined with the effective market hypothesis theory and the fractal market hypothesis, and uses the run test method, the variance ratio test method, and the rescaled range analysis method respectively to analyse the effectiveness of China's carbon market. In addition, this study analyzes the reasons for the inconsistency of the calculation results caused by each method, and uses the GARCH model to test. The results show that China's pilot carbon markets fail to reach the level of weak-form efficiency. At the same time, some suggestions are given according to the current situation of China's carbon market.

Research on the Relationship BetweenPerceived Overqualification and Employees' Time Banditry Behavior: the Role of Self-determination and Authoritarian Leadership

HOU Yu-rong, WU Qun-qi, GUI Jia-wei

2022, 31(8):  203-209.  DOI: 10.12005/orms.2022.0272

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Drawing upon conservation of resource theory and self-determination theory, this study aims to explore the influential mechanism between perceived overqualification and employees' time banditry behavior. The study investigated 402 employees from diverse occupations in China. The result of data analysis shows that: Perceived overqualification significantly and positively affects employees' time banditry behavior; Self-determination plays a partial mediating role between perceived overqualification and employees' time banditry behavior. Authoritarian leadership positively moderates the link of perceived overqualification and self-determination. In other words, the higher authoritarian leadership is, the stronger negative relationship between perceived overqualification and self-determination. In addition, authoritarian leadership moderates the mediating effect of self-determination, and the mediating effect of self-determination is stronger when authoritarian leadership is higher.

A Study on the Non-linear Influence Mechanism Between the Salary Gap and the Corporate Financialization

ZHU Guan-ping, HU Wen-xiu, MU Qing-bang

2022, 31(8):  210-216.  DOI: 10.12005/orms.2022.0273

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In order to explore whether the salary gap, an incentive factor, will help to alleviate the management excessive financialization, the paper first constructs a theoretical model to illustrate that there may be a U-shaped nonlinear relationship between the salary gap and the corporate financialization. Then, the article takes 16371 observation data of listed companies in Shanghai and Shenzhen A-share during 2009~2017 as samples for empirical test. The research finds that there is a significant U-shaped nonlinear relationship between the salary gap and the corporate financialization. Too large and too small salary gap incentives will lead to managerment excessive financialization, which will result in the squeeze of enterprise innovation investment and the deviation of enterprise production essence. The further research shows that the U-shaped nonlinear relationship between the salary gap and the corporate financialization is mainly reflected in the enterprises with better corporate governance, such as low agency behavior, flawless internal control and audit committees. Meanwhile, though the enterprises with weak corporate governance, such as high agency behavior, defective internal controls and non-audit committees, have U-shaped nonlinear relationship, it is not significant.

Management Science

Negative Word-of-Mouth, Social Interaction and Innovation Diffusion: Simulation Based on Small-World Network

XING Meng-jue, CAO Ji-ming, FENG Xiao-wei, LIU Cong

2022, 31(8):  217-224.  DOI: 10.12005/orms.2022.0274

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To explore the causes and mechanisms of innovation diffusion failure, negative word-of-mouth (WoM) is introduced into the micro-level of innovation diffusion model, and individuals' decision-making model under the influence of social interactions is established. Multi-agent-based simulation is conducted in small-world networks to explore the impacts of network structure, the proportion of resistance leaders, the innovativeness of opinion leaders, and the constraint of social norms on innovation diffusion. The results show that the diffusion curve considering negative WoM appears as an “S” shape, but the diffusion depth is limited. Highly clustered social networks are more conducive to innovation diffusion. The higher the proportion of resistance leaders, the lower the speed and depth of innovation diffusion, and the wider range the influence of negative WoM. When the proportion of resistance leaders surpasses that of opinion leaders, it will lead to diffusion failure. An increase in the innovativeness of opinion leaders can alleviate the impact of negative WoM and promote innovation diffusion. The influence of the constraint of social norms on innovation diffusion depth varies with network structure. The research not only enriches the existing innovation diffusion theory but also provides guidance on the formulation of innovation promotion strategies.

Research on Value Creation Mechanism of Manufacturing Enterprises Service Innovation Under Given Product Technology

LUO Jian-qiang, GUO Ya-tao

2022, 31(8):  225-231.  DOI: 10.12005/orms.2022.0275

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Manufacturing servitization is the process of service innovation, and closely related to product technology. Focusing on service innovation of manufacturing enterprises under given product technology, the supply and demand value creation model of service innovation is constructed, and the evolution law of service innovation value creation over time is described. The research shows: service innovation can prolong the market life of given product technology. The relationship between time and supply and demand value creation of service innovation is inverted U-shape, which provides time reference for enterprises' new product technology adoption. In the leading period of product technology, basic service innovation lays the foundation for enhancive service innovation. The cost related to service quality is the prime reason for curbing the continuous value creation of service innovation. The conclusions provide theoretical guidance for service innovation and service paradox avoidance of manufacturing enterprises.

Research on Scheduling Strategy of Community Home Care Nursing Staff Considering the Elderly Perception Satisfaction

REN Zong-wei, LIU Yu-bing

2022, 31(8):  232-239.  DOI: 10.12005/orms.2022.0276

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For recent years, with the process of population aging continuing to accelerate, the community home care has attracted more and more attention from all walks of life. In order to provide decision-making support for the scheduling of nursing staff in community home care service center, the research has carried out scheduling nursing staff considering the elderly perception satisfaction. Taking the community home care appointment service as the background, firstly we integrate prospect theory and fuzzy theory to establish the elderly perception satisfaction function from the three aspects: the elderly's waiting time, the elderly's preference for nursing staff, and the elderly's preference for service prices. Then, the main goal to determining the optimization scheduling problem is to maximize the elderly comprehensive perception satisfaction, and the secondary one is to minimize the operating costs of community home care service centers, and the corresponding mixed integer nonlinear programming mathematical model is constructed. Finally, a comprehensive application of genetic algorithm and plant growth simulation algorithm (PGSA) is used to solve the model, and genetic algorithm is for the servicesequence of nursing staff, PGSA for the nursing staff scheduling scheme, and MATLAB software for simulation. At the same time, the particle swarm optimization is introduced for comparison with PGSA, and it is found that PGSA has obvious advantages in performance parameters and calculation time. Through the verification and analysis of numerical example, the results show that the model can obtain the optimal nursing staff scheduling scheme based on the elderly perception satisfaction, which proves the feasibility and effectiveness of the above optimization model and algorithm.